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Rivers State Governor Nyesom Wike has confirmed a drop in federal allocation accruing to the State, adding that it will device new means to improve its Internal Generated Revenue, IGR. The state Governor, Nyesom Wike came up with this while swearing-in the President of the Customary Court of Appeal, Justice Christiana Nwankwo. Wike said the recent Federal Allocation received by the state which is around N3.5bn can no longer solve the numerous challenges of the state compared to the over five billion naira it received previous months.   He said the state will initiate a new revenue drive of the IGR in order to meet up with the payment of salaries and pensions for retired civil servants. Wike said, “Last month we received just about N3b from FAAC and our salary wage bill is around 5billion and for pension we pay about 1billion. So our monthly wage bill is about 7bilion. We can no longer rely on FAAC. So we need to look inward. And the Judiciary is going to help us a...

Investment banking and financial services group, United Capital Plc, has announced its 2016 Q1 profit before tax of N1.42bn, up from N0.89bn in Q1 2015. This represents a 59 per cent increase. Its gross earnings stood at N1.85bn, up from N1.30bn in Q1 2015, representing a 42 per cent increase from the previous year. The firm’s profit after tax also grew by 61 per cent in Q1 2016, closing at N1.13bn, up from N0.71bn in 2015. The company also held its Annual General Meeting in Lagos and declared a 35 kobo dividend to shareholders. The group said despite the extended economic challenges in the market in 2015, it exhibited sustained growth throughout last year (reported 2015 full year earnings of N6.15bn, up from N4.68bn in 2014) and in to 2016. Commenting on the results, the group’s Chief Executive Officer, Oluwatoyin Sanni, said, “We entered the new year with a full understanding of what was ahead of us. Therefore, we prepared for and anticipated the roadblocks and adjusted ac...

Soldiers from 144 Battalion, Ukwa West Local Government Area, under 14 Brigade Ohafia, Abia State have rescued the son of a retired civil servant, Evan Adieze from kidnappers’ den located at Umuojima village in Osisioma Ngwa council area of Abia State. The troops also succeeded in stopping Adieze’s mother, who was earlier kidnapped, but released by the kidnappers to source ransom, from handing over about N300, 000 for the release of her son. It was gathered that the soldiers, who were engaged in a fire exchange with the abductors after rescuing the victim, set the house where the boy was kept ablaze.

President of the Senate, Dr Bukola Saraki, says all the grey areas in the 2016 Budget have been resolved. Saraki said this on Tuesday night while speaking with State House correspondents after a closed-door meeting with President Muhammadu Buhari in Abuja. Buhari met with the leadership and principal officers of the National Assembly, as part of efforts to resolve the 2016 budget impasse.   Saraki said that the lawmakers came to inform the President and his team of the solutions they had found to the budget impasse. He said that both sides agreed on the way forward and assured Nigerians that the process would be completed in a matter of days. “We just finished a meeting with the President and the Vice-President. “We came to let them know some of the solutions that we found in moving the budget process forward and we are happy to say that we have agreed on the way forward.   “We believe that this process will be completed in matter of days rather than wee...

Former Bauchi State governor, Isa Yuguda, has revealed he dumped the Peoples Democratic Party, PDP, because of issues uncovered in the ongoing arms probe. His assertion was contained in a letter he sent to the National Chairman of the PDP, Modu Sheriff, and made available to Journalists in Bauchi. Yuguda said in the letter titled “Letter of resignation as a member of the PDP,” that the revelations that emanated from the arms deal had denied the PDP of any form of morality.   According to Yuguda, the opposition party is not capable of bringing the needed development to Nigerians, stressing that he would stay away from politics for some months or a year. He said he would consult duly to determine his next direction after the break. His letter reads in part, “I wish to tender my resignation as a member of the PDP effective from today, Saturday, 23rd April, 2016. My decision was informed by the shocking revelations on the embezzlement of $2.1bn meant for the procurement ...

The Economic and Financial Crimes Commission (EFCC) has recovered jewellery worth over £2 million (N600million) from former Minister of Petroleum, Diezani Alison-Madueke and the wife of Mr Jide Omokore, an ally of former President Goodluck Jonathan. A top EFCC official told Daily Trust that several other property were also recovered from the former oil minister, including a wrist watch valued at £600, 000 (N185 million). Diezani is facing various graft allegations, including the “missing” $20 billion oil money, among other deals executed by the Nigerian National Petroleum Corporation (NNPC).   She was interrogated at the Charing Cross Police Station in London last year when the United Kingdom National Crime Agency arrested her on allegations of bribery and money laundering. Similarly, jewellery valued at £1.4 million (N407 million) was also recovered from Omokore’s wife after operatives raided her residence in Lagos, the EFCC official said. Omokore is the chairma...

An Abuja Federal High Court on Tuesday quashed the application of the embattled leader of the Indigenous People of Biafra, IPOB, where he saught to halt his trial. Kanu who is standing trial for treasonable felony had through his counsel, Chuks Muoma on April 5, applied for a halt in his ongoing trial pending the hearing and determination of the appeal he filed challenging the ruling of the court delivered on March 7 that granted the request of the Federal Government to shield its witnesses. The prosecution had asked the court to dismiss the application on the premise that it lacked jurisdiction.   At the resumed trial today, Justice John Tsoho-led Court ruled that the court had jurisdiction to preside over the matter . Justice Tsoho held that the trial of Kanu shall proceed in the order and manner earlier stated, as “there is an order fro from above.” The judge, however, warned Kanu’s lawyer, Ifeanyi Ejiofor against the use of fowl language in his submissions to...