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FEC Approves N30 Billion Fund for Mining Sector

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Ministers of Solid Minerals Development, and Transportation, Kayode Fayemi and Rotimi Amaechi

In keeping with the diversification agenda of the present administration, the Federal Executive Council, FEC, has approved a N30 billion intervention fund for the Mining Sector.

Minister of Mines and Steel Development, Kayode Fayemi announced this while briefing Journalists after the council’s meeting at the Presidential villa.

The money, which will be accessed from the Natural Resource Development Fund will be used primarily for Exploration activities.

“In recognition of Mr. President’s campaigns promises to Nigerians‎ and in particular his consistent statement to diversification particularly in agriculture and mining sector, Council ratified the approval of N30 billion intervention fund for the mining sector,” Fayemi told journalists.

He added that the fund “will be highly focused on exploration. Exploration is the heart of mining; if you don’t search you won’t find.”

“You have heard all sorts of talks about how rich Nigeria is in mineral resources but the quantity, quality, and the geological prospect has been a challenge because we have neglected the sector for such a long time.” He said.

Also the FEC gave approval for the Concession of the 3,500-kilometer rail line in the country to be undertaken by General Electric, a US-based consortium.

According to Minister of transport, Rotimi Amaechi, the transaction advisers will sit with GE as experts to negotiate the concession.

Amaechi was optimistic that “The narrow Gauge railway will to a great extent assist the agriculture, mines, and steel development ministries in the transportation of the extracted minerals.”

He said: “We are rehabilitating at no cost to the government, the Port Harcourt-Maiduguri, which include Port Harcourt, Aba, Umuahia, Enugu, Makurdi, Jos, Gombe, Bauchi to Borno.

“Then Lagos to Kano will include Lagos, Abeokuta, Ibadan, ‎Ilorin, Kano, Funtua, Zaria and to Kaura Namoda, we are rehabilitating all of them.”

The minister further stated that “It is essential ‎to encourage freight movement, we have over 30 million worth of freight on the Lagos-Kano route for which presently we are moving slightly above 100 tons.

While the Port Harcourt to Maiduguri is currently moving nothing but we are anticipating 11 million tons that can be moved from Port Harcourt to Maiduguri.” He said

Fayose Denies Obanikoro’s Claims 

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Governor Ayodele Fayose of Ekiti State

Ekiti State Governor, Ayodele Fayose, has dismissed the reports that former Minister of State for Defence, Musiliu Obanikoro admitted to the Economic and Financial Crimes Commission, EFCC,  that he (Fayose) received fund from the Office of the National Security Adviser, ONSA, under Sambo Dasuki, to fund his election in 2014.

Obanikoro, who is undergoing interrogation at the EFCC headquarters, reportedly told the anti-corruption agency that he gave the sum of N2.3bn to Fayose, in the run-up to the Ekiti State governorship election in 2014.

However, in a statement by his media aide Lere Olayinka, Governor Fayose insisted that the his election was “legitimately funded”, saying that “when we get to the bridge, we will cross it.

He advised the federal government to pay more attention to the hunger and suffering of the Nigerian people, rather than looking for ways to implicate him.

“This project ‘Fayose must be implicated at all cost will definitely not put food on the tables of Nigerians and for all I care, the Economic and Financial Crimes Commission (EFCC) and its collaborators can keep running from pillar to post while I keep delivering good governance to Ekiti and its people,” the governor stated.

Fayose said his response to Obanikoro’s claim was just to fulfil all righteousness.

He said: “Those who arranged the dramatic and compromised return of Senator Obanikoro to Nigeria obviously did so in continuation of their project ‘Fayose must be implicated at all cost’, but I am not bothered because my election was legitimately funded.

“However, if this is why they are intimidating judges and the judiciary, it won’t work as far as my own matter is concerned as no one can play God.

“As far as I am concerned, I am busy here in Ekiti attending to the welfare and well-being of my people. I won’t be distracted,” he stated.

The governor wondered why EFCC was focusing only the campaigns of the Peoples Democratic Party, PDP and overlooking the ruling All Progressives Congress, APC.

“Since we are now in the era in which financial assistance from Nigerians to fund elections is being criminalised, the international community, especially those funding EFCC must insist that the commission probes the funding of APC elections before further funds are released to the commission,” Fayose said.

