Court Orders Governor Ikpeazu Of Abia To Vacate Office Immediately

A Federal High Court in Abuja has ordered the Governor of Abia State, Okezie Ikpeazu, to vacate office immediately for submitting false information to his party, the Peoples Democratic Party, for the party’s governorship primary in December 2014.

Justice Okon Abang in a judgment on Monday ordered the Independent National Electoral Commission to immediately issue a certificate of return to the plaintiff, Uche Ogah, who polled the second highest number of votes in the primary.
SOURCE: Punch

Folorunsho Alakija Makes Forbes List Of Most Powerful Women Of 2016

Africa richest woman, Folorunsho Alakija has been named among one of the 100 Most Powerful Women of 2016 according to a list released by Forbes.  The magazine released its annual, and Folorunsho Alakija’s whose net worth as of yesterday, June 6, 2016 is $1.72 billion was among those listed.

The 66-year-old married mother of four is the vice chair of Famfa Oil, a Nigerian oil exploration company that has a 60% participating interest in block OML 127, part of the larger Agbami field, one of Nigeria’s largest deepwater discoveries, about 70 miles offshore. It partners include Chevron and Petrobras. Her first company was a fashion label that catered to Nigeria’s elite women, including the wife of former military president, Ibrahim Babangida, who awarded Alakija’s company an oil prospecting license. Alakija’s net worth has fallen in the past year as a result of lower oil prices.

German Chancellor Angela Merkel topped the list for the second time in a row, while US White House hopeful Hillary Clinton came in second, also steady in her ranking, and has a clear shot at the number one spot if she wins the Presidential election, Forbes said.

US Fed Reserve Chair Janet Yellen, philanthropist Melinda Gates and General Motors CEO Mary Barra rounded off the top five.

SOURCE: Nigerianmonitor

David Cameron resigns as British Prime Minister

David Cameron has resigned as Prime Minister of Britain in an emotional speech outside 10 Downing Street.

His resignation followed a landmark referendum that saw the country voting to leave the European Union.

Mr. Cameron voice broke as he announced the cabinet would meet on Monday to draw up a time-table for his exit as leader of the world fifth largest economy.

A new prime minister is expected to be elected in October.

A majority of British voters (51.7 percent) followed the call of Pro-Leave campaigners who had described the vote as an independence from the European Union oppression and bureaucracy that has resulted in mass migration into the island country.

While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed the Remain camp.

With Over 72.2 percent voters’ turnout (last general election in the country has 66.1 percent turnout), many pro-Leave campaigners, led by leader of far-right UKIP party, Nigel Farage and former mayor of London Boris Johnson, are already seeing the referendum as a rejection of the leadership of Mr. Cameron, who campaigned vigorously for Britain to remain in the EU.

David Cameron has resigned as Prime Minister of Britain in an emotional speech outside 10 Downing Street.

His resignation followed a landmark referendum that saw the country voting to leave the European Union.

Mr. Cameron voice broke as he announced the cabinet would meet on Monday to draw up a time-table for his exit as leader of the world fifth largest economy.

A new prime minister is expected to be elected in October.

A majority of British voters (51.7 percent) followed the call of Pro-Leave campaigners who had described the vote as an independence from the European Union oppression and bureaucracy that has resulted in mass migration into the island country.

While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed the Remain camp.

With Over 72.2 percent voters’ turnout (last general election in the country has 66.1 percent turnout), many pro-Leave campaigners, led by leader of far-right UKIP party, Nigel Farage and former mayor of London Boris Johnson, are already seeing the referendum as a rejection of the leadership of Mr. Cameron, who campaigned vigorously for Britain to remain in the EU.

Despite a strong showing for the Pro-remain campaign in London and Scotland, majority of British cities voted to quit the EU.

Mr Cameron’s Tory party rival, Boris Johnson, who hasn’t hidden his desire to become PM is seen by many as a possible successor.

“I think the Boris Johnson momentum will be unstoppable,” Steven Fielding, a professor of political history at the University of Nottingham told the Washington Post.

“Cameron will try to find a dignified exit. But it’s not clear how long the backbenchers will give him to do that.”

Mr. Farage, who already admitted that the Pro-remain were going to win the referendum, recanted and claimed victory for the historic decision.

