Sources
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
Controversy surrounds whereabouts of OPC men who arrested Iskilu Wakili
Controversy has surrounded the whereabouts of Oodua Peoples Congress operatives who arrested suspected Fulani warlord, Iskilu Wakili. While there are media reports that the men have been transferred to Abuja, some sources in the OPC said they do not know the whereabouts of the detained operatives. The OPC members were detained on Sunday after arresting suspected Fulani warlord, Iskilu Wakili, who was later handed over to the police. It was gathered that representatives of OPC and the Investigating Police Officer in charge of the case would meet at 1 pm on Tuesday (today). According to a media report, the OPC members involved in the arrest were first transferred from Oyo Police Command to Force CID in Alagbon, Lagos, from where they were taken to Abuja. However, sources in the Lagos State P...
‘Bandit’ caught with three AK-47 rifles in Niger
An arm-bearing young man suspected to be an armed bandit was on Wednesday caught at Patigi Ferry Port in Niger State based on suspicious behaviour. Luck was said to have run against him when he refused to hand over his baggage to the motorcycle rider from Bida Garage to place in front of the rider on top of the motorcycle fuel tank as is the practice. While on the way, the man received several calls apparently from gang members asking him to hurry up, a situation which got the rider really scared. Sources added that when the motorbike pulled at the the Nupeko Port, the now unsettled suspect quickly alighted and chartered a small canoe to the Patigi side, but still refused to part with the baggage while boarding the boat. This was when the okada rider raised the alarm prompting a quick call...
President Buhari directs security chiefs to recover areas being occupied by criminals
President Muhammadu Buhari has ordered the nation’s security chiefs to recover all areas being occupied by insurgents, bandits and kidnappers across the country. The National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno, told State House correspondents that the president gave the order during the just concluded meeting of the National Security Council. The meeting was presided by Buhari at the Council Chamber of the Presidential Villa, Abuja, on Tuesday. According to him, no sovereign nation will allow a group of non-state actors to bring it down to its knees and render the state in state of panic, apprehension, mistrust and disorder. “Therefore, both the defence and intelligence organisations have been charged that while we look forward to having a peaceful, non-kinetic reso...
‘Assassins’ kill Delta governor’s aide in Sapele
The Special Assistant to Delta State Governor, Senator Ifeanyi Okowa on Youth development, Comrade Okiemute Sowho has been killed by suspected assassins in Sapele. He was shot dead around 6p.m. on Saturday evening, near a popular hotel along Akintola road close to the Adeniyi end of the town. According to sources, the deceased had gone to check a building in the vicinity when the assailants surfaced from nowhere and opened fire on him, before speeding away. Sympathizers were said to have taken him to a private hospital in the area where the doctors confirm him dead on arrival before his remains was deposited in the mortuary. A former Councillorship aspirant under the Peoples Democratic Party, PDP, in Ward 3 in Sapele Local Government Area, Daddy K as he is popularly called, was a strong su...
Ekiti moves to reposition MSMEs for economic growth
Ekiti State Government has expressed its determination to enhance the growth of Micro, Small and Medium Enterprises (MSMEs) to boost economic prosperity of the state. The government had before now reconstituted a 22-member Council to address the myriad of challenges confronting MSMEs in Ekiti , with intention to upscale industrial growth and development . The Commissioner for Investment, Trade and Industry, Mr Muyiwa Olumilua, stated this during a one-day sensitisation workshop with the theme: “Making Economy A Private Driven Economy” held in Ado Ekiti. He said the state government will partner federal government and corporate agencies to facilitate opportunities for business owners in the state. Olumilua at the event, which brought together medium and small scale business owners from acro...
Nigerian Navy destroys 15 militant camps in Akwa Ibom, Rivers
Getty Images The Nigerian Navy Ship, NNS Jubilee, in Ikot Abasi local government area of Akwa Ibom state, said it has destroyed 15 militants camps within its area of jurisdiction in Akwa Ibom and some parts of Rivers state. The Commander, NNS Jubilee, Commodore Abdulmajid Ibrahim, who disclosed this to newsmen on Thursday at the base in Ikot Abasi local government area, Akwa Ibom state said the militant camps were discovered and destroyed during its anti-piracy and anti-sea robbery operations. He stated that the destruction of the militants’ camps by the Nigerian Navy was made possible through the raid of some of the 1,800 creeks within its jurisdiction, adding that the joint patrol operations of the Navy and Nigeria Police have resulted in relative peace and security in the area as well a...
Nigerian government approves new debt management strategy
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
2023: APC’ll win Delta if leaders are less cantankerous – Cairo Ojougboh
Immediate past Interim Executive Director of Project, EDP on the board of the Niger Delta Development Commission, NDDC, Dr Cairo Ojougboh, has said the All Progressives Congress, APC has a better prospect to win Delta State in 2023 if the leaders of the party could cooperate, began to be less cantankerous and do not match their ambition with hostility with other party members. Ojougboh who stated this while speaking on the sidelines of sensitisation of party members in Ika South on the registration/revalidation exercise of the party said the APC remained the most popular party in Delta but lamented that members have not been able to utilise such popularity to win elections over the years because of squabbles among leaders. Hear him: “APC is the most popular party in Delta State for a very ...
Woman sets sister, three others on fire over inheritance
A woman identified simply as Imole, allegedly set an apartment in Idimu area of Lagos, occupied by her sister and members of her family on fire, over an argument over her share of their late father’s four rooms apartment. Doctors at Alimosho General Hospital were still battling to save the lives of the victims, weekend. Information at newsmen’s disposal had it that Imole visited her elder sister on Dupeolu Street, Pipeline area of Idimu, last Friday, to demand that the four rooms be shared equally between them. But her sister was said to have declined, offering her one room, as she explained that their father had other wives whose children were also beneficiaries. A heated argument according to eyewitnesses ensued between the siblings, at the end of which Imole was pacified. However, at mi...
WSJ: China’s Ant Group plans revamp amid regulator pressure
China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including sec...
Tanzanian envoy denies President Magufuli in bad health
Tanzania’s President John Magufuli is in good health and working normally, one of his diplomats has told a broadcaster in Namibia, countering reports he had been flown to hospital in Kenya and then India in a critical condition with COVID-19. Magufuli, 61, who is Africa’s most prominent coronavirus sceptic, has not been seen in public since Feb. 27. Tanzanian opposition leader Tundu Lissu has cited medical and security sources for information that the president was flown to the private Nairobi Hospital in neighbouring Kenya and then on to India in a coma. But the Namibian Broadcasting Corporation quoted Tanzania’s ambassador in Windhoek, Modestus Kipilimba, as saying Magufuli was in good health and remained in Tanzania. “High Commissioner Kipilimba dismissed the reports, saying Magufuli is...