Religious sentiments send Nigeria into Reverse mode: scraps economically beneficial $10M Film Village

This decision really breaks my heart for a country that is unofficially in a recession and one that should be looking for all viable avenues to generate sustainable GDP and economic growth. This was the same reason that a Miss World Pageant was aborted in Abuja. What excuse does religions have to once upon a time allow grown Men to indulge in wedlock's with minors but would not allow youths to exploit their God given talents and potentials?

Nigeria just scraped a $10M film festival project billed for Kano after Muslim Clerics protested and argued that the project would encourage outsiders “to come and practice immorality and destroy our values.” The plans for the 50-acre site were unveiled in mid-July, with promoters describing their intention to build a world-class cinematic facility for Kano, the economic hub of northern Nigeria, and home to a vibrant Hausa-language film industry, known as Kannywood.

The proposed film village would boast facilities like a state-of-the-art sound stage, as well as a mix of recreational attractions, including a shopping mall, a sports stadium, and a hotel. Developers said the project would create thousands of jobs for the region. But the blueprint quickly met with a backlash from conservative clerics in the predominantly Muslim north.

Meanwhile, some ‘Kannywood’ players were beneficiaries of the N700M grant by previous administration to boost the entertainment industry. The investors should consider southern states for the much needed Film Village in Nigeria. What a comedy of errors. 

Naija man arrested for $60M cybercrime

A Nigerian accused of scamming $60 million from companies around the world through fraudulent emails has been arrested after months of investigation, according to Interpol and Nigeria’s anti-fraud agency.

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Multiple Vicitms recorded during Shooting Spree in Germany

It's happened yet again. This time at a shopping center in Munich, Germany.
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Fascinating Images of the Turks defending their Nation

The world has been embroiled with turmoil in the past few weeks. Terrorism, uprisings, and just recently a coup in Turkey that was met with loyal defiance by ordinary citizens as if to say; "Enough is Enough!"

VIEW LINK FOR MORE PHOTOS

RCCG Pastor Murdered in Kubwa, Nigeria

A Minister with the Redeemed Christian Church of God, Deaconess Eunice Mojisola Olawale, was gruesomely murdered in Kubwa, a suburb of Abuja on Saturday July, 9 at about 5a.m.

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The Ooni: Dividends of his USA trip begins to manifold

The Ooni of Ife, His Imperial Majesty Dr. Adeyeye Enitan Ogunwusi (Ojaja II), on Tuesday 12th July 2016 at his Ile Oodua Palace, Ile-Ife signed a Memorandum of Understanding (MoU) with a US based company 'SpringPort Technological Group' to build a Technology, Media City and Agriculture Incubation Hub in the town.

 

The Ooni of Ife, His Imperial Majesty Ooni Adeyeye Enitan Ogunwusi(Ojaja II) 

According to a release sgned by Moses Olafare, director of Media and Public Affairs, his huge investment came barely two weeks to the return of the Ooni from the USA where he had earlier visited to seek involvement of Africans in Diaspora in his peace and unity agenda and solicit their support for the continent on developmental projects in agriculture, tourism, infrastructure and youth development.

With the MoU, the technological hub worth $1.4bn in its first phase, is expected to facilitate massive employment of youths in Ile-Ife. After the MoU was signed, the start-up phase for master plan was to begin with investors in London and Asia.

Historic Wimbledon Win for Serena Williams

WIMBLEDON, England — In her pursuit of one of the most elusive records in tennis, the third time proved the charm for Serena Williams at Wimbledon on Saturday, beating Angelique Kerber 7-5, 6-3.

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Ooni commiserates with Ghanaian President over Mothers death

The Ooni of Ife His Imperial Majesty Ooni  Adeyeye Enitan Ogunwusi has expressed his heartfelt condolence to the President of Ghana His Excellency John Manama, His family and the entire good people of Ghana over the shocking death of the president's mother Mrs. Abiba Nnaba Mahama who died recent at the age of 85.

Speaking through his Director of Media and Public Affairs Comrade Moses Olafare on Tuesday in Washington DC, the African foremost king described the late mother of president Mahama as an extraordinary epitome of enviable womanhood that deserves to be always remembered as she lived a life of service, love, compassion, excellence and a pillar solidly behind her husband especially during the political trying times of the late 1960s who stopped at nothing to train her children to greater heights.