“We have got our country back,” he tweeted. “Thanks to all of you.”

Let June 23rd go down in history as our Independence Day,” he shouted with arms held high to his supporters.

Although Mr Farage is claiming this as a personal victory, many political analysts see the possibility of his anti-immigration far-right party occupying No 10 Downing Street as far-fetched.

Gisela Stuart, Vote leave campaigner and Labour MP, addressed Manchester Town Hall this morning.

She says, “We have just taken control. 33 million people went to the ballot box and made a democratic decision. They reflected on our 40 year history and by a majority they have decided to leave.

“I think that is democracy at work.”

Pound crashes to three-decade low

The news of the Britain exit from the EU caused immediate backlash to the country’s economy as the sterling crashed to 9 per cent against the dollar – its lowest value since 1985.

Financial analysts also fear more debilitating consequences of the decision on the world’s fifth largest economy in the coming days.

“People will be waking up this morning to turmoil in the markets and the pound crashing, and fearing the emergency budget the Chancellor threatened to hike their taxes and cut public services, said shadow chancellor, John McDonnell.

“The Government must now take steps to stabilise the economy, and to protect jobs, pensions and wages. Labour will not allow any instability to be paid for by the working people of this country,” he added.

SOURCE: Premiumtimesng

“We are happy our daddy is back hale, hearty”

President Mohammadu Buhari yesterday returned to Abuja, saying he was completely healed, stronger, more energetic and now fit to resume presidential duties. Recall that the president penultimate week proceeded on a 10 day leave and later jetted out to London, United Kingdom where he had gone to treat a persistent ear infection. He was due to come back to the country on Thursday but failed to do so.

The Vice President as the Acting President then told Journalists that the president would be returning to the country on Sunday (Yesterday) as he needed to rest after the medicals. The president whose aircraft touched down at exactly 5:35 pm at the Nnamdi Azikiwe International Airport on Sunday said he was now fit. In a sure-footed manner, the president spoke to the State House Correspondents after inspecting a guard of honour by the Nigeria Armed Forces. 

“You have seen me. You saw me when I was going. You can do the assessment yourself. “I am okay. You can see me inspecting the guard of honour. You can see I am taller than you. Do you want to wrestle with me, you can do so”, he said. 

Also, his Special Adviser on Media and Publicity, Mr. Femi Adesina said he would resume duty today. “Mr President is fit and will resume work on Monday”, he said. 

On his part, the Chairman of Governors Forum and Zamfara State Governor, Abdulaziz Yari expressed gratitude to God for bringing the president home safely. “We thank God for bringing him (Buhari) back to his country. 

It is a good thing he went on break and returned to his people hale and hearty.” “Our daddy is back. He has gone to take a rest we are happy that he is back”, he said.

 Meanwhile, among government officials who were on hand to welcome the President were members of the cabinet including the Minister of the Environment Amina Mohammed, Minister of Transportation, Rotimi Amaechi; Minister of the Niger Delta affairs, Usani Usani. Others included Minister of Water Resources, Minister of State for Education, Minister of State for Budget and National Planning; Minister of Agriculture, Chief Audu Ogbe; Minister of Budget and National planning, Attorney General and Minister of Justice, Abubakar Malami; Minister of State for Foreign Affairs, Minister of Health, Minister of Interior, Gen. Dambazzua; Chief of Staff, Abba Kyari; Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

 Kogi State governor, Yahaya Bello and Chief of Army Staff, Bruntia were also on hand.
SOURCE: Vanguardngr

Air Force To Commence Deployment Of Troops For Northeast Clean Up

Nigeria’s Chief of Air Staff, Air Marshal Sadique Abubakar, says he will commence a heavy deployment of air troops from Friday, June 17, to Maiduguri for mop up operations on Boko Haram insurgents.

Speaking to reporters in Kano State, North West Nigeria, the Air Force boss disclosed that already, a significant number were deployed in Niger Delta to counter the Avengers’ destruction of Nigeria’s oil pipelines.

The Air Staff boss believes that the most important machinery to air theater in the contemporary security threat to Nigeria is the ability of the defence to employ air power that will make the ground hold-able for the land Army to move into action.

