Author: Chronicle Editor

Nigeria’s total debt rose to 17.36 trillion naira ($56 bln) as of December 2016 from 12.60 trillion naira a year earlier, the Debt Management Office said, as the country grappled with its first recession in a quarter of century caused by low oil prices. Africa’s biggest economy expects a budget deficit of 2.36 trillion naira for 2017, with half of it funded through domestic borrowing. It has been selling bonds and bills this year at yields below rising inflation to curb borrowing cost as it battles to kick-start the economy this year. Foreign bonds and loans stood at $11.40 billion…

A Federal High Court in Abuja has delivered the much awaited judgment on the killing of six traders in Abuja by policemen on 7 June 2005. Two of the policemen, standing trial, were sentenced to death, while three others were discharged, in the judgement delivered today by Justice Ishaq Bello. Those condemned to death are Emmanuel Baba and Ezekiel Acheneje, while Danjuma Ibrahim, Nicholas Zakariah and Sadiq Salami were discharged. The five were among the six arraigned over the killing of the traders on suspicion that they were armed robbers. The sixth person on the charge sheet, Othman Abdulsalam, who…

…Says Buhari’s Directive On Presidential Lodge Yet To Be Honoured Lagos State Governor, Mr. Akinwunmi Ambode on Wednesday said his administration’s plan to carry out a total reconstruction of the International Airport Road from Oshodi was being frustrated by the Federal Ministry of Works. Governor Ambode, who spoke to Government House Correspondents at the Lagos House, shortly after carrying out an extensive inspection of some critical projects in the State, said the present state of the Muritala Muhammed International Airport Road was a national disgrace and required immediate attention to salvage the nation’s image. He said the State Government presently…

US congresswomen have walked out of work, joining women around the world who are going on strike as part of International Women’s Day. The move by House Democrats is part of a “Day Without a Woman” strike, designed to highlight how crucial women are to the US national workforce. “I think it’s important women in Congress show our solidarity,” said Congresswoman Lois Frankel. Schools in some districts were forced to close after staff walked out. International Women’s Day has grown from a labour movement with its roots in a 1908 protest to a UN-recognised annual event. On Wednesday, thousands of…

Abu Dhabi-listed telecoms group Etisalat’s Nigerian affiliate is in talks with local banks to renegotiate the terms of a $1.2 billion loan it took out four years ago to expand its network in the country after missed payments, a senior executive told Reuters. Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria, said Etisalat missed payments due to an economic downturn in Nigeria, a currency devaluation there and dollar shortages on the country’s interbank market. “We are in discussions with our bankers and have been for quite a while. They have not taken over the business and we are…

Former Governor of Ogun State, Otunba (Engr.) Gbenga Daniel has described the acting President, Professor Yemi Osinbajo as a true man of God. He also described him as a thoroughbred professional imbued with exemplary leadership qualities. In his goodwill message on the occasion of the 60th birthday anniversary of the acting President, Otunba Daniel stated that the landmark achievements of Professor Osinbajo both in private and public life are pure testimonies of a selfless statesman, dedicated democrat and nationalist whose service are much needed especially at this crucial period of our nation’s history. “My relationship with Professor Osinbajo dates back…

Hassan Seidu, a witness of the Economic and Financial Crimes Commission, EFCC, in the ongoing trial of Nicholas Ashinze, a former aide to ex-National Security Adviser, Sambo Dasuki, on Tuesday, March 7, 2017 told Justice Gabrial Kolawole of the Federal High Court, Abuja how Ashinze and others got N5.6billion from the Office of the National Security Adviser. Seidu, who testified as the first witness said he was part of the team that conducted search in Ashinze’s house, located at No. 67 Vision Court Estate, Apo, Abuja. Ashinze, a retired colonel, is standing trial alongside an Austrian, Wolfgang Reinl, Edidiong Idiong…

The Economic and Financial Crimes Commission, EFCC, on Tuesday, March 7, 2017 arraigned one Clement Joseph alias Dr. Omale, before Justice O. A. Otaluka of the FCT High Court sitting in Lugbe, Abuja on a 7-count charge of conspiracy and obtaining by false pretence to the tune of N5.6million. Joseph and his accomplices who are currently on the run allegedly connived and fraudulently defrauded one Bola Akintola of the said sum under the pretext of having a mystical power to deliver her of untimely death. The offence is contrary to Section 8 (a) and 1 (3) of the Advance Fee…

Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce, as the banks are set to take over the telecoms firm today (Wednesday). PREMIUM TIMES reports that the consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015. The loan, which involved a foreign-backed guaranty bond, was for…

Nigeria unveiled a sweeping economic recovery plan on Tuesday, including measures to reduce its dependence on oil and to relax foreign exchange restrictions, in a drive to pull Africa’s largest economy out of its first recession in 25 years. The Economic Recovery and Growth Plan 2017-2020, released by the budget ministry, sees gross domestic product (GDP) growing an average of 4.62 percent a year until 2020, and hitting 7 percent that year. Growth this year is put at 2.19 percent. Economists welcomed the measures, which also include selling assets and hiking a luxury goods tax, though some expressed doubts that…