 Politics › Re: APC Insists On Card Readers;Opposes Use Of Soldiers For 2015 Elections. by Sierraloaded: 9:11pm On Feb 13, 2015*. Modified: 9:50pm On Feb 13, 2015 |
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| Jokes Etc › Re: A Father's Marriage Application Form For Her Daughter by Sierraloaded: 6:16pm On Feb 13, 2015*. Modified: 9:47pm On Feb 13, 2015 |
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| Politics › Re: Honorable Kemi Banjo (Alatika): 'Tasted, Trusted & Reliable' by Sierraloaded: 5:58pm On Feb 13, 2015 |
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| Politics › Re: Nigeria Hits Back At Niger; Accuses Coalition Soldiers Of Looting, Helping BH by Sierraloaded: 4:48pm On Feb 13, 2015 |
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| Phones › Re: Bad Things About Rooting Your Phone (disadvantages) by Sierraloaded: 3:34pm On Feb 13, 2015 |
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| Politics › Re: MASSOB Introduces, Passport, Currency, Vehicle & Drivers Licences by Sierraloaded: 3:06pm On Feb 13, 2015 |
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| Politics › Re: We'll Kill 20 For Each Police Life Lost During Elections-AIG Mbu by Sierraloaded: 2:30pm On Feb 13, 2015*. Modified: 3:10pm On Feb 13, 2015 |
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| Education › Re: Dear Jobseeking Graduate, Here’s What You Should Have Done In Final Year by Sierraloaded: 2:29pm On Feb 13, 2015*. Modified: 3:08pm On Feb 13, 2015 |
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| Politics › Re: Nigerian Soldier: "We Are Using Old Tanks Since 1976 To Fight Boko Haram" - BBC by Sierraloaded: 2:19pm On Feb 13, 2015*. Modified: 3:12pm On Feb 13, 2015 |
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| Family › Re: Beware Of Craddle Robbers by Sierraloaded: 2:11pm On Feb 13, 2015*. Modified: 3:11pm On Feb 13, 2015 |
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| Politics › Re: Army Board Of Inquiry Tried Capt. Koli For Exposing Ekiti Rigging by Sierraloaded: 1:54pm On Feb 13, 2015*. Modified: 3:11pm On Feb 13, 2015 |
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| Education › Re: What Is The Total Weights Of The Animals In This Picture? by Sierraloaded: 1:26pm On Feb 13, 2015*. Modified: 3:11pm On Feb 13, 2015 |
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| Politics › Re: Jonathan's Camp Allegedly Splits Over Anti-Buhari Lawsuits by Sierraloaded: 11:09am On Feb 13, 2015*. Modified: 3:12pm On Feb 13, 2015 |
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| Crime › Re: Assemblies Of God Pastor, 2 Others Beheaded By Angry Youths In Cross River by Sierraloaded: 10:35am On Feb 13, 2015 |
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| Crime › Re: Primary Three Pupil Gets Pregnant After Being Raped By A 27 Year Old Man by Sierraloaded: 10:05am On Feb 13, 2015 |
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| Crime › Re: Bar Manager Sets His 13-Year Old Attendant On Fire For Allegedly Stealing N1500 by Sierraloaded(op): 2:08am On Feb 13, 2015*. Modified: 10:04am On Feb 13, 2015 |
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| Crime › Bar Manager Sets His 13-Year Old Attendant On Fire For Allegedly Stealing N1500 by Sierraloaded(op): 2:08am On Feb 13, 2015 |
The Ogun State Police Command is presently searching for a bar manager, Mr. Bidemi Shittu, who allegedly poured petrol on his 13-year-old attendant, Ezekiel Emmanuel, and set him ablaze.
It was gathered that the manager took the action because the teenager reportedly stole N1,500 from him.
PUNCH Metro learnt that the incident happened in the Akoka area of Ibafo, Ogun State, on Monday, February 9.
Our correspondent gathered that the runaway suspect, Bidemi, who is married with children, was the manager of Golden Fingers Bar in the area, while Emmanuel was one of his attendants.
Our correspondent learnt that Bidemi, who had accused Emmanuel of theft on Sunday, allegedly tied the teenager’s hands and feet in a room in his bar till Monday, waiting for him to admit the offence.
