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From the headlines and news of major local and international news sources, Breaking presents the Breaking Radio from Lagos; Nigeria’s mega city. I have got news from Thisday, Daily Post, Daily Independent, The Punch, Nigerian Guardian, Vanguard, Nigerian Pilot, Premium Times, Sun Newspaper, PM News, Leadership newspaper, The Herald, The Nation, Royal Times, Sahara Reporters, News Agency of Nigeria and more. You can head over to breaking.com.ng on your mobile phone for direct links to news on one page.
Judge lists people wanting to corrupt him.
Army suffers, withdraws from Boko Haram.
Chimamanda scores Buhari a ‘waster’.
Nigeria’s generational debts.
Over 200 headlines.
Commotion as kidnappers engage police in one-hour shootout in Kano, escape into forest
Ambode Sacks Commissioners of Tourism, Finance and Transport
Northern Leaders Must Prioritize Education, Inclusiveness – Tambuwal
Troops Kill 7 Militants, Recover Rice-Laden Boat, Passengers
Boko Haram attack on Nigerian garrison underlines group’s strength
Ambode reshuffles cabinet, drops three commissioners
Okorocha tackles DG VON over comment
Ekitigate: Obanikoro is compromised, Fayose says in reaction to ex-ministers alleged confessions
FG takes over educational, professional goals of 21 Chibok girls
Anti-Kidnapping Unit Busts Kidnap Gang (Female member Included)
Police Detain About 200 Suspects For Airline Ticket Fraud
Kidnapped Chibok girls refuse to leave Boko Haram
Nigerian forces kill 7 militants in oil-producing state
Ambode fires finance, transport, tourism Commissioners
US explains why it is no longer largest buyer of Nigeria’s crude oil
Surviving Boko Haram: Kidnapped girls tell their stories
Ambode drops three commissioners
Nigeria: Monitor Your Foreign Currency Position Closely, CBN Directs Bank
How the Oba of Benin will be Crowned tomorrow, Tradition and Culture in full Throttle
Super Eagles set to Correct Past mistakes – Mikel
Nscdc Arrests 20 Suspected Transformer Vandals
Taskforce Commander warns troops to stay away from politics
Osinbajo, Sultan, CAN President call for religious harmony
Protest Rocks Rivers State over murder of Footballer
Senate to probe arrest of judges
Foreign airlines cut flights to Abuja as currency crisis deepens
My wife is dating my pastor, brother, man tells court
Buhari Playing with the Unity of Nigeria – Southern Leaders
Girls Held By Boko Haram Need Support To Rebuild Shattered Lives – UNICEF
Nigeria: Dettol Identifies With Global Hand Washing Day
Chimamanda Adichie thinks Nigeria’s president Buhari has wasted a chance to “reshape Nigeria’s path”
Nigeria’s president Buhari has had a difficult week.
While struggling to steer Africa’s largest economy back into prosperity, Buhari has had to deal with criticism from his own wife, a response to which resulted in an international embarrassment over his sexist comments, the president now faces criticism from one of his country’s most famous citizens. In a scathing New York Times op-ed, author Chimamanda Ngozi Adichie criticized the president’s stifling economic and monetary policies as well as his poor handling of a spate of killings involving Fulani herdsmen.
Like many, the award-winning writer says she “welcomed” Buhari’s presidency upon his return to power as a democratic president after a prior stint in the 1980s as military dictator. Despite campaigning on a strong anti-corruption record and winning popular support, Adichie believes Buhari “wasted” his chance “to boldly reshape Nigeria’s path” given his sluggish start to office, notably shown by the “unusually long time” it took to appoint ministers.
For much of his presidency, Buhari has been faced with difficult economic headwinds as low oil prices robbed Nigeria of a chunk of earnings from its main export. But despite the difficult reality of Nigeria’s reduced earnings, the president has been criticized for his economic and monetary policies which exacerbated the crisis. A fixed foreign exchange rate was stubbornly upheld for months and when the policy was eventually dropped, damage had already been done. The president’s economic focus has also sought to prioritize local production, banning imports deemed unnecessary but Adichie described the approach as archaic.
“His intentions, good as they well might be, are rooted in an outdated economic model and an infantile view of Nigerians,” she wrote. “For him, it seems, patriotism is not a voluntary and flexible thing, with room for dissent, but a martial enterprise: to obey without questioning.”
Buhari’s security record also came in for criticism. While the Boko Haram insurgency in the north-east has been largely crippled, another security challenge has been posed by rampaging herdsmen from the same ethnic group as the president who have reportedly killed hundreds in violent spats over land. Buhari’s response to the killings have been distinctly lacking in urgency. Adichie says “his aloofness feels, at worst, like a tacit enabling of murder and, at best, an absence of sensitive leadership.” Adichie, very much known for her advocacy on female education and feminism in general, is also known for being non-partisan. In a country where much of the political commentary has underlying partisan tones, Adichie’s words are likely to be taken a little more seriously.
