Friday 22 September 2017
(Bloomberg 08/06/13)
The International Finance Corp., the World Bank’s private-lending arm, plans a 25 percent boost in Nigeria investments to $2 billion by next year, said Solomon Adegbie-Quaynor, the country manager. Funds to be raised directly by the IFC or mobilized from other sources will be targeted at industries that offer competitive advantage to the West African nation, Solomon Adegbie-Quaynor said in an Aug. 2 interview from Lagos, Nigeria’s commercial capital. “We are partnering with the Nigerian Sovereign Investment Authority and also looking at institutions to work with for activities in banks, power, gas, transport and agriculture,” he said. Power will be an important industry for IFC investment “as it is identified as largest constraint to private-sector growth” in Nigeria, he added...
(National Mirror Online 08/06/13)
The Federal Government yesterday said that an estimated $2.9trn (N464trn) required for infrastructure development in the next 30 years will be largely sourced from the capital market. The Minister for National Planning, Dr. Shamsuddeen Usman, said this in Lagos at a conference organised by the Securities and Exchange Commission, SEC. He noted that before now, government had been raising funds from the capital market to support the budget. Usman, however, added that to close the current infrastructure gap and reach the desired optimal investment levels, the country must aggressively increase core infrastructure stock from 35 to 40 per cent of Gross Domestic Product, GDP, in 2012 to 70 per cent by 2043. Specifically, he said that an average of $25bn...
(AFP (eng) 08/06/13)
Gunfire and explosions shook one northeastern Nigerian town Tuesday while soldiers slapped a round-the-clock curfew on another in the region hit by waves of insurgent attacks, the military and residents said. Clashes broke out in the town of Gamboru Ngala on the border with Cameroon on Monday night and continued on Tuesday, a resident said. The military had not commented on the situation there and details remained unclear. Meanwhile, a round-the-clock curfew was imposed on the city of Potiskum and soldiers carried out house-to-house searches. The military did not say why it moved to suddenly impose the curfew in Potiskum or provide other details. The operation came ahead of the Muslim Eid al-Fitr holiday which follows the fasting month of...
(Reuters 08/06/13)
ABUJA | Tue Aug 6, 2013 (Reuters) - Nigeria has asked a court to grant an extradition request for one of its citizens to the United States over charges of aiding the Yemeni branch of al-Qaeda, court documents seen by Reuters on Tuesday showed. U.S. and Nigerian authorities have accused Lawal Olaniyi Babafemi of travelling to Yemen with members of Al Qaeda in the Arabian Peninsula (AQAP) in 2010 and 2011 and receiving $8,600 in order to return to Nigeria and recruit English-speaking radicals. "Olaniyi ... is being indicted for conspiracy to provide support to a foreign terrorist organisation, provision and attempted provision of material support to a foreign terrorist organisation, unlawful use of firearms," the application from Nigeria's attorney...
(This Day Live 08/06/13)
The Defence Headquarters has formally received in Borno State about 900 troops that just returned from the African-led International Support Mission in Mali (AFISMA), and the newly-formed United Nations Multidimensional Integrated Stabilisation Mission in Mali, (MINUSMA), and deployed them to enforce emergency rule in the North-east. The Director of Defence Information (DDI), Brig-Gen. Chris Olukolade, was on hand to receive troops that arrived 1:a.m. Monday at the 79 Composite Group, Nigeria Air Force (NAF) Base, Maiduguri for onward deployment to the scene of action in various parts of Borno, Yobe and Adamawa States to flush out Boko Haram terrorists. Olukolade said the troops, which began to arrive from Mali since last week were battle-tested, physically and psychologically fit to complete...
(National Mirror Online 08/06/13)
Spanning 127.8-kilometre, Lagos-Ibadan Expressway is the first dual carriageway in the country constructed over 35 years ago that connects Lagos, the economic nerve of the nation to other parts of the country, but owing to neglect the road has become a death trap. However, the situation appears set for a change as government recently started its reconstruction, which could have a positive effect on property values along that axis, but many people are still in doubt if this is real. DAYO AYEYEMI, reports. Efforts at repair work have changed little and a concession given to a private firm to reconstruct the road about four years ago ended in a fiasco, but there was a ray of hope recently as the...
