Why Senate rejected Buhari’s $30bn loan

 

President Muhammadu Buhari’s request seeking for the approval of the National Assembly for a $29.9billion foreign suffered a setback yesterday after it was rejected by the Senate.
The Senate Leader Ali Ndume had moved a motion for the consideration of the request and it was seconded by Deputy Minority Leader Emmanuel Bwacha.
However, when the motion was put to vote by the Senate President Bukola Saraki, those against it overwhelmed those for it.
The senate president repeated the question and got similar response and eventually hit the gavel in favour of those against the request.
President Buhari had last week requested   the approval of the lawmakers to secure $29.9billion loan through a letter which was read last Wednesday by the Deputy Senate President Ike Ekweremadu.
The loan, if approved, according the President, will go to areas such as health, power, railway, roads, education, water resources, among others.
A breakdown of the proposal shows that $11.274 billion was for projects and programmes, Special National Infrastructure Projects $10.686 billion, Euro Bonds of $4.5 billion and Federal Government Budget Support of $3.5 billion.
I’ll re-present it – Ndume
Addressing newsmen, Ndume expressed shock over the rejection but said  he would re-present the request.
“The borrowing plan was technically rejected but I’m going to re-present it. The problem came on technical ground.  It was supposed to go to the Committee,” he said.
On why it was rejected, Ndume said, “There was no attachment of the borrowing plan as indicated in the President’s letter. The detail of the borrowing plan was also not included”.
Paragraph one of the President’s letter reads: “I wish to refer to the above subject and to submit the attached draft of Federal government 2016 - 2018 External Borrowing (Rolling) plan for consideration and early approval by the National Assembly to ensure prompt implementation of the projects”.
Ndume, however, expressed optimism that the request would be approved when re-presented.
“There is nothing to worry about. We are only trying to do things there way they should be done.”
We’ll provide needed information – Presidency
In his reaction, the Senior Special Assistant to the President on National Assembly (Senate), Senator Ita Enang said the Presidency was working hard to provide the required information to the Senate.
“We are not disputing with the distinguished Senate. There are certain information and details which will enable them to consider in detail and appropriately the request of Mr President are contained in the plan.
“So we are collating that information, the Budget Office of the federation, the Debt Management Office, the honourable Minister of Budget and National Planning, Minister of Finance and the economic team are collating the information so that they can be submitted to the Senate to enable them take the appropriate decision,” he said, adding that “We will not be disputing with them but we will be engaging with them.”
What Buhari should do
A ranking Senator who does not want to be named faulted the rejection, saying the external borrowing was approved in the 2016, 2017 and 2018 Medium Term Expenditure Framework (MTEF) last year.
“We have approved part of the loan in MTEF that was submitted to us last year. What they should have done is to approve the amount we approved in the MTEF and demand for the details of the remaining amount,” he said.
He said instead of rejecting the request, they should have stepped it down till the submission of the detail/attachment by the Presidency.
“Since there is no detail or attachment, they shouldn’t have listed the request on the order paper (programme) of the Senate. Buhari will not do such a thing because even Goodluck Jonathan that is considered reckless will not do so.
“It is possible that the detail disappeared at the Senate, you know the budget got missing here last time. I think the development was as a result of the crisis between Saraki and the Presidency,” he said.
Daily Trust reports that the request by the president remains alive as it is yet to be considered by the House of Representatives. Spokesman of the House Abdulrazaq Namdas had last week said that the lower chamber would  debate the president’s request this week.
However, sources told Daily Trust that, in view of what transpired at the Senate, the House may not consider it this week.

Fidelity Bank declares N110bn earnings in Q3

 

Fidelity Bank Plc has recorded gross earnings of N110.3 billion in its unaudited financial results for nine months ended September 30.
The bank’s gross earnings rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent. This is contained in a statement by the bank issued in Lagos yesterday.
The result showed that Fidelity grew its deposit base by 3.4 percent to N795.6 billion from N769.6 billion in 2015 Financial Year (FY).
According to the lender, the devaluation of the naira accounted for N53.6 billion of its deposit growth.
Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, Nnamdi Okonkwo, pointed out that the performance was reflective of the recessionary environment characterised by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions.
The Fidelity boss said: “We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.”

