SURE-P to Sack 3,000 in Kwara
Coordinators of the Petroleum Reinvestment Programme (SURE-P) in Kwara State, have raised the alarm over plot to sack 3,000 beneficiaries of the programme on alleged political reasons.
The coordinators, who addressed journalists during a press conference attended by the 3,000 beneficiaries in Ilorin, on Sunday, accused government of plans to politicise the scheme in Kwara State. Read more
N65 Charge on ATM Withdrawals Takes Effect Today
The implementation of a N65 charge on remote-on-us ATM withdrawals recently announced by the Central Bank of Nigeria (CBN) will commence today.
Remote-on-us are transactions done by a card holder on another bank’s ATM.
Although some bank customers have expressed displeasure over the policy, the central bank had explained that it would, engender competition among banks. Read more
Certificate scandal rocks Immigration Service
An intensive lobbying is presently going on in the Nigeria Immigration Service (NIS), a paramilitary agency of the Ministry of Interior, to persuade the authorities to turn a blind eye to the report of two committees, which recently verified the certificates of the NIS staff.
The NIS and Ministry of Interior had not long ago set up different panels to investigate charges of certificate and age falsification levied against some senior officers. Read more
Three more patients isolated in Rivers over Ebola
Rivers State Government has said three Ebola patients have been moved to the quarantine centre at Oduoha in the Emohua Local Government area of the state.
State Commissioner for Health, Samson Parker, disclosed this at a news conference in Port Harcourt on Sunday. Read more
Obiano Cross-appeals in Supreme Court
Anambra State Governor, Chief Willie Obiano, has filed a cross-appeal at the Supreme Court disagreeing with some aspects of the judgment of the Court of Appeal, Enugu Division, which ruled in his favour, dismissing four petitions against his election.
Senator Chris Ngige and All Progressives Congress (APC) whose joint appeal at the Enugu court was dismissed on the same day with three others, had since appealed at the Supreme Court. Read more
15 Chibok Girls Get University Scholarships
Nine days after the United Nations disclosed plans to rehabilitate the 15 Chibok schoolgirls who escaped from Boko Haram captivity, the girls have also gained admission to study any course of their choice at the American University of Nigeria (AUN), Yola, Adamawa State.
Former Vice-President and the All Progressives Congress (APC) Chieftain, Atiku Abubakar, made this disclosure yesterday on his Facebook and Twitter page. Read more
Boko Haram kills 14 in Borno
As the armed forces get set for final onslaught against the Boko Haram terrorists, the latest fighter jets in the world would start arriving the country this week.
Informed top military sources disclosed to the Nigerian Tribune at the weekend that the fighter jets, up to a dozen in number, were purchased directly by the Nigerian Air Force. Read more
AMVCA calls for entry
Africa Magic, this week announced the call to entry for the 2015 edition of the AfricaMagic Viewers’ Choice Awards (AMVCAs), the prestigious initiative that honours film and TV talents across the continent.
Winners will be announced at an award night at the Eko Hotel and Suites, Victoria Island, Lagos in March next year. Read more
Sabinews News Update on Economy
Investors stake N67.78b on 5.445b shares in August
Latest data released by the Nigerian Stock Exchange (NSE) at the weekend showed that investors (both local and foreign) traded a total of 5.445 billion shares on the equities market valued at N67.788 billion in 99,796 deals in August.
This represented a 2.873 billion units or 34.53 per cent drop from the 8.318 billion units exchanged in July for N112.094 billion, which was N44.306 billion or 65.35 per cent, in 109,607 deals. Read more
Jonathan to Inaugurate 2.5m Metric-tonnes Cement Line
The management of the United Cement Company of Nigeria Limited (UniCem) has announced that it has concluded plans for President Goodluck Jonathan to perform the groundbreaking ceremony for the construction of the company’s N84 billion additional 2.5 metric tonnes cement production line. Read more
SFU Charges Bureau-De-Change Operators Over $20, 000 Scam
The Special Fraud Unit (SFU) of the Nigeria Police will on Monday (today) arraign three bureau-de-change operators before a Federal High Court in Lagos over alleged $20, 000 money transfer fraud.
