SABINEWS MORNING NEWS UPDATE FOR DECEMBER 4, 2016
Mega party: Atiku, Tinubu, Makarfi’s PDP target March 2017 date
Barring any last-minute change of plans, the proposed mega opposition party in the country will be formed before the end of March, 2017, SUNDAY PUNCH has learnt.
It was gathered that the Ahmed Makarfi faction of the Peoples Democratic Party and aggrieved chieftains of the All Progressives Congress had intensified efforts aimed at forming the party since the result of the Ondo State election was released. Read more
Forgery: FG dumps fresh police probe indicting Saraki, deputy
There were indications on Saturday that the Federal Government is no longer interested in pursuing the case of forgery of the Senate Standing Orders, 2015, allegedly masterminded by Senate President, Bukola Saraki, and his deputy, Ike Ekweremadu.
Investigations by SUNDAY PUNCH revealed that the Federal Government might have closed the case despite a fresh report of further investigation unearthing new facts about the forgery allegations. Read more
Ibori may face 170-count fraud charges on return
The Economic and Financial Crimes Commission is set to re-arrest and prosecute a former Governor of Delta State, Mr. James Ibori, who will complete his sentence in a prison in Britain on December 20, 2016.
Barring last minute changes, Ibori will be arraigned on 170 charges bordering on money laundering and corruption. Read more
Ribadu used stolen funds for Adamawa poll – Ex-EFCC chair
A former Chairman of the Economic and Financial Crimes Commission, Farida Waziri, says the pioneer Chairman of the EFCC, Mallam Nuhu Ribadu, also benefitted from the stolen funds deployed by the Peoples Democratic Party during the 2015 general elections.
The EFCC had arrested PDP chieftains across the country for allegedly receiving part of the N23bn disbursed by a former Minister of Petroleum Resources, Diezani Alison-Madueke. Read more
Nigerians in US worried about Trump presidency – NAF
A United States-based group, Nigerian American Foundation, on Saturday, expressed concerns over possible racist attacks against Nigerians living in the US.
According to the group, there is an increase in attacks against Muslims, Blacks, Jews and Hispanics, since Donald Trump emerged as US’ president-elect. Read more
Ooni, Olugbo in supremacy battle
There is an ongoing battle of supremacy between the Ooni of Ife, Oba Adeyeye Ogunwusi, and Olugbo of Ugbo, Oba Obateru Akinruntan, over which throne is the monarchical seat of power in Yorubaland and the origin of Oduduwa, the so-called progenitor of Yoruba people.
Oba Akinruntan also attacked the Ooni of Ife for describing Moremi Ajasoro as a heroine. The Ugbo monarch disagreed with the Ooni, who described Moremi as a goddess and recently built a 42-foot statue in her honour. Read more
Presidency replies Sanusi
The Presidency on Saturday said the Emir of Kano, Muhammadu Sanusi II, did not have the facts on the issues over which he criticised President Muhammadu Buhari’s administration.
Sanusi had, on Friday, said the Buhari administration lacked the right policies to fix Nigeria’s economy, even as he warned of grave consequences of borrowing $30bn from external sources. Read more
Buhari congratulates Gambian President-elect
President Muhammadu Buhari on Saturday congratulated the President-elect of The Gambia, Mr. Adama Barrow, on his victory in the country’s December 1 presidential election.
In a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President also saluted the spirit of statesmanship displayed by the outgoing President of The Gambia, Alhaji Yahya Jammeh, by conceding defeat. Read more
MFM bought Prayer City land genuinely – Olukoya
The General Overseer of the Mountain of Fire and Miracles Ministries, Dr. Daniel Olukoya, has dismissed a report that the church wrongly purchased the land which serves as the church camp.
The camp, popularly referred to as Prayer City, is located along Lagos/Ibadan Expressway. Read more
N1,000 registration fee bars indigent children from Lagos free education
Seven-year-old Zainab Okin was playing outside her parents’ one-room apartment around 9am on a Monday. The norm is to have her age-mates immersed in learning at school at that time. But Zainab’s parents cannot afford the N1,000 registration fee in the nearest public school.