Naira recorded marginal appreciation against dollar

The Naira on Monday in Lagos appreciated marginally against the dollar at the parallel market, gaining N2. The currency exchanged at N468 to the dollar as against N470 it traded on Friday. The Pound Sterling and the Euro closed at N565 and 510, respectively. At the interbank market, however, the naira depreciated against the dollar, eroding the gains of Friday in that segment. It shed N4.31 to close at N308.81from N304.50 posted on Friday. Trading at the Bureau De Change (BDC) window showed that the currency closed at N385 to the dollar, while the Pound Sterling and the Euro traded at N564 and N504, respectively. A BDC operator, Mr Abubakar Adamu, expressed optimism that the naira would appreciate further in the coming days.

AirAsia India investigating former staff for financial irregularities

AirAsia India is investigating certain former employees over irregular personal expense claims, the aviation joint venture of Tata Sons and Malaysian airline AirAsia Bhd said in a statement on Monday.

The announcement follows a letter sent last week by the ousted chairman of Tata Sons, which owns 49 percent of AirAsia India, in which Cyrus Mistry said board members were aware of "ethical concerns" with respect to certain transactions.

He said a forensic investigation had found "fraudulent transactions" of Rs 220 million ($3.29 million) involving "non-existent parties".

That letter prepared the ground for a "probe into the allegation of mismanagement of funds," said an official at the India's financial crime fighting agency Enforcement Directorate.

AirAsia India said that together with parent AirAsia and Tata Sons, it would investigate allegations of impropriety and misappropriation.

"The three entities do not approve of any unethical practices and will take very stern action against the perpetrators at all levels of the organisation," the company said.

Standard Chartered Bank claims digital award

According to report, Standard Chartered Bank has won the “Best Global Consumer Digital Bank” award from Global Finance for the sixth year in a row, edging out 261 other banks. The awards, which was held in London saw Standard Chartered Bank also picked up awards for the following: Best Global Consumer Mobile Banking, Best Global Consumer Mobile Banking App, Best Global Information Security Initiatives and Best Consumer Digital Bank Middle East & Africa. Karen Fawcett, Group CEO, Retail Banking, commented, “These wins represent welcome recognition of our standing in the industry and the progress we are making with our digital agenda.” Earlier this year, Global Finance recognised Standard Chartered Bank as “Best Consumer Digital Bank” in 15 countries across our footprint. Standard Chartered Bank last year announced it will invest USD1.5bn in technology over three years and the wins reflect the bank’s commitment to deliver the latest in digital banking innovation to its clients across Asia, Africa and the Middle East. The bank recently announced it will be rolling out a suite of cutting-edge fingerprint and voice biometric technologies so clients can securely access their bank account balances, cards and investments using their unique fingerprint or voice as identifiers. Reaching more than five million clients, this is the most extensive roll-out of fingerprint biometric technology by any international bank and a first in most markets. In July, Standard Chartered also announced the roll out of chat and video banking in nine markets by the end of 2016 and, earlier this year, it launched a digital “bank on an iPad” in eight new markets; this sales-and-service tool lets clients open an account in any location and makes banking services such as loan approvals and credit card issuance fast, simple and completely paperless.

NSE: Investors lose N3bn as Bankole seeks multinationals’ listing

The stock market opened the week on a downward note yesterday as investors lost N3 billion on account of losses sustained by most blue chip companies. Specifically,market capitalisation, which represents investors’ wealth fell by 0.3 per cent or N3 billion to close at N9.35 trillion from N9.38 trillion on Friday. In the same vein, the All Share Index, ASI, dropped by 0.3 per cent to settle at 27,220.02 basis points from 27,294.21 points. Performance across sectors was mixed during the day with the NSE 30 Index, NSE banking index and NSE industrial goods index depreciating by 0.4 per cent, 0.94 per cent and 1.86 per cent respectively. On the other hand, the NSE oil and gas index, insurance index and consumer goods index rose by 0.45 per cent, 1.07 per cent and 0.10 per cent respectively. According to projection by analysts at United Capital Plc, sentiment is expected to be mixed this week, albeit with a bearish bias, with third quarter , Q3, earnings numbers likely to remain the dominant theme that will dictate overall market direction in the interim. “Momentum will likely be more towards the bears earlier on in the week at the fixed income market against a backdrop of tight system liquidity. That said, demand will likely gradually increase, with unallocated funds from foreign exchange, FX, forward sales re-entering the market even as the institutional players take position ahead of the new month. Further breakdown of activities during the day showed that Transcorp Plc led the losers with nine per cent decline to close at N0.91 from N1.00, followed by D.N Meyer that went down by 8.79 per cent to close at N0.83 from N0.91. 7Up Bottling company Plc, Lafarge Africa and Oando Plc each depreciated by five per cent to close as the last three on the top five losers table. Meanwhile, the former Speaker of the Federal House of Representatives, Honourable Dimeji Bankole has called for the listing of big corporations operating in Nigeria on the floor of the Nigerian Stock Exchange (NSE). Making the call at the Gala Night for the 20th Annual Conference of the Chartered Institute of Stockbrokers (CIS) in Lagos, Bankole opined that the Exchange at present cannot serve as the barometer for the economy as majority of big corporations in Nigeria are not listed. Former Speaker, House of Representatives, Dimeji Bankole, who was the guest speaker, spoke on the theme “Building New Pillars, Creating New Values for Sustainable Development.” He said in the same way that the Nigerian economy was in need of complexity, the stock market was also in need of a broader variety of stock options. He listed some of the corporations not reflected in the capital market to include major companies in the telecoms sector like MTN, Globacom, Airtel; Discos and Gencos in the Electric Power Sector; NNPC, LNG, Petrochemicals, Shell and major upstream energy companies.

