BUILDING COLLAPSE IN LEKKI GARDEN CITY

<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_k7" style="font-size: 14px; line-height: 1.38; overflow: hidden;"> <div style="margin-bottom: 6px;"> Oloshos have been deployed to quickly recover the male victims. Oh boy, see yansh!</div> <div style="margin-bottom: 6px; margin-top: 6px;"> Following the March 8thbuilding collapse, Lekki Garden’s through its Community Development and Welfare team paid another round of visitto the survivors of the unfortunate incidentwho have been on admission at the General Hospital.</div> <div style="display: inline; margin-top: 6px;"> During the visit, provisions were handed out to the survivors along with pre-loadedmobile phones to facilitate effective day-to-day follow up and communication with the survivors. Of the 12 Survivorsfrom the incident, only 2 are still receiving medical care whilst the other 10 have been discharged and reunited with their families.</div> <div class="_5wpt" style="border-left-color: rgb(220, 222, 227); border-left-style: solid; border-left-width: 2px; padding-left: 12px;"> </div> </div> <div class="_3x-2"> <div data-ft="{"tn":"H"}"> <div class="mtm" style="margin-top: 10px;"> <div class="_2a2q" style="height: 470px; overflow: hidden; position: relative; width: 470px;"> <a ajaxify="https://www.facebook.com/photo.php?fbid=817050228511&set=pcb.817050542881&type=3&size=400%2C225&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/photo.php?fbid=817050228511&set=pcb.817050542881&type=3" id="u_jsonp_28_l" rel="theater" style="background-color: white; color: #3b5998; cursor: pointer; display: block; font-family: helvetica, arial, sans-serif; font-size: 12px; height: 313px; left: 0px; line-height: 16.08px; position: absolute; top: 0px; width: 470px;"><div class="uiScaledImageContainer" style="height: 313px; overflow: hidden; position: relative; width: 470px;"> <img alt="Gabriel Totoma's photo." class="scaledImageFitHeight img" height="313" src="https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xfa1/v/t1.0-9/1915730_817050228511_6750048995891191552_n.jpg?oh=86fe33edc2933b0d6792dd2f6d2c38e7&oe=578A69C5" style="border: 0px; height: 313px; left: 0px; min-height: 100%; position: relative; width: auto;" width="557" /></div> </a><a ajaxify="https://www.facebook.com/photo.php?fbid=817050223521&set=pcb.817050542881&type=3&size=400%2C225&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/photo.php?fbid=817050223521&set=pcb.817050542881&type=3" id="u_jsonp_28_m" rel="theater" style="background-color: white; color: #3b5998; cursor: pointer; display: block; font-family: helvetica, arial, sans-serif; font-size: 12px; height: 155px; left: 0px; line-height: 16.08px; position: absolute; text-decoration: none; top: 315px; width: 156px;"><div class="_46-h" style="height: 155px; overflow: hidden; position: relative; width: 156px;"> <img alt="Gabriel Totoma's photo." class="_46-i img" height="157" src="https://fbcdn-photos-g-a.akamaihd.net/hphotos-ak-xal1/v/t1.0-0/s280x280/282347_817050223521_3373886551740360660_n.jpg?oh=d030a76f38278dc5b9756af030505f30&oe=578A8E2F&__gda__=1464669584_e85b19d64013fb6ef7b6e96310fa4456" style="border: 0px; left: -62px; position: absolute; top: 0px;" width="280" /></div> </a><a ajaxify="https://www.facebook.com/photo.php?fbid=817050218531&set=pcb.817050542881&type=3&size=225%2C400&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/photo.php?fbid=817050218531&set=pcb.817050542881&type=3" id="u_jsonp_28_n" rel="theater" style="background-color: white; color: #3b5998; cursor: pointer; display: block; font-family: helvetica, arial, sans-serif; font-size: 12px; height: 155px; left: 158px; line-height: 16.08px; position: absolute; text-decoration: none; top: 315px; width: 155px;"><div class="_46-h" style="height: 155px; overflow: hidden; position: relative; width: 155px;"> <img alt="Gabriel Totoma's photo." class="_46-i img" height="280" src="https://fbcdn-photos-g-a.akamaihd.net/hphotos-ak-xtf1/v/t1.0-0/s280x280/10154227_817050218531_4324070496481267379_n.jpg?oh=cc92d09b5d8514124ef7ac8a21dc2766&oe=579799FD&__gda__=1469532331_baf79cc4cfe47eb40011bd800d7b11f9" style="border: 0px; left: -1px; position: absolute; top: -38px;" width="157" /></div> </a><a ajaxify="https://www.facebook.com/photo.php?fbid=817050213541&set=pcb.817050542881&type=3&size=569%2C320&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/photo.php?fbid=817050213541&set=pcb.817050542881&type=3" id="u_jsonp_28_o" rel="theater" style="background-color: white; color: #3b5998; cursor: pointer; display: block; font-family: helvetica, arial, sans-serif; font-size: 12px; height: 155px; left: 315px; line-height: 16.08px; position: absolute; text-decoration: none; top: 315px; width: 155px;"></a></div> </div> </div> </div>

BUILDING COLLAPSE IN LEKKI GARDEN CITY

Oloshos have been deployed to quickly recover the male victims. Oh boy, see yansh! Following the March 8thbuilding collapse, Lekki Garde...

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Rivers rerun: INEC, Security agencies must work within the law, says Governor Wike

<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_3x" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;"> <div class="text_exposed_root text_exposed" id="id_56ebcedddde0d0760240133" style="display: inline;"> <div style="margin-bottom: 6px;"> <br /></div> <div style="margin-bottom: 6px; margin-top: 6px;"> Rivers State Governor, Nyesom Ezenwo Wike has stated that the people of the state are committed to peaceful and credible polls, stressing that the Independent National Electoral Commission, INEC, and security agencies must work within the law so as not to provoke violence.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> Governor Wike also condemned the death of soldiers in a gun battle with sea pirates, but pointed out <span class="text_exposed_show" style="display: inline;">that the unfortunate incident had nothing to do with the rerun elections.</span></div> <div class="text_exposed_show" style="display: inline;"> <div style="margin-bottom: 6px;"> Speaking when he granted audience to the Consul-General of the United States of America Embassy in Nigeria, Mr John Bray on Friday , Governor Wike regretted that result sheets were missing for some wards in the state ahead of the rerun elections, pointing out that the vigilance of PDP agents revealed the untoward situation.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> The governor explained that the PDP continued to raise alarm because of its commitment to credible and peaceful polls. He said the Rivers people believe that officials of INEC and security agencies must not take actions that will engender violence during and after the elections.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> "Rivers State is key to this country. Let nobody think that anything can happen to Rivers State ", the governor said.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> He commended the government and people of the United States of America for showing interest in the election, urging them to spread their tentacles across the state to have a comprehensive idea of the rerun elections.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> The governor informed the United States Government that his administration is supporting security agencies with logistics and finances to fight cult-ralated violence in the state, pointing out that the security agencies are bringing the situation under control.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> In his remarks, the Consul-General of the United States of America Embassy in Nigeria, Mr John Bray said that the team was in the state as part of international observers to ensure peaceful, credible, free and fair rerun elections on 19th March, 2016.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> Simeon Nwakaudu,</div> <div style="margin-bottom: 6px; margin-top: 6px;"> Special Assistant to the Rivers State Governor, Electronic Media.</div> <div style="margin-bottom: 6px; margin-top: 6px;"> 18th March, 2016.</div> </div> </div> <div class="_5wpt" style="border-left-color: rgb(220, 222, 227); border-left-style: solid; border-left-width: 2px; padding-left: 12px;"> </div> </div> <div class="_3x-2" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 12px; line-height: 16.08px;"> <div data-ft="{"tn":"H"}"> <div class="mtm" style="margin-top: 10px;"> <div class="_2a2q" style="height: 470px; overflow: hidden; position: relative; width: 470px;"> <a ajaxify="/378378918890631/photos/pcb.1030236153704901/1030235767038273/?type=3&size=1072%2C712&fbid=1030235767038273&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/378378918890631/photos/pcb.1030236153704901/1030235767038273/?type=3" id="u_jsonp_6_6" rel="theater" style="color: #3b5998; cursor: pointer; display: block; height: 313px; left: 0px; position: absolute; text-decoration: none; top: 0px; width: 470px;"><div class="uiScaledImageContainer" style="height: 313px; overflow: hidden; position: relative; width: 470px;"> <img alt="Scannews's photo." class="scaledImageFitHeight img" height="313" src="https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xal1/v/t1.0-9/s851x315/12316235_1030235767038273_2338182356980071586_n.jpg?oh=2ed30164be4fedbd672e093665ac2912&oe=57866918" style="border: 0px; height: 313px; left: 0px; min-height: 100%; position: relative; width: auto;" width="472" /></div> </a><a ajaxify="/378378918890631/photos/pcb.1030236153704901/1030235807038269/?type=3&size=1072%2C712&fbid=1030235807038269&source=13&player_origin=newsfeed" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/378378918890631/photos/pcb.1030236153704901/1030235807038269/?type=3" id="u_jsonp_6_7" rel="theater" style="color: #3b5998; cursor: pointer; display: block; height: 155px; 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left: 315px; position: absolute; text-decoration: none; top: 315px; width: 155px;"><div class="uiScaledImageContainer" style="height: 155px; overflow: hidden; position: relative; width: 155px;"> <img alt="Scannews's photo." class="scaledImageFitHeight img" height="155" src="https://fbcdn-photos-g-a.akamaihd.net/hphotos-ak-xpa1/v/t1.0-0/s235x165/12523822_1030235897038260_5758854368677134646_n.jpg?oh=ba173abcffb3acde9b81f53ab62c74af&oe=579352CB&__gda__=1468497934_3a4b5880cc630f15b4fb3bf8894c0fce" style="border: 0px; height: 155px; left: -40px; min-height: 100%; position: relative; width: auto;" width="235" /></div> </a></div> </div> </div> </div>

Rivers rerun: INEC, Security agencies must work within the law, says Governor Wike

Rivers State Governor, Nyesom Ezenwo Wike has stated that the people of the state are committed to peaceful and credible polls, stressi...

