NIGERIA NEWSPAPERS: Today's Thisday Newspaper Headlines [12 March, 2018].

Below are the headlines found on Thisday Online Newspaper for today, Monday, 12 March, 2018.

Mon, 12 Mar 2018
Following the success of the $2.5 billion Eurobond issue by the federal government last month, coupled with higher oil production and prices, Nigeria’s external reserves hit a five-year high of $46 billion on Friday, representing an increase of 18 per cent or $7 billion over the country’s reserves figure of $38.912 billion as of January 2, 2018.

It has also significantly surpassed the $40 billion target for 2018 announced by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months.

Findings by THISDAY also showed that the last time the reserves neared $46 billion was on February 6, 2013.

The federal government last month had raised $2.5 billion through the sale of Eurobonds under its Global Medium Term Notes Programme. The dual notes comprised a $1.25 billion 12-year series and a $1.25 billion 20-year series.

The federal government said proceeds from the Eurobond issue would be used for refinancing maturing domestic debt.

Confirming the latest reserves figures, CBN spokesman, Isaac Okorafor, in a statement yesterday, said the accretion of the country’s reserves was a result of the central bank’s continuous effort at vigorously discouraging unnecessary imports and reducing the nation’s import bill, inflows from oil and non-oil exports, as well as the huge inflows through the investors’ and exporters’ window of the foreign exchange market, which, he said, had attracted over $33 billion since April 2017, when it was created.

According to him, the CBN’s interventions in the forex window also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade. 

Okorafor also noted that the CBN policy restricting access to forex from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home, and enhanced the incomes of farmers and local manufacturers.

Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has said it will investigate some banks for inadequate rendition of returns to the corporation on instances of fraud, forgeries, and cases involving their employees who were either dismissed or had their appointments terminated on the grounds of fraudulent activities.

The NDIC said it made the decision in the light of the recent report from its off-site supervision of deposit money banks (DMBs) in the country, which revealed that the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017, representing an increase by 38.53 per cent.

Also, it showed that the amount involved in the fraud documented increased also by 38 per cent or by N3.33 billion, from the N8.68 billion reported in 2016 to N12.01 billion in 2017.

Mon, 12 Mar 2018
The Central Bank of Nigeria (CBN) has asked a Federal High Court in Owerri not to make absolute the temporary garnishee order it granted six chiefs representing the Ogoni community, compelling it to pay the sum of N122.53 billion on behalf of First Bank of Nigeria Limited (FirstBank).

CBN’s lead counsel, Professor Fabian Ajogwu (SAN) while responding to a new suit filed by the judgment creditors (Ogoni chiefs) seeking to commit FirstBank, its chairman, Mrs. Ibukun Awosika, and managing director, Dr. Sola Adeduntan, to prison for alleged contempt for not paying them the sum of over N122.53 billion, stated that making the order absolute and compelling the CBN to pay out the huge sum would be against the interest of justice because the matter was still pending at the Supreme Court.

There are concerns that compelling the CBN to pay the N122.53 billion from FirstBank’s funds domiciled with the central bank could have far-reaching consequences for Nigeria’s oldest and biggest lender by assets and deposits, and a systemic impact on the rest of the financial system and wider economy.

But in a statement yesterday, the bank said it was a responsible and law abiding corporate citizen with the capacity and character to, on a consistent basis, meet its obligations as and when due.

The case, which started in 1991, was originally instituted at the Rivers State High Court, Nchia Division, by six indigenes of Ogoniland against the Royal Dutch Shell Plc, Netherlands, Royal Dutch Shell Plc, United Kingdom, and Shell Petroleum Development Company (SPDC) of Nigeria Limited over alleged oil spills that occurred when Shell operated in the community.

The plaintiffs alleged that it was the same case that led to the Ogoni struggle championed by the late Mr. Ken Saro Wiwa.

Judgment was eventually entered in their favour against Shell by the state High Court, whereupon the defendant appealed against the said judgment.

However, in 2001, a fresh suit was commenced by some representatives of the Ogoni people before the Federal High Court in Port Harcourt presided over by Justice Ibrahim Buba claiming N17 billion and interests on the said sum for the losses allegedly caused by the oil spills.

Justice Buba, after listening to the submissions of the parties in the suit, in his judgment in 2010, awarded N17 billion to the representatives of the Ogoni people.