The headlines continue
Ken Saro-Wiwa’s son dies in London
Dasukigate Court Drama: EFCC witness says AIT boss Dokpesi got N2.1 billion through due process
Any policeman checking vehicle particulars is on illegal duty – AIG
Wikileaks: Bill Clinton Touts Foundation Work in Nigeria, Where Hillary Refused to Designate Boko Haram a Terror Group
Senate Confirms Two Supreme Court Justices
Happening now: Released 21 Chibok girls, parents in Aso Rock to meet with Buhari
Senate vows to probe DSS over arrest of Judges
Nigeria remains Africa’s Biggest Economy – IMF
Foreign airlines cut flights to Abuja as currency crisis deepens
Supreme Court Justice Okoro lied – APC’s Akwa Ibom candidate
Dele Giwa: 30 years after, Fawehinmi, activists, want case reopened
Nigeria: U.S. Backs Buhari On Economic Diversification, Pledges to Increase FDI in Nigeria
Buhari meets released Chibok girls
Nigerian author, political activist Ken Wiwa dies
Buhari to receive 21 released Chibok girls, families at Aso Villa
Saudi’s Falih says oil market at end of downturn
Corruption: Those who eat sour grapes will have their teeth set on edge – Presidency
Shooting Stars will be involved in Izu’s burial – Media Officer
Oyegun has lost control of APC, says party’s deputy spokesman
Report any unwholesome activity of policemen, SARS operatives – CP tells Kwara residents
Edo poll: Ize-Iyamu set to file petition
Fitch Projects 2.6 Percent GDP Growth Rate for Nigeria in 2017
Save Nigerians From Hunger, Sufferings, Fayose Tells Buhari
Nigeria: Poor Agric Budgetary Allocations Worry Economists
The Son Of Late Ken Saro-Wiwa Is Dead
Joint Military Task Force kills 7 militants, recovers weapons in Niger Delta
Nigeria: Shell Moves to Give Bayelsa Communities Uninterrupted Power Supply
Court cautions Nyame against interfering with prosecution witnesses
MX Oil starting to benefit from Nigeria investment
Northern leaders must prioritize education, inclusiveness – Tambuwal
13 Nigerian soldiers wounded, several missing as Boko Haram militants attack army base in Borno
From International Business Times UK
13 Nigerian soldiers wounded, several missing as Boko Haram militants attack army base in Borno
The attack came amid speculation that many abducted Chibok girls are unwilling to leave their captors.
Around 13 Nigerian army soldiers were wounded after Boko Haram militants attacked an army base in Borno, while several others are been missing, an army spokesperson said on Monday (17 October). The attack came a week after the militants released 21 Chibok schoolgirls who were abducted more than two years ago.
The Nigerian government is hoping that 83 other girls held captive with the militants would also be released soon. However, a local community leader in Chibok said that many of the abducted girls do not want to leave their captors, fearing that they would not be accepted in the society.
Pogu Bitrus, chairman of the Chibok Development Association said that one reason for the girls not willing to return home could be that they have been radicalised by the Islamist militants. He also said that since many of the abducted girls are married to the militants and have children with them, they could be ashamed of being labeled as wives of terrorists and hence would not want to return.
He added that around 60 girls, who managed to escape their captors after a raid was conducted by government forces – immediately after their kidnapping in 2014 – had to face insults in Chibok and were labeled “Boko Haram wives”.
At least 20 of those girls have been sent to the US for education. He suggested that the same needs to be done for the released Chibok girls to save them from being further humiliated.
Meanwhile, the latest Boko Haram attack came from a group of “suspected escaping remnants of Boko Haram terrorists”, Colonel Sani Kukasheka Usman, Acting Director, Army Public Relations, said on Tuesday.
He added that the militants attacked their troops at Gashigar, an area near the border with Niger Republic in northern Borno state, at about 5:30pm local time (5:30pm BST) on Monday.
“The troops did their best to defend the location in vain. In the process, 13 soldiers sustained injuries while some are still missing in action,” he was quoted by Vanguard as saying. He added that the “temporary setback made the troops to withdraw from the location”.
Usman noted that the wounded soldiers are receiving treatment and efforts are on to trace the missing soldiers.
News headlines continue
Police smashes baby factory in Rivers state
Arrest Judges’: I didn’t try to bribe Justice Okoro, he lied – APC guber candidate, Umana
Nigeria in talks with ICD on sukuk deal
Jihadis Swapped for Missing Girls?
Obanikoro makes shocking revealtions, says he gave Fayose N2.3bn
Even one of the world’s richest airlines may not be able to operate in Nigeria for much longer
Chimamanda Adichie blasts Buhari, says he wasted opportunity to boldly reform Nigeria
Compel INEC to use electronic voting in 2019 election – HDP begs court
Nigerian soldiers withdraw from border town after Boko Haram attack
Shooting Stars defender, Izu Joseph was at a cultist’s shrine when he was killed – Army reveals
Clinton, Trump set for last debate in Vegas
Federal government to establish job centres nationwide by March
Nigeria will overcome security challenges soon – Sultan
Money laundering: Fani-Kayode, Usman, get new trial date
FIRS Waiver – How Companies Can Get Tax Cuts
Economic Recession – Emefiele Is Not Our Problem
Father, stepmother brutalize 4-year-old girl with hot boiling ring for bed wetting
Soldiers missing as Army confirms Boko Haram Attack
EFCC bent on convicting Patience Jonathan at all cost – Ohaneze Ndigbo
Man who sells fake milk arrested in Cross River
Man chops off neighbour’s ear over squabble for plantain tree
Fani-Kayode, Usman get new trial date over alleged money laundering
Teenage housemaid writes letter to ‘madame’, reveals how husband drugged, raped her countlessly
Buhari believed civil war was not a battle against the Igbos – Prof Paden
Nigerian Army : Sustaining anti-terrorism war
Economic recession: Emefiele is not our problem
Wike says federal government is bent on killing PDP
FG Nominates 2 New Directors For FAAN
Justice Abang Orders Hon. Stella Ngwu, Dennis Nnmachi Agbo to Vacate Seats
1 Billion Naira Interest Free Loan To Farmers
How Alison-Madueke intimidated me to drop reports about her alleged corruption – Columbia Professor, Anya Schiffrin
When an American journalist and author, Anya Schiffrin, was working on her book, Global Muckraking: 100 Years of Investigative Journalism From Around the World, she thought it was expedient for her to exclude from it an investigative series from Nigeria on alleged corrupt practices of the then petroleum minister in the country, Diezani Alison-Madueke.