It was gathered that on Monday, at about 11.30pm, Bidemi brought Emmanuel out to the front of the bar, poured petrol on the boy and set fire on him.
Our correspondent learnt that some residents, who were out at the time, rescued the victim.
They were said to have rushed Emmanuel to a private hospital in the area where he was initially treated before he was referred to the Lagos State University Teaching Hospital, Ikeja, Lagos, the following day.
PUNCH Metro learnt that the matter was reported to the Ibafo Police Division, and the policemen sealed off the bar.
However, it was gathered that the suspect, Bidemi, fled before he could be arrested.
When our correspondent got to the area on Thursday, Emmanuel’s uncle, Mr. Toyin Olayemi, said the boy was rejected by four different hospitals before he was eventually taken to LASUTH.
He said, “Emmanuel’s father is not around. He went to his hometown in Ekiti because he fell ill. On Tuesday morning when they told me about Emmanuel. I rushed to the private hospital and I saw him on the bed, severely burnt from head to abdomen.
“He was working on part-time basis in the bar, although Bidemi did not pay him any salary. Emmanuel is also learning generator repair at a workshop. I was told that the manager accused him of stealing N1,500.
“Despite pleas from neighbours that they would repay him, he waited till everyone had gone to sleep and brought out the boy and burnt his body.
“The private hospital asked us to take him away the following day. We went to about four government hospitals which rejected him before we came to LASUTH.
“Since that Tuesday, they have not allowed us to see him. They said he was still under observation. The suspect too has run away. We learnt that a policeman in the Ibafo division tipped Bidemi off to evade arrest.”
When our correspondent visited the suspect’s father, Pa Shittu, he told PUNCH Metro that the most important thing was for the victim to get well.
He said, “My wife went to check the boy in the hospital. The doctors did not allow her to see him, but they told her that he was responding to treatment. I have spent about N150,000 on his treatment.
“I have not seen Bidemi. I don’t know his whereabouts. He has refused to pick my calls. The most important thing is for the child to get well.”
When our correspondent got to the private hospital in Ibafo where Emmanuel was initially treated, the doctor said he ensured that he was in a stable condition before he was transferred.
The Police Public Relations Officer, DSP Muyiwa Adejobi, confirmed the incident.
He added that the police were intensifying efforts to arrest the suspect.
He said, “The suspect poured petrol on the boy for stealing.
He maltreated him, tied his hands and feet, and set him on fire. The boy is still in the hospital and the suspect is presently at large.
“But the police will arrest the suspect.
“This act is not only criminal, but also barbaric. We are intensifying efforts to get him and we will.” http://www.punchng.com/metro-plus/bar-manager-sets-attendant-ablaze-for-stealing-n1-500/pix of the bar below 
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| Politics › Re: PDP Declares Confidence In Jega To Conduct Free Polls by Sierraloaded(op): 1:28am On Feb 13, 2015 |
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| Politics › PDP Declares Confidence In Jega To Conduct Free Polls by Sierraloaded(op): 1:28am On Feb 13, 2015*. Modified: 2:30am On Feb 13, 2015 |
https://punch.cdn.ng/wp-content/uploads/2014/10/National-Chairman-Peoples-Democratic-Party-Alhaji-Ahmadu-Adamu-Muazu-.jpgThe National Chairman of the Peoples Democratic Party, Alhaji Adamu Mu’azu, said on Thursday that the leadership of the party and its governors had confidence in the Chairman of the Independent National Electoral Commission, Prof. Attahiru Jega.
Mu’azu spoke at a press briefing in Abuja. The briefing which held at the national headquarters of the party, had in attendance some PDP governors, led by the Chairman of the PDP Governors’ Forum, Godswill Akpabio of Akwa Ibom State.
The position of the party and its governors as given by Mu’azu differed from the position of its campaign directorate, which had threatened to pass a vote of no confidence in Jega and his team.
The campaign team, through its Director of Media and Publicity, Femi Fani-Kayode, had complained about the distribution of the Permanent Voter Cards, which it alleged was being skewed in favour of the opposition All Progressives Congress.
Mu’azu, curiously, differed on this at the press briefing, saying that the postponement of the elections would enable Jega and his team to distribute the remaining voter cards.
