News
Ikpeazu Wins First Appeal
The appeal court in Abuja has ruled in favour of Okezie Ikpeazu, governor of Abia state, in one of the five appeals before the court.
The five-member panel of judges led by Morenikeji Ogunwumiju on Thursday said the lower court made a “summersault” when it entertained matters that had already been transmitted to the appellate court.
he judgement which was delivered by Philomena Ekpe said the lower court had no business entertaining further applications on the matter and did not have right to adjourn the matter. The Cable
Monetary Policy Alone, Not Enough to Stimulate Growth – Buhari
President Muhammadu Buhari on Thursday said with the myriad of economic challenges facing the country, it would be difficult to achieve the desired growth with monetary policy instruments alone.
The president, who stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks, noted that with effective balancing of monetary and fiscal policy measures the needed growth would be achieved.
The event held at the headquarters of the Central Bank of Nigeria had as its theme “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa.” Punch
N2b Contract Funds: Orubebe,’ others’ Arraignment Stalled
The planned arraignment on Thursday of former Niger Delta Affairs Minister, Elder Godsday Orubebe and three others before the High Court of the Federal Capital Territory (FCT), Maitama, Abuja has been stalled.
Orubebe, Oludare Lawrence Alaba, Ephraim Tewolde Zeri (Director of Contracts) and Gitto Costruzioni Generali Nigeria Limited were accused, in a five-count charge, of alleged involvement in the diversion of about N2 billion naira meant for the dualisation of Section IV of the East West Road.
The charge marked: CR/265/2016 was filed by the Independent Corrupt Practices and other related offences Commission (ICPC). The charge borders on alleged corruption, diversion of funds and perjury. The Nation
Abdulsalami Abubakar Meets Buhari behind Closed Doors
Gen. Abdulsalami Abubakar (Rtd), former head of state, is presently in talks with President Muhammadu Buhari at the Presidential Villa, Abuja.
Reports say Abubakar arrived the Villa a few minutes after noon.
Although the purpose of his visit is still unknown, the former military ruler had in June said he believed that lasting peace could return to Nigeria. Independent
Breaking News: Avengers adamant on declaring independence October 1
THE Niger Delta Avengers, NDA, spoke tough today, insisting that the group would go ahead with its planned declaration of independence on October 1 if the Nigerian government failed to adhere to the demand to restructure the country.
The group in a statement by its spokesperson, self-styled Brig Gen Mudoch Agbinibo, also prayed for President Muhammadu Buhari and Northern governors to discover oil in commercial quantity in the North. Vanguard
Declare State-Of-Emergency in the Power Sector, LCCI Tells FG
The Lagos Chamber of Commerce and Industry (LCCI) on Thursday urged the Federal Government to declare a state-of-emergency in the power sector, saying electricity was critical to nation’s economy recovery.
Director-General of the chamber, Mr. Muda Yusuf, made the call in an interview in Lagos.
Yusuf said that adequate power supply was integral to recovery and diversification of Nigeria’s economy. Vanguard
Business News
FG Orders Massive Importation of Kerosene, Say Marketers
In a bid to check the arbitrary increase in the pump price of kerosene, the Federal Government has placed an order for massive importation of the product, oil marketers have said.
According to them, the government has also ordered huge importation of Automated Gas Oil, popularly known as diesel. They further stated that with the increase in the supply of the United States dollars by the Central Bank of Nigeria, the price of Premium Motor Spirit, otherwise called petrol, will not be hiked as earlier anticipated. Punch
Nigeria will lose $25bn to NLNG Act amendment – Omotowa
The outgoing Managing Director and Chief Executive Officer of the Nigeria LNG Limited, Mr. Babs Omotowa, has said the proposed amendment of the NLNG Act of 2004 will cost the country over $25bn in foreign direct investment and fines running in billions at international courts.
Omotowa said any tinkering of the Act would violate bilateral agreements with international investors.
He stated this on Thursday in Lagos at the National Association of Energy Correspondents’ Annual Conference. Punch
IPMAN assures Nigerians of getting Kerosene cheaper
Mr Chinedu Okoronkwo, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), has assured that kerosene will soon be accessible and cheaper in the country.
Okoronkwo gave the assurance on Thursday in Abuja.
He said that efforts were being made for massive importation of the product into the country, adding that the association had also put some measures in place to support government’s effort. Vanguard