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. I bring you the headlines.
Buhari bungled response made oil crash worse
Last two years have been terrible, it’s a mess – French firm
The confidence in Buhari is very quickly evaporating
Christians in Nigeria should join hands to rebuild nation torn by violence
Nigerian lawmaker banked over 800 million Naira in UK in 1 month
Some of the past actions at CBN brought us where we are now – Emefiele
Jibrin is nuts – Doguwa
Clean your street, get 100k – Ooni of Ife
Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount
On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure.
Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s yet to produce any steel.
“It’s not about resuscitating it, it’s about developing it,” Frank Jacobs, who runs a company making wine from pineapples and heads Nigeria’s main manufacturing association, said at his office in Lagos. “If you say resuscitating, it means it was working before. It hasn’t worked. There’s nowhere a country can industrialize without steel.”
Africa’s most populous country has gone from a promised land for Nigerians and foreign investors alike to one of frustrated fortunes. The decline looked complete last month when Nigeria’s vice president said the country was in the worst economic crisis it had ever faced. The currency has collapsed and output is set to shrink this year for the first time since 1991 after 8 percent-plus growth through the 2000s.
The nation remains blighted by the mismanagement and corruption scandals that were rife during the oil-led boom years and its dysfunction has been more exposed since the collapse of energy prices. Transport links are in tatters and blackouts are common because the country produces just 10 percent of the electricity of South Africa, which has one-third of Nigeria’s 180 million population.
Islamist militant group Boko Haram has wreaked havoc in the northeast, killing tens of thousands of people and leaving 250,000 children needing food aid. Other groups blew up oil pipelines and export terminals in the southern Niger River delta, sending crude production to an almost three-decade low.
For analysis of Nigeria’s challenges, click here
Nigeria’s 36 states are so cash-strapped that many teachers, pensioners and civil servants have gone months without pay. The governor of Imo, home to about 4 million people in the southeast, announced a three-day working week, telling bureaucrats to farm on the other two. Nigerians are even scrimping on protein in their diets, according to the head of Nestle SA’s local business.
French construction company Bouygues SA has halted some projects and plans to do less work for the government because of the risk of not getting paid.
“The last two years have been terrible,” said Andre Guillou, Bouygues’s vice chairman in Nigeria. “It’s a mess.”
At the 92 square-mile (240 square-kilometer) Ajaokuta site, a three-hour drive south from the capital Abuja, cows graze on grounds that were meant to store iron ore, coal and lime, and thousands of houses for workers lie empty and windowless. A railway bridge across the river has never been used because there’s no line linking it to ports or manufacturing hubs. It has produced rods, wires and machine parts — on and off — and banks, hospitals and schools are open for the local community.
“I did some work at the plant, but there is not much to do there yet,” said Sulaiman Abubakar, a 56-year-old father of nine who lives near Ajaokuta and studied metallurgy in his youth so he could get a job there. Instead, he drives a keke, a Nigerian version of a motorized rickshaw, and wants his children to become engineers. “They will get jobs once this plant starts working,” he said. “We still hope it does, because it’s all we have.”
It’s hard to imagine in Ajaokuta that investors once drooled over Nigeria’s prospects.
Fidelity Investments promoted “MINTs” in April 2011, saying Nigeria, Mexico, Indonesia and Turkey were the emerging markets of the future, an opinion reinforced by Jim O’Neill, the former Goldman Sachs economist. Consulting firm McKinsey said Nigeria had the potential to grow 7 percent a year through 2030, ultimately making its economy larger than the Netherlands, Malaysia or Thailand.
Then came the 2014 oil crash. Foreign investors fled and the economy tanked. Though Nigeria was always going to suffer from a drop in oil prices, it was the government’s bungled response that made it worse, according to Martina Bozadzhieva, an analyst at Frontier Strategy Group.
President Muhammadu Buhari, a military ruler in the 1980s, came to power again last year, this time via the ballot box and on a wave of optimism that he would fight corruption and revive the economy. He took almost six months to form a cabinet and only approved the 2016 budget in May.
He also leaned on central bank Governor Godwin Emefiele to peg the naira, ostensibly to stop prices of food and transport rising. Instead, inflation soared to an 11-year high of 18 percent as businesses struggle to pay foreign suppliers for the machinery and raw materials that aren’t available locally. Since June, when Emefiele gave up trying to support the currency, the naira has plunged 40 percent against the dollar.