The book, published in 2014, showcases the outstanding works of investigative journalists in different parts of the world. The series on Mrs. Allison-Madueke was published in 2011 by the rested NEXT newspaper. They were republished last year on PREMIUM TIMES, with permission from NEXT.
Today, Mrs. Schiffrin, who is also a journalism professor at Columbia University’s School of International and Public Affairs, expresses regret for her decision on Mrs. Allison-Madueke, who remains one of the most controversial public officers in Nigeria, since she left office more than a year ago.
Mrs. Schiffrin, 54, said she took the decision because the then minister threatened her with a lawsuit.
“(We) got a series by a terrific, highly respected Nigerian journalist named Musikilu Mojeed saying that a government official, Alison Madueke, was corrupt,” Mrs. Schiffrin said in an interview with Guernica magazine, last year.
“I Googled (Madueke) and found an article by a British journalist saying that she was working to clean up corruption. So I contacted him and asked, ‘Do you realize that this extremely well-respected Nigerian journalist said (Madueke) is corrupt?’ The British journalist was not at all defensive and said, ‘I’ll get back to you.’
“In the meantime, I began asking people I knew in Nigeria. I started getting these very guarded and cryptic emails and messages. I think no one wanted to commit themselves in writing, but they said things like, ‘(Mojeed) is really reliable.’ They didn’t say, ‘That woman is corrupt,’ but rather, ‘The newspaper is reliable.’
“Someone I knew also contacted Madueke’s office. But the next thing that happens is I get a letter from her lawyer (asking not to publish these stories) because they are libelous. Meanwhile, the British journalist got back to me and said he did not stand by his original story anymore.
Mrs. Schiffrin said by the time they had a rethink and decided to include the series on Mrs. Allison-Madueke, there wasn’t any more space in the book. It was a tough call for her, she said.
“Once I got the lawyer’s letter, of course, I regretted the decision not to include the series even more,” she said.
Mr. Mojeed, who is currently PREMIUM TIMES’ Editor-in-chief, was working with NEXT then, and co-authored the series on Mrs. Allison-Madueke.
The series portrayed Mrs. Allison-Madueke as corruptly enriching herself and her cronies through suspicious, and sometimes secret, multi-million dollars oil deals at the country’s expense.
In one of the reports, the then minister was alleged to have violated Nigerian laws and regulations, and awarded multi-million dollars oil-lifting contracts to ‘briefcase companies’ owned by her U.S-based jeweller, Christopher Aire.
Mrs. Allison-Madueke was arrested late last year in London by the UK National Crimes Agency for offences related to bribery and corruption, but was later released on bail, alongside four other persons arrested with her.
Back home in Nigeria, the former minister has been under investigation by the Economic and Financial Crime Commission, EFCC.
From Premium TImes
Here are more news headlines
Fani Kayode calls Buhari ‘mumu’ over EFCC’s alleged abduction of his wife, baby
Budget padding: EFCC questions officials of 16 Ministries; Dogara, others to be invited soon
Buhari’s row with wife Aisha, signals frustration over Nigerian inertia
Son of Niger Delta Activist Ken Saro Wiwa Dies
Emirates to suspend Dubai-Abuja flights
Buhari meets 21 released Chibok girls
Leave me alone, save Nigerians from hunger, sufferings – Fayose dares Buhari
Nigeria: Turkish Airlines May Suspend Flight to Kano
Draw For AFCON 2017 Holds Today
I did it out of frustration – Woman who hired assassins to kill husband in Lagos
Buhari mourns Catholic priest
Benin crown prince to announce title as coronation holds Thursday
EFCC seeks right to retain parts of recovered loot
EFCC seeks cut from recovered loot
“My Election Was Legitimately Funded” – Fayose
MURIC says it rejects alleged NJC/NBA ‘animal farm’ agenda
Boko Haram overruns Nigerian military base in northeast
Governor Mimiko Launches Killer Squad, Sponsored My Mother’s Abduction, Says Jimoh Ibrahim
CDHR tells Buhari, IGP Idris to sack, prosecute sergeant, others for alleged harassment, threat
Nigeria: Govt Eyes $1 Billion From Sale of Broadcasting Spectrum
Aisha Buhari Schools the President
APGA NWC to drag suspended National Chairman to court
Femi Fani-Kayode: A hater of women, a president from dark ages
We are now at the end of a considerable downturn says Saudi energy minister
Nigerians travel abroad for lab tests – Minister decries healthcare services
Nigeria: Govt Assures China On Counterpart Funding for Bilateral Agreements
50 million Nigerians are illiterates – FG
Nafdac Arrests 56-year-old Man For Faking Peak Milk
FUTA: The Trouble This Time
Uber Partners With First Bank to Offer Loans to Nigerian Drivers
Why banks suspended payment card use abroad
FACTS emerged on Tuesday that banks in the country decided to stop their naira debit cards from working abroad after the Central Bank of Nigeria asked them to adopt the interbank foreign exchange rate as the basis for charging customers for foreign currency-denominated transactions.
Deposit Money Banks, including Standard Chartered Bank, Stanbic IBTC Bank and Guaranty Trust Bank Plc, had on Friday announced the suspension of the cash withdrawal from Automatic Teller Machines and PoS terminal transactions abroad using naira debit cards.