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OPEN SECRET!!

<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_6" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;"> <div class="text_exposed_root text_exposed" id="id_56eacf54f372e9851700404" style="display: inline;"> s he even know what huge truly means? Please have you ever heard Fashola bragging about the ministries given to him? He's good at carrying passengers with his car, and maybe that's why he has been given the transport ministry to manage.<br />I am praying that they continue to change commissioner of police till all the Commissioners of police in Nigeria works in Rivers State.<br />Rivers State is not for sale and I promised God if He forgives me, that I will not watch anybody robbed the people the choice to choose who governs them. So I stand by what I've always said.<br />If you will be used to rig these elections, you better write your will before coming out for the elections.<br />I want to deal with them until they are able to bring the man in Abuja, and I will make sure I send him to his ancestors with only few punches.<br />Amaechi is my brother from the same place (Ikwere), and I promise any day I meet him in the alley or corner of the street, I will cause him to Summersault several times before he lands on the ground".</div> <div class="_5wpt" style="border-left-color: rgb(220, 222, 227); border-left-style: solid; border-left-width: 2px; padding-left: 12px;"> </div> </div> <div class="_3x-2" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 12px; line-height: 16.08px;"> <div data-ft="{"tn":"H"}"> <div class="mtm" style="margin-top: 10px;"> <div class="_2a2q" style="height: 470px; overflow: hidden; position: relative; width: 470px;"> <a ajaxify="https://www.facebook.com/photo.php?fbid=201529810214853&set=pcb.201529933548174&type=3&size=720%2C480&source=13&player_origin=unknown" class="_5dec _xcx" data-ft="{"tn":"E"}" href="https://www.facebook.com/photo.php?fbid=201529810214853&set=pcb.201529933548174&type=3" id="u_ps_0_0_5" rel="theater" style="color: #3b5998; cursor: pointer; display: block; height: 234px; left: 0px; position: absolute; text-decoration: none; top: 0px; width: 470px;"><img src="https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xap1/v/t1.0-9/1933894_201529810214853_3512654015590440208_n.jpg?oh=9063454d2ac9795eeda52a7299e449a4&oe=579087E8" /></a></div> </div> </div> </div>

OPEN SECRET!!

s he even know what huge truly means? Please have you ever heard Fashola bragging about the ministries given to him? He's good at carr...

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HORROR: TWO FEMALE BOMBERS KILLED AT LEAST 22 IN BORNO MOSQUE

<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_sg" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 1.38; overflow: hidden;"> <div style="margin-bottom: 6px;"> <span style="line-height: 1.38;">Two female bombers killed at least 22 worshippers in an attack on a mosque on Wednesday, Nigerian rescue officials say. The attack took place on the outskirts of the northeastern city of Maiduguri – the birthplace of the Boko Haram armed group,” Aljazeera reports. READ DETAIL .....</span></div> <div class="_5wpt" style="border-left-color: rgb(220, 222, 227); border-left-style: solid; border-left-width: 2px; padding-left: 12px;"> </div> </div> <div class="_3x-2" style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 12px; line-height: 16.08px;"> <div data-ft="{"tn":"H"}"> <div class="mtm" style="margin-top: 10px;"> <div class="_6m2 _1zpr clearfix _dcs _4_w4 _41u- _59ap" data-ft="{"tn":"H"}" id="u_jsonp_60_6" style="box-shadow: rgba(0, 0, 0, 0.14902) 0px 0px 0px 1.5px inset, rgba(0, 0, 0, 0.0470588) 0px 1px 1px; overflow: hidden; position: relative; z-index: 0; zoom: 1;"> <div class="clearfix _2r3x" style="zoom: 1;"> <div class="lfloat _ohe" style="float: left; width: 470px;"> <span class="_3m6-"></span><br /> <div class="_6ks" style="line-height: 0; position: relative; z-index: 1;"> <span class="_3m6-"><a href="http://www.linkmoment.com/2016/03/two-female-bombers-killed-least-22-worshippers-borno-mosque/" rel="nofollow" style="color: #3b5998; cursor: pointer;" tabindex="-1" target="_blank"></a></span><br /> <div class="_6l- __c_" style="position: relative;"> <div class="uiScaledImageContainer _6m5 fbStoryAttachmentImage" style="background-position: 50% 50%; background-repeat: no-repeat; color: rgba(0, 0, 0, 0.14902); height: 246px; overflow: hidden; position: relative; width: 470px;"> <span class="_3m6-"><a href="http://www.linkmoment.com/2016/03/two-female-bombers-killed-least-22-worshippers-borno-mosque/" rel="nofollow" style="color: #3b5998; cursor: pointer;" tabindex="-1" target="_blank"><img alt="" class="scaledImageFitWidth img" src="https://fbexternal-a.akamaihd.net/safe_image.php?d=AQBEIQN_YBwZ58SI&w=470&h=246&url=https%3A%2F%2Fwww.facebook.com%2Fads%2Fimage%2F%3Fd%3DAQKzojgfXPHMAFh6viYhYGfS_YAt65Y5oqceS5IXEoS0Ttk0WR9Q9kTSoAReTvMLrPWRmzGBIuBoYjL1PS4BQUlAfz_WzYyyOnudnPLCmHvvPvWobsJlAVYVsQduwRQ2nIMiNZ4amdXXsHAr0SHlo8GI&cfs=1&upscale=1&ext=webp" style="border: 0px; min-height: 100%; position: relative; vertical-align: bottom;" /></a></span></div> </div> <span class="_3m6-"><a href="http://www.linkmoment.com/2016/03/two-female-bombers-killed-least-22-worshippers-borno-mosque/" rel="nofollow" style="color: #3b5998; cursor: pointer;" tabindex="-1" target="_blank"> </a></span></div> <span class="_3m6-"> </span></div> </div> </div> </div> </div> </div>

HORROR: TWO FEMALE BOMBERS KILLED AT LEAST 22 IN BORNO MOSQUE

Two female bombers killed at least 22 worshippers in an attack on a mosque on Wednesday, Nigerian rescue officials say. The attack took pl...

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Rites of Passage for Ooni Enter Final Stage

<img alt="220112F04.Okunade-Sijuwade.jpg - 220112F04.Okunade-Sijuwade.jpg" height="184" id="page_content_Content9_oModuleContent_2_img_Banner" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/220112F04.Okunade-Sijuwade.jpg?maxwidth=400&maxheight=540" width="320" /><br /> <br /> The rites of passage preceding the public pronouncement of the death and burial of the Ooni of Ife, Oba Okunade Sijuwade, may have reached its final stage, as the Isoros, a powerful  deity in Ife kingdom, are said to have procured the necessary materials for the burial as tradition demands.<br /> <br /> <div style="text-align: justify;"> Sources close to the Oodua palace disclosed that funds for the procurement of Ikaro had been made available to the Isoros to facilitate the rites.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Also deities in Ile-Ife, it was learnt, have to submit local materials to the palace as burial rites to enhance the smooth transition for a deceased monarch.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The palace was deserted yesterday save for the security men, palace guards on duty and traditional chiefs who came for meetings and consultations.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Normal commercial activities were  also observed yesterday in the ancient city of Ile-Ife.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> It was  gathered that a convoy in which a limousine belonging to Oba Sijuwade was sited on Ife-Ibadan Expressway before noon yesterday was moving towards Lagos to attend the 80th birthday celebrations of the Aro/Asiwaju of the Source, Chief Alex Duduyemi.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Since the death of the Ooni was reported by the press, the Royal Traditional Council (RTC) of Ife has maintained that the Oba is alive and in good health.</div> <div style="text-align: justify;"> <br /> The RTC, which comprises of all traditional chiefs and title holders in Ile-Ife said Oba Sijuwade was not only in sound state of health but added that the royal father was preparing for son’s wedding penultimate weekend.</div> <div style="text-align: justify;"> <br /></div> However, the wedding came and went with the Ooni conspicuously absent at the event.

