Read today's newspaper headlines [Wednesday, June 15, 2016]

For today, June 15, 2016

VANGUARD NEWSPAPER

FG bars states from bank loans

The Federal Government has barred banks in the country from giving loans to state governments. The decision was taken in line with the Fiscal Sustainability Plan, FSP, which has been agreed to by the Federal Government’s economic team and state governors, to ensure prudent management of sub-national resources.

This comes as the Central Bank of Nigeria, CBN, will today announce details of the much anticipated ‘flexible’ foreign exchange rate policy. READ MORE

Ayokunle emerges new CAN president

President of the Nigerian Baptist Convention (NBC) and candidate of the Christian Council of Nigeria, CCN, Rev. Samson Olasupo Adeniyi Ayokunle, Tuesday emerged the new president of the Christian Association of Nigeria (CAN).

Rev Ayokunle Ayokunle defeated Elder Joseph Otubu of the Motailatu Church Cherubim and Seraphim Movement (MCCSW) who represented the Organisation of African Instituted Churches, OAIC, with 57 votes to 28. READ MORE

Nigeria risks ban on export of containerized goods

A major crisis is looming in the nation’s maritime industry, as exporters of containerized goods will not be able to ship their consignments out of the country from July 1 when the International Maritime Organisation, IMO, commences implementation of compulsory Verified Gross Mass, VGM. READ MORE

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THE NATION NEWSPAPER

States to get N90b loan

A N90 billion loan, which the Federal Government believes will help the states in their bid to be less dependent on the monthly handout from the Federation Account, is on the way.

The loan will be given over one year and will be extended to the states after they have met 22 conditions. It will be repaid over a period of time. It is not a bailout, Finance Minister Kemi Adeosun said at the Stakeholders Meeting held with Commissioners for Finance on the Fiscal Sustainability Plan (FSP).

“The amount of the loan is N50billion for three months to be shared across the 36 states, including FCT and then N40billion for nine months,” she said.

The idea, “is to tie states over for a year so that they rebalance, which is an average of about N1.3billion per state for the first three months and N1.1billion for the next nine months,” Mrs Adeosun said. READ MORE

EFCC raids Obanikoro’s homes as agency invites Sheriff

Operatives of the Economic and Financial Crimes Commission (EFCC) yesterday stormed the Lagos homes of former Minister Musiliu Obanikoro and carted away cars and other valuables.

The two homes raided were the former minister’s private residence at Park View Estate as well as the house near Banana Island, where his two sons – Jide and Gbolahan – live with the families.

It was learnt that the officials, who allegedly stormed the two houses in the afternoon, were said to have been there till about 6pm. READ MORE

Jonathan’s ex-aide to be arraigned for N1.6b ‘fraud’

Former Senior Special Assistant to ex-President Gooluck Jonathan on Domestic Affairs Waripamo-Owei Dudafa will be arraigned before Justice Mohammed Idris of the Federal High Court in Lagos today.

He and Iwejuo Joseph Nna (alias Taiwo A. Ebenezer and Olugbenga Isaiah) were charged with 23-counts of conspiracy and concealment of crime proceeds.

The Economic and Financial Crimes Commission (EFCC) said the accused conspired to conceal proceeds of crime amounting to over N1.6billion on June 11, 2013. READ MORE

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THE PUNCH NEWSPAPER

Saraki files fresh motion to disqualify CCT Chairman

Senate President, Bukola Saraki, has filed a fresh application, asking the Chairman of the Code of Conduct Tribunal, Danladi Umar, from further presiding over his ongoing trial.

The fresh application is the second filed by the Senate President asking the CCT chairman to withdraw from his trial.

The Umar-led CCT had on April 28 dismissed the earlier application which sought the withdrawal of the CCT chairman from the trial on the basis of an alleged ongoing investigation of his involvement in a N10m bribery allegation. READ MORE

Sheriff was contracted by APC to cause chaos –PDP panel

SenatorAhmed Makarfi-led National Caretaker Committee of the Peoples Democratic Party on Tuesday alleged that the sacked acting national chairman of the party, Senator Ali Modu Sheriff, was acting a script written for him by the ruling All Progressives Congress.

The Publicity Secretary of the committee, Dayo Adeyeye, said this at a press conference addressed by five out of the seven members of the committee in Abuja.

The committee described Sheriff’s “takeover” of the party secretariat as a brazen act of lawlessness and an attempt to set the stage for a violent confrontation. READ MORE

EFCC raids Obanikoro’s home, freezes Tompolo’s N3bn account

Operatives of the Economic and Financial Crimes Commission on Tuesday stormed the Ikoyi, Lagos home of a former Minister of State for Defence, Senator Musiliu Obanikoro.

The operatives seized some vital documents, vehicles and other valuables.

Sources in the anti-graft agency told one of our correspondents that the raid was connected with several allegations of fraud levelled against Obanikoro and his two sons – Babajide and Gbolahan. READ MORE

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BUSINESS DAY NEWSPAPER

CBN shifts new bank capital rules deadline pending FX flexibility

The Central Bank of Nigeria (CBN) has postponed plans for strategically important banks (SIBs) to increase their capital adequacy ratios, pending the unveiling of new foreign exchange trading rules which ensure greater flexibility of the naira. “Key reasons I think for the suspension are that the business environment is quite difficult and capital raising in… READ MORE

FG guarantees N90bn budget support facility for states

Tougher times lie ahead for the 36 states in Africa’s largest economy, as plunging government revenues threaten to eat deep into Federal Account Allocation Committee (FAAC) allocations to subnational entities for the month of May. Insurgent attacks on oil installations cut Nigeria’s production in May to 1.45 million barrels per day (bpd), the lowest in… READ MORE

Ajaokuta no more viable as Nigeria’s steel woes mount

Contrary to popular opinion that the resuscitation of Ajaokuta Steel will resolve all the challenges in Nigeria’s steel sector, private sector experts say the complex is no more viable as it has obsolete technologies that cannot compete in the 21st Century market. The private sector position coincides with a period of woes for Nigeria’s steel…READ MORE