(The Associated Press 08/06/13)
Clashes between Nigeria's military and the armed group Boko Haram in two northeastern towns have left at least 35 people dead, most of them fighters. The clashes broke out on Sunday after attacks on soldiers and a police station, according to the military, and occurred as security forces wage an offensive in the region aimed at ending a four-year insurgency. A clash in the town of Bama sparked by an attack on a police base "led to the death of one policeman and 17 Boko Haram terrorists," said a military statement released on Monday. Fighting in the town of Malam Fatori after an attack on troops "led to the death of two soldiers and 15 Boko Haram terrorists," it said...
(Haaretz 08/06/13)
Two Lebanese nationals accused of plotting attacks against Israeli targets in western Africa say Israeli interrogators identifying as Mossad agents used sleep deprivation, other harsh techniques in questioning. Two Lebanese nationals charged with plotting terror attacks in western Africa told a court in Nigeria on Monday they were interrogated by Mossad agents, AFP reported. Mustapha Fawaz, Abdallah Thahini and Talal Ahmad Roda, allegedly Hezbollah members, were arrested in May after Nigerian police discovered they had amassed a secret weapons stock. The prosecution alleges the three planned attacks on Israeli and Western targets in Nigeria and nearby countries, but they have denied the charges and belonging to Hezbollah, according to AFP. AFP reported that while testifying in court, Fawaz said he...
(This Day Live 08/06/13)
The Nigerian bond market has provided N537 billion to 18 states to finance various infrastructure projects in the last 35 years, the Director-General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh, said Monday. Speaking at the opening ceremony of a two-day roundtable on infrastructure organised in Lagos by the commission, Oteh said the 18 state governments raised the funds between 1978 and this year. However, she said 75 per cent of the funds were raised in the last five years. While the state governments have benefitted significantly from the market, the SEC boss said the federal government had also been an active participant in both the domestic and international bond markets. She said the federal government accounted for...
(National Mirror Online 08/06/13)
With more than 80 per cent of Nigeria’s youth unemployed, analysts said tackling the problem in-depth by government and its partners would effectively place the country on the path of growth and sustainable development, Nigeria’s youthful population has also been described by analysts as a time bomb waiting to be detonated, considering that the country has the largest army of unemployed and under-employed youths in Africa. Concerned stakeholders told National Mirror that the inherent strength of a youthful population, coupled with the very large numbers of the Nigerian youth can be drawn upon by the government and the private sector for sustainable national development. Emphasising that the employed or empowered Nigerian youth is capable of driving the country’s economy in...
(Nigerian Tribune 08/06/13)
[Ambassador Onafowokan] Nigerian High Commissioner to Republic of Ghana, Ambassador Ademola Oluseyi Onafowokan, recently marked his first anniversary since he resumed duty in Ghana with a press confrence where he raised concerns over the difficulty Nigerian investors in Ghana encounter in repatriating of their profits back home, among other sundry issues. Ajayi Oluwapelumi was there and brings excerpts. What came to your mind when you were first appointed as the Nigerian High Commissioner to Ghana over a year ago? First of all, I was thrilled because being posted by the Federal Government of Nigeria to Ghana is a lot in terms of the confidence reposed in me by the Foreign Affairs Minister, Olugbenga Ashiru and President Goodluck Ebele Jonathan (GCFR),...
(National Mirror Online 08/06/13)
Mounting concerns that the quantum of pension funds, put at N3 trillion, may be inadequate to meet retiree requirements in the long run and the push to invest part of the funds in infrastructure have thrown up fresh challenges as to how the money can be best utilised for the benefit of all stakeholders. MESHACK IDEHEN reports. Since the Pension Reform Act 2004 took effect, coupled with the subsequent boom the industry in persistent calls have gone to the Federal Government to take a closer look at the activities of the sector with a view towards ensuring effective monitoring. This call for closer and effective monitoring of the pension industry, according to stakeholders, is borne out of the various challenges...
(Vanguard 08/06/13)
At the opening of Financial Bids for Kaduna Distribution Company (DISCO) and Afam Generation Company (Genco) which held on July 31, 2013 in Abuja, Northwest Power Ltd had the highest Aggregate Technical Commercial and Collection Loss reduction (AT&C) of 29.26 % with respect to Kaduna Disco while Taleveras Group emerged the preferred bidder for Afam Genco with an offer price of $260,050,000. The Reserved Bidder for Afam plant is TES Power which had an offer price of $222,900,000. The ATC & C Loss Reduction proposal by the other bidders for Kaduna Disco are LEDA Consortium (26.71%), NAHCO Consortium (22.83%), Incar Consortium (22.73%), Copper belt Consortium (21.07%) and Axis Power Distribution Ltd (17.40%). Chairman of the Technical Committee (TC) of the...
