News
CJN: Judges under probe for conflicting decisions
Judges who issue conflicting judgments were warned yesterday to pull the brakes on their action.
The National Judicial Council (NJC) is probing their actions, Chief Justice of Nigeria (CJN) Mahmud Mohammed said.
Minister of Justice and Attorney-General of the Federation Abubakar Malami (SAN) and a leader of the Body of Senior Advocates on Nigeria, T. J. O. Okpoko (SAN), just like Justice Mohammed, are also worried over the rising trend of conflicting judgments. The Nation
Saraki Backs Asset Sale to Reflate Economy
Senate President, Dr. Bukola Saraki, on Tuesday backed calls for the Federal Government to sale some of the nation’s strategic investment assets to free up funds and inject liquidity into the system, thereby ameliorating the current spate of suffering in the land.
In an address to welcome senators who resumed after an eight-week annual recess, Saraki said the task at hand today is how “to put an end to this suffering,” which he stressed, “is becoming unbearable.”
He listed asset that can be sold for immediate funds to shore up foreign reserves, thereby calming investors and discouraging currency speculation while stabilizing the economy to include part of the Federal Government’s stake in the Nigerian Liquefied Natural Gas (NLNG). Independent
EFCC has undermined 1999 constitution, African Charter on Human and Peoples Rights – Patience Jonathan
Lawyer to former First Lady, Mrs. Patience Jonathan, Timipa Okponipere, Senior Partner of First Law Associates, has given the Economic and Financial Crimes Commission, EFCC, 14 days with effect from September 18, to defreeze her accounts and tender a public apology to her.
In an open letter to EFCC Chairman, Ibrahim Magu, urged the commission to leave Mrs. Jonathan alone, warning that if it refused to conform, “We shall file an action at the African Commission on Human Rights at the Gambia demanding N5 billion in exemplary and punitive damages.” Vanguard
Supreme Court upholds Bello’s election as Kogi governor
Yahaya Bello remains the elected governor of Kogi state, the Supreme Court ruled Tuesday, bringing to an end all the acrimonies around the election last year.
The court which held all the nation on tenterhooks, while awaiting the judgement dismissed all the appeals filed by all the parties against Bello’s election last year.
It dismissed the appeal by James Faleke, the deputy governorship candidate of Abubakar Audu, who died before the election result was announced and who was substituted in the supplementary election by Bello. The Nation
Business News
CBN disagrees with Adeosun, refuses to cut interest rate
The lack of proper coordination between the nation’s fiscal and monetary authorities has become manifest as the Central Bank of Nigeria CBN,Tuesday refused to cut interest rate, as expressed by the Minister of Finance, Mrs. Kemi Adeosun .
The Governor of the CBN, Mr.Godwin Emefiele, who briefed the press at the end of the Monetary Policy Committee (MPC), meeting in Abuja, said that rate cuts in the past did not result in banks giving credits to the real sectors of agriculture and manufacturing, as instructed. Vanguard
Custom seizes rice worth 597.7bn
The Nigeria Customs Service (NCS) said it seized rice worth N597.7 billion brought into the country through the borders between January, 2016 and August, 2016.
The Public Relations Officer of the service, Mr Wale Adeniyi, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Tuesday.
He said that the worth of the commodity confiscated during the period was higher when compared with N330.5 billion value of the good seized in the same period in 2015. The Nation
News
Osinbajo blames Niger Delta militants for recession
Vice-President Yemi Osinbajo has attributed the current economic recession to the activities of militants in the Niger Delta.
Osinbajo said there was no way Nigeria would not be affected given the fact that “the nation now loses over one million barrels of crude oil on a daily basis.”
The Vice-President said this on Monday at the maiden meeting of the Presidential Quarterly Business Forum with members of the organized private sector and other stakeholders at the State House Conference Centre, Aso Villa, Abuja. Punch
Abdulmumin Denies Ownership of UK Bank Account, Property
Former Chairman of the House of Representatives Committee on Appropriation, Hon. Jibrin Abdulmumin, has denied owning an account with ING Bank in United Kingdom, with a balance of over £1.3 million.
He also denied any links to the address registered to the bank account at 453 Crankbrook Road, Ilford Essex IG2 6EW.
The Anti-Corruption Unit of the National Youth Council of Nigeria (NYCN) had last Sunday released a document indicating that the lawmaker maintained and operated an account with the bank’s branch at Forum House, Grenville Street, St-Heller, Jerssy JE2 4UF, Channels Island United Kingdom. Thisday
Why Lagos is immune to recession — Ambode
Governor Akinwunmi Ambode of Lagos State has attributed the state’s immunity to the current economic recession to the virile revenue base and fiscal discipline within the state.
It will be recalled that based on the current economic situation of the country, the Federal Government had announced plans to inject N350 billion into the economy to cushion the effect of recession in the country.Vanguard
Buhari seeks restructuring of Non-Aligned Movement
President Muhammadu Buhari has said that the 120-nation Cold War-era bloc known as the Non-Aligned Movement (NAM) needs to be restructured for it to retain its relevance.
Speaking at the 17th summit of NAM in Margarita, Venezuela, Buhari said it was essential that the organization found a role for itself in addressing the challenges of global terrorism.
