October 2019

2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

October 23, 2019 6:09 am

The federal government has proposed ₦15 billion for payment of group life insurance of its employees. The proposal was contained in the 2020 Appropriation Bill presented by President Muhammadu Buhari before the National Assembly recently.

According to the federal government, the ₦15 billion would be used to pay for Group life insurance for employees of all federal government ministries, departments and agencies including DSS/insurance of sensitive assets, Corpers plus administrative monitoring.

Section 4 (5), of the Pension Reform Act, 2014 states that “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of …

Paralympic Champion Ends Own Life Through Euthanasia

Paralympic Champion Ends Own Life Through Euthanasia

October 23, 2019 5:55 am

Belgian Paralympic champion Marieke Vervoort ended her life through euthanasia at the age of 40 on Tuesday, Belgian media reported.

Euthanasia is legal in Belgium and the spiky-haired athlete announced her intentions after the Rio Games in 2016 to follow that path if her degenerative condition worsened her suffering.

But she said at the time that sport had given her a reason to keep living.

“I’m still enjoying every little moment. When the moment comes when I have more bad days than good days, then I have my euthanasia papers, but the time is not there yet,” she told a …

Authorities To investigate Soyombo’s Ikoyi Prison Stories

Authorities To investigate Soyombo’s Ikoyi Prison Stories

October 23, 2019 5:48 am

Nigerian Correctional Service said it has set up a “high powered panel” to investigate the allegations in an investigative report made by undercover journalist Fisayo Soyombo.

The first installment of the three-part investigation by Soyombo exposed how Nigerian policemen “pervert the course of justice in their quest for ill-gotten money”.

In the second part of the investigation published on Monday by The Cable exposed “how the courts short-change the law, and the prisons are themselves a cesspool of the exact reasons for which they hold inmates.”

Soyombo spent eight days as an inmate in Ikoyi Prison — to track …

Botswana Begins Voting In Test Of A Stable Democracy

Botswana Begins Voting In Test Of A Stable Democracy

October 23, 2019 5:43 am

Voting opened on Wednesday in Botswana for a hotly contested general election that could test the country’s traditionally stable politics, as the ruling party faces its toughest challenge yet.

The historic Botswana Democratic Party (BDP) — whose rule has been unfettered since independence from Britain in 1966 — was shaken up earlier this year after former president Ian Khama dramatically renounced his hand-picked successor Mokgweetsi Masisi.

Voters started gathering late on Tuesday at Tlogatloga secondary school in Botswana’s capital Gaborone, waiting all night to cast their ballot.

“I have spotted a candidate I think is the right person and I …

Five Injured As South Africans Resume Attack On Nigerians

Five Injured As South Africans Resume Attack On Nigerians

October 23, 2019 4:22 am

For the umpteenth time, Nigerians living in South Africa bore the brunt of a fresh wave of xenophobia that broke out yesterday, which left five persons injured.

According to reports, the latest attack occurred at Mpumalamga Province and in some parts of Witbank where the residents attacked their Nigerian neighbours.

This is coming barely weeks after President Muhammadu Buhari visited South Africa to dialogue with his South African counterpart to address the incessant xenophobic attacks on Nigerians and other African migrants.

It was gathered from Nigerians living in South Africa that the attack started with the indigenes attacking shops and …

Stanbic IBTC Bank Rewards Long-Serving Staff

Stanbic IBTC Bank Rewards Long-Serving Staff

October 23, 2019 4:15 am

Stanbic IBTC Holdings recently held the 2019 edition of its long service awards. The annual event was an avenue for the organisation to recognise and reward staff who had put in significant years of service in Stanbic IBTC.

Delivering his welcome remarks, the Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, described the event as being in line with the bank’s tradition of honouring employees who have distinguished themselves through hard work, dedication and commitment to Stanbic IBTC Holdings Plc.

He said: “Ladies and gentlemen, you will agree with me that recognition is not just about instituting an award …

Report By Central Bank Reveals Rise In Consumer Confidence

Report By Central Bank Reveals Rise In Consumer Confidence

October 23, 2019 4:09 am

Consumers’ overall confidence outlook rose in the third quarter of 2019, as more consumers were optimistic in their outlook. The Central Bank of Nigeria (CBN), stated this in its “Consumer Expectations Survey Report for Third Quarter 2019,” a copy of which was posted on its website.