Lagos State has a free education policy but making registration fee compulsory by school administrators in some public schools has left the likes of Zainab on the threshold of illiteracy. Read more
Ondo PDP leaders blame Mimiko for Jegede’s loss
Indications emerged on Saturday that the defeat of the governorship candidate of the People’s Democratic Party, Eyitayo Jegede, by Rotimi Akeredolu of the All Progressives Congress, has caused a crack within the Ondo PDP.
It was learnt that some top members of the PDP in the state were of the view that Governor Olusegun Mimiko did not do much to ensure Jegede’s victory. Read more
Supreme Court to rule on Assemblies of God crisis February 24
Leaders of the Assemblies of God Church have expressed confidence in the ability of the Supreme Court to deliver a fair judgment in the appeal filed by the suspended General Superintendent of the church, Rev. Paul Emeka.
The General Council of the church had, on March 6, 2014, suspended Emeka for allegedly violating the laws of the church. Read more
NYSC mourns, probes death of three corps members
The National Youth Service Corps on Saturday expressed its regrets and condolences to the families of three corps members who died during the ongoing 2016 Batch ‘B’ (Stream I) Orientation Course in Bayelsa, Kano and Zamfara states.
The NYSC has also set up “a high-powered committee” to investigate the immediate and remote causes of the death of Chinyerum Nwenenda Elechi, Ifedolapo Oladepo and Monday Asuquo Ukeme, deployed in the three states. Read more
Labour kicks against bogus pensions for ex-governors
NIGER State Government has budgeted over N800m for the procurement of various items for nine schools being rehabilitated in the state.
The Commissioner for Education, Science and Technology, Fatima Madugu, in an interview with SUNDAY PUNCH, said the sum of N214,143,810 would be used for the procurement of science equipment and 15KVA solar power plant. Read more
IG deploys 20,000 policemen for Rivers rerun
About 20,000 marine police would be deployed to monitor the Rivers State rerun election slated for December 10, the Inspector-General of Police, Mr. Ibrahim Idris, has said.
The IG disclosed this in Kano on Saturday shortly after taking delivery of 25 Toyota Hilux vans donated by the Kano State Government to the state police command. Read more
Gas pipeline project by Nigeria, Morocco to boost regional integration
To foster economic integration in the continent, Nigeria and the Kingdom of Morocco yesterday agreed to facilitate a gas pipeline project that would connect Nigeria’s gas resources with those of other countries.
The Minister of Foreign Affairs, Dr Geoffrey Onyema, disclosed this yesterday while presenting communiqué before the visiting Moroccan King Mohammed VI and President Muhammadu Buhari at the State House, Abuja. Read more
OPEC to Cut Crude Oil Production in January …Oil and Gas Stocks Advance
The Nigerian equities market recorded mixed reactions during the week, appreciating on three (3) out of the five (5) trading days. Subsequently, the NSEASI advanced by 1.61% WoW, thus pushing the YTD return to -10.13%. Volume of transactions increased significantly by 291.14% WoW, following investors’ buy sentiments on some low-valued stocks.
Market turnover also increased (+55.40%), albeit at a moderate pace. Market breadth settled at 0.90x, indicating 28 gainers versus thirty one losers during the week. Read more
Buhari to open African Economic Conference tomorrow
Nigeria will play host to researchers, policy-makers and development partners this week for the 11th African Economic Conference
President Muhammadu Buhari is expected to officially declare open the event alongside AfDB President Akinwumi Adesina; Acting ECA Executive Secretary, Abdalla Hamdok; UN Assistant Secretary General and Director of UNDP Regional Bureau for Africa, Abdoulaye Mar Dieye. Read more
Fitch’s Bank Rating, a Reflection of Current Economic Realities
Olaseni Durojaiye, in this report, reviews the recent Fitch Ratings’ assessment of Nigerian banks and presents the perspectives that the rating mirrors the current economic realities
Barely a month after some Nigerian banks came under the spotlight via the Moody’s rating, the sector is again back under the klieg lights as a leading global rating agency, Fitch Ratings, published its Sovereign Support Rating Floors of 19 Nigerian banks. This followed a reassessment of potential sovereign support for the lenders. Read more
Trump Appoints Nigerian, Ogunlesi, into Economic Team
Nigerian business mogul, Adebayo Ogunlesi, has been named as one of those who will advise US President-elect Donald Trump on the American economy.