The court equally granted the Ogoni chiefs 25 per cent interest charge on the principal sum of about N17 billion.

SPDC then appealed against the judgment and applied for a stay of execution of the judgment pending the appeal.

As a condition for granting the stay of execution, the court required Shell’s bankers, FirstBank, to provide a guarantee of the judgment sum.

Mon, 12 Mar 2018
The most prominent fashion show in Africa, famed for handpicked curation of exclusive style, fresh and renowned talent, as well as acclaimed international names in fashion, is once again attracting a host of original African or African-inspired brands.

Over the course of three days, the ARISE Fashion Week 2018 runway event in Lagos will feature 50 designers from 15 countries including South Africa with seven designers, the largest after Nigeria, Cote d’Ivoire, Canada, Tanzania, the United States, United Kingdom, Germany, Morocco, Botswana, and many more. 

To kick off the three-day event on the morning of Saturday, March 31, the fashion extravanganza will have the distinction of showcashing the first Supermodel Masterclass ever to be held in the country, an ARISE Fashion Mentoring and Bootcamp, United Nations Special event, representatives of the federal government meeting with key designers, and The Showcase that will be anchored by Banke Kuku.

Later in the day will feature  some of the best internationally acclaimed designers: LaurenceAirlines from Cote d’Ivoire and Paris, known for establishing a new space for contemporary African fashion across the globe as well as young South African designer, Thebe Magugu, who’s craftsmanship and attention to design have garnered worldwide recognition.

Day one will also feature styles from Canadian designer, Aurora James, the UK’s very own singer and performer, Nigerian-born Tinnie Tempah, celebrated Tanzanian designer, Mustafa Hassanali, Orapeleng Modutle and KLûK CGDT, both from South Africa. KLûK CGDT has participated in every ARISE show.

From Nigeria are Funke Adepoju, Clan, Vonne Couture, About That Curvy Life Collective, Andrea Iyamah, Style Temple, Okunoren Twins, Ituen Basi and Lanre Da Silva Ajayi. 

Day two is to set to highlight designers offering luxurious and unique styles. From Germany, Sarah Duah will be featured on the catwalk, along with Koki Kamala from Botswana, Amine Bendriouich from Morocco, and South African-born designer and ARISE original, Gavin Rajah who regularly shows at the Paris Fashion Week will grace the runway with his glamorous, yet refined designs. 

Again from Nigeria will be Grey, Abaya Lagos, Taryor Gabriel, Ilare, House of Divas, Lagos, Ziva, Lagos, Tzar, Kimono Kollection, Mai Atafo, Tsemaye Binitie, Jewel by Lisa and Tiffany Amber.

To round off the show, day three of AFW 2018 will boast leading designers from both the UK and U.S. Self-taught, successful designer, known for dressing Cardi B., Rihanna and Beyonce, Laquan Smith, will be making his way back to Lagos from the U.S., to showcase his custom made, bare-to-there fashion.

He will be joined by Ghanaian-British fashion designer, Ozwald Boateng, most known for the transformational impact he’s had on menswear fashion for almost three decades.

Mon, 12 Mar 2018
Last week Tuesday, just before he jetted out to what Joseph Conrad in his 1899 novel, ‘Heart of Darkness,’ described as the dark continent, United States Secretary of State, Rex Tillerson, was at the George Mason University in Fairfax, Virginia. There, bespectacled and huddled in a dark suit, he gave a speech in which he described China’s approach to solving Africa’s infrastructure gap as one that endangers the continent’s resources and its long-term economic and political stability. Although Mr. Tillerson admitted that Chinese investments do have the potential to address Africa’s infrastructure gap, he pointed out that such investments have done very little to improve Africa’s job fortunes while increasing its debt burden. 

Mr. Tillerson, in his stoic, bland manner, would repeat similar warnings two days later, while addressing journalists at Addis Ababa, the Ethiopian capital city. “We are not in any way attempting to keep Chinese dollars from Africa,” Mr. Tillerson assured. But “it is important that African countries carefully consider the terms of those agreements and not forfeit their sovereignty.” 