According to the report, the index at 3.8 points was 2.3 points higher than the index in the corresponding period of 2018.

Respondents attributed the favourable outlook to improved family income and family financial situation.

Furthermore, the report showed that consumer outlook for the next quarter and the next 12 months were …

INEC To Correct General Election Error With Bayelsa, Kogi

INEC To Correct General Election Error With Bayelsa, Kogi

October 23, 2019 3:59 am

At the end of a two-day seminar on the preparedness of the Independent National Electoral Commission (INEC) for the November 16 governorship elections in Kogi and Bayelsa States, the commission said the two elections would correct the mistakes in the 2019 general election and set a new standard for future elections.

This is coming as stakeholders from Kogi and Bayelsa States have listed violence, vote-buying and manipulation of youths as some of the issues that would determine the outcome of the polls in the two states.

Speaking yesterday, the Chairman of the Board of INEC’s Electoral Institute, who is also …

Foreign Investments In Equities Market Soar To ₦1.2tn

Foreign Investments In Equities Market Soar To ₦1.2tn

October 23, 2019 3:51 am

Foreign transactions in the Nigerian equities market soared by 97.88 percent from ₦616 billion to ₦1.219 trillion in the last 12 years, figures released yesterday by the Nigerian Stock Exchange (NSE) have shown.

The jump, which is between 2007 and 2018, indicated foreign investors’ preference for the Nigerian equities market.

However, while foreign investors increased their investments, their domestic counterparts’ participation declined in the review period, falling by 66.6 percent from ₦3.556 trillion in 2007 to ₦1.185 trillion in 2018.

In 2018 alone, for instance, foreign transactions accounted for 51 percent while domestic investors accounted for 49 percent. But the …

Why Kogi Panel Cleared Former Deputy Gov Of Misconduct

Why Kogi Panel Cleared Former Deputy Gov Of Misconduct

October 23, 2019 3:36 am

•State assembly failed to call relevant witnesses, present documents
•Could not substantiate four charges, abandoned two pleadings

•Breaches constitution despite these findings

The probe panel, which investigated the former Deputy Governor of Kogi State, Mr. Simon Achuba, on allegations of gross misconduct, returned a not-guilty verdict against him because none of the six-point charge against him was substantiated by the state House of Assembly, our reporters learnt yesterday.

A copy of the report submitted to the state legislature last Friday, upon which the lawmakers summarily removed Achuba from office, despite his clearance, detailed how the legislators either failed to provide …

No Going Back On IPPIS, Federal Government Tells ASUU

No Going Back On IPPIS, Federal Government Tells ASUU

October 23, 2019 3:24 am

The rift between the federal government and the Academic Staff Union of Universities (ASUU) deepened yesterday as the federal government dismissed the union’s concern about putting lecturers on the centralised IPPIS salary payment platform.

Reacting to the union’s objection to President Muhammadu Buhari’s directive that federal government workers not on the Integrated Personnel and Payroll Information System (IPPIS) would not be paid salaries, the Accountant-General of the Federation (AGF), Mr. Ahmed Idris, fired back, saying that the union is not in a position to dictate to the federal government on how its members should be paid their salaries.

ASUU had …

‘PSC Law Could Provide Extra $1.5b To Fund 2020 Budget’

‘PSC Law Could Provide Extra $1.5b To Fund 2020 Budget’

October 23, 2019 3:15 am

The Deputy Leader of the Senate, Senator Robert Ajayi Borofice, told journalists that the commended Deep Offshore and Inland Basin Production Sharing Contract (PSC) law will give Nigeria additional US$1.5 billion for funding the 2020 budget, and warned that the National Assembly will resist attempts by oil companies to create crisis in order to disrupt concurrence of the bill by both chambers.

The PSC bill enjoyed the fastest legislative approval. What informed such speed and will other bills get the same treatment?

This is an arrangement that has been there for years and the problem of not benefitting from …

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