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AfDB Offers $1bn To Fund Nigeria’s 2016 Budget Shortfall; Senate oppose sale of national assets; Boko Haram militants attacked Kwang & Boftari villages – Nigerian Army; Avengers attack: Shell shuts down Nigeria’s major crude oil export line; EFCC links Patience Jonathan to 9 houses, 2 hotels, one plaza; $15.5m fraud: Jonathan’s ex-aide, Dudafa attacks co-defendants . . .

AfDB Offers $1bn To Fund Nigeria’s 2016 Budget Shortfall

AfDB . African Development Bank

The African Development Bank (AfDB) has pledged to offer a $1 billion loan to Nigeria, to support the country’s funding of the $2.2 trillion shortfall in the 2016 budget signed into law by President Muhammadu Buhari. The said loan facility attracts a 1.2% interest rate. AfDB President, Nigerian-born Akinwunmi Adesina, made the announcement when he led a delegation of the regional African bank to a meeting with Vice President Yemi Osinbajo and members of the economic management team.

Speaking to State House correspondents after the meeting, Adesina stated that the bank will support the federal government with the budget to be able to deal with some of fiscal imbalance that they have. The former minister of agriculture said the bank was also planning a $4.1 billion concessional credit to Nigeria in the areas of power, infrastructure, agriculture and for the private sector, SMEs financing and lending between 2016 and 2017, adding that the bank’s investment in Nigeria by 2019 would be a total of $10 billion.

Senate oppose sale of national assets

Buhari & Senate

The Nigerian Senate on Tuesday unanimously passed a resolution rejecting the recommendation seeking the sale of Nigeria’s national assets as a means of raising funds to shore up foreign reserves to bail out the country from the ongoing recession. The sale of national assets to reboot the recessive economy was one of the suggestions of the Senate President, Dr. Bukola Saraki, during the debate of the state of the economy by the Red Chamber.

The recommendation to reject the sale of assets was contained in the report presented by a six- man ad- hoc committee set up by the Senate last week to harmonize contributions of senators during their general debate on the economic recession and possible way out. Thereafter, the Senate urged President Muhammadu Buhari to as a matter of urgency, to prepare an economic stimulus package Bill containing all the fiscal stimulus packages, investments, and incentives designed to pull the country out of recession, and forward same to the National Assembly for accelerated consideration and passage.

Report: Boko Haram kills 8, hoists flag in Borno villages

Boko Haram . Terrorist horsemen

Boko Haram insurgents have killed eight people and hoisted their blck flags in some Borno villages in the northeast of Nigeria. According to  BBC, the terrorists slaughtered at least eight people, including a village elder, during the attack, the security source and residents said.

The villages – Kubirivour, Boftari and Kuburmbalah – are near Chibok town, from where the militants captured more than 200 schoolgirls in 2014. Others sources said the militants were still in control of Malam Fatori town, on the Nigeria-Niger border. Last Sunday, Nigerian troops were reported to have recaptured the town from the jihadists. However, the militants reinforced their ranks and regained control of the town.

Boko Haram militants attacked Kwang & Boftari villages – Nigerian Army

Boko Haram . Leader, Abubakar Shekau, center, in a video screengrab threatening war. AFP

The Nigerian Army on Tuesday said in a statement that Boko Haram militants on Monday evening attacked Kwang and Boftari villages in Borno state. In the said statement from Army spokesman Colonel Sani Usman, he said that on Tuesday at about 5.00pm some Boko Haram militants attacked Kwang village and Vigilantes from Dagu (which is about 4 kilometres from Kwang), responded and repelled the attack.

Col. Usman said during the fire fight that ensued, one of the vigilantes sustained gunshot wound on his hand and was evacuated to General Hospital Uba while the militants fled with gunshot wounds. Troops were eventually dispatched to the area. He also said on same day, at about 4.35pm some suspected remnants of Boko Haram militants attacked Boftari which is about 15 kilometers from Chibok town. Accordingly, troops of Operation, Lafiya Dole stationed at Forward Operation Base Chibok, mobilized to the area. He said: “Unfortunately, the terrorists had set some houses on fire and fled. The troops put out the fire and are currently on the hunt for the terrorists. The troops have continued to maintain high level of vigilance.”