In response, the Chinese government, which was in the middle of a constitutional amendment, reiterated its commitment to Africa’s growth and prosperity. “Be assured, no matter how the world may change or what others might say, the profound friendship between China and Africa will remain unbreakable,” Chinese Foreign Minister, Wang Yi, told a press conference on Thursday. “Africa’s concerns are China’s concerns, Africa’s priorities are China’s priorities.”

The rhetoric from Beijing, however, did not address the issues raised by Mr. Tillerson’s warning.

While the United States remains the leading aid donor to Africa, China surpassed it as the continent’s biggest trading partner in 2009. Although China’s development assistance to Africa in the form of infrastructure boasts a long history, dating back to the Tanzam railway completed and handed over to the Zambian government in 1976. But since the turn of the century, Chinese companies, which mostly have connections to Beijing, have ramped up infrastructure investments across the continent. These investments have been executed, in part, through a kind of barter system where states pay for new railroads, highways, and airports while Chinese companies are guaranteed long-term supply of hydrocarbons or minerals.

It is difficult to estimate the ‘fairness’ of the barter system because the specific details for most of these deals are kept under wraps by the governments involved.

But one of its characteristics, according to critics, is the insistence of Chinese contractors to bring their own workers to carry out their projects. In a continent ravaged by unemployment, many are quick to point out the ridiculousness of such practices. But maybe it is not so ridiculous if the success rate of Chinese companies, in terms of delivering infrastructure projects in a timely fashion and at much lower prices than their competitors, is factored into the argument. And a reason for this success rate is that Chinese companies have an integrated system for sourcing finance, engineering talent and raw materials. If it is cheaper to import an engineer from China to work on a project in Monrovia, why raise costs by hiring a local one? The answer to this question, whatever it might me be, undoubtedly, raises the question of skills transfer.

Mon, 12 Mar 2018
President Muhammadu Buhari has approved an amendment to the excise duty on alcoholic beverages and tobacco with effect from June 4, 2018. In a statement issued in Abuja yesterday, the Minister of Finance, Kemi Adeosun, said the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate [] 

Mon, 12 Mar 2018
Ex-governor cannot be ignored in Nigeria, Secondus insists By Omon-Julius Onabu in Asaba Former Governor of Delta State, Chief James Onanefe Ibori, has said he no longer nurses bitterness against anyone involved in his political persecution and eventual incarceration in a foreign land. Ibori stated this at a grand reception organised for him at [] 

Mon, 12 Mar 2018
Falana: Sani's revelation shows Nigerian legislators are highest paid in the world By Damilola Oyedele in Abuja with agency report Following fresh criticisms which have trailed the revelation that every senator receives about N13.5 million on a monthly basis, as running costs, the Senate has said there is nothing new about the disclosure as [] 

Mon, 12 Mar 2018
After years of back and forth, the Nigerian Stock Exchange (NSE) has finally settled the lingering employment dispute with its former Director General, Professor Ndi Okereke-Onyiuke, Mr. Lance Elakama and other executive staff. The amicable settlement was reached following adoption of the terms of settlement between parties which has become a judgement of a Federal [] 

Mon, 12 Mar 2018
By Alex Enumah in Abuja The United States Secretary of State, Rex Tillerson, will arrive Nigeria today as part of his one week tour of some African countries. He would be received on arrival by the Permanent Secretary, Ministry of Foreign Affairs, Ambassador, Olukunle Bamgbose, at the Nnamdi Azikiwe International Airport, Abuja. His visit will [] 

Mon, 12 Mar 2018
An Ikeja Chief Magistrates' Court on Friday ordered the remand of 58-year-old man, Franklin Adeyanju, in Kirikiri Prisons for allegedly defiling his neighbour's five-year-old daughter. Chief Magistrate, Taiwo Akanni, did not take the accused plea, but ordered his remand and adjourned the case until April 30, for mention. The accused, a politician, who resides at24, [] 
Naija Newspapers
Naija Newspapers

Naija Newspaper is a digital media distribution and review company focused on delivering Nigerian news across Nigerian audience. We are the biggest newspaper review company online; our value proposition is to be the all-in-one station for daily newspapers distributed in the country to various online audience. Our partnership includes and is not limited by the following Punch newspaper, Thisday online, Daily Sun Newspaper, Nigeria Tribune, BusinessDay, Leadershjip, Blue Print, Nigeria Guardian and Vanguard newspapers.