News
Saraki, Ekweremadu trials fuels fear over legislative independence
The controversy on whether the current trial of the leadership of the upper chamber over allegations of forgery of the Senate rules, has continued to exacerbate the political crisis rocking Nigeria’s 8th National Assembly.
As the debate about whether or not the trial was the right political step to take grows, concerns have continued to mount about the trend such debate had taken.
Apart from its possible negative effects on the much-needed synergy between the executive and legislative arms to deliver good governance, many feared that the resulting diversion of attention from the business of governance to political mudslinging could defeat the very essence of the President Muhammadu Buhari administration. Guardian
Afenifere, Ohanaeze disagree as President says Nigeria’s unity not negotiable
President Muhammadu Buhari on Wednesday told militants who have continued to destroy oil installations in the Niger Delta that the unity of the country remained non-negotiable.
Buhari also called on those who had looted the nation’s treasury to approach the government and negotiate how they would return their stolen wealth.
Buhari said these when Vice-President Yemi Osinbajo and the Minister of the Federal Capital Territory, Muhammed Bello, led residents of the FCT to pay the President Sallah homage at the Presidential Villa, Abuja. Punch
It’ll be total shut down today – PENGASSAN
THE leadership of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has said its strike, expected to commence today, would be total. The strike was called in view of alleged insensitivity of the Federal Government to resolve some issues affecting the oil and gas sector. Vanguard
Nigerian military reopens key Borno road closed for 3 years of Boko Haram insurgency
The Nigerian Army on Wednesday reopened the Maiduguri-Dikwa-Gamboru road three years after it was closed as a result of the Boko Haram insurgency.
The News Agency of Nigeria (NAN) reports that the road was closed to motorists in 2013 at the peak of Boko Haram activities in Borno.
Gov. Kashim Shettima of Borno State, accompanied by the Chief of Army Staff, Tukur Buratai, a Lt.-Gen., flagged off the reopening of the road. Premium Times
Buhari to looters: Return stolen funds to have peace
President Muhammadu Buhari has urged those who stole public funds to negotiate and return the loots peacefully.
Buhari, who spoke at the Aso Rock Presidential Villa in Abuja yesterday during an Eid el-Fitr homage by residents paid of the Federal Capital Territory, warned that if the looters fail to comply, they would not know peace as the government would continue to pursue them. Daily Trust
Avengers: Buhari’s government negotiating with fraudsters
The Niger Delta Avengers (NDA), the militant group responsible for attacks on oil installations in the country, on Wednesday said President Muhammadu Buhari’s government has been “negotiating with fraudsters”.
Insisting that it has not entered into any agreement with the federal government, the group also distanced itself from recent violent incidents in the south-west.
NDA also said that contrary to the claim of Garba Shehu, senior special assistant to the president on media and publicity, made in an interview, the group has not killed “a single policeman” all through its operation. The Cable
Business News
FBN, merchant bank get AfDB $350 million lifeline
To boost lending and economic growth, the African Development Bank (AfDB) has extended a $350 million lifeline to First Bank of Nigeria (FBN) and FSDH Merchant Bank Nigeria.
Of the amount, $300-million stands as Trade Finance Loans to FBN and and $50-million to FSDH Merchant Bank, representing AfDB’s broader efforts to provide countercyclical support to the Nigerian economy.
According to AfDB, the facility became necessary given the falling commodity prices, which has caused shortages in foreign currency supply and led to unmet demand for trade finance instruments to support Nigeria’s ongoing economic transitions. Guardian
Ghana blames power outage on Nigeria’s oil sabotage
Ghanaian President, John Mahama, on Wednesday said the delay in the delivery of the crude oil ordered from Nigeria had created power generation problems for his country, leading to outages in many parts.
Mahama said the sabotage of oil terminals in Nigeria occasioned the delay in the supply of crude oil, which Ghana ordered last month.
Many parts of Ghana, especially the capital, Accra, have witnessed a resurgence of power outages, a problem that lasted four years but was declared over by former Minister for Power Dr. Kwabena Donkor, last year, according to Classfmonline.com. Punch
Financial inclusion: EFInA grants $1.5m to Diamond Bank
Enhancing Financial Innovation & Access (EFInA), has announced the release of $1, 500, 000 (421, 500, 00) Innovation Grant to support Diamond Bank’s Diamond Y’ello, ‘Winning the North’ project to boost financial inclusion to unbanked individuals nationwide. Vanguard
GCR Affirms Union Bank’s BBB+ Rating, with Stable Outlook
The Global Credit Ratings Co. (GCR) has affirmed Union Bank of Nigeria’s credit ratings of BBB+ and A2 for long and short term respectively, just as it also assigned a stable outlook on the bank.
According to a statement, GCR took into consideration the bank’s improved market position in Nigeria’s highly competitive banking industry following its recapitalization in 2012, and improved NPL ratio and profitability metrics in subsequent years. Thisday
OPS warns lengthy holidays harming business, economy
Members of Nigeria’s Organised Private Sector (OPS) yesterday warned that the country’s penchant for long holidays at every twist and turn is harming businesses and as a consequence, the economy, currently facing its biggest stress test in decades.
In direct responses to BusinessDay enquiries, a number of business leaders allied to the Nigerian Employers Consultative Association (NECA), the Nigerian Chambers of Commerce and Industry, among others, said businesses are being slowed down and losing billions of naira as a result. Business Day
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