NAIJA NEWSPAPERS: TODAY'S THE DAILY TIMES NEWSPAPER HEADLINES [12 FEBRUARY, 2017].


Below are the headlines found on The Daily Times Online Newspaper for today, Monday, 12 February, 2017.

Mon, 12 Feb 2018
The nation’s currency in circulation has dropped by N0.25 trillion, when compared to N1.9 trillion recorded in January 2018 against N2.15 trillion declared in December 2017, the Central Bank of Nigeria (CBN) has disclosed. The CBN, in its economic report for fourth quarter, disclosed that, “at N2.15 trn, currency-in-circulation rose by 21.1 per cent, above the level in the third quarter of 2017. The development reflected the growth in currency outside banks”. According to the new report, “Total deposits at the CBN amounted to N13.17 trn, indicating 7.5 per cent increase over the level at the end of the third quarter of 2017. The development was as a result of the rise in the deposits of banks, Federal Government and the “others” in the review quarter. “Of the total deposits at the CBN, the shares of the Federal Government, Banks and ‟Others” were N6,018.10 bn (45.7 per cent), N4,320.37bn (32.8 per cent) and N2,834.02 bn (21.5 per cent), respectively. “Growth in banks‟ reserves at the CBN and currency-in-circulation accounted for the 16.5 per cent rise in Reserve Money (RM) to N6,477.6 billion at end-December 2017, compared with the level at end-September 2017,” the report stated. Currency in circulation between November and December 2017 was at N1.79 trn and N1.89 trn respectively, the CBN revealed on its website The apex bank disclosed that the currency in circulation, which is the physical money used for transactions between consumers and businesses, opened this year at N1.99 trn and closed in February at N1.97 trn. Commenting on increasing currency in circulation, currency analysts at the Ecobank Nigeria, Mr. Kunle Ezun, hinted that excess liquidity in the economy was due to the Yuletide celebration that has leveraged growth in currency in circulation, stressing that Nigerians are finding it difficult to embrace the cashless policy of the CBN. His word: “The market is liquid and it is due to current season of the year. We have seen a lot of Treasury Bills that have matured which the CBN has not rolled over. Market is awash with liquidity coming from CBN suspension of Open Market Operation (OMO) and slow down in the foreign exchange sales.” He explained further that Nigeria is still more of a cash economy, facing infrastructure challenges. “Someone can blame infrastructure deficit to CBN’s good intention of making Nigeria a cashless society. The infrastructure that will make the cashless policy work is missing compared to what we have in Kenya”. The apex bank in 2002 introduced the cashless policy to eliminate the amount of physical cash (coins and notes) circulating in the economy, and encourage more electronic-based transactions (payments for goods, services, transfers, among others.) The CBN said N1.98trn and N1.97 trn was in circulation in March and April respectively, but dropped to N1.89 trillion in May as CBN’s mopped up of liquidity in the system. Further investigation by The Daily Times revealed that currency in circulation moved to N1.87 trn in June and N1.77 trn in July and increased by 5.6 per cent to N1.86 trn in August. The amount of Naira in circulation, according to the CBN in September 2017, dropped to N1.78 trn and closed October at N1.79trn.