“The confidence in Buhari is very quickly evaporating,” said Bozadzhieva, whose company advises multinationals like Coca-Cola Co. and General Electric Co. “Firms are close to that point where they say: ‘You know what, this is a disaster.’ It’s okay to have an oil price drop. But there are countries that have managed it much better.”
Reported by Bloomberg.
SWAS: Stakeholders call for sub-national agric policy
Ogbeh tasks agric varsities on practical training
Wheat: Govt’s policy inconsistency frustrating self-sufficiency
The rising demand for wheat-based food as against local wheat production has shown that the enormous potentials in wheat production is yet to be tapped in the country.
However, policy somersault, lack of political will, lean government commitment towards the development of agriculture in Nigeria have tremendously contributed to the daunting challenges facing wheat production and which is making the commodity insufficient in the country. The Sun Newspaper.
Christians in Nigeria should join hands to rebuild nation torn by violence
In churches around the world, faith leaders lead Christians in deepening their belief in God through prayers, services and other activities. In Nigeria, however, a bishop has an extra daunting task: ensuring that Christians living in Muslim-dominated communities are safe from persecution.
According to a report by The Catholic News Agency, Bishop Matthew Kukah of the Diocese of Sokoto, located in northern Nigeria, recently visited the United States to raise awareness of the persecution of Christians in his country and appeal for help from American authorities and organisations.
Kukah said the threat of persecution is very real among Nigerian Christians, who suffer from the attacks of organised Islamic militants and also the government’s failure to ensure political and social order in the African nation.
Among the incidents of hate crimes against Christians recently reported in Nigeria were the kidnapping of schoolgirls, and the bombing of churches. On top of these, Nigerian Christians have to deal with poverty and an unstable government.
“Christians suffer disproportionate violence from Muslim extremists for reasons that very often have nothing to do with the Christian community,” Bishop Kukah said.
Worse, the Roman Catholic official said Christians suffer more when they try to get justice from persecution due to the bureaucratic processes in Nigeria. Due to this, he said Christians already feel like they are second-class citizens in their own country.
While already facing so much sufferings, Nigerian Christians have a big role to play in reinstating peace and rebuilding communities in the African nation, the bishop said.
“The primary responsibility of rebuilding our country rests with us,” the bishop said, adding that the government of Nigeria should also strive to “appreciate the scope of the problem.”
He encouraged Christians in Nigeria to engage government officials and other communities towards cooperation in solving their common problems.
Recession: Exploring bitumen potentials as foreign exchange earner
Why domestic airlines struggle with insurance premium
Why FG prefers freighting bulk cargoes by rail
FSDH Merchant Bank establishes 30 billion Naira commercial paper programme
CBN policies not helping private sector- Ettah, UAC boss
Conoil posts 1.6 billion Naira pre-tax profit in H1 2016
Unity Bank donates to IDPs
Asuu, UI management on warpath over promotion arrears
How Ghana displaced Nigeria as West Africa’s aviation hub
After losing its ranking as the largest African economy to South Africa, it appears that Nigeria is also on the brink of losing its leadership position, as the eagle-king of sub-Saharan Africa skies to next door neighbour, Ghana. Most analysts are quick to point out that the ongoing economic recession in the country has not in any way helped Nigeria’s quest to maintain its stronghold as the big boy of the sub-region.
In Nigeria, the airlines are grossly over burdened by taxes and charges from government agencies, rising overheads, epileptic and excessively priced aviation fuel of between 200 to 270 Naira per litre, and scarcity of required for routine oversea’s repairs and maintenance costs. It is also needed for purchase of spare parts as they contend with excessive bank loan interest of 26 per cent, as well as training of pilots and other technical personnel abroad on regular basis.
Analysts, however, insist that Nigeria needs a vibrant aviation industry to drive its transport and logistics business if its dreams to diversify the economy and come out of recession are to be achieved.
But the myriad of challenges earlier listed, coupled with the economic downturn, have forced some of the country’s existing airlines to fold up, while some foreign carriers have similarly parked out of the country. Every recent attempts to attract new investors into the industry have yielded no positive fruits given the weighty challenges facing the sector. The Sun Newspaper.