Founded in Belgrade in 1961, Non-Aligned Movement is a group of states which are not formally aligned with or against any major power bloc. DailyTrust
Stop dragging judges before Buhari, CJN warns lawyers
The Chief Justice of Nigeria, CJN, Justice Mahmud Mohammed, yesterday, warned lawyers to stop dragging judges before President Muhammadu Buhari.
The CJN, who is due for retirement on November 10, said it was “of great concern and wonder” that even members of the public now route complaints against judicial officers to President Buhari.
He said: “This trend is a distressing indicator that having overcome the evils of interference with the independence of our courts during the military era, some legal practitioners now engage in dragging the judiciary back into the same bandage in this current democracy. Vanguard
Condemnation hounds Patience Jonathan’s $15m accounts
The fact as presented in the media is that certain companies were accused of violating the Money Laundering Prohibition Act. The companies and their directors were arrested and charged to court. These companies and their directors were arraigned before a court that has jurisdiction. The charges were read to them and they claimed to have understood the charges. They voluntarily pleaded guilty. The court properly and lawfully convicted them. Until the judgment is set aside on appeal, it would remain forever.
In the eyes of the law, all the proceeds of the crime have been lawfully forfeited to the state.
The claim by Mrs. Jonathan to the ownership of the money already forfeited to the state is of no consequence since she did not appear before the court as a defendant. She has no locus standi in the criminal proceedings. She did not volunteer to be joined to the suspects.Punch
Business News
IPMAN’s 50,000 mt of kerosene arrives
The ship carrying 50,000 metric tons of Dual Purpose Kerosene (DPK) which the Independent Petroleum Marketers Association Nigeria (IPMAN) imported is billed to arrive Lagos today.
Its National Secretary, Malam Danladi Pasali, in phone interview, noted that the association has been tracking the ship which coming from Russia.
According to him, the cargo had some issues on its way but it will eventually arrive Lagos on today before the association will unfold it pump price and distribution plans for the product.The Nation
Banks to close branches as recession bites hard
A number of Deposit Money Banks in the country will close many of what they described as unprofitable branches as the economic recession continues to bite harder, investigation by our correspondent has shown.
It was similarly gathered that most of the banks would lay off hundreds of workers between now and December.
The revelation came barely 24 hours after Unity Bank Plc laid off about 300 workers, more than the 220 that was mentioned last week.Punch
Manufacturers back Finance minister’s call for interest rate cut
The Minister of Finance, Mrs. Kemi Adeosun, has called on the Central Bank of Nigeria to lower interest rate so that the government can borrow domestically to boost the economy without increasing debt servicing costs.
While reacting to the minister’s call, the President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said that a cut in interest rate would be the best thing to happen to the economy.
“He said, “It will be the best thing that has ever happened to the economy, particularly the manufacturing sector. Punch
N145 fuel price: Marketers were given N30 per litre margin – CBN
At the time this programme started we were told that they could procure forex at not more than N280 to the dollar and the price should not be more than N145 per litre. In working out the effective price of N145 the template provided for nothing less than N30 per litre margin for the marketer. You can quote me on this.
That template is available. By making N30 per litre available to the marketer what this does is that even if the marketer does not find the product at N280 to the dollar and he finds it at a price close to N300 to the dollar or N305 or even N310, that marketer will still make a profit even though it could be at reduced margin. Vanguard
Oando sells 49% stake in gas, power subsidiary for N35b
Oando Plc has agreed to sell 49 per cent equity stake in its midstream subsidiary, Oando Gas and Power (OGP) Limited to a new major investor for $115.8 million (about N34 billion), at the current official exchange rate of N305 per dollar.
A regulatory filing at the Nigerian Stock Exchange (NSE) yesterday indicated that Oando has reached definitive agreement to sell the 49 per cent equity stake and voting rights in OGP to a Special Purpose Vehicle (SPV) owned by Helios Investment Partners LLP (Helios), a premier Africa-focused private investment firm.
Upon completion, Oando will retain 49 per cent equity stake and voting rights in OGP, while the remaining two per cent would be held by a Nigerian firm. However, the agreed transaction consideration of $115.8 million is subject to the receipt of regulatory approvals and customary purchase price adjustments.The Nation
CBN Moves to Prevent Banks’ Exposure on e-Payment Solutions
The Central Bank of Nigeria (CBN) said it has observed the growing exposure of banks on payment solutions service providers’ (PSSPs) platform, due to operational failures.
Therefore, in furtherance of its responsibility for effective oversight of the payment system, and the need to address the issue, the banking sector regulator in a circular on the “Prevention of Exposures to Banks through Payment Solution,” signed by the Director, Banking and Payment System Department, Mr. Dipo Fatokun, directed that all banks and payment solution service provider, for the purpose of payments under the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria, should give values to customers after settlement at T+1. Punch
Investors lose N6.4bn in bearish trading, await MPC meeting outcome
Investors in the stock market, on Monday, lost N6.4 billion from their investment in shares quoted on the Nigerian Stock Exchange, NSE as market operators hinged this week’s market performance on the outcome of Monetary Policy Committee, MPC meeting which is expected to end on Tuesday.
The NSE market capitalization which represents the total value of equities traded on the NSE dropped marginally by 0.07 per cent to close trading at N9.563 trillion from N9.570 trillion it closed last week Friday, %, while the Year-to-Date return stood at -2.80 per cent.Vanguard