Ooni of Ife, Dr. Adeyeye Ogunwusi (Ojaja II)

"Mr President, your late mother will surely be missed by everyone for she had lived a life of an epitome of a good wife and a loving mother who not only stood by her husband in the political dark period of 1960s but also laboured so hard to see you  and your siblings become successful in life. Your heart shall soon be filled with wonderful memories of your joyful times together as you celebrate a life well spent by your great mother.

May her gentle soul rest in the perfect peace of the Almighty God the king of kings". Ooni Ogunwusi said.

A Grandson for Hillary Clinton

Chelsea Clinton has given birth to a baby boy; Aidan Clinton Mezvinsky.  Chelsea tweeted the news on Saturday morning, writing that she and husband Marc Mevinsky were 'overwhelmed with gratitude and love' as they celebrated the birth of their son.

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Bad mannered Nigerian Legislators barred from the USA

“Ten members of the Nigerian National Assembly recently travelled to Cleveland, Ohio, as participants in the International Visitor Leadership Programme on good governance. Troubling allegations emerged regarding the behaviour of three members of the delegation to the U.S. Government’s flagship professional exchange programme. 

“The U.S. Department of State and the Cleveland Council on World Affairs received reports from employees of the Cleveland hotel where the representatives stayed, alleging the representatives engaged in the following behaviour:

“Mohammed Garba Gololo allegedly grabbed a housekeeper in his hotel room and solicited her for sex. While the housekeeper reported this to her management, this incident could have involved local law enforcement and resulted in legal consequences for Representative Gololo. “Mark Terseer Gbillah and Samuel Ikon allegedly requested hotel parking attendants to assist them to solicit prostitutes.”

The members have since denied the allegation and have threatened legal actions to clear their names. On Thursday, the leadership of the House gave the nod to investigate the allegation. The US, on its part, quickly revoked the visas of the three members, indicating that they are temporarily barred from visiting that country.

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At least 50 dead in Orlando shooting Massacre

Law enforcement sources have identified the shooter who opened fire on the dance floor inside Pulse night club Orlando as US citizen Omar Mateen, 29, from Port St. Lucie in Florida. He was wielding an AR-15 assault rifle and a handgun. The gunman was born to Afghan parents.

At least 50 people were killed and 53 others were injured in the shooting in the deadliest mass shooting in US history. A surgeon at Orlando Regional Medical Center said the death toll was likely to climb. An FBI spokesman said the mass shooting is being investigated as an act of terrorism, adding that they are looking into whether this was an act of domestic or international terror, and if the shooter was a lone wolf. The shooting took place just 4 miles from the earlier assassination of The Voice singer Christina Grimmie, 22, who was shot dead at The Plaza Live on Friday.

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Omar Mateen

Protests trail appointment of OAU VC

The Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union, at the Obafemi Awolowo University, Ile-Ife, are now protesting the appointment of Prof. Ayobami Salami as the new vice chancellor of the university. Salami is the deputy vice chancellor (academics) and his name was announced as successor of the outgoing VC, Prof. Bamitale Omole, on Monday evening.

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Dangote’s Refinery will End Nigeria’s Fuel Crisis

On the outskirts of Lagos, Africa's richest man is building what he says is a solution to the country's fuel crisis: A massive, 650,000 barrel-per-day refinery that is designed to turn the country's crude oil into gasoline for hungry consumers.

Aliko Dangote, a concrete magnate who is worth an estimated $15 billion, said the refinery and petrochemical plant has the potential to satisfy Nigeria's daily requirement of 445,000 to 550,000 barrels of fuel, with spare capacity to export.

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Nigerian Militants announce Missile Tests

A group of militant commanders have announced that they would commence the testing of six missiles in the Niger Delta for three days beginning from June 7. The Joint Revolutionary Council, JRC, of the Joint Niger Delta Liberation Force, JNDLF released the statement after a meeting in Yenagoa, Bayelsa State.

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Onitsha named Worlds most polluted city

According to a recent World Health Organization-WHO report, Onitsha tops the list as the world’s most polluted city. This is based on measurement of small particulate matter concentration (PM10). A mega trading hub in southern Nigeria, Onitsha recorded 30 times more than the WHO's recommended levels of PM10.

