₦airaland Forum

What happened?

Did Nigeria and The Cable act a "sabo"?

Blue3k2, obailala, .what really happened?

It was reported in an earlier thread how Ghana's 340km proposed MoU rail line had an equivalent funds project as our 156km own from Lagos to IBADAN...

https://www.nairaland.com/5218656/crcc-construct-560km-railway-line#78896949

Joe Ghartey, Ghana’s minister of railways development, says he has cancelled the MoU with the China Railway Construction Corporation Corporation (International) Nigeria Limited (CRCC-Nigeria) “for breach of confidentiality”.

Ghana had entered into CRCC- Nigeria for the construction and rehabilitation of a 560-kilometre standard gauge railway line.

However, after a report in TheCable comparing railway contract costs in Ghana with Nigeria’s, the minister came under pressure to do “damage control”.

In a statement sent to TheCable on Monday, Ghartey acknowledged that the ministry signed an MoU with CRCC-Nigeria.

TheCable had reported that CRCC offered to rehabilitate and construct a 560-kilometre standard gauge railway line for Ghana at $2 billion, with terminals at Aflao and Elubo.

“Messrs CRCC-Nigeria expressed interest in supporting the Ministry to develop and modernise Ghana’s railway network, particularly the Trans-ECOWAS line, which runs along the coast between Aflao, on the border with Togo, and Elubo, on the border with Cote d’Ivoire,” the statement read.

“The purpose of the MoU is for CRCC-Nigeria to undertake feasibility studies through the use of independent consultants.

“CRCC-Nigeria is responsible for verifying the project cost as estimated by the feasibility studies and also raise capital to finance the project.”

However, the minister said his ministry was yet to respond to a proposal by CRCC-Nigeria to establish assembly plants for building locomotive coaches and wagons.

The ministry was, however, silent on the 340-kilometre Eastern line project that is estimated to cost $2.2 billion which will link Accra, Tema and Kumasi,

In March, Rotimi Amaechi, Nigeria’s former minister of transportation, had told reporters that the $1.5 billion allocated for the 146-kilometer Lagos-Ibadan project has been altered due to additional construction work on the project but refused to disclose the new sum.

TheCable understands that the new cost is $2 billion — which is exactly the amount CRCC-Nigeria is offering to construct and rehabilitate the 560-kilometre standard gauge railway line in Ghana.


https://www.thecable.ng/yet-conclude-2bn-rail-proposal-ghanaian-minister

Hope that President Muhammadu Buhari’s inauguration on Wednesday would trigger positive sentiments at the Nigerian Stock Exchange (NSE) was dashed as the All Share Index closed Friday’s trading session in the red, down by 0.59 per cent.

At the close of transactions last week, analysts had warned investors to be cautious in trading of stocks and that came to the fore with Monday’s trading session resuming on a negative note.

Due to profit taking in the shares of MTNN, Dangote Cement and Union Bank of Nigeria (UBN), the All Share Index (ASI) declined by 2.2 per cent while investors lost N302.4 billion as market capitalisation fell to N13.299 trillion.

Tuesday’s session, a day to the President’s Inauguration, however, saw the market, the ASI rising by 3.7 per cent to 31,307.00 points, on the back of price appreciation in Dangote Cement, Zenith Bank and GT Bank while investors gained N489.9 billion in value as market capitalisation increased to N13.789 trillion.

Thursday’s session saw the bears return to the equities market as the ASI fell by 0.17 per cent to settle at 31,254.19 points following negative sentiments in the shares of Dangote Cement, GT Bank and ETI as no trading activity was recorded on Wednesday which was the day for inauguration of President Muhammadu Buhari.

Consequently, YTD loss settled at -0.6 per cent while market capitalisation decreased by N22.3 billion to close at N13.766 trillion.

Friday’s session was not any different as the benchmark index slipped further by 0.59 per cent to close at 31,069.37 points while market capitalisation closed the week at N13.684 trillion.

Market breadth turned negative as 23 stocks depreciated in value while 13 others appreciated. Oando topped the losers’ chart with 9.68 per cent to close at N4.20 per share as investors’ sentiment dropped in the stock after the Securities and Exchange Commission (SEC) concluded investigation of Oando Plc and directed among others the resignation of the affected Board members, and also barred the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

The Commission also directed the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors.

According to the SEC, “following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others”.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.

Champion was next with 8.18 per cent to close at N1.01, Wapco fell by 5.61 per cent to close at 5.61 per cent to close at N10.10, UBA declined by 5.30 per cent to close at N6.25 while Fidelity Bank dropped 4.55 per cent to close at N1.68.

