by Admin | Feb 17, 2016 | Blog |
Follow @NigeriaPI The increasing pressure on the naira is caused by high demand for the dollar by importers and speculators, foreign exchange dealers said. The local currency had weakened to 345 at the parallel market on Monday, having hit 338 last Friday as importers scrambled for the dollar to meet overseas obligations The central bank has left its official rate unchanged at N197 to the dollar on its interbank window. “Most individuals who sell (dollars) to us are no longer willing, but demand is piling up,” the acting President, Association of Bureau De Change Operators, Aminu Gwadabe, told Reuters on Tuesday. Last month, the Central Bank of Nigeria banned dollar sales to BDC operators, sending the naira to record lows at the black market, and later stopped daily sales to the interbank market, in an effort to conserve the external reserves, now at their lowest in more than 11 years. The nation earns around 90 per cent of its foreign exchange earnings from crude oil exports. The foreign exchange reserves fell to $27.83bn as of February 12, data from the CBN website showed. Some retail currency operators have few dollars in their vaults and depend on other members to fill orders when they have excess demand, fuelling the weakness in the currency, Reuters reported quoting forex traders. The naira has depreciated by over 13 per cent in less than two weeks. The currency hit a then record low of 338 against the greenback on Friday, a day after the Bankers’ Committee announced that it might stop providing foreign exchange for school fees and medical bills payment. The naira, which...
by Admin | Feb 17, 2016 | Blog |
Follow @NigeriaPI The marriage of Nollywood actress, Caroline Danjuma Ekaterina and her billionaire businessman, Musa Danjuma has reportedly hit the rock bottom. According to multiple reports, the beautiful mother of 3 has moved on from the union as a result of alleged regular beatings she has been getting from Musa. Caroline, who has in the past refuted claims of battery by her hubby, has also deleted all photos of Musa Danjuma from her Instagram account while she has been posting messages which many interprete as indicating that her marriage has collapsed. She recently shared an image of a ‘broken heart’ which she captured ‘no regrets’ among other cryptic...
by Admin | Feb 17, 2016 | Blog |
Follow @NigeriaPI A middle-aged man, Prince Agina, on Wednesday told an Igando Customary Court in Lagos State that his wife, Obianuju, has been poisoning his meals since 2008. The union which was consummated on Dec. 24, 2006 in Anambra had been blessed with three children. Obianuju was also accused of frequent fighting and infidelity by her husband. “Since 2008, I have noticed that my food was being laced with poison, which has resulted to my deteriorating health; as I am standing here, I’m sick. “Usually, I travel a lot. On one occasion when I returned home; I noticed that the centre table in our home had broken; when I asked my daughter how it happened, she told me that one uncle broke it.” This means my wife brings other men into our matrimonial home whenever I travelled because my daughter knows all her uncles. “She goes out at will without my permission, she does not listen to me as her husband and I don’t love her anymore,’’ Agina said. However, the respondent denied all the allegations leveled against her by her estranged husband. “My husband has diabetes and hypertension; and he keeps eating those foods that the doctor warned him to desist from. “Please tell me why he won’t be sick always. “I stayed with him at the Lagos University Teaching Hospital (LUTH) for four months looking after him but he did not listen to the doctor’s advice. “So, how has his disobedience become my fault. “He married me a virgin; so why will I start sleeping around now, why will I bring men into the house where...
by Admin | Feb 17, 2016 | Blog |
Follow @NigeriaPI Home News Exposed! How Obasanjo awarded $841M Abuja rail project without Engineering design NEWS EXPOSED! HOW OBASANJO AWARDED $841M ABUJA RAIL PROJECT WITHOUT ENGINEERING DESIGN written by May AuduFebruary 16, 2016 An official of the Chinese Civil Engineering and Construction Company (CCECC) on Monday disclosed to a Senate panel how Former President Olusegun Obasanjo awarded the $841 million Abuja rail project without engineering design and Memorandum of Understanding (MoU) in 2007. According to reports, CCECC’s Project Manager, Etim Abak made the revelation to the Senate Committee on Federal Capital Territory (FCT) during an inspection to the project site. Etim said the then Minister of FCT, Nasir el-Rufai signed the contract on behalf of the federal government. The Senate Committee discovered that the contract which stood at 60.67 kilometres, was inflated by $10 million (about N2 billion at N200 per dollar) per kilometre even as the length was later reduced to 45 kilometres without the refund of the cost for the 15.67 kilometres dropped. The Project Manager of the company, Etim Abak, while answering questions from members of the committee, said the contract was signed by the then FCT minister without design and MOU, saying it was carried out based on what he simply identified as a conceptual design. The contract was awarded based on a conceptual design and estimates were not properly done. There was no formal design submitted and rail bridges and crossover bridges were not captured in the...
by Admin | Feb 16, 2016 | Blog |
Follow @NigeriaPI The Chief Magistrate, Mrs Kudirat Yahya, ruled that the accused should be kept behind bars at the Okekura Prisons, Ilorin, following the prosecutor’s objection to his bail application. He said the accused should remain in the prison until the next date of adjournment. The News Agency of Nigeria (NAN) reports that the accused is being tried for a six-count charge of criminal breach of trust, criminal charm, enticement, extortion, abduction and advance fee fraud. The accused, however, pleaded not guilty. Earlier, the Prosecutor, Sgt. Mathew Ologbonsaye told the court that the accused, a resident of Gaa-Akanbi area of the Kwara capital, allegedly abducted the complainant (a church member) from her husband’s house. According to him, the accused collected N1.18 million from her with a promise to assist her spiritually to overcome her marital problems. Ologbonsaye said the complainant had told the accused that she and her children were often subjected to physical assault by the husband resulting in injuries. “The complainant, in her testimony, told the court that in trying to find solutions to the problems, someone took her to the pastor (the accused) for spiritual help. “The pastor allegedly gave her some charms (juju) to rub in her private part, but as a Christian she said she refused to use it. “But on the third day, the pastor invited her for prayer in his house and told her he had found solutions to her problems. “But he deceitfully used the charms to rub his own S3xual organ and had a S3xual intercourse with her. “Since then, the accused abducted and started controlling her using the power...
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