US opts to buy Nigeria’s crude - Kachikwu
•Kachikwu
Minister of State for Petroleum Dr. Emmanuel Ibe Kachukwu has raised Nigerians’ hope about the dwindling oil revenue, with the news that the United States will now buy some crude from Nigeria.
“Post the President’s visit, there has been an overture from them to say they want to buy limited quantity of Nigerian oil to support the market. We are still ongoing on that,” he said.
Kachikwu allayed fears over the return of the U.S. to oil export, stressing that the country’s sale of oil does not foreclose its tendency to buy crude at the same time.
According to him, the volume of oil that the US intends to do is little and it is for her internal consumption.
Kachikwu, who spoke with reporters at the Kaduna airport after his inspection of the Kaduna Refinery and Petrochemical Company (KRPC) in Kaduna State, said the U.S. is still importing oil to build up her reserves.
He said: “The fact of U.S. being back into the sales market obviously what you find is that the volume of export U.S. intends to do is very minimal for a lot of internal consumption.
“And strategically they are still reaching out to buy certain barrels and, in fact, they are hoping to buy a couple of Nigerian barrels. So the strategic reserve is key for them to make a very strong strategic reserve. They have also produced more than they have never done in their history now .
“From the financial point of view they sometimes sell and still buy, and they do that with gold, they do that with cotton, they do it with a lot of commodities. The whole idea is that if oil prices are cheaper, they buy, and use that to fill their reserves.”
According to Kachikwu, the United States has never completely exited the importation of Nigeria’s crude since three major oil companies – Cheveron, Exxonmobil and one other – still take their 40% share to their refineries.
What the United States stopped was her importation of the Nigerian National Petroleum Corporation (NNPC) share of the crude, the minister said.
Kachikwu, who is also the Group Managing Director (GMD) of the NNPC said the two countries were discussing the purchase of the corporation’s share of Nigeria’s crude.
He said: “Three of the oil companies are U.S. At least I can say Exxonmobil , I can say Cheveron, but you realise that 40% of their production goes into the U.S., so when you hear zero importation of Nigerian oil it is not really stopped . It is not true because they take their shares to their refineries.
“What we are talking about is the NNPC portion of the crude which is 60% and that is the element we are talking about – whether or not they will continue to buy.”
Analysing the nature of the Nigeria/US oil market relations, the minister said: “ You also know that they are diversifying to the Shale in terms of the sale of products. Now you take 900,000 from a million barrels, out of that 455 is local intervention. So what you are talking of is about 450, 000 barrels. It is not enough in terms of the NNPC portion.”
Asked what the Ministry of Petroleum Resources was doing to ensure that the Department of Petroleum Resources (DPR) is better equipped to monitor oil production in view of the impression that the DPR has no knowledge of the volume of oil that the International Oil Companies (IOCs) produce at the well head, the minister said it was false.
He insisted that the DPR could ascertain the level of production, stressing that it was the inspection that brought about the volume of production that the Federal Government used for its budget.
Kachikwu said: “That is not true. I think the DPR knows the quantity of oil we produce. We do know the volume of oil we produce and that is the number we use for budgeting. I can tell you, for example, we are doing 1.89million barrels per day. I can tell you we are targeting 2.2million barrels per day next year. There are measurement indexes for that.”
The minister said it takes an average of three to five years to build a new refinery at $2billion to $2.5billion which is too huge for government to afford.
“ It takes investment of $2billion and $2.5billion and those are not monies that we can afford,” he said, adding: “What we are encouraging people to do is to unbundle refineries that are all over the world, which are for economic reasons being de-assembled and bring them here and set them up and run them”.
This, said Kachikwu, would prune the cost of refineries for investors, especially when they are sharing the same premises, the same power source, because power is a key element of that cost.
He maintained that adoption of this method of construction of a fairly used refinery could be take about 18 months to build and reduce the cost to below one billion dollar and bring about quicker return on investment.
Scores killed in suicide attacks on park, mosque
Troops kill seven bombers
‘Residents must be security conscious’
No fewer than 52 people have died and 124 injured in multiple explosions in beleaguered Maiduguri, the Borno State capital, hospital officials said yesterday.
The insurgent group Boko Haram is believed to be behind the attacks.
The morgues at the Umaru Shehu Specialist Hospital and the University of Maiduguri Teaching Hospital (UMTH) were flooded with bodies.
It was gathered that of the 85 injured taken to the State Specialist Hospital, nine were referred to UMTH because of the higher degree burns and gunshot wounds they had.