How Buhari can crash the Dollar/Naira disparity- Ifeanyi Ubah

Billionaire and Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, has offered the President Muhammadu Buhari-led administration what he described as the best possible ways to addressing the biting recession, as well as crash the proliferating Dollar/Naira disparity in the foreign exchange market. Ifeanyi Ubah Ifeanyi Ubah Speaking at the World Youth Gathering, Holy Ghost Adoration Ground, Uke in Idemili North Local Government Area of Anambra State, Ubah lamented that there is nothing wrong with the Nigerian economy, but rather said the country’s major problem is that it has bad economic managers. Recall that last February, Ubah had vowed on a national television that if consulted by President Buhari, he could use his technical-know-how to stabilize the Naira to an exchange rate of N200=$1. Then, the Dollar/Naira disparity had skyrocketed that N400 was already exchanging for $1 in the Parallel market. Insisting on his earlier stance of possessing the technical-know-how on how the Dollar/Naira disparity can be crashed, Dr. Ubah pointed that “the only solution to Nigeria’s economic problems is one- addressing the cancer to our Forex which setting up 10 modular refineries can solve that problem. The second cancer that is affecting us is the Economic and Financial Crimes Commission (EFCC).” The oil magnate stated at the Adoration Ground in Uke, “I said that I am going to bring down the dollars, I sought for consultations because in the past I have done so many things and at the end of the day, people took the glory. This is an issue that is very important to me. Government must understand that Bill Gates, one of the richest men in the World today said, ‘it’s not about academics, it’s about being streetwise.’ “Money-making is an art. There is nobody that can’t make money. It depends on how you design the art of how you want to make money. Now, let me give you an example today and let me also proffer a solution to Nigeria’s economic problems. “The biggest Forex consumer in Nigeria today, is the Petroleum Product (Downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you want to attack the difference between the Naira and the Dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash. “If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There’s what is called top-up refineries. Some top-up refineries can cost us as little as $200million. “I am the Chief Economist of this country, and I want to bring back the value of Naira; if I want to bring back life to the economy of Nigeria, what I need to do is to take up a bond from our reserve of $2billion. If I am able to take a bond of $2billion from our reserve, which is not money I am spending, but a bond, our money remains. And I can take this $2billion and then share it among 10 companies. And In that 10 companies, I will create Special Purpose Vehicles (SPVs) of 10 oil marketers to one company. “If you bring 10 oil marketers to run one company and government funding them for 10 years, it means that all of us will go there and bring the best of us to manage the company. “Therefore, what we are going to do is create 10 companies along the whole water lines of Nigeria, and in six months time, we can now refine our crude oil here in Nigeria, instead of taking it abroad to refine. And by so doing, we don’t need to buy dollars anymore to import petroleum products. It means that we can now be refining our crude oil, using it to produce our own petroleum deeds. “Petroleum product is one of the biggest factor today in this country. Without fuel, nobody can drive to Uke today. If there are students going on strike, government may show neglect. If doctors go on strike, government may neglect. But once there is a strike over fuel government will always run to see how it will stop the strike.” According to the Publisher of Authority Newspapers, “We must understand that fuel is a critical factor in Nigeria. Because it’s a critical factor in Nigeria today, government is so fragile not to challenge the petroleum industry. “This is very important and whoever is the Chief Economist of Nigeria must take this as the only solution. There is no other solution. “This solution is coming today in the Adoration Ground and this is the first time I am saying it. That is the secret I said I need them (government) to consult me. But today, if they can translate it, they will know that Holy Ghost of Adoration Ground has revealed it.” The President FC Ifeanyi Ubah said, “The only solution to Nigeria’s economic problems is one- addressing the cancer to our Forex which setting up 10 modular refineries can solve that problem. The second cancer that is affecting us is the Economic and Financial Crimes Commission (EFCC). “The duty of EFCC is to look into financial crimes. The duty of EFCC is look into those that have taken so much of waivers. So many people in Nigeria today are big men because they are enjoying government waivers. And majority of Nigerian big men are lazy people. They always find a way to take waivers. “The EFCC must come to terms with their duty and start creating real economic crime desk. If the EFCC can be able to look into every importer accessing dollars and what our dollars are being used for. If the EFCC can create an economic code that everybody that must access dollars should bid through the EFCC and then everybody must sign a guarantee, a bond that government can look into whatever he has bidded with the money before he bids it, those that are milking Nigerian dollars will run away. “The EFCC must stop only pursuing past leaders. Not that they would not do their job in pursuing past leaders, but they need to look into how many Nigerians are taking waivers, how many people are accessing dollars for agricultural contents, but they are using the dollars to go to Dubai, bringing the dollar back into the country and making money without doing anything. “I am saying all these things because of my love for this country. There is no problem in Nigeria. The only problem we have is that we have bad managers. We have bad economic managers.” “However, once government will begin to look towards the direction of people that will help them to achieve the goals that can bring back our economy, then Nigeria can have a better future,” he stated.