Also suspended by the banks are online transactions denominated in foreign currencies.
Top officials close to the development told our correspondent on Tuesday that the CBN had during the last Bankers’ Committee meeting held in Lagos last week directed the banks to add only 5 Naira profit margin to the official interbank rate on all foreign exchange-related transactions carried out with naira debit and credit cards.
The development, the officials said, forced the banks to stop all foreign transactions on their payment cards.
A top official of a tier-1 bank, who spoke under the condition of anonymity, said, “During the last Bankers’ Committee in Lagos, the CBN directed banks to add only 5 Naira to the official interbank rate of 305 to the dollar, or whichever rate is prevailing at the interbank market. Banks said this was not possible because the lenders had been sourcing dollars at rates above 400 per dollar to run their card services. We could not get dollars from the interbank market.
“We have to sell at the rate we sourced it. How can we charge say 310 Naira per dollar for something we sourced at around 400 Naira per dollar. This is why the banks decided that rather than lose, we should just stop it. The CBN has given the directive and we have to cope, because we will give returns. So, rather than being found wanting, it is better to stop the forex transactions on our naira debit cards.”
The decision of the banks to stop foreign currency-related transactions on naira debit cards has affected intending travellers and the United Kingdom and Canadian visa applicants, with many of them finding it difficult to pay for their visa applications online with naira debit cards.
Sources told our correspondent on Tuesday that the CBN had wanted banks to stop dollar transactions on naira debit cards, arguing that only few Nigerians travelled abroad to use their naira debit cards to withdraw dollars and shop.
“I think it is a strategy by the CBN to reduce the dollar demand. They think if they reduce demand for dollar, the exchange rate will come down. They know that if they ask banks to add just 5 Naira to the official interbank rate as their fees, many of us will not be able to cope and we will back down,” a top official in another tier-1 bank said.
The decision by some of the banks to suspend naira debit card usage overseas and online forex transactions came barely one week after the CBN had raised concerns about what it called the indiscriminate and suspicious manner in which some bank customers were spending dollars and other foreign currencies abroad through their naira debit cards.
Consequently, the regulator said it had concluded that bank customers who spent above the $50,000 annual forex limit it imposed would be barred from the nation’s forex market.
The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, stated this after the 329th Bankers’ Committee meeting in Lagos on Wednesday.
She said, “In the CBN’s move to manage the demand for forex, there was a rule that people were not allowed to withdraw more than $50,000 annually on their naira debit cards.
“For a while, the policy has been abused by bank customers, and the CBN has not taken any step to that effect. We have decided to take the step now to enforce the rule. So, we want members of the public to remember that that rule is in place.
“All your accounts are linked to a particular Bank Verification Number. Now, that the BVN only allows you to withdraw only $50,000 per annum, if people continue to breach that rule, they will lose access to the forex market.”
On Wednesday, the country’s external reserves hit an 11-year low of $24.21b, according to data posted on the CBN website.
This means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira.
The foreign exchange reserves fell by $600m in two weeks before shedding $1b in four weeks, the CBN statistics showed.
From The Punch Newspaper
Here are more news headlines
Chimamanda Ngozi Adichie delivers a damning verdict on Buhari in New York Times
Amaechi Denies Justice Okoro’s Bribery Accusations, Threatens Law Suit
MX Oil makes first oil sale from its Aje Field
Nigeria: Forex Scarcity – Reps Move to Stem Relocation of Factories
Efcc Seeks Legal Right To Retain Parts Of Recovered Loot
Chimamanda Adichie thinks Nigeria’s president Buhari has wasted a chance to “reshape Nigeria’s path”
APC’s Rotimi Amaechi, Umana Tried To Bribe Me – Supreme Court Justice Inyang Okoro
Pastors, Imams more corrupt than politicians – Muslim cleric
PWC says Nigeria’s GDP will hit 1.45 trillion dollars in 14 years
Son of Nigeria’s Ken Saro-Wiwa dies
Make peace with Ifeanyi Ubah, Others or forget 2nd Term – Cleric tells Obiano
‘Stop whining’ about rigged vote, Obama tells Trump
I robbed to raise 45,000 Naira surgery bill – Suspect
EFCC needs money, should keep part of recovered loot – Magu
INEC leads as Nigeria’s best performing public institution
Rotimi Amaechi tried to Bribe me over Rivers State Guber Election – Justice Okoro
“I Was Arrested Because I Refused Bribe From Amaechi, Umana” – Justice Okoro
I never visited Justice Okoro – Amaechi Daily Post 08:37
Okorocha says goods seized from streets trader will go to prison inmates
Recession: Stock Market Records More Losses, Loses 105 Billion Naira In Two Days
EFCC’s North-West office recovers 54.7 billion Naira in 10 months
100 Chibok girls unwilling to return home – Community leader
Supreme Court Judge accuses Amaechi, APC of attempt to manipulate judgement
JTF discovers Benue militant leader’s armoury
Emirates to suspend Dubai-Abuja service after president highlights Africa’s financial challenges
Super Eagles Need to fix Leaky Defence
Buhari’s row with wife signals frustration over Nigerian inertia
Energy efficiency gains ground amid lower prices, says IEA
Nigeria should release ‘prisoners of conscience’ immediately – IHRC
‘Buhari’s Germany trip not for any medical check-up’
Nigeria’s $64b debt overhang raises fresh concerns
Ten years after Nigeria exited the London and Paris Club debts through debt buyback that reduced its obligations from $35b to $5b in 2006, the country is again in the throes of a deeper debt mess.