FG To Train Chibok Girls

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President Muhammadu Buhari has met with the 21 Chibok School girls who were released from the captivity of the Boko Haram terrorists last Thursday, promising that government will henceforth cater for their upbringing.

Buhari, who was due to jet-off to Germany on the day of the girls’ release, met with them shortly after presiding over the Federal Executive Council, FEC, meeting at the presidential Villa in Abuja on Wednesday.

On his social media handle, Buhari wrote: “Today I received 21 dear daughters. They have seen the worst that the world has to offer. It is now time for them to experience the best.”

“Aside from rescuing them, we are assuming the responsibility for their personal, educational and professional goals and ambitions in life. Obviously, it is not late for the girls to go back to school and continue the pursuit of their studies,” the president said in a speech at the occasion.

“The Government and all Nigerians must encourage them to achieve their desired ambitions.

He reiterated that “These 21 girls will be given adequate and comprehensive medical, nutritional and psychological care and support.

“The Federal Government will rehabilitate them, and ensure that their reintegration back to the Society is done as quickly as possible.”

President Buhari also reserved special thanks for the international community “for their support and prayers, and for never losing confidence in our ability to secure the safe release of our girls.”

He assured Nigerians that his administration has been working tirelessly, and would continue to make efforts to ensure that the remaining girls were all released.

He said: “Since this Administration assumed office, we have been working towards the safe release of the girls. The Nigerian DSS, Military and other Security Agencies have spared no effort to secure our girls.

“These 21 girls are the manifestation of our doggedness and commitments to the release and return of the Chibok girls.

“We are equally as hopeful as we are praying that the remaining girls will be freed and returned to us without further delay.”

Ambode Fires Three Cabinet Members

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Governor of Lagos State, Akinwumi Ambode
Governor of Lagos State, Akinwumi Ambode

Governor Akinwunmi Ambode of Lagos State, on Wednesday, showed three of his commissioners the exit door in an unexpected cabinet reshuffle.

Secretary to the State Government, Tunji Bello, in a statement announced that Folorunsho Folarin-Coker; Mustapha Akinkunmi and Ekundayo Mobereola, commissioners of Tourism, Finance and Transport respectively, have been sacked.

The statement directed the Special Adviser, Arts and Culture to take over as the acting Commissioner for Ministry of Tourism and Culture; the Special Adviser on Transportation becomes the acting Commissioner for Transportation, while the Permanent Secretary in the Ministry of Finance will take over as the Acting Commissioner for Finance, pending the appointment of new Commissioners.

No reason was given by governor Ambode for relieving the former commissioners of their duties, even as the governor thanked them for their service to the State, wishing them well in their future endeavours.

US Based Nigerian Writer Says Buhari Has Disappointed Nigerians

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Chimamanda Adichie
Chimamanda Adichie

Award-winning Nigerian writer, Chimamanda Adichie, has said that President Muhammadu Buhari’s administration has disappointed many Nigerians, adding that the president wasted the chance to make “real reforms” in the early days of his presidency.

Writing for the New York Times, Adichie said Buhari’s intentions, “good as they well might be, are rooted in an outdated economic model and an infantile view of Nigerians.”

“For the first weeks of his presidency, it was said that civil servants who were often absent from work suddenly appeared every day, on time, and that police officers and customs officials stopped demanding bribes. He had an opportunity to make real reforms early on, to boldly reshape Nigeria’s path. He wasted it,” Adichie wrote.

“Perhaps the first clue was the unusually long time it took him to appoint his ministers. After an ostensible search for the very best, he presented many recycled figures with whom Nigerians were disenchanted.”

The Anambra-born novelist criticized Buhari’s policy of “defending” the naira, which according to her led to the official exchange rate appearing artificially low, while it was indeed skyrocketing on the black market.

“Prices for everything rose: rice, bread, cooking oil. Fruit sellers and car sellers blamed “the price of dollars.”

“The government decided who would have access to the central bank’s now-reduced foreign currency reserves, and drew up an arbitrary list of worthy and unworthy goods — importers of toothpicks cannot, for example, but importers of oil can.

“Predictably, this policy spawned corruption: The exclusive few who were able to buy dollars at official rates could sell them on the black market and earn large, riskless profits — transactions that contribute nothing to the economy,” Adichie stated.

