Hoodlums attack church, cart away day’s offerings

Hoodlums on Friday invaded the Christ Apostolic Church, Pillar of Fire, located at LA primary school area of Akure, the Ondo state capital, during service, destroying properties and carting away the day’s offering.

It was gathered that the attackers, armed with whips and other dangerous weapons, subjected the worshippers and presiding pastor, Pastor Arije, to severe flogging.

The reasons for the attack was not immediately known. Sources feared that a rival Pastor of one of the churches within the area may have sponsored the attack.

Eyewitnesses reported that the hoodlums stormed the premises of the church on motor bikes and destroyed plastic chairs, wall Clock, glass windows and electrical appliances found in the church.

The assailants also inflicted varying degrees of injuries on members as they tried to escape the attack.

It was gathered that although policemen came to the rescue, they were also attacked, and those arrested were freed as a result.

Police Public Relations Officer, Wole Ogodo, who confirmed the incident, said one of the policemen was stabbed by a broken bottle by the assailants after they were chased to Odopetu in Oke Aro.

Mr. Ogodo said details of the incident was still sketchy since the ugly incident happened, adding that the Command was still investigating the reasons for the attack.

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(1)Fully detached 5bdrm duplex with one room bq in highbrow Osapa avenue by Femi Okunnu. Fully fitted kitchen with cooking gas,water treatment,washing machine etc.
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(2) Abiola court 3 now selling: luxury 4bdrm terrace duplex with bq and pool in a gated street. This lovely estate is well finished with nice drive way and serene picturesque environment.
Paved road,well secured estate. Osapa, Lekki.
Price: 55mil(outright purchase),(lease) 3mil per annum.

(3) New Large Office space available at back of tantalizers lekki phase1 @ jerry oriabe street,off admiralty way.
 features:
whole up floor, 5 large rooms,nice hallway/balcony,toilets,

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Good for training school,law firm,management office,IT and such

Price: 2.8mil/year.

(4) 720sqm in Igbo-efon,in a gated street-nice developed area, serene with private residences 

Price:24mil net. document: deed of assignment

(5) 1400sqm bare land at Towry coker close off Bishop Oluwole street,  Victoria Island. 

price: 300mil-net. document: with gov. Consent.

(6) Open plan- 2 storey building,newly built at orchid road by Chevron,ideal for departmental stores,offices,block of flats,ware-house,as interior of building has not been partitioned. on a plot of about 760sqm.

Price: N90mil asking. document: C of O

(7) Brand new luxury 3bdrms in a block of 8 flats in a gated street with good road in Aguingi,all rooms en-suite with spacious rooms,well finished large kitchen and balcony. with large parking space.

Price: 2mil rent,caution 100k,self serviced. Large parking space. 

(8) 5bdrm detached duplex on own compound,with fitted kitchen and 2rms bq,located in a gated street,in a highbrow luxury residential area of Osapa with paved to the property.
3mil asking,might consider 2.5mil.

(9) Abiola court 3 now selling: luxury 4bdrm terrace duplex with bq and pool in a gated street. This lovely estate is well finished with nice drive way and serene picturesque environment.
Paved road,well secured estate. Osapa, Lekki 55mil(outright purchase),(lease) 3mil per Annum.

(10) New 4bdrm terrace duplex,all rooms en-suite,well built with spacious compound in a highbrow area of Osapa with paved road.

Price: 2.5mil per year

we have flats,lands,properties and any type of accommodation you require in Ikoyi,Victoria Island, Lekki Phase1, Oniru, Elf, Ikate, Nicon town, Osapa,Aguingi,Chevron and other highbrow areas,down to Ibeju Lekki.

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Fight for Nigeria’s survival, Obasanjo tells youths

Former President Olusegun Obasanjo

Former President Olusegun Obasanjo has told youths to take up the responsibility and effect the needed change in Nigeria instead of blaming the previous generations for the nation’s decay.

The former President said this at the 100th-year anniversary of Ijero Baptist Church in Lagos on Sunday.

Obasanjo said the generation before him fought for Nigeria’s independence while his generation fought for Nigeria’s unity during the civil war.

He said the subsequent generation also fought for democracy.

Obasanjo, therefore, said it was time for the next generation to make its own contribution to national development instead of complaining.

He said, “Recently, a son of my friend looked at everything around him and got angry and went to meet his dad who is my age mate. He told his father that our generation is a lost one. The father did not pay him any attention so he came to meet me.

“He told me what he told his father and justified it by telling me that he went to the university and graduated but got no job. So, our generation has failed him. So I told him that it is normal because that was how we used to blame the generation before us.

