Brief History Of The Fall Of The Nigerian Naira

Following a discussion from last night, I had planned doing a research today on the subject and coming up with an article, then I came across this beautiful piece, may still put up a chart later revealing the nexus between global oil prices and the value of the naira.



A (not so) brief history of the fall and fall of the Nigerian naira - Feyi Fawenhimi December 06, 2015

LADOL & Samsung Invest $400m In Vessel Fabrication, Integration Yard In Lagos

February 16, 2016

The Lagos Deep Offshore Logistics (LADOL) base and Samsung Heavy Industries have invested $400 million in a vessel fabrication and integration yard in Lagos, The Nation has learnt.

Additional $200 million will also be injected in the yard in the next few months.

The yard, it was gathered, has the capacity for Floating Production Storage and Offloading (FPSO) integration and conversion.

The $600 million LADOL free zone within the Apapa Pilotage District is a world-class facility. Access to the place is restricted.

It has extensive infrastructure and equipment layout, making it an ideal environment for vessel integration, offshore oil and gas mega-fabrication, pipe coating, engineering and agricultural processing centre.

EFCC May Go After Ex-first Lady Over N1trn Campaign Funds’ Disbursement

The wife of a former president may soon be invited by the Economic and Financial Crimes Commission (EFCC) to explain her role in the sourcing and disbursement of huge funds spent by the Presidency in the last two weeks before the general elections.
The fund, estimated at over a trillion naira, was routed and disbursed through the Amnesty Office to some notable politicians in the Peoples Democratic Party (PDP).
Investigators of the disbursement noticed that the release of about 40 per cent of the funds was authorized by the former First Lady.

Budget: South-West Gets Lion’s Share Of Projects

The Southwest geo-political zone has got the largest share of N88.7 billion for major projects in the 2016 proposed budget for the Ministry of Power, Works and Housing, a Daily Trust analysis has revealed.
The ministry has N433.4 billion total sum for the capital projects of the ministry and some agencies under it.

The main ministry’s capital budget is N334.3 billion, NREA N15.3 billion, TCN N50 billion and FERMA N25 billion.
Other agencies are Electricity Management Services Limited (EMSL), N19 billion; National Power Training Institute, N1.8 billion and Nigeria Electricity Liability Management Limited, N2 billion.

Mob Amputates Mechanic For Stealing N10k In Lagos (pic)

Cyriacus Izuekwe

Jungle justice has taken place in Ajegunle, a Lagos suburb also known as the Jungle, after an angry mob amputated a 25-year old mechanic, Seun Adisa, for allegedly stealing N10,000.

The incident happened at Ajegunle, a suburb of Lagos State, western Nigeria.

Kwara State-born Adisa was allegedly caught in the early morning after robbers invaded Mokoya street in Olodi Apapa, an extension of Ajegunle in Lagos State, western Nigeria, and carted away valuables.

Man Slices Lover’s Face In Lagos, Assaults Rival On Valentine’s Day

mathew Dike

A jealous lover on Valentine’s Day, inflicted horrific facial injuries on his lover and a rival at Langbasa, in Eti-Osa area of the Lagos.

The angry man identified simply as Gbenga was said to have sliced the face of his lover, Magdalene Onyebuchi with a razor blade.

Gbenga also attacked his rival identified as Olatunji, and after beating him abandoned him with bodily injuries.

German Firm To Partner Katstina State In Construction Of 125mw Solar Plant.

The partnership between Nigeria and Germany on energy received a boost as a German firm in conjunction with other international finance cooperation and Nigeria indigenous company, are set to begin the construction of a 125 megawatts (MW) solar power plant in Kankia, Katsina State.
The German company, Nova Solar power, in partnership with the katsina state government is to construct the 125mw solar plant under the Public Private Partnership Agreement (PPP).

EFCC Boss Magu Blasts Lawyers Defending Looters

The acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu Tuesday said senior lawyers collect stolen funds to frustrate prosecution of corruption suspects.

Magu said this in a speech delivered to a coalition of Civil Society Groups that rallied to the EFCC Headquarters in Abuja.

He stated that: “One of the big challenges we have in the effective prosecution of the war on corruption is that of very senior lawyers who Nigeria has been very kind to.”

Turkey's Heavy Artillery Fires 100 Valleys on Residential Areas in Aleppo

The Turkish artillery has been massively shelling Syrian troops and patriotic opposition in border areas since last week, with over 100 valleys registered in the Aleppo province, the Russian Defense Ministry's spokesperson told journalists on Tuesday.

