Saturday, January 30, 2016 More photos from Toolz and Tunde Demuren's traditional wedding More photos when you continue... Saturday, January 30, 2016 More photos from Toolz and Tunde Demuren's traditional ... Read more »
Saturday, January 30, 2016 Wizkid's second babymama shares a photo from when she was pregnant Guinean Binta Diamond Diallo gave birth to music star Wizkid's second son this January! She took to her instagram page yesterday to share photos from when she was pregnant... Saturday, January 30, 2016 Wizkid's second babymama shares a photo from when she was pregnant Guinean Binta Diamond Diallo gav... Read more »
Saturday, January 30, 2016 Kanu Nwankwo meets his former coach, Arsene Wenger during signing of 2 Nigerian players The footballer met with his former Arsenal coach, Arsene Wenger in London during the signing of two new players, Kelechi Nwakali and Samuel Chukwueze, to the UK club. The two youngsters were part of the Nigerian team that won the Under-17 World Cup in November last year. If I am correct, they will be the first Nigerians, since Kanu, to sign with Arsenal. Congrats to them. Saturday, January 30, 2016 Kanu Nwankwo meets his former coach, Arsene Wenger during signing of 2 Nigerian players The footballer ... Read more »
Tuesday, January 12, 2016 Goodluck Jonathan's govt was swindled off millions of dollars by 'Boko Haram' fradusters- Adesina The Special Adviser to the President on Media and Publicity matter, Mr. Femi Adesina, in an interview on Radio Continental 102.3 FM said the former administration was swindled off of millions of dollars by those masquerading to be leaders of Boko Haram when former Pres. Jonathan's administration tried to secure the release of the kidnapped Chibok girls. He said: "We need to know a little bit of what happened behind the scenes, between the last government and some people masquerading as the leadership of Boko Haram who wanted to get the Chibok girls released". "They actually turned it into a franchise, it became a commercial thing and they got money, possibly in millions of dollars, only for government to discover it had been swindled. They kept saying they could get the girls released , they could interface with Boko Haram and they went smiling to the bank with all that money, and nothing happened". "So you should understand why this government is being careful and the President has said the genuineness of the leadership of Boko Haram must be determined before any negotiation takes place". Tuesday, January 12, 2016 Goodluck Jonathan's govt was swindled off millions of do... Read more »
Tuesday, January 12, 2016 More photos as Lionel Messi wins Ballon d'Or for fifth time The Barcelona superstar enjoyed an incredible year and last night scooped the prestigious prize for a fifth time. Messi has been beaten by Cristiano Ronaldo in the last two years but has edged out the Real Madrid superstar and team-mate Neymar this time around. His previous wins came between 2009 and 2012 with the latest triumph indicating his return to the top of the world game. More photos after the cut.. Tuesday, January 12, 2016 More photos as Lionel Messi wins Ballon d'Or for fifth time The Barcelona superstar enjoyed an inc... Read more »
Tuesday, January 12, 2016 CBN stops payment of forex to Bureau De Change operators Below is the press statement from Central Bank of Nigeria on Foreign Exchange deposits in commercial banks and sales to Bureau De Change by Governor of Central Bank, Godwin Emefiele. 1. Good afternoon ladies and gentlemen and welcome to the Central Bank of Nigeria (CBN). The Management of the Bank has called this Press Conference to give you updates on recent developments in our Foreign Exchange Market as well as the decisions we have taken to ensure that we continue to strive to attain our mandates as set out in the CBN Act of 2 007. In order to do so, let me first give you a brief overview of both the global and domestic contexts. 2. As we all know by now, Nigeria has been dealing with the effects of three serious and simultaneous global shocks, which began around the third qua rter of 2014. These include: 2 The over 7 0 percent drop in the price of crude oil, which contributes the largest share of our Foreign Exchange Reserves; Geopolitical tensions along critical trading routes in the world including between Russia and Western Pow ers, Saudi Arabia and Iran, etc; and Normalization of Monetary Policy by the United States’ Federal Reserve Bank . 3. In the aftermath of these shocks, growth in the global economy in the first two quarters of 2015 was less than envisaged thereby leading to a weak outlook for the rest of the year. Indeed, estimates of global growth for 2015 have been revised from almost 4 percent to 3.1 percent. T he challenges of the se global developments are having lopsided effec ts in many emerging and d eveloping countrie s. Within this context, and especially when juxtaposed with comparable countries, the Nigerian economy remains moderately robust. Nonetheless, the se strong global headwinds are impacting the domestic 3 economy considerably. In 2015, GDP growth decelerated fr om 3.9 percent in the first qu arter to 2.4 percent in the second quarter. However , it has increased slight ly to 2.8 percent in the third quarter. 