September 19, 2019

Nigeria Approaches World Bank For Fresh $2.5bn Loan

ABUJA – Hafez Ghanem, World Bank’s vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan. Ghanem made this known in an interview on Wednesday in Abuja. The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018. “We’re talking about a new set of programmes of about the same amount, it should be about $2.5bn,” Bloomberg quoted him to have said. “It’s important to resolve the problems of the power sector in Nigeria to bring in more investments. Because you need to bring down the cost of power to make the economy more competitive for the [Read]

Lawmakers Order CBN To Suspend New Charges On Transactions

The House of Representatives on Thursday directed the Central Bank of Nigeria to suspend the new charges placed on Nigerians under its new cashless policy, with immediate effect.  CBN had announced an increase in charges on withdrawals and deposits exceeding N500,000, however, in a plenary session, the Lower House ordered the apex bank to suspend the policy until appropriate consultations have been concluded. This was affirmed via a series of tweets on the official Twitter handle of the House of Representatives. [READ ALSO] Nigerians to start paying for bank deposits, withdrawals – CBN announces [SEE CIRCULAR] The tweets read: The @HouseNGR has urged the @cenbank to suspend its recent directive to [Read]

ASO VILLA/OSINBAJO CRISIS: Top South-West Monarchs Set To Intervene, Save VP From Impeachment

Yoruba traditional rulers are making moves to intervene in the crisis of confidence rocking the Presidency and alleged moves to impeach Vice President, Yemi Osinbajo, who was alleged of breaching due process in approving some contracts for agencies under his supervision. NEWS FLAKES NG gathered that heads might roll in some of the affected agencies. According to the Guardian, a Yoruba Monarch , who confided said that they were already being disturbed by information making the rounds about the Vice President and “we are already making moves to investigate the veracity of those allegations and see President Muhammadu Buhari.” The monarch, who pleaded for anonymity, said: “The most disturbing of [Read]

EFCC Arrests 25 LAUTECH students for Alleged Internet Fraud

Operatives of the Advance Fee Fraud Unit of the Economic and Financial Crimes Commission, EFCC Abuja Headquarters, have arrested 25 students of the Ladoke Akintola University of Technology, LAUTECH, Ogbomosho, Oyo State, for their involvement in various forms of cybercrime including romance scam, love scam, possession of forged documents, and obtaining money by false pretence. The students, who are aged between 18 and 29 years old, were arrested at their off-campus hostels, following a three-day raid carried out between September 16 and 19, 2019. Operatives acted on the intelligence report, which was investigated using sophisticated equipment. The raid also followed months of surveillance and monitoring of their activities. They include [Read]

Buhari Set To Embark Again On Another Foreign Trip

President Muhammadu Buhari will depart Abuja Sunday for New York, United States to participate in the 74th Session of the United Nations General Assembly (UNGA74) which opened on Tuesday, September 17. The President’s participation at this year’s gathering of world leaders is particularly significant as it coincides with Nigeria’s Presidency of UNGA. On June 4, 2019, Nigeria’s Permanent Representative to the UN, Prof. Tijjani Muhammad-Bande, was unanimously elected as the President of UNGA74 – an indication of the country’s high esteem in global reckoning. This marks the second time Nigeria would be occupying that prestigious position following late Maj-Gen. Joseph Nanven Garba’s election during UNGA44 in 1989. The theme for [Read]

27 children killed in Liberia school fire

LIBERIA – About twenty seven children were killed on Wednesday in a fire at a Koranic school near the Liberian capital Monrovia. At least 27 children and two teachers died in the blaze overnight, the president’s office said, citing information from the emergency services. President George Weah visited the site in Paynesville, on the outskirts of the capital, and said the cause was still unknown. “We are here to encourage parents of the victims to have strength because it is painful to lose your kids in this manner,” Weah told reporters. “We extend our sympathy to the bereaved families. We don’t know the cause of the fire yet, but we [Read]

UCL: Di Maria Scores Two As PSG Beat Real To Increase Pressure On Zidane

Argentine attacker, Angel di Maria scored twice against former club Real Madrid as Paris St-Germain began their Champions League Group A campaign with a comfortable win. Thomas Meunier’s stoppage-time goal added more embarrassment for the Spanish giants – and heightened the pressure on Real manager Zinedine Zidane, whose win ratio is below 50% since returning to the club towards the end of last season. Eden Hazard, making his first start for the visitors, showed some nice touches but struggled to influence proceedings, as a Real old boy stole the show. In other matches, Substitute Hector Herrera scored a 90th-minute equaliser to crown a fine Atletico Madrid comeback and deny Juventus [Read]

$9.6 BILLION RULING: P&ID Officials Plead Guilty To Contract Fraud Charges

ABUJA – A Federal High Court sitting in Abuja has ordered the forfeiture of assets belonging to Irish firm, Process and Industrial Development, P&ID, in Nigeria to the Federal Government of Nigeria. The order was made on Thursday after two suspects, the Commercial Director of the company in Nigeria, Muhammed Kuchazi of P&ID British Virgin Island, pleaded guilty to a ten-count charge, while Adamu Usman of P&ID Nigeria Limited, also pleaded guilty to all the eleven-count charge filed against him by the Economic and Financial Crimes Commission, EFCC. The suspects were arraigned on allegations of fraudulent involvement in the 2010 contract entered into, by Nigeria and the Irish firm, Process [Read]

Lagos govt gives N20,000 each to 2nd batch of 315 returnees from South Africa

The Lagos State Government on Wednesday gave a sum of N20,000 to each of the second batch of 315 Nigerians evacuated from South Africa. The News Agency of Nigeria (NAN) reports that the fresh batch of returnees arrived a week after another 187 Nigerians fleeing xenophobia came back from South Africa. The joyous returnees arrived at the Cargo Wing of the Murtala Muhammed International Airport, Lagos at about 7.21p.m aboard an Air Peace B777 aircraft with registration number 5N-BWI. The flight, which originated from the OR Tambo International Airport, Johannesburg was received by Mrs Abike Dabiri-Erewa, Chairman, Nigerians in Diaspora Commission and Air Peace Chairman, Mr Allen Onyema. Also on [Read]