Why investors should dematerialise share certificates
How Lack Of Breastfeeding, Malnutrition Stunts Child Growth
The Falling Standard Of Education In Nigeria
Troops Rescue 43 Persons, 500 Cows From Boko Haram
Osinbajo, Soludo, Sanusi to grace CIS’ recession talks
‘Assets mismatch hinders access to long term loans’
Firm unveils 1.8 billion Naira collateral-free loan at 2.5% interest rate
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Sahara Reporters’ Growing Rabidity
FG And Threats To Internal Security
45 Nigerian Airlines Shut Down Operations In 35 Years
Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount
Understanding Boko Haram Recruitment
FG Targets $10bn Earnings From Sale Of Oil Assets
2016 Hajj: Etsu Nupe Commends Pilgrims For Good Conduct
Budget Padding: Jibrin’s £1.55 million UK Account Exposed
A secret account allegedly belonging to erstwhile chairman of the House of Representatives committee on Appropriation, Honourable Abdulmumin Jibrin has been exposed.
Documents released by the Head, anti-corruption unit of the National Youth Council of Nigeria (NYCN), Ifeanyi Okonkwo, linked Jibrin to a foreign account with ING Bank Channels Island, United Kingdom.
Details of the account indicated that Abdulmumini has a total of £1.558 million pounds (825 million Naira equivalent) in the account, deposited between June 1st 2016 to June 30 2016.
The sum of £623.44 was withdrawn within the one month period bringing the balance in the account to £1.376,193.84.
The bank is said to be located at Forum House, Grenville Street, St-Heller, Jerssy JE2 4UF, Channels Island United Kingdom.
Jibrin allegedly opened the account with his address at 453 Crankbrook Road, Ilford Essex IG2 6EW. Efforts to contact Honourable Jibrin proved abortive as he failed to pick up his calls or reply to the SMS sent to his mobile phone.
Should the allegations be true, Jibrin would have contravened provisions of Paragraph 3, Part one of the Fifth Schedule to the Constitution of Nigeria 1999, which provides that: “The President, Vice President, Members of the National Assembly and Houses of Assembly of States and such other public officers or persons as the National Assembly may by law prescribe, Shall not maintain or operate a bank account in any country outside Nigeria.” Reported by the Leadership Newspaper.
Ban Looters Of Public Treasury From Politics – Maitama Sule
FCT and the Challenges of Cattle Grazing, Development
Ambode’s urban renewal plan
World Pension Summit and Nigeria’s economy
The 220 billion Naira intervention fund for SMEs
Recession: The Worst is Over, Says Emefiele
Varsity sacks 35 staff over paucity of funds
Afreximbank seals $300m China Exim-backed facility
Elumelu to Clinton, Trump: Africa Needs More US Engagement in Trade, Investment
Different strokes as National Assembly resume
You can’t handle the consequences of not restructuring Nigeria — Ayo Adebanjo
$66bn Spent On Bureau de Change in 11 years
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that the central bank frittered away a whopping $66 billion over an 11-year period funding Bureau de Change (BDC) operators, blaming this as one of the several policies that led to the erosion of Nigeria’s foreign reserves and is partly to blame for the economic crisis in the country today.
Speaking to journalists at the weekend, Emefiele recalled that in September 2008, Nigeria’s foreign reserves stood at $62 billion when crude prices peaked at $147 per barrel, noting however that rather than save the money or invest it in infrastructure and industry for wealth creation, previous governments embarked on frivolous spending, disclosing that in 11 years, Nigeria spent $66 billion funding BDC operators.
He said: “In September 2008, Nigeria’s foreign reserves stood at $62 billion. But what did we do with $62 billion at a time crude price was in excess of $120 per barrel?
“What we could have done was to save the money, if we couldn’t save the money, invest it in infrastructure and industry that will create productivity and wealth for our people.
“Instead, the central bank at that time went about licensing Class A, Class B and Class C bureau de change operators. For Class A BDCs, the central bank was allocating $1 million per week, for Class B, the CBN was allocating $750,000 per week and for class C BDCs, the central bank was allocating $500,000 per week. The CBN was among one of the few central banks in the world allocating dollar cash for BDC operations.”
He revealed that between 2005 and January 2016 when it was stopped, the CBN had disbursed $66 billion to fund the cash operations of BDCs in Nigeria.
“What that meant was that in 11 years, we spent $66 billion funding the operations of BDCs which came to an average of $6 billion a year. If we had thought of other ways to utilise our reserve, especially in 2008 when our reserves were as high as $62 billion, certainly we will not be where we are today,” said the visibly agitated Emefiele.