Rites of Passage for Ooni Enter Final Stage

The rites of passage preceding the public pronouncement of the death and burial of the Ooni of Ife, Oba Okunade Sijuwade, may have reach...

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DSS May Takes over Probe of Ex-NIMASA Boss

<img alt="2502F02.-Patrick-Akpoboloke.jpg - 2502F02.-Patrick-Akpoboloke.jpg" height="184" id="page_content_Content9_oModuleContent_3_img_Banner" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/2502F02.-Patrick-Akpoboloke.jpg?maxwidth=400&maxheight=540" width="320" /><br /> <br /> <div style="text-align: justify;"> According to THISDAYNEWS, The Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) may clash over the ongoing investigation of the recently sacked Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Patrick Akpobokemi, THISDAY gathered last night.</div> <div style="text-align: justify;"> EFCC recently invited the former NIMASA boss for questioning over allegations of corruption while he was in office.</div> <div style="text-align: justify;"> A close friend of former President Goodluck Jonathan, he was the first Director General of a federal government parastatal to be fired by President Muhammadu Buahri since the present government came on board.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> A senior investigator in EFCC told THISDAY that while his agency was completely conscious of the past history of Akpobokemi, as a close associate of Jonathan, it decided to plunge into the ongoing investigation in spite of the fact that the agency’s action might be tagged as having a concealed purposes.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> According to the source, “While our investigation is ongoing, we wonder why the DSS has decided to commence moves to take over the case. The security implication of NIMASA’s operations, which DSS gave as reason for taking over the case, to us, is not convincing enough.’’</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> But a source at DSS who confirmed the move of the secret intelligence agency, said from all indications, EFCC appears not to be abreast with the antecedents of Akpobokemi -- as one of the designers of the last phase of the Niger Delta struggle.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “It means that with the electoral loss of the former president, who was his man, the leadership of that platform of which the former DG was a player, may be planning something not known to the public that has some security implications,” the DSS source who pleaded anonymity stated.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “As far as DSS is concerned, the issue of security is far more important than what EFCC is pursuing without any result in the last three weeks or so,” he added.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The THISDAY source added that “there are layers in any investigation’’ saying, “the financial aspect of it is one, while there are likely to be other ancillary aspects that will require thorough scrutiny.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The DSS source added: “As far as we are  concerned, we won’t leave anything to chance because these guys threatened fire if Jonathan was not given a second term to govern. So, if need be, we are going to take over the entire process of the probe because the EFCC is just wasting time unnecessarily on the man.</div> <div style="text-align: justify;"> <br /></div> “This is not a witch-hunt, but routine security procedure that requires professionalism on our part -- if only to stem any future security breach. We will ensure all is well.”

DSS May Takes over Probe of Ex-NIMASA Boss

According to THISDAYNEWS, The Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) may clash over...

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Kalu gets NFF members support to vie for FIFA presidenc

<img alt="Orji-pix-2-7-2-15" class="alignleft size-full wp-image-4825" height="240" src="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/02/Orji-pix-2-7-2-15.jpg" width="320" /><br /> <br /> Former Abia State Governor, Orji Uzor Kalu’s dream of becoming the next FIFA president at the weekend received the support of the board members of the Nigeria Football Federation (NFF). But the board wants him to make a formal request for endorsement from the federation.<br /> <br /> Speaking on the merits of having a Nigerian in charge of the world football governing body, a member of the NFF Technical Committee, Alhaji Yusuf Fresh, said Dr. Kalu’s achievement with Enyimba International of Aba while he held sway as the Abia State governor showed that given higher responsibility he would not be found wanting.<br /> <br /> “I am enthusiastic and happy that Nigerians are starting to show interest in the top football position in the world. Dr. Orji Kalu has the right to contest for the FIFA job but he must get the endorsement of the Nigeria Football Federation (NFF).<br /> <br /> “He cannot aspire to contest without the backing of the NFF and if he seeks our support, we shall surely give him.<br /> <br /> “He has countless of achievements to show from his performance as two-time Governor of Abia State. He made Enyimba what they are today because it was through his effort that Nigeria broke the CAF Champions League jinx. He won the competition twice as well as the CAF Super Cup.”<br /> <br /> Also speaking on Kalu’s ambition, Alhaji Ahmed Mu’azu Kawu, who is also the chairman of the Nigeria Nationwide League (NNWL), said it is not abnormal, although but advised him to go through the proper channel to actualize the dream.<br /> “I like the doggedness of Dr. Orji Kalu in aspiring to be the FIFA president. Of course, he’s qualified and has the record to back it up. But he has to go through the proper channel, that is seeking the clearance of the Nigeria Football Federation,” he said.

Kalu gets NFF members support to vie for FIFA presidenc

Former Abia State Governor, Orji Uzor Kalu’s dream of becoming the next FIFA president at the weekend received the support of the board ...

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Kachikwu Invites Traders on Oil Swaps, OPAs, Funds Recovery

<div style="text-align: justify;"> <img alt="050815F-Emmanuel-Ibe-Kachik.jpg - 050815F-Emmanuel-Ibe-Kachik.jpg" height="184" id="page_content_Content9_oModuleContent_3_img_Banner" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/050815F-Emmanuel-Ibe-Kachik.jpg?maxwidth=400&maxheight=540" width="320" /> </div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> According to THISDAYNEWS, Following the carte blanche given by President Muhammadu Buhari to clean up the Nigerian National Petroleum Corporation (NNPC) and plug the leakages in the state-run oil firm, its new Group Managing Director, Dr. Emmanuel Kachikwu, will from this week start inviting oil traders who were awarded crude oil swaps and offshore processing contracts by NNPC during the administration of President Goodluck Jonathan.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The goal, THISDAY learnt from top NNPC sources, is to reopen the reconciliation process for the oil swaps and offshore processing agreements  (OPAs) to determine if the oil traders met the terms of the contracts in terms of delivery of fuel product cargoes to NNPC’s subsidiary the Pipelines and Products Marketing Company (PPMC).</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> THISDAY last June had exclusively reported that the Department of State Services (DSS) had opened a probe into the crude oil swaps and OPAs entered into by NNPC and oil traders.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> But the traders claimed that the probe was a witch-hunt triggered by one of their competitors in the industry and argued that swaps and OPAs were covered by irrevocable standing letters of credit to the value of the crude of lifted or petroleum products scheduled for delivery to PPMC.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The traders also explained that a quarterly reconciliation process is carried out by NNPC to ascertain under or over-deliveries of product cargoes, following which refunds are made to the corporation and vice versa.</div> <div style="text-align: justify;"> However, the suspicion is that some of the traders lifted crude oil and sold it, but under-delivered product </div> <div style="text-align: justify;"> cargoes to NNPC, thus costing the country several billions of dollars.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> This was given fillip by a report released last week by New York-based Natural Resource Governance Institute (NRGI) which claimed that Nigeria lost over $32 billion oil revenue due to the mismanagement of domestic crude allocations (DCA) by NNPC, as well as the opaque revenue retention practices and oil-for-product swap agreements signed between the corporation and some oil traders.<br /> Accordingly, a top NNPC official informed THISDAY at the weekend that Kachikwu intends to start a probe this week by inviting the oil traders to account for the crude oil they lifted and products that were delivered in return.<br /> </div> <div style="text-align: justify;"> He said where it is established that they under-delivered fuel cargoes, they would be asked to repay NNPC what they owe, failing which they shall be handed over to the law enforcement agencies for prosecution.</div> <div style="text-align: justify;"> He said: “The goal is to make them pay up once it is ascertained that they under-delivered product cargoes and not to send them to jail. Kachikwu is even willing to accept a payment plan that would ensure that their companies do not go under because they are going concerns and he recognises that they are employers of labour.</div> <div style="text-align: justify;"> “So all he wants is for them to refund what they owe NNPC (or PPMC). However, where they prove to be stubborn, he will not hesitate to call in the law enforcement agencies to prosecute them for failing to deliver the cargoes due to the corporation.”</div> <div style="text-align: justify;"> Kachikwu, he explained, would also be investigating what became of the funds meant to have been paid to or swapped on behalf of PPMC on retained petroleum products such as low pour fuel oil (LPFO), naphtha, bitumen and other heavy fuels that the oil traders were not required to deliver.</div> <div style="text-align: justify;"> “PPMC usually orders for just petrol and kerosene under the oil swaps and offshore processing contracts, as there is high domestic demand for these two products, while diesel which is completely deregulated is imported independently by oil marketers.</div> <div style="text-align: justify;"> “However in the refining process, other distillates are produced which may not be required by PPMC. These distillates comprise the heavy liquids, also known as retained products, which are either supposed to be sold and the proceeds from the sale returned to PPMC or swapped for more petrol and kerosene, failing which oil traders will remain indebted to the corporation,” he explained.</div> <div style="text-align: justify;"> Of Nigeria’s total oil output, NNPC is allocated 445,000 barrels of crude oil per day (bpd), being the nameplate capacity of its four refineries.</div> <div style="text-align: justify;"> The rule of thumb is that NNPC is required to pay for the 445,000bpd at the going price of crude oil in the international market and remit the proceeds to Federation Account, but often failed to remit the funds to the treasury.<br /> Also, owing to Nigeria’s low refining output, NNPC has operated the crude swaps and offshore processing contracts for decades.</div> <div style="text-align: justify;"> Under the swaps, NNPC used to allocate about 50 per cent of its 445,000bpd to oil traders who in turn sold the crude oil and were expected to import petroleum products or enter into contracts with offshore refineries that produce the products for delivery to Nigeria.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> By 2014, however, NNPC was allocating its entire 445,000bpd to traders who were alleged to have sold the crude oil but under-delivered product cargoes, thus increasing Nigeria’s losses.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Meanwhile, the Federal Inland Revenue Service (FIRS) has said it plans to increase the value added tax (VAT) on goods and service from the five per cent to 10 per cent.</div> <div style="text-align: justify;"> The acting chairman of the FIRS, Mr. Sunday Ogungbesan, disclosed this during an interactive session with journalists in Lagos at the weekend.<br /> He said FIRS was consulting with the relevant agencies in government on the need to increase VAT in view of falling oil prices, which has adversely affected the economy.</div> <div style="text-align: justify;"> Nigeria has one of the lowest VAT regimes on the African continent. Long before oil prices crashed, several economists had called on the federal government to review its VAT levy in line with what obtains in smaller economies on the continent such as South Africa, Egypt, Morocco and Kenya, among others.</div> <div style="text-align: justify;"> Also, FIRS said it might clamp down on recalcitrant companies that have been evading tax in the country.</div> <div style="text-align: justify;"> Ogungbesan disclosed that of about 450,000 corporate entities in the country, only about 125,000 pay taxes to the government coffers.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> According to him, one of the greatest challenges facing the FIRS was tax evasion by most companies and briefcase concerns that cannot be traced.</div> <div style="text-align: justify;"> <br /> He explained that the FIRS had resorted to engagement to get tax defaulters to change by paying their taxes as and when due.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The FIRS boss said the agency had tried different options in the past to enforce compliance, including the option of sealing companies that evade taxes, but discovered that it adversely affected man hours and Nigeria’s gross domestic product.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> He maintained that he would continue with the option of engagement rather than clamping down on defaulters, pointing out that the former was already yielding results.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> He however declared that the FIRS would not hesitate to clamp down on those who remain recalcitrant and refuse to comply with the law.</div> <div style="text-align: justify;"> <br /> He said the desire of the FIRS was to meet set revenue targets, pointing out that it would  help shore up Nigeria’s finances.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> He said: “If we achieve our revenue targets, to a large extent government deficits will be reduced,” </div> <div style="text-align: justify;"> “Our plan is to bring every business into the tax net, because this economy can survive outside oil."</div> <div style="text-align: justify;"> Ogungbesan said the FIRS was doing everything possible to encourage payment of taxes, including allowing companies to pay in installments and more.<br /> “I am ready to allow companies that are willing to pay up to 20 installments,” he declared.</div> <div style="text-align: justify;"> <br /></div>

