We’ve defeated Boko Haram -Army

By Philip Nwosu and Tony John, Port Harcourt
The Nigerian Army, yesterday, said it has defeated the Boko Haram insurgents, especially, considering that there were no more camps of the terrorist group anywhere in the North-Eastern part of the country

Food shortage to end 2018 –Ogbeh

Says agric varsities now under him

From Magnus Eze, Abuja
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has enjoined Nigerians to be patient with government, assuring that the current food shortage in the country would be over in two years.

N’Assembly, den of rogues –Obasanjo

• Senate declines comment
• Reps ‘ll expose reasons for Jibrin’s sack today –Spokesman
From Fred Itua, Kemi Yesufu and Juliana Taiwo-Obalonye, Abuja

President Olusegun Obasanjo said recent events in the National Assembly have confirmed his earlier stance that the National Assembly is an assemblage of looters and thieves.
He was  reacting to the current budget

PDP bungled public trust –Osinbajo

From Taiwo Amodu, Abuja
Vice President, Professor  Yemi Osinbajo has admonished political parties to refrain from diverting fund meant for public services into party campaigns.

INEC postpones Rivers rerun

From Taiwo Amodu, Abuja
The Independent National Electoral Commission, (INEC) has again postponed the conduct of the rerun legislative elections in Rivers state.

Tragic: 2 burnt to death as fuel tanker explodes in Lagos

By Job Osazuwa
Two people were burnt beyond recognition yesterday at Cele bus stop on Oshodi-Apapa Expressway, Lagos State, as a tanker laden with petroleum product tumbled and exploded immediately.
The victims, according to eye-witnesses, were the driver and his conductor, They were trapped in the vehicle.

Ekweremadu‘ll lose seat soon –Okorocha

 

By Ndubuisi Orji, Lagos and George Onyejiuwa, Owerri
The Imo State Governor, Owelle Rochas Okorocha  said the Deputy Senate president, Ike Ekweremadu would soon be ousted from office with the assured victory of the All Progressives Congress (APC) in the Imo North Senatorial re-run poll held last Saturday.
He slammed Ekweremadu for relocating to

As economic crisis bites, UNIUYO lecturers receive salaries in bits

 

The University of Uyo, Akwa Ibom State, is grappling with how to pay salary to its lecturers, no thanks to the shortfall in federal government funding to federal-owned universities across the country.
UNIUYO lecturers, including non-teaching staff, have been receiving fractions

250 former Civilian-JTF members join Nigerian Army

 

A total number of 250 ex-members of the youth vigilante, Civilian-JTF, who had been supporting the Nigerian military in the fight against Boko Haram, have concluded military training and have been fully inducted into the Nigerian Army

SHOCKING: Munich shooting: ‘Several’ killed in shopping centre

 

Several people are feared killed in a shooting at a shopping centre in the German city of Munich, police say.
A big security operation is under way at the Olympia shopping centre in the north-western Moosach district.

We”re Not in Talks with Govt, Niger Delta Avengers Tells Buhari

 

*Says int’l community must be involved in negotiations

Niger Delta Avengers (NDA) on Friday told President Muhammadu Buhari to stop deceiving the people and international

8 Pictures That Will Make You Fall In Love With Short Braids

Braids are a girl’s best friend.

You can’t go wrong with braids. They look good on everyone. The downside to braids is the time it takes to make them. We always want those long braids that make us the envy of everyone else.
Short braids are the best if you

7 Times Genevieve Nnaji Gave Us The Perfect Manicure Inspiration

We can all agree that Genevieve Nnaji is a fashion icon.

Her style and fashion sense is one we admire. She’s always giving us goals with her hair, makeup and red carpet outfits.

Buhari Defends Kachikwu over Oil Swaps

 

Decries blackmail of senior govt officials
Tobi Soniyi in Abuja

President Muhammadu Buhari has mounted a fierce defence of the Minister of State for Petroleum Resources, Dr Ibe Kachikwu

Ignore blackmail of govt officials, Buhari appeals to Nigerians

 

From Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has urged Nigerians to ignore attempts by some faceless elements to smear the integrity of ministers and other senior government officials, over alleged corruption without any concrete evidence.

Forgery case: PDP alleges witch-hunt against Ekweremadu

 

From Fred Itua, Abuja
The Board of Trustees (BOT) of the Peoples Democratic Party (PDP), has condemned the ongoing trial of the Deputy President of the Senate, Ike Ekweremadu, saying the forgery charge was a deliberate plot to tarnish the

Guild of Editors conference begins August 3 in Rivers

 

The 12th All Nigeria Editors’ Conference (ANEC) will hold in Port Harcourt, Rivers State from August 3-7.
The theme is “Economic Diversification: Agriculture as Option for a Prosperous Nigeria.”
No fewer than 300 Nigerian editors, a collection of mainstream farmers, agribusiness financiers, policy-makers and captains

Orji Uzor Kalu: Celebrating our leaders (1)