Latest official statistics have it that in just ten years, 2006 – 2016, the nation’s borrowing and outstanding interest have exceeded its London and Paris debt levels and now threatening to compound its economic recovery efforts.
This comes amidst Monday’s warning by Fitch Rating that Nigeria’s weak growth may make it difficult for the Federal Government to contain its rising debt burden.
The firm which has substantially cut its growth forecasts for Nigeria to reflect a weak performance in the first half of the year and continuing policy challenges, including the new foreign-exchange regime and delays in the disbursement of the 2016 budget, also warned that real GDP could contract by 1per cent in 2016, compared with its earlier forecast of a 1.5per cent expansion.
Faced with daunting economic challenges exercebated by over 60 per cent crash in crude oil prices, the sentiment for the Buhari administration appears to be borrow from all avenues that offer low interest rate.
As at December 15, 2014, Nigeria’s external debt obligations was a mere $10b while domestic liabilities totalled was $50m after former president Goodluck Jonathan government borrowed $1.1b from China in July of 2013 for “Abuja light rail” project and airport repair to be repaid in 20 years at an interest rate of 2.5 per cent. Jonathan government also launched an almost $1b loan, a $915m concessionary loan from the World Bank to be repaid in 40 years after seven years loan-draw period.
Other borrowings that ballooned the country’s debt profile include the $4.4b from the World Bank with $1.8b disbursed and the rest attracting service charges and another $1b from the International Development Association.
The government also borrowed $1b to supposedly fight Boko Haram, a situation that painted a picture of a nation that lives on borrowing.
But some stakeholders are worried that Nigeria’s current borrowings to finance infrastructure developments on crippling loans could send the nation into slavery in the next 40 years.
Only recently, the Buhari administration received a $1b loan from the African Development Bank which said it could also borrow more than $4b over the next two years as it seeks to shore up its budget.
The loan, African Development Bank (AfDB) president, Dr Akinwumi Adesina, said in an interview in Abuja, will have a 40-year term and comes with an interest rate of 1.2 per cent.
The development finance institution will also invest in agriculture and energy, he said.Nigeria doesn’t have a debt crisis, but a revenue challenge. The loan is shortly going to the board for approval.” he said.
But Kemi Adeosun, the nation’s finance minister remains upbeat that the Buhari administration would continue to leverage the prevailing low interest rates in the global financial markets to borrow more to finance needed infrastructure projects and fund its 2.2 trillion Naira budget deficit for 2016, a further indication that Nigeria may borrow more to augment its revenue shortfalls.
Despite a whopping $6b funding pledge it got from China to fund infrastructure projects following President Muhammadu Buhari’s state visit to Beijing last April, the Federal Government may still be eyeing some concessional credit windows in the South East Asian corridos to finance its projects.
According to the Director General of the Debt Management Office (DMO), Dr Abraham Nwankwo, Nigeria’s debt to GDP remains sustainable even as Nigerians have continued to express worries the spike in the country’s debt profile could be another time bomb for future generation.
He said that the external debt stock was currently about 23 per cent of the export earnings, compared to the applicable threshold is 150 per cent, adding that this is seven times stronger than it needs to be.
“Similarly, the external debt service is currently about 0.74 per cent of total export earnings, compared to the applicable threshold of 20 per cent: this means that this liquidity indicator is 27 times stronger than what is required to guarantee that the external debt can be serviced as and when due. In addition, there is an administrative safeguard: since 2005, Nigeria’s prudential public debt management practice has been that debt service charge is the topmost item in the sequence of the line of expenditures in the budget. Only very few other developing economies could boast of such a healthy and attractive external debt condition” the DG, explained.
Nwankwo also argued that Nigeria’s external debt is uniquely of top investment grade and this is the reason that in spite of global economic and financial tribulations, Nigeria’s Eurobonds have continued to trade creditably at stable low yields relative to the weight of the challenges and compared to other countries’ eurobonds.
For instance, as at June 30, 2016 the nation’s total debt was $61b (16 trillion Naira) made up of outstanding external debt stock for states and federal Government is $11b (3 trillion Naira), domestic debt for federal Government is $37b (11 trillion) and domestic debt for states is $12b (3 trillion Naira).
From The Sun Newspaper
Here are more newspaper headlines
Nigeria: Shell Donates 25 Million Naira to 50 Youths to Start Businesses
Nigeria: Navy Cracks Down On Crude Oil Thieves, Illegal Refineries
Nigeria: No Excuse for Poor State of Nigeria’s Agric Sector – Obasanjo
Kenya Airways ends Abuja / Gaborone service from November 2016
How NIMASA transferred 8.5 billion Naira to JTF — EFCC witness
Hopes Nigeria will negotiate permanent truce with Boko Haram
Some students abducted by Boko Haram may have been radicalized and are now refusing to leave
Nigeria: 1 Trillion Naira Needed to Revamp Aviation Industry – Sirika
‘Why We Must Restructure And Weed Out Moles In Edo APC’
Recession: Senate And Its 20-point Solution Agenda
Rahama Sadau’s ban for ‘hugging’ lays bare Nigeria’s religious divides
“I Gave Fayose 4.7 billion Naira” – Obanikoro
CBN And Health Of Banks
13 Nigerian soldiers wounded, others missing after Boko Haram clashes
FG eyes $1bn from sale of broadcasting spectrum
How Alison-Madueke intimidated me to drop reports about her alleged corruption
PDP Crisis: Governors Withdraw From Reconciliation Process
U.S. Backs PMB On Economic Diversification
Ken Saro-Wiwa Jr Dies At 47
Forex Scarcity: Reps Move To Stem Relocation Of Factories
13 Nigerian soldiers wounded, several missing as Boko Haram militants attack army base in Borno
Aviation minister allays fear over airports’ concession
Tiwa Savage speaks on marriage controversy, D’banj, Don Jazzy
Senate Confirms Eko, Augie As Supreme Court Justices
NEITI may retain part of recovered revenue to bridge funding gap
Revisiting cancellation of post-UTME
“Corruption, A Crime Against Humanity” – Osinbajo
Mixed reactions trail dissolution of Akwa Ibom State Executive
APC, PDP seek inroad into Anambra ahead of 2017
Global banking challenges and Nigeria’s financial institutions
Amaechi, Umana offered me bribe – Judge
Claims blatant lies, says Minister
Justice Ofili-Ajumogobia shuns EFCC invitation
One of the arrested Justices of the Supreme Court by the Department of State Security Service (DSS), Justice John Iyang Okoro has written to the National Judicial Council (NJC) where he indicted former governor of Rivers State, Rotimi Amaechi and the All Progressives Congress (APC) 2015 governorship candidate in Akwa Ibom State, Umana Umana for offering him bribe to get favourable judgment.