Kachikwu Invites Traders on Oil Swaps, OPAs, Funds Recovery

  According to THISDAYNEWS, Following the carte blanche given by President Muhammadu Buhari to clean up the Nigerian National Petroleu...

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Men of God failed to deliver Jonathan from a spell – Bishop Mike Okonkwo

<div style="text-align: justify;"> BISHOP MIKE OKONKWO 70TH BIRTHDAY</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <em>D</em><em>r Mike Okonkwo is the presiding Bishop of The Redeemed Evangelical Mission, TREM, with over 160 branches in Nigeria and across the globe. </em><em>The top Evangelist who will celebrate his 70th birthday come September 6, in this interview shares his life challenges, his turn around as well as the present anti-corruption crusade in the country. Excerpts.</em></div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>My Parents and career</strong></div> <div style="text-align: justify;"> My parents were angry with me for choosing the Ministry. They did everything they could to stop me but I was resolute. They could not understand why of all professions, I chose the ministry. I was working in the bank, and very comfortable.</div> <div style="text-align: justify;"> <br /></div> <div class="wp-caption alignright" id="attachment_548338" style="text-align: justify; width: 422px;"> <a href="http://www.vanguardngr.com/2015/08/men-of-god-failed-to-deliver-jonathan-from-a-spell-bishop-mike-okonkwo/bishop-mike-okonkwo/" rel="attachment wp-att-548338"><img alt="BISHOP MIKE OKONKWO " class="size-full wp-image-548338" height="250" src="http://cdn2.vanguardngr.com/wp-content/uploads/2015/08/412x250xBISHOP-MIKE-OKONKWO.jpg.pagespeed.ic.iEwVKroe5f.jpg" width="412" /></a><div class="wp-caption-text"> BISHOP MIKE OKONKWO</div> </div> <div style="text-align: justify;"> They said I had bright future in the then African Continental Bank, Lagos. And to worsen it all, of all places in the Pentecostal church, they maintained that if I want to answer the call of God, I should go and answer from the Anglican or Catholic. At a stage, they went and arranged for police to arrest me, frame me for something in order to distract me and change my mind. But nothing was going to change my mind. So, in another four years, I refused to have contact with them so that I would not be distracted. But I am glad to say before my father died, he was able to see and rw that this is the ministry God has actually called me.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>Growing up</strong></div> <div style="text-align: justify;"> My parents were disciplinarians. My father was a civil servant in the then Post & Telecommunication. My father sent me to Offa in 1957 to live with a teacher. There, I passed my entrance exams to Mayflower Grammar school, Ikenne. Because of the need to understand my native language, after two years, I changed to Merchant of Life in Oba, a school close to Onitsha where I graduated in 1963.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> When I left school, I worked in Ports Authority in Lagos for a few months. What I saw there was frightening – how money changed hands. I was not comfortable in that environment and I told my parents, that the place was not for me. So, again, I had to leave. I moved to African Continental Bank. Even as cashier in ACB, I remember one day, as I went for lunch, somebody followed me and asked that I should change some counterfeit money for genuine ones for him, saying he would give me a share from it. I was afraid and I ran away because I felt somebody would be listening. It was during the civil war and we were afraid as non-indigene, so, I asked for a transfer and I was moved to Onitsha.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Thereafter, the civil war intensified, the Nigerian troops conquered Onitsha, we then moved to Awka and from there again, to Port Harcourt. At that point different branches of ACB were moving, eventually, we came to Owerri.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> In Owerri, the manager did not like me and it had nothing to do with my job. He felt I should be coming around him like other people but I felt there was no reason for that. When the war intensified, they were now recruiting people into the army by force. Although banking was viewed as part of essential services during the war, as the war intensified, they had to recruit from the banks as well. One of the days they came to recruit, they conscripted some people into the army but they missed me because I went to buy cigarette. The manager was not too happy that I was not part of them.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> I did not understand why he would want me to go to the army. He went to the camp and secured the release of those selected and asked that the exercise should be repeated and through a ballot system. Again, we did ballot and I won that I will not to go to the army. He was not still happy. Again, he organised that the military people should come to the office and pick whoever they wanted perhaps with an indication that they should pick me. We were busy at the counter that day and suddenly the manager called me and two others.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> We went to his office and we met a military captain and his assistant. The manager said, ‘gentlemen, the headquarters said we should hand you over to the Captain.’ I wanted to run, and the Captain said he would shoot me if dared. Then I said okay, they should at least allow us to hand over our official duties. They agreed, and as soon as we stepped out of the manager’s office, we ran away. I ran for miles and again, I found myself in a military camp where one of my class mates was in charge. I told him what happened. That was how I stopped working in ACB. From there I went to look for my parents where they were being held as refugees.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> By then, Dr Iloh was in charge of the Red Cross. I stayed with him for a few months. The war intensified and I was afraid they were going to catch me on the streets to join the army because that was the norm. So, when I found out that I could not escape it, I told my parents that my brother and I have to willingly go and register in the military. So, we did, and the training went for three months and throughout the period, we never fired one shot. After the third month, we got a pass to see our parents and that same day, we were told they were moving us to the force headquarters and to Gabon for further training since Gabon had recognised Biafra.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> They distributed riffles and bullets to us, but I told my brother, he should not take the arms and ammunition. He asked why, but I said he should follow me. We went back through the gate we came in and the Sentry was there who sensed we wanted to run but we told him that one of the officers left his cloths half way and he sent us to get the cloths. Surprisingly, he agreed, and as soon as we got out of the gate, we disappeared into the bush. The next day, the war ended while every person, sent to war the day we escaped from the headquarters were all killed.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Those who were alive did whatever they wanted like smoking, womanising and all kinds of things. That was the turning point in my life. And since then, every step I took has been a miracle.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>Challenges</strong></div> <div style="text-align: justify;"> Here were several challenges, and even now there is no end to challenges. The first one as a Minister was when I lost my first child. I got married to my wife in 1980 and we had our first daughter in 1982. We went to a crusade in Abeokuta in December 1984, we came back before the Christmas and on the Christmas eve, She developed high fever and early morning of 26th she died. It was a day I was going to preach.</div> <div style="text-align: justify;"> After praying and she did not come to life again, I left her in the room and still went to preach. I did not mention what happened to anyone. As a minister, that is one of the challenges you face.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Another experience was that my immediate younger brother who was the only support I had when I went into a ministry. We were six boys and four girls our parents had. He had passed the high level exams and was to go for Medicine. But my parents did not want him to go as a way of punishing him for supporting my cause as a minister.