The Chief Medical Director (CMD) of the State Specialist Hospital, Dr. Laraba Bello, and the CMD of the Umaru Shehu Specialist Hospital, Dr. Salisu Kwaya Bura, gave the death toll while briefing Governor Kashim Shettima who visited the hospitals to console the victims.
Dr. Bello said 32 bodies were deposited at the hospitals morgue, 85 injured people were admitted yesterday and nine patients were referred to UMTH for further treatment for burns and multiple fractures.
At the Umaru Shehu Hospital, Dr. Bura said 39 injured persons were brought in on Sunday. One expectant woman died early yesterday.
“We were able to discharge some of the injured persons, after being treated for minor burns and cuts. Right now, as I speak to you, Your Excellency, 15 are already admitted for the treatment of higher degree burns and gunshot wounds sustained in yesterday’s and today’s (Monday) multiple bomb blasts at Bakkassi, Sabon Gari and Jiddari-Polo wards of Maiduguri metropolis,” said Bura.
Sadiq Mohammed, a patient who survived the mosque attack at Jidari, said: “We are the only two survivors of Monday’s mosque blast which occurred at 6am. Three of my siblings and my father were killed and buried yesterday.”
He said: “The female suicide bomber that attacked us had the explosives strapped to her body while we were praying in the mosque located behind the CBN Quarters in Maiduguri.”
The General Officer Commanding 7 Division of the Nigerian Army, Maj-Gen. Lamidi Adeosun, yesterday told a news conference at the Media Centre of Operation Lafiya Dole that 26 residents died and 86 others injured in the Sunday and Monday multiple blasts.
He said the 14 female suicide bombers, who were between the ages of 12 and 18, attempted to enter Maiduguri with the intent to cause mayhem, confusion and panic.
He said three of the suicide bombers detonated their Improvised Explosive Device (IEDs) in their bodies, killing 25 persons and injuring 85 others.
He added that the terrorists intended to carry out massive and coordinated suicide missions through Asmari, Damboa checkpoint, Ali Dawari, Molai Kura, Baderi, Jumari villages on the outskirts of Maidugri.
Gen. Adeosun said: “Seven other suicide bombers were gunned down by our troops, three escaped and one was arrested.
“I believe this development has averted what would have been a major disaster if they had gained entrance into Maiduguri.
“One of the girls went to a nearby house and requested for water to perform ablution but instead prepared herself and came to a nearby mosque and blew herself off killing one person while 13 others sustained injuries,” he said.
Gen. Adeosun said that the insurgents recently ambushed Nigerian troops in Mairaria village on the Maiduguri-Monguno and Firgi road.
He said that 14 insurgents and four soldiers died in the ensuing gun battle.
He said that the capacity of the insurgents to carry out coordinated attacks had been degraded, adding that that was why they were now attacking soft targets and laying ambush for soldiers.
Gen. Adeosun appealed to the public to be vigilant and report any suspicious movement to the security agencies.
The three hospital authorities told Shettima that 52 people died and 124 were injured.
Shettima condemned the attacks. He said: “We will urge our people to be extra vigilant and to report all suspicious movements to the nearest military formations. Our head is bloody but remains unbowed. We believe that the worst is over and, God willing, we shall strive to give hope to the hopeless; and a cause for joy to the down trodden.
“That will not deter us; we will continue to preach for peace, dialogue, tolerance and understanding. But these lunatics, by the grace of God, their days are numbered. They can inflict pains on us certainly, but our spirit remains high.”
There were bodies on the premises of the state specialist hospitals when our reporter visited. There was no space to keep them inside the morgue. Some residents were trying to identify their family members’ bodies for burial.
In Maiduguri, the insurgents, in one of the attacks, used rocket-propelled grenades and multiple suicide bombers, according to witnesses. It is believed that no fewer than 50 people were killed in the instance.
The attack in Magadali, Adamawa State, a town which was once occupied by the sect members, another twin suicide bombing killed about 30 people, witnesses also said.
Magadali is about 150 kilometers southeast of Maiduguri.
A witness, Danladi Buba, said two women detonated bombs at a market near a busy bus station at about 9 a.m.
Brigade Commander, 28 Task Force Brigade, Mubi, Brig.-Gen Victor Ezugwu, said two female suicide bombers detonated Improvised Explosive Device (IED) in Madagali village.
“Two female suicide bombers struck at a motor park in Madagali and detonated their devices and we lost some beloved country men,” he said.