Explaining the circumstances that led to his travails, Justice Okoro said at the time he wrote the report to the CJN, the DSS had not confronted him with any petition or complaint from any quarters whatsoever.
“They grilled me, asked questions on some non-existing properties around the country. They also doubted the age of my children alleging that they are toddlers. This is sad and unbelievable.
“My Lord, I strongly believe that my travail is not unconnected with the verbal report I made on the first visit to my official residence by Amaechi in February, 2016. In that report, I told My Lord that Amaechi said the president of Nigeria and the APC mandated him to inform me that they must win their Election Appeals in respect of Rivers, Akwa Ibom and Abia states at all costs. For Akwa Ibom State, he alleged that he sponsored Umana for that election and that if he lost the Akwa Ibom appeal, he would have lost a fortune.
“Amaechi also said he had already visited you and that you had agreed to make me a member of the panel that would hear the appeals. He further told me that Umana would be paying me millions of naira, monthly, if I co-operated with them. My response, as I told you on that date was that it does not lie within my power to grant his request and that I would do all within my power not to be on the panel for Akwa Ibom state.
“My Lord graciously left me out of the panel for Akwa Ibom State. That notwithstanding, the APC in Akwa Ibom lost the appeal at the Supreme Court and believed that my presence in the Supreme Court made them lose the appeal.
“Could I have resigned from the Supreme Court simply because people of Akwa Ibom had a matter before it?”
Not done yet, Justice Okoro also narrated how operatives of the Department of State Security (DSS) disguised as officials from the Presidency to lure him out of his house.
“I received a phone call from an unfamiliar caller. He introduced himself as an official from the Presidency. He told me he had a letter for me from Mr. President. I immediately left my study room and went to open the door. Upon the door being opened, l saw so many heavily armed men with an inscription ‘DSS’ on their uniform. One of them, who was in mufti told me they were to search my house.
“I requested that I be allowed to inform the CJN but, they rebuffed (me). Rather, they seized my phone from me.
“My Lord, the DSS operatives searched all the rooms in the house meticulously. They also searched the Boy’s quarters and my official vehicles parked outside. At the end of the search, which lasted till about 1:30am of October 8, 2016, they took away the following items: One iPad 2; Three phones (only one active); $38,800; 3.5 million Naira only and four cheque books.
“The above items were documented on the back page of the search warrant they produced and we signed. Also, the DSS operatives informed me that their Director-General, Lawal Daura wanted to see me that night.
“I requested to visit their office upon the break of the day but, they refused. In view of the presence of the heavily armed men who accompanied them and who were pointing their gun at me from all angles, I had no choice than to follow them to their office that night. I was detained in their office till Sunday, October 9, 2016 and upon your Lordship’s intervention that Sunday, they released me in the evening of that Sunday. My Lord, I noticed that they also brought other judicial officers serving and retired to their office. So, before releasing us, they asked me to make a statement concerning the money found in my house. I told them that I received $1,000 and £10,000 a year for the past three years of my sojourn in this court as annual medical/vacation allowances and having not spent more than £5,000 on each of three trips I have so far made abroad, I was entitled to have more than the amount recovered from me. Put differently, My Lord, the money was the balance of my estacode received from this court for the past three years. This is quite outside the estacodes I have received for the International Conferences I have so far attended since joining the bench of this court
“My Lord will recall that I also reported that Umana visited my residence before Amaechi’s visit. He also made the same request of assistance to win his appeal at the supreme Court. My Lord, up till now, I do not know what I have done. Over the years, from the Magistracy till date, I have done my best to eschew allforms of corrupt practices.”
Justice Okoro insisted in the letter to the NJC that in all his years of practice, he has never demanded nor received bribe from anybody. “I have not received any bribe from anybody. My Lord is quite aware of my position as regards those who take bribe in the judiciary. I detest it and have no room for any adjustment. That is the truth, My Lord and I urge the NJC to disregard all the lies and media campaign orchestrated by those who felt I purposely refused to help them win their election appeals at the Supreme Court.
“I am confident that God will vindicate me at the end of this ordeal.
“I take it as a temporary set-back. I remain loyal to my oath of office and the need to be just and fair in handling matters before me. My Lord, thanks for your kind attention. Please, accept my assurances of the highest regards.”
But, Amaechi, through his Media Office, yesterday night, refuted Justice Okoro’s claims.
He said the judge’s allegations were simply the product of a fertile mind.
“This accusation from Justice Okoro is a figment of his imagination; concocted to obfuscate and politicise the real issue for his arrest and DSS investigation of allegations of corruption against him.