</div> <div style="text-align: justify;"> They wanted to know if that could make me change my mind. But as God would have it, he still went to the University, passed as a medical doctor, joined the Navy and still joined me in the ministry. He was one of our praise and worship leaders. So, in the late 80s, I was traveling out and I asked him to conduct an interview on my behalf. It was when armed robbery began as an issue then. Some robbers followed him to his car, closed-in on him inside the church compound and asked him to bring the key of the 504 car. I think the military instinct in him made him to resist and started fighting them and he was shot. They took him to one hospital in Akoka, that could not manage the situation, yet did not refer him. I was abroad, I got wind of the situation and I asked that they moved him to a better hospital, but unfortunately, it was late, he died.</div> <div style="text-align: justify;"> It was very devastating to me. But I made up my mind, challenges should not make me reject the call of God. I told myself that the best I could do is to be the best in my calling. There are also challenges of not having enough funds to do the calling of God. For me, if everything you need is already there, then you don’t need God. So, if it is God that provides everything you need, you must depend on God for your needs.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>About Nigeria</strong></div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> I have always said it that God’s hand is upon Nigeria. If not it would have been <em>Nunc dimittis</em> long ago. But God has a prophetic hand upon Nigeria. It is not an accident, irrespective of our different challenges, and contradictions. So, whether the devil likes it or not Nigeria is going to be very great.</div> <div style="text-align: justify;"> <strong>On Buhari’s anti-corruption crusade</strong></div> <div class="wp-caption alignright" id="attachment_378709" style="text-align: justify; width: 422px;"> <a href="http://www.vanguardngr.com/2013/04/botched-akiyesis-wedding-overcomers-church-issue-fresh-statements/mike-okonkwo/" rel="attachment wp-att-378709"><img alt="*Bishop Okonkwo" class="size-full wp-image-378709" height="250" src="http://cdn1.vanguardngr.com/wp-content/uploads/2013/04/412x250xmike-okonkwo.jpg.pagespeed.ic.EzQloMk3bj.jpg" width="412" /></a><div class="wp-caption-text"> *Bishop Okonkwo</div> </div> <div style="text-align: justify;"> Everybody knows that corruption has killed us. It is not only endemic, in fact, the level is that if you are not corrupt, you will not be a good Nigerian. That is the level we have degenerated. And it is unfortunate calling Buhari Mr. Go-slow. How do you want him to come and clear the mess of 16 years in two days? I don’t know why we are never truthful with ourselves. If the only thing Buhari can achieve is just to instil fear of corruption, and all the machinery of government and agencies are working to dissuade corruption, then we would have achieved a lot.</div> <div style="text-align: justify;"> Have you noticed that suddenly, electricity is working? EFCC has come alive? Where have they been all these years? The reason they were not working before was that no one would indict or punish them. I admire ex-President Jonathan so much, but he didn’t have the gut to fight corruption. I will also blame the men of God.</div> <div style="text-align: justify;"> I will say the men of God, failed Jonathan. Because Jonathan was operating like somebody under some spell and we (the men of God) had the responsibility of taken him out of the spell, pray with him even for three days and whatever was holding him would have been removed. But we did not do that. Probably, he had the intention of doing the right thing but forces were against him and don’t forget he was not a matured christian. We would have taken him out and probably we would not be in this mess today.</div> <div style="text-align: justify;"> <strong>On same sex marriage</strong></div> <div style="text-align: justify;"> The church should not be shocked about this because they are the part of the end time event. Don’t also be surprised if other strange things follow. I wont be surprised if bestiality is introduced. I will only be shocked if the church gets involved in it. If nations endorse it, nations don’t go by the Bible. They play politics. Parents must talk to their children and let them know that that is not the right thing.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>On his wife</strong></div> <div style="text-align: justify;"> I don’t think I would have been able to achieve what I have achieved if not for the wonderful wife God has given to me. One of the things that is common to those who are called is that they are not only husbands to their wives, they are husbands and fathers to a lot of people. So, if you have a wife that does not understand this fact or that is possessive, she could destroy your work.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> If everyday we are always fighting at home, with the huge responsibility I have in the church, I don’t know how I would have survived. I thank God for having an understanding wife, as people often come to thank her for something I had done. Again, she has covered a lot of my weaknesses, reaching out to people and places that I was not able to reach out to. She is certainly a huge contributor to the work God has called me.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <strong>Physical exercise and food</strong></div> <div style="text-align: justify;"> I do a little exercise, I don’t do exercise for Olympics. I eat red meat and little carbohydrate. I also swim even though I don’t have a swimming pool in my house. I do that occasionally when I travel. So, it is not about what I eat or how I exercise but the grace of God. And if there is anything I should ask from God more, it is His Grace.</div>

Men of God failed to deliver Jonathan from a spell – Bishop Mike Okonkwo

BISHOP MIKE OKONKWO 70TH BIRTHDAY D r Mike Okonkwo is the presiding Bishop of The Redeemed Evangelical Mission, TREM, with over 160 br...

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Buhari Congratulates Obama at 54

<img alt="2702F02.Barack-Obama.jpg - 2702F02.Barack-Obama.jpg" id="page_content_Content9_oModuleContent_3_img_Banner" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/2702F02.Barack-Obama.jpg?maxwidth=400&maxheight=540" /><br /> <br /> <br /> <br /> President of the United States of America, Barack Obama<br /> <br /> President Muhammadu Buhari last Tuesday took out time to send his birthday wishes to the President of the United States of America, Barack Obama.<br /> The Nigerian president took to his Twitter account to wish Obama happy birthday. <br /> <br /> <div style="text-align: justify;"> <br /> “More great years ahead in health, strength and service to humanity.  I can wager that years ahead will be more rewarding for your family, country and humanity. Happy birthday,” the message said.</div> <br /> <br />

Buhari Congratulates Obama at 54

President of the United States of America, Barack Obama President Muhammadu Buhari last Tuesday took out time to send his birthday...

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Court remands two men for allegedly kidnapping teenager‎

<img alt="appeal-court" class="alignleft size-full wp-image-7210" height="240" src="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/02/appeal-court.gif" width="320" /><br /> <br /> A MINNA Magistrate’s Court yesterday remanded two men, Abubakar Mohammed and Usman Kwari, in prison custody as they admitted kidnapping a teenager.<br /> <br /> The two were arraigned in court on a two-count charge of criminal conspiracy and kidnapping, contrary to sections 97 and 273 of the Penal Code, the News Agency of Nigeria (NAN) reports.<br /> <br /> The prosecutor, Inspector Alfred Auta, told the court that one Alhaji Aliyu reported the matter at the Tegina Police Station on July 27, 2015. Auta said the complainant alleged that the accused persons conspired and invaded his compound and kidnapped his 16-year-old son. The prosecutor said the accused persons were, however, arrested on their way out of town.<br /> <br /> When the charges were read to them, they pleaded guilty and begged the court for leniency. The prosecutor told the court that investigation into the matter was still ongoing, and asked for an adjournment to enable the police conclude their investigation.<br /> <br /> In her ruling, Magistrate Mariam King ordered the accused persons to be remanded in prison custody and adjourned the case till Aug. 17 for sentencing.<br />

Court remands two men for allegedly kidnapping teenager‎

A MINNA Magistrate’s Court yesterday remanded two men, Abubakar Mohammed and Usman Kwari, in prison custody as they admitted kidnapping a...