The Brigade commander, who did not disclose the number of casualties, however said the situation had been brought under control and that security had been strengthened in the town.
He urged residents to be vigilant and security conscious.
Some eyewitnesses at the scene told the News Agency of Nigeria (NAN) that several people died and others were injured
In Maiduguri, no fewer than 30 were killed and more than 90 injured in overnight blasts and shootouts, and another 20 died in a bombing outside a mosque at dawn yesterday.
National Emergency Management Agency (NEMA) Northeast Coordinator Muhammed Kanar said there were multiple attacks at four southwestern entry points to the city.
He confirmed the assault on Jiddari Polo, an area on the outskirts of Maiduguri and told French News Agency AFP that 21 people had died and 91 were injured
In another blast, two girls blew themselves up in Buraburin neighborhood, killing many people, according to civil servant Yunusa Abdullahi.
“We are under siege,” Abdullahi said. “We don’t know how many of these bombs or these female suicide bombers were sneaked into Maiduguri last night.” He said some residents found undetonated bombs.
Militants firing indiscriminately from the back of three trucks attacked the outlying village of Dawari, soldiers engaged them, and as people were fleeing, a woman ran into the area yelling “Boko Haram, Boko Haram.” When people gathered, she detonated herself, according to village head Bulama Isa.
A rocket-propelled grenade then exploded, setting alight grass-thatched huts, and a second woman blew herself up, according to Isa. Among those killed was the village chief and 10 of his children, according to residents Ahmed Bala and Umar Ibrahim.
A soldier said the insurgents fired rocket-propelled grenades into four residential areas on the outskirts of the city. Soldiers fired back, and many civilians were caught in the crossfire, according to the soldier, who spoke on condition of anonymity because he is not authorised to speak to journalists.
Three suicide bombers blew themselves up at a home near Bakassi Estate, killing 18 people Sunday evening, another soldier told The Associated Press.
The attack appeared to be a challenge to President Muhammadu Buhari’s declaration last week that Boko Haram had been “technically” defeated, capable of no more than suicide bombings on soft targets.
A spokesman, Col. Mustapha Anka, said during the attack on Dawari, which is on the outskirts of Maiduguri, the security forces had intervened and killed 10 suicide bombers.
Residents said the militants drove into the village on the back of the trucks and began firing indiscriminately
A nurse at Maiduguri Specialist Hospital said dozens of critically wounded, mainly children and women, may not survive. The nurse, who spoke on condition of anonymity because she is not authorised to speak to reporters, said the hospital was so overflowing with patients that some had to be cared for in the maternity ward. About 60 people had wounds from bullets and shrapnel from explosive devices, she said. Other wounded people had to be sent to other hospitals in the city.
Among them was a baby found dead, still tied to the back of her mother, who survived after being hit by shrapnel, the nurse said.
It was hard to do a body count because so many had been blown into pieces, she said, describing torsos and dismembered arms and legs.
”We all fled yesterday as our houses were on fire. This morning we came back, and while we were counting the people who had burned in the houses, another bomb exploded,” local resident Ibrahim Goni, who visited the blast scene, told Reuters.
‘How Magadali attacks occurred’
No fewer than 30 people died from the suicide bombings at Magadali, eyewitnesses told our reporter.
The attacks were carried out by two teenage female suicide bombers at Kasuwa Denye Kaya and Maiyanka.
The blast occurred around 9 am. Brigadier General Vincent Ezeugo, the commander of the 28th Special Operations Task Force said the blast occurred at a crowded market in Madagali, but would not give the casualty figure saying the National Emergency Management Agency (NEMA) were yet to furnish the military with casualty figures.
But eye witnesses who spoke to our reporter from the area said over 30 people may have been killed in the blast, adding that several other persons sustained varying degrees of injuries as a result of the blast.
An eyewitness said one of the female suicide bombers detonated her explosives without hurting anybody. He explained that the casualty in the attacks was caused by the other female suicide bomber who detonated her explosives at a crowded park around Kasuwa Denye Kaya market.
Ahmed Fulo the Adamawa state coordinator of State Emergency Management Agency could not give the casualty figure.
The military said it had intensified condon and search operations in the Madagali area.
The member representing Madagali in the House of Assembly Hon. Emmanuel Tsamdu, called for more vigilance, saying many strange persons had entered the town.
He said the local JTF put the figure of dead at 17 with nine sustaining varying degrees of injuries and receiving treatment at Uba General Hospital.