Glo 4G expands to 16 more locations

Globacom says that its Glo 4G LTE service has continued to expand across the country with the connection of additional 16 locations.

It listed the new locations where the network could be found as the Federal Capital Territory, Lagos, Ogun and Rivers states.

“Locations such as Ikeja, Oregun, Opebi, Isolo, Lagos State University in Lagos; Redemption Camp and Babcock University in Ogun State; Rukpokwu, Rumuibekwe, Eleme Junction, Eliozu, Woji, Rumuigbo in Rivers State; and Mpape and Utako in the FCT, Abuja can now enjoy rapid speed internet browsing on the Glo 4G LTE network,” Globacom said in a statement.

It added, “This is coming barely a week after eight locations namely: Bonny, Escravos, Forcados, Abraka (Delta State University), Ekpoma (Ambrose Alli University), Okada (Igbinedion University), Agbor (College of Education), and Sapele (Western Delta University) were connected to the service.”

It will be recalled that the Glo 4G LTE came alive on October 4, 2016 when it was launched and demonstrated at the Globacom headquarters in Victoria Island, Lagos before existing and potential Glo subscribers and journalists.

This new addition brings the number of locations enjoying the service to 33.

“Since the launch of the service three weeks ago, approximately 500,000 Glo subscribers have connected to the network in the locations where the network is available,” the statement further said.

100 million Nigerians living in poverty, Dangote laments

The President, Dangote Group, Aliko Dangote, has said that more than 100 million out of the country’s estimated population of 187 million are wallowing in poverty.

He told participants at the Executive Course No. 38, 2016 of the National Institute for Policy and Strategic Studies, Kuru, near Jos, Plateau State, that the situation was unacceptable to him given Nigeria’s abundant resources, according to a statement made available on Sunday.

Delivering a paper entitled: ‘Promotion of local manufacturing and poverty reduction in Nigeria: The private sector experience and policy options’, he said, “It is a curious paradox that Nigeria, Africa’s largest oil producer, and the largest economy on the continent, also has one of the highest levels of poverty.

“It is estimated that more than 100 million out of a population of 187 million Nigerians live below the poverty line.”

Quoting a United Nations report, Dangote said youth unemployment had risen to 42 per cent this year, with many graduates roaming the streets of major cities such as Lagos, Kano, Abuja and Port Harcourt in search of elusive white-collar jobs, while for some who were employed, their situation could best be described as under-employment, as they were being underutilised and poorly paid.

This development, according to him, has serious security implications, as evidenced by the high rate of social ills plaguing the nation.

“The spate of kidnappings, intermittent vandalism of petroleum pipelines in the Niger Delta, and the protracted insurgency in the North-East are all fuelled, to a large extent, by the high level of endemic poverty in the country,” he stated.

Dangote pointed out that the current economic recession had further worsened the situation, as the government continued to record dwindling revenues, thus making it increasingly difficult for it to fulfil some of its obligations to the people.

He said, “Coupled with this, the activities of insurgents in the North-East have also affected the level of poverty in that part of the country. It is estimated that there are over 2.4 million Internally Displaced Persons in the region. It will take billions of naira to rebuild the North-East and fully re-settle the victims of the insurgency.”

