Friday 24 November 2017
( 07/03/13)
Going by the existing contracts on the supply and exportation of value-added dried cassava chips, Adefemi Adeshina, the Minister of Agriculture and Rural Development has disclosed that Nigeria will this year, earn between $802 million to $1.37 billion as exports to China and Europe, adding that Nigeria earnings increased by N759 billion in 2012 through effective and aggressive FG-led agriculture drive. Adeshina said that proposed huge international earnings from the exportation of value-added dried cassava chips would be realizable through an effectively secured financing of over $200 million for 18 private sector-owned large scale cassava plants with 1.3 million metric tons capacity per year and the provision of agricultural inputs through Federal Government-backed Growth Enhancement Scheme (GES) for small-holder farmers...
(Voice of America 07/03/13)
ABUJA — As the Nigerian government battles Boko Haram insurgents in the northeast, officials are also grappling with how to end the fighting and what to do with the rebels once peace is restored. New York-based Human Rights Watch says when the battle is done there will be no peace without justice. But some Nigerian leaders say the battles will never end without compromise. How to stop Boko Haram insurgents from killing people has become a national debate in Nigeria. The most common answers are: crush them with military might or, find out why they are killing people and negotiate a peace deal. The Nigerian government is currently trying both approaches. Three northeastern states have been locked down in a...
( 07/03/13)
Persistent traffic gridlock on the port access road and lack of power supply from the Power Holding Company of Nigeria (PHCN) caused by the removal of the port from the national grid have been identified as the challenges facing terminal operators, especially the Ports & Cargo Handling Services. John Jenkins, managing director of Ports & Cargo Handling Services, operator of Tin-can Island Terminal ‘C’, submitted this complaint last week to a combined team of the Policy and Monitoring Committee (PMC) of the National Council on Privatisation (NCP), Bureau of Public Enterprises (BPE) and Nigerian Ports Authority (NPA), led by Mohammed G. Shuaibu, who came to assess the performance of privatised enterprises in the port. Jenkins, who appealed to the Federal...
( 07/03/13)
Renewed confidence in the Nigerian economy was again demonstrated yesterday by the international investor community, as the country’s second Eurobond was oversubscribed, raising a total of $1 billion, which government plans to use to finance its power transmission projects. The sale of the five- and ten-year bonds generated decent, albeit non-exceptional demand, according to a person with knowledge of the sale. The valuations of the new Eurobonds also look cheap, said Samir Gadio, an emerging markets strategist at Standard Bank, in London. “The price guideline for the ten-year implies a spread over United States Treasuries (UST) of 415 basis points (bps) while the outstanding 21s trade at 343 bps over UST at the moment,” Gadio said yesterday, in an email...
(Ventures-Africa 07/03/13)
VENTURES AFRICA – In a UN survey highlighting the number of women in ministerial positions, Nigeria ranks 23 in the world, above the likes of the United States of America, France, Brazil and the United Kingdom. This was released in an official statement following the June 26 book launch of “Goodluck Ebele Jonathan: Champion for Women,” a testimonial of women emancipation efforts by the Nigerian president. In 321 pages, the book showcases each of the 14 women ministers, over 17 ambassadors and other leading women in the Goodluck administration. President Ellen Johnson Sirleaf of Liberia was in the country to present the book. Also in attendance were Her Excellency, President Joyce Banda of the Republic of Malawi, Deputy Prime Minister...
(Ventures-Africa 07/03/13)
VENTURES AFRICA – The African Development Bank (AfDB) on Tuesday said it has earmarked up to $3 billion for Africa’s power sector over the next 5 years. AfDB President, Donald Kaberuka, speaking from Dar Es Salaam, said the bank’s interventions will include investment loans, reforms, advisory and guarantees in the energy sector. This is part of the bank’s backing for President Barack Obama’s $7 billion Power Africa plan which Obama unveiled on Saturday in Cape Town, South Africa. The US-led power plan will pay more attention to advancing more access to power in Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania. Blue chip companies including General Electric and Symbion Power will also invest an additional $9 billion. Kaberuka said AfDB will...
(AFP (eng) 07/02/13)
Long queues formed at petrol stations in some Nigerian cities on Tuesday after a key oil workers union ordered a three-day strike to demand better conditions and road repairs. The strike, which saw tanker drivers refuse to deliver petrol in Africa's largest oil producer, led to panic buying in major cities, including the economic capital Lagos and the main northern city of Kano. In the nation's capital Abuja, many petrol stations closed while those that remained open saw long lines. "Right now, tanker drivers are not lifting from the depots," Tokunbo Korodo, a senior official of the National Union of Petroleum and Natural Gas Workers (NUPENG), which represents blue-collar workers. It was unclear whether filling stations that closed were out...
