Monday August 31st, 2015
Monday August 31st, 2015
Latest

35 princes jostle for Ooni stool

  /   in News 6:25 am   /   Comments

Ooni of Ife: Oba Okunade Sijuwade, Olubuse 11

Osogbo—AT least 35 princes from the four ruling houses in Ile-Ife are now jostling for the vacant stool of the Ooni of Ife.

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Ebonyi PDP stalwart condemns Buhari’s ‘northernization policy’

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PDP-APC-logo

ABAKALIKI—A prominent Peoples Democratic Party, PDP stalwart in Ebonyi State, Chief Abia Onyike, weekend, described the recent appointments made by President Muhammadu Buhari, as alleged northernization policy against the South East and South West geopolitical zones of the country.

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Fitch: Nigerian banks in trouble, may post decline performance indicators

  /   in Business, News   /   Comments

Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4 per cent , down from 4 per cent in the previous quarter, the slowest quarterly growth rate for over 10 years.”

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Police recover INEC election result sheets from syndicate in Delta

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ASABA—POLICE in Delta State have burst a syndicate of politicians and officials of the Independent National Electoral Commission, INEC, who broke into the commission’s strong room in Asaba and stole original copies of 137 result sheets used for the last governorship and House of Assembly election in the state.

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Gov Okorocha mandates bailout fund c’ttee to clear unpaid salaries

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*Okorocha

OWERRI—GOVERNOR Rochas Okorocha of Imo State, has set up a committee to administer the bailout fund allocated to the state with the mandate to clear all unpaid salaries and allowances of workers.

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Cash crunch: CBN intervenes with N212bn

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CBN Governor, Mr Godwin Emefiele

A bail out liquidity management by the Central Bank of Nigeria, CBN, may ensue in the banking system if liquidity situation fails to improve significantly this week, as the money market situation toughened last week.

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TRIBUNAL: Abe faults PDP on conduct of security agencies

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Magnus Abe

PORT HARCOURT—SENATOR Magnus Abe has absolved the All Progressives Congress, APC, in Rivers State over alleged use of security agencies to their advantage at the election petitions tribunal sitting in Abuja.

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Father of 3 drowns in well

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A father of three, Victor Aduloju, 58, weekend, slipped while fetching water from a well, fell in and drowned, in Akure, Ondo State.

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7 die in Ogbomoso road accident

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SEVEN persons reportedly died in an auto crash on Ibadan Ogbomoso road yesterday, while several others sustained life-threatening injuries.

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How Nigerian entrepreneurs can benefit from lifting of Iran sanction

  /   in Business, News   /   Comments

Entrepreneurship

Nigerian entrepreneurs should prepare to explore the immense opportunities provided by the imminent total lifting of international trade restrictions placed on the Islamic Republic of Iran, to boost local export and drive economic growth in the country. Pioneer member of Nigerian-Iran Business Council, Mr. Prince Hassan Momoh stated this during a workshop organised by the Council on the business opportunities in Iran in Lagos.

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Nigerian economy heading towards recession

  /   in Broken Links, Business, News   /   Comments

Economy

As crude oil prices dived lower threatening to dip below $40 a barrel for the first time since the financial crisis of 2008 and notching their longest losing streak since 1986, economies around the world are catching cold. Investors across the world are losing their investment in stock and property owners are also suffering losses as a result of depreciation in currencies. With deepening gloom over demand growth from the world’s second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this year, most oil traders are unwilling to stabilize crude oil prices. The market seems to be stuck in a relentless downward trend.

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Vocation and technical education – a key to improving nigeria’s development. part 4

  /   in Education, News   /   Comments

education

The focus is on the roles of technology and vocational education in enhancing entrepreneurial skills that will equip students for entrepreneurship education in Information and Communication Technology (ICT.) driven technological environment. The world has become globalized and the future prosperity depends on comparative advantage. This comparative advantage hinges on people and their technical or technological sophistication.

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KOGI GOV POLL: Audu wins APC ticket

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Abubakar Audu

Former governor of Kogi State, Prince Abubakar Audu, yesterday emerged the governorship standard bearer of the All Progressives Congress, APC, for the November 21 governorship election.