The CBN boss, who recalled his worst experience as the chief executive of Zenith Bank Plc and how he was punished for not participating in funding of BDC operations, said: “We had a situation where at that time, as the MD of Zenith Bank, there was a deputy governor of the central bank that would call to query me as to why I was not coming to the central bank to collect dollar cash to sell to BDCs.
“I was informed that some people in Port Harcourt, Lagos and Kano were calling to complain that Zenith Bank was not selling dollar cash to BDCs, but of course the bank did not see any serious need to sell dollar cash for BDC operations at that time. So that was what we did with part of the $62 billion foreign reserves.
“Between 2009 and 2014, you remember in 2009 when we had the crisis, when it started with the Lehman Brothers collapse, America pumped a lot of money to stimulate its economy and as a result of that, money flowed into emerging markets including Nigeria.
“At that time again, Nigeria removed all forms of captive controls to encourage the flow of capital into Nigeria. So what happened during that time was that for five straight years, we saw crude prices at above $105 per barrel on the average for five straight years.
“In that period, we also saw flow of capital into emerging markets including Nigeria. So we should have at that time built our reserves but we did not, and these were some of the actions they took at the central bank that got us where we are today.” Reported by ThisDAY.
To put the CBN governor in perspective, the CBN governor between 2009 and 2014 when these actions he complains of occurred was
Mallam Sanusi Lamido Sanusi, CON. He served From: 4/6/2009 – 2/6/2014.
PDP Crisis: Sheriff Lists Conditions for Peace, Says Party Constitution is Supreme
Bayelsa guber: Group faults Appeal Court panel
UNGA: Buhari meets Obama as UN plans $559m aid
Erosion menace: Enugu seeks FG’s assistance
Flood sacks Rivers community
‘Ibori’s conviction not upheld by Appeal Court’
Police rescue 14 kidnapped oil workers in Rivers
Buhari, APC and the road to 2019
Ambode warns unions, motorists against flouting traffic rules
Bomb explosion injures 29, man stabs eight in US
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‘Why vehicle emission test is necessary’
Lagos reclaims 161-year-old monument site
There is hunger in the land, Catholic Bishops tell FG
THE Catholic Bishops, weekend, called on the Federal Government to drastically reduce hardship Nigerians are presently experiencing, saying there is hunger in the land.
They made the appeal in a communiqué issued at the end of the second Plenary Meeting of the Catholic Bishops’ Conference of Nigeria (CBCN) held in Akure.
Bloody Benue robbery: Leader of Sengev gang killed, 3 arrested
Firstnation Airline resumes flight operations
Still On the Diversification of the Economy
PDP crisis: Sheriff’s faction pushes for political solution
Edo: Inec To Meet Dss, Police, Others
Troops rescue 43 captives, recover 500 cows from Boko Haram
Jibrin is a psychiatric case, ignore him – Doguwa
The Majority Whip of the House of Representatives, Alhassan Doguwa, has dismissed the former Chairman of the House Committee on Appropriations, Abdulmumin Jibrin, as a psychiatric case who should be ignored.
Doguwa said this in a text message he sent to a PUNCH correspondent on Sunday.
He was responding to enquiries about a letter written by Jibrin to all 360 members of the House.
Jibrin had in the letter dated September 16, 2016, demanded the resignation of the Speaker, Yakubu Dogara, the Deputy Speaker, Yusuf Lasun, the Chief Whip, Alhassan Doguwa and the Minority Leader, Leo Ogor.
He accused them of budget fraud, corruption and abuse of office among other allegations.
The embattled former appropriations committee chairman urged his colleagues to ask the accused to step aside to allow for a thorough investigation.
Breaking Radio’s next 10 headlines
Again, security agents invade Ogoni community
National Assembly resumes Tuesday
Dogara, Jibrin factions set to clash as House resumes
Salaries Worth 2.29 billion Naira Paid to Buhari, Osinbajo and Others
Edo Guber Watch: Inec, security chiefs meet
My governorship ambition not for personal gains – Obaseki
Jibrin Owns £1.558m In Uk Bank, NYCN
Insecurity: Police deploy armoured personnel carrier in Obokun
14 kidnapped oil workers freed — Police
Ambode is workers friendly, says Lagos NUT
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Africa needs US for mutually beneficial trade, investment, says Elumelu
AMCON gets ‘takeover’ order on CityScape
Obaseki will ensure continuous development – Ogbemudia
Dangote: I Need 38 Visas to Move Around Africa
Billionaire businessman, Aliko Dangote, has advised African leaders to give incentives to investors and make intra-Africa travel easy.
