By Yemisi Izuora-Lagos The Network on Police Reform in Nigeria (NOPRIN) a network of 46 civil society organizations spread across Nigeria, and committed to promoting police accountability and respect for human rights has petitioned the Inspector General of Police (IGP) to urgently intervene in the matter of incessant police harassment and intimidation, allegedly masterminded by one Nze Chukwuma Nwachukwu and his cohort in their inordinate quest to subvert the democratic will of members of Amaohuru Nguru Autonomous Community in Aboh Mbaise LGA, Imo State as freely expressed through their election of Professor Mark Odu as their Eze (Traditional Ruler). According…
Author: orientalnewsng
Ijeoma Agudosi-Lagos The industrila acton embarked upon by judiciary workers on Tuesday has stalled further hearing in the coroner’s inquest into the collapse of a guest house within the Synagogue Church of All Nations, SCOAN. On Monday, the Judiciary Staff Union of Nigeria, JUSUN, commenced an indefinite strike to demand for financial autonomy for state courts. The Ikeja High Court premises had been locked up by JUSUN members for the second day running. The inquest was instituted under the Lagos State Coroner’s System Law No. 7 of 2007 to unravel the cause of the building collapse. A total of 116…
Yemisi Izuora-Lagos Risk firm Sovereign Trust Insurance Plc (STI) is planning to raise N1.15 billion fresh capital through rights issue through a notice made available by Cordros Capital which explained that the notice is coming on the heels of a recent approval granted the company by its shareholders. The offer reveals that Sovereign Trust would be issuing 2,290,585,798 ordinary shares of 50 kobo each at N0.50 per share expecting to hit a gross issue proceed of N1.145 billion. The provisional allotment would be on the basis of one (1) new ordinary share for every three (3) ordinary shares of 50…
Yemisi Izuora-Lagos The Social Security and National Insurance Trust (SSNIT) said it is increasing the monthly pensions allowance by 15 percent. In a statement issued by Ms Evangeline Amegashie, SSNIT Corporate Affairs Manager, the increment takes effect from January 2015. According to her, The Social Security and National Insurance Trust (SSNIT) in accordance with Section 80 of the National Pensions Act 2008 (Act 766) has increased monthly pensions by 15.0% for 2015.” The statement said the minimum monthly pension for fresh pensioners shall therefore be GHS230.00 and the increment for current pensioners shall be implemented as follows: (a) All monthly…
Yemisi Izuora FirstBank, one of the a leading banks in Nigeria in recognition of continued efforts to drive financial inclusion, lead innovation in mobile payment systems and support the CBN cash-less policy is partnering with Etisalat Nigeria to make mobile payments more accessible and secure. The partnership which involves FirstBank’s Firstmonie Mobile Money and Etisalat easywallet, a SIM application solution, is expected to significantly impact the uptake of mobile money in Nigeria. Among the channels available on the mobile money platforms today, including Unstructured Supplementary Service Data (USSD), which accessed by dialing *894# on any phone, SIM Tool Kit (STK),…
By Yemis Izuora-Lagos The Lagos Chamber of Commerce and Industry(LCC1) has expressed deep concern over delay and the possibility of the 7th Assembly not passing the Petroleum Industry Bill (PIB) before winding up, just as it observed that performance of the power sector in 2014 was significantly poor. The Chamber, observed that absence of industry legal framework remained greatest encumbrance for the industry adding that it is difficult to say when the bill will finally passed by the National Assembly. LCCI President,Alhaji Remi Bello who made this observation however noted that the increasing divestment of International Oil Companies (IOC’s) from…
By Yemisi Izuora-Lagos Since July, the collapse in world oil prices has been the talk of global financial markets. Brent crude oil, the global benchmark, has fallen from $115 per barrel to under $69, a price not seen since 2009. This has been painful for investors holding oil & Gas stocks such as Royal Dutch Shell (RDS) or BP, with Royal Dutch Shell shareholders nursing losses of 10 percent since June, and BP shareholders an even more painful 15 percent loss since June. There have been a number of consequences of this sharp oil price fall, one of which has…
Ijeoma Agudosi-Lagos India government has signified interest to invest in Nigeria’s oil and gas sector as African oil exports faces pressure from Gulf States. There are fears that Asia has become a market for a price war between African and Gulf oil producers, who compete for the global oil supply market, Africa needs to diversify and secure its global market position as a global oil exporter. Hope might come from India. Many African sellers like Nigeria and Angola now faced with precarious finances due to plummeting oil prices, are struggling to make inroads into Asia, which is a Middle Eastern stronghold. Low operating costs…
Yemisi Izuora/Lagos Lagos State Governor, Mr Babatunde Fashola has sworn-in 57 new Executive Secretaries to run affairs at the Local Governments and Local Council Development Areas where he also charged them to focus attention on their primary responsibilities at the grassroots level. The governor at the event explained that the Executive Secretaries were being inaugurated to ensure that there is no vacuum in service delivery at the local government level and that they would serve for a transitional three months period with four advisory members each to ensure that they secure life and property in their respective areas. Said he:…
Yemisi Izuora/Agency Report Consultancy firm PriceWaterhouseCoopers (PwC) says Mozambique has the potential to be the world’s third largest producer of Liquefied Natural Gas (LNG) after Qatar and Australia but needs to secure billions of dollars in foreign investment.PwC said in a study released on Monday that Africa’s energy industry would see a boom in coming years, with Mozambique and Tanzania expected to emerge as new gas frontiers if they could get the required investment. “Large gas finds in both African nations would make the world take note of East Africa as an emerging player in the global industry,” said Chris…