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Basketball players classmates paid for Mothers Flight ticket to attend Graduation

Felicia Ikpum kissed her only child goodbye four years ago, sending him off to America for a chance at a better life. Already 6-foot-7 at 14 years old, Michael Tertsea had an opportunity to receive an education and play basketball at a Catholic high school in Maryland. But it meant leaving his village in Nigeria where, for as long as he could remember, his mom was his whole world. He barely remembers his father, who abandoned them when he was about 5 years old.

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More Oil pipelines Blown up in Nigeria

Militants blew up strategic gas and crude pipelines belonging to Shell and Agip on Saturday in an increasingly fierce campaign that has chopped Nigeria's oil production in half, militants and residents said.

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Angola overtakes Nigeria as Africa’s top Oil Producer

Attacks by militants in Nigeria’s oil-rich Niger Delta region have cut oil production by 800,000 barrels per day (bpd), according to the country’s petroleum minister. Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu said on Monday that the attacks had cut Nigeria’s oil production from an average of 2.2 million bpd to 1.4 million bpd. The dip means that Nigeria is temporarily no longer Africa’s biggest oil producer. Angola is currently producing 1.8 million bpd, while Nigeria was recorded as producing 1.69 million bpd, in an early May research.

Nigeria President Buhari

An offshore facility run by U.S. company Chevron, which produced 35,000 bpd, was shut down in May following an attack, while Shell has reportedly evacuated some of its staff from an oilfield in the region due to the increased risk of attack. A newly-formed group calling itself the Niger Delta Avengers claimed responsibility for the Chevron attack and said, on its website, that its “major goal” is “to cripple the Nigerian economy’.

source: Times

Aluko sells USA home for $21.5M

Kola Aluko, controversial Nigerian oil tycoon, has sold his Bel-Air, Los Angeles mansion for $21.5 million, taking a $3 million loss after purchasing the sprawling residence in 2012 for $24.5 million. 

Aluko, 46, apparently sold the residence in an off-market transaction using a limited-liability company. An off-market sale in real estate refers to a property that is sold without any form of public advertising. Aluko is being investigated by Nigerian and European authorities for a series of money-laundering and fraud-related crimes.

Source: LA Times

ISIS Nigerian Recruit Killed by Coalition Airstrike

Ibrahim Uwais, the son of former Chief Justice of Nigeria, Mohammed Uwais, was killed yesterday near Aleppo, Syria as the United States battled members of the Islamic State of Iraq and Syria (ISIS) in fierce airstrikes. Ibrahim Uwais, who secretly traveled to Syria in February 2015 to join ISIS, was one of the numerous Islamist terrorists who perished as the US military aircraft bombarded known ISIS camps near the besieged Syrian city of Aleppo. He slipped from Turkey into Syria with his two Wives and children to join the fast growing army of volunteer ISIS fighters.

source: cable

Ivy League schools scramble for yet another Nigerian

We’ve heard and seen reports of African student’s exceling academically in American schools. Out of Atlanta comes yet another intriguing Nigerian youngster who is on track to set academic records. Olubunmi Fariyike, 17, of Cobb, County Georgia in Atlanta is the son of Nigerian immigrants Emmanuel and Fadeke Fariyike. Olubunmi attends Hillgrove High School in GA with a GPA of 4.672 aggregate and 2,230-out-of-2,400 SAT.

 He has received admission into 5 Ivy League schools and 11 other prestigious schools. His Ivy League schools include; Brown University, Columbia University, Harvard University, the University of Pennsylvania and Yale University.

Other schools include; Massachusetts Institute of Technology, Stanford University, Duke University, Johns Hopkins University, University of Southern California, Harvey Mudd College, Washington University, Rice University, Northwestern, University of Georgia (foundation fellow) and Georgia Tech.

Olubunmi wants to study biomedical engineering for his first degree and then head to medical school with the intention of becoming a Neurosurgeon — and was exhilarated when he learned he now had an opportunity to study at the country’s top schools. Olubunmi is a self-motivated tenacious young man who puts his all in whatever he sets his mind on.

His parents, entire family, his community, former students of FGGC Sagamu are very proud of this young man and we all wish him the very best. Mrs. Fadeke Fariyike is an Alumni of FGGC Sagamu.

Tosan Aduayi is the founder of Trendy Africa Magazine and has been an active journalist since 1994

JPS recognizes Margaret Abu for 30 years of service

Fort Worth, Texas - Downtown Fort Worth was the choice destination for a select worthy group of employees of the JPS Health Network as their institution celebrated their long years of service at a banquet held in the high profile City Club. 