4. Al though headline inflation remained single digit, it stayed slightly above the Bank’s tole rance range of 6 — 9 percent, having r i se n marginally from 9.3 percent in October to 9.4 percent in November 2015 . A breakdown of the inflation dynamics indicates that the underlying pressure derives largely from the lingering base effects of unfavourable energy prices and exchange rate pass - through, which may have been exacerbated by delayed harvests. 5. Following the drop in crude prices from a peak of US114 barr el in July 2014 to as low as US$ 3 3 /barrel in January 2016 , the country’s reserves has suffered great pres sure from speculative attacks, round tripping and front loading activities by actors in the FX market . This fall in oil prices also implies that the CBN’s monthly foreign 4 earnings has fallen from as high as US$3.2 billion to cu rrent levels of as low as US$ 1 billion . Yet, the demand for foreign exchange by mostly domestic importers has risen significantly . For example, the last we had oil prices at about US$50 per barrel for an extended period of time was in 2005 . At that time , our average import bill was N 1 48.3 billion per month. In stark contrast, our average import bill for the first nine months of 2015 is N917.6 billion per month , even though oil prices are now less than US$35 per barrel . The net effect of these combined forces unfortunately is the deplet ion of our foreign exchange reserves . As of June 2014, the stock of Foreign Exchange Reserves stood at about US$37.3 billion but has declined to around US$28.0 billion as of today. 6. To avoid further depletion in the reserves , the CBN took a number of countervailing actions including the prioritization of the most critical needs for foreign exchange. In this regard, and in order of priority, we decided to provide the available but highly limited foreign exchange to meet the following needs: 5 Matured Lett ers of Credit from Commercial Banks Importation of Petroleum Products Importation of critical Raw Materials, Plants, and Equipment, and Payments for School Fees, BTA, PTA, and related expenses 7. In total disregard of the difficulties that the Bank is fa cing in meeting its mandate of “maintaining the country’s foreign exchange reserves to safeguard the value of the Naira”, we have continued to observe that stakeholders in some of the subsectors have not been helpful in this direction. In particular, we ha ve noted with grave concern that Bureau de Change (BDC) operators have abandoned the original objective of their establishment, which was to serve retail end users who need US$5,000 or less. Instead, they have become wholesale dealers in foreign exchange t o the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport 6 numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN. 8. Despite the fact that Nigeria is the only country in the world where the Central Bank sells dollars directly to BDCs, operators in this segment have not reciprocated the Bank’s gesture to help maintain stability in the market. Whereas the Bank has continued to sell US Dollars at about N197 per dollar to these op erators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates of as high as N250 per dollar. Given this rent - seeking behaviour, it is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere 74 in 2005 to 2,786 BDCs t oday. In addition, the CBN receives close to 150 new applications for BDC licenses every month. 9. Rather than help to achieve the laudable objectives for which they were licensed, the Bank has noted the following unintended outcomes: 7 Avalanche of rent - seeking operators only interested in widening margins and profits from the foreign exchange market, regardless of prevailing official and interbank rates; Potential financing of unauthorized tr ansactions with foreign exchange procured from the CBN; Gradual dollarization of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subtle subversion of cashless policy initiative; and Prevailing ownership of sev eral BDCs by the same promoters in order to illegally buy foreign currencies multiple times from the CBN. 10. More disturbing, though, is the financial burden being placed on the Bank and our limited foreign exchange . The CBN sells US$60,000 to each BDC per week. This amount translates to US$167 million per week, and about US$8.6 billion per year. In order to curtail this reserve 8 depletion, we have reduced the amount of weekly sales to US$10,000 per BDC, which translates into US$28.4 million depletion of the foreign reserve per week and US$1.476 billion per annum. This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue especially because we are also concerned that BDCs have become a conduit for illicit trade and f inancial flo ws . 11. In view of the above, the Management of the Central Bank of Nigeria has reached the following decision, which take immediate effect: a) The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the ma rket would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti - money laundering laws; 9 b) The Bank would now permit commercial banks in the country begin accepting cash deposits of foreign exchange from their customers. 12. In closing, let me note very importantly that these measures are not intended to be punitive on anyone or any group. Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, which guarantees preservation of our scarce commonwealth, and that our hard - earned financial system stability remain intact to the benefit of all Ni gerians. Thank you and let me take questions. Tuesday, January 12, 2016 CBN stops payment of forex to Bureau De Change operators Below is the press statement from Central Bank ... Read more »