"Since last week, Turkey's heavy artillery has been shelling Syrian troops and patriotic opposition in border areas. According to reconnaissance, the Turkish artillery has fired more than 100 valleys at border residential areas in the Aleppo province," Maj. Gen. Igor Konashenkov said.

Russia Denies Ankara's Claims of Ballistic Missile Strike on Hospital

Russian Defense Ministry Denies Ankara's Allegation that it has Bombed a Hospital in Idlib, Syria

In the Russian Caspian flotilla, there are no ships with the ability to launch a missile strike on a hospital in the Syrian province of Idlib, Russian Defense Ministry spokesman Igor Konashenkov told reporters.

"While visiting Ukraine, Turkish PM Ahmet Dacutoglu accused Russia of striking a hospital in Idlib with a ballistic missile from the Caspian Sea. But we have no any ships in the Casian flotilla which are able to launch such strikes," Konashenkov said.

Ribadu Hides As PDP Moves To Appoint Him Party Chairman

FILE PHOTO: Nuhu Ribadu smiles to himself as fans cheer during a rally

As the opposition Peoples Democratic Party gets set to name a new leader of the party, governors and other chieftains of the PDP are on a manhunt for a former chairman of the Economic and Financial Crimes Commission, Nuhu Ribadu, in their bid to make him chairman.
PREMIUM TIMES gathered that a meeting of the national caucus of the PDP is currently holding in Abuja, after which the National Executive Committee would meet at the Wadata Plaza secretariat of the party by 2p.m. on Tuesday.

Mr. Ribadu was tipped for the chairmanship position last year, shortly after the then chairman, Ahmadu Muazu, resigned from office.

There is no resurgence of Boko Haram despite recent attacks – FG

The Federal Government has said the recent spate of attacks by Boko Haram is not an indication of any resurgence by Boko Haram, insisting that the terrorist group remains largely decimated, dispersed and disoriented.

Speaking at a press conference in Abuja on Tuesday, the Minister of Information and Culture, Lai Mohammed, said anyone who is conversant with the technicalities of insurgency will not be surprised by the attacks.

I’m not ready for trial - Dasuki

Former National Security Adviser, Sambo Dasuki, today told a Federal High Court in Abuja that he was not ready for his trial to be continued. Speaking at the hearing of the money laundering charges filed against him by the Department of State Security DSS today February 16th, speaking through his Counsel, Joseph Dauda, Dasuki said he will not be available for the trial until the Federal government obey the court orders that granted him bail last year.

10 Facts Most People Do Not Know About Diabetes!

Diabetes is one of the most widely misunderstood conditions around, which is surprising considering how widespread it is. Diabetes is a life-long disease that affects the way your body handles glucose, a kind of sugar, in your blood. Most people with the condition have type 2.

415 million people have diabetes in the world and more than 14 million people in the Africa Region; by 2040 this figure will more than double. There are about 27 million people in the US with it. Another 86 million have prediabetes: Their blood glucose is not normal, but not high enough to be diabetes yet There were more than 1.56 million cases of diabetes in Nigeria in 2015. Statistic: International Diabetes Federation (IDF )Africa

Photos: Drugs, criminals, trafficked children, guns, gold intercepted in Interpol operation across Nigeria, Togo, Ghana, Benin

An operation to strengthen border controls along the Abidjan-Lagos corridor has resulted in major seizures of drugs, stolen cars, currency, firearms and fake travel documents, in addition to arrests for migrant smuggling.


The 10-day (26 January – 4 February) Operation Adwenpa saw more than 100 officers deployed to 10 air and land border control points across five countries ‒ Benin, Côte d’Ivoire, Ghana, Nigeria and Togo – to conduct additional security checks against INTERPOL’s databases.

Two men who were the subject of INTERPOL Red Notices were identified – a Ghanaian national wanted by Brazil for drug trafficking was taken into custody at the Ghana/Cote d’Ivoire border, and a French national wanted for fraud and embezzlement by Benin was arrested at Abidjan’s Félix-Houphouët-Boigny International Airport.

Argentine player shoots referee dead & injures another player after he was given red card

An amateur football match was marred by violence after a player shot and killed a referee and also injured another player after he was given a red card. The match took place on Sunday in the Campo de la Ribera area of Cordoboa, Argentina. The referee, Cesar Flores, 48, was killed after being shot three times - once in the head, neck and chest, according to police.

Photos: Decomposing body of a 9-year-old girl found in a drain more than a month after she went missing

Decomposing body of a 9-year-old young girl who went missing more than a month ago was found in a stormwater drain on the corner of Mathlare and Tsomo streets, Mamelodi, SA on February 12.