He said this while revealing that despite the size of his group and investments on the continent, he needs 38 visas to travel across Africa.
The richest African said adequate steps must be taken to address the issue in order for the continent to have a blossoming economy.
“Our leaders must give incentives. For example, little things like visa issuance. You go to a country that is looking for investment, that particular country will give you a run around just to get a visa,” he said in an interview with CNBC Africa.
“You have to know somebody who is big in that country to call somebody. They are giving you visas as if it is a favour.
“Somebody like me, despite the size of our group, I need 38 visas to move around Africa. Yes, I’ve heard that they are going to do the (African) passport, but you can see that there is still a little bit of resistance from other African leaders.
“Even countries like Rwanda and co, that say no visas for Africans, they are still having problems getting visas into other African countries, despite saying no need for visas for Africans coming in. They say, just come, we would give you on arrival.”
Dangote, according to the News Agency of Nigeria (NAN), said intra-Africa trade is still very much on the downside, stating that Nigeria imports flour from Europe, whereas, the flour was exported to Europe from Kenya and Ethiopia. Reported by ThisDAY
FG: Why We are Still Detaining Shiite Leader, El-Zakzaky
Supreme Court Judgment: Tension in Kogi as Police Build up Security
Falana Faults NBA’s Campaign to Strip EFCC of Prosecutorial Powers
NAF Jets Bombard Boko Haram Locations in Northern Borno
Markets Watch CBN for Direction as MPC Meets
Some around Buhari lack integrity – Tam David-West
Buhari, VP, ministers, lawmakers, others earn 9.18 billion Naira yearly
Twelve months after the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) pledged to give the nation reviewed salaries and allowances for political office holders, lawmakers and key government officials still cart home about 9.18 billion Naira annually in salaries and allowances. Investigation show that while RMAFC had completed work on the review of the emoluments of political office holders about November 2015, the new emoluments have not seen the light of the day due to the politics involved in the process. As a result, key political office holders still earn the full packages they earned before the decision to reduce the earnings of political and judicial office holders.
Experts, however, are not worried by the official earnings of political office holders but by the unofficial ones. Lawmakers, for instance, are said to get some quarterly payment. Excerpts from The Citizen NG.
Budget padding: Group accuses Bauchi governor of sponsoring protest against NASS
Prominent Lawyer Files Objection To Amendment Of NIgerian Bar Association Constitution
Mr. Olasupo Ojo, a former Secretary of the Constitution Review Committee of the Nigerian Bar Association (NBA), has filed an objection to the amended constitution adopted at the Annual General Meeting of the Association, held in Abuja, on August 27, 2015.
Ojo’s objection was contained in an application to the Corporate Affairs Commission (CAC). The NBA, seeking approval of the Commission for the amendment of the constitution by its Incorporated Trustees, had issued a public notice calling for objections to its application to the CAC. Excerpts from SaharaReporter’s.
Boko Haram: Army wants ATM for front line troops
The Nigerian Army on Sunday called on commercial banks to deploy Automated Teller Machines to the military barracks in Maiduguri, Borno State for the use of front line soldiers involved in the ongoing counter-insurgency operation.
Brigadier General Victor Ezugwu, the General Officer Commanding, 7 Division, made the call while speaking at a Civil-Military Forum organised by the Nigerian Army in Maiduguri.
Ezugwu was reacting to criticisms by residents that soldiers often refused to join queues at the ATM points in the town.
He said that the army had written several letters to the banks for the deployment of ATM machines to the barracks without much success.
Ezugwu explained: “We have been battling with the issue of lack of ATM in the barracks for the use of soldiers in the front line zone.
“I wrote letters to the banks over seven months ago for them to deploy the ATM at the Maimalari Cantonment for soldiers use, but there is no response yet.”
Ezugwu said the military was concerned about the development and urged the residents to intervene.
He said: “I want to urge everybody here, especially traditional rulers, to help put pressure on the banks so that they can give us ATM at the barracks and allow you to use the ones in town.
“We are aware of the fact that everybody needs the ATM at one point or another.