Tuesday, January 12, 2016 CBN assures Dangote of Forex to help finance $14bn refinery The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day. assured Dangote Group that it will support its access to Foreign Exchange in order to build its proposed $14 billion refinery in the country. The CBN governor said that the support was to help with the importation of equipment needed to bring the Dangote refinery to reality. He said: “Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt. We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead” Emefiele said. “The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago. “Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable, ‘’ he said. “By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments. “Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,” the CBN boss added. Aliko Dangote, Chairman, Dangote Group, on the other hand said that the refinery would commence commercial operations in early 2018 and that the fertilizer production aspect of the refinery would be completed by 2017. He said: “We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.This project will mark a turning point in Nigeria’s search for local refining of crude oil. “We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme,” he said. Tuesday, January 12, 2016 CBN assures Dangote of Forex to help finance $14bn refinery ... Read more »
Tuesday, January 12, 2016 Berkeley Records releases Osho Carry Go video Rapper/dancehall artiste OSHO, drops the video of his chart topping new single titled “Carry Go”, Produced by former Sony BMG Malaysia producer, Cardi Black and video directed by Paul Gambit. The song was also mixed and mastered by Afrobeats Number 1 sound engineer Suka Sound. The song “Carry Go "itself is a melodious track with a fusion of African dancehall and well blended Rap. Good Looking, Charming and Talented OSHO is signed to Berkeley Records under the management of a Nigeria-Canadian with a vision to take Nigerian music beyond boundaries. “Carry Go” has been reviewed by OAPs and Musical Icons , and its presently rocking the airwaves. OSHO has performed on tours alongside Seyi Shay, Tuface Idibia, Dbanj,, Ice Prince and host of others , in shows cut across all spheres of Nigeria. He has also been on tour in South Africa , where he was well received and applauded for his musical dexterity and charm. Tuesday, January 12, 2016 Berkeley Records releases Osho Carry Go video Rapper/d... Read more »
Tuesday, January 12, 2016 Benue suspends eating of rats due to Lassa fever The Governor of Benue State, Samuel Ortom, after meeting with Vice President Yemi Osinbajo at the Presidential Villa has asked its people to suspend eating rats for now in order to curtail the spread of Lassa Fever in the State. He made the plea because rat is a popular delicacy among the people of the state and because the state has recorded a case of the fever. Tuesday, January 12, 2016 Benue suspends eating of rats due to Lassa fever The G... Read more »
Tuesday, January 12, 2016 PDP leadership asks Jonathan to speak up on the $2.1bn arms deal scandal The Deputy National Publicity Secretary of the PDP, Abdulahi Jalo, has called on former President Goodluck Jonathan to speak out on the current $2.1 billion arms deal scandal. At a press conference in Abuja yesterday January 11th, Jalo said President Jonathan is still alive and should speak up on whether he authorized the former NSA Sambo Dasuki to disburse the money that was meant for the purchase of arms. “As all of you know, no single kobo can be spent by the Federal Government without an act of the National Assembly. Money earmarked for arms purchase, some people diverted it to something else. So many people that you cannot even expect were involved. Now, darkness has come to light. Jonathan is alive, he should clarify whether he asked the National Security Adviser to divert money meant to fight Boko Haram into his campaign. I’m from the North-East and I know the terrible security situation our people are facing there. The money was meant to fight Boko Haram, and we all know that you can’t rule without peace. Now darkness has given way for the light. It was not only members of the PDP that shared the money; members of the All Progressives Grand Alliance, Accord Party and the Social Democratic Party, among others, also shared. At least, Chief Olu Falae is not a member of the PDP. All of them should return the money. Then, (former) President Jonathan must speak on it. He is still alive. Has he ever said anything like this to Dasuki, ‘go and take from the money meant for the war against Boko Haram and share for my campaign’? It is time for him to speak up.”he said Tuesday, January 12, 2016 PDP leadership asks Jonathan to speak up on the $2.1bn arms ... Read more »