On the flipside, Mansard topped the gainers’ chart with 10 per cent to close at N1.98 per share. LearnAfrica followed with a gain of 9.84 per cent to close at N1.34, CCNN increased by 7.14 per cent to close at N15, Dangote Flour grew by 5.31 per cent to close at N16.85 while Courtville garnered 4.35 per cent to close at 0.24 kobo.

UBA was top on the volume of shares sold with 43.96 million shares valued at N280.81 million. GT Bank transacted 25.63 million shares worth N814.28 million while Custodian sold 20.68 million shares valued at N130.21 million.

Overall, the volume and value of shares traded stood at 212.94 million units and N2.73 billion in 3,737 deals. Speaking to Sunday Sun, analysts continued to maintain that macroeconomic fundamentals remain supportive of recovery in the long term.

According to Cordros Capital, “our outlook for equities in the short to medium term remain conservative, amidst absence of a positive catalyst”.

A stockbroker who pleaded anonymity noted that the economy is yet to stabilise and hence it is affecting the capital market that mirrors the performance of an economy.

He also added that with the recent mandate by the industrial court that ordered the reinstatement of the suspended SEC DG, Mounir Gwarzo, the market is in for a zig-zag activity as investors especially foreign participation will decrease.

Justice Sanusi Kado, in his judgment, ordered the reinstatement of the claimant as the DG of SEC to complete his five-year tenure and further ordered that the claimant’s salaries, allowances and entitlements accrued should be paid to him in full while adding that Minister of Finance, named as the second defendant in the suit, lacked the power to suspend the claimant.

Analysts at Afrinvest said: “Following a bullish performance last week, we had expected sell-pressures this week as investors look to take profit on stocks that have recorded strong gains

“We, therefore, maintain a bearish outlook on the local bourse as investors continue profit-taking activities in bellwether stocks”.


https://www.sunnewsonline.com/buharis-inauguration-fails-to-lift-stock-market

VillagePipu:
That is very very important.

Over important bro.....you need go to that place now....

femi4:
That Arsenal guy don die?

Yea....traffic collision

Lyoncrescent:
I get all this hyper the governor and his deputy are trying to do but :
The easiest thing sanwo and hanzat can do first is to domicile the maintenance and repair of roads to the local government. Instead of having the public works in Ojodu Berger going to all the local governments and lcdas to fiX roads, let there be a fully equipped public works department domiciled in every local government and lcda. Fund them properly and equip them and make them accountable. People in each local government can go to the local government to complain about bad roads and all to have them fixed. Eventually their capacity can be improved to road construction especially inner roads and drainage construction. As long as they perform using quality materials, it will lead to a big achievement in road construction and maintenance

You are very brilliant........kudos bro

Repair the roads at Ojo LGA.....leave stories mbok

Football Age...




Rip..Jose Antonio Reyes

ladiesreject:
Is this mockery, stupidity, lack of creativity, madness or a combination of the four?

Nollywood which way?

Combination of the five.....add insanity

PopeFlatino:
Guy he recovered Long time ago physically, although I understand wat u meat(match fitness) but I can assure u that they are professionals and they train regularly ,he must have undergone a better drilling daily before today

Match-fitness et al.

Nedved, Marotta and co...have started smoking......

I think Allegri was better off than Sarri nah......the same fans at Naples who cursed Higuian for going to Turin, hopefully will recreate same scenario.

Chelsea have agreed to release Maurizio Sarri from his contract, so he can take the Juventus job, Sport Italia reports.

It is understood that Sarri’s agent, Fali Ramadani, had a lengthy meeting with Chelsea directors in London and received positive feedback from the Stamford Bridge outfit.

Sarri won his first piece of silverware on Wednesday night, beating Arsenal 4-1 in Baku to lift the Europa League.

It’s believed Chelsea are keeping a promise to let him go if he still wanted to leave after the final.

In his only season at Stamford Bridge, Sarri also secured third place in the Premier League and reached the Carabao Cup Final.

https://dailypost.ng/2019/05/31/chelsea-agree-release-sarri-contract/
https://www.vanguardngr.com/2019/06/sarri-chelsea-boss-close-to-juventus-switch/
Lalasticlala Seun Dominique...apply for the Chelsea job asap

luvola:
Someone that did not play all these while.

The more reason he is likely to stay out..

Lalasticlala, is this not news worthy?


So that we can ask the erstwhile Minister of Transport?

luvola:
Who told you firmino is not fit.He is fit o

He is not 100%....

If he starts...he will drain out before the '90

luvola:
oya name them

Simple as ABC....

