News
Jonathan Is Responsible For Current Hardship, Economic Recession- Mbaka
Controversial Enugu-based Catholic Priest,Rev. Fr. Ejike Mbaka, on Sunday, during his homily at Adoration Ministry,Emene, Enugu, slammed former President Goodluck Jonathan, accusing him of having ran a wasteful government which plunged the nation into its present economic recession.
The cleric equally disclosed that he had nothing to regret over his 2015 prophesy of change, where he had predicted that President Jonathan would be defeated in the presidential elections. Vanguard
Ribadu, A Big Catch, Says APC
The Adamawa State chapter of the All Progressives Congress has described the return of the pioneer Chairman of the Economic and Financial Crimes, Nuhu Ribadu, to the APC as a big catch.
Adamawa State Chairman of the APC, Ibrahim Bilal, who said this on Saturday, maintained that the party was pleased to have Ribadu back.
Speaking on behalf of Bilal, the organizing secretary of the party in the state, Ahmed Lawan, said the return of Ribadu portended good omen. Punch
How 10 Standing Committees Inserted N284bn Projects in Budget
– THE embattled former chairman of House of Representatives Committee on Appropriations, Abdulmumin Jibrin, yesterday, gave a startling revelation on how 10 standing committees allegedly inserted constituency projects worth N284 billion into the 2016 budget without the knowledge of their members. He also alleged that the speaker, Yakubu Dogara, secretly persuaded him to smuggle N20 billion into the budget through Service Wide Vote.
He also alleged that the speaker, Yakubu Dogara, secretly persuaded him to smuggle N20 billion into the budget through Service Wide Vote. Vanguard
SERAP to Dogara: Refer N40bn Budget Padding Allegation To EFCC, ICPC For Investigation
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Speaker of the House of Representatives Yakubu Dogara to “urgently refer to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) for an effective and independent investigation the allegations that the leadership of the House attempted to pad this year’s budget to the tune of N40 billion and that the member who blew the whistle was victimized for opposing immunity for principal officers.”
SERAP’s call followed allegations by the immediate past Chairman of the House Committee on Appropriations, Abdulmunin Jibrin, that Speaker Yakubu Dogara and three other principal officers of the House victimized him for refusing to support immunity for presiding officers as well as the approval of N40 billion for principal officers out of N100 billion approved for members of the House for constituency project. Dailytimes
Masari Traces N16bn to ALGON, Denies Probe of Shema’s Administration
Kastina State governor, Alhaji Bello Masari, has said that his resolve to recover the over N16 billion allegedly siphoned through the Association of Local Governments of Nigeria (ALGON) in the state is not targeted at probing the administration of his predecessor, Alhaji Ibrahim Shehu Shema.
The governor also alleged that funds accrued to the state through the Subsidy Reinvestment Programme (SURE-P) were withdrawn in cash for unknown purposes during Shema’s administration. Leadership
Corruption: IBB, Others Overthrew Me In 1985 To Save Themselves – Buhari
President Muhammadu Buhari has said he was removed from office 31 years ago because he was planning to purge the military hierarchy of corruption.
Buhari, who has not spared the military even in his ongoing anti-corruption war, said senior military leaders, led by former military president, General Ibrahim Babangida and General Aliyu Gusau, removed him in August 1985, to save themselves from his wrath. Dailytimes
$1.5m Dubai Property: Disgruntled Elements Bent On Distracting Buratai, Group Alleges
- Etuk Williams, President of the Coalition of Civil Society Groups (CCSGs), has said some disgruntled elements in the military and society are bent on distracting LT. General Tukur Buratai, Chief of Army Staff, over his alleged acquisition of Dubai property worth $1.5millon.
Williams in a statement on Sunday in Abuja said some elements are determined on using the acquisition of the said property by Buratai as a “diversionary strategy to divert attention and slow down the gains already recorded in the war against insurgence.” Independent
Business News
Kerosene Hits All-Time High
Dual Purpose Kerosene (DPK), known as kerosene, hit an alltime high price of N600 per litre at the weekend, worsening the pains of over 30 million households who depend on the product for cooking. In its place, millions of poor Nigerians who use it for their stoves, lanterns, and other purposes, are now seeking alternatives to the very important and most commonly used petroleum product.
They have now resorted to the use of charcoal, firewood and polythene bags to make fire to cook for their homes. More fortunate Nigerians use gas cookers, even though the price of gas has also been on the rise. The scarcity hit major cities across the country, with most retail outlets in Abuja, Lagos, Ogun, Oyo, Osun, Enugu, Akwa Ibom, Kano, Kaduna and Abia states going out of stock. Newtelegraph
Hajj: Maxair to Airlift 31,000 Pilgrims to Saudi Arabia
The MaxAir airlift company has been allocated over 31,000 pilgrims from seven states for the 2016 hajj operation.
Speaking to newsmen shortly after the launch of its newly acquired Boeing 747/400 series aeroplane at the Malam Aminu Kano International Airport, Kano, MAKIA, the company’s spokesman, Ibrahim Dahiru confirmed the allocation of the hajj seats to the company. Leadership
Banks Fail to Meet CBN’s Forex Terms
The Central Bank of Nigeria (CBN) is set to cancel the Foreign Exchange Primary Dealers (FXPDs) status of some of the 15 FXPDs banks for recording low forex volumes of transactions against set guidelines, The Nation has learnt.
Some of the FXDPs banks include First Bank, Zenith Bank, United Bank for Africa (UBA), Access Bank, GTBank, Stanbic IBTC and Ecobank Nigeria.
The CBN appointed the FXDPs lenders to boost dollar liquidity in the forex market but their performance in achieving the set target has not met the CBN’s expectations, given the continued dollar scarcity and poor liquidity in the market. The Nation
Dangote Refinery Alters Lending Dynamics
Banks and other lenders have elevated their fears on bad loans for downstream oil sector a step further, slamming an embargo on any form of lending to oil moguls or oil firms which use their tank farms as collateral. New Telegraph gathered that the lenders will also not venture into any investment for building, maintenance or storage of imported refined petroleum products with repayment lifespan stretching beyond the first quarter of 2019 when the Dangote’s $12 billion refinery is expected to come on stream.
A banking source told this newspaper that this caveat issued by the banks effects over 44 tank farms’ owners in Nigeria. The decision of banks to review their lending criteria, New Telegraph gathered, stemmed from the fact that tanks farms would no longer be an important factor in the scheme of the downstream segment when Dangote’s $12 billion refinery comes on stream in the first quarter of 2019. Newtelegragh
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.