He said even President Goodluck Jonathan had expressed confidence in the chairman of the commission and that there was no way the party would disagree with the President’s position.
He said, “You asked if the party has confidence in Jega? My answer is not far-fetched.
“The President stated during his media chat last night (Wednesday) that he has confidence in Jega.
“We also have confidence in Jega and that he and his team will conduct free, fair and transparent elections.”
The PDP chairman also disagreed with Jega that the elections were postponed solely because of the security challenge in some parts of the country.
He said, “While we were cruising in the euphoria of the success of our campaign that was leading us to victory, INEC on February 7, 2015, relying on section 26 (1) of the Electoral Act 2010 (as amended) announced the postponement of the elections by six weeks, citing what it called security challenges.
“Although we tend to agree with INEC on the security reasons given for the postponement, we are nevertheless not unmindful of the fact that the commission on its own part was not fully prepared for the February 14 election date.
“Taking the INEC chairman, Jega, on his own words, for the 68.8 million registered voters, the commission had only printed and delivered 66.3 million Permanent Voter Cards with 1.3 million yet to be delivered and 1.1 million stolen cards yet to be replaced.
“Also according to Jega, 45.09 million voters cards were collected by prospective voters, representing 65.8 percent of the registered voters and 23.71 million PVCs, representing 34.2 percent, were yet to be collected as at February 7, which is exactly one week to the February 14 earlier scheduled date. Compare this anomaly with the 2011 elections where not a single eligible voter was disenfranchised.
“By this account, INEC could not sincerely claim to have been fully prepared for a desirable credible, free and fair election at the time when more than 23 million registered voters were going to be disenfranchised.” http://www.punchng.com/news/muazu-says-pdp-has-confidence-in-jega/ |
| Romance › Re: 8 Unusual Ways To Skip Valentine’s Day by Sierraloaded: 1:19am On Feb 13, 2015 |
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| Romance › Re: 10 Weird Things Men Find Attractive In A Woman by Sierraloaded: 1:18am On Feb 13, 2015 |
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| Politics › Re: CBN Under Pressure To Devalue Naira Again by Sierraloaded(op): 1:15am On Feb 13, 2015 |
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| Politics › CBN Under Pressure To Devalue Naira Again by Sierraloaded(op): 1:15am On Feb 13, 2015 |
DEVELOPMENTS in the foreign exchange market are putting the Central Bank of Nigeria under intense pressure to further devalue the naira.
The currency has been experiencing free fall since November 25, 2014 when the CBN Monetary Policy Committee devalued it by eight per cent from 155 to 168 against the United States dollar.
Following Saturday’s announcement of the postponement of the general elections by six weeks, the naira on Monday plunged from 188 to 200 against the dollar.
The Bankers’ Committee gave the hint of further devaluation on Thursday just as the nation’s External Reserves dropped by $1bn in 12 days.
The committee which comprises the Central Bank of Nigeria governor, the deputy governors, chief executive officers of Deposit Money Banks and other stakeholders, said the managers of the economy, including the CBN, were currently seeking a new level to devalue the already battered currency.
Members of the committee met for over three hours in Lagos to review developments in the banking sector and the economy, among other issues.
The meeting, which was chaired by the CBN Governor, Godwin Emefiele, later appointed the Managing Director, Guaranty Trust Bank Plc, Segun Agbaje; Managing Director, FCMB, Ladi Balogun; Managing Director, CitiBank Nigeria, Omar Hafeez; and Director, Banking Supervision, CBN, Tokunbo Martins, to brief the press on some of its deliberations.
Agbaje said the currency was going through a period of ‘‘price discovery’’ to determine a new level for the currency.
He said, ‘‘where we are now is that oil prices are down. As a country, we are trying to find what level the currency devalues to. There is no central bank in the world that allows a free flow of its currency. What you do is try to find a price discovery and find a rate at which you can live with. I think we are going through that process in Nigeria. That is why at the last MPC meeting, the CBN devalued and also moved the midpoint of the naira. What you are seeing in the interbank market is again some price discovery.”
The GTBank boss explained that ‘‘devaluation is not a curse’’, adding that some major currencies of the world had gone through the process in recent times.
