Nigeria foreign reserve rises to $30 billion

Latest data from Central Bank of Nigeria  indicates that foreign exchange reserves rose to $30.69 billion in July, an increment of 5.6 percent from $29.03 billion in June. However, the forex reserves were down by 20.9 percent from $38.8 billion a year ago. The growth in reserves for the month was attributed to efforts of the present government to plug leakage and demand management by the apex bank.

Why I want to spend two more seasons at Chelsea — Mikel

Super Eagles star, John Mikel Obi, has stated that he is willing to remain at Chelsea till the end of his contract in 2017.

The Nigerian is now the second-longest serving player at Stamford Bridge, after captain John Terry.

It is something Jose Mourinho has noted on this pre-season trip, pointing out the pair are now the only players who bridge the gap between his trophy-laden first and second spells as Chelsea manager. He knows having a serial winner like Mikel around the group can only be beneficial.

Mourinho knows too what the 28-year-old can offer on the pitch, another reason why any rumours linking Mikel with a move away from west London can be dismissed.

Mikel trains with the team in Canada

‘I want to stay and the manager wants me to stay,’ said Mikel in an interview with the club’s official website. ‘I’ve got two years [on my contract] here and I’m happy.

‘I like to be somewhere where I have developed friends and family. It’s like my family here and every day I come to work it is like coming in to see my family. I know all the players and all the staff so it’s going to be a hard place to leave when my contract runs out but let’s see what happens. I want to see out my two years.’

Mikel played the first half of Chelsea match with New York Red Bulls on Wednesday, leaving the pitch at the break with the Blues 1-0 ahead. He created an excellent chance for a second with a fine long pass which was latched on to by his compatriot Victor Moses. The winger was mighty unlucky not to score with a dink that hit the post and not the net.

‘Overall it was a pretty good warm-up game but not the result we hoped for,’ was Mikel’s assessment afterwards.

‘We knew we needed to start the game well. I was in the dressing room having a shower at the beginning of the second half so I don’t know how we started but we obviously didn’t end the game well.

‘We are here to work hard, and we are here to train hard leading to the Community Shield and to the league. I think we’re on the right course. That game was just a one-off game and we know we need to go back to training, buckle up and know the season is starting soon.’

This is Mikel’s 10th pre-season at Chelsea, since he joined the club in 2006.

Oil theft: What we found shocked us, says APC

The All Progressives Congress has said it was shocked at the magnitude of cases of corruption it has so far unearthed while going through the records of the previous administration.

The National Publicity Secretary of the party, Alhaji Lai Mohammed, said this in a telephone interview with our correspondent in Abuja, on Thursday.

He was reacting to the announcement by President Muhammadu Buhari that some officials of the immediate past administration were involved in stealing one million barrel of crude oil daily.

Mohammed said, “We are not just shocked but taken aback by what we have found. We have always known that there was monumental corruption under the previous regime but we did not know it was this huge.

“Anybody who calls the questions we are asking a witch-hunt is a person who condones corruption, and again, when we were raising the alarm over this level of corruption they were engaged in, they said we were crying wolf where there was none.

“They said it never happened. They even went as far as manufacturing figures to cover up. We must ask questions so that whoever is coming into government will know that it cannot be business as usual and that he/she must be prepared to answer questions after they leave office.”

On its part, the Peoples Democratic Party said the allegations of impropriety levelled against the officials of the Goodluck Jonathan-led administration must be proved in court.

The Deputy National Publicity Secretary of the party, Alhaji Abdullahi Jalo, said to the best of his knowledge, the PDP-led administration conducted its affairs transparently, as such, the party was not afraid of any probe.

He said, “Like I told you before, the PDP provided a transparent leadership for this country for the 16 years we were in power.

“It was the PDP that established the anti-corruption agencies we are celebrating today, like the EFCC and the ICPC. All we ask is that any probe of the last administration should not be used as an avenue to villify people who served this country diligently.”

- See more at: http://247nigerianewsupdate.co/oil-theft-what-we-found-shocked-us-says-apc/#sthash.YZe4gsxu.dpuf

BREAKING: Union Bank Takes Over Dangote’s Company Over Unpaid 4billion Naria Loan

Sani Dangote, the younger brother of the world’s richest black person,  Aliko Dangote, appears to have run into a major business crisis as Union Bank has taken steps to seize his Dansa Foods Limited.

The latest development follows the inability of Sani to pay back a loan of N4billion he obtained from the bank seven years ago, following which the bank appointed Lagos lawyer, Chukwudi Enebeli as Receiver/Manager.

Dansa Foods claims Mr. Enebeli cannot represent Union Bank as he is a party to the suit.

Mr. Enebeli was appointed under the deed of debenture to take over all the assets of Dansa Foods, which has its registered office at 1, Dansa Drive, off the Badagry Expressway in Lagos.

The debenture appointing Mr. Enebeli has been filed and registered with the Corporate Affairs Commission in Abuja, and it claims that the balance of the loan secured have become payable as Dansa Foods has failed or neglected to meet its obligations despite the bank’s repeated demands.