 

By Frank Osita-Chuks
Recently in an online forum of Igbo intelligentsia, a renowned medical practitioner and consultant to the United Nations Organisation, Dr. Chibuzo Oguama, dropped a hint, which caught my attention and sent me on a memory lane

Anti-graft war: Lawyers reply Buhari

 

From Godwin Tsa, Abuja
Lawyers yesterday tackled President Muhammadu Buhari over his comment that the judiciary was frustrating the speedy determination of corruption cases.
President Buhari on Monday said the judiciary was yet to perform its functions to the satisfaction of Nigerians inspite of

Security vote is corruption – NLC

 

It should be reformed – Markafi

From Magnus Eze, Abuja
The Nigeria Labour Congress (NLC) has called for the cancellation of security votes for the president and governors, saying that it had become an avenue for siphoning public funds.
NLC President, Mr Ayuba Wabba, who described security vote as another form of corruption also called for the removal of immunity clause in the

Ikpeazu decries order of court to remove him

 

From Chuks Onuoha, Umuahia

Abia State governor, Dr. Okezie Ikpeazu has said if a High Court in Nigeria could give an order for the removal of a sitting governor, the same court can also issue an order for the removal of a president.
He stated this when he received a delegation of members of the Senate who paid him a condolence visit on the death of

4 Types of Traders You’d Find In Every Corner Of Naija

Everyone does one form of shopping or the other.

Replace Your Cornrows With These Flat Twist Braids

Flat twists are a neat way to add a protective style to your hair repertoire.

The regular two strand twists which a lot of us are familiar with hang loosely and are usually best for natural hair, but flat twists work well on natural and relaxed textures as well.
Flat Twists are a lot similar to cornrows, but may be more user-friendly to beginners.  And to achieve that look, you work with two strands of hair at a time with flat twists instead of three, as you do with regular cornrows.

We Imagined Nigerian Celebrities In Secondary School And Here’s What We Came Up With

Have you ever thought of how secondary school was for these Nigerian celebrities?

Can you think of what they did in school? What were they known for? We do not know obviously but we can try to guess yeah

Buhari honoured as Grand Patron of Olympic committee

President Buhari has been conferred with the honour of being the grand patron of Nigeria’s Olympic Committee. The president was personally on hand as he inspected the formal handing over of RIO 2016 Olympic Games delegation and Traditional Investiture today, July 19. The

Militants Bomb SPDC Pipeline In Delta

• As Niger Delta Avengers denies meeting with Youths Minister

Daring militants on Monday blasted an oil pipeline belonging to Shell Petroleum Development Company (SPDC) in Batan community in Warri South West Local Government area of Delta State.

Security sources told THISDAY that the incident occurred at SPDC Camp Five at about 1a.m. with a huge fire enveloping the site of the attack.

“Suspected militants attacked SPDC pipeline in Batan at about 1a.m. with dynamites. As I am talking to you now, the place is engulfed with fire but efforts were being made to put it off”, he said.

Another community source confirmed the incident, claiming that he heard a huge explosion in the midnight only to discover it was a pipeline belonging to SPDC that was blasted.

He said: “We heard a huge explosion when we were sleeping. We rushed out and found that SPDC pipeline was on fire. We are not sure whether it was militants that caused it or not”, he said.

Niger Delta Advengers (NDA), the militant group breaching oil facilities in the Niger Delta, is yet to claim responsibility at the time of filing this report.

Instead, the group claimed on Monday it did not have any meeting with the Minister of Youths and Sports, Solomon Dalung, at Oporoza in Warri South West Local Government area of Delta State.

Reacting to the Minister’s claim that he met with Niger Delta Avengers last weekend, the Niger Delta Avengers said he must have been duped by fraudsters since it did not send any representatives to “meet with a commom Minister”.

“The Minister of Youths and Sports, Solomon Dalung, narrated how he met with some self-claimed Niger Delta Avengers in Oporoza, Gbaramatu Kingdom. We are here to let the general public know that Niger Delta fraudsters has defrauded the Minister.

“Niger Delta Avengers can’t stood so low to send representatives to meet with a common Minister of youths that doesn’t know his work”.

“Let’s make this clear, any meeting with Niger Delta Avengers that the International communities are not part to witness, we (Niger Delta Avengers) will not be part of any such dialogue as well”, it stated in a release sent to THISDAY and signed by its spokesperson, Mudoch Agbinibo.

Further investigations by THISDAY however revealed that none of the security agencies was aware of the said visit by the Minister.