Margaret with CEO of JPS Robert Early

Those recognized had served for 25, 30, 35 and 40 years. Among them was our own dear Margaret Abu who had served 30 years. We congratulate her for her dedication to duty and her natural will to serve.

VIP’s in attendance included the President and CEO of JPS Robert Early, Chair JPS Board of Managers Reverend Ralf W. Emerson Jr., Senior VP Human Resources and Learning Nikki Sumpter among others. 

by Tosan Aduayi in Fort Worth

Does Nigeria Have an Economic Agenda?

There has been growing concerns about the President Muhammadu Buhari led Nigerian Governments handling of the economy. At the moment, there seems to be no clear cut economic blueprint for which government policies are framed. It appears to me that every minister is working by intuition without any economic guiding principle. The President is yet to appoint his Chief Economic adviser, have an economic management team or a think tank that meets regularly to discuss what is on ground, what measures needed to be put in place to address them quickly. It is like the focus is all about looking for thieves, catching them, and recovering what they have stolen. This is good and fair enough. After the President has finished the recovery of the looted funds, what next and how will the looted funds be channeled into the economy to benefit the ordinary Nigerian? 

What the ordinary Nigerian is interested in is food on his table, good school for his children, good medical care and shelter and security of life and property. In any economy, the goal of macro economic policy is to achieve full employment of resources, balance growth, stable prices of goods and services; and a stable currency through a healthy balance of payment. As it is today, all four macro economic indices are pointing south. This government seems not to understand or know what to do to address the situation. The government does not need to go too far to know what to do. 

Nigeria has several development research documents that speak of ways to better manage the economy. But the problem has always been that leaders are often not focused enough to implement them faithfully. In most countries today, the economics of the middle class has taken the center stage. This is because if the middle class is doing well, the purchasing power in the hand of this class will make the economy to grow. When in 1986, General Babangida introduced the famous Structural Adjustment Programme (SAP), it was with good intention. But half way down the line of implementation, the programme was derailed by Nigerians who kept crying of the hardship the programme was putting the nation through. 

President Babangida before coming up with SAP had a retinue of very bright minds as his advisers. Babangida had a team then that was called the Presidential Economic Advisory Council. This body was busy preparing documents and seeking informed opinion from operators in the private sector. He went to the point of instituting what was then known as Corporate Nigeria — a yearly gathering of captains of industry to tap their knowledge of the economy before any policy initiative. When 

President Olusegun Obasanjo became the President, the economy was near its knees. He realised that he could not manage the economy all by himself. He appointed Professor Chukwuma Soludo as his Chief Economic Adviser and set up an economic management team. The team went to work and prepared a document called the NEEDS. It was the second of its kind to SAP. The document was the basis on which the nation was able to secure a debt relief from the Paris and London clubs of creditors. In fact it became the Policy Support Instrument for which the International Monetary Fund IMF, based its monitoring and evaluation of the economy on. Nigerians’ expectation was that the next government after Obasanjo would take the economy to the next level. 

President Umaru Yar ‘Adua came up with 7-Point Agenda and Jonathan the Transformation Agenda. They were mere slogans without content or direction.  President Umaru Yar’Adua followed with the appointment of Tanimu as his Economic Adviser. He again had his economic team. All his appointees followed the seven point agenda. The immediate past President had his team and his economic slogan was Transformation. Buhari and his team must realise that they do not yet have a coherent, credible agenda that is consistent with the fundamentals of the economy as it stands today. 

What the government has been saying contains some good principles and wish-lists, but as a blue print for Nigeria’s security and prosperity, it is largely ineffective. The President should for the sake of Nigerians who voted him to power present a credible development agenda to Nigerians. What the President must know is that the fundamental challenge of his government on the economy is how to set economic objective of creating ten to twelve million jobs over the next four years to have a dent on the ever growing unemployment and poverty in the country. 

The real challenge is to craft a development agenda to deliver dividends of democracy within the context of broken public finance, and an economy in which painful structural adjustments will be inevitable if current trends in oil prices continue. Mr. President must come to terms with the fact that programmes such as war on corruption, security, power, infrastructure, etc, are  instruments to achieving the macro economic objective of full employment. As it appears, this government seems to be disoriented and unorganised in the economic front. 

