Monday, 7 March 2016

Again, Buhari rejects calls for naira devaluation

President Muhammadu Buhari has again rejected calls by the International Monetary Fund to lift foreign exchange restrictions and allow a more flexible exchange rate for the naira.
Buhari declared emphatic “no” to Al Jazeera television in an interview posted on its station’s website, when asked whether he would consider ending the fixed naira rate to the dollar and devalue the currency.
He said hard currency curbs were necessary as Nigeria could no longer afford to import as much as it had in the past due to dwindling oil revenues.
The IMF had last month called on the Central Bank of Nigeria to lift the curbs imposed on the naira-dollar exchange rate last year and let the naira reflect “market forces” more closely, as the restrictions had significantly affected the private sector.
As of last Friday, the naira closed at 310 against the greenback at the parallel market.
The CBN has pegged the official exchange rate at the interbank forex market between N197 and N199 per dollar.
In a statement released on February 24 following its economic assessment team visit to Nigeria, the IMF said that Nigeria’s economy was suffering from the impact of a sharp decline in oil prices, which made naira devaluation a necessity.
The statement read, “Nigeria is facing the impact of a sharp decline in oil prices. Eliminating existing macroeconomic imbalances and achieving sustained private sector-led growth requires a renewed focus on ensuring the competitiveness of the economy.
“As part of a credible package of policies, the exchange rate should be allowed to reflect market forces more and restrictions on access to foreign exchange removed, while improving the functioning of the interbank foreign exchange market.
“It will be important for the regulatory and supervisory frameworks to ensure a strong and resilient financial sector that can support private sector investment across production segments (including the SMEs) at reasonable financing costs.”
The IMF statement was released after its 2016 Article IV Mission to Nigeria.
The Washington-based fund further said that “with oil prices expected to remain low for a long time, continuing risk aversion by international investors and downside risks in the global economy, the outlook remains challenging.
“The authorities’ policy response has focused on seeking to support growth, while preserving international reserves. The draft 2016 budget envisaged, appropriately, a significant shift in the composition of fiscal spending toward capital investment while increasing the allocation for a social safety net.
“At the same time, the CBN has eased monetary conditions.”

Cristiano Ronaldo clowns around with his son in new pics

The soccer star bagged four goals at the weekend and was in a jolly mood. He shared these pics of himself and his son enjoying some boys downtime the day after his on-field heroics.

Court remands Badeh in prison as EFCC accuse him of spending N878m on a shopping mall

The Federal High Court sitting in Abuja has ordered former Chief of Defence Staff, Alex Badeh, to be remanded in prison until his bail application is heard. The EFCC arraigned Badeh before Justice Okon Abang this morning. Badeh is standing trial on a 10-count charge ‎of‎ criminal breach of trust and corruption to the tune of N3.9 billion.

In the charge sheet read in court today, Badeh is accused of spending N878 million being funds of the air force to build a shopping mall in Abuja. He is alleged to have also used funds of the Nigerian air force to purchase choice properties in Abuja. Part of the charge sheet reads...

“That you Air Chief Marshal Alex S  Badeh (whilst being the chief of air staff, Nigerian air force) and Iyalikan Nigeria Limited, between January and December, 2013, in Abuja, within the jurisdiction of this honourable ‎court, did use the dollar equivalent of the sum of N1,100,000,000.00 (One billion, one hundred million naira only), removed from the accounts of the Nigeria air force, to purchase for yourselves a mansion situated at No 6 Ogun River street, off Danube street, Maitama, Abuja, when you reasonably ought to have known that the said funds formed part of proceed of unlawful activity (to wit: criminal breach of trust and corruption) of Air Chief Marshal Alex S Badeh, and you thereby committed an offence contrary to section 15(2) (d) of the money laundering (Prohibition) Act, 2011 (as amended) and punishable under section 15(3) of the same Act‎. 

That you Air Chief Marshal Alex S Badeh (whilst being the Chief of Air Staff, Nigerian air force) and Iyalikam Nigeria Limited between January and December 2013, in Abuja, within the jurisdiction of this honourable court, did use dollar equivalent of the sum of N650,000,000 (Six hundred and fifty million naira only), removed from the accounts of the Nigeria Air Force, to purchase for yourselves a commercial plot of land, situate at Plot 1386 Oda Crescent, Cadastral Zone A07, Wuse II, Abuja, when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activity (to wit: criminal breach of trust and corruption) of Air Chief Marshal Alex S Badeh and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act. 

That you Air Chief Marshal Alex S. Badeh (whilst being the chief of air staff, Nigerian air force) and Iyalikan Nigeria Limited between January and December 2013, in Abuja, within the jurisdiction of this honourable court, did use an aggregate sum of N878,362,732.94 (eight hundred and seventy-eight million, three hundred and sixty-two thousand, seven hundred and thirty-two naira, ninety-four kobo), removed from the accounts of the Nigerian air force and paid into the account of Rytebuilders Technologies Limited with Zenith Bank Plc for the construction of a shopping mall, situate at Plot 1386 Oda Crescent, Cadastral Zone A07, Wuse II, Abuja, for yourselves, when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activity (to wit: criminal breach of trust and corruption) of Air Chief Marshal Alex S Badeh and you thereby committed an offence contrary to section 15(2)(d)of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act”‎.

