Read today's newspaper headlines [Tuesday, January 26, 2016]

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

For today, Tuesday, January 26, 2016:

VANGUARD NEWSPAPER

Naira depreciates to N303/$ as dollar scarcity intensifies

LAGOS — The Naira depreciated against the dollar by N4 in the parallel market, yesterday, in response to intense scarcity of dollar in the market. Vanguard survey of parallel market exchange rate in major cities shows that the Naira depreciated to N303 per dollar in Lagos from N299 last week, while in Abuja and Kano the Naira depreciated to N304 per dollar from N299 last week. READ MORE:

Okonjo-Iweala blasts Falana over linkage with $2.1bn arms scandal

Former Finance Minister, Dr. Ngozi Okonjo-Iweala, has described as malicious attempts by Lagos lawyer, Mr. Femi Falana (SAN), to link her with the $2.1 billion arms scandal. Falana had written the International Criminal Court, ICC, asking it to investigate those allegedly involved in the arms deal, including the former National Security Adviser, NSA, Col. Sambo Dasuki (retd.) READ MORE:

How we helped Metuh launder $2m — WITNESSES

ABUJA—Star witness of the Economic and Financial Crimes Commission, EFCC, Nneka Ararume, yesterday, narrated before the Federal High Court sitting in Abuja how she helped the embattled National Publicity Secretary of the Peoples Democratic Party, PDP, Chief Olisa Metuh, to transfer $2 million into his company’s account. READ MORE:

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THE PUNCH NEWSPAPER

Metuh gave me $2m cash to invest, says woman

The Economic and Financial Crimes Commission on Monday called two out of the 18 witnesses it lined up against the National Publicity Secretary of the Peoples Democratic Party, Chief Olisa Metuh, with respect to the charges of money laundering involving the sum of N400m which he allegedly collected from the Office of the National Security Adviser in November 2014. READ MORE:

Lagos-Ibadan Expressway: FG considers out-of-court settlement

There are strong indications that the Federal Government may set up a dispute resolution board on the crisis currently stalling the Lagos-Ibadan Expressway reconstruction project. It was gathered on Monday that the Minister of Power, Works and Housing, Mr. Babatunnde Fashola, had been holding meeting with stakeholders involved in the project, including Bi-Courtney Highway Services Limited.

Dariye diverted N1.126bn, gave Atiku’s firm N100m – Witness

About nine years after preferring the charges of alleged diversion of the Plateau State’s N1.126bn ecological funds against a former governor of the state, Joshua Dariye, the Economic and Financial Crimes Commission finally opened its case before a Federal Capital Territory High Court in Gudu, Abuja, on Monday.

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THE GUARDIAN

Govt may earn N2.5b daily from stamp duties

OVER 50 million active accounts in the banking sector will be enlisted in the new revenue drive of the Federal Government with the takeoff of the N50 stamp duty on financial transactions. The Central Bank of Nigeria (CBN) has already communicated the commencement of the N50 stamp duty deduction on receipt of financial value of N1000 and above from bank accounts to financial institutions.

Sultan, Christian leaders pledge to promote peace

WITH one voice, the Sultan of Sokoto, Alhaji Mohammadu Sa’ad Abubakar III and Christian leaders in the country have pledged to promote peace so that the President Muhammadu Buhari administration can develop the nation. Besides, Buhari has identified poverty, injustice and lack of job opportunities as factors mainly responsible for inter-communal and intra-communal conflicts in the country.

Metuh gave me $2m to invest for him, witness tells court

A prosecution witness in the trial of the Spokesman of the Peoples Democratic Party (PDP), Olisa Metuh, over alleged money laundering has revealed how the politician transferred $2million through his company, Dextra Investments Limited.

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THE NATION NEWSPAPER

$2.1b armsgate: EFCC seizes Dasuki’s, General’s houses

Property believed to belong to former National Security Adviser (NSA) Sambo Dasuki was at the weekend confiscated by the Economic and Financial Crimes Commission (EFCC) in Kaduna. Dasuki, NSA to former President Goodluck Jonathan, is at the centre of a massive investigation into the alleged misapplication of about $2.1 billion meant for the procurement of arms.

Metuh gave me $2m cash to invest , witness tells court

Trial opened yesterday at the Federal high Court, Abuja in the money laundering charge against Peoples Democratic Party (PDP) spokesman Olisa Metuh, with the prosecution calling two of its planned 18 witnesses. The first witness, Nneka Ararume, an employee of Asset and Resource Management (ARM) Company Limited, admitted collecting $2million in cash from Metuh in his house at the Prince and Princess Estate, Abuja in one day.

How Dariye diverted Plateau’s N1.126b, EFCC witness tells court

About nine years after he was charged before the High Court of the Federal Capital Territory (FCT), Abuja, former Plateau State Governor Joshua Dariye’s trial for alleged money laundering opened yesterday. The prosecution called its first witness, who told the court how Dariye allegedly diverted the state’s N1.126billion ecological funds. Dariye is being tried before Justice Adebukola Banjoko.

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Business Day

Banks face default risks on dollar-denominated bonds

Most Nigerian lenders that hitherto hurried offshore to issue bonds are faced with significant risk of default as it becomes increasingly difficult sourcing FX to service international obligations. Declining oil prices and the unwillingness of the Central Bank of Nigeria (CBN) to devalue the naira, amidst constrained foreign reserves, continue to worsen the FX liquidity…

Vono products posts N102.21 million losses

Vono Products inability to meet short term obligations demands has threatened its existence in the foreseeable future, a situation that signals the company can no longer convert liquid assets to cash to cover payable. A buyer usually considers negative working capital in a target as detrimental because it signifies additional capital that will be required…

Lagos set to host global leaders at The Economist’s Nigeria Summit 2016

The events’ arm of the foremost International socio economics news magazine, The Economist has concluded plans to hold the 11th edition of the annual Nigeria Summit. Slated for Monday, March 7th and Tuesday March 8th, 2016 at the highbrow InterContinental Hotel, Lagos, the 2016 Nigeria Summit will bring key government ministry officials, industry and business…