Saturday 17 February 2018
(Reuters (Eng) 08/28/13)
LAGOS | Wed Aug 28 (Reuters) - Nigeria is looking for an international bank and a local lender to act as financial advisers for a $100 million diaspora bond to be issued by the end of the year, the Debt Management Office said on Wednesday. The advisers will coordinate investor road shows and support the bond's registration with U.S. and British authorities, the DMO said. The DMO expects to offer a coupon of around 350 basis points above the five-year U.S. treasury bond for the bond, which will have a 5-year tenor. Nigeria is the world's fifth-biggest destination for international remittances after China, India, the Philippines and Mexico, with 5 million Nigerians living abroad sending money back to relatives, according...
(This Day Live 08/28/13)
The new Nigerian Army Division (7 Div), which was recently created to maintain a permanent security presence in the North-east and enforce emergency rule in the region, has been ordered to unearth evidence on the killing of Boko Haram leader, Abubakar Shekau, in order to lay to rest the controversy surrounding his death. A top military source revealed that there is currently a massive hunt with the collaboration of local and international intelligence agencies to unearth any clues that can confirm that Shekau is actually dead. The source said: “The new division has been tasked with solving the mystery surrounding Shekau's death without also jeopardising the major work of maintaining the peace and stabilising the North-east. “You know that with...
(BBC News Africa 08/28/13)
Suspected Boko Haram fighters have killed at least 20 members of vigilante groups trying to fight back against the group in north-east Borno state.The deaths occurred in two separate attacks on Sunday and Monday, said residents and a military official. Boko Haram has waged a deadly insurgency in Nigeria since 2009. In May, President Goodluck Jonathan declared an emergency in three north-eastern states, saying the group threatened Nigeria's existence. An offensive was launched against the group - which says it is fighting for the creation of an Islamic state in Nigeria - and the military encouraged the formation of vigilante groups to help. But now it appears Boko Haram is taking revenge against such groups, say observers - adding weight...
(This Day Live 08/28/13)
Dangote Industries Limited (DIL) is set to sign a $3.3 billion term loan agreement with a consortium of local and foreign banks on September 4 in Abuja for the construction of a 400,000 barrels per day (b/d) refinery, petrochemical and fertiliser complex that will cost the Nigerian conglomerate $9.05 billion to construct. Confirming this Tuesday, Chairman of DIL, Alhaji Aliko Dangote, informed THISDAY that the signing of the syndicated facility would be done with a group of banks comprising Standard Chartered Bank, Standard Bank of South Africa and local commercial banks. He said most of the $3.3 billion would be provided by Nigerian banks. Giving a breakdown of the cost of the project, he said DIL would be bringing $3.5...
(National Mirror Online 08/28/13)
Two months to the end of the extended Destination Inspection contract, the Nigeria Customs Service has said it will close down any port terminal caught in activities that hamper trade facilitation in the country. Barring any further extension, the DI contract will end in November this year after which the service will inherit the assets of the four service providers contracted by the Federal Government in 2006 and also take over every aspect of cargo clearing at the nation’s seaports and land borders including scanning services currently handled by these service providers. Comptroller General of the service, Alhaji Abdullahi Dikko, who spoke at a one-day stakeholders forum to sensitise them on the introduction of the Nigerian Trade Hub also called...
(RFI(EN) 08/28/13)
Lagos — Travelling by train was millions of Nigerians preferred means of transport at the time of the country's independence in 1960. But mismanagement by the Nigerian Railway Corporation meant that all of the country's colonial-era trains ground to a halt within 30 years. A project to restore Nigeria's rail system was launched a decade ago and the Lagos-Kano line recently reopened. The Lagos train terminus is crowded with passengers as the orange train prepares to make the 1,126-kilometre journey to Kano. With a combined population of over 30 million people, these two metropoles need to be connected today even more than they did in colonial times. "That has been the premier flagship train line operations in Nigeria, from Lagos...
(This Day Live 08/28/13)
Members of the House of Representatives have pledged to sit with the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo- Iweala, over some discrepancies they have noticed in the records of capital allocations to federal government tertiary institutions. The Chairman of the Federal House of Representatives Committee on Education, Hon. John Dyeh, gave this indication yesterday in Gombe during the committee’s oversight duties to the Federal University, Kashere (FUK) and Federal College of Education (Technical), Gombe (FCET). “When we go back, we will certainly engage the minister of finance. We will tell her what we have seen as against the records she has presented to us. There is definitely a conflict; I mean a misconception from...