The author was of the opinion that though President Buhari “believes, rightly, that Nigeria needs to produce more of what it consumes, and he wants to spur local production, local production cannot be willed into existence if the supporting infrastructure is absent, and banning goods has historically led not to local production but to a thriving shadow market.”

She also criticized the President’s handling of the herdsmen/farmers clashes in the middle belt region of the country.

Adichie acknowledged that “It would be unfair to blame Mr. Buhari for these killings”, but she frowned at the fact that “It took him months, and much criticism from civil society, to finally issue a statement “condemning” the killings.”

She also cited Buhari’s handling of the case of the clash between the Army and the Shiite group in Kaduna, “when the Nigerian Army murdered hundreds of members of a Shiite Muslim group in December, burying them in hastily dug graves, as well as the killing of members of a pro-Biafran movement “who were protesting the arrest of their leader, Nnamdi Kanu, a little-known figure whose continued incarceration has elevated him to a minor martyr.”

Adichie said President Buhari’s “aloofness feels, at worst, like a tacit enabling of murder and, at best, an absence of sensitive leadership.”

She further said that the anti-corruption war “tended to be selective, targeting mostly those opposed to Mr. Buhari’s government.”

She cited an example with the recent raid on judges where the Department of State Security, DSS, “barged” into their homes “at midnight, harassing and threatening them and arresting a number of them, because the judges’ lifestyles “suggested” that they were corrupt.”

Adichie, while acknowledging that “There are no easy answers to Nigeria’s malaise”, suggested that “government’s intervention could be more salutary — by prioritizing infrastructure, creating a business-friendly environment and communicating to a populace mired in disappointment.”

Obanikoro Admits Giving  Fayose N2.3 Billion

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Musiliu Obanikoro
Musiliu Obanikoro

Former Minister of State for Defence, Musiliu Obanikoro, has admitted that he gave N2.3 billion to Governor Ayodele Fayose of Ekiti State in the run-up to the Ekiti State governorship election in 2014.

Obanikoro reportedly made the admission during his ongoing interrogation by the Economic and Financial Crimes Commission, EFCC.

He reportedly told EFCC operatives that N60m was converted to dollars at N168 per to a dollar and given to Fayose, adding that he personally handed over N5,357,357 to the governor on one occasion.

A top operative of the commission, who spoke to the PUNCH newspaper on condition of anonymity, said Obanikoro told his interrogators that the money was transferred to Fayose on the instruction of the former National Security Adviser, NSA, Sambo Dasuki.

The source claimed that following the instructions from the former NSA, the sum of N1.3bn was brought for transfer to Fayose by Diamond Bank in a bullion van.

Obanikoro was also said to have told the EFCC operatives that Agbele received the money in the presence of the ex-minister’s Aide De Camp, one Lt. Adewale, and officials of Diamond Bank at the Lagos airport.

The EFCC source said: “He (Obanikoro) admitted that N2.23bn was transferred to Macnamara for onward transfer to Governor Ayodele Fayose. He claimed that it was done on the instructions of the NSA.

“He also said he handed over N5,357,357 to Fayose.

“Obanikoro told the commission that the N1.3bn was received by Mr. Biodun Agbele, one of Fayose’s associates, in the presence of his (Obanikoro) ADC, one Lt. Adewale, and bank officials.”

“Obanikoro also said the money was moved from the Lagos airport to Akure airport in two flights.

“He said he instructed that the money be handed over to the governor before leaving with the first flight,” the source said.

On the ownership of Sylvan Mcnamara, the company that received N4.685bn from the ONSA between April 4, 2014 and November 13, 2014, Obanikoro was said to have denied ownership of the company.

The EFCC source stated: “He denied being the owner of the company but admitted introducing the owner of the company, one Mr. Kareem Taiwo, to the NSA during the days of the threat of Boko Haram in Lagos and the South-West.

“He said the company was introduced to the ONSA at a time government was taking a decision to incorporate local input into intelligence gathering to prevent terrorists attacks in Lagos and the South-West.”

Recall that EFCC had alleged that Obanikoro’s sons, Babajide and Gbolahan, were directors in Sylvan Mcnamara as of the time the money was paid into the company’s account.

The PUNCH reported that Obanikoro was still being detained by the EFCC and investigations continue on Wednesday.