ALLISON
TRENT-ARNOLD. MATIP. VAN DIYK. ROBERTSON


FABINHO

HENDERSON. WIJNALDUM



SALAH. MANE


ORIGI


firmino is not 100%

OTayobami:
Make the original squad come out tomorrow make wetin dey here nor dey as e be, i really come gee you slap for where you dey @ op

Abeg,no gimme slap..I never chop this afternoon....but you sabi the 11 nah....why you dey pretend?

Make I name them?

Liverpool have named a 23-man travelling squad for tomorrow’s Champions League final against Tottenham Hotspur. The Reds depart John Lennon Airport on Friday lunchtime for the showpiece match at Madrid’s Estadio Metropolitano, their second successive appearance in the competition’s decider.

And Jürgen Klopp has selected the following squad for the final: Liverpool squad: Alexander-Arnold, Alisson, Brewster, Fabinho, Firmino, Gomez, Henderson, Kelleher, Lallana, Lovren, Mane, Matip, Mignolet, Milner, Moreno, Origi, Oxlade-Chamberlain, Robertson, Salah, Shaqiri, Sturridge, Van Dijk, Wijnaldum.

After a change in UEFA regulations, Klopp will be permitted to name up to 12 substitutes for the clash with Spurs.

Read more: https://www.dailytrust.com.ng/breaking-liverpool-release-champions-league-final-squad.html

Painful....

Our own trains here in Nigeria might be tele-pathic,like Rent-A-Ghost(that cartoon)


Integrity and anti-corruption are the words with which their meanings have eluded me.....


Note: Nobody blamed Kwame Nkrumah...

The Ghanaian- European Railway Consortium (GERC) has agreed to construct a 340km standard gauge railway line in Ghana at $2.2 billion, the same contract price as the 156km railway line between Lagos and Ibadan.

In 2016, China Civil Engineering Construction Corporation (CCECC), had signed a $2 billion agreement with the Nigerian government to build a 156 km railway line between Lagos and Ibadan.

A ground-breaking ceremony for the construction held in March 2017.

The Eastern Railway line, which links Accra, Tema and Kumasi, is expected to boost economic activities along the corridor, especially at the Boankra Inland Port after completion.

Joe Ghartey, Ghana’s minister of railway development, said the project is based on a build, operate and transfer (BOT) agreement.

GERC is expected to operate 24 passenger trains and six freight trains after completion of the 340-kilometre railway project.

The construction is expected to last for three years. The consortium has pledged to commence works in earnest.

There would be 6 main stations and 34 sub-stations along the double track corridor. The concession period is 27 years and the consortium hopes to recoup its investment within the period.

Ghartey recently visited Nigeria on the invitation of Rotimi Amaechi, Nigeria’s minister of transportation, inspect and assess the railway construction projects that the Chinese conglomerate has completed and that are currently being undertaken in Nigeria.

https://www.thecable.ng/gerc-340km-railway-line-ghana-2bn-156km-lagos-ibadan-rail-line
Lalasticlala mynd44 Seun

Lalasticlala.... This should be on front page so as to urge a particular African country to do same which could help jolt investor confidence a bit.....

Travelling to Yemen or Baku çant help it Sir......
Charity begins at home.......

Moreover...am expecting Ramaphosa to blame Nelson Mandela....Sir...thanks...

On May 11, 2019, Ramaphosa’s African National Congress (ANC) won the elections with only 57 percent of the votes, and was sworn in as president on May 25, 2019.

In another 96 hours after May 25, Ramaphosa named his cabinet and became the third president on the continent to have a gender-balanced cabinet, after Rwanda and Ethiopia.

While addressing the press on Wednesday evening at the Union Buildings in the capital city of Tshwane, Ramaphosa revealed that he had cut cabinet down the number of ministries in the country from 36 to 28.

The cabinet announced by the 66-year-old president had 14 men and 14 women to achieve gender parity.

“To promote greater coherence, better coordination and improved efficiency, we (are) reducing the number of ministers from 36 to 28,” Ramaphosa said.

“This is a significant move of downscaling our state. Many people believed our government was bloated and this was agreed right across the board. All South Africans are acutely aware of the great economic difficulties our country has been experiencing.

“It is therefore imperative, we place priority on revitalising our economy while exercising the greatest care in the use of public funds. For the first time in the history of our country, half of all ministers are women.”

Patricia De Lille, the leader of an opposition party and former mayor of Cape Town, was also named as minister of public works and infrastructure.

Reacting to her appointment, De Lille said: “I am deeply honoured and humbled to have received the call to serve as a Minister of South Africa’s new cabinet. I have fought for justice in our country for more than 40 years and have no plans to give up fighting.”

The South African rand reacted positively to Ramaphosa’s cabinet, strengthening by 0.5 percent, after an initial loss of one percent before he named the ministers.

www.thecable.ng/south-african-president-names-cabinet-96-hours-after-inauguration-includes-opposition

The man is sick ....