What is the economic slogan of this administration? What is the economic direction of government ministries, departments and agencies? All we hear is war against corruption, I will not devalue the naira, we will invest in agriculture, and we will invest in solid minerals. So far, there is no policy direction toward these sectors. This government campaigned on the basis of stimulating the economy. Buhari’s stimulus strategy as of now is not focusing on cherry-picking projects that can create jobs almost instantaneously, as well as on programs that can deliver immediate returns to Nigerians. It is now all out war on corruption. 

The projects and programs this administration should get into include infrastructure, education, health, and energy. It is a shame that nine months into the life of this administration, these sectors are yet to feel the presence of this administration. The budget is riddled with confusion and yet to be passed. Almost one year is gone with little to show for it on the economy. The President has already reneged on his unemployment benefits he promised during his campaign to pay N5, 000 unemployment benefits to Nigerians and other social welfare provisions. The informal sector in 

Nigeria is very vibrant, with millions of underemployed youths. This ought to be one sector this government of change should concentrate on to unleash its potential on the economy. This sector ultimately will generate employment opportunities. This government should wake up and face the task of reconstructing the Nigerian economy; period.

Source: Omoh Gabriel/Vanguard

Ex-Army Chief Badeh sent to Prison

A Federal High Court sitting in Abuja has remanded a former Chief of Defence Staff, Alex Badeh, in Kuje Prison. Badeh was arraigned before the court today on 10 counts of money laundering. He is accused of fraudulently removing N3.97bn from the account of the Nigerian Air Force in 2013. He used the money to purchase a mansion at No. 6, Ogun River Street, Off Danube Street, Maitama, Abuja, which the defendants were said to have purchased with N1.1bn.

The accused also allegedly bought a commercial plot of land at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja, for N650m. They were said to have paid N878m for the construction of a shopping mall at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja, and another sum of N304m to complete the construction. $1M cash is reported to have been discovered in one of his properties. The anti-graft agency also accused them of paying N260m to purchase a duplex at No. 19 Kumasi Crescent, Wuse II, Abuja, for Badeh’s son. The sum of N60m was said to have been paid for the renovation of the property and another N90m to furnish the property. The retired Air Force officer also allegedly paid N330m to one Honourable Bature to purchase a duplex at No. 14 Adzope Crescent, Off Kumasi Crescent, Wuse II, Abuja.

Nigerian Police Rescue Kidnapped School Girls

The three female students of the Babington Macaulay Junior Seminary (BMJS), Agunfoye-Lugbusi, Ikorodu, Lagos State, who were abducted last Monday in their hostels have been rescued by the Police. The Police rescued the Barbington school girls around Igbokuta Area of Ikorodu. No ransom was paid for their release. 

A member of the gang who took part in the abduction was said to have been arrested by operatives of the Inspector General of Police Special Intelligence Response Team, IRT, lead by CSP Abba Kyari, when he left the gang’s camp in Adamama Forest in Arepo, Ogun State, off Ikorodu. Sources disclosed that the school girls who are currently with the Lagos State Commissioner of Police, Fatai Owoseni, was rescued following intense pressure mounted on the gang following the arrest of their colleague by a combine team of the IRT operatives and their counterpart at the Lagos State Special Anti-Robbery Squad, SARS, Ikeja.

source: vanguard

Billionaire Trump avalanche super Tuesday wins

Donald Trump romped through the second biggest day in American politics – only November presidential elections are grander – etching his name on seven trophies in the Republican party's Super Tuesday display case, and hoping for more. Two prizes, Texas and Oklahoma, have eluded his grasp and went to Ted Cruz, a senator from the Lone Star State. But the rest of the night so far belongs to The Donald.

And Marco Rubio claimed Minnesota's caucuses late into the night. But the rest of the night so far belongs to The Donald. The billionaire real estate tycoon has been declared the GOP primary winner in Alabama, Arkansas, Georgia, Massachusetts, Tennessee, Vermont and Virginia. He's leading in one undecided race and two more will end later.

Cruz held on to claim Texas on the strength of an almost single-minded campaign strategy that ceded other southern territories to Trump. Partly as a result, the GOP front-runner's early victories set a blowout pace.