“The claims by Justice Okoro are blatant lies, bereft of any iota of truth or even logic. Amaechi did not and has never approached him in respect of the cases he mentioned or any other case.
“This is a cheap attempt, albeit political move to drag the name of Amaechi into something he knows nothing about. Justice Okoro should face his issues and leave Amaechi out of it. He will be hearing from our lawyers.”
Meanwhile, another Justice of the Federal High Court, Musa Haruna Kurya was at the Lagos office of the Economic and Financial Crimes Commission (EFCC) to honour its invitation on an on-going investigation.
He reported at the commission’s offices at 10:00am, yesterday.
But, his colleague, Rita Ofili-Ajumogobia allegedly shunned the EFCC’s invitation.
The NJC had placed Ofili-Ajumogbobia on its “watch-list” and had barred her from being elevated from her present position, owing to gross misconduct.
Kurya, accompanied by his lawyer, was attended to by the operatives of the commission on arrival.
However, Ofilli-Ajumogobia, who was also supposed to be at the commission’s office on a similar invitation, dishonoured the call and refused to show up at all.
On Monday, two Federal High Court judges, Mohammed Nasir Yunusa and Nganjiwa Hyledzira, reported to the EFCC where they were quizzed for hours.
From the Sun Newspaper
Here are more headlines
15 years after, Africa accounts for $4.1b non-oil export under AGOA
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Judge links travail to alleged bribery attempt by Amaechi
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Government to maximise benefits of Nigeria’s coastline
Buhari hinges success of anti-graft war on citizens’ commitment
Magu wants EFCC to keep percentage of recovered loots
INSURGENCY: 300,000 victims to benefit from €11m Oxfam agro scheme
Recession: Sustainable solutions and long-lasting recovery
Shipping crimes drop in Nigeria, others
Airline operator seeks guidelines on foreign exchange concession grant
House of Reps urge support for AMCON
Senate canvasses support for manufacturers
Shareholders flay imposition of excessive sanctions on listed firm
Dangote Refinery to retain Nigeria’s 2.2 trillion Naira capital flight
Presidency ‘committed to Nigeria-China tie
Manufacturers allege sharp practices in forex allocation by banks
Mother, twins crushed to death
RRS arrests suspected cable thieves
Alleged move to impeach Delta speaker fails
Is Giwa’s ghost now old?
Godogodo killings, unforgivable crime —Senator Laah
University of Ibadan gets 10MW NGEP solar plant
Abati, Presidential Villa and witchcraft
Army confirms soldiers missing, 13 injured after Boko Haram attack
Why I prevented judge’s arrest, by Wike
Naira shortage pushes interbank rate to 150%
Firs Seals Oil Servicing Firms For Tax Evasion
Nationwide job centres ready by March – FG
Oil at $52 will help economic recovery – Rewane, others
Chimamanda Ngozi Adichie: Nigeria’s Failed Promises
LAGOS, Nigeria — I was 7 years old the first time I recognized political fear. My parents and their friends were talking about the government, in our living room, in our relatively big house, set on relatively wide grounds at a southeastern Nigerian university, with doors shut and no strangers present. Yet they spoke in whispers. So ingrained was their apprehension that they whispered even when they did not need to. It was 1984 and Maj. Gen. Muhammadu Buhari was the military head of state.
Governmental controls had mangled the economy. Many imported goods were banned, scarcity was rife, black markets thrived, businesses were failing and soldiers stalked markets to enforce government-determined prices. My mother came home with precious cartons of subsidized milk and soap, which were sold in rationed quantities. Soldiers flogged people on the streets for “indiscipline” — such as littering or not standing in queues at the bus stop. On television, the head of state, stick-straight and authoritative, seemed remote, impassive on his throne amid the fear and uncertainty.
And yet when, 30 years later, in 2015, Mr. Buhari was elected as a democratic president, I welcomed it. Because for the first time, Nigerians had voted out an incumbent in an election that was largely free and fair. Because Mr. Buhari had sold himself as a near-ascetic reformer, as a man so personally aboveboard that he would wipe out Nigeria’s decades-long corruption. He represented a form of hope.
Nigeria is difficult to govern. It is Africa’s most populous country, with regional complexities, a scarred history and a patronage-based political culture. Still, Mr. Buhari ascended to the presidency with a rare advantage — not only did he have the good will of a majority of Nigerians, he elicited a peculiar mix of fear and respect. For the first weeks of his presidency, it was said that civil servants who were often absent from work suddenly appeared every day, on time, and that police officers and customs officials stopped demanding bribes.
Perhaps the first clue was the unusually long time it took him to appoint his ministers. After an ostensible search for the very best, he presented many recycled figures with whom Nigerians were disenchanted. But the real test of his presidency came with the continued fall in oil prices, which had begun the year before his inauguration.
Nigeria’s economy is unwholesomely dependent on oil, and while the plunge in prices was bound to be catastrophic, Mr. Buhari’s actions made it even more so.
He adopted a policy of “defending” the naira, Nigeria’s currency. The official exchange rate was kept artificially low. On the black market, the exchange rate ballooned. Prices for everything rose: rice, bread, cooking oil. Fruit sellers and car sellers blamed “the price of dollars.” Complaints of hardship cut across class. Some businesses fired employees; others folded.
The government decided who would have access to the central bank’s now-reduced foreign currency reserves, and drew up an arbitrary list of worthy and unworthy goods — importers of toothpicks cannot, for example, but importers of oil can. Predictably, this policy spawned corruption: The exclusive few who were able to buy dollars at official rates could sell them on the black market and earn large, riskless profits — transactions that contribute nothing to the economy.