President Muhammadu Buhari on Wednesday appeared in a new 2019 Mercedes-Maybach s650 bullet-proof car, which an expert says it is worth at least N280million.

In 2018 budget, N907m was earmarked by Mr Buhari for a phased acquisition of new vehicles and spare parts in the presidential fleet during the year, while in 2019 budget the president set aside N843 million for purchase and maintenance of motor vehicles for the year.

An online newspaper earlier on Wednesday put the price of the car, which they erroneously described as 2019 Mercedes-Benz S-Class S 560, at $170,000 (N61million).

But an exotic car dealer who had previously supplied vehicles to the presidency spoke to DAILY NIGERIAN on the condition of anonymity, saying the car is 2019 Mercedes-Maybach S650 bullet-proof.

According to him, if the car is factory armoured, it could cost up to $1million (N360million) as it is not a base model. “Even if the treatment (installation of bullet-proof glasses/panels) is done in the aftermarket, the price for a customised version like that will be around $800,000,” said the expert.

“In the aftermarket, the cost of installing bullet-proof for that type of vehicle is around N80m. These kind of vehicles are insanely expensive. Even the wheels alone can cost up to $30,000 each.”

He told DAILY NIGERIAN that an order for a new Mercedes-Maybach S-Class was placed by former President Goodluck Jonathan in 2015 at the cost of $280million after some defects were detected in the armour of the 2014 Mercedes-Benz s600 he was using.

“If the price at that time was N280m, how much do you think it will cost today, considering the prevailing exchange rate?”

He said with Mr Buhari’s appearance in the new vehicle, it is apparent the president had dropped the defective 2014 Mercedes Benz s600 bequeathed to him by Mr Jonathan.

The expert however said it is unclear whether the order was cancelled or a fresh one was made by Mr Buhari, who initially insisted on using it despite the defect.

According to him, when Mr Buhari was first sworn-in as president in 2015, he placed embargo on purchase of new vehicles for the presidential fleet. “The embargo had to be lifted because of the vehicles inherited are either not mechanically sound or had issues with their security,” said the source.

He added the presidency also purchased a new bullet-proof BMW 7 Series to complement the president’s staff car.

According to a review by caranddriver.com, the 2019 Maybach S-class cars have 621-hp twin-turbo 6.0-liter V-12 engine, which provides “effortless motivation”.

“They are best enjoyed from the rear seat, where passengers can stretch out and relax on hot-stone-style massaging leather recliners and enjoy the Burmester audio system while an atomizer fills the cabin with one of Maybach’s five signature fragrances,” a review by Drew Dorian of Buyer’s Guide said.

“The Maybach models ride on a wheelbase that’s 7.9 inches longer than the Benz-branded S-class cars and nearly all of that extra length is dedicated to the rear seat to create an extra-spacious environment. That’s not to say that the front seat isn’t luxurious.

“The driver and front-seat passenger are treated to most of the same luxuries—including the massaging seats—and the dashboard’s dual 12.3-inch digital displays provide access to the car’s infotainment system.

“A host of driver-assistance features are available including an adaptive-cruise-control system that uses navigational data to slow the car down in preparation for corners and an automatic lane-change feature that watches for gaps in traffic and merges the S-class when it’s safe to do so.”

https://dailynigerian.com/buhari-launches-n280million-mercedes-maybach-s650-at-inauguration/

Babagana Umara, a professor, was today, administered with the oath of office as the 7th democratically elected governor of Borno State.

He was sworn in alongside his deputy, Umar Kadafur, by the Chief Judge of Borno State, Kashim Zanna.

The inauguration, however, had to be cut short after Mr Umara coughed persistently while reading his speech.

The new governor takes over from Kashim Shettima, whose eight-year tenure winds up today.

While delivering his inaugural speech, Mr Umara said his administration will hit the ground running with a 10-point agenda for speedy development of the state.

He thanked the former governor, Mr Shettima, for not only assisting him to become governor but also for laying a ‘solid foundation of development upon which he would build upon.’

He said his government will work with the newly established North East Development Commission (NEDC), UN system and other development partners towards the rebuilding of Borno State.

Reeling out his 10-point agenda, Mr Umara said his government will focus on security; education, job creation, and good governance.

He also said there would be the “replacement of ‘political thuggery’ with job creation.” He said this will be carried out under a proposed Entrepreneurship Development Skills centre.

“The era of political thuggery, known as ECOMOG, has constituted a nuisance in the state for over two decades.

Mr Umara said the restoration of security will be the number one cardinal agenda of his government.

He said he will support the Nigerian security agencies to ensure that Borno State is made safe again.