Mon, 12 Feb 2018
The House of Representatives ad hoc committee constituted to investigate the Central Bank of Nigeria (CBN) for alleged under remittance of over $5billion into the federation account began its work at the weekend. The ad hoc committee, headed by the Chairman House Committee on Customs, Hon James Faleke, has fashioned out a work plan on which ministries, departments and agencies (MDAs) to invite and other necessary modalities necessary for the investigative hearing. Our correspondent reports that the committee was constituted, following the adoption of a motion sponsored by Hon Ayo Omidiran (APC/Osun ) in which he alleged that the CBN was guilty of not disclosing the true state of the financial inflows into the federation account on a monthly basis. The House member also indicted the office of the accountant general of the federation for not reporting the alleged infractions by the CBN. Omidiran said, “The CBN takes advantage of this all important function of warehousing funds for the three tiers of government and preparation of the federation account statement, to manipulate the system by opening various accounts not known to the three tiers of government where funds are remitted, hidden, diverted and spent without authorisation. “The CBN in 2006, opened various accounts with JP Morgan Chase Bank in New York, USA, in which International Oil Companies (IOCs) remit all revenues for the federation. “The CBN still operates an account with Federal Reserve Bank of New York, USA, alongside that of JP Morgan Chase Bank from 2006 till date. “The CBN’s responsibility of receiving revenue in foreign currencies and converting same to Naira for the benefit of the three tiers of government, has led to substantial loss in the amounts remitted to the federation account. “In the recent past, FAAC meetings have been postponed due to irregularities observed in the federation account by the states.” According to her, the CBN violated Section 80 (2) of the 1999 Constitution (as amended) by spending funds not appropriated by the National Assembly. After the House Speaker, Hon Yakubu Dogara, announced the constitution of ad hoc committee last week at plenary, the committee decided to begin work in earnest and decided to invite the CBN and the accountant general of the federation and others to help in its investigation. While moving the motion on the floor, Hon. Omidiran had expressed regret that the apex bank has not been forthright on the issue. In a related development, the House of Representatives ad hoc committee investigating the alleged abuse of import duty waivers granted sugar companies has resolved to summon the Minister of Industry, Trade and Investment, Okechukwu Enelamah and other stakeholders to shed new light on how firms granted waivers by the federal government short changed the government of billions of Naira in revenue. Chairman of the House ad hoc committee, Hon Olasupo Abiodun Adeola, disclosed this to journalists at the weekend in Abuja, while speaking to journalists. Hon Adeola said that the committee’s assignment is straight forward, to determine the compliance by local sugar companies with the waiver granted them to import raw sugar into the country under a scheme to promote backward integration and ensure local sugar production meets demand, thereby reducing Nigeria’s dependence on imported sugar. Sadly, he declared that companies granted the waiver abused the privilege and turned around to fleece the nation of billions of Naira. He assured that the committee will do a thorough job, adding that “we’ll hit the ground running and the committee will invite all stakeholders, including the minister and everybody involved with the waiver one way or the other. “Nigeria produces less than four per cent of its sugar requirements locally. The backwards integration scheme that necessitated the granting of waiver was to encourage local production, reduce imports, create employment and reduce foreign exchange expenditure.”


Mon, 12 Feb 2018
The proscribed Indigenous Peoples of Biafra (IPOB) has asked the District Court of Columbia, United States of America to deny the motions filed by the Chief of Army Staff, Lt. General Tukur Buratai, Governor Willie Obiano and 14 others seeking to dismiss the suit against them over extra judicial killings and torture. Ten members of IPOB including one survivor of the attack at St. Edmond Catholic Church, Onitsha, Anambra state on May 29-30, 2016 had instituted the action in the District Court of Columbia before Judge Dabney Friedrich in which they named the following as defendants in their individual capacity Tukur Buratai, Lawal Musa Daura, Ibrahim Attahiru, M.I. Ibrahim, Kassim Umar Sidi, Issah Maigari Abdullahi, Solomon Arase, Ibrahim Kpotun Idris, Okezie Ikpeazu, Willie Obiano, Habila Hosea, Peter Nwagbara, James Oshim Nwafor, Hosea Karma, Bassey Abang and Johnson Babatunde Kokomo. The plaintiffs who sued with named John Doe1- 6 and 10, and Jane Doe 7 – 9 in the response filed by their counsel Bruce Fein also asked the court to proceed to judgment. The counsel stated that “the Torture Victim Protection Act ( TVPA), law suit against the 16 defendants arises from nine extra judicial killings and 10 acts of tortures under color of Nigeria law of the nine representatives of the wrongful death claimants of the deceased. Doe 1-9 and the lone survivor of torture Doe 10. According to the counsel all the plaintiffs are Igbos, Biafrans and supporters of Indigenous Peoples of Biafra (IPOB). He told the District court that group is dedicated to Martin Luther King like peaceful protest to restructure Nigeria and end chronic oppression and genocidal persecution of Briafrans by Muslim Hausa Fulani. IPOB counsel further told the court that despite the fact the Nigeria Constitution guarantee freedom of association, expression as recognised by the universal declaration of human rights and sister human rights conventions, lethal military and police force suppressed these rights. That plaintiffs’ TVPA claims is derive from the defendants complicity and command responsibility for extra judicial killings or torture in three incidents . First at a peaceful gathering of IPOB supporter or members in the St. Edmond Catholic Church, Onitsha ,Anambra State May 29-30, 2016 to celebrate Biafra patriot day. Second, a peaceful gathering of Igbos IPOB supporters at National High School on Port Harcourt road Aba, Abia State, on February 9, 2016.to protest continued imprisonment of IOPB leader,Nnamdi Kanu. Thirdly, that Mr. Kanu has been missing since mid Sept 2017 after his home was attacked with military force by Nigerian military. That the claimants entertained reasonable fear of death if they were to seek judicial relief in Nigeria for extra judicial killings or torture. That in any case, Nigeria judiciary have been compromised and incapable of providing relief against the defendants ,therefore, the motion should be denied. However, the defendants through counsel Anthony Egbose had asked the court to dismiss the plaintiffs claim (Docket 36 -1 ) while another counsel Mr.Jude Iweanoges who appeared for Gov. Willie Obiano asked the court to dismiss Docket 35. Both counsel argued that the service on the defendants were defective. Beside,they were ordering order. The defendants also claimed political immunity and hinged the failure of the plaintiffs to state claims and lack of personal jurisdiction as grounds to dismiss the suit.