(This Day Live 08/06/13)
President Goodluck Jonathan Monday welcomed significantly improved trade and economic relations between Nigeria and Canada, which had seen the volume of annual bilateral trade between the two countries rise from about $600 million three years ago to over $2 billion at present. Speaking at an audience with the outgoing Canadian High Commissioner to Nigeria, Mr. Chris Cooter, Jonathan also welcomed the strengthening of bilateral cooperation between the two countries in other areas such as education, electoral reform and polio eradication. The president, according to a statement by his Special Adviser on Media and Publicity, Dr. Rueben Abati, praised Cooter for working very hard to improve relations between Nigeria and Canada during his three-year tenure in Abuja. “You have done wonderfully...
(Daily Trust 08/06/13)
Lagos — The changing global oil market is currently putting the nation's oil and gas sector on its toes as Nigeria struggles to maintain its hold as the sixth exporter of oil in the world. Besides, there are fears that the spate of oil discoveries in new oil fields in the world has intimidating implications for Nigeria's might among exporters of oil in the world. For instance, countries like Ghana, Liberia, Sierra Leone, Kenya, Uganda and Tanzania have discovered large oil reserves and some have commenced production. According to reports, large natural gas resources have also been discovered in South Africa, Mozambique offshore, Namibia and Botswana, while discovery in an offshore oilfield in Angola has been marked to make the...
(The Sun 08/06/13)
Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, yesterday revealed that more than 93,000 ghost voters have been uncovered in Anambra State, ahead of the gubernatorial election in the state later in the year. Professor Jega made the revelation in Abuja during a stakeholders conference with media professionals and civil society organisations on voter register optimisation. He told the gathering that the figure represented 5.6 percent of the total voting population in the state. He said the commission would soon commence prosecution of those involved in the act. “INEC has identified 93, 000 cases of ghost voters in Anambra State, which represents 5.6 percent of the voting population in the state. We are commencing prosecution of those...
(The Sun 08/06/13)
There were fresh facts over the week that investors in Nigeria’s fixed line telecommunications business may soon go bust except urgent measures are taken by the regulator, the Nigerian Communications Commission (NCC), to halt the speed at which operators of the Code Division Multiple Access (CDMA), the technical name for fixed line telephony, were losing subscribers. Daily Sun learnt that after hitting a customer base of seven million in 2009,which remains the highest for CDMA operators in Nigeria, the fortunes of investors started nosediving with dwindling customers and a severe threat to their profit margins. As at the end of April 2013, aggregate subscriber base stood at 2.6 million, a 63 per cent crash from the seven million subscriber figure...
(Business Daily 08/06/13)
The top-ranking US trade official Michael Froman said on Monday that issues of "reciprocity" will be raised at a US-Africa conference next week in Ethiopia that will consider renewal of the Agoa trade initiative. The African Growth and Opportunity Act, which is due to expire in 2015, gives duty-free treatment to Kenyan textiles and many other African exports to the United States. Agoa is said to be responsible for creating thousands of jobs in the Kenyan textile industry. But as a condition to Agoa's extension beyond 2015, American negotiators may press African countries to give the same preferential treatment to US exports to Africa. Ambassador Froman made clear in a talk at the Brookings Institution in Washington that the US...
(BBC News Africa 08/06/13)
At least 35 people have been killed in two attacks by militants in northern Nigeria, the authorities have said. A military statement said 32 militants, two soldiers and a police officer died in the assaults on a police station and a military base on Sunday. An emergency was declared in Borno and two neighbouring states in May after four years of attacks by Boko Haram. The group took up arms in 2009 to further its goal of turning northern Nigeria into an Islamic state. More than 2,000 people have been killed since then. The two attacks in Borno happened on Sunday, but news of them has only just emerged. Communications with the region have been difficult since the state of...
(New Vision 08/06/13)
Regional heads of state still want other African countries to contribute to the stabilization effort in Somalia under AMISOM. So far, this role has been played by states under the regional grouping of the Inter-Governmental Authority on Development (IGAD) as well as Sierra Leone and Nigeria. AMISOM is presently comprised of 6,000 Ugandan troops, 5,000 from Burundi, 4,000 Kenyans and 1,000 troops from Djibouti. There are also 850 troops from Sierra Leone, with police units from Nigeria and Uganda. Uganda, which was the first to deploy troops in the Horn of Africa nation in March 2007, has the biggest troop numbers in Somalia. The heads of state and government of the troop-contributing countries under AMISOM as well as Ethiopia and...

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