Mum and daughter who both 'died' during birth spend first Mother's Day together

A woman, 24 year old Louiser Chapman, who came close to death when her placenta tore from her womb and she lost a litre of blood during a serious haemorrhage that saw her heart and her daughter's heart stop during childbirth is grateful to be alive with her daughter to celebrate their first Mother's day together.

Chapman was rushed for a crash c-section - but during the emergency operation she suffered a bad reaction to the antibiotics and went into anaphylactic shock.

Which caused her heart to stop for seven minutes -thereby causing six days of memory loss - Chatman had to be told every ten minutes that she had given birth to a baby girl.
Chapman said she had a normal pregnancy until when she was 30 weeks pregnant and started feeling an excruciating pain in her stomach while she was taking a bath in October last year. She said she remembers she told her 3 year old son-Charlie to give her the home phone so she could call the Ambulance but then she blacked out.
Her partner, 33 year old mechanic, Oliver Kernahan who was at work fortunately got home when the Ambulance arrived and found Charlie by the door. He said Charlie was a hero and "we're so proud of him."
Chapman was rushed to the Princess Royal Hospital in Haywards Heath, West Sussex, where a scan revealed her placenta had torn from her womb. She was transferred to Royal Sussex County Hospital for a c-section but had a reaction to an antibiotic, cefuroxime, and doctors desperately fought to resuscitate her.
They put her in an induced coma for ten days and her ten-week premature daughter spent the first days of her life in an incubator.
When Louiser came out of her coma, she was left with a short-term memory - likely due to the trauma - and nurses wrote her a birth diary to record the precious moments she had lost.
Louiser said:
"I really can't remember anything about giving birth. "My partner Oliver and the doctors had to fill me in on everything that happened so everything I know is second hand.
"It was so upsetting - it's so important for new mums to bond with their babies when they're born, and I couldn't do it. "They wrote down when Olivia was born and how much she weighed, as well as who had come to visit me in case I forgot.
"It was lovely as when I woke each morning, I got upset as I had forgotten what happened yesterday. So looking at my diary helped me."
Little Olivia weighed just 3lbs and 2 weeks after she was born,  the family was told she had a hole in her heart but were told that with time, they were confident the hole would close by itself and were released to go home. 
Eight days after they were home, Olivia stopped breathing after suffering cold symptoms. Chapman said when Olivia stopped breathing, she panicked and performed CPR that saved her daughter's life.
Chapman said:
"I had just fed her and then lay her on my chest. I took her upstairs pulled her away from chest and she was blue and floppy," "She wasn't breathing. I panicked, I didn't know what to do. I was in an absolute state.
"At first I passed her to Oliver, but then my training for work kicked in. I'd been taught CPR and I started giving her rescue breaths. Finally she gave out a cry."
She was rushed to East Surrey Hospital where doctors found out that Olivia had caught bronchiolitis and pneumonia which had affected her upper respiratory system.
Chapman added:
"There were doctors all around her, they gave her CPR, two blood transfusions. "It was horrific. When I later saw her in intensive care I thought, 'How is she going to come back from this?' "I didn't think she would survive, there were times when I just couldn't think of the positive."
The family spent last Christmas in hospital and after six weeks on the ward, little Olivia was allowed to go home - but has to use an oxygen tank.

The little fighter has needed lots of treatment, but now four-months-old, she's back home and the pair have an extra special bond.

She's still using the oxygen tank, the family say it's difficult getting used to Olivia using the tank but they are very grateful to have her here. They have to do everything with the oxygen tank attached to her and make sure they never leave it empty.

Chapman said: "There was a point when I really didn't think we'd get get here - we really thought we'd lose Olivia.

Source: UK Mirror

Photos of Badeh in court today

Former Chief of Defence Staff, Alex Badeh, was arraigned before the Federal High Court Abuja today on an 11-count charge ‎of‎ criminal breach of trust and corruption to the tune of N3.9bn.

Floyd Mayweather shows off his bling and loads of cash

As the champion boxer shared on instagram...

Football fan kills friend over Messi, Ronaldo argument

A 34-year-old Nigerian was stabbed to death by his friend after a  heated argument over who is the best footballer in the world in in Mumbai, India.
According to Times of India, the incident occurred on Sunday morning at Mahesh building, Ostwal Nagri, Nalasopara East.
The killer, one 22-year-old Michael Chukwuma, was part of the 34th birthday celebrations of Obinna Durumchukwu on Saturday night.
The party went on till 9am the following morning. The two drunk friends then proceeded to play football in the common balcony on the building’s third floor.
They ended up having an argument over who between Lionel Messi and Cristiano Ronaldo was the greater player, the report said.
Obinna allegedly hurled an empty bottle at Michael. The bottle missed Michael, hit a wall and smashed into pieces. Michael then picked up a glass piece and slashed Obinna’s neck who died on the spot, reports Times of India.
Michael, is presently in the custody of the police.