Sylvester Idowu in Warri

source: This Day

I’m not joining APC –Akpabio

The Senate Minority Leader and former Governor of Akwa Ibom State, Chief Godswill Akpabio said he was not making clandestine moves to join the All Progressives Congress (APC) in Akwa Ibom State.
Senator Akpabio while speaking exclusively to Daily Sun through his media aide, Anietie Ekong, said he was aware of the rumours, especially in the social media of his attempts to cross carpet and join the ruling APC.
Ekong said Akpabio’s camp was aware of the rumours, but stressed that the rumours were being spread by APC propagandists. He said Akpabio was working  with other PDP leaders to ensure that the party became formidable again. He could not be participating in solution-seeking meetings of the PDP while planning to defect to APC, he maintained.
But the state chapter of the APC said though Akpabio had yet to formally apply to become a member of the party, he had been making  overtures to some senior members of the party.
The state Publicity Secretary of the party, Chief Ita Awak, told Daily Sun that Akpabio’s attempt to formally join APC was a product of rumours which he could not authenticate.
“But I am also in the know that he has made some efforts to appease some leaders of the party, pleading for understanding and forgiveness. I am aware of such moves by him.”
Asked whether APC would accept his membership,  Awak said that would be left for the party’s leadership to decide.
From Joe Effiong, Uyo

source: Sun News

Breaking: NFF names Le Guen as new Eagles coach

 

The Technical and Development Committee of the Nigeria Football Federation, has named Frenchman, Paul Le Guen as the new Super Eagles head coach, subject to agreement on personal terms.
Addressing newsmen in Abuja, today, a member of the technical committee, Paul Bassey said Le Guen is to be assisted by Salisu Yusuf and Imama Amapakabo.
Alloy Agu is the goalkeeper’s trainer.
k,Meanwhile, President of the Nigeria Football Federation (NFF), Amaju Pinnick has reassured of the desire of his federation to see the country qualify for the Russia 2018 FIFA World Cup. Speaking to journalists, Monday, after a meeting with members of the technical committee of the NFF, Pinnick said the decision to get a quality coach was taken after the failure of the national to qualify for the 2017 African Cup of Nations (AFCON). He further revealed that already his board has secured a partnership that will pay the salaries of five coaches a development that he added promises a brighter future for the national team. “We want to avoid as much as possible the perceived mistakes that made us to miss out of the AFCON 2017. To ensure that we brought the best coach that can qualify us for the World Cup, the first thing we did was to ensure we got a partner that will pay the fees of all the coaches. We sent a request of about five coaches and that was granted and the company requested we should keep every other thing under wraps for now. “After the last AFCON ouster, we started thinking of Russia ad we are making efforts to pay all the coaches so that they will give their best at all times. Truly we are very desirous of qualifying for the 2018 world cup”.

source: Sun News

Monarch’s abduction: Oba is alive – Police

Some family members of the abducted Lagos Monarch, Oba Yushau Goriola Oseni, the Oniba of Iba are suspecting an insider provided vital information to the kidnappers before they struck Saturday night.
Residents of the community are also pointing accusing fingers at some persons within the area that gave out information to the hoodlums on the movement of the monarch and how to carry out the abduction.
The family members and residents said the ease with which the kidnappers carried out their operation pointed to  an insider’s job.
‘’The way and manner they arrived the palace, took up strategic positions and how they moved to the Oba’s main house suggest they had information on when to strike.
One of the Oba’s daughters said: ‘’The kidnappers worked on information from an insider. It would have been very difficult to abduct Kabiyesi if they had met him in the parlour.
“Whoever gave them the information knows my dad’s movement and the surroundings because how they escaped by finding their way to the creek at night is still a mystery to some of us in the palace and the community.’’
One of the sons of the Oba disclosed to Daily Sun on Monday that the family is working on a clue and have passed the information to security personnel.
On the health status of the wife of the Kabiyesi shot by the hoodlums, Prince Saheed Oseni denied  a newspaper (Not Daily Sun) report that the Olori died as a result of the gunshot injuries she sustained during the abduction of the Oba.
Prince Oseni said the woman  was recuperating at the Lagos State University Teaching Hospital (LASUTH) and that she successfully underwent operation to remove the bullets.
However, a family  source revealed that the Nigerian Army has moved into the matter, with a view to assisting the police in the rescue operation
A family source told Daily Sun that: “One of his sons, who is an Army Major has brought in soldiers to assist in the rescue mission of his father.
The state Police Public Relation Officer (PPRO), Dolapo Badmos said: “We cannot confirm whether or not the kidnappers have contacted the police, but with our strategy, we know that the Oba is still alive.  As for the military, they may be invited if we want, but I assure you that the rescue mission of the Oba, is purely a police operation.   We are working assiduously with everything at our disposal to rescue the Oba and arrest the kidnappers.
“The kidnapping was done by oil pipeline vandals who are now out of job.  The decision of the federal government to draft joint security patrol at some areas, have made the job of pipeline vandalism unattractive.  They now target their victims who they suspect may part with money.”
The Lagos State Police Commissioner, Fatai Owoseni yesterday visited the abducted monarch family and met with the immediate past Iba local government chairman and also one of the daughters of Oba Oseni.
The CP arrived the palace at 1.35pm and met with two of the  children, Prince Hakeem Oseni and Princess Ramota Oseni for about five minutes and also two of the wives as well as with some traditional chiefs of the community to sympathise with them on the incident.
The Lagos state police boss was conducted round the palace, especially the sitting room where the abduction started, the surrounding of the compound, including the gate where the Oba’s security guard, Sunday Okanlawon was shot dead by the kidnappers.
The CP assured the family that security personnel are working round the clock to rescue the abducted monarch.
Fielding questions from newsmen after his visit to the palace, Owoseni said investigation has commenced and that his men are working hard to rescue the oba.
Owoseni disclosed that he undertook on the spot assessment of the area to ascertain how the crime was perpetrated, and urged the kidnappers to release the monarch and others they are holding for ransom.
He confirmed that most of the criminals have lived in the community and know the environment well to operate in the night, and that they return to commit crime in the same place they lived. The CP urged the hoodlums to take advantage of government various platforms to acquire skills or engage in meaningful jobs rather than take to crime.
Meanwhile, more than 52- hours after the monarch  was abducted in his palace, Saturday night, the kidnappers have not  contacted the  his family.
A member of the royal family told our correspondent that since Saturday, the kidnappers have not reached out to anybody or state their demand, noting that the situation is worrisome because of the state of health of the  Oba.
By Gabriel Dike, Christopher Oji and Shina Ogunbiyi