Avengers attack: Shell shuts down Nigeria’s major crude oil export line


Nigeria’s crude oil production suffered fresh set back Monday as Trans Niger Pipeline, (TNP), which exports about 180, 000 barrels of crude oil per day was shut down as a precautionary measure after a fire was seen on the “right of way” at Gio community in Ogoni land, one of the two pipelines that export Bonny Light crude oil. TNP transports crude oil to the Bonny Export Terminal and is part of the liquid gas evacuation infrastructure, critical for continued domestic power generation (Afam VI power plant) and liquefied gas exports.

According to the spokesman for Shell Petroleum Development Corporation (SPDC), the operator of the joint venture with Nigerian National Petroleum Corporation, NNPC, Precious Okolobo, “It was not yet clear whether export supplies will be subject to force majeure. A joint investigation visit will determine the cause and impact of the fire.” It was reported that the fire may have been caused by the activities of the militant group, Avengers, which may have forced Shell to shut down Nigeria’s major crude oil export line.

Report: EFCC links Patience Jonathan to 9 houses, 2 hotels, one plaza


EFCC investigators probing ex-First Lady Patience Jonathan’s link with five choice buildings, including a N5billion hotel in Abuja, have unearthed seven additional properties believed to be owned by her, according to reports. The detectives were in Port Harcourt (Rivers State) and Yenagoa (Bayelsa State) all week trying to establish whether four properties in the two cities truly belong to Mrs. Jonathan.

It was gathered that the assignment led the investigators to suspect that seven more properties including the former Customs Service officers mess in Port Harcourt and a plot of land under construction were acquired by her. Others in the Rivers State capital are: two duplexes at 2/3 Bauchi Street; landed property with blocks at Ambowei Street; three Luxury apartments of 4-bedroom each at Ambowei Street; and Grand View Hotel on Airport road. Those in Yenagoa are: two marble duplexes at Otioko GRA by Isaac Boro Expressway; Glass House on Sani Abacha Expressway which serves as office of the Nigerian Content Development and Monitoring Board; Akemfa Etie Plaza by AP filling Station, Melford Okilo Road; and Aridolf Resort, Wellness and Spa along Sani Abacha Expressway.

The EFCC says it has so far recovered N1b and secured 24 convictions in the South South, may invoke Section 7 of the EFCC Establishment Act 2004 on the affected properties after due verification, sources said yesterday. Already, the EFCC has written to the Head of the Civil Service in Bayelsa State demanding the pay status and allowances of Mrs. Jonathan during her tenure as a Permanent Secretary. It also sought explanation on whether or not she was paid in dollars, besides travelling estacodes, while in office. The investigators are already back in Abuja to continue their assignment.

$15.5m fraud: Jonathan’s ex-aide, Dudafa attacks co-defendants

Jonathan ex-SA Domestic Matters, Waripamowei Dudafa

A Federal High Court in Lagos has adjourned till October 7, 2016 to rule on two applications seeking to change the guilty plea of four companies which on September 15 admitted laundering a sum of $15, 591,700. The First Lady and wife of ex-President Goodluck Jonathan, Dame Patience Jonathan, is claiming ownership of the money, which the EFCC had since frozen in four Skye Bank accounts opened in the names of the four companies.

They had on September 15 pleaded guilty before Justice Babs Kuewumi to conspiring with three others to launder the money, which the EFCC described as part of proceeds of theft. At the resumed proceedings on Tuesday, however, Dudafa (photo: above) and Briggs, through their lawyers, Gboyega Oyewole and Tochukwu Onyiuke respectively, brought separate applications, urging the court to change the plea of the four companies from guilty to not guilty.

Oyewole told the court that the four persons had in their statement to the EFCC stated that they were neither directors of the companies nor had anything to do with the companies. He also urged the court to note the fundamental rights enforcement suit filed by Patience, claiming ownership of the $15.5m over which his client was being prosecuted. “Neither the Federal Government nor any of its agencies; neither any state nor its agencies have claimed the fund as their own or that it was stolen from them,” Oyewole added.

He said in the face of Patience’s claim over the money, allowing the guilty plea by the four companies and convicting them of money laundering charges would amount to “a gross abuse of the judicial process and an attack on the principle of fairness and justice.”

©2016 Nigerian News Desk . Latest news

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