“A soldier carrying 12 ATM cards at a time must have brought his colleagues’ cards from the frontline to take money and send to their families all over Nigeria.
“We have areas where there is no network; it is only through the ATM that the soldiers can send money home to their families.”
Ezugwu appealed for more understanding from the residents pending when the ATM would be provided by the banks at the barracks. Reported by TheEagleOnline.
Something should be done to assist the army in this regard by one of Nigeria’s 21 banks, and it is a great thing the GOC took time to explain their plight. Hopefully people will be more kind to the soldiers next time at the ATM. However soldiers and other personnel in uniform should also understand that all animals are equal and not demand preference especially when others are patiently waiting their turn. A simple request in the form of “Can you be kind enough to let me use your turn as I need to get back to my duty post ASAP?” will not likely be declined by most Nigerians.
Maitama-Sule urges ban on looters of public funds
No promotion for personnel who can’t swim – Navy
22 new SANs takes oath today
Oyo battles heaps of refuse in Ibadan metropolis
Jets pound Boko Haram targets in Borno
Budget Padding: SERAP Asks Court to Compel EFCC to Prosecute Dogara, Others
Ex-militants Give 21-day Ultimatum over Unpaid Contract Fees
CPC Issues Ultimatum to Samsung over Recall of Galaxy Note 7
Marriott International Debuts in Nigeria with Renaissance Hotel
Efcc Traces Lagos, Bayelsa Properties To Jonathan’s Ex-aide, Dudafa
Looters should be barred from politics, says Maitama Sule
How Okorocha sacked commissioner over 2017 council polls
Biafra: IPOB to shut down South East September 23
Soldier arrested over stray bullet incident
Kidnappers demand 900 million Naira to release Isheri landlords
Obasanjo’s exit worsened PDP crisis — Daniel
And from the Vanguard
BREAKING: Boko Haram Strike Leaves Eight Dead
At least eight people were killed outside a church in a suspected Boko Haram attack carried out by gunmen on bicycles in northeast Nigeria, local residents said on Monday. The attack happened shortly after morning service on Sunday in Kwamjilari village, about 30 kilometres (19 miles) east of the town of Chibok, in Borno state.
Lawyer Criticises Incessant Adjournment Of Cases In Courts, Says It Is Justice Denied
Court Adjourns To Nov 21, Case Of Man Who Named Dog Buhari
Enugu Govt Sets Up Committee To Verify Standard Of Private Schools
Oduduru Says Rio Olympics An Eye-Opener
Man Pulls Gun, Threatens To Blow Off Heads Of FRSC Officials Who Told Him To Put On Seatbelt
Kebbi Lose 2 Pilgrims In Saudi Arabia
791 Kaduna Pilgrims Back Home – Official
Borno Reopens Secondary Schools Next Week
Rampaging Armed Robbers Nabbed In The Act
71st UNGA: Buhari To Participate In Meetings On Refugees, AU Security, Slavery
Defending Anambra’s Light
Garden City Of Port Harcourt Losing Its Glory
Olu Of Warri Commends Former Gov Uduaghan On Development Legacy
How We Got Into Trouble – CBN
Boko Haram Butchered Nine People In Front Of Me’
Recession: Govt made wrong policy choices – Utomi
LAGOS— A FORMER presidential candidate, Prof Pat Utomi, has said the current economic crisis would have been avoided by the Federal Government, if proper policy choices were made, noting that the crash in oil prices was not enough to have resulted in recession.
He noted that if government had borrowed money against its assets, devalued early and applied intelligent leadership, Nigeria would not have been at a crossroad now.
Utomi, who said this, yesterday, in Lagos at the 2016 Men Summit convened by the Catholic Men Organisation of the Holy Family Catholic Church, FESTAC Town, said the collapse in oil prices ought not to have plunged the country into crisis, if the authorities had acted rightly.
He also took a retrospective look at most factors that led to recession in Nigeria and submitted that the attitude of the present government, in the face of the dwindling oil prices, scared investors away from the country.
“At that time, the difference in Nigeria’s nominal exchange rate was there and because the major revenue was oil, whose prices had gone down, all that an intelligent leadership needed to do was to borrow against some assets, ensure they continue to fund things, use strong determination to make sure people don’t buy more than what they don’t need because that is part of what happened and ensure that there is confidence in the system so that people will know that the people in charge know what they are doing.