source: Sun News

explosion kills 3 in Benin

A gas explosion has claimed lives of ‎three persons in Benin, the Edo State capital.
Two siblings identified as Favour aged two and Odion aged 11, were among the victims of the incident which occurred after a five-kilogramme gas cylinder exploded at a residential building at No 32 Osazuwa Street, Off Benin-Agbor Expressway in Ikpoba-Okha local government area.
The explosion that occurred in the early hours of Sunday reportedly affected four families.
The fire was said to have engulfed residents in the building when a family opened their door to know what was happening outside.
Narrating how the explosion occurred, one of the victims, Ese Egharevba, whose husband and two children were also affected, said she was outside when she heard the explosion.
She said they found the cylinder and took it outside while her husband called on residents in the building not to strike any match or put their stove on, but unknown to them, a family was already cooking inside and when one of their children attempted to open the door, fire engulfed the building.
In his account, a teacher who gave his name as Christian Unuame, said the owner of the cylinder does not live in the building.
The victims were admitted at the Enoma Hospital while mother of the deceased’s siblings and her eldest daughter were referred to the University of Benin Teaching Hospital.
From Tony Osauzo, Benin

source: Sun News

Cleric lauds Soyinka, Ikedife’s stance on Biafra

A cleric, Bro. Samuel Ajayi of the John 3:16 Ministry, Aba, Abia State has lauded Noble Laureate, Prof Wole Soyinka and ex- Ohaneze President, Dozie Ikedife over their stance on the agitation for Biafra.
Soyinka had last week in an interview with Al Jazeera, an international TV cable network said he supported the agitation and that he was “very much pro-Biafra because I recognize that the Igbo have been wronged desperately”.
Condemning what the Igbo have passed through in the country, Soyinka further stated, “They (Biafrans) have been brutalized in a way that justifies their feeling that they were not part of the nation”.
Ikedife on his part said no man can stop Biafra, stressing that Biafra was a thing of the spirit which was beyond any human destruction.
Ajayi in commending the duo over their stance on Biafra said as a people marginalized in their own country, deserved the right to seek self determination.
The cleric said both Soyinka and Ikedife deserve the commendation by every Igbo man and woman for speaking so glowingly in support of Biafra and stated it behoves on the people to actualize it.
On how Biafra could be achieved, Ajayi said, “God called me and said, ‘My son, until my people Igbo unite, refrain from idolatry and hatred against one another, they will remain in wilderness. I love unity of my people’”.
Stating that Biafra would be achieved in no distant time, the cleric however said it would not be through violence and demonstrations but that it must be through prayers.
From: OKEY SAMPSON, Aba

source: Sun News

Experts converge on Aba to promote made-in-Nigeria goods

 

Business experts will on Wednesday converge on the Abia State capital, Aba, to address the challenges faced by local manufacturers, producers, traders and other players in the informal sector of the Nigerian economy.
The conference is being organized by the MINEC Platform, a consortium of different technical partners with relevant skills in the development, establishment and management of Small and Medium Enterprises. A similar conference will be held in the remaining five geopolitical zones of the country.
According to a statement issued by the Lead Partner of MINEC and CEO, EfficientLinks Ltd, Lawrence Ehilegbu, prominent participants in the conference include the Abia State Government, Standards Organization of Nigeria (SON), Nigeria Export Promotion Council and Gionee Telecommunication.
According to a statement said, the conference aims “to close the knowledge gap between the points of production to a successful market launch of products as well as routes-to-markets globally.” At the end of the conference, participants are expected to “go beyond their limits” as they will be able to “develop a functional ‘verify’ platform that increases international buyers’ confidence while doing business with local SMEs.”
MINEC supports entrepreneurial development, capacity and skill building and opens windows that showcase made-in-Nigeria goods and services to the international markets for wide acceptance and patronage, the statement said.

