Ex-govs fraud cases: AGF lists Saraki, Akpabio, Daniel, Odili, Ladoja for fresh probe, trial
Senate President Bukola Saraki, factional Chairman of the Peoples Democratic Party, Ali Modu Sheriff; and Senate Minority Leader, Godswill Akpabio, are among 31 former governors whose alleged corruption cases investigated by the anti-graft agencies are likely to be reopened soon.
The PUNCH had exclusively reported on Tuesday that the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, had written to the Chairman of the Independent Corrupt Practices and other related offences Commission, directing the reopening of the cases of the ex-governors.
It was learnt on Wednesday that the AGF had called for the case files of the former state governors. Punch
Dogara demands apology from Jibrin
A Seven-day ultimatum has been given by House of Representatives Speaker Yakubu Dogara to Abdulmumin Jibrin to tender an unreserved apology and retract all allegations made against him or face a legal action.
But in a swift reaction, through his twitter handle, Jibrin said: “I will not and will never apologise to a shameless fraud in high office who has glaringly abused public trust.”
Dogara’s demand was contained in a letter written and addressed to Jibrin by his (Dogara’s) counsel, Prof. Joash Ojo Amupitan (SAN) & Co.In the letter, entitled “Request for a retraction and an apology for a libelous press statement issued by you on Monday 25th July, 2016,” Amupitan alleges that the claim of Jibrin that the speaker is corrupt and abuses his office is aimed at tarnishing his image at home and abroad and is a clear case of libel. Guardian
Fix the economy now, Gowon tells Buhari
Former Head of state , General Yakubu Gowon (retd), yesterday, took a retrospective look at the situation in the country and asked President Muhammadu Buhari to ensure that the country’s economy regain its strength to alleviate the suffering of the masses.
Gowon spoke at Ile-Ife at a programme, Health Caravan and Award ceremony for the Ooni of Ife, Oba Enitan Ogunwusi, who was conferred with the Royal Ambassador for Hepatitis Advocacy in Nigeria by the Seham Health Care Foundation as part of activities to commemorate the 2016 World Hepatitis Day. Vanguard
APC governors’ meeting with Buhari not on Saraki’s trial’
Bauchi State Governor Mohammed Abubakar yesterday said All Progressives Congress (APC) governors’ meeting with President Muhammadu Buhari has nothing to do with the trial of Senate President Bukola Saraki.
He also said the APC governors raised a committee to look into the crisis and other problems confronting the party.
Abubakar said in as much as the APC governors would look into party issues in the National Assembly, they will not dabble in either any case in court or the crisis in the legislature.
Although he was silent on names, it was obvious that he was referring to the trial of the president of the Senate, Saraki, and others for forgery. The Nation
Business News
Recession good for Nigeria’s economy — Institute
Recession is good for the development and the expansion of the country’s economy, the Institute of Strategic Management of Nigeria has said.
The institute said this at a press conference in Abuja on Wednesday to announce its 2016 Conference and Annual General Meeting to be presided over by Vice-President Yemi Osinbajo.
Describing recession as a natural consequence, the 1st Vice-President, ISMN, Mr. Gbenga Oluniyi, said recession was good and necessary to make the country to exploit other capacities inherent in the economy. Punch
What small businesses should do in a recession
Recession is defined by economists as two consecutive quarters of negative Gross Domestic Product growth rate in an economy. It is a confirmation that economic activities in a country have contracted.
We believe by now, you have been inundated with news of an impending recession and what it could mean for Nigeria and your business. But how should small businesses respond to the threat of a recession? Nairametrics hopes to address this question by suggesting a list of things businesses can do to deal with the impending recession.
Review your funding structure
A recession typically starts by ravaging through the balance sheet of companies focusing on the company’s sales, profitability and then cash balances. Your business starts to record a decline in revenue followed by losses and then you start to run out of cash to pay for recurring expenses. This has to be your number one priority as the moment you start to experience cash shortages in your business, then it is clear that recession has caught up with you. Punch
Mixed reactions trail CBN’s rate decision
The quest to tame inflation and bridge the negative real rates, attract investments and raise savings may be a mirage, if oil crisis persists and monetary-fiscal measures cannot converge in the shortest period.
This captures the positions of financial analysts and real sector operators, who projected a varying outcomes in months to come, as the nation’s benchmark interest rate, currently put at 14 per cent, begins to generate mixed feelings.
According to the real sector operators, manufacturers are in a fix, as access to foreign exchange remains limited while their woes have been compounded with the hike in interest rate.The Monetary Policy Committee of the Central Bank of Nigeria (CBN), on Tuesday, favoured the increase of the Monetary Policy Rate by 200 basis points, saying it is to curtail negative rates against inflation level and attract foreign investment. Guardian
CBN orders banks to review foreign currency loans
The Central Bank of Nigeria (CBN) has directed banks to review and provision for non-performing loans denominated in foreign currencies.
CBN Director, Banking Supervision, Mrs. Tokunbo Martins, who made this known in a letter to all the banks titled: Provisioning for foreign currency loans, said the exercise was in continuation of the regulator’s efforts to enhance efficiency, facilitate liquidity and transparency in the foreign exchange market.
This is happening as the naira yesterday weakened to an all-time low of N334.50 against the dollar on the interbank market, a day after the CBN hiked interest rates to lure foreign investors back into local assets, traders said. The Nation
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.