(PUNCH)

Ford stops exportation of 500 vehicles to Nigeria

There are indications that Ford Motor Company has suspended its planned exportation of 500 units of vehicles meant for the Nigerian market owing to the current economic recession.

The United States automaker was said to have assembled the vehicles in its South African factory and completed all arrangements to ship them to Nigeria before halting the decision.

Prof. Okey Iheduru of the Arizona State University, United States, hinted at a forum in Lagos that Ford had dismantled over 500 units of vehicles meant for the Nigerian market because the Coscharis Group, its local representative, could not accommodate them.

The General Manager, Marketing and Corporate Services, Coscharis Group, Mr. Abiona Babarinde, who confirmed this in an emailed response to our correspondent’s enquiry, attributed the development to “forex-related issues.”

He said the vehicles were “to be imported as SKD (semi-knocked down) kits for (auto) assembly but got stuck in South Africa because of slow sale of what we already have in stock in Nigeria.”

Ford recently discontinued its business relationship with one of its two partners in Nigeria, RT Briscoe, leaving only Coscharis Motors as its sole representative in the country.

A statement from the Ford Motor Company of Sub-Saharan Africa sent to our correspondent via email said tough economic climate arising from the fall in oil prices, foreign exchange shortages and rapid devaluation of the naira was adversely affecting its operation in the region, including Nigeria.

The statement, which was sent by its spokesperson, Chipo Punungwe, read in part, “We continue to work through a tough economic environment in the sub-Saharan African region, including various economic factors such as lower oil prices, foreign exchange shortages and the rapid devaluation of local currencies, which have led to higher than normal inventory levels.”

Assemblers and dealers in new vehicles have complained about a drastic drop in vehicle sale this year due to recession.

A number of the companies, it was learnt, had to lay off some of their workers as their annual capacity utilisation had dropped by 97 per cent, from 500,000 to 15,000 vehicles.

The 15,000 new vehicles currently being produced in the country are less than what Toyota Nigeria Limited alone sold in 12 months some years ago.

Notwithstanding the current economic situation, Ford said it would continue to work with its partner, the Coscharis Group, to deliver quality vehicles and improved auto service to its customers in Nigeria.

“With Coscharis, we will continue to manage our business, review and optimise the movement of stock to ensure that we have a sufficient supply of vehicles to fulfil customers’ needs,” it stated.

Dasuki deceived you, bought useless weapons – Military replies Jonathan

The Military has dismissed claim by the immediate past President, Goodluck Jonathan that his administration purchased some warships and aircraft from the controversial $2.2b arms money.

Jonathan had absolved his former National Security Adviser, NSA, Col Sambo Dasuki(rtd) of allegations by the Economic and Financial Crimes Commission, EFCC, that he, Dasuki, misappropriated billions of dollars meant for the procurement of arms.

Speaking in the United Kingdom on Monday, the former President said he did not believe that Dasuki stole the money  because weapons were bought for the military under his government.

But reacting to Jonathan’s claim, some military sources are of the view that the immediate past President may have been “deceived” regarding the type of weapons procured, stressing that most of the weapons procured were “unserviceable and useless,” the Nation reports.

The report quoted a source as saying that the Jonathan administration bought three fairly used Alpha Jets for the Nigerian Air Force and two helicopters which were “not worth anything because they were not weaponised and the helicopters were cannibalized.”

According to the source, “The two aircraft are among the four Alpha Jets bought from the United States in 2015 by the immediate past administration to enhance the operational capability of the NAF to combat Boko Haram insurgency in the Northeast.

“The aircraft, however, before now, could not be deployed in the theatre of operation due to the inherent weapon delivery deficiency, hence its limited use for training purposes.

“The urgent need in recent times to commit all NAF available platforms to OPERATION LAFIYA DOLE to enhance the success of the counter insurgency operation necessitated the Service to look inward to seek ways of achieving its drive for self reliance through research and development.

“A number of vendors invited to Nigeria to assess the platforms had concluded that it would be difficult or almost impossible to undertake the project since the Original Equipment Manufacturer had long closed down the production line.

“A few others who agreed to the possibility of having the aircraft reconfigured to carry munitions have also submitted proposals for initial assessment fee ranging from $20,000 – $30,000 before they could come up with the actual cost for the project.

“Convinced that the project would work, the NAF consequently assembled a team of technicians to develop a feasible model for the project. The model worked on ground, and has since been mounted on the Alpha Jets, and test flown successfully. This feat is a major research and development breakthrough for the NAF and the nation as a huge foreign exchange saver, given that the project only cost about N4,000,000.00 compared to what would be required to have it done abroad.”