source:  Sun News

Paul Le Guen yet to accept Nigeria job

 

The NFF announced the Frenchman as the new Super Eagles technical adviser, but the deal if far from complete according to reports in the French press

Paul Le Guen has not reached an agreement with the Nigeria Football Federation (NFF) to become the Technical Adviser of the Super Eagles despite the governing body's announcement on Monday.
According to French newspaper L'Equipe, Le Guen has rejected Nigeria as the NFF have yet to meet the terms and conditions requested by the coach to work as the new Eagles boss.
This comes as a blow to the NFF, although a statement released by the FA on Monday evening alluded to the fact the deal was not complete.
"The appointments [of Yusuf Salisu and Le Guen] are subject to agreement of contract terms with the NFF Executive Committee," the statement read.

source: Goal

Pinnick: Nigeria will qualify for 2018 World Cup

 

The NFF boss believes the Super Eagles have every chance of making it to the global football showpiece

Nigeria Football Federation President Amaju Pinnick is optimistic that the Super Eagles will qualify for the 2018 Fifa World Cup.
Pinnick disclosed this after meeting the NFF technical committee on the choice of Paul Le Guen as new Eagles’ technical adviser.
“By God's grace we are going to qualify. We have worked round and have done everything possible. We have discussed with the players. There are a lot of things we have done. There is a level you can go in terms of providing everything,” said Pinnick.
“All what they need is mental character, we have to psyche them up. You have to give them the sense of patriotism.
“If you see what Ronaldo did, he was injured and he was crying when he was being taken out of the field. That is the kind of mentality we want our players to put up when they are playing for the team.
“Like I said, the 20 teams that qualified are all capable. I would rather play Algeria than to play Gabon.

“Gabon have never been to the World Cup and they would want to go to the World Cup. I can assure you.”
Nigeria must get past Algeria, Cameroon and Zambia to reach their sixth World Cup finals billed for Russia.

Source: Goal

7 Types Of People You Meet At The Gym

In case you didn’t notice, the fit fam culture is upon us.

And so what this means is that unlike before, everyone wants to be fit and is very mindful of what they eat and all that. To become an active member of the movement, you also have to join a gym to work out and burn that fat.
So if you’ve been to a gym around, we’re pretty sure you’ve encountered one or two kinds of people we’re going to describe

We Bet You Didn’t Know You Could Do This With Plastic Bottles

What do we normally do with empty plastic cans?

Throw them in the trash, that’s what. Did you know you can incorporate empty plastic cans into your housing?
Yes, you can. Since we’re all going green and conserving the environment, many people have started engaging in the practice of using plastic PCB

CBN Finally Frees the Naira, Funds Forward Contracts

 

By Obinna Chima

Following the pressure mounted by the financial markets and analysts on the Central Bank of Nigeria (CBN) to allow the naira to be truly market determined so as to attract offshore investors who have continued to remain on the sidelines, the CBN has finally freed the nation’s currency so that its rate on the Nigeria Interbank Foreign Exchange (NIFEX) will be determined by the interplay of demand and supply.

The central bank will equally fund the one-month forward contracts of $697 million this week, meaning that authorised dealers that bid on behalf of their customers for the contracts last month would be making a kill of almost N10 to the dollar, given that the naira fell to N292.25 on the interbank market last Friday.

On the first day of trading under the revised rules for the NIFEX on June 20, the CBN had intervened in the market through the Special Secondary Market Intervention Sales (SMIS) to clear the backlog of  $4.02 billion pent-up demand for FX.

According to the CBN, it sold $532 million on the spot market and $3.487 billion in the forwards market.

A breakdown of the $3.487 billion forward sales by the central bank showed that $697 million was for one month (1M), $1.22 billion for two months (2M) and $1.57 billion for three months (3M).

On the full liberalisation of the interbank FX market, THISDAY learnt that pressure was brought to bear on the CBN when it was discovered that since the launch of the revised rules for the NIFEX market last month, the CBN through its interventions had pegged the naira within the range of N281-N284/$.

A banking industry source informed THISDAY that the central bank retained the peg despite announcing that it had floated the naira because of the continuing opposition by President Muhammadu Buhari to the devaluation of the Nigerian currency.

He said: “President Buhari only sanctioned the introduction of the flexible exchange rate regime when he saw the damning data released by the NBS showing that the Nigerian economy had contracted in the first quarter of this year and had effectively slumped into a recession.

“He was a very reluctant convert, so when he expressed his opposition again after the market had been partially liberalised, the CBN slammed the breaks on the naira and started pegging it again.

“But pressure was mounted on the central bank to allow the naira find its true level because offshore investors had taken note and refused to bring their money, thus exacerbating the FX scarcity in the market which the flexible exchange rate regime was meant to resolve.”