“The society we belong is not security conscious otherwise, nobody reported when strangers came into town. I think that is the problem,” he said.
THE NATION
Minister of Labour & Employment Chris Ngige speaks on those that will benefit from FG's N5k stipend
Ngige gave further clarifications in Abuja during an interview with journalists today December 28th. He explained that the N5,000 stipend would be disbursed through a social security scheme.
Dakore Akande stunning in trad outfit
Wizkid to headline Industry Nite Special Dec concert | Tuesday 29th
The Industry Nite Special with Wizkid will hold on December 29, 2015 at the Oriental Hotel, Lekki Lagos, and promises to be an evening of unbeatable live entertainment like never before. With over a hundred songs to his name you can be guaranteed that the night is going to be an entertaining one filled with loads of excitement.
Also organizers have also announced that plans are already in place to introduce something new on the night that will wow guests. This concert comes over 3 years since he was last hosted at the music industry event , which was when he dropped his first album- Super Star.
This Special edition of Industry Nite is powered by St Remy, Pulse.NG, Mcomm, BeatFM, and KIZA.
Tickets available on eventbrite.com (foreign cards) afritickets.com ariiyatickets.com.
Call 07033851022 for table bookings.
Group to Mimiko: Complete abandoned projects in Ikale
Indigenes of Ikale land comprising Okitipupa and Irele local government are using the mood of the christmas season to plead with Governor Olusegun Mimiko to complete all abandoned projects in the area.
Through a group of eminent Personalities in the area under the aegis of Omawa Club of Ikale land, they lamented that Ikale land has not witnessed any visible development in the last six and half years.
They noted that all major projects capable of impacting positively on the lives of the Ikale people initiated by their kinsman and former governor Olusegun Agagu have been abandoned.
According to the group’s President,Otunba Benson Akindeji, the effect of this situation is causing untold hardship on the residents.
The group specifically lamented the poor condition of health,electricity and water supply in the area.
It urged Mimiko to approve funds for the immediate completion of the abandoned Ayeka-Irele and Ode-Aye-Igbotako roads.
“The governor should also commence the rehabilitation of Okitipupa-Ikoya-Igbotako-Akinfosile and Ore-Okitipupa road as well as embark on the construction of road network that will guarantee easy access and transportation in Ikale land”
“There is also the need to extend the urban renewal scheme in respect of the dualisation of township roads as done in Ondo town,Akure,Owo and Ikare Akoko to Okitipupa and Irele towns”.
“The state government should provide medical facilities,drugs,equipment and medical personnel including doctors to the existing health facilities in Ikale land to facilitate maximum operation with each facility having a Resident Doctor”The group pleaded.
It also sought for adequate funds to run the State University of Science and Technology (OSUSTECH) Okitipupa to attain the status of excellent learning centre.
Besides,the group urged the governor to ensure restoration of electricity to the southern part of the state with potable water to prevent water borne diseases in the area.
Through a group of eminent Personalities in the area under the aegis of Omawa Club of Ikale land, they lamented that Ikale land has not witnessed any visible development in the last six and half years.
They noted that all major projects capable of impacting positively on the lives of the Ikale people initiated by their kinsman and former governor Olusegun Agagu have been abandoned.
According to the group’s President,Otunba Benson Akindeji, the effect of this situation is causing untold hardship on the residents.
The group specifically lamented the poor condition of health,electricity and water supply in the area.
It urged Mimiko to approve funds for the immediate completion of the abandoned Ayeka-Irele and Ode-Aye-Igbotako roads.
“The governor should also commence the rehabilitation of Okitipupa-Ikoya-Igbotako-Akinfosile and Ore-Okitipupa road as well as embark on the construction of road network that will guarantee easy access and transportation in Ikale land”
“There is also the need to extend the urban renewal scheme in respect of the dualisation of township roads as done in Ondo town,Akure,Owo and Ikare Akoko to Okitipupa and Irele towns”.
“The state government should provide medical facilities,drugs,equipment and medical personnel including doctors to the existing health facilities in Ikale land to facilitate maximum operation with each facility having a Resident Doctor”The group pleaded.
It also sought for adequate funds to run the State University of Science and Technology (OSUSTECH) Okitipupa to attain the status of excellent learning centre.
Besides,the group urged the governor to ensure restoration of electricity to the southern part of the state with potable water to prevent water borne diseases in the area.
no group will hold Nigeria to ransom again - Buhari
President Muhammadu Buhari yesterday warned that any threat to Nigeria’s peace woud not be tolerated.