(AFP (eng) 08/28/13)
LAGOS, August 28, 2013 (AFP) - The European Union said Wednesday that it was preparing to increase security efforts in the Gulf of Guinea, the West African maritime region that has become a global piracy hotspot. The new measures, likely to be announced in October, will however not include sending warships to the region, a move that helped reduce pirate attacks off East Africa, said German Rear Admiral Jurgen Ehle, who heads an EU military working group for West Africa. "The EU is developing a Gulf of Guinea strategy," Ehle said, adding that European leaders would likely finalise the document "by the end of October". Speaking to a maritime security conference in Nigeria's economic capital, he said the EU's efforts...
(National Mirror Online 08/28/13)
The Central Bank of Nigeria (CBN) has, in the last three years, been at the vanguard of revitalising Nigeria’s Small and Medium Enterprises (MSMEs) through a combination of monetary policy and financing initiatives. Last week, the apex bank took another bold step to lift the enterprises out of financial conundrum by launching the N220bn Micro, Small and Medium Enterprises Development Fund (MSMEDF) which is seen as a timely intervention in the sub-sector. At the forum, the Governor, Mallam Sanusi Lamido Sanusi, interacted with journalists and other stakeholders on the new funding initiative. TOLA AKINMUTIMI was there. The launching of the N220bn MSMEs Fund today by your bank is seen by stakeholders as another worthy initiative that is expected to help...
(National Mirror Online 08/28/13)
The Presidential Committee on Dialogue and Resolution of the Security Challenges in the North yesterday said it has reached a critical stage with Boko Haram members to lay down their arms. Chairman of the Committee, Kabiru Turaki, called on the Arewa Consultative Forum, ACF, and other northern leaders to help them seal a final deal with the sect. Turaki, the Minister of Special Duties, said this during the committee’s meeting with the ACF leadership at the forum’s headquarters in Kaduna. The minister, who faulted the pull out of some dialogue committee members, accused them of benefiting from the insecurity and insurgency facing the nation, saying northerners should stand up against terrorism. Turaki while commending the ACF and other prominent northerners...
( 08/28/13)
As part of measures to ensure Nigeria plants its feet firmly on the cyberspace, all the 36 states governments and their agencies have been given till August 18, 2014, to complete the switch to www.gov.ng in order to maintain a secured presence on the internet using Nigeria’s country code top level domain (ccTLD). The move would create a single signature for the federal and state governments and their agencies on the internet; help minimise fake government websites as well as increase the use of .ng, Nigeria’s suffix on the cyberspace. This decision was part of 30 others taken at the just concluded National Council on Communication Technology (NCCT) which ended few days ago in Akure, Ondo State. The NCCT recommended...
(This Day Live 08/28/13)
The Nigerian Stock Exchange (NSE) Tuesday listed Transnational Corporation of Nigeria Plc (Transcorp) rights issue of 12,906,999,142 ordinary shares on its daily official list. With the listing yesterday, the market capitalisation of Transcorp increased by about 54 per cent from N35.4 billion to N54.6 billion further affirming the company as one of the most capitalised stocks on the NSE. Transcorp had earlier in the year issued 12.906 billion shares of 50 kobo each at N1 per share via rights issue to raise fresh funds to finance its power projects. The President/CEO of Transcorp Plc, Mr. Obinna Ufudo, stated the rights issue was 132.08 per cent subscribed. The achievement, he said, confirmed the unflinching support and trust reposed in the current...
(The Sun 08/28/13)
No fewer than seven people have died in three local government areas of Bauchi State following a downpour that also destroyed about 1, 529 houses. The Chairman of Distribution Relief Committee of the State Emergency Management Agency (SEMA), Muhammadu Bello confirmed the incident to Daily Sun yesterday in Bauchi, saying that property worth over N100 million were destroyed by the flood. Bello said: “Heavy rains were witnessed in the state, most especially the state capital in the past two weeks and initial assessment put the deaths recorded at seven persons including a seven-year-old girl in Bauchi, three women in Bogoro Local Government Area, and three deaths were also recorded in Shira Local Government Area.” He disclosed that no fewer than...