The governor said he would support the Nigerian security in the area of acquiring and deploying modern security technologies for more effective tackling of insecurity in the state.

The professor of irrigation engineering said his government will invest massively in the area of agriculture, especially by establishing buffer zones in locations that are secured by the military “in order to return Borno as the food production hub of northern Nigeria.

“My focus is on improving the security of the state as insecurity is the major impediment that affected people’s lives for a decade.

“I will ensure the return of our displaced people to their farmlands to ensure national food security.

“I will also fight unemployment and poverty among youths and embark on the massive reconstruction of destroyed communities.

“This will enable the people to return to their ancestral homes, while we seek more support from humanitarian donor agencies across the globe.”

He also promised to run an all-inclusive government where all policies and programmes of government shall have the support and inputs of all stakeholders.

“This administration will be devoid of personal/group interests, politics, religion or ethnicity among the various communities in Borno,” he said.

While Mr Umara was midway into reading his speech, he suddenly began to cough as though he was chocking.

As he struggled to read his speech, the coughing became persistent that his security aides had to ask him to pause for a while. He was asked to return to his seat.

Having paused for about five minutes, the governor stood up to continue his speech. But the coughing resumed.

People around the podium began to complain about a police officer who mistakenly released a tear gas near the area where the governor was reading his speech.

Mr Umara had to sit down again as the former and present deputy governors climbed up the podium to check if he was okay. He was not offered water because he was fasting.

The situation became a bit disturbing, especially as the crowd began to show concern, asking if all was okay.

After assessing the situation, the security chief at the arena advised that the rest of the ceremony be put on hold. They call on the police band to chant the national anthem.

From the podium, the governor stood for the National Anthem after which he stepped down and waved at the large crowd which thundered with cheers before he left the arena for the airport with the former governor, Kashim Shettima.

https://www.premiumtimesng.com/news/headlines/332373-borno-governors-inauguration-ends-abruptly-after-he-coughed-persistently-while-reading-speech.html

Today makes it 250 days since Nigeria’s Minister of Communication, Adebayo Shittu, was busted for deliberately skipping the mandatory National Youth Service Scheme (NYSC), an offence punishable under the law with up to 12 months imprisonment.

Section 2 (1) of the NYSC Act makes it compulsory for all Nigerians who earn degrees or higher national diplomas from tertiary institutions home and abroad (effective 1972/73 session) to participate in the scheme.

Employers are mandated by law to request this certificate of national service as part of the conditions for hiring.

Those exempted according to the law are those who graduated after their 30th birthday, those with national honours and people who serve in the military and intelligence organisations.

Before Mr Shittu was busted, former Minister of Finance, Kemi Adeosun was forced to resign after she was exposed by PREMIUM TIMES to have submitted a forged NYSC exemption certificate.

She departed the country after her resignation without being charged for forgery.

Amidst this scandal, the All Progressives Congress (APC) disqualified Mr Shittu from taking part in Oyo governorship primary election last year.

Genesis

Mr Shittu graduated from the then University of Ife (now Obafemi Awolowo University, Ile-Ife) at the age of 25 in 1978 and proceeded to law school immediately after graduation, qualifying as a lawyer in 1979.

While he was expected to go for national service, he got elected into the Oyo State House of Assembly in the 1979 general elections.

Without presenting himself for service afterwards, he later became attorney general and commissioner for justice in Oyo State. He also served as member of the Oyo State Judicial Service Commission from 2004 to 2007.

President Buhari nominated him, in 2015, for the position of minister of communication and this, was approved upon legislative screening without the SSS, and the National Assembly, discovering the illegality.

‘Higher Service’

Rather than accept wrongdoing, Mr Shittu admitted he deliberately boycotted the NYSC scheme.

He made a case for himself that his membership at the state assembly when he graduated was equivalent to “service.”

“The constitution provides for the qualification needed for state assembly members, NYSC is not there, I didn’t need it to become a member of the state assembly, and that is already a service,” he said.

He also disagreed that he has similar case with Mrs. Adeosun

“…I left Law School in 1979. And the Constitution says anyone who qualifies to contest an election or who has gone through an election and wins, he is obligated to move through the House of Assembly which I did for four years.”

“So, it is a form of ‘higher service’ as far as I’m concerned, and even now, I am still in service. I don’t think I have violated the law except someone has a superior argument and can prove it.

“Unfortunately, Kemi had a fake certificate, I didn’t present any, I didn’t have one. I simply followed the constitutional requirement that if you are qualified to contest an election, it is compulsory for you to serve the nation in the capacity that you won an election,” he said.