How Dasuki Paid Dokpesi N2.1 Billion

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Raymond Dokpesi
Raymond Dokpesi

The trial of media mogul, Raymond Dokpesi, who was arraigned by the EFCC in February, for allegedly receiving the sum of N2.1 billion from former National Security Adviser, NSA, Sambo Dasuki, began on Wednesday at the Abuja Federal High Court.

At the commencement of trial, the first prosecution witness, Mukaddas Aliyu, narrated to the court how a total of N2.1 billion was transferred to the account of DAAR Investment & Holding company Ltd, a company owned by Dokpesi.

Aliyu, a manager in the payment section of the Central Bank of Nigeria, CBN, Abuja branch, was led in evidence by the prosecution counsel, Rotimi Jacobs, SAN, and revealed that the money was paid in four payments mandates from of the office of the NSA.

He said the signatories to the account were the National Security Adviser and the Director of Finance, Office of the NSA.

The witness clarified that the mandate payment brought on 21/01/2015 was for the amount of N500 million and the purpose of the payment was “payment for media campaign”.

“The mandate for the N500 million was signed by M.S. Dasuki and S.A. Salisu and after we verified the signatures, we effected the payments”, Aliyu said.

He also stated that the second payment mandate was dated 2nd February, 2015; the amount was also N500m and the purpose of the payment was also “payment for media campaign”.

The witness said the third and fourth mandates were dated 9/02/2015 and 19/03/2015 respectively, and the amounts involved were N620 million and N500 million respectively, adding that both payments were “for media campaign”.

During cross examination by lead defense counsel, Wole Olanipekun, SAN, Aliyu informed the court that the four mandates used to effect payment to Dokpesi’s company also authorized payments totaling over N24billion to other companies and institutions.

They include: N60.6 million credited to the Presidential Air Fleet; N13.6 million credited to Macmac General Enterprises Nigeria Ltd for supply of rice to IDPs; and N2 billion credited to AR Security Solution Ltd for personnel support and logistics.


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Nigeria Remains Africa’s Largest Economy – IMF

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IMF President, Christine Largade

The International Monetary Fund has affirmed Nigeria is still the biggest economy in Africa ahead of South Africa and Egypt.

In August, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa following the recalculation of the country’s Gross Domestic Product.

However, the IMF’s World Economic Outlook for October 2016, showed that South Africa’s GDP has shrunk to 280.36 billion Dollars, from 314.73 billion Dollars in 2015.

Nigeria’s GDP on the other hand, reduced from 493.83 billion Dollars at the end of 2015 to 415.08 billion Dollars in October this year.

Egypt’s 2016 data was not available, but its 2015 size GDP stood at 330.15 billion Dollars while that of Algeria, one of the largest economies on the continent, was put at 168.31 billion Dollars.

The IMF report also indicates that Global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017.

The forecast, revised down by 0.1% point for 2016 and 2017 relative to April, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States.

IMF also predicted that the Nigerian economy will grow by 0.6% in 2017, effectively lifting the country out of an officially declared recession.

In the IMF’s report released on October 5, Nigeria’s real GDP is expected to increase marginally by 0.6% with Consumer Prices rising by 17.1% also, Fitch ratings on the other hand, also projected a 2.6% growth in Nigeria’s GDP for 2017.

Nigeria’s Current Account Balance is however also forecast to slump further by 0.4% next year.

Beyond 2017, IMF expects global growth to gradually increase by 3.8% in 2021.

This recovery in global activity, which is expected to be driven entirely by emerging market and developing economies, is premised on the normalization of growth rates in countries like Nigeria, Russia, South Africa, Latin America, and parts of the Middle East.

Although the global rating agency had reduced its forecast for the country’s 2016 GDP growth to 1% from 1.5% due to weak performance in the first half of the year, Fitch believes the economy will bounce back in 2017 but with downside risks if dollar liquidity remains tight.

Furthermore, Fitch believes that dollar liquidity will not significantly improve until market participants become more comfortable with the sustainability of the exchange-rate level, which is likely to require further narrowing of the spread between the official and parallel market rates.

The rating agency also increased Nigeria’s average CPI forecast for 2016 to 14% from 11% and expects the government to secure financing from multilateral development banks and bilateral sources.

Troops Kill Five Militants, Rescue Victims

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The Joint Military Force involved in the operation to clear the Niger Delta of militants, kidnappers and sea pirates, says it has killed five suspected militants and two pirates in different operations within the last three days, while three other suspects were arrested.