The tea party senator later added Oklahoma to his column in an unexpected development: Trump had out-polled him there a week ago by a dozen percentage points. 

source: dailymail

Nigeria had over 20000 ghost workers on its payroll

Nigeria's finance ministry has saved millions of dollars for the cash-strapped government by removing more than 20,000 "ghost workers" from the state payroll. The eliminated ghost workers represented just a "percentage" of "non-existent" staff who had been receiving monthly wages, highlighting the brazen corruption in Africa's biggest economy.

Nigeria finance minister Kemi Adeosun

"The salary bill for February 2016 has reduced by 2.293 billion naira ($11.53 million)," finance ministry advisor Festus Akanbi said in a statement. Akanbi said that stricter payroll regulation would boost the budget at a time when Nigeria's state coffers are depleted as a result of the collapse in global oil prices.

Trimming personnel costs "is key to funding the deficit in the 2016 budget, as savings made will ultimately reduce the amount to be borrowed," Akanbi said. Nigerian President Muhammadu Buhari announced a record budget in December promising to stimulate growth and build infrastructure in the oil-rich but import-dependant nation. He has vowed to infuse the budget with money recovered in his quest to stamp out endemic corruption in Nigeria.

Exclusive Interview with President Muhammadu Buhari by UK Telegraph

Are you willing to talk to Boko Haram about the missing Chibok schoolgirls?

"As long as we can establish the bona fides of the leadership of Boko Haram, we are prepared as a government to discuss with them how to get the girls back. But we have not established any evidence of a credible leadership."

Is Abubakr Shekau still the leader of Boko Haram?

"I receive conflicting information about the status of Shekau. Some say he has been removed and replaced by a less charismatic terrorist leader.

"I think he must be on the run, because out of the 14 local government districts that Boko Haram used to call their caliphate, they now do not control any now. They are scattered around the Sambisa forest and they have resorted to attacking soft targets, people in churches, mosques and market places, and using improvised explosive devices."

Are you seeking any further help from the West in the fight against Boko Haram?

"I was invited by the G7 during my visit to Europe to brief them on the issue of security Boko Haram, and I did so. I subsequently sent Nigeria's 'shopping list' in terms of the infrastructure destroyed. That is schools, medical facilities and other institutions, bridges blown up, and the estimates of repair."

Did you also ask for Western military help?

"Yes, I did, but I don't want to give any details of that in public at present. As you know, we already have foreign military help in terms of training missions."

And are you asking for additional military help beyond training missions?

"I am not asking for any of that yet. I want to be briefed first on the situation from the Nigerian military and also the police."

The previous government used mercenaries from South Africa in the fight against Boko Haram, with some success. Would you consider doing the same?

"I personally was very disappointed that the previous government resorted to mercenaries. I was also disappointed by the recent revelations of how military allocations were also misappropriated. How is it that Nigeria's military, which has a good record across west Africa, cannot claim back to 14 out of 774 local governorates from Boko Haram? They have to ask for mercenaries from South Africa? How the mighty has fallen!"

What is your feeling on the wider terror threats across west and north Africa at the moment, with terrorism attacks taking place in Mali and Burkina Faso?

"I think we should be very worried because with technology, Boko Haram and other terrorists have become very mobile in all continents, not only in Africa but also in Europe, America and Asia.

"For Africa and the Sahel, the demise of Gaddafi's regime led to a lot of armed and trained people, especially those from the Sahel, being dispersed. Fighting is the only thing they know, and they are available at a fee. The danger is there, and I am pleased that Europe has realised it too."

There have been reports that Nigerians have been fighting for Isil in the Libyan city of Sirte. Is that true?

"I haven't seen confirmed reports about that, but I know that it is not only in Sirte - there are also Nigerians finding their way to Syria too. I don't know which side, but they may be fighing for Isil. How many, I have no idea."

Have you ever had reports of people from the Nigerian diaspora in the UK being involved in Boko Haram in any way?

"No, but if I do, I will immediately raise the issue."

A number of Nigerians use the migrant routes to come to the UK to claim asylum, saying their lives are at risk from Boko Haram. Is is legitimate for them to do so?

"Some Nigerians claim is that life is too difficult back home, but then again some Nigerians have also made it difficult for Europeans and Americans to accept them because of the number of Nigerians in different prisons all over the world accused of drug trafficking or human trafficking. I don't think Nigerians have anybody to blame. They can remain at home. Their services are required to rebuild the country. If their countrymen misbehaved, the best thing for them is to stay at home and encourage the credibility of the nation."