“But I told him that the generation before mine was the one that fought for our independence. Whichever way we want to criticise them, they gave us independence. Then my generation which you say is not good, fought the civil war. We fought for the unity of Nigeria and if we did not do so, you probably would need a visa to travel to Kano or Port Harcourt. Not only that but that generation also established the foundation of democracy.

“So what do you claim your generation has achieved? It is part of it. We have seen what successive leaders of each generation have done, what can we say about you? What can we say about your generation?”

Obasanjo, who noted that he attended the Ijero Baptist Church for the first time in 1946, said that the fact that the church was still standing after 100 years was worth celebrating.

The minister in charge, Rev. Olayemi Aderibigbe, who also inaugurated the Ijero Baptist Church History Book, urged youths to continue to build on the good which the church had done over the years so as to be able to give a lasting legacy to the next generation.

Kano bombing: Nigeria being misgoverned, says - JNI

Sultan of Sokoto, Alhaji Muhammad Abubakar III

The Jama’atu Nasril Islam, led by the Sultan of Sokoto, Alhaji Mohammed Sa’ad Abubakar III, said on Sunday that the multiple explosions in the Kano Central Mosque was an indication that the country was being misgoverned.

Addressing journalists in Kaduna on Sunday, the Secretary-General of the JNI, Dr. Khalid Abubakar-Aliyu, said the JNI as a body would not be cowed in observing the way and manner Muslims were being killed in the North.

While condemning the multiple attacks on the Kano Central Mosque, Abubakar-Aliyu urged Muslims to take defensive measures permitted within the law to protect themselves since the government had clearly failed to do so.

The JNI scribe said the Islamic body was shocked and pained by the attack on the Kano mosque and the consequent death of over 120 worshippers.

He blamed the government for the bombings in the north, noting that it appeared the government wanted to justify the essence of the extension of the emergency rule in the three North-East states of Adamawa, Borno and Yobe.

The JNI scribe said, “But must blood be spilled to justify the extension of state of emergency? Why is it that any time the ineffective state of emergency is about to elapse and/or an extension is being sought, attacks are carried out with sophistication?

“Are we really aware of the repercussions of spilling the blood of innocent souls? What is the essence of the government’s war on terror and its attendant huge budget? Where are the intelligence and security agencies?

“Can we afford to continue relying on them for our safety and security? Why? We ask ad infinitum with no satisfactory answers.

“Without mincing words, Nigeria is being misgoverned to the brink!”

Abubakar-Aliyu said the JNI condemned the multiple bomb blasts and urged the Muslim community to recite special prayer to end the insurgents’ activities in the North.

He also wondered why government was yet to prosecute anybody in the coordinated attacks that occurred in Kano last year.

“JNI will not be deterred nor cowed in observing the way and manner Muslims are being killed in Nigeria, particularly in the North,” he added.

Naira devalued, now 168 to the US dollar

CBN Governor, Mr. Godwin Emefiele

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday bowed to pressure by devaluing the naira from N155 to N168 to the US dollar.

The MPC tightened the apex bank’s monetary policy by allowing some flexibilities in the exchange rate to stem speculative activities and depletion of reserves.

The announcement was made by the CBN Governor, Mr. Godwin Emefiele, while briefing journalists shortly after the MPC meeting   at the bank’s headquarters   in Abuja.

The   bank also increased the Monetary Policy Rate from 12 per cent to 13 per cent.

The MPR is the anchor rate at which the CBN, in performing its role as lender of last resort, lends to Deposit Money Banks to boost liquidity in the banking system.

By this increase of 100 basis points in MPR, the cost of funds to the banking system from the apex bank has now increased thus, leading to an increase in lending rate from commercial banks to businesses.

Emefiele also said given the level of excess liquidity in the banking system, it becomes imperative for the CBN to address the sources of foreign exchange demand pressure.

To achieve this, it devalued the naira by moving the midpoint of the official window of the foreign exchange market from N155 to N168 to a dollar.

He added that the committee also approved a widening of the band around the midpoint by 200 basis points from +/-3 per cent to +/-5 per cent.

Another decision reached at the end of the two-day meeting, according to him, is an increase in the Cash Reserves Requirement on private sector deposits by 500 basis points from 15 per cent to 20 per cent with immediate effect.

The bank also retained the public sector CRR at its current level of 75 per cent; maintained the symmetric corridor of +/- 200 basis points around the MPR, retained both the public sector CRR at 75 per cent and the foreign exchange trading position at one per cent.

“The committee was of the opinion that the economy stood to gain by further tightening of monetary policy stance to anchor inflation expectations; and some flexibility in the exchange rate to stem speculative activities and depletion of reserves.

“Consequently, the Committee decided as follows; increase the MPR by 100 basis points from 12 to 13 per cent, increase the CRR on private sector deposits by 500 basis points from 15 per cent to 20 per cent with immediate effect; move the midpoint of the official window of the foreign exchange market from N155/US$ to N168/US$,” he said.