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SON renews commitment to ridding Nigerian market of sub-standard products

  /   in Business, News   /   Comments

Economy

Director General and Chief Executive, Standards Organisation of Nigeria (SON), Dr. Joseph Odumodu, has re-iterated the agency’s readiness to reduce sub-standard products to 10 per cent by the end of 2015, noting that the days of manipulation of the system will no longer be permissible Speaking at an expanded stakeholders’ seminar in Lagos entitled, “Trade Facilitation via Automation of SON’s Services” in Lagos.

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Shell Nigeria declares force majeure on Bonny Light crude exports

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The International headquarters of Royal Dutch Shell, Netherland.

Shell’s Nigerian unit, Shell Petroleum Development Company (SPDC), declared force majeure on Bonny Light crude oil exports after shutting down two key pipelines in the country due to a leak and theft. The Trans Niger Pipeline and the Nembe Creek Trunkline are two of the biggest onshore pipelines in Nigeria, and carry Bonny Light crude oil to vessels for export worldwide.

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The poison in further devaluation

  /   in Business, Finance, News, Rational Perspectives   /   Comments

Naira-Dollar

Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

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CBN, domiciliary account and the economy

  /   in Business, Finance, News   /   Comments

Emefiele CBN Governor

The principal reason in the heedless pursuit of a cashless society is the belief that this will stop corruption. This is a Western notion which we have embraced fully – bringing lots of jobs to the West – the computers, the dispensing machines, the chips, pin, cards, etc. In the process it has changed banking beyond recognition. The bankers no longer want to see their clients: Their attitude is this: bring your money to the bank, but speak to the ATM. The rationale is fundamentally flawed in a developing economy.

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Tech operators fault planed increase of VAT

  /   in Business, Finance, News   /   Comments

Tax(VAT)

An attempt to increase the value added tax by 10 per cent as announced by the Federal Inland Revenue Service, FIRS recently will lead to high inflation, further currency devaluation and eventual serious economic losses, said some technology operators who spoke to Vanguard on the matter. According to them, the increase will not only hurt the economy but result to higher cost of living and more revenue losses for government. They argued that the best option would be to expand the tax net and increase revenue generation instead of compelling some honest enterprises that are already paying to pay more.

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Tribunal admits more exhibits against Amosun

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Gov Amosun

Meantime, there is palpable tension in Ogun State as the Tribunal on governorship elections sitting in Abeokuta, on Saturday granted an application by the Peoples Democratic Party and its governorship candidate, Gboyega Isiaka seeking to tender more exhibits against the victory of Governor Ibikunle Amosun of the All Progressives Congress.

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In support of Senate probe of Obasanjo – 2

  /   in News, Sobowale On Business   /   Comments

Former President Obasanjo

An army is a nation within a nation…” Alfred De Vigny, 1797-1863. (VANGUARD BOOK OF QUOTATIONS, VBQ, p 14). President Buhari will not probe Obasanjo’s government, not because it will constitute a distraction, as eager propagandists will like us to believe but because of the military tradition of esprit de corps. Once an officer was your superior officer in service, you don’t disgrace him in public. The rare exceptions occur when there is a coup arising out of disagreements among the officers.

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PenCom issues draft guidelines on mortgage financing

  /   in Business, Finance, News   /   Comments

Typical houses requiring mortgage financing

National Pension Commission (PenCom) has issued draft guidelines on withdrawals from Retirement Saving Accounts (RSA) for equity payment of residential mortgage. This is contained in a document released by the commission on its website last week, the guidelines help to determine the eligibility requirements, procedures and documentation required to enable RSA contributors to access and utilise part of their RSA balances.

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Uncertainty in FG’s policy cripples capital market growth – NSE boss

  /   in Business, News   /   Comments

Unlike the Stock market, Forex trading is Online

“When you compare them to the fact that the U.S is beginning to consider whether they should start increasing interest rate, and you also have the situation in Europe and Greece, which is really a European story. So if you have all of that, and you are looking from a global perspective where we are looking to have global growth of 3.5 percent, and we have the largest second economy in the world slowing down, which is a major source of that growth that we have seen across the globe. Sure it is going to affect economies that are highly connected to such economy.”