Lies

Meanwhile, a detailed fact-check done by Dubawa, an initiative of Premium Times Centre for Investigative Journalism, revealed that Mr Shittu’s claim that his service as an elected member of the old Oyo State House of Assembly, in the defunct Second Republic, was equivalent to the compulsory one year NYSC is false.

When contacted then, the spokesperson of the NYSC, Adenike Adeyemi, said political office has nothing to do with compulsory service.

“You have read the Act and you can see the circumstances where someone is exempted. You analyse it, if he [Shittu] was exempted duly or there is a reason why he should have served. But the Act is very straightforward on the grounds for not coming up to serve.

“If you are a graduate locally trained or foreign trained, as long as you graduate before the age of 30, you are expected to serve. Whether foreign or locally trained, the law is the same. Our youth should be rightly guided that if you were able to complete your studies and as of the date of graduation, you are under 30, you are eligible to serve.”

Defiant President

Meanwhile, President Buhari has refused to take any measures to sanction his appointee despite the fact that many Nigerians have called for his removal.

Femi Adesina, the spokesperson to Mr Buhari did not respond to a PREMIUM TIMES request to speak on the issue.

Mr Buhari’s second term, which will last for another four years, is expected to commence on Wednesday, May 29.

The president in a televised interview indicated he would reappoint some ministers. He did not indicate if Mr Shittu would be reappointed despite violating Nigerian law.

https://www.premiumtimesng.com/news/headlines/332039-250-days-after-buhari-fails-to-act-on-ministers-nysc-scandal.html

The police in Kano have intercepted 303 cartons of hard drugs (Tramadol tablets).

The Commissioner of Police, Mr Mohammed Wakili, disclosed while briefing newsmen in Kano on Friday.

He said the interception was in continuation of the command’s effort to rid the state of all forms of crimes, especially dealing in hard drugs (Kwaya) and intoxicating substances.

Wakili said on May 17, base on tip-off, a raid was conducted at No 157 Miller Road Bompai, Nasarawa Local Government Area Kano where a laboratory was located.

He said that one Chris Metuh was arrested at the location named: Ugo Lab Manufacturing Company, with 303 cartons of tramadol tablets.

On the same date, he said the command also arrested four suspected hard drugs dealers for allegedly dealing in drugs.

Wakili said the suspects were arrested with one rubber of “suck and die”, two cutlasses, a breaking implement and large quantities of hard drugs.

He said the suspects are: Aliyu Khalid, Ibrahim Alasan, Mohammad Ahmad and Chukwu Felix.

According to him, investigation is ongoing and the suspects would be charged to court.(NAN)

https://www.independent.ng/police-intercept-303-cartons-of-tramadol-in-kano/

The Economic Confidential on Sunday released its Annual States Viability Index (ASVI) report.

It showed that 17 States are insolvent as their Internally Generated Revenues (IGR) in 2018 were far below 10% of their receipts from the Federation Account Allocations (FAA) in the same year.

The index declared that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector.

The IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDAs).

The IGR of the 36 states of the federation totalled N1.1 trillion in 2018 as compared to N931 billion in 2018, an increase of N172 billion.

The report further indicates that the IGR of Lagos State of N382bn is higher than that of 30 States put together whose Internally Generated Revenues are extremely low, and poor compared to their allocations from the Federation Account.

Meanwhile, the Federal Capital Territory (FCT) Abuja, which is not a state but the nation’s capital generated N65bn IGR against N29bn it got from the Federation Account in 2018.

Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N382bn compared to FAA of N260bn which translate to 146% in the twelve months of 2018.

It is followed by Ogun State which generated IGR of N84.55bn compared to FAA of N93bn representing 90%; Rivers with N112bn compared to FAA of N237bn representing 47% and Kwara State with a low receipt from the Federation Account has maintained its impressive IGR by generating N23bn compared to FAA of N81bn representing 28%.

Others with impressive IGR include Edo with IGR of N28bn compared to FAA of N112bn representing 25%; Kano generated N44bn compared to FAA of N183bn representing 24%; Enugu with IGR of N22bn compared to FAA of N92bn representing 23%; Ondo with IGR of N24bn compared to FAA of N108bn representing 22.77%; Kaduna with IGR of N29bn compared to FAA of N131bn representing 22.44% while Delta State earned N58bn IGR against FAA of N285bn representing 20%.

The report noted that ten states with impressive IGR generated N808bn in total, while the remaining states merely generated a total of N295bn in 2018.

While the report provides shocking discoveries, the states with less than 10% IGR have remained 17 as in the previous year 2017.

It added: “The poor states may not stay afloat outside the Federation Account Allocation due to socio-political crises including insurgency, kidnapping, armed-banditry and herdsmen-farmer clashes.

“Other states lack foresight in revenue generation drive coupled with arm-chair governance.

