The Nation Newspaper

Category: News Update

  • Forex reserves hit $42.56bn – CBN

    Forex reserves hit $42.56bn – CBN

    The Central Bank of Nigeria said the nation’s external reserves had risen to 42.56 billion dollars on October 29, up from 42.31 billion dollars on October 24.

    The apex bank posted the figure on its Website on Wednesday, stating that the figure represented 3.7 per cent increase over the previous figure.

    The News Agency of Nigeria reports that the nation’s external reserves had continued to grow since the beginning of 2012.

    NAN also reports that this development means that CBN has less than eight billion dollars to achieve its 50 billion dollars target for 2012.

    The Finance Minister, Dr. Ngozi Okonjo-Iweala, had in July said that there was need to build up the reserves to 50 billion dollars before December.

    Okonjo-Iweala, also the coordinating minister for the economy, said this at a meeting with the organised private sector in Lagos.

    She said this would help the country to be stable in the event of any global economic recession.

     

  • Jonathan carries out minor cabinet shake-up

    Jonathan carries out minor cabinet shake-up

    A minor cabinet reshuffle was announced by President Goodluck Jonathan on Wednesday, with the Minister of State for Power, Mr. Arius Dickson Ishaku swapping place with his Ministry of Niger Delta Affairs counterpart, Hajia Zainab Kuchi.

    Defending the action of the president, the Presidential Spokesman, Dr. Reuben Abati, who announced the minor reshuffle, said it was meant to strengthen the sector.

    He said the action was aimed at raising the level of performance and to meet the expectation of Nigerians.

    However, it was gathered that the minor shake-up may not be unconnected with the minister’s performance during the power sector meeting earlier in the week.

    The minister poor articulation and presentation, according to sources within the presidency, irked the President Jonathan as he watched the minister struggled to put across his points.

    Besides, the sudden drop in power supply in some part of country shortly after the substantive minister of power, Prof. Barth Nnaji, was eased out of office following what the Presidency described as clash of interest was also identified as another major reason for the swap.

    However, the government denied experiencing drop in power supply.

    Abati, who briefed alongside Minister of Works, Mike Onalememen, Communication Minister, Mrs. Omobola Johnson and Minister of State, Federal Capital Territory, Mrs. Olajumoke Akinjide also announced November deadline for contract discussions under the 2012 budget.

     

  • FEC approves N8.7b for code of conduct building

    The Federal Executive Council has approved N8.7billion for the construction of a 13- storey office headquarters for the Code of Conduct Bureau.

    Besides, another N3.028billion was approved for a new General Hospital at Gwarimpa, Federal Capital Territory.

    The Minister of State for FCT, Mrs. Olajumoke Akinjide, announced the approvals while briefing State House Correspondents on the outcome of the weekly FEC meeting, presided over by President Goodluck Jonathan.

    The contract for the code of conduct bureau headquarters initial cost was N3.51billion. The sum was however revised to N8.7billion so as to accommodate car parks in accordance to the laid down rules.

    “This building is a 13- storey building comprising of a four multi level storey car park, two of which are subterranean and two are above ground, while nine storeys are for the actual building.

    “This contract was actually originally awarded in 2010 but because of development control provision that any building in the central business district must have its own multi level car park, the designed had to be revised to put in the parking provision so the contract has now been revised.

    The project has a completion period of 36 months.

     

  • Lagos to prosecute motorcyclists for vandalising public properties

    Lagos to prosecute motorcyclists for vandalising public properties

    The Lagos State Government said it will prosecute all persons who were allegedly involved in the vandalism of some of its properties during the October 24 protest by commercial motorcycle operators.

    The state Attorney General and Commissioner for Justice, Mr. Ade Ipaye made this known on Wednesday in a chat with the News Agency of Nigeria in Lagos.

    Ipaye said some BRT buses and other government assets were vandalised by some of the commercial motorcycle operators, who were protesting their being restricted from plying 475 roads in the state.

    “I cannot tell you the number, I was just getting the reports that arrests were made, some have already been taken to court.

    “But I can assure you that we are determined to ensure that those people face proper legal procedure that should follow such a very, very criminal vandalism of public assets,” he told NAN.

