News
Court Okays Seizure of Fayose’s Assets
Justice Nnamdi Dimgba of the Federal High Court, Abuja held yesterday that the temporary order of attachment granted in relation to some identified assets of Ekiti State Governor Ayo Fayose did not violate Section 308 of the constitution.
The judge said the intention of the immunity clause granted to some public office holders is not to shield them from investigation by security agencies for the purpose of obtaining evidence for future uses.
Justice Dimgba gave the ruling yesterday on an application by Fayose, whose lawyer Mike Ozekhome (SAN), had sought to vacate the order of interim attachment granted by the court on July 20 to the Economic and Financial Crimes Commission (EFCC). The Nation
Ex-militant group to FG: Enlist Us in Amnesty Programme within Two Weeks or…
An ex-militants group under the aegis of Former Forest Soldiers, FFS, aka Isaac Boro Last Born, yesterday, threatened to return to the creeks and unleash mayhem on government, oil and gas facilities in Southern part of the country in 14 days time unless the Federal Government enlist them in the amnesty programme.
The group through its leader, ‘General’ O.C. Ibori, said:, “After years of several peaceful dialogues with the Federal Government represented by the Special Adviser to the President on Amnesty, Brig. Gen. Paul Boro (retd) in which the Federal Government agreed on many occasions to enlist us into the amnesty programme, the government has failed to fulfil its own side of the deal. Vanguard
Mbaka Attacks Buhari, Says Nigerians May Not Vote for Him In 2019
Enugu Catholic priest, and Spiritual Director of the Adoration Ministry, Enugu State, Rev. Fr. Ejike Mbaka, has warned President Muhammadu Buhari that Nigerians will not vote for him in 2019 if he does not address the high level of hunger and suffering in the country.
Mbaka has been one of Buhari’s most vocal supporters since he asked Nigerians to reject the incumbent, Goodluck Jonathan of the Peoples Democratic Party during the 2015 presidential poll and predicted Buhari’s victory.
But, in a surprising turn of events, Mbaka attacked Buhari in a recent message, details of which were obtained by journalists on Tuesday night. Punch
70% of Onshore Oil Output Shut in, FG Resumes Payments to Militants
As the federal government resumed cash payments to militants in the Niger Delta, it was revealed on Tuesday that up to 70 per cent of oil and gas production from traditional onshore and shallow water terrain has been locked in due to the attacks on oil infrastructure in the region.
This was just as the Managing Director/CEO of Seplat Petroleum Development Company Plc, Mr. Austin Avuru, warned that the crisis in the Niger Delta has interrupted major reforms in Nigeria’s oil and gas industry, which were initiated a few years ago to increase oil and gas production for the attainment of 15,000MW of electricity and also boost economic development nationwide. Thisday
Why We Are Holding Town Hall Meetings – Lai Mohammed
The Minister of Information and Culture, Alhaji Lai Mohammed, has said the town hall meetings being held across the country by the Federal Government provides an avenue for both the government and the governed to exchange ideas, thus fostering good governance.
It’s not so much about the government explaining its programmes and policies but also about those who are governed expressing their satisfaction or dissatisfaction. What I found today is that there is a lot of misconception and prejudices, which this kind of platform will throw more light on,” the Minister told newsmen at the end of the South-East Edition of the town hall meeting in Enugu on Monday. Vanguard
House Members Give Conditions to Back Dogara
The budget scandal in the House of Representatives has opened grounds for horse trading as several lawmakers who felt left out during the constitution of the so-called “plum committees” last year, are now demanding for assurances of compensation from its leadership, before joining others to pass a vote of confidence on Speaker Yakubu Dogara.
This is as several caucuses yesterday began rallying to avert any move aimed at impeaching Dogara and changing the current leadership of the lower legislative chamber. Thisday
NDLEA Seizes N1.78b Hard Drug in Anambra
The National Drug Law Enforcement Agency (NDLEA) in Anambra State has arrested a 31-year-old man, Vincent Chidiebere, for allegedly peddling hard drug worth N1.78 billion.
Addressing reporters in Onitsha yesterday, the Commander, Mr. Sule Momodu, said the suspect was arrested in Awka, the state capital, on July 28 with methamphetamine weighing 25.2kg.
He said the arrest followed a tip-off that a shipment of the drug would pass through Anambra from Enugu to Lagos.The Nation
Business News
Cheques Can Now Be Paid Into Savings Accounts – CBN
The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts.
Prior to this development, bank customers could only make cheque deposits into their current accounts.
The new guidelines were contained in a circular posted on the CBN website and signed by the Director, Banking and Payment System, Mr. Dipo Fatokun. Punch
AMCON to Lease Seized Property to Bridge Funding Gap
The Asset Management Corporation of Nigeria (AMCON) may introduce the “real-estate investment scheme” by the end of the year to raise money to meet its bond repayments, its Chief Executive Officer Ahmed Kuru has said.
Kuru told Bloomberg that the agency plans to sell the properties when the economy improves and the assets can attract fair value, he stated.
The agency was set up six years ago to take on bad debts and rescue the nation’s banking industry from collapse. Leasing out properties seized from companies that are failing to repay loans will enable it address cash crunch affecting its operation. The Nation
STEEL INDUSTRY: Don’t Concession NIOMCO to GHSL, Group Urges Buhari
A group, Concerned Delta Indigenes Forum, CDIF, has appealed to the President Muhammadu Buhari-led Federal Government to jettison the proposed concessioning of the Nigeria Iron Ore Mines Company, NIOMCO, Itakpe, Kogi State, to Global Steel Holdings Limited, GSHL, former operators of the Delta Steel Company, Ovwian-Aladja, Delta State.
It described NIOMCO as the “nerve centre and the life wire of the DSC plant as well as the steel industry in Nigeria. Any decision of the Federal Government to concession NIOMCO to GSHL without the interest of the old DSC and its host communities is inimical, and insidious, to the plight of the people of the Niger Delta in particular in this administration.” Vanguard
Nigeria’s Oil Firms Face Zero Revenue, Post Losses
The revenue woes facing local oil companies following the sharp drop in global oil prices have been worsened by the recent upsurge in militant attacks in the Niger Delta, industry players have said.
They stated this at the 40th Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. Punch
FG to borrow N245bn via Treasury bills
The Federal Government through the Central Bank of Nigeria is set to borrow the sum of N245.18bn ($773.44m) via the issuance of Treasury bills with maturities ranging between three months and one year on Wednesday (today).
According to the CBN Treasury bill issuance calendar, it will issue N45.18bn in 3-month debt, N80bn of six-month paper and N120bn of one-year bills in a Dutch auction.
Indicative rates for the auction are 16 per cent for three-month, 18 per cent for six-month and 18.5 per cent for one-year bills. Punch
LAMATA, Japan to Build $1bn Lagos Urban Rail
The Lagos State Government says it will partner the private sector, specifically Japan International Cooperation Agency, to construct a $1bn urban rail line.
The state Commissioner for Transportation, Dr. Dayo Mobereola, said this during a seminar by the Lagos Metropolitan Area Transport Authority in conjunction with the Japanese firm in Lagos. Punch
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.