Author: Chronicle Editor

A former banker with First City Monument Bank (FCMB) Seun Awosanya and an auto spare parts dealer, Amaechi Osita, were today, re-arraigned before a Lagos Federal High Court, by the Police’s Special Fraud Unit (PSFU), on charges bordering on fraud and stealing to the tune of N66, 450, 000 million. The former banker with FCMB and the spare parts dealers’ arraignment was sequel to the transfer of the matter to a new judge, Justice Abimbola O. Awogboro, who is hearing the charges against them for the first time. The two defendants were first arraigned on August 22, 2016, before Justice…

A Saudi Arabian-backed takeover of Newcastle United has been completed. The Premier League has approved the takeover after receiving “legally binding assurances” that the Saudi state would not control the club. Instead the Public Investment Fund (PIF), which will provide 80% of funds for the deal, is seen as separate to the state. This is despite the Crown Prince of Saudi Arabia, Mohammed bin Salman, being listed as chair of PIF. The sale went through after the deal passed the Premier League owners’ and directors’ test. The takeover brings to an end Mike Ashley’s 14-year spell as Newcastle United owner.…

President of the Senate, Ahmad Lawan, has said that for the deficit in the country’s budget to be drastically reduced, concerted effort must be made by the Executive and Legislature to explore alternative sources of funding to reduce borrowing. The Senate President explained that such sources of funding can come by way of Public-Private Partnerships on infrastructural projects, as well as compulsory remittances of generated revenues by Ministries, Departments and Agencies of Government. Lawan made this known on Thursday in a speech delivered during the presentation of the 2022 budget to the National Assembly by President Muhammadu Buhari. He, therefore,…

President Muhammadu Buhari has presented the budget for 2022 to the National Assembly. The Senate President, Ahmad lawan, has assured that the National Assembly will pass N16.39 trillion budget before the end of the year. Buhari, who spoke at the Assembly chambers on Thursday, titled the appropriation bill “a Budget of Economic Growth and Sustainability.” According to him, the budget is aimed at diversification of the country’s economy, robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimizing regional, economic and social disparities. “Defence and internal security…

Nigerian sprinter Blessing Okagbare, who was provisionally banned after testing positive for human growth hormone before the Tokyo Olympics, has been hit with three separate anti-doping charges, the Athletics Integrity Unit (AIU) said on Thursday. Okagbare, who won silver in the long jump at Beijing 2008, had competed in the 100m heats in Tokyo on July 31 and was due to run in the semi-final before being suspended. The AIU said she tested positive on July 19 and on Thursday charged her with the presence and use of a prohibited substance following the detection of human growth hormone. It added…

The Federal Road Safety Corps (FRSC), Federal Capital Territory (FCT) Sector Command said 70 per-cent of crashes recorded between January and September were caused by speeding and night travels. The Sector Commander, Mr Samuel Ochi, said this during the commencement of the Ember Months campaign on Thursday in Abuja. The theme of this year’s campaign is: “Maintain Safe Speed, Avoid Night Travels and Enjoy Quality Road Experience.” Ochi said the critical infractions responsible for crashes are speeding, night travels and overloading, adding that over speeding contributed to 70 per cent of crashes recorded within the period. “We also noticed that…

A Saudi-led consortium, Premier League and Newcastle hopeful takeover is set to be announced on Thursday. The deal was rejuvenated after the Saudi state resolved an issue with beIN Sports over illegal streaming of Premier League. The new owners are expected to replace Steve Bruce, the current manager of the club. The Saudi-led consortium, the Premier League and Newcastle are working hard to get the takeover for the club completed on Thursday. All parties are hopeful an announcement can be made today confirming the takeover of Newcastle United. Newcastle’s prospective new owners are expected to replace Steve Bruce as manager,…

The son of former Chairman of the defunct Pension Reform Taskforce Team, Abdulrasheed Maina, Faisal, has been sentenced to 14 years imprisonment. The judgement was delivered by a Federal High Court sitting in Abuja on Thursday presided by Justice Okon Abang. Faisal was found Faisal guilty on a three-count money laundering charge the Economic and Financial Crimes Commission, EFCC, preferred against him. The court held that the EFCC successfully proved that Faisal had been operating a shady account in the name of Alhaji Faisal Farm 2, with the United Bank for Africa, UBA, through which his father, Maina, laundered the…

The Lagos State Government has directed the closure of some roads around the National Stadium in Surulere ahead of the 2022 World Cup qualifier between Nigeria and the Central African Republic, billed to kick off by 5pm on Thursday. The latest development was disclosed by Dr. Frederic Oladeinde, the state’s commissioner for transportation. Oladeinde stated that vehicles will not be able to access Surulere from the Teslim axis from 12noon. This includes the service lane inbound the National Stadium from Alaka and Teslim Balogun Stadium from Ojuelegba. Ikeja Electric announces 8 week blackout in Lagos Motorists heading towards Costain, Lagos…

A gorilla photographed in 2019 posing for a relaxed selfie with rangers at an orphanage in the Democratic Republic of Congo’s Virunga National Park has died at the age of 14. The mountain gorilla, named Ndakasi, died after “a prolonged illness in which her condition rapidly deteriorated”, the park announced. “She died in the loving arms of her caretaker and lifelong friend, Andre Bauma,” it said. At the time, the park’s deputy director told BBC Newsday that the gorillas had learned to imitate their carers, who have looked after them since they were found. The gorillas, he added, think of…