“That would have made people to start transacting normally. But they said how can we devalue? We will not devalue, people who have money and who wanted to bring in money felt that these people are about to make decision that might jeopardise our money tomorrow.
So they didn’t bring it. Even oil companies were not bringing back their receipts and Nigerians who were exporting were not bringing back, so there was a major crisis. Instead of the thing devaluing by 6 percent, it went down to what we are seeing. So it is self-inflicted and quality of leadership.’’
Responding to a question on the fete that befell defunct Bank PHB, Utomi said:’’ A country where justice is abused. The Yardaus wanted to steal the bank, they got CBN to devalue the bank so they can get their foreign partners and take over the bank. That was what happened. Regulatory functions are well abused in Nigeria and it is still going on.’’
Herdsman gets two years sentence for grazing
A Chief Magistrate Court sitting in Ado-Ekiti has sentenced one Ali Haruna to two years imprisonment for taking his cows for grazing in a farmland in Ado-Ekiti and destroying crops.
The Magistrate, Idowu Ayenimo, in his judgement, said the accused was arraigned in his court on Jan 22, 2016 over a two-count charge of willful and unlawful damage of farm crops at Ago Aduloju in Ado-Ekiti.
The 18-year-old Haruna was confirmed by the four prosecuting witnesses to have been caught in the midnight grazing his cow in the farm belonging to Abdulahi Yaho and Bello Mohammed.
The cash crops said to have destroyed by the cows in the farm included cassava, maize, okro and pepper, all valued at 3 million Naira. Reported by the Nation
Let me reel through more headlines
Niger Delta leaders to meet Buhari soon
Flood: Bayelsa community tasks govt on abandoned bridge
Ban corrupt Nigerians from public office — Maitama Sule
Ooni to Chair YUF First Memorial Lecture
IPOB Declares Sit-at-home on September 23
Minister Assures Workers Won’t Lose Jobs over Concession
Guber Election: Jegede Unfolds Agenda for Ondo Women
Recession: worst is over, says CBN boss Emefiele
Facts About The Economic Revival Battle
Budget padding: Panel writes Clerk
N23.29b ‘bribe’: Ex-Rivers REC, 99 others to face trial
Despite Arrest, Suspected PickPocket Robs RRS Officer During Interrogation
Delta will be known soon as an agrarian state
Why do I need a business plan?
Recession: Investors lose N281bn in less than 9 months
Ogbemudia: How Nigeria Federalism Died
First Nation Begins Operations as FG Inaugurates Committee on Aero
IPOB declares Sept 23 protest day
Abduction of Lagos 4: Kidnappers demand N1.2bn ransom
Why I abandoned bullet proof cars, by Shettima
Ban looters from politics, says Maitama-Sule
How Nigeria frittered $62b foreign reserves, by Emefiele
Prelate to Buhari: relieve our pains
Traffic Law: Ambode Charges Transport Operators against Contravention
Buhari spent less than N20m on ear treatment – Presidency
I dumped bulletproof cars to dare terrorists – Shettima
Be Alive To Your Duties, Ncp Tasks Katsina Nlc
Herdsmen attack: Family tasks police on missing man, others
Pride responsible for your political misery, Orji tells Kalu
Unite against extremism, Sani tells religious leaders
Nigeria’ll start getting out of recession in Q4, says Emefiele, recovery not possible until 2017 – Experts
Firs Registers 700,000 Fresh Taxpayers
Cpc Warns Against Use Of Samsung Galaxy Note 7
Nbs Puts Investment Inflow At $1.04bn
NatanelFlorens introduces rent-to-own initiative
Cbn Selects Mfbs For Affordable Housing Finance
FG to probe banks for non-remittance of taxes
Nia Boss Seeks Tax Incentives For Insurance Policies
Sanusi, Awosika, Utomi for banking sector report launch
Mpc Meets Today, May Cut Interest Rate
Energy crisis: 10 power plants shut, 1,041MW lost
Conoil’s half-year profit rises by 196%
Every recession creates jobs; not those governments want
Deepening penetration through promotion of retail insurance
FG set to rehabilitate Enugu-Onitsha expressway
Buhari, Osinbajo, others earn N2.295bn in one year
Concession: No job losses, Sirika assures aviation workers
Etisalat restates commitment to FG’s financial inclusion for Nigerians
Development of housing market key to economic growth – CBN
The cleanest street in Ile-Ife to receive 100,000 every month – Ooni of Ife
The Ooni of Ife, Oba Adeyeye Ogunwusi, has launched an environmental sanitation programme titled, ‘Gba femo’ (Sweep Ife Clean) to make Ile-Ife a centre of tourist attraction in Osun State.