(Business News (Ng) 08/28/13)
Nigerian Electricity Regulatory Commission (NERC) has admitted that consumers are paying inefficient price for electricity but attributed the situation to the unavailability of power supply. NERC Chairman, Dr. Sam Amadi who spoke in Lagos at a public forum between civil society groups and the commission, however assured that tariff would eventually reduce as generation increases. He explained that overtime the fixed charge element in the tariff regime would come down, as the amount of electricity supplied improves. “Power is unlike telecom where all you need to do is deregulate and you say come and buy spectrum which government auctions. Investors build their mast and become operational. “But in power the investor has to determine the market, who will buy the...
(Punch 08/28/13)
The Federal Government has invested additional N3 billion on Nigeria Railway by acquiring two telescopic railway cranes and four new locomotives to enhance service delivery in the sector. The Managing Director, Nigeria Railway Coprporation, NRC Engr. Adeseyi Sijuade disclosed this in Lagos while addressing news men at an event to flag-off container transportation from Lagos to Kaduna and Kano. According to him, the telescopic cranes cost N1 billion each while the four new locomotives cost N250 million each. He said the corporation will from 23rd of August, 2013 commence the haulage of bulk salt and sugar belonging to Dangote Nigeria Plc, to Kaduna and Kano, heralding a re-launch of the intercity container freight operations seventeen years after it grounded such...
(AFP (eng) 08/27/13)
MAIDUGURI, Nigeria — Two attacks by suspected Boko Haram insurgents have killed 24 people in Nigeria's northeast in the latest violence believed to be in revenge against vigilantes, residents and officials said Tuesday. A survivor and a hospital source spoke of 18 people killed in the town of Bama on Sunday. A resident and a military source said six people were killed in Damasak on Monday. The two locations are in Borno state, but are some 200 kilometres (124 miles) apart. The military has encouraged the formation of vigilante groups to help it track down Boko Haram members as it pursues an offensive in the northeast aiming to end the Islamist extremists' four-year insurgency. "They came in military uniform and...
(The Washington Times 08/27/13)
New gory details have emerged in what was first reported as the killing of 35 Muslim worshipers and the wounding of 14 last week in the town of Dumba village in Borno State, Nigeria. News of the tragedy was slow to emerge because the area where it happened is remote and because internet and phone lines had been cut off by authorities in the attempt to disrupt the activities of the terrorist group Boko Haram, suspected of the perpetrating the massacre. It was the second such incident in this month. New reporting today indicates that 44 victims had their throats slit, and the remaining victims had their eyes gouged out. An official of the National Emergency Management Agency (NEMA), speaking...
(Vanguard 08/27/13)
Maiduguri — LAST week reported massacre of 44 persons in Dumba village of Kukawa Local Government Area of Borno State, displaced of over 4000 persons, National Emergency Management Agency, NEMA, said Monday. This came as two babies were delivered in the camp. It would be recalled that suspected Boko Haram members terrorizing some states in the North, stormed Dumba Village located few kilometers away from Baga town and slaughtered 44 persons while many surviving residents fled the area for safety. NEMA in a release by its North-East zonal information officer, Abdulkadir Ibrahim, said over 4,000 internally displaced persons, IDPS, were registered in Baga town by NEMA. He said those displaced were mostly fishermen and farmers from Dumba village which was...
(Reuters (Eng) 08/27/13)
MAIDUGURI, Nigeria | (Reuters) - Nigerian Islamists killed 14 pro-government youth vigilantes in an attack on the northeastern town of Bama, a local official who attended a mass funeral for the victims said on Monday. Sunday's attack was one of a spate of deadly assaults by the Boko Haram Islamist sect this month that raises doubts about whether a military offensive against it since May can succeed. Local vigilante groups run by youth volunteers have been instrumental in helping the military capture Boko Haram members, but they have also made them a target for the insurgents, drawing civilians further into the conflict. Alhaji Baba Shehu Gulumba, chairman of Bama local council, told journalists in the nearest main city of Maiduguri...
( 08/27/13)
Lagos — Heavy rains have unleashed floods in parts of Nigeria, testing the country's emergency preparedness one year after its worst flooding in decades. Some 35,000 people have been affected, most of them in five states, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA). The 2012 floods affected around 7 million people. According to Nigeria's National Emergency Management Authority (NEMA), this year's floods have displaced some 600 people and caused one fatality in the northern Kano State, and about 20 bodies were unearthed at a cemetery in the state's Yan Kaba area. In Katsina State, also in the north, 55 farms were inundated by heavy rains. NEMA spokesman Ibrahim Farinloye said early warning and rapid relocation...

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