The 63 year-old chairman of Global Infrastructure Partners, a private equity firm and a Fortune 500 company, is the only African in a 16-man economic advisory forum, which has Steve Schwarzman, CEO of private-equity giant, Blackstone, as chairman. Read more
Lagos paid N941m to 228 retirees in November
The Lagos State Pension Commission said it paid 228 retirees a total of N941m in November.
The retirees, the commission added, were from the state civil service, local governments, and State Universal Basic Education Board, teaching service and pensions office and other parastatals of government. Read more
Germany backs climate risk insurance in Nigeria
The Federal Republic of Germany, through its Ministry of Foreign Affairs, recently supported two workshops in Climate Risk Insurance and environmental and social impact assessment for the transition to a green economy in Nigeria.
This was facilitated by a Nigerian Non-governmental organization,Community Conservation and Development Initiative (CCID). Read more
FG slashes 2017 independent revenue by N298bn
The harsh economic climate, which has resulted in the slowdown of business activities, may have forced the Federal Government to reduce its projected independent revenue from N1.5tn in 2016 to N1.2tn.
Independent revenues of government are funds generated by agencies as captured by the Fiscal Responsibility Act of 2007, which stipulates that any government agency that generates revenue must remit 80 per cent of their operating surplus to the Consolidated Revenue Fund account. Read more
Falcons beat Cameroon 1-0, lift eighth AWCON title
“We have come this far and I don’t see the Cameroonians stopping us from retaining our trophy, which we are going to present as Christmas gift to Nigerians.”
It was a promise made, and indeed a promise kept, as the Super Falcons of Nigeria, yesterday, defeated the host nation Cameroon 1-0, in a match played at the Ahmadou Ahidjo Stadium in Yaoundé. Read more
Oshoala wins Golden boot award
Asisat Oshoala won the Africa Women Cup of Nations’ Golden Boot as Nigeria beat Cameroon in Saturday’s final.
Desire Oparanozie netted a late goal as Florence Omagbemi’s ladies held out for the victory to win their eighth title. Oshoala finished the tournament with six goals, three clear of Oparanozie and Ghana’s Elizabeth Addo. Read more
Rivers United train in Madrid for 2017 season
Rivers United FC are expected to round off their preparations for the 2017 Nigeria Professional Football League season in Madrid, Spain.
Rivers United manager Okey Kpalukwu disclosed that the 41-man contingent will spend 10 days in Madrid. Read more
Fidel Castro’s name will never appear on a Cuba monument, says brother Raúl
Cuban President Raúl Castro said on Saturday his government would prohibit the naming of streets or public monuments after his brother Fidel in keeping with the former leader’s desire to avoid developing a personality cult.
The younger Castro told a crowd gathered to pay homage to Fidel Castro in the eastern city of Santiago that the country’s National Assembly would pass in its next session a law fulfilling his brother’s desire that, “once dead, his name and likeness would never be used on institutions, streets, parks or other public sites, and that busts, statutes or other forms of tribute would never be erected”. Read more
US defence secretary: US and allies must stay in Iraq after IS defeat
US defence secretary Ashton Carter has warned that the US and its allies will need to stay in Iraq – even after Islamic State is defeated.
Mr Carter said the militant group was on a path to defeat but “there will still be much more to do after that to make sure that, once defeated, ISIL stays defeated”. Read more
Uzbekistan holds first election since Soviet ruler’s death
Acting president Shavkat Mirziyoyev, who spent 13 years as Karimov’s prime minister, is expected to easily win a five-year term.
Karimov led Uzbekistan since before the Soviet collapse, first as its communist boss and then as president. During his long tenure, he ruthlessly crushed all opposition, silenced the media and was repeatedly denounced by international human rights groups for abuses that included killings and torture. Read more
40 feared dead in Oakland warehouse blaze ‘labyrinth’
Firefighters are struggling to reach bodies trapped in the rubble of a converted warehouse ravaged by a blaze which tore through a late-night electronic music party.
The ferocity of the blaze at the warehouse in Oakland, California, has made the charred structure unsafe for emergency crews to enter. Nine bodies have been recovered but officials fear as many as 40 could be dead. Read more