    He said it was wrong for the protesters to take the law into their hands to express their grievances against a government policy.

    The attorney general debunked the allegations that the police and other law enforcement agencies were arbitrarily arresting commercial motorcyclists who were plying side streets.

    Ipaye said a list of the prohibited areas was compiled by the government before the law came into effect, stressing that the agencies were working with that directive.

    “The issue whether you are where you should be or not, must be determined by reference to the list.

    “And when you are in doubt, you should consult that list. It has been variously publicised, printed by the ministry of information.

    “When you are in doubt and you are an operator, in fact, I expect all the unions in that industry to have that list and to circulate it among their members,” the attorney general said.

    Ipaye also faulted those criticising the policy on the basis that the government had failed to provide an alternative means of livelihood for the commercial motorcycle operators before implementing the restriction.

    He said their operations were only being restricted on 475 roads out of over 9,000 roads, adding also that there were other available employment opportunities in Lagos State.

     

  • Electrical fire ‘kills 25’ in Saudi Arabia

    At least 25 people have died and 30 others injured in a fire at a wedding in eastern Saudi Arabia, BBC reports.

    Hundreds were inside the courtyard of a home in the village of Ain Badr, in the Abqaiq region, when the blaze began.

    A high-voltage power line reportedly fell down and sent sparks flying after it was hit by celebratory gunfire.

    The power line is also believed to have touched a metal door at the only exit from the courtyard, which lead to many of the victims being electrocuted.

    Civil Defence Directorate sources told al-Arabiya that most of the casualties were women, though men and children also reportedly died.

    Survivors have been taken to the ARAMCO and Central Abqaiq hospitals.

    Civil Defence spokesman Col Mohammed al-Ajami said the governor of Eastern Province had ordered the authorities to investigate the incident

     

  • Gunmen kill village head, 17 others in Zamfara

    Gunmen kill village head, 17 others in Zamfara

    Gunmen numbering about 20 on Tuesday attacked the Kaboro community in the Dansadau Emirate of Zamfara, killing 18 people, including the village head.

    A survivor, Malam Sani Abdullahi, who narrated his ordeal to journalists in Gusau, said the bandits, swooped on the village at about 4am and began to shoot sporadically.

    “It was when the shooting started that the village head, identified as Alhaji Maiyara, came out to plead with the gunmen to stop the heinous crime. But they got at him and killed him.

    “He was killed instantly when they felt that he was disturbing them with his endless begging after he was warned to shut up and keep off.

    “They fired from different angles of the village and killed whoever attempted to escape, after killing our village head,’’ he said.

    Haruna Kabir, another survivor who spoke to journalists, said he heard gunshots from far away and sensed that a disaster was befalling the community.

    Kabir said he escaped from the village through a bush path, adding that he would not return to the village in a hurry.

    The bandits were believed by the villagers to be responsible for the killing of 22 people at Dogon Dawa village in Birnin Gwari, Kaduna State about a fortnight ago.

    Malam Nuhu Anka, the Director of Press to the state governor Abdulaziz Yari, confirmed the incident to the News Agency of Nigeria in Gusau.

    He said the governor had directed the state Emergency Management Agency to supply relief materials to the victims’ families.

     

  • IMF eases restrictions on Zimbabwe

    IMF eases restrictions on Zimbabwe

    The International Monetary Fund on Tuesday relaxed restrictions on technical assistance to Zimbabwe, opening the way for an IMF staff-monitored economic program.

    The move marks a major step toward normalizing relations with the southern African country.

    “The executive board has decided to resume IMF technical assistance in certain new areas to support Zimbabwe’s formulation and implementation of a comprehensive adjustment and structural reform program that can be monitored by the staff,” the IMF said in a statement.

    While Zimbabwe is still not able to tap IMF funding, easing the restrictions moves it in that direction. The IMF would want to see a track record of sound policies by the unity government of President Robert Mugabe and Prime Minister Morgan Tsvangirai before it agrees to a lending program.

    Reuters says the IMF suspended Zimbabwe’s voting rights in 2003 over policy differences with the Mugabe government and payment arrears to the global lender.

    The voting rights were restored in 2010, allowing Zimbabwe to again participate in IMF decision-making.