Naira devaluation

In devaluing the country’s currency, Emefiele said the committee considered the fact that the falling oil price had reduced the accretion to external reserves, thus constraining the ability of the bank to continually defend the naira and sustain the stability of the exchange rate.

He said while the supply side had been further weakened by the commencement of normalisation of monetary policy by the United States Federal Reserve following the termination of the third quantitative easing on October 29, 2014; the pressure from the demand side of the foreign exchange was aided mostly by the excess liquidity conditions in the banking system and speculative activities.

For instance, he said it had become increasingly worrisome that improvement in liquidity conditions in the banking system, which was designed to enhance the resilience and stability of the banking system, had not translated into increased credit expansion to the real sector to engender inclusive growth and boost employment.

Rather, he lamented that this liquidity had led to an upward pressure in the foreign exchange market and Standing Deposit Facility window of the Bank thus making deposit money banks to continue to exercise caution in their approach to lending.

The CBN governor said a banking system with an overly high profit motive negates the core tenets of banking and purpose of a banking licence, noting that under the current circumstance, monetary policy must be bold and emphatic.

He said, “The current situation demands that the Bank confronts the issue of declining external reserves head-on in order to strengthen the value of the domestic currency.

“Consequently, stabilising prices and maintaining exchange rate stability and charting a sustainable path for medium to long-term growth are the immediate top priorities.

“In the committee’s opinion, a more flexible naira in the face of non- existent fiscal buffers was the most viable policy option at a time of heightened demand pressure for foreign exchange and falling oil prices.

“The committee was, therefore, of the view that if it failed in taking the right policy actions now, the market would force the Bank to take more drastic actions in the future with far less foreign exchange reserves.

“Also, given the level of excess liquidity in the banking system, it becomes imperative for the Bank to address the sources of the foreign exchange demand pressure.”

The CBN governor called for a diversification of the economy, adding that Nigeria had no business importing rice, fruit juice and milk.

He lamented that the importation of these three products was putting intense pressure on the naira.

He said, “We have seen reserves pressures coming from $39bn to $36bn. It’s unfortunate that the pressures have come. But I think what could have been done, we could have taken measures to diversify our economy.

“There is a need for us to diversify. Why should we be importing rice? Why should we be importing fruit juice into the country? Why should we be importing milk?

“In fact, before I was born, milk was being imported. What rocket science do we need to produce milk. It is just for people to get committed and embrace agriculture.

“I must confess that at this stage, we don’t have a choice, we must have to embrace import substitution before we talk of export-oriented industrialisation.”

Fuel subsidy removal

The governor said the committee was of the view that the softening crude oil prices could provide necessary leverage for the fiscal authorities to reduce budgetary outlays on fuel subsidy and channel such savings to growth enhancing sectors of the economy.

He said, “The committee also noted that unlike in previous episodes, the current downturn in oil prices is not transitory but appears to be permanent; being a product of technological advancement.”

For instance, he said currently, the US which used to be Nigeria’s former major oil export destination now meets an average 80 per cent of its domestic oil demand from local shale oil retorting technology production.

The US, he revealed, also exports over eight million barrels of crude oil daily.

He said, “The committee took note of the supportive fiscal stance in this regard and public commitment to take advantage of the low oil price to reduce fuel subsidy spending and liberalise prices as in many emerging economies.

“Furthermore, the Committee expressed satisfaction with the recent demand management measures announced by the fiscal authorities to contain pressure in both the goods and money markets and provide some respite in the near term.”

$73 oil price benchmark too optimistic

In the light of declining oil prices, the CBN boss said the committee was of the view that the oil price benchmark of $73/barrel proposed in the 2015 Federal Government budget might be overly optimistic.

Emefiele said in view of the fact that prices of oil might further decline, there was the need for considerable caution on the budget’s revenue projections.

He   argued that a weak public finance may impinge adversely on growth prospects as it might lead to reduction in critical public and private consumption and investment spending.

The CBN boss said, “People are not that optimistic that this drop will continue particularly given what is happening in the Middle East – the fact that for instance if Iran reaches its deal with the US and other stakeholders that it is negotiating with that the supply of crude into the market will further increase and this will further create further reduction in crude prices and will also have adverse consequences on the economy.

“That reason, we just feel that we need to put it on notice that the $73 per barrel that has been anchored for the benchmark for the budget looks good but not that pessimistic enough.

“I think it is good for you to be pessimistic because when you are pessimistic, you protect your downside rather than being optimistic and leave your downside open and when the risk eventually occurs, you find out that you have a problem.”

He noted that the CBN would work with the Federal Government to ensure that the austerity measures which were unfolded   recently would not have negative effects on the people.