Signalling the move towards a proper free float of the naira, THISDAY learnt from treasurers of some of the commercial banks that the central bank held a conference call on Friday with authorised dealers in the FX market, during which the information was communicated to them.

Also, just as the conference call was taking place, the CBN Governor, Mr. Godwin Emefiele, was at a lunchtime meeting with investors in London, where he was said to have told foreign investors that the flexible exchange rate would now operate fully.

A source, who was at the London meeting, said what they gathered from the meeting with Emefiele was that banks were now free to set pricing at a level where supply would match demand for forex.

The central bank anticipates that this new policy would encourage those that have forex to bring it and sell, now that they can get more naira.

As a result of the development, banks made higher bids for forex on Friday, thereby leading to a depreciation of the naira.

Indeed, the naira depreciated against the United States dollar across all FX market segments on Friday. On the interbank market, it fell to an all-time low of N292.25 to a dollar and depreciated at the Bureau De Change and parallel market segments by 2.9 per cent and 3.13 per cent to N355/$1 and N365/$1 respectively, as demand at the interbank market spilled over to the alternative market segments.

Speaking in a phone interview with THISDAY, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, welcomed the decision to finally allow market forces to determine the value of the naira, saying: “It is about time they did the real thing.”

“Every other thing they were doing was to a large extent a rigged system under the flexible exchange rate system. That did not allow the naira to find its true equilibrium.

“You intervene in the market and naira finds its price. Then you intervene to influence that price. You don’t set a price by starting an intervention before the price emerges. By doing that, you will not know whether you are supporting the currency at an unsustainable rate.

“To me, I am relieved that finally we have gotten to this point. I understand it was done out of pressure from the international community. I learnt international investors said they were not going to do anything with us until we show some seriousness.

“So I think it is the most welcome development since this forex regime started. Now, you are going to see the parallel market depreciate initially, and then appreciate significantly and the difference between the parallel and interbank market would narrow.

“This will also solve the problem of dollar liquidity in the market because a lot of people would bring dollars in officially. Before, people were taking it to the parallel market. So there would be much more supply.”

A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun also predicted that the naira might depreciate to about N350 to a dollar on the interbank market this week, just as he aligned with Rewane, saying: “That is what they should have done when they introduced the flexible exchange rate policy.”

“The central bank ought to have allowed the naira to find its level, and then it would appreciate gradually to about N280 to a dollar. Foreign investors were not comfortable with the N280 to a dollar, considering what the value of the naira is on the parallel market.

“With this now, the CBN would still be intervening as a player in the market, but not as frequently as we have seen since the new guidelines for NIFEX were introduced,” he added.

According to Ezun, if the naira is allowed to trade freely and reflect its true value, foreign investors would come in droves.

He added: “If we say we are operating a flexible exchange rate regime, we should allow the market to trade to reflect the level of liquidity in the market, which is between N300/$1 and $350/$1, then over time, with inflows from foreign investors, the naira may appreciate to about $250 to a dollar. But it shouldn’t be a controlled rate.

“A lot of people believed that the CBN was controlling the market at an interbank rate of around N280 to a dollar. So with what the CBN has done, there is no restriction on the 50 kobo spread between the bid and offer again. This means banks can trade based on what they have.”

The Emir of Kano and former CBN Governor, Alhaji Muhammad Sanusi II, last week said the flexible exchange rate regime was not being fully implemented, just as he warned that targeting a pegged rate would not resolve the current FX problem.

He urged the central bank to allow the forces of demand and supply to determine the true value of the nation’s currency, in line with the flexible exchange rate policy.

“There is a fantastic document by the central bank on the flexible exchange rate. We need to implement that document properly. So long as the implementation is not total and faithful to the document itself, you would have residual market risks.

“You have to let the market decide where the naira is going to be to start with, before inflows come in and then when the inflows are in, you have an appreciation of the naira.

“So you have to live with a devaluation to N300/$1 plus and then it will firm up to N270/$ or N280/$1 or whatever. But so long as you target a rate of N280/$1, you are just moving the peg,” he had argued.

He, however, pointed out that with the new forex policy, the central bank was able to reduce the arbitrary opportunities in the market as well as improving its liquidity.

Emefiele flew to Britain and the United States on a road show last Friday to try to lure investors. Investors had welcomed the move but many said they were steering clear until the economy shows signs of concrete recovery.

source: This day

Food, Energy Prices, Imported Items Push Inflation Further to 16.5%

 

The Consumer Price Index (CPI), which measures inflation, rose by 0.9 percent to 16.5 per cent in June compared to 15.6 percent in May, according to the National Bureau of Statistics (NBS).