(Business.News 07/02/13)
The scarcity of Liquefied Petroleum Gas, popularly known as cooking gas, which became noticeable on Friday, worsened on Monday with major plants in Lagos and Ogun states rationing the product and increasing the price. Our correspondent gathered that the scarcity was due to the debt crisis between the Nigerian NLG Limited and the Nigerian Maritime Administration and Safety Agency, which had fuelled speculations of an imminent crisis in the gas sub sector. Checks by our correspondent revealed that a 12-kilogramme cylinder of gas, which normally goes for about N3,000, now sells for between N3,300 and N3,400 in Lagos. Further checks revealed that an NLNG vessel that should have delivered LPG on June 28 had been delayed due to the deepening...
(Business.News 07/02/13)
CROSS River State has in addition to being the preferred tourism destination also become the preferred investment hub in Nigeria with Private investment portfolio currently in excess of 2 billion dollars which have generated employment for hundreds of people in the state, Mr. Gerald Ada, the Special Adviser to Senator Liyel Imoke on Investment Promotion Bureau has said. While interacting with newsmen on the activities of his Bureau in the past one year last week, Ada said the favourable investment climate in the state coupled with its innovative creation of a one -stop -investment centre have served as points of attraction to investors. He said the state is gradually inching up the ladder to become one of the busiest economies...
(Daily Trust 07/02/13)
With the expiration of the deadline for mobile phone users to register their Subscribers Identification Module (SIM) card on Sunday, telecoms operators have started deactivating unregistered numbers, Daily Trust learnt yesterday. The telecoms industry regulators, the Nigerian Communications Commission (NCC) declined plea from operators and subscriber groups to make another extension of the deadline. MTN Nigeria yesterday confirmed to Daily Trust that it has indeed commenced deactivation of unregistered numbers in its network. Funso Aina, a Public Relations manager at MTN Nigeria in a text message to our correspondent in Lagos yesterday said, "Yes, we have disconnected a lot of lines that were not registered by 30th June but we can't confirm the numbers for now." There have been perceived...
(Hrw 07/02/13)
A committee set up by the Nigerian government to develop an amnesty framework for members of the militant Islamist group Boko Haram should exclude serious crimes that violate international human rights law, Human Rights Watch said in a letter to the committee made public today. Instead, the Committee on Dialogue and Peaceful Resolution of Security Challenges in the Northshould demand accountability for these crimes. Boko Haram has carried out a brutal campaign of violence across northern Nigeria. A Human Rights Watch report in October 2012 found that Boko Haram’s attacks, including the murder of civilians and the persecution of Christians, likely amount to crimes against humanity under international law. Human Rights Watch has documented serious human rights abuses carried out...
(This Day Live 07/02/13)
The Chairman of the Securities and Exchange Commission (SEC), Mr. Sulleyman Ndanusa, Monday said the take-off of the NASD Plc Over-the-Counter (OTC) market would provide opportunity to enable all public companies be traded; thus engendering the demands of corporate governance, transparency, and trust among others. Speaking at formal launch of the NASD OTC Market platform in Lagos, Ndanusa noted that the launch of the NASD OTC is a major building block for the rapid transformation of the Nigerian economy via the provision of stable long term funding for industries and infrastructure. The market is meant for the trading of unlisted securities that are not currently traded on the Nigerian Stock Exchange (NSE). While the platform was launched yesterday, trading will...
(Reuters (Eng) 07/02/13)
Nigerian police have recaptured 54 of 175 prisoners who escaped from a jail in the southwest town of Akure after it was attacked by gunmen, a police spokesman said on Tuesday. Gunmen shot dead two civilians and then used explosives to raid the Olokuta prison in Ondo state on Sunday. "As of yesterday, police have apprehended 54 of the fleeing prisoners at various locations in Akure and neighboring communities," police spokesman Wale Ogodo told Reuters. Islamist sect Boko Haram and al Qaeda-linked group Ansaru have been behind several prison raids in recent years. But Ogodo said the last prison break-out not the work of insurgents. "It was pure jail-break and has nothing to do with Boko Haram. We suspect the...