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Zenith Bank adopts half-year financial reporting policy

<img alt="zenith bank" class="alignleft size-full wp-image-13843" height="240" src="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/03/zenith-bank.jpg" width="320" /><br /> <br /> <div class="addthis_toolbox addthis_default_style addthis_32x32_style"> <a class="addthis_button_facebook addthis_button_preferred_1 at300b" href="http://www.ngrguardiannews.com/2015/08/zenith-bank-adopts-half-year-financial-reporting-policy/#" title="Facebook"><span class="at4-icon aticon-facebook" style="background-color: #305891;"><span class="at_a11y">Share on facebook</span></span></a> <a class="addthis_button_twitter addthis_button_preferred_2 at300b" href="http://www.ngrguardiannews.com/2015/08/zenith-bank-adopts-half-year-financial-reporting-policy/#" title="Tweet"><span class="at4-icon aticon-twitter" style="background-color: #2ca8d2;"><span class="at_a11y">Share on twitter</span></span></a> <a class="addthis_button_email addthis_button_preferred_3 at300b" href="http://www.ngrguardiannews.com/2015/08/zenith-bank-adopts-half-year-financial-reporting-policy/#" target="_blank" title="Email"><span class="at4-icon aticon-email" style="background-color: #738a8d;"><span class="at_a11y">Share on email</span></span></a> <a class="addthis_button_print addthis_button_preferred_4 at300b" href="http://www.ngrguardiannews.com/2015/08/zenith-bank-adopts-half-year-financial-reporting-policy/#" title="Print"><span class="at4-icon aticon-print" style="background-color: #738a8d;"><span class="at_a11y">Share on print</span></span></a> <a class="addthis_button_compact at300m" href="http://www.ngrguardiannews.com/2015/08/zenith-bank-adopts-half-year-financial-reporting-policy/#"><span class="at4-icon aticon-compact" style="background-color: #fc6d4c;"><span class="at_a11y">More Sharing Services</span></span></a> </div> <a href="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/03/zenith-bank.jpg"><img alt="zenith bank" class="alignleft size-full wp-image-13843" height="300" src="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/03/zenith-bank.jpg" width="400" /></a><br /> <br /> Zenith Bank may have adopted a new financial reporting policy, with the bank set to publish for the first time its audited half year result in the coming days.<br /> <br /> According to sources at the Nigerian Stock Exchange, the bank will henceforth publish audited half-year results. The source confirmed that the bank’s Board of Directors, which met last week, has already approved the audited half-year result which will be forwarded to the Central Bank of Nigeria (CBN) for approval.<br /> <br /> It was gathered that market analysts have welcomed the development and praised the decision of the board. Over the years, Zenith Bank has consistently posted superior performance results. Gross earnings was N403.4 billion for the financial year 2014, profit before tax was N119.80 billion while profit after tax stood at N99.46 billion making it the most profitable bank in the country.<br /> <br /> According to a statement, “the bank’s total asset was N3.76 trillion, with total shareholders’ funds of<br /> N552.64 billion which ranks the bank as the largest in Nigeria and the sixth largest in Africa by shareholders funds. The bank paid dividend of N1.65 per share for the financial year 2014.<br />

Zenith Bank adopts half-year financial reporting policy

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Benue police allegedly kill notorious armed robber

<img alt="Benue state" class="size-full wp-image-23508" height="133" src="http://newngrguardiannewscom.c.presscdn.com/wp-content/uploads/2015/05/BENUE-small.jpg" width="320" /><br /> <br /> <em><strong>Arrest 10 suspected members of the gang </strong></em><br /> THE Benue State Police Command on Tuesday gunned down a notorious armed robber popularly called Chemical and arrested 10 other suspects in his gang.<br /> <br /> The Guardian gathered from police sources that the deceased and his members were said to be among those that had been terrorising the people of Sankera geo-political axis of the state.<br /> <br /> Confirming the incident, the state Police Public Relations Officer, ASP Daniel Ezeani said his men, acting on a tip-off on the criminals’ hideout, trailed them and on sighting the gang, engaged them in a gun duel, killing their leader and arresting 10 others.<br /> <br /> Ezeani said in the course of the action, many other gang members escaped into the bush and were still being trailed by the men of the force.<br /> <br /> The PPRO, who called on members of the public to continue to avail the police with useful information about criminals living around them, further said those arrested were being investigated and would soon be charged to court.<br /> <br /> It would be recalled that last weekend, an armed gang riding on motorcycles stormed a supermarket in Zaki- Biam and spread bullets on people, killing eight while several others were left with various degrees of injury.<br />

Benue police allegedly kill notorious armed robber

Arrest 10 suspected members of the gang  THE Benue State Police Command on Tuesday gunned down a notorious armed robber popularly calle...

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DPR Shuts 23 Private Petroleum Products Depots

<img alt="fuelscarcity" height="202" src="http://www.nigerianmonitor.com/wp-content/uploads/2015/05/fuelscarcity-300x190.jpg" width="320" /><br /> <br /> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> The Department of Petroleum Resources (DPR) has shut 23 private petroleum products depots nationwide for selling Premium Motor Spirit (PMS) to marketers above ex-depot price of N77.66 per litre.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> This was according to a statement, issued on Sunday by DPR Director, Mr Mordecai Ladan. The DPR said the shutting of the facilities took effect on Friday further adding that the depots were mainly in Lagos except for two in Warri, Delta, and three other in Calabar.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> “The clampdown on the private depots followed the report of a special investigation team set up by DPR to uncover some unwholesome practices by the private petroleum products depots following a tip-off,” the DPR Director said.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> Speaking further, Ladan said the depots would remain sealed until the some conditions were met by the owners, including payment of two million naira fine and an undertaking that PMS would not be sold to bulk buyers. He also said that all subsequent sales would be at N77.66 per litre as approved by the Federal Government, adding that DPR would monitor the sale of the remaining and subsequent products.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> Conssequently, DPR had directed all its offices to ensure that all filling stations sold PMS at government approved price of N87.00 per litre regardless of what depot is supplying the petroleum product.</div>

DPR Shuts 23 Private Petroleum Products Depots

The Department of Petroleum Resources (DPR) has shut 23 private petroleum products depots nationwide for selling Premium Motor Spirit (PM...

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[PHOTOS] Oshiomhole And Wife Visit Wole Soyinka At His Abeokuta Home

<br /> <img alt="oshiomole++Soyinka" height="322" src="http://www.nigerianmonitor.com/wp-content/uploads/2015/08/oshiomole-Soyinka-300x242.png" width="400" /><br /> <br /> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> Governor of Edo state, Adams Oshiomhole alongside his beautiful wife Iara Fortes-Oshiomole, on Sunday, paid a cordial visit to Nobel Laureate winner Prof. Wole Soyinka at his home town in Abeokuta, Ogun State.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> The Edo first lady , Iara, looking ravishing as always, in a black dress, while the governor rocked  a casual outfit. See another photo of the visit below:</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> <br /></div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> <img alt="oshiomole++Soyinkaa" src="http://www.nigerianmonitor.com/wp-content/uploads/2015/08/oshiomole-Soyinkaa-300x214.png" /></div>

[PHOTOS] Oshiomhole And Wife Visit Wole Soyinka At His Abeokuta Home

Governor of Edo state, Adams Oshiomhole alongside his beautiful wife Iara Fortes-Oshiomole, on Sunday, paid a cordial visit to Nobel Lau...

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[PHOTOS] Buhari Receives ‘The Great Cross of Benin’ Award In Benin Republic

<img alt="BuhariBenin1" src="http://www.nigerianmonitor.com/wp-content/uploads/2015/08/BuhariBenin1-300x197.png" /><br /> <br /> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> President Muhammadu Buhari on Saturday, 1st of August arrived the neighbouring Benin Republic on a one-day trip to draw support for the war against Boko Haram insurgents in the sub-region. During his visit, President Muhammadu Buhari received a ‘Grande Croix Du Benin’ (The Great Cross of Benin) which is the highest honour in Republic of Benin.</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> Buhari departed the Nnamdi Azikiwe International Airport around 9am on Saturday with Lagos State immediate past Governor, Raji Babatunde Fasola, and other officials. See more photos below:</div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> <br /></div> <div style="background-color: white; color: #474747; font-family: Georgia, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 16px; padding: 0px;"> <img alt="BuhariBenin" src="http://www.nigerianmonitor.com/wp-content/uploads/2015/08/BuhariBenin-300x202.png" /></div>

[PHOTOS] Buhari Receives ‘The Great Cross of Benin’ Award In Benin Republic

President Muhammadu Buhari on Saturday, 1st of August arrived the neighbouring Benin Republic on a one-day trip to draw support for the w...