This is the fifth consecutive month that

Okupe reveals what he did with money approved by Jonathan

 

Ex-president Goodluck Jonathan’s former aide, Doyin Okupe, has made clarifications on the real reason he was recently questioned by the Economic and Financial Crimes Commission (EFCC). In a statement made available to Premium Times, the former special adviser to the president on political affairs, explained how he got millions from the office of the National Security Adviser (NSA) to carry out various activities in his house and office. Sambo Dasuki, the then NSA, is currently being prosecuted by the EFCC over the alleged mismanagement of $2.1 billion meant for arms procurement for the Nigerian military to battle insurgency in the north east. With the statement, Okupe sought to clarify reports in different sections of the media where supposedly strange figures were attached to his name in the arms deal scandal. Share on Facebook Share on Twitter Dr Doyin Okupe Dr Doyin Okupe explains how he collected millions from the ex-president and what he did with the money. Below is the full statement as issued by Okupe: MY RESPONSE TO MEDIA REPORTS ABOUT EFCC SUMMONS I am constrained to issue this statement in response to certain publications contained in some National dailies about my recent summons by the Economic and Financial Crimes commission, EFCC In my interactions with the EFCC, I have been asked to explain only three issues so far: 1. Why I received N50m from the office of the National Security Adviser at the onset of my appointment, and what I used the money for. 2. Why I was paid N10m monthly by the Office of the National Security Adviser. 3. Why I received another sum of N50m from the NSA in October 2014. These are the ONLY subject of interrogation with the commission so far. My explanations were as follows: 1. The initial N50m was approved by the President to be paid to me from His Security vote. N10m was to furnish my rented living apartment and another N10m for my office.  The balance N30m was approved as take off grant for my office. 2. The N10m I received from the Office of the National Security Adviser monthly was to run my office, pay salaries of staff, including overheads, pay expenses for our numerous press conferences, pay for publications in newspapers, magazines, local and foreign, television programs, bulletins, and media consultants who assist and facilitate our work. I had about 23 staff, 11 were graduates out of which 5 were Masters degrees holders. Details were submitted to EFCC 3. The second N50m was approved again by Mr President when I reported to him that the monthly allowance has been cut from N10m to N5m and that I was no longer in a position to keep running a 1hr NTA network program called INSIGHT which was aired 9-10am every Friday and some other days of the week. We paid NTA about N1.2m monthly for airtime. Two presenters were paid N600,000 monthly. We paid for tapes and Editing per program. Besides we also pay honorarium for guests either directly or inform of hotel bills for those outside Abuja, or transportation. This cost averagely N500,000 weekly or about N 2m monthly. All in all we spent about N4m monthly on the program. Mr President promised to help with the expenses. About a few months later when we had incurred some debts, the NSA sent me a sum of N50m which was to cover the cost of the program for 12 months(12×N4m=N48m) The Newspaper Trial I saw strange figures like N162m fraud, N85m fraud in the Media. Also mention was made of some alleged dubious payments of N13m and N65m from contracts supposedly obtained from chachanga LGA in Niger state. The Fact however is that my company Romix soilfix was one of the over 20 construction companies who were duly awarded contracts for rural roads some 5yrs ago by the Niger state govt. Due to lack of funds, contractors were paid irregularly thus making the job to drag on for long. The job is still on going. The relationship of this to my service as Senior Special assistant to President is still not clear. My Health status. I confided in the officers of the commission about my health situation for them to understand why where and how I sleep was important to my overall well being. Without clearance or authorization by me this information was revealed to the media. I woke up to hear it on radio broadcast nationwide and was published in many newspapers. This is a sad development and a definite breach of the confidence I reposed on the commission as an institution of government.  It precluded me from vigorous exercise from childhood but I have by God’s Grace been able to live a normal and active life. With age the slowness grew worse and life threatening. I sought medical help and went through a procedure at the Arrhythmia cardiac Research center in Atlanta, where this defect was corrected. Its just a year ago and I am still under satellite monitor from the USA. This is what I revealed to the EFCC and they made it a public issue. I have been in public service in more than 20years. Because of my pedigree, I have by deliberate policy avoided anything that will bring shame to me and my family. In spite of my high level involvement in politics and government, I have never done directly or indirectly any federal government contracts. In the whole of this world, I have only two houses. One in Lagos and another in my home town. I have no house elsewhere including Abuja. It is a pity that the situation in the country is so bad that everybody believes that there are no men with honour in politics or government. It is not true. I have submitted all my personal and company accounts to the EFCC. I have nothing to hide. I am proud of who I am and how far the Lord has taken me. My present travails and trial will become a good testimony for me and my family in Jesus Name. Dasuki on the other hand, is making demands from the federal government over unjust detention by the Department of State Security (DSS). The ex-NSA who has been in DSS detention since December, 2015, dragged the federal government before an Abuja high court, praying the court to immediately order his release from detention. According to Daily Post, the embattled ex-NSA’s lead counsels, Joseph Daudu and Ahmed Raji, both senior advocates of Nigeria, presented the case with the suit marked FCT/HC/ABJ/CV/2005/2016, pursuant to Order 11, Rule 1, 2 and 3 of the Fundamental Rights Enforcement Procedure Rule 2009.