Supposed ‘Burial Slab’ Of Jesus Christ Uncovered For First Time In Centuries

A stone slab that many Christians believe once held the body of Jesus Christ after the crucifixion has been unveiled for the first time in centuries. 
National Geographic, which was filming the restoration work at the Church of the Holy Sepulchre in Jerusalem, said the marble that encased the slab since at least 1555 was removed as part of the project. 
“We were surprised by the amount of fill material beneath it,” Fredrik Hiebert, archaeologist-in-residence at the National Geographic Society, told the organization’s website. “It will be a long scientific analysis, but we will finally be able to see the original rock surface on which, according to tradition, the body of Christ was laid.”
The church is one of the most revered sites in Christianity, and includes the location traditionally believed to have been the scene of the crucifixion as well as the tomb. It’s also highly controversial, as the location was not identified until centuries after the events depicted in the New Testament. 
Today, the operation and maintenance of the church is a tense, “status quo” arrangement between several Christian denominations, including the Greek Orthodox, Armenian Orthodox and Roman Catholic churches. At times, fights have broken out between these sects. Such disagreements have allowed parts of the facility to fall into disrepair, and last year the Israeli government temporarily shut down the church over fears of a possible collapse.  
Earlier this year, the factions agreed to a nine-month renovation to fix the crumbling chapel that was built over the revered site, and to make other long-overdue repairs. Removing the marble that encased the slab was part of that process, and will be featured in a National Geographic Channel “Explorer” episode in November. 
“We are at the critical moment for rehabilitating the Edicule” (which encloses the tomb), Antonia Moropoulou of the the National Technical University of Athens told National Geographic. “The techniques we’re using to document this unique monument will enable the world to study our findings as if they themselves were in the tomb of Christ.”

Bill Gates Confirms His children will not inherit his wealth.

The world’s top billionaire Bill Gates and his wife Melinda have three children – Jennifer, 20, Rory, 17, and Phoebe, 14.

He was on ITV‘s This Morning in the UK where he confirmed once again that majority of their wealth will go to charity, and only ‘a little bit’ to their kids after their demise.

“Our kids will receive a great education and some money so they will never be poorly off but they’ll go out and have their own career.
It’s not a favour to kids to have them have huge sums of wealth. Because it distorts anything they might do, in creating their own path and this money is dedicated to helping the poorest.
They know that, they’re proud of that.”

He said him and his wife will leave ‘a little bit’ for them and buttressed that his kids follow him and his wife on charitable missions and see the impact the money has on lives.

Housewife tortures 12- year-old girl for stealing meat

A 12-year-old girl, Mmesoma Ani, has been admitted to the Lagos University Teaching Hospital, Idi-Araba, Surulere, after she was allegedly tortured by her aunt, Mrs. Ogechi Iruwane.
We learnt that the mother of three allegedly used her bare hands to pinch off the victim’s chest, and inflicted injuries on her back.

 Ani was also said to have been starved for two days for allegedly stealing a piece of meat.

Our correspondent learnt that a trader on Nurudeen Street, Orile Iganmu, Lagos State, where the incident happened, raised the alarm on Tuesday.

The case was said to have been reported to the Lagos State Office of the Public Defender.

Officials of the agency reportedly apprehended the suspect and subsequently handed her over to the police at the Orile Iganmu division.

The victim was afterwards taken to LUTH.

The trader, who discovered the incident, said Ani returned an empty bottle of soft drink to her when she saw her injuries.

She said, “I observed that she was not walking well. I drew closer to her and that was when I saw that her hands were also swollen. She said her aunt flogged her. She showed me her chest and I saw that the skin covering one of her maturing breasts had been pinched off. She removed her clothes and I was alarmed when I saw serious injuries on her back.”

The trader, whose name is protected for security reason, explained that she called the attention of passersby to the injuries.

“I wanted to take her back to the aunt to ask why she battered the girl so badly without taking her to a hospital, but her neighbours told me it was not the first time she would beat her. I decided to report the matter to the OPD,” she added.

A source at the OPD said the residents prevented the suspect from escaping when she went to find out why Ani had not returned home from the errand she sent her.

He said, “The girl claimed she was 12 years old, even though she looked younger. She also looked malnourished. There were different scars on her back. The irony is that the suspect has three children and they look well-fed.

