Ikoyi billions: Wike, CNPP accuse FG of plotting cover up

Nyesom Wike

Rivers State Governor, Nyesom Ezenwo Wike has described as unfortunate the desperation of the Federal Government to cover corruption simply because her principal financial sponsor is involved. Briefing Rivers Christian leaders on the development at the Government House, Port Harcourt on Saturday, Wike stated that the Rivers State Government is not interested in the prosecution of the immediate past Governor, Rotimi Amaechi, but simply seeking the return of funds belonging to the state. He said that the should the Federal Government return the stolen resources domiciled by the Former Governor…

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The restructuring debate

The need to restructure Nigeria has continued to dominate the political space of late. The calls, no doubt, are predicated on the dangers of ethnicity, religious bigotry and economic deprivation, which are rapid destroyers of any society Advocates of restructuring are of the view that Nigeria is likely to disintegrate if urgent steps are not taken to address pertinent questions of autonomy for the states; fiscal federalism to pave the way for resource control by the states; equality of states and local governments among the six geo-political zones; state police…

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Obasanjo Farms leases 2,559 hectares of land in Benue

Obasanjo

The Benue State government has approved the leasing of a total of 2, 559 hectares of land to Obasanjo Farms Limited, owned by Nigeria’s former President, Chief Olusegun at a whooping cost of N127. 950 million for a period of five years. Each hectare of land costs N10,000. This was part of the resolutions reached by members of the state executive council during its meeting presided over by the Deputy Governor, Engr. Benson Abounu at the Government House in Makurdi, the state capital. The resolution came when the state government…

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Nigerian interbank rate jumps on cash shortage

Nigerian interbank lending rates rose sharply by around 100 percentage points on Thursday, as commercial lenders scrambled for cash to pay for bond purchases and cover their positions, traders said. Overnight lending rates rose to around 300 per cent from 200 per cent at the end of Wednesday, as naira liquidity dried up in the banking system and some banks were forced to borrow from the central bank. Nigeria raised N105.32 billion ($345 million) from bond sales this week, and payment for the debt sale was due on Thursday, draining…

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Debt threatens FG’s economic recovery plan

Nigeria’s recently launched Economic Recovery and Growth Plan (ERGP2017-2020) appears to have been generally well received by industry experts. However, the country’s already high debt service ratio in proportion to income, is raising concerns in some quarters about government’s ability to fund the scheme. TONY CHUKWUNYEM writes   Nearly two years after he assumed office, President Muhammadu Buhari last Wednesday, launched what his administration has tagged the Nigeria Economic Recovery and Growth Plan (NERGP2017-2020). Although the event came about a month after the Ministry of Budget and National Planning posted…

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CentrespreadGrey committed to reinvention –Ayanwale

Chief Executive Officer of CentrespreadGrey and one of Nigeria’s most successful marketing communications moguls, Kola Ayanwale has described the partnership between Grey Africa and Centrespread which birthed the new CentrespreadGrey as a demonstration of the readiness of Africans to foster seamless relationships that promote excellence across the continent. In a chat with a team of journalists in Lagos, Ayanwale noted that the affiliation between Centrespread and Grey became necessary to satisfy a growing search by discerning clients for strong creative marketing communications super markets that have the wherewithal to innovate…

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Corruption: Brazil probe to investigate World Cup stadiums

  Testimony released by the Brazilian Supreme Court alleges that builders and politicians illegally profited from the construction of stadiums used in the 2014 football World Cup. The plea bargain testimony was given by executives working for Odebrecht – the continent’s biggest construction firm. They claim there were irregularities in the bidding process for six stadiums including the Maracana in Rio. The latest corruption probe apparently involved almost all political parties. In the case of the Maracana, the cost of renovation was to have been 700 million reais ($225 million)…

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