The suspects are Kabir Sani, who is the Managing Director of Rikadana Bureau-De-Change Limited and Sultanoor BDC Limited; Boniface Ikemefuna and Mohammed Ali. Read more
CBN Releases Guidelines For Holding Coy Structure
Central Bank of Nigeria (CBN) has released guidelines for licensing and regulation of financial holding companies in Nigeria four years after it repealed the Universal Banking Guidelines and introduced a New Banking Model that allows banks adopt a holding company or sell off non -banking subsidiaries.
A draft of the guidelines which was released at the weekend in a circular issued and signed by the director, Financial Policy and Regulation Department of the CBN Kevin Amugo, had been released earlier in the year calling for inputs from operators in the industry. Read more
CBN to Auction N182 Billion Treasury Bills
The Central Bank of Nigeria (CBN) will this week auction treasury bills worth N182.85 billion. This would be done through a primary market auction. The debt instrument to be auction would comprises 91-day billsworthN27.85 billion; 182-day bills worth N65billion; and 364-daybills worthN90 billion.
On the other hand, treasury bills worth N182.85 billion is expected to mature during the week. This would be via the primary market. The breakdown of the maturing bills shows that it would also consist of 91-day billsworthN27.85 billion; 182-day billsworthN65billion;and364-daybillsworthN90billion. Read more
Making Economic Growth Inclusive In Nigeria
There is no doubt that Nigeria has experienced high economic growth in the last decade. The growth has come from both high crude oil prices in the international market and increased productivity in some sectors. EZRA IJIOMA examines how the economic growth can be made inclusive.
At current growth rates, it is projected that Nigeria will become a major global economic force in the coming decades. Already, the recent rebasing of the Gross Domestic Products (GDP) has made Nigeria the largest economy in Africa worth more than $500 billion for 2013. According to a 2014 McKinsey Global Institute report on Nigeria, the country would attain a GDP of $1.6 trillion by 2030 if it maximises its potentials. Nigeria has a huge endowment of resources, a growing consuming class, youthful population and rapidly growing trade and consumer sectors to propel it to this estimated growth. Read more
Despite Security Challenges, FDI Inflows into Nigeria Grow
In spite of the huge infrastructure gap and security challenges in the country, activities in the Nigerian manufacturing sector have continued to grow, attracting huge foreign direct investment (FDI) inflows by global multinational brands.
In the same vein, the country’s foreign reserves since the new Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, assumed office have continued to inch up, rising to $39.401 billion by Friday last week from $36.809 billion on June 2 when he took over at the CBN. Read more
Sabinews News Update on Oil and Gas
NNPC to Step up Work on Abuja-Kaduna-Kano Gas Pipeline Project
The Nigerian National Petroleum Corporation (NNPC) has initiated steps to fast track its construction of a pipeline to convey gas from Abuja through Kaduna to Kano under the federal government’s gas master plan.
As part of the new steps, the NNPC said it had established a project steering committee which would from now take up the responsibility to ensure efficient and accelerated implementation of the Abuja-Kaduna-Kano (AKK) gas pipeline project. Read more
Fiscal Regime for Gas in Nigeria is Under Threat
The Chief Executive Officer of Frontier Oil Limited, operator of Uquo Marginal Field, first marginal gas field in Nigeria, Mr. Dada Thomas, spoke to Ejiofor Alike on Nigerian gas development and the Uquo Gas Processing Facility, the first gas-to-power project by independent indigenous partners in Sub-saharan Africa.