Do you think that Nigerians have an image problem abroad?

"Certainly. But we are on our way to salvage that. We will encourage our countrymen to stay at home, work hard and make a respectable living at home."

Your government has launched a major corruption probe over claims that billions of dollars of oil cash went missing during the previous administration. Some suspects have been arrested in the UK. Are you satisfied with the co-operation you are getting from the UK authorities?

"One of the biggest suspects is in Britain now, although I am not going to name that person. But Britain has earned our respect in the way it deals with these matters. Our only problem is that it seems to be too thorough and it takes too much time. If there are obvious cases, like bank accounts, infrastructure houses and hotels, I would hope they could do it quicker, so that we can claim these things back promptly."

By Collin Freeman

AMCON owed N1.1 trillion

Nigerian financial services, the Asset Management Corporation of Nigeria (AMCON) has listed Capital Oil and Gas Industries Limited, Seawolf, the defunct Bellview Airlines, Resort International Limited, Timbuktu Media (owner of the defunct Next Newspaper), former Chairman of the National Population Commission (NPC), Chief Festus Odimegwu, and 214 other firms, their respective directors, and individuals with outstanding debts of N1.146 trillion that have failed to visit the corporation for the resolution of their debts. 

Ubah Ifeanyi - Capital Oil and Gas

While AMCON put the outstanding debt of Seawolf at N160.09 billion, it listed Uwamu Adolor, Okunlola Remi, Rasheed Mahey Rafindadi, Wessels Alwyn, Odulami Remi, Waziri Ibrahim Dahiru and Oduntan Adetunji, as  directors of the company. Also, the list showed that Capital Oil, which is indebted to the corporation to the tune of N104.8 billion, has Mr. Ubah Ifeanyi Patrick, Ubah Uchenna, Ubah Chidera Graciuos, Orji Joseph Anayo, Chigbogu Fidelia Ezinwanne, Awodein Ayodeji Tolulope, Usoro Nsikan Anthony, and Akerele Oyinlade Mercy, as its directors. Directors of Resort International include Mr. Wale Babalakin (SAN), who has a N132 billion judgment debt against the federal government, and a court ruling ordering AMCON to offset his indebtedness to it against the judgment debt. Other directors of Resort International are Akinsanya Olayinka, Layonu Abiodun, Akibambi Temitayo Kola, Spectra Limited and Adewunmi Abiola. AMCON listed Resort as being indebted to the tune of N36.30 billion.

Other firms on the debtor list include Tanzila Petroluem Limited - N49.2 billion; Home Trust Savings - N25.749 billion; Suru Worldwide Ventures - N24.41 billion; Roygate Properties - N23.261 billion; Ziklagsis Network Limited - N20.334 billion; Lexcap Partners - N18 billion. Similarly, AMCON also listed Anyiam Osigwe Limited - N17.247 billion; Iorna Global Resources Limited - N15.873 billion; Hosanna Properties Limited - N14.983 billion; Unudike Enterprises Limited - N14.16 billion; Bulk Pack Services Limited - N13.493 billion; Global Haulage Resources Limited - N11.472 billion; Taka Continental Limited -N11.378 billion; JAG Global Resources Limited - N11.108 billion; Felshade International Nigeria - N10.979 billion; AFRIJET Airlines Limited - N10.886 billion; Hotel De Island (belonging to Sentor Buruji Kashamu and family) - N10.797 billion; and Petroleum Brokers Limited - N10.681 billion, on the long list of debtors.

source: thisday

Crude oil drops below $28 per barrel

Oil sank to a 12-year low of less than $28 a barrel in London on Monday as the removal of international sanctions over the weekend freed Iran to revive crude exports, threatening to swell a glut created by fellow OPEC members and U.S. shale drillers. 

Saudi Arabia, the biggest oil exporter, signaled again on Sunday it won’t relent in its strategy to preserve market share even as prices crash. Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency.

The IEA trimmed 2016 estimates for global oil demand as China’s economic expansion weakens and raised forecasts for supplies outside the Organization of Petroleum Exporting Countries. While non-OPEC supply is set to drop 600,000 barrels a day in 2016, Iran’s comeback could fill that gap by the middle of the year. As a result, world markets may be left with a surplus of 1.5 million barrels a day in the first half.

Source: bloomberg