source: Naij News

SO SAD: 6 children of same parents poisoned in Anambra (photos)

Six children belonging to same parents have allegedly been poisoned in Ekulumili area of Anambra state. Abia Facts Newspaper gathered that the 6 children were killed through food poisoning on Saturday, July 16. The children

I have slept with over 5000 men - 64-yr-old prostitute

64-year-old Rosemary Johns is said to be oldest prostitute living in Nairobi. The mother of 8 in a story published on popular Nairobi newspaper, Standard Media, reveals how she has slept with over 5000 men (and still counting), how it all started, her

Two prostitutes fight publicly in Imo

 

Two prostitutes in Isiala Mbano local government area of Imo State, engaged themselves in a public fight recently.

According to Dailypost, the sex workers got into the fight while returning home from a bar. They had drank too much alcohol and as a result, were intoxicated from the huge alcohol intake. On their way back to their residence, they stopped over to smoke cigarettes at a another local bar when a fight ensued between them.  It was not clear what the quarrel was all about, but the pair soon got into a violent attack against each other. They were soon separated by passers-by, but not after they caused serious injuries to themselves. LOL, dem don too belleful!

source: Naij News

7 Secrets To Help You Get Your Swag On In Heels

Walking and slaying in high heels should be an Olympic sports event.

---

It is that serious. Women everywhere love the elevation, confidence and of course, the sexy legs that come with wearing high-heeled shoes. If you want to walk like a boss in heels, here are a few secrets to help:

Commission Approves Promotion, Posting of AIGs

 

• Appoints 37 commissioners of police

The Police Service Commission (PSC) has given approval for the promotion of 18 Commissioners of Police (CPs) to the next rank of Assistant Inspectors General of Police (AIGs) with 4 other AIGs.

The body has also approved the appointment

PDP Chairmanship Battle Begins, APC Govs Seek Backing for Buhari

 

• Secondus, Bode George, Adeniran, others enter PDP race as Obaseki gets APC guber flag in Edo

As the Peoples Democratic Party prepares for a fresh national convention in Port Harcourt on August 17, some leaders of the party have indicated their willingness to vie for its national chairmanship position. Prominent among them are former

Electricity Tariff Judgement Threatens N300bn Banking Loans

Palpable anxiety appeared to have pervaded the financial sector following the judgement of the Federal High Court in Lagos, which annulled the recent increase in electricity tariff. At over N300 billion, the total banking sector loan exposure to the power sector is at high risk as deals and contracts predicated on the new tariff regime are now seriously threatened.

Church attendance, tithes, offerings shrink as bad economy hits members

 

■ Mosques, Muslims not spared

THE tough Nigerian economy is taking a toll on both Christians and Muslims and by extension, putting a hard squeeze on atten­dance to religious programmes, payment of tithes and offerings.
Clerics who spoke with Sunday Sun reporters bemoaned the hard times. Rev.

Untold story of Nigerian bizman killed in Togo

 
■ Body set ablaze
By HENRY UMAHI (kinghenrysun@ yahoo.com)
WHEN Mr Emman­uel Uchenna Udeh (aka Tootoo) relocated from Aba, Abia State to Togo to do business some years ago, ex­pectations were high. As the only male child of his aged parents, he had great hopes that he would do well there and take care of them

FG under fire over arms probe report

 

From FRED ITUA, Abuja

TWO days after the Federal Government released its interim report on alleged cases of corruption in the purchase of arms between 2007 and 2015, which indicted several serving and former military officers, as well as companies, a civil society organization

Leadership change in UK

HOME Secretary, Mrs. Theresa May, emerged the new leader of the Conservative Party and Prime Minister of the United Kingdom on Wednesday. She succeeded Mr. David Cameron, who resigned fol­lowing the vote by the UK to exit the European Union.

SHOCKING: Oba of Iba in Lagos kidnapped

Suspected gunmen  stormed Iba Community in Iba Local Council Development Area of Lagos State on Saturday evening and abducted the traditional ruler, His Royal Highness Goriola Oseni.
Witnesses  said, the gunmen, numbering about 16, stormed

No man can stop Biafra –Ikedife

 

By Chidi Obineche

DR Dozie Ikedife, a medical doctor, former president general of apex Igbo socio-political group, Ohanaeze Ndigbo, and Deputy President of the Supreme Council Of Elders of Indigenous People Of Biafra, speaks on the government of president Muhammadu Buhari and the agitation for Biafra.
Given the way things are right now

CHANJI - HOW NIGERIANS SURVIVE

■ How Nigerians survive 
By ENYERIBE EJIOGU, SIJIBOMI OYEDEPO-FATAYO and FAVOUR ONWUKA
MORE than one year after the All Progressives Congress assumed the reins of governance at the federal level, there is a silent howl and a deafening groan in the country as the economic recession being experienced bites harder, forcing families