[VIDEO] War against Boko Haram: I haven’t failed, Buhari tells Al Jazeera

I can get the Super Eagles flying again to the next W/Cup - former coach Bonfrere Jo cries out for job

Bonfrere Jo, known for leading Nigeria to the Atlanta'96 Olympics gold medal as well as the 2000 African Nations Cup final has stated he knows how to revive the fortunes of the Super Eagles if he's handed the coaching role on a permanent basis. Sunday Oliseh shockingly resigned from his position as head coach two weeks ago and Samson Siasia alongside a team of ex-internationals has been put in temporary charge of the Super Eagles.

But Bonfrere, brought to the country by Dutchman Clemens Westerhof says most coaches that have coached Nigeria don't know how to handle the job hence their failure rate, saying only Stephen Keshi could handle the pressure of the Super Eagles job.

I know Nigeria very well; I worked there for a long time to understand the players' and the officials' thought processes. I understand that Nigerian players like to play football and that was why I worked very well with the players. If you don't understand the players, their mentality, then it will be very difficult for any coach to work with them and get the best from them.'' He said to CompleteSportsNigeria. 
''Your local coaches don't always succeed because you have too many people who put pressure on them and again  international football is beyond the local coach.''

I'm interested of course (in the job), because I enjoyed working in Nigeria. it's because you have a whole lot of good players with technique, who love to work very hard and always want to play. The most important thing, as a foreign coach, I have to teach the players how to play good football. Certainly, I'm interested (in coming back to Nigeria as Super Eagles coach). Of course, I would like to go with Nigeria to the African Cup of Nations; I would like to go with the Super Eagles to the World Cup in Russia 2018. 
Before you work at that level (of being a coach) and succeed you must first of all have the experience. Oliseh did not have that, so it was going to be very difficult.
''It is the duty of the coach to build a strong squad, identify those he needs to get the job done and bring them along. In this case, the players and his backroom staff or his assistants. What he thinks will give him result is what he would like to do. The important thing is the success of the team and Nigeria and not only that of the coach.''
''It is difficult for the local coaches to coach Super Eagles because they don't have experience in international football outside Africa. They have their coaching experience from inside Nigeria, not outside, so it is very difficult for the local coaches to handle teams successfully. In Africa, if you have local coaches in your teams, it's likely there's going to be no result, but with foreign coaches, you have more chances of getting success.''
''Nigeria have won the Nations Cup three times, one by Keshi. Who won the other two, Nigerian coaches or foreign? My position is foreign coaches are better in position to win than local coaches.''

Photos: Beautiful Kenyan woman brutally beaten and stabbed to death in Dubai by ex-boyfriend for dumping him

Catherine Waithera Njogu was brutally beaten and stabbed to death by her ex-boyfriend after she dumped him. According to The Kenyan Daily Post, the suspect who is currently on the run stormed into Catherine Waithera Njogu place of work in Dubai and brutally beat her before stabbing her to death...

The couple had been together for two years during which he spent a lot of money to relocate her to Dubai and secure a job for her with DHL. She ended their relationship for unknown reason and he made several unsucceful attempts to get her back. 
Watson is alleged to have said that that there was no way he could spend his hard earned money to facilitate her move to Dubai from Kenya and secure a good job for her only to be dumped.
Catherine's father, Joseph Njogu has called on the Kenyan Government to assist in apprehending the suspect.
Trinity Chapel Ruiru, a church in Nairobi shared a photo of Catherine on therr official twitter account writing:
"We join family and friends of Joseph Njogu im mourning the loss of their daughter, Catherine Waithera"

Photos: Kendall Jenner and Chris Brown go on 'friendly' dinner date

Kendall Jenner took some time out of her hectic catwalk schedule at the Paris Fashion week to have dinner with one time rumoured love interest Chris Brown and friend Hailey Baldwin at the famous L'Avenue restaurant in Paris. More photos after the cut...

Graphic photos from the accident along Bauchi-Jos road..

The horrific accident occurred around 10:45pm last night close to Buzaye village along Bauchi-Jos road. A trailer crashed into a bus...the bus somersaulted and burst into flames. Passengers inside were burnt alive, only one man was tossed out of the vehicle and died... more photos after the cut...

Photos: IPOB leader Nnamdi Kanu in court today

The Indigenous People of Biafra leader Nnamdi Kanu is currently at the Federal High Court sitting in Abuja as he battles FG over allegations of Treason. More photos after the cut...