The Federal Government awarded 24 marginal fields in 2003 but only nine are producing today and Uquo is one of the successful ones. How did Frontier Oil achieve this feat? Read more
Clashes resume in Islamabad as pressure mounts on PM to resign
Pakistani protesters wielding sticks and throwing stones clashed with police in the centre of the capital Islamabad on Monday after weeks of demonstrations demanding Prime Minister Nawaz Sharif’s resignation turned violent over the weekend. Read more
Cuba cracks down on goods in travelers’ luggage
Cubans braced Monday for a clampdown on the flow of car tires, flat-screen televisions, blue jeans and shampoo in the bags of travelers who haul eye-popping amounts of foreign-bought merchandise to an island where consumer goods are frequently shoddy, scarce and expensive.
Hundreds of thousands of Cubans and Cuban-Americans fly to and from the island each year thanks to the easing of travel restrictions by the U.S. and Cuban governments over the last five years. Their Cuba-bound checked baggage has become a continuous airlift that moves nearly $2 billion of products ranging from razor blades to rice cookers. The baggage carousels at Cuba’s airports often look like they’re disgorging the contents of an entire Wal-Mart or Target store. Many families bring special trailers to carry the bags of their returning family, which often weigh many hundreds of pounds and include items such as bicycles and flat-screen TVs. Read more
Captured IS Suicide Bomber Reveals Threat
A wing of Sulaymaniah’s military hospital has been sealed off and 24-hour security has been posted at the door of a ward.
Inside lies an injured young man; a very special patient and prisoner.
He is 23-year-old Horr Jaffer, from Chechnya, and he is an Islamic State (IS) suicide bomber. Read more
Islamist militia now guards US Embassy in Libya
An Islamist-allied militia group in control of Libya’s capital now guards the U.S. Embassy and its residential compound, a commander said Sunday, as onlookers toured the abandoned homes of diplomats who fled the country more than a month ago.
An Associated Press journalist saw holes left by small-arms and rocket fire dotting the residential compound, reminders of weeks of violence between rival militias over control of Tripoli that sparked the evacuation. Read more
Uganda: Inflation Drops to 2.8 Percent
Uganda’s annual headline inflation for the year ending August 2014 declined to 2.8% from 4.3% that was recorded for the year ended July 2014, the Uganda Bureau of Statistics UBOS announced on Aug. 29.
The decline was largely attributed to a reduction in annual food crops inflation that decreased to 1.5% for the year ending August 2014 from the 12.9% for the year ended July 2014. Read more
Rebels in Central African Republic expel government ministers
A grouping of former Seleka rebels in Central African Republic said on Sunday it had expelled from its ranks several members serving in a new government seeking to stop a cycle of deadly clashes between Muslims and Christians.
The decision casts doubt on the future of the new cabinet and could prove a major setback for efforts aiming to end violence that has killed thousands, forced a million to flee their homes and split the country in two. Read more
Sabinews News Update on Sports
Street Soccer Competition Debuts in Edo
The former governorship candidate of the Progressive Peoples Party (PPP) in Edo State, Solomon Iyobosa Edebiri, has expressed his desire to engage the youth of the state positively in sports.
Edebiri made this declaration during the week while declaring open the maiden edition of his pet project, the Street Soccer Competition. Read more
Eagles Resumes Camp Today Ahead of Congo Clash
Super Eagles camp will open today in Calabar ahead of the double header Africa Cup of Nations qualifying matches against Congo on September 6 and South Africa on September 10 in Cape Town .
Chelsea midfielder Mikel Obi is likely to lead the 18 professional players to camp after playing a key role in the Blues 6-3 demolition of Everton at Goodinson Park. Read more
Sabinews News Update on Energy
Akinjide lauds FG over restoration of Olorunsogo power station
THE Minister of State, Federal Capital Territory (FCT), Chief Olajumoke Akinjide, has commended the administration of President Goodluck Jonathan for keeping its promise of restoring electricity supply to communities in Ibadan, Oyo State.
Akinjide, in a press statement signed by her media aide, Ayodeji Adeyemi, expressed satisfaction and gratitude to President Jonathan on the restoration of electricity to Akanran Substation, Olorunsogo Area of Oyo State. Read more