“We must never again allow any group to hold the nation to ransom under whatever guise,” the President said in his Christmas message.
There has been an upsurge in the activities of separatist pro-Biafra groups, especially the Indigenous Peoples of Biafra (IPOB), which has coordinated protests in Southeast state capitals and other places, calling for Biafra State and the release of detained underground Biafra Radio director Nnamdi Kanu.
Islamic Shiites and soldiers clashed in Zaria where they blocked a road on which Chief of Army Staff Lt.-Gen. Tukur Buratai was travelling. Many sect members were killed and their leader Sheikh El-Zakzaky detained.
Besides, the Boko Haram insurgency is still being tackled.
The President said: “I felicitate with all Nigerians, especially our Christian brothers and sisters, on the joyous occasion of this year’s Christmas. On this occasion of the commemoration of the birth of Jesus Christ, let us all rededicate ourselves to the virtues of peace, love, honesty, justice, equity, piety, humility and service to others which he taught.
A greater manifestation of these virtues and ideals in the lives of Nigerians, he said, will immensely help Nigeria to become a more united, peaceful, secure and progressive nation.
The President also urged Nigerians to reach out in love and compassion to fellow Nigerians who are in distress.
He added: “I particularly urge you all to remember victims of terrorism and insurgency in the country, especially Internally Displaced Persons (IDPs).
“The Federal Government will continue to collaborate with state governments and other stakeholders to ease the harsh conditions in IDP camps, while the ultimate objective remains to quickly put an end to insurgency and return the IDPs to their homes.
“This administration has taken a number of measures to restore hope to our people. The 2016 Budget defines our commitment to giving Nigeria a new lease of life. Our change slogan is not a campaign gimmick but a promise that must be kept. We are determined to bring about tangible changes in the lives of our people.
“In this regard, efforts will be intensified to recover stolen funds, block revenue leakages and enthrone due process, transparency and accountability.
He described public office as a public trust that must be held to the highest ethical standards.
Nnewi fire: Obi condoles victims families
Obi
The former Governor of Anambra State, Mr. Peter Obi has condoled with the families of victims of Thursday’s fire incidence at Nnewi.
Describing the incidence as “tragic and regrettable”, Obi who said he was downcast, prayed to God to grant repose to the dead and courage to those they left behind to bear the loss with equanimity.
While submitting that humans cannot question God in all matters, including birth and death, Obi however advised the people to be vigilant at all times and observe safety guides in order to avoid similar occurrence in future.
Obi expressed solidarity with the Governor of Anambra State, Chief Willie Obiano, the Igwe mof Nnewi and the entire Nnewi people, especially the Chicason Group over the incidence.
“Nnewi is directly affected by the unfortunate incidence, we must show solidarity with them, bearing in mind that, as Donne John said, ‘Any man’s death diminishes me because I am involved in mankind.’’
Describing 2015 as not so good for Anambra State in terms of human tragidy of shocking proportion, including, Obi said, the accident that happened at Umuchu, the one at Nanka, the fire outbreak in several markets, Obi prayed to God to guide and guard the State in 2016 so as not to witness such gory scenes again.
Aisha Buhari present gifts to patients in FCT
Mrs Aisha Muhammadu Buhari
The Wife of the President, Mrs Aisha Buhari, on Friday expressed her love to patients as she personally distributed gifts to them at the Kubwa General Hospital, Abuja, to mark Christmas.
“I am here today to tell you that we do not forget you. We have you in mind,’’ she told the patients.
She said she was in the hospital to celebrate and share gifts to the patients, who were suppose to have been home celebrating, but rather they were in the hospital as a result of ailments.
Mrs Buhari expressed happiness while sharing the gifts because of the significance of Christmas which is synonymous with sharing and exchanging of gifts among people.
However, the wife of the president flayed the husband of one Mrs Hellen Agada, one of the patients with multiple operations, who abandoned her after admission.
“I am not happy when I meet a lady who had several operations and her husband ran away and left her. I think men should have feelings for their wives,’’ she said.
“I am not happy when I meet a lady who had several operations and her husband ran away and left her. I think men should have feelings for their wives,’’ she said.
Mrs Buhari solicited the support of men for their wives and family, as the head of the home.
She advised men to always remain firm as the pillars of the home not minding the trials or tribulations.
The wife of the president reiterated the need for prayers for the peace, progress and prosperity of the nation.
Mrs Buhari wished all Nigerians a happy and prosperous New Year ahead, urging the citizens to remain peaceful and law abiding.