Mon, 12 Feb 2018
Desirous to reduce the hardships facing Nigerians, especially occasioned by perennial fuel scarcity in the country, returnee indigenous India- trained graduate engineers of the Dangote Refinery have promised to arrest it. The said they would deploy the knowledge and skills acquired during the training to ensure Nigeria is saved the embarrassment of fuel scarcity when the refinery come on stream. According to a statement by the Dangote Group and made available to The Daily Times, “The engineers, who described their experience as second to none in the history of Nigeria oil and gas sector, said never again would Nigeria experience fuel scarcity, as the Dangote Refinery would be operated in the most efficient manner”. Dangote Oil Refinery Company had in preparation for take off sent in batches local graduate engineers to Bharat Refinery in India, arguably the biggest in the world, for training in refinery operation and production. The nation is anxiously awaiting the Dangote refinery with a capacity to produce 650,000 bpd to commence operation as the country’s four refinery have gone comatose. According to the statement,”Reliving their experience to the management of the copy on return one after another, at the refinery premises at Lekki, Lagos, the engineers said they had both theory and practical training in India and they are also having a very rare opportunity to witness a refinery of the Dangote’s size being built from the scratch. “Opeyemi Oyedepo, Process engineer and Igwe John, petroleum and gas engineer , told the management how they are made to be part of trouble shooting during their training, a development that has boosted their confidence that Dangote Refinery with most modern facilities, will eradicate perennial fuel scarcity in Nigeria”. Speaking further on the benefits of the training to Dangote Refinery, the engineers stated that the company would henceforth enjoy increased value of human asset; improved ability to implement and realize specific goal within timeframe. The engineers also listed as part of the benefits efficient refinery operations and adherence to quality and standard. In his comment, Technical Adviser to Dangote Refinery, Engr. Babajide Soyode expressed satisfaction that the best of the graduate engineers were selected as attested to by the the trainer’s in India. He said the management was proud of the engineers as they have displayed a thorough understanding of what they learnt in India. On the choice of India for the training, Soyode said India has the biggest refinery in the world; and are ready to train young engineers. The statement said that “The company’s Director of Human Capital Management and Project Support, Mohan Kumar, while presenting the returnee engineers, said the company is laying a solid foundation for take off with the training of the engineers. “He said the young engineers were trained at Bharat Petroleum Corporation Ltd. in India on how to manage the operations of the refinery. “Kumar added that the engineers had gathered fundamental practical knowledge about refinery”. According to him, the engineers are recruited and trained to witness the building of the refinery from scratch. He said the engineers spent two months in classroom training and three months on the job training. Kumar explained that the engineers were trained by experts who had over 45 years experience in refinery operations, stressing that the training became imperative due to the commitment of Dangote Group to promote local content by developing indigenous capacity. He stated that, “the engineers are expected to also transfer the skills acquired to other Nigerians when the refinery comes on stream.