Emefiele said, “A couple of measures have no doubt been taken by the fiscal authority talking about the austerity measures, trying to look at other means by which we can raise our non oil revenues, imposing certain taxes on luxury items.

“ Nothing is too much in terms of contributing to keep the economy running well but I think that there are other measures that could be though about that would help the situation.

“We will work together to see how this tightening and the austerity measures do not get too hard on our people.”

Insecurity, a threat to growth outlook

On the growth outlook, the CBN governor said the committee noted the robust expansion in domestic output in the third quarter of 2014 against the tepid growth in the global economy, but cautioned that the continuing insurgency in the North-East in combination with other risks could adversely affect the growth outlook.

He stated that the growth had been anchored by the improved performance in services, agriculture, trade, and industry, and called for a passage of the Petroleum Industry Bill to unlock the potential of that sector of the economy.

Given the not too impressive fiscal revenue outlook, the committee, according to him, challenged the sub-national governments to seize opportunity in drop in revenue to reduce reliance on allocations from the Federation Account in funding their operations.

To this end, the committee commended the efforts of some states which recorded unprecedented growth in their Internally Generated Revenues in 2013.

Consequently, it enjoined other states   to emulate those states by strengthening their IGR mechanisms with a view to minimising their reliance on FAAC allocations with attendant disruptions to their budget implementation arising from dwindling oil revenues.

However, he said the 2015 fiscal period would witness further tightening in money supply unless there is an improvement in the global economy.

Emefiele added, “For 2015, we would continue to monitor the situation. What I foresee is that the tightening measures will continue unless we see an improvement in the global economy particularly in the area of oil price where we are getting some vulnerability.

“But we will continue to monitor it but what I’m saying is that in 2015, we would continue in the path in terms of tightening.”

Groups plan mass action over insecurity, NASS crisis

Some 20 civil society groups have announced plans to mobilise Nigerians for street protests against the backdrop of insecurity in the country and alleged disregard for the law by the Federal Government.

The groups, which formed an alliance called Nigerians for Survival of Democracy, in a press briefing on Tuesday, said they were worried about recent political crisis in the country.

National Coordinator of the alliance, Mr. Raji Rasheed, said the Jonathan administration had failed to convince Nigerians that it was capable of delivering good governance to Nigerians.

He said, “The level of insecurity and terror activities has reached an unprecedented level in the Northeast of the country, after more than 18 months of state of emergency. There are compelling reasons  to doubt the sincerity of this government since, many times, our soldiers on the battlefield have complained of lack of incentives which culminated into chaos and suspicion among the Army hierarchy.

Rasheed, who said the groups would organise protests in all the state capitals on December 4, 2014, called on Nigerians not to be deluded by the promise of a free and fair election in 2015.

He said the groups were not interested in a bloody revolution because many Nigerians had lost their lives to the Boko Haram sect.

He said, “Nigerians should not be deluded that this administration is sincere in delivering a free and fair election in 2015. One only needs to look at the events of the last two years to understand the dangerous and unprecedented level of division, deceit, corruption, anarchy and lawlessness that was either perpetrated or unequivocally supported and promoted by this government. With recent events, we are more than convinced that a free and fair election in 2015 is almost impossible.

“Just as we thought this may never happen, we saw just last few days how the same ruling party in Ekiti State locked out 18 members of the legislative arm and used the remaining seven to impeach the Speaker of the Assembly. The Nigerian Bar Association was quick to condemn this illegality but to us, it is a sign of worst things to come.”

Secretary of the NSD, Mr. Kazeem Adekanye, also accused the Independent National Electoral Commission of irregularity in the way it handled the voter registration.

Adekanye said the groups were burdened by the fact that many Nigerians may be disenfranchised in 2015, owing to mistakes in the registration.

“The NSD would initiate a legal action against INEC if the issues are not addressed with 72 hours from today. We have also resolved to embark on a mass action across the country on December 4, 2014 to press home our demands,” he added.

Deploy more troops against Boko Haram, Rep tells Jonathan

A member of the House of Representatives, Babatunde Adewale, (Lagos-APC), on Wednesday advised President Goodluck Jonathan to deploy more troops to states affected by insurgency.

Adewale said in Abuja that it was not conducive for the house members to discuss the extension of the state of emergency in Adamawa, Borno and Yobe States.
According to him, there is a provision in the Armed Forces Act that gives the president power to deploy army to troubled zones.
Adewale said, “The government should allow other arms of government to perform their duties.
“Let him deploy the army to these places and continue the operations pending the time that insurgency will come down.
“All of us have to be patriotic; we have suffered for this democracy and we should nurture it, we should allow it to work.”
He therefore, advised that the army operations should continue until the house resumes.