Zinhle Ndala was playing outside with other children when she disappeared on the afternoon of January 4. No one can explain what happened to her. She was last seen wearing blue jeans, a lime t-shirt and brown shoes. Zinhle is a pupil at Zakhele Primary School and had passed with good grades and was ready to get into grade 2 this year.

A road in Baku

Main Factors That Are Dragging Global Oil Prices Down

Over the last two years, global oil prices have dropped by nearly two-thirds. Here is a list of the main factors which have transformed the global energy market.

In February 2014, price of oil was around $110 a barrel on global commodity exchanges. Today, the Brent benchmark crude extracted from the North Sea is hovering at $30 per barrel. The era of higher priced oil which began in 2011 now seems to be nearing its end.

Furthermore, taken in a historic perspective, the recent years are not typical: $20 a barrel was normal in the 1980-90s. In 1999, there were times when the oil price hardly reached $10. Could current events in the oil market be a signal of a similar tendency?

Oops! German Intel Agents Suspected of Financing al-Qaeda

Two German domestic intelligence officers are suspected of having given money to al-Qaeda members to gain information on the extremist group, Berliner Morgenpost newspaper reported on Sunday.


The investigation has built its case on evidence provided by Irfan Peci, an ethnic Bosnian and an informant for the domestic intelligence agency BfV, who once led the German branch of the so-called "The Global Islamist Media Front," a propaganda organization associated with al-Qaeda, Berliner Morgenpost wrote.

Two Beheaded By Suspected Cultists In Rivers State (Graphic Photos)

Suspected cultists on Friday February 12th invaded Omoku town in Onelga, Rivers state, leaving no fewer than 10 people dead on their trail. The attacks reportedly started after two rival cults Sailor and Iceland clashed in the state. See graphic photos of two people – a young man and a lady beheaded at Omoku in Onelga LGA after the jump

''UCH Ibadan Doctors Killed My Wife'' - Man Says (picture)

Doctors killed my wife, cries grieving husband.
Mr. Aare Femi Adebayo, a business mogul, has demanded that an independent postmortem be done on the remains of his wife, Mrs. Funmilayo Adebayo, even as he accused doctors at the University College Hospital (UCH), Ibadan, Oyo State, of killing his wife.

Remembering how his wife died, Adebayo said: “My wife was killed by the negligence and incompetence of the doctors.” Two Senior Advocates of Nigeria, Akin Olujinmi and Rotimi Akeredolu, have demanded for the release of Funmilayo’s autopsy result within the next seven days. Funmilayo, 58, was said to have died at the hospital after she started going for medical tests to check if she had cancer.

How Osinbajo Ruled Nigeria In The Absence Of Buhari

President Muhammadu Buhari embarked on a six-day vacation On Friday, February 5, and ‘handed over’ to Vice President Yemi Osinbajo as acting president of the nation.

Before going on the vacation, President Buhari had dispatched a formal notice to Senate President Abubakar Bukola Saraki and Speaker of the House of Representatives Yakubu Dogara, in compliance with Section 145 (1) of the Constitution.  It was the first time in the history of Nigeria, that a president voluntarily transmitted power to his deputy.

I Never Said Nigeria Will Burn If I Open Up – Jonathan’s Ex-adc, Col Adegbe

As reactions continue to trail a recent statement attributed to Col. Ojogbane Adegbe, former aide-de-camp to immediate past president, Goodluck Jonathan, the military personnel has debunked ever threatening to open a can-of-worm about his erstwhile principal.

Col. Adegbe, while expressing shocks and disbelief over the recent viral report, which quoted him as saying that if he was forced to reveal what transpired under the last administration, Nigeria will boil, had demanded an unreserved apologia from the management of the Sun Publishing Limited for dragging his hard-earned name to the mud.

He said his recent visit to the office of the Economic and Financial Crimes Commission (EFCC), was never in connection with the controversial arms scandal.

Subsidy Removal: FG Saves N18.3bn In Six Weeks

The Federal Government’s savings as a result of the removal of subsidy on both petrol and kerosene are growing daily.

Between January 1 and February 12 this year, an interval of about six weeks, the Federal Government made over N18.3bn as savings from the removal of subsidy on Premium Motor Spirit and House Hold Kerosene.

The government officially stopped subsidy on PMS, popularly known as petrol, on January 1, 2016, while on January 23 this year, it also ended the subsidy regime on kerosene, according to the pricing templates for both commodities obtained from the Petroleum Products Pricing Regulatory Agency.