Mr. Buhari has spoken of his “good reasons” for ignoring the many economists who warned about the danger of his policies. He believes, rightly, that Nigeria needs to produce more of what it consumes, and he wants to spur local production. But local production cannot be willed into existence if the supporting infrastructure is absent, and banning goods has historically led not to local production but to a thriving shadow market. His intentions, good as they well might be, are rooted in an outdated economic model and an infantile view of Nigerians. For him, it seems, patriotism is not a voluntary and flexible thing, with room for dissent, but a martial enterprise: to obey without questioning. Nationalism is not negotiated, but enforced.
The president seems comfortable with conditions that make an economy uncomfortable — uncertainty and disillusion. But the economy is not the only reason for Nigerians’ declining hope.
A few months ago, a young woman, Chidera, came to work as a nanny in my Lagos home. A week into her job, I found her in tears in her room. She needed to go back to her ancestral home in the southeast, she said, because Fulani herdsmen had just murdered her grandfather on his farm. She showed me a gruesome cellphone photo of his corpse, desecrated by bullets, an old man crumpled on the farm he owned.
Chidera’s grandfather is only one of the hundreds of people who have been murdered by Fulani herdsmen — cattle herders from northern Nigeria who, until recently, were benign figures in the southern imagination, walking across the country with their grazing cattle.
Since Mr. Buhari came to power, villages in the middle-belt and southern regions have been raided, the inhabitants killed, their farmlands sacked. Those attacked believe the Fulani herdsmen want to forcibly take over their lands for cattle grazing.
It would be unfair to blame Mr. Buhari for these killings, which are in part a result of complex interactions between climate change and land use. But leadership is as much about perception as it is about action, and Mr. Buhari has appeared disengaged. It took him months, and much criticism from civil society, to finally issue a statement “condemning” the killings. His aloofness feels, at worst, like a tacit enabling of murder and, at best, an absence of sensitive leadership.
Most important, his behavior suggests he is tone-deaf to the widely held belief among southern Nigerians that he promotes a northern Sunni Muslim agenda. He was no less opaque when the Nigerian Army murdered hundreds of members of a Shiite Muslim group in December, burying them in hastily dug graves. Or when soldiers killed members of the small secessionist pro-Biafran movement who were protesting the arrest of their leader, Nnamdi Kanu, a little-known figure whose continued incarceration has elevated him to a minor martyr.
Nigerians who expected a fair and sweeping cleanup of corruption have been disappointed. Arrests have tended to be selective, targeting mostly those opposed to Mr. Buhari’s government. The anti-corruption agencies are perceived not only as partisan but as brazenly flouting the rule of law: The Department of State Security recently barged into the homes of various judges at midnight, harassing and threatening them and arresting a number of them, because the judges’ lifestyles “suggested” that they were corrupt.
There is an ad hoc air to the government that does not inspire that vital ingredient for a stable economy: confidence. There is, at all levels of government, a relentless blaming of previous administrations and a refusal to acknowledge mistakes. And there are eerie signs of the past’s repeating itself — Mr. Buhari’s tone and demeanor are reminiscent of 1984, and his military-era War Against Indiscipline program is being reintroduced.
There are no easy answers to Nigeria’s malaise, but the government’s intervention could be more salutary — by prioritizing infrastructure, creating a business-friendly environment and communicating to a populace mired in disappointment.
In a country enamored of dark humor, a common greeting among the middle class now is “Happy recession!”
Here are more Newspaper Headlines
FG targets $1bn from broadcast frequency sale
Why banks suspended payment card use abroad
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Ayade, Agi go spiritual, hold parallel rallies ahead December 9 judgment
What’s going on with Nigeria’s floating exchange rate?
10 Northern Governors In Washington, Demand Practical Benefits Of Talks
Senate confirms Augie, Eko as Supreme Court justices
‘Judiciary must avert another Ajasin-Omoboriowo crisis’
Army demotes, jails soldier for assault in Borno State
In Major Pushback, Justice Okoro Alleges Amaechi, Umana Tried to Bribe Him
‘Climate change threatens government’s diversification agenda’
Southern Nigeria Peoples Assembly insists on restructuring
EFCC Set to Invite Dogara, Lasun, Others over 100 billion Naira Constituency Projects
Emirates, Kenya Airways Suspend Abuja Operations
Many Captive Girls Are ‘Unwilling to Leave Boko Haram,’ Chibok Leader Says
Senate asks Buhari to issue proclamation on 2018 census
Suspected miscreants arrested in court premises
Reps, NIMASA DG clash over contract award
OCT 29 MEETING: Tell Buhari to be sincere on his agenda, Niger-Deltans tell leaders
Ken Saro-Wiwa’s Son Dies, Wike Expresses Shock
FG Assures China on Counterpart Funding for Bilateral Agreements
Benin Crown Prince Returns from Use, Edo Govt Declares Public Holiday for Coronation
Uncertainty Trails New PDP Reconciliation
Senate in process of tightening loopholes, lacuna in anti-corruption laws – Gemade
104 Chibok girls refuse to leave Boko Haram; Nigeria troops missing after clash
PDP Condemns EFCC’s Detention of Fani-Kayode’s Wife
Nigeria Union Confirms Two Nigerians Killed in South Africa
House to Investigate Alleged Abduction, Marriage of 14-year-old in Katsina
Proclaim Conduct of 2018 Census Now, Senate Tasks Buhari
Global renewable investment rises to $285.9b
Army Sentences Soldier to Prison for Brutalising 10-year-old Boy
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