On his part, The Minister of Federal Capital Territory, Malam Mohammed Bello, promised to improve the standard of hospitals in Abuja.
He, however, commended the president’s wife for her visit to the hospital.
Bello described Buhari as a great woman, with passion for Nigerians and the health sector.
Bello described Buhari as a great woman, with passion for Nigerians and the health sector.
“I am happy for the visit. You can see the happiness reflected on the faces of the patients and staff because of the gifts given to them for Christmas.
“I pray to God to empower you so that you can continue to do more in restoring happiness to the lives of the people,’’ he said.
Dr Ahmed Danfulani, the Medical Director of the hospital, exalted the decision of the president’s wife to choose the hospital to celebrate Christmas with patients.
He thanked the president’s wife for the gifts shared among the patients, noting that this has put smiles on the faces of the patients.
Across section of the patients, who spoken to the News Agency of Nigeria (NAN), thanked Mrs Buhari for the gesture, saying it would enable them to buy drugs to improve on their health.
The patients prayed God to continue to bless her.
![[VIDEO] StoneBwoy – Sheekena ft. R2Bees](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tECuXOnVOr2tg9yNWcNqHh-lnBXCT8ue8uknN_ZC8SqdEnRCDK1b4zV_PL9kHqgwyBe1lb11aNRCQXfIZl4guTEYAAqowZRltvuCJ9G_yoZ6J-edJRLXo3hdjyPNfOZ8N0EW3BQeVJRG2qPfnE7vWgjh0-1228zgvHjzN0AUnS5xTudgcp=s0-d "[VIDEO] StoneBwoy – Sheekena ft. R2Bees")
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[VIDEO] Diamond Platnumz – Utanipenda
The word Utanipenda means Would You Love Me. This is an inspirational song talks about the real life of Diamond Platnumz it’s like a Question he ask to his girlfriend. what if he loose everything that he has right now, the fame and all the things that he own would she still love him??
The Song was written and Sang by Diamond Platnumz and produced and get Mastered by Tuddy Tomas all from Tanzania…The Video was shot in Dares salaam Tanzania and Johannesburg South Africa under Godfather Production .
Watch Below & Enjoy!!
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[VIDEO] Pheelz – “Man On The Mashine | Eyan Mayweather (Mash Up)
If you are follower of Olamide and the YBNL crew, then the name Pheelz would definitely ring a loud bell. Man on The Maschine, Pheelz the man behind Olamide’s “Eyan Mayweather” takes us on a trip round his world of music.
Hit on the play button below & enjoy!
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21-day detention: Ex-NSA’s finance director seeks bail
The embattled former Director of Finance in the Office of the National Security Adviser, Mr. Shuaibu Salisu, has asked the High Court of the Federal Capital Territory (FCT) to release him on bail after 21-day in detention.
He said the Economic and Financial Crimes Commission(EFCC) has allegedly failed to accord recognition to his fundamental rights.
In the application filed by his counsel, Mr. A.U. Mustapha, the suspect said he had been in detention since November 20.
He said he was on his way to Zaria when he received a call from EFCC andhis respect for a lawfully constituted authority has turned into a nightmare.
The suspect alleged that he had not been arraigned in court, leaving his arrest and detention to cause danger to his health.
Mustapha said: “The defendant/applicant’s application for bail dated December 7, 2015, was brought pursuant to Section 158(1) and 165(1) of the administration of Criminal Justice Act, 2015; Sections 35(10, 36(5) and 36(6)(b) of the 1999 Constitution (as amended).
“The defendant/applicant herein prays that he be admitted to court bail pending trial of the charges preferred against him; and for such orders as the honourable court may deem fit to make it the circumstances.
“The application is supported by an eight-paragraph affidavit deposed to by Daniel Igbang, a litigation officer in the law firm of A.U Mustapha & Co., the law firm handling the suit for defendant/applicant. We humbly rely on all the averments to support this application.”
On issues of determination, the lawyer said: “The only issue arising for the determination in this application is: whether the defendant/applicant is entitled to bail in the circumstances.”
He added: “The criteria to be followed in taking a decision on an application for bail as laid down in the case of Eyu vs. the State (1988) 2 NWLR (pt. 78) at page 206 include the following: the nature of the charge; the strength of the evidence which supports the charge; the gravity of the punishment in the event of conviction; the previous criminal record of the accused, if any; the likelihood of the accused interfering with witnesses and the likelihood of further charges being brought against the accused.