According to him, no nation allows free flow of its currency.
Agbaje said, “I think that on the issue of exchange rate, exchange rates are very emotional things. The reality is that devaluation is not a curse. The Norwegian Krone, which is one of the strongest currencies, devalued by 13 per cent last year. I think about half way through last year, the pound to the dollar was about 1.67; today, it is barely 1.52. So, where we are today is that oil prices are down.
“The thing about price discovery is that rates would go up and rates would come down. And so for those who chose to speculate, you run the risk of actually losing money.
“So until we find what that rate is, which I believe in my own opinion we are around there now, and I believe that the CBN is also going through that price discovery, when they get there.
“Any country that has over $30bn in its reserves is able to defend its currency at a realistic rate. So, I don’t think we have a state of chaos around. I told you about some very strong economies that have gone through some devaluation; so, it is not a curse.”
Agbaje also said that the CBN had no plans to change rules regarding the operation of domiciliary accounts.
He said, “There will be no change in the operation of domiciliary accounts. The CBN remains committed to the foreign exchange market. There will be free flow of funds into and out of the domiciliary accounts’’.
The GTBank boss added that banks’ exposure to the oil and gas sector did not pose any challenge to the banking industry because the CBN had already carried out a stress test on all the banks with oil prices at $50 and $55 per barrel.
Balogun also told journalists that despite the fall in oil prices, government revenues last year increased by N75bn.
Balogun, who added that about N150bn increase was being expected this year, explained that owing to the structural challenges in the economy, banks would support the government to diversify the economy.
According to the FCMB boss, banks will ensure that loans are given to Small and Medium-scale Enteprise operators and people in the agricultural sector.
Hafeez, said due to the volatility in the foreign exchange market, the CBN had said that it would continue to meet the liquidity needs of the market, adding that Emefiele had said that the market did not need to panic any longer.
Martins said despite the volatility in the foreign exchange market, the country’s banks were still sound, safe and strong.
She said the capital adequacy levels, liquidity ratios, profitability, asset quality and other ratios of the banks were all above average and the regulatory minimum.
On the banks’ exposure to the oil and gas sector in the light of falling oil prices, Martins said Nigerian banks had one of the highest capital levels in the world, adding that they were safe should the unexpected happen.
Emefiele told the CNBC Africa on Thursday that there was “no need to panic” about a slide in the currency, after figures showed that the bank had been burning through more than $110m a day in an attempt to defend the naira.
“We are not in the best of times but there’s no need to panic,” he said, ruling out an emergency Monetary Policy Committee meeting. He stated that floating the currency was not an option.
Figures on the CBN website on Thursday showed that the foreign exchange reserves fell to $33.4bn as of February 10, a drop of $1bn over the previous 12 days as the CBN sold hard currency to defend the naira.
The reserves stood at $34.4bn on January 27, 2015.
Meanwhile, reports on Thursday indicated that the naira was likely to continue its fall next week as investors worry over the postponement of the general elections by the Independent National Electoral Commission and its impact on the economy and the country.
The naira hit a record low of 206.60 against the dollar on Thursday at the interbank market, and dealers halted electronic trading for the second consecutive day.
Dealers had halted trading on Wednesday when the naira hit 204 against the dollar.
“Demand remains strong and unless we have large dollar inflows into the market, the local currency will continue to be under pressure,” a dealer said.
The CBN has repeatedly sold dollars to support the local currency. It has also been relying on the external reserves to defend the naira.
However, other African currencies like the Ghanaian cedi and Kenyan shillings are expected to remain strong next week. http://www.punchng.com/news/cbn-under-pressure-to-devalue-naira-again/ |
| Nairaland General › Re: Nigerian Footballer Elderson Echiejile Gets Engaged…(pics Included) by Sierraloaded: 12:06am On Feb 13, 2015*. Modified: 12:21am On Feb 13, 2015 |
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| Crime › Re: Man Rapes Own Daughters In Benin by Sierraloaded: 11:45pm On Feb 12, 2015 |
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| Poems For Review › Re: The Other Side. by Sierraloaded: 10:29pm On Feb 12, 2015*. Modified: 12:21am On Feb 13, 2015 |
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