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Lagos seals Kanu Nwankwo’s hotel, worship centres

<img alt="ex-Super Eagles player, Kanu Nwankwo" class="attachment-bigstoryimage" height="200" src="http://punch.cdn.ng/wp-content/uploads/2015/08/ex-Super-Eagles-player-Kanu-Nwankwo-360x226.jpg" width="320" /><br /> <br /> <div style="text-align: justify;"> The Lagos State Environmental Protection Agency has sealed a hotel owned by ex-Super Eagles player, Kanu Nwankwo, the Hardley Apartments, on Victoria Island.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The hotel was among other hotels, churches and mosques sealed across the state on Monday over alleged air and noise pollution.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> No fewer than 30 facilities were shut in areas, including Ketu, Ikorodu, Ibeju-Lekki, Victoria Island and Surulere.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> LASEPA said the owners of the facilities had been contacted several times in the last one year, adding that they refused to fully complied with LASEPA’s instructions.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> At a mosque in Ketu ─ Olorunkemi Mosque ─ the leaders claimed to have taken down their speakers as instructed by the agency almost immediately.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> However, the mosque was sealed for allegedly not complying fully with LASEPA’s instruction.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Other places also sealed include the Rain of Power and Miracles Ministry Church, Lekki; Christ Apostolic Church, Lekki; Duckland Hotels and Suites, Ikorodu; and Mela Rossa Club, Victoria Island.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> At the Hardley Apartments, it was noticed that the generators powering the hotel had large exhaust pipes facing the road.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The Director of Enforcement, Kayode Bello, ordered that one of the generators be tested, and it was discovered that it gave off thick gaseous emissions.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Bello said, “Even the sound is going to be more than 45 decibels at night. We want you to comply ─ that is the reason we are here. We have been on this for more than a year.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The doors and gates of the hotel were subsequently chained, and plastered with the LASEPA seal.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Later at a press briefing in Ikeja, LASEPA General Manager, Rasheed Shabi said, “The environment belongs to every one of us. Lagosians need to live in peace. A survey was carried out by an international organisation and it was discovered that 60 per cent of Nigerians have hearing problem.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “LASEPA, in the last two to three years, has been conducting surveys on religious houses, and our findings revealed that 95 per cent of them do not have approval to operate in Lagos.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “Most houses and club houses do not have fiscal planning approval. Before you can build any hotel anywhere in the world, there must be an environmental impact assessment.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “Most of the markets we have in Lagos State; we have people using trucks to sell their products with speakers to disturb the peace of Lagosians. Soon, we will tow as many trucks as possible to get them off the streets.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Shabi said the owner of the places sealed would sign an undertaking that they would comply with instructions meant to clean up the environment.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “After today, the enforcement unit will go round. Anybody that breaks the seal has violated the Lagos State law. We will then involve the Ministry of Justice,” Shabi added.</div>

Lagos seals Kanu Nwankwo’s hotel, worship centres

The Lagos State Environmental Protection Agency has sealed a hotel owned by ex-Super Eagles player, Kanu Nwankwo, the Hardley Apartment...

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Emeka Offor, Abike Dabiri’s firms, others owe banks N143.81bn

<div style="text-align: justify;"> <img alt="Some directors of debtor firms" class="attachment-bigstoryimage" height="213" src="http://punch.cdn.ng/wp-content/uploads/2015/08/Some-directors-of-debtor-firms-360x240.jpg" width="320" /> </div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> According to Punch, Nigerian Deposit Money Banks on Monday continued with the policy of naming and shaming their delinquent debtors with further publication of the names of firms and their directors whose loans have become non-performing for more than one year.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> While nine banks published the names of the loans defaulters on Monday, four banks released the lists of their chronic debtors, owing a total of N143.81bn, on Tuesday.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The four banks are First Bank of Nigeria Limited, Access Bank Plc, Diamond Bank Plc and Unity Bank Plc.</div> <div style="text-align: justify;"> The banks, which had published the list of their delinquent debtors on Monday were Zenith Bank Plc, Guaranty Trust Bank Plc, Union Bank Plc, Sterling Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, Heritage Bank Limited and Enterprise Bank Limited.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> First Bank, which has its total amount of non-performing loans as N43.72bn, published 92 names of delinquent debtors.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The first five companies on the lender’s list owe a combined sum of N23bn. These are Ajaokuta Steel Company Limited, Starcomm Plc; BGL Securities Limited, where a former Minister of Finance and National Planning, Kalu Idika Kalu, is a director; Shield Petroleum Limited and Fargo Petroleum and Gas Limited.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Shield Petroleum, the number one on the list, owes N6.883bn; while Zurich International Service, the last on the list, owes N26.69m.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Unity Bank also released 260 names of delinquent debtors with a combined NPL figure of N45.52bn.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The list has the companies of some prominent Nigerians. These include Umar Mutallab’s DeanShanger Project Limited, N3.6bn; Senator Ayodele Arise and a former Minister of State for Works, Mr. Dayo Adeyeye’s International Payment Devices Limited, N81.9m; and Prince Adeyanju Olateru-Olagbegi’s Cupid Investment BDC, N90.1m.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Other prominent companies on the list are Ekiti Kete Mass Transit, which owes N991m; Fargo Petroleum and Gas Limited, N2.5bn; Ava Cement Limited, N.8bn; and Plywood Chemical and Accessories, N1.1bn.</div> <div style="text-align: justify;"> Ava Cement topped Unity Bank’s debtors’ list with N9.8bn, while Malcolm Akpokodje owes the least with N20m.</div> <div style="text-align: justify;"> Access Bank Plc published a list of 11 delinquent debtors, with a combined NPL figure of approximately N3.4bn.</div> <div style="text-align: justify;"> Top on the list are Bioka Ventures Limited, which owes N1.15bn, while Derukas International Limited was last on the list with a debt of N56.3m.</div> <div style="text-align: justify;"> Diamond Bank Plc has N47.17bn as its total NPLs, with companies belonging to prominent Nigerians owing sizeable amounts.</div> <div style="text-align: justify;"> These include Sir Emeka Offor’s Global ScanSystem Limited, which the bank says owes N181m; a former Chairman, House of Representatives Committee on the Diaspora, Mrs. Abike Dabiri-Erewa’s Thriller Eneavours, which owes N122m; and a former Delta State Commissioner for Sports Solomon Ogba’s Delta Mega Trend Limited, which owes N89m.</div> <div style="text-align: justify;"> Aside the 13 banks which have published their debtor lists, other banks which will publish theirs this week are Ecobank Nigeria, First City Monument Bank Limited, Standard Chartered Bank, Keystone Bank Limited, United Bank for Africa Plc and Wema Bank Plc.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Investigations by our correspondents on Monday revealed that most of the banks had cut their list of delinquent debtors due to litigation with their customers over disputes arising from loan terms and last-minute renegotiations by some clients.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> A top bank executive, who spoke to one of our correspondents under the condition of anonymity, said, “Some of the banks have to remove the list of some clients due to issues that border on litigation.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “Some names were removed at the last minute after the affected customers came to renegotiate with us. Some banks have had to cut the names on their debtors’ list by at least 50 per cent.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Officials of banks, who spoke to our correspondents, linked the relatively high figure of the NPLs in some banks to inside connivance with customers, lingering margin loans and huge oil and gas-related loans.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> According to them, customer relationship managers in some of the banks connived with the customers to obtain huge loans that eventually became bad.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> They also said that long-standing margin loans in some banks were responsible for the high figure.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “A huge chunk of the loans are oil and gas related. The drop in oil prices has also worsened the situation for some oil and gas companies. They borrowed relatively large amounts of money, which later became bad loans,” an official of a tier-1 bank told our correspondent.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Meanwhile, the Asset Management Corporation of Nigeria will publish the list of its debtors early next week if they fail to regularise the terms of their loans with the agency.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The spokesperson for AMCON, Mr. Kayode Lambo, who confirmed this on Monday, said companies which failed to regularise the terms of their loans with the agency would have their names published.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “As many companies who have not been servicing their loans will have their names published,” he added.</div> <div style="text-align: justify;"> The names of firms belonging to prominent Nigerians who have not been servicing their loans may appear on the list.</div> <div style="text-align: justify;"> In 2009, the Federal Government spent about N5tn to buy the NPLs from banks to save them from imminent collapse.</div> <div style="text-align: justify;"> AMCON, the government agency created after the 2009 banking crisis, was the special purpose vehicle used to acquire the NPLs from the banking sector.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The Central Bank of Nigeria had on April 22, 2015 directed the banks, discount houses and AMCON to publish the list of delinquent debtors from August 1.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> They are to publish the names in at least three national newspapers on a quarterly basis.</div> <div style="text-align: justify;"> In line with the directive, the banks gave the chronic debtors a three-month grace period, which expired on July 31.</div> <div style="text-align: justify;"> The Director, Banking Supervision, CBN, Mrs. ‘Tokunbo Martins, had in a circular dated April 22, 2015, said, “In order to ensure that the industry NPL ratio does not exceed the prudential limit of five per cent and to improve the credit culture in the banking industry, banks and discount houses are directed to observe prudent credit underwriting and monitoring standards.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The debtors are those whose accounts have been classified as lost and include persons, entities, directors, subsidiaries and other related parties, according to the central bank.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The central bank had stated that delinquent debtors in the category described above would be blacklisted and “banned from participating in the Nigerian foreign exchange market and in the Nigerian government securities market.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> <em>The PUNCH</em> had on March 15, 2015 reported that the volume of the NPLs in the Nigerian banking industry was set to rise further on the back of the devaluation of the naira amid weak global crude oil prices.</div> <div style="text-align: justify;"> Global rating agency, Fitch Ratings, had in February, after the second round of devaluation of the naira, predicted that the banks’ non-performing loans would rise above the CBN’s five per cent limit by the end of this year, but below 10 per cent.</div> <div style="text-align: justify;"> <br /></div>

Emeka Offor, Abike Dabiri’s firms, others owe banks N143.81bn

  According to Punch, Nigerian Deposit Money Banks on Monday continued with the policy of naming and shaming their delinquent debtors ...