“This decision has been followed in several other cases including the recent case of Dokubo-Asari vs. Federal Republic of Nigeria (2007) 12 NWLR (pt. 1048) at page 329, where the Supreme Court held as follows:
“When it comes to the issue of whether to grant or refuse bail pending trial of an accused by the trial court, the law has set out some criteria which the trial court is to consider in the exercise of its judicial discretion to arrive at a decision.”
“The courts have pronounced repeatedly that bail is a basic right of every citizen of this country, who is charged with a criminal offence by virtues of Section 35(1) of 1999 constitution.
“The courts have also upheld the presumption of innocence until proven guilty as guaranteed by Section 36(5) so that accused persons could enjoy the liberty guaranteed by section 35(4) of the 1999 Constitution; and that the onus is on the prosecution to prove that the accused person is not entitled to bail.”
No date has been fixed for hearing of the bail application.
Budget 2016 and the dilemma of a Finance Minister
Finance Minister Mrs. Kemi Adeosun has an arduous task on her hands – funding the proposed N6 trillion 2016 Budget in the face of the government’s dwindling revenue. Tumbling oil prices and the reluctance of foreign investors to buy into the economy over devaluation are the hurdles she must scale. But, exploring alternative funding sources in taxation, customs duties and diversification of the economy, among other lifelines could help her job, writes Senior Finance Correspondent COLLINS NWEZE.
IF the words of Finance Minister Kemi Adeosun are anything to go by, Nigerians should brace for tougher times. “It is going to be tough and we are going to make extremely tough decisions. We have to control the significant challenge we have around recurrent,” the minister said penultimate weekend. It was at the opening of the seventh annual retreat of Bankers’ Committee in Lagos. She told her audience that the country was faced with what she described as “some fairly significant micro-economic challenges” that require some fiscal house keeping.
“If you look at recurrent at a percentage of our total budget with the just approved supplementary budget, it is about 90 per cent. If we continue in that trajectory, every penny we borrow will go into recurrent,” she said.
In the 2015 Appropriation Act, capital expenditure accounted for just N556.9 billion and there was no release of votes for capital expenditure until the end of September, when about N139 billion allocated for the first quarter was released.
The Federal Government has been under pressure to diversify the economy from oil, following the tumbling prices of crude at the international market. The government is shifting it priorities to agriculture, solid minerals’ exploitation and the creation of employment opportunities for millions of jobless youths. But, to achieve the feat, a ready-made capital and substantial local and foreign investments are required.
Beyond diversification and boosting the agriculture and mining sectors, the government has also resolved to crack down on corruption as a way of ending financial leakages.
Already, the government has proposed an ambitious budget of N6 trillion for next year. The vote is N1.5 trillion higher than this year’s N4.5 trillion votes. But, the budget will remain in the realm of a proposal unless adequately funded. The timely funding of the 2016 proposal would, no doubt be Mrs. Adeosun’s testimonial as a finance minister.
Apparently avoiding the pitfalls of the past, the government has earmarked 30 per cent of next year’s budget for capital expenditure with a plan to finance it through incomes from non-oil revenues.
The minister is expected to generate enough liquidity to fund the budget and ensure that the large chunk is used in bridging infrastructure gap. Most roads, railways and power facilities are either in states of disrepair, abandoned or inadequate.
Mrs. Adeosun, a former Finance Commissioner in Ogun State, took up the plump job at a time the economy needed a redirection. Upon resumption in office, she launched an efficiency unit, based on a UK model. Her target is to uncover excesses and impose such guidelines that would cut cost and eliminate wastages. According to her, government’s spending has been high on overhead than capital and unsustainable.
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Bismarck Rewane, an economist who described Adeosun’s appointment as an “excellent choice,” noted she turned around the financial position of Ogun State when she held the forte as finance commissioner.
Before her four-year stint in Ogun’s government, Mrs. Adeosun was an investment banker with Lagos-based Chapel Hill Denham Ltd. and an accountant at PricewaterhouseCoopers LLP.
Rewane said: “Ogun State’s economy was in shambles. She put the state finances in strong position. She did a remarkable thing, taking the state revenue from a negative position to a positive level. Mrs. Adeosun will face a challenge, bridging the budget revenue shortfall either by raising financing from domestic or international debt markets or any other means.”
He noted that the CBN and the Federal Government have never backed down on their positions to defending the naira from any further devaluation despite less favourable terms of trade.