    In its statement, the IMF said its board of member countries agreed there had been “significant improvement in Zimbabwe’s cooperation on economic policies and renewed commitment to address its arrears problems.”

    IMF technical advice to Zimbabwe will now be extended to cover tax policy and administration, public financial management and expenditure policy, financial sector and central bank reform measures, monetary and exchange policies, and economic statistics.

    The country faces a huge debt burden. Its total external debt is estimated at $10.7 billion, or 113.5 percent of Gross Domestic Product, at the end of 2011. More than half of it is in arrears.

     

  • Economic crimes: FG will go after erring public officials – Jonathan

    Economic crimes: FG will go after erring public officials – Jonathan

    President Goodluck Jonathan said on Tuesday that the federal government will go after public officials found to have committed economic crimes in the country.

    Speaking at the launching of the book – “Reforming the unreformable, lessons from Nigeria,” written by the Minister of Finance, Dr. Ngozi Okonjo-Iwela, in Abuja, President Jonathan disclosed that his administration will go after officials found to have committed various economic crimes and corrupt practices with impunity.

    He added that government is taking legal measures to ensure that those who defrauded the government under the petroleum subsidy scheme are made to give back the money and severe punishment meted out to them.

    This administration, according to President Jonathan, who was represented at the event by Vice -President Namadi Sambo, will continue to diversify the economy with the aim of creating jobs and wealth.

    “This administration is not only committed to reform but is also building on some of the reform measure initiated by its predecessors, specifically by consolidating the micro economic reforms and going further on structural reforms to create jobs in the economy,” the president stated.

    Earlier, the former Secretary General of the Commonwealth, Chief Emeka Anyaoku, canvassed a major restructuring of the country’s government structure.

    Anyaoku noted that rather than be a source of strength, the current structure has “become an harbinger of disunity.”

     

  • Edo: New panel begins sitting Wednesday

    Edo: New panel begins sitting Wednesday

    Edo State Governorship Election Petitions Tribunal will on Wednesday begin fresh hearing in the petition filed by candidate of the Peoples Democratic Party in the July 14 gubernatorial election in the state, Major-General Charles Airhiavbere, challenging the victory of Governor Adams Oshiomhole in the poll.

    The tribunal’s newly reconstituted three-member panel is headed by Justice Muhammed. A. Pindiga while Justices C.M.A. Olotoregun Ishola and A. I. Kutigi will serve as members.

    Fresh hearing of Airhiavbere’s petition was sequel to the dissolution of the former panel headed by Justice Suleiman Ambrusa.

    Justice Ambrusa-led panel was dissolved following a petition to the Nigerian Judicial Council (NJC) by Counsel to Airhiavbere, Efe Akpofure.

    Akpofure alleged that Justice Ambrusa’s panel has been compromised.

     

  • We are economically frustrated, Ogonis tell Amnesty Intl

    We are economically frustrated, Ogonis tell Amnesty Intl

    The people of Bodo community in Ogoni, Rivers State, on Tuesday called on Amnesty International to get justice over Shell oil spillage which they claimed has frustrated the community’s economic life.

    The people stated this at the market square were they gathered to welcome members of the  international watchdog and the Centre for Environment, Human Rights and Development (CEHRD) to the community.

    Members of the Amnesty International as well as chiefs and elders of Bodo community visited the sites affected by oil spillage and condemned the level of damage in the areas.

    Speaking on behalf of the community, the chairman of Bodo Council of Chiefs and Elders, Mene Sylvester S. Kogbara, said the inhabitants of the community have “no future, ” adding that  fishing system, farmlands and other economic trees have been put out of existence as a result of the oil spillage.

    He said: “We the people of Bodo community in Ogoniland had expressed our gratitude to Amnesty International for visiting our community, especially the oil spillage sites which had attracted intentional concern and reactions over the level of damage on our land.

    “We are giving you our total support in the cause of this struggle to force Shell to pay compensation to the community. On our part, you have manifested that Bodo is in your heart by personally coming to mingle with the tangible realities of the suffering of our people.”

    Responding, the Secretary General of Amnesty International Mr. Salil Shetty said: “We are here to give you all necessary support and we have decided to fight for you as far as Amnesty International is concerned.”