“The states that may not survive without the Federation Account due to poor internal revenue generation are Ebonyi which realized a meagre N6.14bn compared to a total of N76bn it received from the Federation Account Allocation (FAA) in 2018 representing about 7.98%; Bayelsa with IGR of N13.6bn compared to FAA of N192bn representing 7.10%; Taraba N5.96bnbn compared to FAA of N88bn representing 6.77%; Adamawa with IGR of N6.2bn compared to N97bn of FAA representing 6.77% and Borno with IGR of N6.52bn compared to N122bn of FAA representing 5.3% within the period under review.

“The major poor internal revenue earners are Katsina which generated N6.9bn compared to FAA of N138bn representing 5.03%; Yobe N4.48bn compared to FAA of N89bn representing 4.86% and lastly Kebbi N4.88bn IGR compared to FAA of N101bn representing 4.88%.”

The Economic Confidential ASVI further showed that only three states in the entire Northern region have IGR above 20% in comparison to their respective allocations from the Federation Account. They are Kwara, Kano and Kaduna States. Meanwhile seven states in the South recorded over 20% IGR in 2018. They are Lagos, Ogun, Rivers, Edo, Enugu, Ondo and Delta States.

The four Southern states with the poorest Internally Generated Revenue of less than 10% compared to their FAA in 2018 are Akwa Ibom, Ekiti, Ebonyi and Bayelsa. Similarly, 13 Northern States have poorest IGR, namely Benue, Nasarawa, Gombe, Zamfara, Niger, Bauchi, Jigawa, Taraba, Adamawa, Borno, Katsina, Yobe and Kebbi States.

https://dailypost.ng/2019/05/12/10-nigerian-states-economically-viable-17-bankrupt-see-details/

About two weeks after the Lagos State House of Assembly passed the 2019 budget, Governor Akinwunmi Ambode has yet to receive it, Saturday PUNCH has learnt.

Our correspondent gathered that the Assembly might be awaiting May 29 when the governor-elect, Babajide Sanwo-Olu, would be sworn into office.

A source told our correspondent that government projects had been stalled due to the impasse.

He accused the lawmakers of playing politics with the development of the state.

He said, “They just refused to pass it to the governor because they want to play politics with the budget. Most of the people in the Assembly are loyal to one man and he appears to be dictating to them.

“But what more do they want to do to Ambode? They have humiliated him, denied him his return ticket, and even threatened to impeach him. What has he done to deserve all that?

“What they failed to realise is that this is beyond Ambode. It is about Lagos State. It is about governance. Since they took this decision not to pass the budget to him, things have been at a standstill. No development; nothing. This is wrong at all levels because people’s lives are being held.”

However, another government source said while the Assembly might have certain reasons for not passing the bill to the governor, the law permits Ambode to spend a certain percentage of the previous year budget.

She said, “It is true that the budget has not been transmitted to the governor. But their reason is immaterial. Whatever they like they can do. The law allows the governor to spend a certain amount of last year’s budget pending the time the new budget would be ready. The governor will do his best within the time available.”

Controversies have trailed the budget since 2018 when the governor was accused of breaking the tradition of sending the budget to the Assembly before the fiscal year.

The Ambode administration had said it sent the budget to the Assembly early, but the lawmakers went on a break and could not sit over it in December 2018.

Early 2019, the Assembly had issued an impeachment threat to the governor for allegedly spending from the budget when it had not been passed.

After protests and public demonstrations, the National Leader of the All Progressives Congress, Bola Tinubu, and some party stalwarts called the lawmakers and the governor into a meeting, where the matter was reportedly resolved.

On April 29, the Assembly passed the N873.532bn budget, more than 80 days after the governor eventually presented it.

Despite the widely-publicised reconciliation, the relationship of the governor with the Assembly members has not been cordial, according to reports.

The state Commissioner for Information and Strategy, Kehinde Bamigbetan, said he could not tell if the budget had been passed to the governor or not.
He promised to call back after making enquiries.

Bamigbetan had yet to get back to our correspondent as of the time of filing this report.

The four telephone numbers on the official website of the Assembly either indicated switched off or not reachable when our correspondent called them.

The Deputy Speaker, Wasiu Sanni, and member, Adebayo Famakinwa, did not take their calls or respond to text messages from our correspondent as of press time.

https://punchng.com/lagos-assembly-refuses-to-transfer-budget-to-ambode/

Investors on the Nigerian Stock Exchange (NSE) on Friday reacted negatively to the reappointment of Mr Godwin Emefiele for second term as the Central Bank of Nigeria (CBN) Governor by President Muhammadu Buhari.

The News Agency of Nigeria (NAN) reports that contrary to market operators’ expectations, the crucial market indices maintained negative outlook for fifth consecutive days.

