Sunday, February 14, 2016

Buhari dismisses varsity VCs


The National Open University of Nigeria (NOUN) and the 12 Federal Universities established by the Jonathan administration now have new vice chancellors following the abrupt removal of the incumbents by President Muhammadu Buhari.
The president also approved the reconstitution of the universities’ governing councils.
No reason was given for the action, which drew the instant anger of some Civil Society Organisations (CSO’s).
The CSO’s claimed that the Governing Council of NOUN of which Professor Vincent Tenebe was a member is the only body empowered to remove him.
Replacing Tenebe is Professor Abdallah Uba Adamu, who until now was of the Department of Mass Communication, Bayero University, Kano.
Professor Auwal Yadudu, who served as Special Adviser on Legal Matters to the late military head of state, General Sani Abacha is the new Vice Chancellor of Federal University, Birnin Kebbi.
He was until now of the Faculty of Law, Bayero University, Kano.
A former head of the Department of International Relations at the Obafemi Awolowo University, Ile-Ife, Prof. Kayode Soremekun is the new Vice Chancellor of the Federal University, Oye-Ekiti, Ekiti State, while Prof. Fatima Batoul Muktar of the Department of Biology, North West University, Kano is the VC of Federal University, Dutse, Jigawa State.
The rest are:
- Prof. Haruna Abdu Kaita, Federal University, Dutsin Ma, Katsina State;
- Prof. Andrew Haruna, Federal University, Gashua, Yobe State;
- Prof. Magaji Garba, Federal University, Gusau, Zamfara State;
- Prof. Alhassan Mohammed Gani, Federal University, Kashere , Gombe State;
- Prof. Muhammad Sanusi Liman, Federal University, Lafia;
- Prof. Angela Freeman Miri, Federal University, Lokoja;
- Prof. Chinedum Nwajiuba, Federal University, Ndifu-Alike, Ebonyi State;
- Prof. Seth Accra Jaja, Federal University, Otuoke, Bayelsa State.

Nigeria lost momentum with Murtala’s demise – Buhari


General Murtala Ramat Muhammed


President Muhammadu Buhari had yesterday reflected on the death of former Head of State, General Murtala Muhammed, in a coup attempt 40 years ago, and said his demise in that incident made Nigeria lose momentum in its march to greatness.
Muhammed was assassinated when the late Colonel Buka  Suka Dimka  and his gang ambushed him at Ikoyi, Lagos, and shot him dead in a traffic jam.
Buhari, who had served under the late head of state as military governor of the old Borno State, said at the Murtala Muhammed 40th Memorial Lecture in Abuja, that the deceased was a loyal Nigerian.
He challenged Nigerians to imbibe the virtues of loyalty, honesty and determination like Muhammed rather than mourn his death
Imbibing these virtues, he said will make Nigeria better.
He said that Nigerians mourned the death of Murtala because he was on his way to putting the country back on the path of order and discipline, after years of drift, corruption and near despair.

Thursday, February 11, 2016

Nigeria seeks $2b Chinese loan to fund budget



Nigeria is currently seeking a $2billion loan from China to fund the 2016 budget.
Finance Minister Mrs. Kemi Adeosun, according to sources, will travel to China next week to that effect.
Sources said Nigeria has shelved plans to meet investors about returning to commercial borrowing on the Eurobond market.
One Nigerian government official told Reuters that any loan agreed during Adeosun’s trip could be signed by President Muhammadu Buhari in Beijing next month.
“The finance minister, in the company of the Central Bank Governor Godwin Emefiele, has planned to be in China sometime next week to conclude negotiations on the $2 billion loan,” said the official, who asked not to be named.
The official acknowledged negotiations had been underway for some time and that the terms is yet to be agreed. However, he added: “Hopefully it may be sorted out during this meeting and the loan will be signed during President Buhari’s visit to China next month.”
With world markets in turmoil, investors are wary of lending to anything but highly-rated rate emerging economies. Nigeria’s reluctance to devalue the naira, which has plunged on the black market, would further discourage investors, meaning the cost of commercial borrowing would be prohibitive.
If talks with China or multilateral agencies fail, Nigeria would struggle to find willing commercial lenders.
“It’s going to be difficult for issuers to come to market now unless they are at the high end of the credit quality spectrum,” said Zsolt Papp, client portfolio manager at JPMorgan Asset Management.

Tuesday, February 9, 2016

EFCC detains erstwhile CDS Alex Badeh

The Economic and Financial Crimes Commission (EFCC) yesterday detained a former Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh, after about eight-hour grilling.
There were indications last night that some former military chiefs were also being quizzed but their names were kept under wraps by the anti-graft agency.
Air Chief Marshal Badeh’s interrogation began at about 9am when he was ushered into a session with a panel.
As at 6.27pm, there was no sign that he would be allowed to go home.

MTN must pay fine; federal government insists



The Federal Government of Nigeria said yesterday that the Mobile Carrier, MTN must pay substantial part of the N780billion fine imposed on it for Subscriber Identity Module (SIM) registration guideline infractions before any out of court settlement could be honoured.
The Minister of Communications and Technology, Mr. Adebayo Shittu, said the telecommunication company violated extant laws for which it accepted responsibility and wrote a letter of apology, promising to be a responsible corporate citizen.
The infractions were committed under the Dr. Goodluck Jonathan administration, which, according to Shittu, looked the other way. It took the courage of the government to apply the law, he said.
MTN begged for a revision of the sanction, “which Mr. President graciously acceded to”, but the company turned around to say it had no money to pay.
The minister said the government replied, asking MTN to write a letter stating why it will go down after paying the fine and attaching a statement of its account so that the government will realise the dangers the payment will constitute to its financial health.
Shittu said he received a call from the firm informing him that it was going to court.
He said since the matter is now before the court, the government will wait for the court’s decision.

Electrify Africa Act: Obama signs initiative into law; aims at bringing electricity to millions of Africans


US President Barack Obama signed into law Monday a measure aimed at expanding electricity to millions of households in sub-Saharan Africa, a measure supporters say will save lives and accelerate growth on the continent.
The Electrify Africa Act, which unanimously passed the House of Representatives and Senate, leverages partnerships with the private sector in order to bring first-time electricity access to some 50 million people in underserved parts of Africa.
Virtually no new US federal funds are allocated for the project, which instead will use a system of loan guarantees to add 20,000 megawatts of electricity to the continent’s grid by 2020.
Access to power has been a fundamental development challenge in Africa, and boosting it will stimulate economic growth and improve access to education and public health, the bill’s backers argue.
“It’s a game-changer for small businesses that have to close at dark, and school children who are often forced to study by dangerous, inefficient kerosene lamps,” said House Foreign Affairs Committee Chairman Ed Royce.
“And too many families resort to using charcoal or other toxic fuel sources, whose fumes cause more deaths than HIV/AIDS and malaria, combined.”
The law aims to build on a “Power Africa” initiative Obama promoted during a trip to Kenya in July.

This initiative would see the investment of about $7 billion in US funds, largely financed through the US Export-Import Bank, in order to create 30,000 megawatts of clean energy generation.
Through the plan, “we can make great strides in addressing African energy poverty and promote inclusive economic growth for communities in Africa and at home,” Senate Democrat Ben Cardin said.