The Operation Lafiya Dole jointly carried out by all security agencies across the country has yielded much needed results as air officers are only being deployed to clear the ground for mop up operations by sister security agencies.

He further assured officers that henceforth, their welfare packages would include the provision of a conducive atmosphere to settle their families at the barracks. He added that making them comfortable at the war front will always come first.

The Air chief also commissioned staff quarters and pilot students hostels at the Air Force Base in the state.

Commissioning the projects, a former Chief of Air Staff, Air Vice Marshal Mukhtar Muhammad, said that with the commitment shown so far by Nigeria’s defence mechanism, he was optimistic that the activities of Boko Haram insurgents would soon be a thing of the past.

In order to ensure continuity and sustainable security development in Nigeria, the former Chief of Air Staff advised officers and men of the Nigeria Air Force to put all hands on deck, to ensure the actualization of the NAF vision of protecting Nigeria’s Air Defence system.

FG saving N1.4trn annually from subsidy removal – Kachikwu

The recent removal of subsidy from the pump price of premium motor spirit is saving the federal government over N1.4 trillion that would have been expended on subsidy claims per annum, the minister of state for petroleum resources, Dr. Emmanuel Ibe Kachikwu, has said.

Speaking when he visited the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, the minister explained that the deregulation policy has also re-awakened the downstream sector and would help the nation become a net exporter of petroleum products in a few years.

“We now have a lot of people who are interested in investing in our refineries and building more refineries and we will remain committed to the goal which is to reduce importation of petroleum products by 60 per cent by the end of 2018 and become a net exporter of petroleum products by 2019,” he said.

Kachikwu in a statement yesterday by the board noted that with the fall in crude oil prices and reduced investment in the sector, the NCDMB must re-strategise and transit from its role of just propagating local content and local participation to one of finding commonality with industry stakeholders to encourage investment.

Kachikwu also stated that the corporate restructuring initiated in the Nigerian National Petroleum Corporation (NNPC) has reduced the average monthly loss recorded by the corporation from N40 billion in the recent past to N3 billion, while efforts remained on target to achieve profitability before the end of 2016, a feat that had not been recorded in 20years.

He also announced plans to carry out infrastructural re-graphing of Nigeria’s petroleum sector, adding that plans were afoot to review Nigeria’s ageing pipelines, depots and gas infrastructure and begin the process of replacing them.

On gas flaring, the minister stated that the new thinking was to move away from a penalty-based gas regulation which had largely failed over the years to a zero tolerance gas flaring regulation with year 2020 as the new target deadline.

Admitting that the entire spectrum of petroleum industry required strategic intervention, Kachikwu harped on the need to see the challenges as opportunities to transform the sub sectors into income earners for the populace.
SOURCE: TodayNG

IMF welcomes Nigeria's decision to end currency peg

WASHINGTON (Reuters) - The International Monetary Fund said on Thursday it welcomed the decision by Nigeria's central bank to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances.

IMF spokesman Gerry Rice told a weekly news briefing the Fund wanted to see how effectively the naira exchange market functions once the new float system is put into effect next Monday.

Nigeria's central bank governor said in a letter to President Muhammadu Buhari the bank expects the naira to settle at around 250 to the dollar after it abandons the peg of 197 to the dollar it has supported for 16 months.

"I think the announcement yesterday to revise the guidelines for the operation of the Nigerian interbank foreign exchange market is an important and welcome step," Rice told reporters. "It will provide greater flexibility in that market, the foreign exchange market."

Senior IMF officials, including Managing Director Christine Lagarde, have urged Nigerian officials to allow the naira to fall to absorb some of the shock to the economy from a plunge in oil prices and revenues. OPEC member Nigeria is a major oil producer. IMF officials have said that Nigeria has not requested IMF financial assistance, but has been in consultation with the Fund on dealing with budget shortfalls.

"As we have said before, a significant macroeconomic adjustment that Nigeria urgently needs to eliminate existing imbalances and support the competitiveness of the economy is best achieved through a credible package of policies involving fiscal discipline, monetary tightening, a flexible exchange rate regime and structural reform," Rice said. "Allowing the exchange rate to better reflect market forces is an integral part of that."