“The girl claimed that she is the 11th of 12 children. She said the woman came to take her from her parents in Enugu State in December 2015. She said she was in primary three before she was brought to Lagos, but since her arrival, she had not been going to school. She said the woman accused her of stealing a piece of meat and for about two days, she was not given food to eat.”

The Director of the OPD, Mrs. Salami Olubukola, commended the trader that reported the case, urging residents of the state to always be on the watch for child abuse cases.

“The girl is now in our care. We will not relent in our efforts to stem the tide of child abuse in Lagos State,” she added.

The Police Public Relations Officer, SP Dolapo Badmos, confirmed the incident, adding that the matter would soon be charged to court.

Gun threat stops Anambra sex scandal press briefing

A press briefing scheduled for Wednesday  for Miss Anambra, Chidinma Okeke, to state her own version  of a sex scandal rocking her could not hold.

The briefing scheduled for 10am at the secretariat of the Nigeria Union of Journalists, Anambra State council, in Awka, ended abruptly following information that some gunmen would attack the secretariat.

Miss Chidinma Okeke, was the winner of the 2015 Most Beautiful Girl in Anambra pageant competition.

Her alleged lesbian  video went virile on the social media recently .

She was reported to have vowed to expose the complicity of some top politicians and government officials in the sex scandal at the botched press conference.

But no sooner had the journalists arrived the venue  of the conference than calls started coming, threatening that some gunmen were on their  way to attack the venue.

The journalists had to flee the place for their lives.

“Life has no duplicate,” one of the journalists,  quipped.

A message sent by the embattled Okeke using her Facebook account read in part, “The moment I made public this intention to speak with journalists, I have been under threats by my blackmailers and traducers.

“They are seriously threatening to shoot me at the press conference if I ever open my mouth to say the real truth about the ugly episode.

“Since I have no protection, and if I die now, the truth will be buried forever, it’s my intention to save not just myself but other girls and other upcoming pageant by letting the world know the truth and what we go through.”

Okeke said her traducers had continued to assemble all manner of expertise and professionals to edit the video and send them in batches.

She added that she would not be surprised if more videos were published subsequently.

Meanwhile, her counsel, Ikenna Obidiegwu, told our correspondent on the telephone that his client had to stay away from the press briefing after his attempt to get the Anambra State Police Commissioner, Mr. Sam Okaula, to provide security for the beauty queen failed.

“The commissioner said the notice was too short, and that he could not mobilise police security for the queen immediately,” he said.

Obidiegwu said his client’s blackmailers were powerful people in the state, adding that at the appropriate time their identities would be unveiled.

He denied reports that his client had been smuggled out of the country.

“I was with her just 30 minutes before speaking to you,” the lawyer maintained.

$15m Scandal: Patience Jonathan wants the EFCC to pay her N200m for damages

A Federal High Court in Lagos has fixed December 7, 2016 to hear the N200m fundamental rights enforcement suit filed by wife of ex-President Goodluck Jonathan, Patience, against the Economic and Financial Crimes Commission and Skye Bank Plc to challenge the freezing of four bank accounts containing $15m.

The EFCC placed a ‘No Debit Order’ on the four accounts opened in the name of four companies which were linked to a former Special Adviser on Domestic Affairs to ex-President Jonathan, Waripamo-Owei Dudafa.

The EFCC froze the four bank accounts on July 7, 2016 in the course of investigating Dudafa for money laundering.

But Patience had sued the EFCC and Skye Bank claiming the ownership of the $15m found in the four bank accounts.

The matter came up for the first time before Justice Babs Kuewumi on Wednesday.

At the hearing, Patience’s lawyer, Mr. Granville Abibo (SAN), applied to discontinue the earlier motion filed by his client for the purpose of amending it.

Justice Kuewumi granted the application and struck out the motion.

Abibo then informed the court that he had filed and served a new motion on the defendants.

But the EFCC lawyer, Rotimi Oyedepo, said the suit was not ripe for hearing.

Abibo then urged the court to restrain the EFCC from tampering with the $15m in the frozen accounts pending the determination of the suit.

He said despite being served with court processes, the EFCC was still making moves that could overreach the court.

But Oyedepo urged the court to discountenance Abibo’s submission, saying that the accounts had long been frozen before Patience filed the suit and so the issue of interference with the accounts did not arise.

After listening to the parties, Justice Kuewumi adjourned till December 7, 2016 for the hearing of the case.

Patience is urging the court to compel the EFCC to immediately remove the ‘No Debit Order’ placed on the four bank accounts in question.

She also wants the court to order Skye Bank to pay her damages in the sum of N200m for what she termed a violation of  her right to own personal property under Section 44 of the 1999 Constitution.