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We expect emerging markets revenue contribution to increase to 30% – DHL

  /   in Business, News   /   Comments

Managing Director, DHL Group, Frank Appel

We are prepared to tap from the growth of e-commerce, so we are investing heavily in Nigeria .e-commerce creates significant opportunity for us. We are not a manufacturing company but we are in the business of supply. So we are ready to benefit from e-commerce growth in Nigeria. South Africa has the second largest number of potential online shoppers (70 per cent ), compared to Nigeria (89 per cent ) and Kenya (60 per cent ). South African e-commerce sites are popular destinations for shoppers from Nigeria.

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Gale of defections looms in Kogi APC

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Audu Abubakar

The last may not have been heard about the just concluded APC governorship primary in Kogi State as many of the aspirants who failed to pick the ticket of the party have threatened to pursue their interests in other parties.

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Eko DISCO sacks 300 workers

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Electricity-new

Lagos—Eko Electricity Distribution Company, Eko DISCO, has sacked no fewer than 300 workers creating fear among the staff of the company.

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Banks beg FG to relax Single Treasury Account

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Buhari

Nigerian Deposit Money Banks, DMBs, have begun a campaign of begging the federal government to review the implementation of the Single Treasury Account, STA, as directed by President Muhammadu Buhari.

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DSS arrests 21 Boko Haram suspects in Lagos, Enugu, others

  /   in News   /   Comments

Boko HAram militants arrested and paraded by Civilian JTF in Konduga during Gov. Shettima's visit

The Department of State Services, DSS, said yesterday that it had arrested notable commanders and front line members of the notorious Islamic sect, Boko Haram, from different parts of the country, especially, those responsible for the coordination and execution of the suicide attacks in Potiskum, Kano, Zaria and Jos.

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Gov aspirant disagrees with Edo govt on World Bank loan

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Governor Adams Oshiomhole

BENIN—A Peoples Democratic Party , PDP, governorship aspirant for next year’s governorship election in Edo State, Chief Solomon Edebiri, has insisted that the state government has no business borrowing, as it has all it requires naturally and traditionally to survive and prosper. Edebiri, who addressed some Edo Professionals groups in Benin, weekend, which visited him at his residence, said that a responsible government in the state can harness and muster all the resources to improve the living standards of the people.

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Adegboruwa faults Buhari on dissolution of NDDC board

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Buhari

lagos—Lawyer and activist, Mr. Ebun-Olu Adegboruwa, has said that President Muhammadu Buhari acted in error in his dissolution of the board of the Niger-Delta Development Commission, NDDC. In a statement, yesterday, in Lagos, Adegboruwa, said: “On December 16, 2013, the Federal Government inaugurated the 4th Governing Board of the NDDC, after members of the said Board had been thoroughly screened by security agents and were all cleared and confirmed by the two Chambers of the National Assembly. The appointment was for a four year tenure, to end on December 15, 2017.

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Police repel pirates’ attack on passenger boat in Bayelsa

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Policeman get sets to quell protect of students of Olabisi Onabanjo University Ago-Iwoye in Abeokuta

Yenagoa—Men of the marine division of the Bayelsa State Police Command, have reportedly repelled an attack on a passenger boat by suspected pirates along the waterways of Southern Ijaw Local Government Area of the state. The attack occurred less than two days after suspected sea pirates ambushed two passenger boats and allegedly kidnapped two chiefs and security operative on the Ogbia Brass waterway of the East senatorial district.

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DESOPADEC: Lori-Ogbebor insists on court action as Okowa visits Warri monarch

  /   in News   /   Comments

Okowa

Governor Okowa had visited the Warri monarch, Ogiamae Atutwase, recently, to prevail on Lori-Ogbebor and her group to withdraw their threat. A former state commissioner who is also from the area, Mr. Omolubi Newuwumi, told Vanguard, yesterday, “I guess you must have seen the response of the Olu of Warri in the newspapers, where he said Okowa should not take for granted the words said by Chief Lori-Ogbebor.”

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Commercial transporters clash with FRSC over Sept 1 introduction of speed limiter

  /   in News   /   Comments

FRSC operatives

A major crisis that may disrupt road transportation in Nigeria for a long period if not averted by the Presidency has broken out between commercial transporters in the country and the Federal Road Safety Commission, FRSC.

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