(National Mirror Online 07/02/13)
About two weeks to the expiration of the six-week deadline given by the United States to Federal Government to comply with the International Ships and Ports Security (ISPS) Code or face serious trade sanctions. It is not yet clear if Nigeria will escape an effective shipping embargo. FRANCIS EZEM reports. The decision of the United States Government to issue a 90-day ultimatum to the Nigerian Government to fix its seaport lax security situation or face global trade sanctions, might not be unconnected with the rising wave of insecurity in the country, especially in the last two years. The country had following the conclusion of its 2011 general elections held in April been experiencing serious challenges, following the emergence of Islamic...
(National Mirror Online 07/02/13)
Long queues have resurfaced in most petrol stations in Abuja, the Federal Capital Territory, FCT, and its environs, following the commencement of a three-day warning strike by the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, over alleged unfair labour practices by oil multinationals. The NUPENG strike is coming few days to the expiration of the ultimatum issued by the Petroleum and Natural Gas Senior Staff Association, PENGASSAN, which has also threatened to embark on an indefinite strike, citing anti labour policies and poor working conditions amongst several issues. The three-day warning strike by NUPENG is also to protest the refusal of the National Association of Road Transport Owners, NARTO, to implement the signed collective bargaining agreement that was...
(National Mirror Online 07/02/13)
The 3 Armored Division of the Nigerian Army is to court martial 17 members of the Joint Task Force (Operation Restore Order) and Special Task Force (Operation Safe Haven) for murder and cowardly behaviuor. This was disclosed yesterday by the General Officer Commanding 3 Armored Division, Maj-Gen. Ebiobowei Awala, during the inauguration of the court martial held at the 3 Division Rhino Officers Mess Maxwell Khobe Cantonment, Jos. Maj-Gen. Awala said: “ “The offences include communication with the enemy, cowardly behaviuor, murder and manslaughter, among others. “The court martial is one of those instruments conferred on me by virtue of the Armed Forces Act Chapter A20 Laws of the Federation of Nigeria to address problems like this.” He said it...
( 07/02/13)
Omobola Johnson, minister of communications technology, said the federal government was working towards securing a total of $6 billion investment to promote efficient telecommunication services across the country. The investment, according to the minister, would be done through major telecommunications service providers before the end of the year. According to her, out of the $6 billion, $3 billion was part of the syndicate loan facility extended to major operators in the market. Johnson made the disclosure in Abuja, while addressing the media during the ministry’s mid-term review of the present administration. While acknowledging the importance of adequate infrastructure to efficient service delivery in the sector, she said: “Significantly more base stations need to be deployed across the country to meet...
( 07/02/13)
The Federal Government may have lessons to learn from Lagos, as the state’s 2012 internally generated revenue (IGR) from taxes touched the 75 percent mark, in stark contrast to the Federal Government which gets only 20 percent of its budget from non-oil taxes and the rest 80 percent from oil earnings. Lagos State has boosted its IGR from a maximum of N600 million to N7 billion per month from 1999 – 2007, and to N20 billion in the intervening six years, Ben Akabueze, the Lagos State commissioner for economic planning and budget said at the weekend, at the African Bankers Conference on debt capital markets in London. The ability of Lagos economy to move beyond oil is a template that...
(Bloomberg 07/02/13)
Armed with machetes and clubs, vigilantes in Nigeria’s northeastern city of Maiduguri are setting up roadblocks and conducting house-to-house searches to aid the army’s fight against Islamist militants. While the military welcomes the public’s support in the battle against the Boko Haram Islamist group, human rights activists say vigilantes’ activities may worsen violence and lead to abuses against innocent civilians. So far the vigilantes have seized more than 100 suspected insurgents in Maiduguri, the Borno state capital that has borne the brunt of Boko Haram’s violent campaign to impose Shariah law on Nigeria, according to Abubakar Malum, a leader in a group that calls itself the Civilian Joint Task Force. “The activities of the vigilantes is a step in the...
(Voice of America 07/02/13)
ABUJA — A Nigerian committee set up to negotiate with insurgent group Boko Haram is calling for Islamic leaders to help bridge the gap between the government and militants. But Islamic leaders say Boko Haram violence is unfairly associated with the Muslim religion. On April 24, Nigerian President Goodluck Jonathan formally set his “Amnesty Committee” to work. Their job was to find a way to negotiate with Boko Haram, a militant group that has killed thousands since it began violent operations in 2009. Less than three weeks later, the president said Boko Haram had captured territory and declared emergency rule in three northeastern states, Borno, Yobe and Adamawa, and sent thousands of troops to fight the group. At a conference...

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