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Nigerian Newspapers Today Read today's newspaper headlines [Thursday, June 16, 2016]

Read today's newspaper headlines [Thursday, June 16, 2016]

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Find out what is making headlines all over the country from the covers of The Punch, Vanguard and more.

For today, June 15, 2016.


PDP faction locks up leaders in secretariat as crisis worsens

It was tension as well as drama yesterday as opposing groups of protesting youths struggled to retain control of the national secretariat of the Peoples Democratic Party(PDP) in Abuja.

The first group opposed to Ali Modu Sheriff’s chairmanship of the party had besieged the secretariat in the morning, trapping former national secretary, Wale Oladipo, and the national auditor, Adewole Adeyanju, who had entered a few minutes before.

The youths physically took control of the secretariat and secured the gates with new keys which they handed over to the Chairman Board of Trustees of the party Senator Walid Jibrin‎. READ MORE

How Nigeria can manage recession, avert depression

The Bloomberg L.P., a privately held financial software, data and media company headquartered in Midtown Manhattan, yesterday described Nigeria’s economic challenges as somewhat similar to the experiences of 1987 when volatility in the global oil market and lack of clear-cut government policies for stemming excessive imports that were backed with scarce crude oil earnings nearly brought the country to its knees.

Responding to an enquiry by The Guardian sequel to his earlier postulation that Nigeria could be facing the worst economic challenge in 29 years, Bloomberg’s chief economist for Africa and Middle East operations, Mark Bohlund, yesterday suggested that the nation could avert the trend only if it chose to tackle the current economic challenges with a remarkably different policy direction from that of a similar situation in 1987. READ MORE

Nigeria to review loans with multilateral agencies

Govt unveils three-year debt management strategy

Citing the need to ensure they are of optimal benefit to Nigeria, the Federal Government yesterday approved the renegotiation of multilateral loans obtained from agencies like the World Bank, African Development Bank (AfDB) and others.

Government said after the Federal Executive Council, (FEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa yesterday that it also took the strategic decision owing to concerns raised by ministers that some of the previous agreements that the Nigerian government entered into were not optimal and cabinet agreed. READ MORE



Mob storms PDP hqtrs

The leadership crisis rocking the Peoples Democratic Party (PDP) escalated yesterday as an army of angry youths stormed the party’s headquarters.

Armed with placards and leafy tree branches, the youths, who arrived at the secretariat as early as 7am, castigated “ousted” party chair Ali Modu Sheriff.

Sheriff, who stayed briefly in his office on Tuesday, did not show up at the secretariat yesterday. He was away in Maiduguri, honouring an Economic and Financial Crimes Commission (EFCC) invitation.

National Secretary Adewale Oladipo and sacked National Auditor Adewole Adeyanju were harassed by the mob. READ MORE

Market forces to determine Naira rate, says CBN

Advocates of market forces yesterday carried the day, with the Central Bank of Nigeria (CBN) collapsing the regulated and the unofficial foreign exchange windows into one entity.

CBN Governor Godwin Emefiele said in Abuja: “There is one window and that is what it will be.  As long as there is one window, whatever comes out at the end of the day as the marginal rate will be the rate that is recognised officially by the world.. I do not expect that another rate will be recognized in the market.”

He said under the new flexible exchange rate market initiative, the CBN has pegged the minimum amount primary dealers are required to trade in at $10 million’. READ MORE

Poll cash: Sheriff agrees to refund N40m

After about seven and a half hours grilling yesterday, embattled National Chairman of the Peoples Democratic Party (PDP) Ali Modu Sheriff, undertook before the Economic and Financial Crimes Commission (EFCC) to refund N40million.

The amount is what he allegedly benefited from out of the N24.29billion poll cash facilitated by a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

Sheriff was give administrative bail by the operatives of the anti-graft agency at its Maiduguri, the Borno State capital office. READ MORE



Stocks surge as CBN releases new forex rules

The Nigeria stock market, yesterday, gained N294 billion in reaction to the decision of the Central Bank of Nigeria, CBN,  to allow market forces determine the Naira exchange rate in a new single structured foreign exchange market.

CBN Governor, Godwin Emefiele, yesterday, announced the introduction of a new foreign exchange policy, termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime. The new regime is  aimed at boosting supply of foreign exchange and reducing  the pressure on the Naira. READ MORE

Obanikoro dares FG to extradite him from US

A former Minister of State for Defence, Musiliu Obanikoro, yesterday, lashed out at the Nigerian government, a day after operatives of the Economic and Financial Crimes Commission raided his home and a property belonging to his son, Jide, in Lagos.

However, following the challenge thrown to the EFCC by Obanikoro to show evidence of his sons’ involvement in money laundering, the commission said last night it would not be distracted but would do its job. Mr. Obanikoro in a series of tweets he posted on his Twitter page, @MObanikoro, yesterday morning, said he was not aware of any investigation into his activities when he held different ministerial portfolios in the administration of President Goodluck Jonathan, adding that he was being victimised because of his political affiliation. READ MORE

Nigeria doesn’t know volume of crude oil it produces — NEITI

Nigeria does not know the quantity of crude oil it produces at the moment, Nigeria Extractive Industry Transparency Initiative, NEITI, has said. The revelation came as the Senate,yesterday set up a nine-member ad-hoc committee to probe the 2013 audit report of the federal government agency.

The NEITI Executive Secretary,Waziri Adio, who disclosed this when he appeared before the Senate in plenary to explain brief it on the 2013 NEITI audit report, said the country was yet to know its oil and gas production capacity. The  Senate decision to investigate the report came after Adio took over two hours to explain what he knew about it. READ MORE



Stocks gain as CBN says market’ll determine naira rate

After weeks of consultation with stakeholders in the financial services sector, the Central Bank of Nigeria on Wednesday finally released the flexible foreign exchange guidelines.

The CBN Governor, Mr. Godwin Emefiele, who announced the details of the policy while briefing journalists at the apex bank’s headquarters in Abuja, explained that interbank trading under the new guidelines would begin on Monday.

Giving some of the highlights of the new policy, the governor said based on the guidelines, the value of the naira against other currencies would be market-driven. READ MORE

EFCC grills Sheriff for seven hours over Diezani bribe

The Economic and Financial Crimes Commission on Wednesday grilled the embattled Chairman of the Peoples Democratic Party, Ali Modu Sheriff, from 10am to about 5.30pm.

It was learnt that Sheriff was interrogated at the Maiduguri office of the EFCC for his alleged role in the sharing of the $115m (N23bn) which emanated from a former Minister of Petroleum Resources, Diezani Alison-Madueke.

During the build-up to the presidential election, N450m was said to have been sent to Borno State and it was received by a former Minister of Power, Mohammed Wakil. READ MORE

Police dismiss cop for collecting N50,000 bribe

A police sergeant, Daniel Osaimayu, has been dismissed from the Nigeria Police Force for allegedly collecting N50,000 bribe from motorists in the Oshodi area of Lagos State.

Our correspondent gathered that Osaimayu, who was attached to the Lagos State Task Force on Environmental and Special Offences (Enforcement) Unit, Alausa, was arrested on Monday by the X-Squad of the Lagos State Police Command.

Our correspondent learnt that the X-Squad operatives had arrested a hoodlum in the area and found the cash on him. READ MORE

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