The commissioning of the project which held in front of Ile-Oodua, Enuwa square, Ile-Ife, had in attendance the Ooni of Ife and his wife, Olori Wuraola Ogunwusi.
The project ‘Gba Femo’ is said to be multi-million naira project anchored by Motherland Beckons and has as part of its strategies to involve residents’ in cleaning competition in all the streets in Ife.
In a bid to achieve the aim of the project, Ooni of Ife declared that the cleanest street in Ile-Ife and its environs when chosen would receive a cash reward of 100,000 naira every month.
The Ooni’s statement reads: “The environmental sanitation or cleanliness is crucial in the drive to make Ile-Ife a tourist destination and Ile-Ife has to be prepared ahead for the millions of tourists expected to visit the ancient historical city from next year”.
“The provision of the two new Leyland trucks and waste disposal bins was to encourage the people of Ile-Ife to take the issue of sanitation very serious.
“This is why about 200 youths have been selected and enlisted for the take-off of the programme in collaboration with Local Government Authorities.”
Associates of Benue militant killed
‘Bello hasn’t moved out of Govt House’
Associates of Benue militant killed
Traffic gridlock: Ambode reads riot act to transport unions, others
10 Things You Didn’t Know About Insurance
‘Nigeria’s economy will rebound in 2017’
MTN scraps mobile money business in South Africa
Fraudulent claims rise amid recession
Delta APC and re-alignment of forces
Edo poll: Group warns fake voters, militants
Exploiting the sick
Osun to Federal Govt: release our ecological fund
Court throws out suit seeking Customs boss’ removal
Ex-UI VC, Dabiri-Erewa decry discrimination against women
‘Jail corruption convicts for life’
PDP group urges Jimoh Ibrahim to retrace steps
Jegede unfolds agenda for women
Chagoury sues FBI, US Justice Dept for visa ban
No promotion without swimming expertise, says Navy boss
Aidi is Ondo UPN candidate
Buhari in New York for 71st UN session
Minister: no job losses after concessioning
APC to PDP: face your problem
Budget padding: Jibrin lobbies Reps to oust leaders
Nigeria police free Nestoil oil-worker hostages after gun battle
Teenager’s rape: Police keep mum about inspector’s whereabouts
Soldiers arrest seven militants in Cross River
Last batch of kidnapped oil workers rescued
Rep laments non-implementation of 2016 budget
Flood sacks 12 homes in Rivers
Police smash Enugu robbery gang
Obiano weeps as lorry crushes woman, grandchild
Ipob Declares September 23 Sit-at-home Day
Lafia varsity sacks 35 over paucity of funds
Experts task engineers on service delivery
US, Nigeria govts seek resolution of Niger Delta crisis
Oil spill: Agip conniving with soldiers to renege on agreement – Delta community
Army nabs militant leader, Abuja Daddy, 3 others in Cross Rivers
The untapped solution to our economic crisis
Non-oil exporters can generate more forex through AGOA, says NEPC
RECESSION: The worst is over – CBN Governor
Banking stocks boost stock market value by N2.9bn
Conoil grows half year profit by 196%
FOREX: Clamour for improved disbursement of $21bn remittances
Investor confidence needed to boost economy – Afrinvest
Directors that feign ignorance of companies’ misconducts could face criminal prosecution
The Riches of ‘Mama Peace’ By Sonala Olumhense
Why Ikoyi apartments are unoccupied – Developer
Nursery Rhymes Like the Incy Wincy Spider, Animated and Translated Into the Yoruba Language
First Nation resumes flight operation
First Nation Airways has resumed scheduled flight operations in Nigeria after it shutdown operations two weeks ago to allow for maintenance work on two of its aircraft.
The airline had fixed September 15, 2016 to relaunch its operation, but it was unable to meet the deadline due to its inability to get imported aircraft spares into the country on time. This afternoon, the airline eventuality hit the sky with its Lagos – Abuja and Lagos – Port Harcourt flights going and returning uninterrupted. The Sun reports.
These are just some of the news and reports over the last twenty four hours.
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