Addressing newsmen on Wednesday, spokesman of the force, Thomas Otuji, said that the five militants were killed in a gun fight after they had hijacked a boat that was conveying bags of rice, demanding that the owner of the goods pay them N500,000.

The incident, Otuji said, took place at the Parrot Island in Bakassi Local Government Area of Cross River State.

He said: “The militants had earlier seized the boat conveying large quantities of rice from a marketer and passengers on board and the owner of the rice was asked to pay N500,000 ransom.

“The troops placed a ‘bait’ during the rescue operation and later professionally engaged the militants in gun duel and killed five of them and rescued the passengers unhurt.”

The spokesman also said that two other suspected militants and a cultist were arrested at Ikot Ene, Akpabuyo LGA, and are currently undergoing interrogation.

Otuji said further troops of Sector 3 of the Joint Military force, codenamed ‘Operation Delta Safe’, got reports of an attack by pirates on innocent citizens at Idama water side in Rivers State, and responded promptly, sinking the pirates’ boat in the process.

He added that one Ak-47 riffle, three magazines with 20 pieces of 7.62 mm special ammunition and a life vest were recovered from the pirates who used a banned 200 Horse Power outboard engine.

In another operation, troops deployed at Kula-Abonema waterways in Rivers state, acting on a tip-off, killed two suspected sea pirates at Sonykiri creeks near Olakpoko in Kula, while two others escaped with gunshot injuries.

Items recovered from the criminals include: One Ak-47 riffle, 2 AK-47 magazines, 40 pieces on 7.62 mm special ammunition, two mobile phones and one speedboat mounted with 140 horsepower outboard engine.

Otuji assured people living on the waterways that the military will continue to intensify to do its best to protect them. He urged them to always support the troops by providing them with vital information.

UNICEF Urges Support For Released Chibok Girls

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The United Nations Children’s Fund, UNICEF, has asked the Nigerian Government to provide intensive support for the 21 freed Chibok girls so as to safeguard their future.

It also called for increased funding to enable the agency cater for the increasing numbers of people, mostly women and girls, that are being rescued from Boko Haram captivity.

Country representative of the UN body, Gianfranco Rotigliano, made this appeal in a statement made available to newsmen in Maiduguri on Tuesday.

Rotigliano expressed UNICEF’s delight to see the girls back with their families, but added that the agency wants all the women and children held by Boko Haram to be freed.

He noted that “all of those who have been held by Boko Haram will face a long and difficult process to rebuild their lives after the indescribable trauma they have suffered” and therefore require proper attention by the government.

He said the Chibok girls were among “thousands of women and girls that UNICEF estimates have been held and subjected to violence by the group.”

“UNICEF has supported hundreds of women and girls who have already been released or escaped from Boko Haram,” Rotigliano’s statement read.

“The girls report they have been subjected to rape – frequently in the form of forced “marriages” –   beatings, intimidation and starvation during their captivity. Many returned pregnant or with babies as a result of rape.

“When they do reach safety, girls who have been held by Boko Haram are often ill, malnourished, traumatized and exhausted; they are in need of medical attention and psychosocial support so they can begin to come to terms with their experiences and reintegrate with their families and communities,” he added.

The UNICEF chief also lamented the discrimination faced by the released Boko Haram captives, saying that “People are also often afraid the girls have been indoctrinated by Boko Haram and that they pose a threat to their communities.”

“The use by Boko Haram of children – mostly girls – as so called ‘suicide’ bombers has fuelled such fears. Children born as a result of the sexual violence are at even greater risk of rejection, abandonment and violence,” he said.

The statement pointed out that the since the beginning of the year, UNICEF and its partner, International Alert, have been providing psychosocial support for women and girls who have experienced sexual violence at the hands of Boko Haram.

“UNICEF and International Alert are also working with affected communities through a network of trained religious and community leaders to promote acceptance and to address negative perceptions that hamper the reintegration of women and girls who have suffered such violence.”

He revealed that “Funding from the Swedish International Development Agency and the UK Department for International Development has so far this year enabled UNICEF to provide a comprehensive programme of reintegration assistance to more than 750 women and girls subjected to Boko Haram-related sexual violence.”

Rotigliano, however, noted that the funding is not quite sufficient giving the large numbers of women and girls that are being rescued by the Nigerian Military who are also in dire need of support.