Mon, 12 Feb 2018
The three segments, Treasury bills, foreign exchange market and the repos, buy back and unsecured placements contributed 93.64 per cent of total turnover in theThe post T-bill, fx, Repos boost market by 93.64% appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
The Human and Environmental Developmental Agenda (HEDA Resource Center), has urged the National Assembly to commence the confirmation process of about 60 nominees submitted byThe post Group to Saraki: Non-confirmation of 60 nominees hampering smooth running of governance appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
.. NCAA did a lazy, shoddy job to cover up- Air Peace .. We will not go into unnecessary controversy with Air Peace- NCAA TheThe post Air Peace burglary: Airline, NCAA trade words appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
The Peoples Democratic Party (PDP) said the resort to primitive cheating and deployment of heavily armed security forces to muscle votes for the All ProgressivesThe post Katsina, Kano Polls show Buhari has lost popularity appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
The management of Parties and Eventz, an event and protocol company based in Lagos, is organising an exciting two weeks intensive photography session for bothThe post Party and Eventz to train photographers in Lagos appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Over the years, Corporate Social Responsibilities (CSR) in Nigeria has been a contemporary and contextual issue to all followers of event including the government, brandThe post CSR, Nigerian youths, nation building appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
The Socio-Economic Rights and Accountability Project (SERAP) has urged Lagos State Governor Akinwunmi Ambode to take steps to immediately reverse the unfair and discriminatory tollThe post SERAP urges Ambode to reverse unfair Lekki toll charges appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
A non- governmental human rights organisation, the Human Rights Writers Association of Nigeria (HURIWA) has criticised the Federal Government for what it described as oneThe post HURIWA blasts FGs anti- graft war over reinstated NHIS boss appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Worried about its negative impact on the growth of health insurance in the country, Health & Managed Care Association of Nigeria (HMCAN), has joined theThe post HMCAN vows legal action against reinstatement of NHIS boss appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
EQUITY Assurance has announced that its same has been changed to Sunu Assurance, earlier in February 2018, it was announced that a Franco-phone African InsuranceThe post Equity Assurance changes name to Sunu Assurance appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Custodian and Allied plc has, in keeping with the amendment to the NSE listing rules, disclosed that Gratitude Capital Limited controls 12.17 per cent shareholdingsThe post Custodian discloses gratitude capital controls 12.17 % holding appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Afromedia Nigeria Plc, which has sustained the tag minimum regulatory filling (MRF) by the Nigerian Stock Exchange (NSE),has announced the resignation of its Group ExecutiveThe post Afromedia announces resignation of groups ED appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Mr. Malomo Oladapo a Lagos -based stockbroker told our correspondent that having seen the first week of trying the new pricing methodology, the best formThe post When companies are open for hostile acquisition appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
The Federal Governments capital budget would be strictly deployed to fund infrastructure projects across the country, particularly the completion of ongoing projects, the Honourable MinisterThe post FGll retain capital budget despite forthcoming elections- Adeosun appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Cross section of market experts have pointed that the prevailing global markets uncertainty to be responsible for the sustained market decline recorded for consecutive twoThe post Experts finger global equities market uncertainty to prevailing sell off appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 

Mon, 12 Feb 2018
Nigerias leading airline, Air Peace, has again pledged to end the travel difficulties of of the nations unserved and underserved cities. The airline gave theThe post Air Peace Acquires second Embraer 145 to add value to sector appeared first on Daily Times Nigeria. Nigeria News from Nigeria Newspapers 
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