Filed in support of the suit was an affidavit deposed to by one Sammie Somiari.

Somiari said it was Dudafa who helped Patience to open the four bank accounts which the EFCC froze.

According to him, Dudafa had on March 22, 2010 brought two Skye Bank officers, Demola Bolodeoku and Dipo Oshodi, to meet Patience at home to open five accounts.

He, however, claimed that after the five accounts were opened, Patience later discovered that Dudafa opened only one of the accounts in her name while the other four were opened in the names of companies belonging to Dudafa.

The four companies, whose accounts have now been frozen and which have also been charged with money laundering along with Dudafa, are Pluto Property and Investment Company Limited; Seagate Property Development & Investment Co. Limited; Trans Ocean Property and Investment Company Limited; and Avalon Global Property Development Company Limited.

Naira weakens to 470 on fresh dollar shortage

The naira tumbled to 470 against the United States dollar on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official and parallel foreign exchange markets.

The local currency has been relatively stable, hovering around 455 against the greenback in the last one week.

This came after Travelex and First Bank of Nigeria Limited commenced sale of foreign exchange to Bureau De Change operators following the Central Bank of Nigeria’s approval.

Forex traders, however, said on Wednesdays that the scheme had failed to ease the biting dollar shortage in the country.

“What we get from Travelex is not sufficient,” one trader told Reuters, referring to the demand in the market.

At the official market, the naira closed at 305.50 per dollar, a level it had maintained for more than two months, supported by the CBN interventions.

Earlier, the CBN asked international money transfer operators to sell dollars directly to the BDC operators to boost liquidity and narrow the gulf between the parallel market and the official market rates.

Travelex sells around $15,000 to 1,000 retail currency outlets weekly, but the amount is a fraction of what is required to cover the demand from individuals and small businesses.

Dollar shortages have caused many firms to halt operations and lay off workers, compounding an economic crisis exacerbated by the fall in global oil price, which accounts for 70 per cent of Nigeria’s budget revenue.

The CBN has struggled to support the naira as the nation’s external reserves continue to fall. Traders said the naira had been testing new lows as they tried to find thresholds where liquidity could begin to return.

British director Howard Davies died at age 71

Award-winning British theater director Howard Davies has died. He was 71.

His family said in a statement Wednesday that Davies died of cancer Tuesday.

He was active for many years in both London and New York, directing a series of well-received plays.

In Britain he won the coveted Best Director Laurence Olivier Awards three times for his work on "The Iceman Cometh," ''All My Sons" and "The White Guard."

He was nominated three times for prestigious Tony Awards for his work on Broadway.

A National Theatre statement calls him "one of the very greatest" directors of his generation.

My life in Manchester is a disaster - Mourinho

Manchester United manager Jose Mourinho says living alone in a hotel in the City of Manchester is a 'bit of a disaster'.

Mourinho has been living in the city's Lowry Hotel since being appointed United manager in the summer and the former Chelsea boss whose family is in London claims he is loath to venture out because of the persistent hordes of photographers camped outside his hotel.

"I just want to cross the bridge and go to a restaurant. I can't, so it's really bad.
"For me it's a bit of a disaster because I want sometimes to walk a little bit and I can't.

"The reality is that my daughter will be 20 next week, my son will be 17 in a couple of months. They are very stable.

"University in London. Football in London. Friends. So they are in an age where they can't chase me like they did before. So for the first time the family lives in a different way." Mourinho told Sky Sports.

Mourinho who reportedly earns more than £10m a year is believed to be searching for an apartment but hinted that he is missing his family.

Recession will end before 2017 – Minister

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has assured Nigerians that they will start seeing the effort of President Muhammdu Buhari from the end of this year and early next year.

Enelamah made the remark in Abeaokuta, the Ogun State capital while addressing journalists at the 8th Session of the National Council on Industry, Trade and Investment.

The Minister said the Buhari-led administration will surprise Nigerians in the coming year, stressing that the government is working to end the current economic recession ravaging the country.

According to him,”You will start seeing result at the end of this year and early next year. As far as I am concerned, next year is a year of results. All the work we are doing will start yielding results from this quarter.

“The level of delivery in 2017 will surprise everybody. People may be saying we are not doing anything but it is impossible for a man to start broadcasting a plan we haven’t really put together well.”

Recall that the President and Chief Executive of the Dangote Group, Alhaji Aliko Dangote, had recently said the Buhari-led administration was sending the right signal in its push to diversify the nation’s economy.