In a subsequent development, the attorney and Union Bank have sued Sani Dangote and other Directors of the company at the Federal High Court in Lagos, citing “obstinacy and resistance” to his performance of his responsibilities as Receiver/Manager

The directors are Alhaji Abdulkaarim Lawal Kaita and Alhaji Ahmed Shehu Yakasai.

The suit is seeking the following orders of the court:
(1) A declaration that upon the appointment of Mr Chukwudi Enebeli as Receiver/Manager over Dansa Foods Limited the respondents who are Directors and shareholders of the company have no power or control over the company or any of its assets;

(2) A declaration that by virtue of clauses 8 and 9 of the Deed of Debenture dated 29th of May 2009 in favour of Mr. Chukwudi Enebeli the Receiver/Manager appointed by Union bank of Nigeria Plc is entitled to perform all functions specified in the deed of all assets Debenture.

(3) An order directing all creditors of Dansa Foods Limited to pay and domicile all monies due, incomes, or receivables accruing to or due to the company into the receivership account opened by the Receiver/Manager in Union Bank Plc.

(4)A order of the court directing the Receiver/Manager in exercise and discharge of his function to take such steps as may be necessary and exercise such powers including the powers to take over and apply in realization of the company’s debt to Union Bank Plc all monies due to the company.

(5) An order restraining all the respondents and their agents from disturbing the Receiver/Manager from exercising. Powers vested in him whether by himself or his agents.

(6) An order directing all Police Officers of the Federal Republic of Nigeria or other officers concerned with security and enforcement of order to with “The Inspector General of Police, Assistant. Inspector General of Police and other Police officers so instructed by the Receiver/Manager to assist him in the performance of his duties.
An affidavit sworn to by Mrs. Olorunfunmilola Ayoola, the head of the Food team of Union bank, averred that the bank granted Dansa Foods Limited in 2008 the loan amounting to N5,200,000,000
According to her, it comprised:

(1)Overdraft – N500million
(2)Short term loan for advertisement – N500million
(3)Equipment lease- US$2,500,000 (N300million)
(4)Equipment lease (sale and lease back) – US$2,500,000 (N300milion)
(5)Import Finance – US$30,000,000 (3,600,000,000)

She averred that the loan was disbursed to Dansa Foods company and fully utilized by the company.  The company duly executed a deed of all assets debenture in favour of Union bank.

Mrs Ayoola averred further that the loans granted to the company are depositors’ funds and if not recovered through the Receiver/Manager, the survival of the bank will be jeopardized in view of the amount of the indebtedness.  She consequently urged the court to grant the prayers of the bank so as to prevent the respondents who are directors and shareholders of the company from dissipating the assets of the company and for the effective discharge of the powers of the Receiver/Manager.

In a preliminary objection the respondents urged the court to strike out the suit on the ground that Mr. Enebeli, being a party in the suit, lacks the capacity to act as counsel for parties in the suit.

They also contended that the court processes were signed by Mr. Enebeli as counsel acting for Union bank plc and Dansa Foods Limited in receivership.

The presiding judge, Mohammed Yunusa, will deliver judgement in the matter on October 19.

PDP blows Hot again;blast Buhari for probing Jonathan's administration.

Ondo State chapter of People Democratic Party(PDP)  has asked President Muhammadu Buhari to begin his probe of corrupt government officials from those that preceded former President Goodluck Jonathan and not Jonathan administration  alone.  PDP,in a statement by its Director of Publicity in Ondo state,Mr.Ayo Fadaka,alleged that President Buhari was selective in his plans to recover looted funds and prosecute corrupt public officials.  It therefore warned Buhari to desist from an alleged witch-hunt.

Buhari restricts the use of presidential aircraft by wife,aides

President Muhammadu Buhari has restricted the use of aircraft in the presidential fleet by his wife, Hajiya Aisha, and relations. It was learnt that some members of the First Family will now use commercial flight, unless it becomes compelling for them to fly in presidential aircraft. Apart from saving cost, the President is said to be determined to prevent abuse of the presidential fleet.

NYSC bars pregnant women,nursing womens,PG students from service

The NYSC has barred pregnant women, nursing mothers & students engaged in postgraduate studies from enlisting in the national service across the country, until they are free to participate effectively. In a communique, the NYSC also resolved that henceforth, pregnant women and children would no longer be allowed into orientation camps across the country for service under the scheme.
No more platoon11,pregnant women should stay with thier Husband,Biko!

School fees:Ijaw leaders,Amnesty beneficiaries begs for Buhari's Assistance

An Ijaw leader and two beneficiaries of the amnesty programme meant for former militants in the Niger-Delta on Thursday urged President Muhammadu Buhari to assist in the payment of their school fees. They told NAN in Lagos that the non-payment of the school fees would lead to the ejection of over 3,000 beneficiaries of the programme from their various institutions abroad.

Throw Back Thursday.....

Some called him "The Wing Wizard."what Can you remember him for? 

Liverpool FC signs Benteke

Liverpool football club are delighted to confirm the signing of Belgium international striker Christian Benteke from Aston Villa. The 24-year-old forward has penned a long-term contract with the Reds to become the seventh new player at Anfield so far this summer.