Tuesday, January 12, 2016 $2.1bn arms deal scandal: Why we have not arrested Jonathan - EFCC Acting Chairman of EFCC Ibrahim Magu says the agency is yet to arrest former President Goodluck Jonathan because no document has been traced to Jonathan giving any approval for the disbursement of the money for any purpose other than arms purchase. Speaking at a meeting he had with online publishers in Lagos yesterday January 11th, Magu said all those that have been arrested and questioned in connection with the arms deal scandal were people who disbursed or collected money for reasons other than the purchase of arms and ammunition. “All approvals by former president Jonathan did not mention that it was for political purposes" he said. Tuesday, January 12, 2016 $2.1bn arms deal scandal: Why we have not arrested Jonathan - EFCC Acting Chairman of EFCC Ibrahim Magu ... Read more »
Tuesday, January 12, 2016 Swiss govt to return another $300million Abacha loot - FG Minister of Foreign Affairs, Geoffrey Onyeama says the Federal government is in the talks with the Swiss government for the release of another $300 million Abacha loot stashed in some Swiss banks. Onyeama said this while speaking at the inaugural ceremony of the 22nd regular course of Foreign Service Academy in Abuja yesterday January 11th. “Nigeria recently recovered a huge amount of money from the government of Switzerland. I met with Switzerland representatives last week to work out the modalities for the recovering of these funds. So far Nigeria has recovered over $700 million, and there are ongoing negotiations on how that money would be applied. Discussion is also ongoing to recover another $300 million.”he said Tuesday, January 12, 2016 Swiss govt to return another $300million Abacha loot - FG Minister of Foreign Affairs, Geoffrey Onyeama ... Read more »
Sunday, January 10, 2016 Photos: Bonang Matheba stuns in all white The South African media personality wore this white dress by Gert-Johan Coetzee to an event in South Africa yesterday. See more photos after the cut... Sunday, January 10, 2016 Photos: Bonang Matheba stuns in all white The South A... Read more »
Sunday, January 10, 2016 Graphic pic of another victim of the Bayelsa supplementary election Killed yesterday in the election violence in Bayelsa... Sunday, January 10, 2016 Graphic pic of another victim of the Bayelsa supplementary el... Read more »
Sunday, January 10, 2016 Rapper arrested outside a bank after withdrawing $200k cash from his own acct (photos) Talk about racial profiling! A rapper, Sam Benson, who goes by the name “Blac Youngsta,” was stopped outside of a Wells Fargo bank in Atlanta by police after he withdrew $200,000 cash from his own account on Friday Jan. 8th. He said when he came out of the bank, a police officer pointed at him. “They come bum rushing me at the car, put me on the ground, putting guns to my head, so I’m like ‘What I’d do,’ “A lady was like I’m not supposed to have…$200,000 on me. I’m like, ‘I’m a millionaire. How can I not have $200,000 on me?’” The guy's interview about the incident is the best part of this story. Continue Sam said someone inside the bank had called the police after he made the withdrawal. He said police told him that someone had written a bogus check previously. “They thought I did it too, but I’m legit. They confused me with whoever they were looking for.” He said police initially took $100,000 of his cash, but later returned the money to him and apologized. Sam said he had withdrawn the cash to buy a Maybach, but after the incident at the bank, he said he was thinking about buying a Ferrari instead. He said he had $1.3million in his account. When asked why he didn't give the car company a check instead, Sam said it's always been his dream to walk into a car dealership with cash, drop the cash on the table and point at the car he wanted. Sunday, January 10, 2016 Rapper arrested outside a bank after withdrawing $200k cash f... Read more »
Sunday, January 10, 2016 Ben Murray Bruce shares graphic photos of some victims of the Bayelsa gov rerun election, calls out the present administration Senator Ben Murray-Bruce has expressed his fears over the election violence recorded at Southern Ijaw in Bayelsa state during the governorship rerun election which took place yesterday January 9th. See his tweets and more pics after the cut.. Sunday, January 10, 2016 Ben Murray Bruce shares graphic photos of some victims of the... Read more »
Sunday, January 10, 2016 Photos from murdered Zestah September's funeral service... Zestah September was laid to rest yesterday morning. She was killed by her soldier boyfriend. May her soul rest in peace. Amen. More photos after the cut... Sunday, January 10, 2016 Photos from murdered Zestah September's funeral service..... Read more »