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Nigeria army captures Boko Haram commander, rescues 178 abductees

<div style="text-align: justify;"> The Nigerian military said Sunday it had   rescued 178 people from the Islamist militant group Boko Haram in northern Borno state.</div> <div style="text-align: justify;"> According to a BBC report, the army said in a statement  that 101 of those freed were children and a further 67 were women.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The statement did not say if the girls abducted from a school in Chibok in April 2014 were among them.</div> <div style="text-align: justify;"> The military also said that a Boko Haram commander was captured and several camps were cleared.</div> <div style="text-align: justify;"> Boko Haram has killed some 5,500 civilians in Nigeria since 2014.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> More than 200 of the Chibok girls are still missing, more than a year after they were kidnapped from their school in northern Nigeria. Many of those seized are Christians.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Last October, the government said it had secured an agreement for a ceasefire and the release of the girls </div> <div style="text-align: justify;"> taken from Chibok, but Boko Haram subsequently denied this. Parents of the Chibok girls have been campaigning for their release for more than a year</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The abduction of the girls in Chibok sparked global outrage with many joining a campaign online to free them using the hashtag #BringBackOurGirls.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Several nations including the US and China vowed to help find them and there have been reported sightings of the girls, but none has been found to date.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> At least 2,000 women and girls abducted by Boko Haram since the start of 2014, according to the human rights organisation Amnesty International.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Boko Haram’s insurgency, and the army campaign against it, have killed more than 15,500 people since 2012. The violence has recently spread to neighbouring Niger, Chad and Cameroon. Boko Haram at a glance </div> <ul class="story-body__unordered-list" style="text-align: justify;"> <li class="story-body__list-item">Founded in 2002, initially focused on opposing Western-style education – Boko Haram means “Western education is forbidden” in the Hausa language</li> <li class="story-body__list-item">Launched military operations in 2009</li> <li class="story-body__list-item">Thousands killed, mostly in north-eastern Nigeria, abducted hundreds, including at least 200 schoolgirls</li> <li class="story-body__list-item">Joined Islamic State, now calls itself “West African province”</li> <li class="story-body__list-item">Seized large area in north-east, where it declared caliphate</li> <li class="story-body__list-item">Regional force has retaken most territory this year</li> </ul> <div style="text-align: justify;"> <br /></div>

Nigeria army captures Boko Haram commander, rescues 178 abductees

The Nigerian military said Sunday it had   rescued 178 people from the Islamist militant group Boko Haram in northern Borno state. Accor...

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Mixed Reactions Trail Banks’ Rejection of Dollar Deposits

<img alt="130715F-Godwin-Emefiele.jpg - 130715F-Godwin-Emefiele.jpg" height="184" id="page_content_Content9_oModuleContent_2_img_Banner" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/130715F-Godwin-Emefiele.jpg?maxwidth=400&maxheight=540" width="320" /><br /> <br /> <strong>No dollar access imperils retailers, spurs inflation</strong> <br /> <div style="text-align: justify;"> Obinna Chima 
with agency report    
<br /> Some manufacturers and financial market analysts have expressed divergent opinions on the Central Bank of Nigeria's (CBN) foreign exchange policy as well as the decision by commercial banks to reject foreign currency deposits.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> While manufacturers hold the view that the policy has stifled business and discouraged entrepreneurship in the country, market analysts stressed that the measure aimed at strengthening the naira was in order.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Meanwhile, the naira continued its rebound on the parallel market day where it closed at N210 to a dollar, higher than the N220 to a dollar at the weekend.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The gain recorded by the nation's currency was largely driven by excess dollar supply in the market as banks continued to reject dollar deposits monday.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Consequently, several bureau de change (BDC) operators and foreign currency account holders have found it difficult to pay in foreign currency into their bank accounts.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Prior to this, CBN had restricted importers of 41 items from accessing forex at the official forex market. The policy, according to the central bank, was designed to facilitate the resuscitation of domestic industries and improve employment generation.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The CBN Governor, Mr. Godwin Emefiele, while speaking in an interview with THISDAY said the number of items on the list might be increased.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> But reacting to the measures in the forex market, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, stated that as a result of the restriction of some items from the official forex market, “a lot of manufacturers are stuck”.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “Many of them that ordered goods had to stop the goods from coming in and most of them cannot get raw materials. Generally, the whole forex policy is killing businesses,” Yusuf added in a chat with THISDAY monday.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Also commenting on the suspension of foreign currency deposits, the LCCI boss said it was a “manifestation of the bigger problem of the way the market is managed”.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “These are just fire-fighting measures,” he said.</div> <div style="text-align: justify;"> However, Chief Executive Officer of Financial Derivatives Company (FDC), Mr. Bismarck Rewane, expressed support for the CBN’s forex policy, saying the measures taken by the central bank were in order.</div> <div style="text-align: justify;"> “Monetary policies always go after fiscal policies and what the CBN is doing is right. Right now, the monetary policy has to continue what it is doing until fiscal policy becomes clear,”  Rewane explained.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Also commenting on the suspension of foreign currency deposits by the banks, he saw it as a temporary measure, saying, however, that it would not address the fundamental problem of the actual pricing of the naira.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> LCCI President, Mr. Remi Bello, added that the economy at this time needed to be stimulated, not constricted further.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “The stock market has been bearish for the past couple of months; output growth in the economy decelerated to 3.9 per cent in the first quarter from 5.9 per cent in the previous quarter; profit margins are on the decline across sectors; and purchasing power remains weak as unemployment continues to rise. So this is not the time to keep the economy in a tightening mode,” he said.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Emefiele explained in the interview that the decision by the banks to stop accepting foreign currency in their vaults was not taken by the CBN, but that the central bank was in support of the idea.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Yet, the central bank's foreign exchange policy is having unintended consequences on the economy and has unravelled the CBN’s policy on price control.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> For instance, a report by Bloomberg monday focused on Mojeed Jamiu, an entrepreneur, who has been forced to cut jobs and raise prices to prevent his furniture and clothing store in Lagos from closing after Emefiele restricted foreign currency supply for some imports.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Due to a dearth of local manufacturing, companies like Jamiu’s FM Best Bargain Limited have no choice but to import goods.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “One must survive,” the 47-year-old father of three said in low tone in one of his show rooms in a four-story </div> <div style="text-align: justify;"> building on a busy road in the Lagos district of Ogba.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> “Businesses will close shop if you don’t know where to get the next dollars and at what cost. Jobs that were done by two people, we now engage one person,” he added.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Emefiele’s push to cut imports is clashing with his mandate to keep prices in check as the economy struggles to cope with a 50 per cent fall in Brent crude prices over the past year.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Inflation accelerated 9.2 per cent in June, quickening for the seventh straight month to take the rate beyond the central bank’s target band of 6 per cent to 9 per cent.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> With 21 per cent of all Nigeria’s imports affected by the restrictions, the pace of price increases will probably remain above the policy maker’s goal for the rest of the year, according to Standard Bank Group Ltd., Africa’s biggest lender.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Companies being hurt by the policy can start producing the goods they are selling, Ibrahim Mu’azu, a central bank spokesman, said by phone from the capital, Abuja. “I don’t think the restriction will cause inflation or unemployment.”</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Domestic businesses don’t yet have the capacity to produce those goods and the central bank’s decision will cause unemployment, said Yusuf of LCCI.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Nigeria’s unemployment rate rose to 8.2 per cent in the second quarter from 7.5 per cent in the first quarter, the nation’s statistics bureau said in statement on its Twitter account. The chamber is planning to carry out a study of the impact on its members, Yusuf said.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> Nigeria’s manufacturing industry contracted by 0.7 per cent in the first quarter of 2015, after expanding 15.4 per cent in the same quarter a year earlier. While the Lagos chamber has met with central bank officials, who promised to review the policy, there hasn’t been any change.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> The regulator said it is waiting for President Muhammadu Buhari to detail his economic plans. But that is on hold until September, when Buhari said he would appoint his cabinet.</div> <div style="text-align: justify;"> <br /></div> <div style="text-align: justify;"> An official devaluation of the naira is inevitable and it’s best for Nigeria to take the hit now, Yusuf said.</div> <div style="text-align: justify;"> “It’s better to allow the naira to find its level so that all of us can have peace,” he said.</div> <br /> Sources: <a href="http://www.thisdaylive.com/articles/mixed-reactions-trail-banks-rejection-of-dollar-deposits/216546/">ThisDaylive</a>

Mixed Reactions Trail Banks’ Rejection of Dollar Deposits

No dollar access imperils retailers, spurs inflation Obinna Chima 
with agency report    
 Some manufacturers and financial mark...

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