Specifically, the market capitalization which opened at N10.860 trillion shed N20 billion to close at N10.840 trillion.

In the same vein, the All-Share Index lost 48.44 points or 0.17 per cent to close at 28,847.81 against 28,896.25 recorded on Thursday.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to low liquidity and weak market fundamentals.

“Equity segment of the financial market did not react positively to the reappointment of CBN governor due to prevailing low liquidity and weak market fundamental,” Omordion said.

He said that fixed income segment witnessed bullish trading due to the positive news of the governor’s reappointment.

Omordion said that the reappointment showed Buhari’s readiness and interest in reactivating the economy again.

He noted that monetary stability was a key pointer to assure investors of continuity and stable exchange rate.

Omordion said that Emefiele’s monetary policy supported the economy despite the deficit position of the government all these years.

He said that financial market regulators should come together and help market makers to have access to cheap funds to boost activities in the stock market.

Omordion noted that pension and the sovereign wealth funds should play more in the stock market to create liquidity.

Stanbic IBTC led the gainers’ table during the day, gaining N2.30 to close at N46 per share.

Guinness followed with a gain of N1.50 to close at N51.50, while ETI gain 20k to close at N10.30 per share

UACN also appreciated by 20k to close at N6.95, while NEM Insurance gained 18k to close at N2.50 per share.

On the other hand, Seplat recorded the highest loss during the day, shedding N57.90 to close at N522 per share.

Africa Prudential Registrar trailed with a loss of 39k to close at N3.54, while Guaranty Trust Bank lost 30k to close at N32 per share.

Eterna was down by 29k to close at N3.90, while Mansard Insurance declined by 14k to close at N1.81 per share.

NAN reports that Sovereign Trust Insurance drove the activity chart exchanging 44.54 million shares worth N11.14 million.

Sterling Bank followed with an account of 24.73 million shares valued at N65.77 million, while Access Bank sold 20.97 million shares worth N147.47 million

Zenith Bank traded a total of 16.64 million shares valued at N332.83 million, while Transcorp sold 16.38 million shares worth N18.31 million.

In all, a total of 235.23 million shares valued at N1.36 billion were traded by investors in 3,130 deals.

This was against the 215.20 million shares worth N2.05 billion achieved in 5,646 deals on Thursday.
https://www.dailytrust.com.ng/nigeria-equities-market-defies-emefieles-reappointment-down-by-n20bn.html

Lalasticlala Dominique

Justice Zainab Bulkachuwa, the President of the Court of Appeal and Chairman of the 2019 Presidential Election Petition Tribunal, is not qualified to head the Tribunal, Daily Champion has learnt.

Reports have it that she is an interested party and is therefore allegedly highly compromised.

‪Justice Zainab Bulkachuwa is the wife of Adamu Mohammed Bulkachuwa, who is currently a Senator elect representing Bauchi North Senatorial District on the platform of the ruling All Progressives Congress (APC).

‪Investigations have revealed that President Muhammadu Buhari and the APC deliberately ceded the Bauchi North Senatorial ticket to Mohammed Bulkachuwa in order to use him to influence his wife, who the APC believed will head the 2019 Presidential Election Petition Tribunal.

To this end, it was gathered ‪that President Buhari and the APC planned a total and complete infiltration of the judiciary before the 2019 General Elections by removing Justice Walter Onnoghen as Chief Justice of the Federation and deliberately making Justice Bulkachuwa’s husband a Senator in order to influence her decision at the upcoming Presidential Tribunal.

‪It was authoritatively gathered that the APC may have ordered the Bulkachuwas to trash all Appeals of the PDP emanating from the NASS and Governorship Elections Tribunals in favour of the ruling APC as evidenced in Thursday’s ruling of the Appeal Court on the Osun Governorship Election.

‪More revelations show that Justice Zainab Bulkachuwa was also mentioned in a secret memo submitted to President Buhari by the Directorate of State Services (DSS). In that memo, the DSS was said to have described Justice Bulkachuwa as “incurably corrupt”.

‪The DSS in that secret memo to President Buhari also accused Justice Bulkachuwa of engaging in bribery and taking kickbacks from judges she assigned to lucrative and juicy cases.

“‪Justice Bulkachuwa is an interested Party, accused of corruption and is, therefore, not competent to chair the 2019 Presidential Election Petition Tribunal. She should rescue herself immediately as her membership of the panel will render the panel invalid, biased and partisan”, a source at the Appeal Court told our correspondent under the condition of anonymity.

Lalasticlala Mynd44

http://www.championnews.com.ng/dss-secret-memo-indicts-justice-zainab-bulkachuwa/