His words: “We believe that the foreign exchange (forex) markets will be influenced by any directives from the CBN, the current administration, as well as the position of Nigeria’s external reserves, and is therefore unlikely to react to the inflationary trends. We expect the high money market liquidity to drive the demand for forex,” he said.
But, former Executive Director, Keystone Bank, Richard Obire, experience would be needed to drive the economy. “We need to wait and see the new appointment in terms of substantial experience. The complexity of Nigeria needs to be driven by experienced hands,” he said.
Obire insisted that the performance of the finance ministry would be measured with its ability to raise revenues to match government’s spending needs. To him, the ministry’s job, focuses on being able to understand what the government wants to do and translating it to financial gains.
“Her job is well cut out: It is to match government revenues with the needs of the people. It is also her job to look at both local and international financing sources and ensure that for every naira spent, government and the citizenry are getting substantial value,” Obire said.
The former bank chief said the Federal Government will be working to achieving a reflationary budget, one that puts more money into infrastructure development. He said it will be a challenging task for government because it must spend in the context of its dwindling revenue due to the continued fall of oil prices.
According to Obire, the options open to government to drive its revenues streams are through an effective tax regime and earnings from excise duties from Customs Service. He said the government has to be prudent in its spending by ensuring that every naira spent, comes with the maximum value.
He said: “The government also needs to focus on agriculture as well as Small and Medium Enterprises (SMEs). The Federal Government is looking at sizeable budget in 2016, about N6 trillion, 25 per cent higher than the N4.5 trillion this year. Doing that at a time when oil price is down could be challenging.”
Identifying government as the biggest earner of foreign exchange through oil, he said with the drop in oil process, the volume of dollar earnings have fallen.
“The task before the minister is straight forward. If government wants to spend a lot of money, the funds must be raised locally and internationally to fund the budget,” he suggested.
Obire called for a high-level of co-ordination between the minister and the CBN Governor, Mr. Godwin Emefiele.
“There should be a good handshake between both parties. This will enable them to tackle inflation and improve the value of the naira. If you look at the trend of devaluing the naira, it has not been favourable to us. We are not exporting to the extent that devaluation will favour us,” he said.
Insisting that a further devaluation of the naira cannot be the answer to nation’s economic woes, Obire called for the strengthening of domestic production. The naira exchanges for N260 to the dollar at the parallel market and N199 at the official market.
A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Mazi Okechukwu Unegbu, said Mrs. Adeosun has been in the system for a long time and therefore needs to put the economic system right.
He condemned the imposition of arbitrary fines on corporate organisations by some regulatory agencies, saying such fines will scare both local and foreign investors.
Unegbu said: “The reign of impunity has to go. The market is being hounded by fines. The regulators are not doing well and they need to be called to order. She has to help stabilise the financial market. The financial market is unstable. The penalties have no foundation. What has the regulators been doing since and who regulates the regulator? The way the regulators are going about it is destabilising the financial market.”
He echoed Obire’s belief that devaluation could hurt the economy, saying, “oil is the major export for Nigeria, if devaluation is carried out now, the economy will suffer. Our export will equally suffer. The people calling for devaluation are doing so because of their own personal interest.”
On debt, Unegbu said government can borrow more, but pointed out that such borrowing must create value for the economy. “It should reduce the domestic debt and encourage growth of more domestic businesses. The government should get more money from taxation and customs duties,” he advised.
“The government should spend efficiently, ensuring that every naira spent gets the maximum impact. Secondly, plugging financial loopholes are going to be one of the key responsibilities of this finance minister.”
Photo: Eagle Schnapps visits the Ooni of Ife
Eagle Schnapps, a brand at the fore front of promoting tradition, paid a courtesy visit to the new Ooni of Ife, Oba Enitan Adeyeye Ogunwusi.
The Eagle Schnapps team was led by the Head of Marketing of Intercontinental Distillers Limited (IDL), Mobolaji Alalade, Head of Sales, IDL, Hope Gbagi and the Assistant Brand Manager of Eagle Schnapps, Gbemileke Lawal.
The Oba, receiving the team, asked for further partnership between the brand and the good people of Ife. He said he was particularly interested in Youth Empowerment. He solicited support for the Sport Academy which is about to be launched in Ife.
Aare Hope Gbagi, Head of Sales in response assured the Oba that the brand, Eagle Schnapps and indeed Intercontinental Distillers Limited as a Company will continue to support laudable projects as the Sport Academy project.
As customary, when the brand pays a palace visitation, Eagle Schnapps was used to say a prayer for the long peaceful, fruitful reign of the new king.
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