The President of the Senate, Senator Bukola Saraki had been ducked by the code of Cnduct Tribunal over Corruption and false declaration of his asset.
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An Italian passenger is suing Emirates after having to “suffer” being sat next to an obese man for a nine-hour flight.
The Chief Justice of Nigeria, Mahmud Mohammed, has said that the National Judicial Council is currently investigating cases of contrasting judgements emanating from courts of coordinate jurisdiction.
Africa’s richest man, Aliko Dangote says Nigeria does not need to turn to the International Monetary Fund (IMF) as it plans ways to get out of recession.
The business mogul was speaking in an exclusive interview with CNBC Africa channel. He spoke on a wide range of issues including the recession, the naira – Nigeria’s currency, – west Africa’s economic outlook among others.
According to him, a key challenge to exiting the recession is ‘‘political will.’‘ The government must have the ‘‘political will in terms of selling some assets, I think it is an easier route than going to the IMF or the World Bank to borrow money, because what we need to do is actually to beef up the reserves,’‘ he said.
One of the companies he wants the government to sell outright is the NigeriaLNG (Liquefied Natural Gas) Limited.
“The African finance corporation; it can fetch them $800 million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.
“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion,” Dangote stated adding that with the proceeds from the assets sale, Nigeria can shore up her reserves. If that is done the Chief Executive Officer of the Dangote group believed Nigeria will exit recession by December.
He said the recession had hit Nigeria because ‘‘… 90% of the government’s foreign exchange earning is from oil, the only way for us to get out of this recession is for us to try and make sure that we move quickly into action. Action by saying that we diversify the economy quickly,’‘ he told Wole Famurewa.
Nigeria, Africa’s second largest economy, officially entered a state of economic recession for the first time in over 20 years. The announcement came weeks ago after figures revealed that the economy contracted for a second consecutive quarter.
According to the Nigeria Bureau of Statistics, the country’s Gross Domestic Product (GDP) contracted by 2.06% in the second quarter. The GDP shrunk by 0.36%.
A recession is a period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters.
The cause of the slump is believed largely to be as a result of the slump of oil prices on the world market. That situation has been worsened by renewed insurgency in the Niger Delta region, the attacks on oil installations continue to disrupt production of oil in the region.
The chairperson of the African Union Commission Dr. Nkosazana Dlamini Zuma has on behalf of the continental organisation expressed concerns over the situation in the Democratic Republic of Congo.
She said that the union is disturbed by the violence that broke out after Monday’s anti-Kabila protests organised by the opposition.
A statement from her office read in part: “The President of Commission appeals to all the Congolese political class to show restraint and a sense of responsibility, and give chance towards conclusion of the inclusive National Dialogue whose work has entered it’s final phase.”
— Amb. Smail Chergui (@AU_Chergui) September 20, 2016
The situation has also drawn the attention of the international community.
UK’s Minister for Africa and the Middle East Tobias Ellwood said: “I am deeply concerned about the violence around protests in Kinshasa and other cities including reports that a number of civilians and policemen have been killed. I urge both the DRC Government and opposition parties to take measures to calm the situation. The Congolese people’s democratic right to peaceful protest must be protected.”
UN Secretary General Ban Ki-moon also called for restraint from further violence.
— UN Spokesperson (@UN_Spokesperson)September 19, 2016
DRC’s main opposition parties are calling for an election on the original date in November and also for Kabila to step down at the end of his term on December 20. source
INTRODUCTION The News of Nigeria on the brink of a Recession has occupied many thought from every corner of the Country as both the Government and economic… Read more “NIGERIA: A GIANT SLIDING IN TO RECESSION”