According to a report by Premium Times, Nigeria’s Deputy Senate President, Ike Ekweremadu, is at the EFCC office. He was said to have arrived at the anti-graft agency’s office in Abuja between 9 - 10:00 a.m.

““He is currently at the interrogation room. We have some questions for him bordering on corruption. But we do not know yet when he would be released, we will know this by 5:00 p.m” a source said.

Ekweremadu, the most-senior member of the opposition Peoples Democratic Party in public office, was invited for questioning last week Tuesday. The invitation became public hours after EFCC operatives laid a siege to the top lawmaker’s home at Apo Legislative Quarters, Abuja.

Ekweremadu has faced multiple allegations of sharp practices in recent years, including claims that he forged Senate standing rules which led to the controversial election of principal officers in June 2015.  He has also been accused of owning multiple properties abroad; some allegedly purchased using shell firms and political associates fronting for him.

The Senate President, Bukola Saraki, has formally announced his departure from Nigeria’s ruling party, the All Progressives Congress (APC).

The Kwara State Governor, Abdulfatah Ahmed, made a similar announcement at about the same time.

Mr Saraki made his announcement on his official social media handles.

“I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the All Progressives Congress (APC),” he wrote on his Twitter handle.

Nigerians have largely expected Mr. Saraki’s defection from especially after all the federal lawmakers from his Kwara State left the APC last week.

The Senate President is expected to join the main opposition party, the Peoples Democratic Party (PDP).

I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the All Progressives Congress (APC).

— Bukola Saraki (@bukolasaraki) July 31, 2018

Governor Ahmed, Mr Saraki’s political ally, also defected to the PDP.

A statement by his media aide, Muyideen Akorede, said the decision followed consultations with people in the state.

“Following due consultations with the people and in response to calls by major stakeholder groups in the state, Kwara State Governor, Alhaji Abdulfatah Ahmed today defected to the People’s Democratic Party(PDP), having realized that the All Progressive Congress (APC) can longer serve as a platform for achieving the aspirations and expectations of his people,” the statement said.

Mr. Saraki joined the APC on January 29, 2014 after falling out with the then PDP government, led by President Goodluck Jonathan.

Comedian, Bovi has called out a thief whom he claimed stole his tin of milk and other provisions while in secondary school 24 years ago.

In his very hilarious narration, Bovi explained how he had gone on hunger strike to save some tin of milk and a box of sugar for the last week in school, only for the items to be stolen by the unidentified thief in what he describes as 'one of the worlds unsolved crimes'.

He wrote

To that my hostel mate that stole my provision in boarding house when I was in SS1. It’s been 24 years now. I still haven’t forgotten. (My pack of St. Louis Sugar and new can of peak milk). I saved those two through hunger pangs and days and weeks and months of starvation.

I wanted to enjoy my last week in school and you robbed me of those rare pleasures. Know that I woke up today and remembered and I took off my clothes to commit that crime you did me to the hands of the spiritual. I don’t know you but you know yourself.

I consider it as one of the world’s unsolved crimes. Your day of reckoning will surely come. You will see milk and sugar in abundance but you will not be able to drink it. Amen

The Economic and Financial Crimes Commission has linked Governor Samuel Ortom of Benue State to an alleged fraud to the tune of N22bn.

This is just as the EFCC revealed that 21 members of the Benue State House of Assembly are under investigation for allegedly diverting N375m meant for the procurement of vehicles that would be used for oversight functions.

The allegations are contained in a report of an investigation which began in 2016 but was made available to our correspondent on Monday.

According to the report, the governor, between June 30, 2015 and March 2018, ordered the withdrawal of N21.3bn from four government’s accounts in Guaranty Trust Bank, First Bank of Nigeria and the United Bank for Africa.

On paper, about N19bn out of the money was said to be meant for the payment of six security agencies that had been deployed in the state to address the incessant clashes between herdsmen and farmers.

However, the EFCC stated that less than N3bn of the money was paid to the security agencies while the remainder could not be accounted for.

The report reads in part, “We investigated four bank accounts belonging to two Benue State Government’s agencies. The first agency is the Benue State Government House which has an account in UBA with number 1017348051 and another account in GTB with number 0027952907. These accounts received N1, 916, 635, 206 from the state’s allocation between June 30, 2015 and March 2018.

“The second government agency is the Bureau of Internal Affairs and Special Services. The agency has an account with UBA with number 1007540119 and a First Bank account with number 2023788057. Between the same periods, the accounts were credited with N19, 468, 951, 590 from the Benue State allocation.”

The anti-graft agency said one person identified as Oliver Ntom, withdrew over N19bn from the account of the Bureau of Internal Affairs and Special Services based on the instructions of the Permanent Secretary, Boniface Nyaakor.

The money, which was allegedly withdrawn under the pretext of security votes, was said to have been diverted while the memos written in respect of the withdrawal were destroyed.

The report adds, “Investigations revealed that N19bn was withdrawn by one Oliver Ntom, a cashier. Sometimes, in a day, he would withdraw as high as N500m by cashing several cheques worth N10m each.

“The permanent secretary upon interrogation said anytime security agencies requested funds, he would approach Governor Ortom who would ask him to write a memo to that effect. The permanent secretary would write and the governor would approve the money.

“The permanent secretary said the funds are usually given to six security agencies. He said the highest that any security agency gets is N10m a month while the least any of the agencies gets is N5m a month.

“He said after the money has been released, the governor usually orders that the memo be torn to pieces. It is important to note that if a total of N60m is given to all the security agencies collectively every month as claimed by the permanent secretary, it cannot amount to half of N19bn in three years.”

The commission said the funds being spent were not in the budget of the Benue State Government.

It further accused the governor of failing to pay salaries despite withdrawing N1.328bn from the Joint State Local Government Account in Fidelity Bank with number 5030058730.

The report adds, “Investigations revealed that one John Bako, a member of one of the security outfits in Benue, withdrew N28m while one Andooi Festus, believed to be a cashier from the Bureau of Local Government and Chieftaincy Affairs withdrew N1.3bn. They have been invited.”

Meanwhile, the EFCC has invited 21 out of the 30 lawmakers in the Benue State House of Assembly for allegedly diverting part of the N375m meant for the procurement of vehicles in 2016.

According to the anti-graft agency, the Benue State Government had in 2016 awarded a contract worth N417m (N375m after tax) to Mia-Three Nigeria Limited to procure 30 Prado TXL vehicles for the lawmakers.

However, only eight members received the vehicles while the others diverted the funds.

The report adds, “About 21 of the lawmakers are under probe. However, 25 of the lawmakers have returned all the money they received which adds up to N245m. Four others have failed to return the remaining sum of N31m.”

Attempts to get a reaction from Ortom were unsuccessful. Calls to the mobile of his Chief Press Secretary, Mr. Terver Akase, were neither picked nor returned.

A response to a text message sent to him on the subject was still being expected as of the time of filing this report at 7.30pm.

The People’s Democratic Party (PDP) has cautioned the factional National Chairman of the All Progressives Congress (APC), Mr Adams Oshiomhole, to stop behaving like an attack dog.

PDP notes with utter dismay that Oshiomhole, since assuming office as chairman of the factional APC, had abandoned the path of wisdom expected of him and have become noisy, loquacious, rapacious and completely immodest in all his actions and utterances.

If Oshiomhole had limited his childish abuses to President Muhammadu Buhari, whom he dismissed as indolent, ineffectual and condoning indiscipline; or to the ministers of their incompetent government, whom he wholesomely described as dishonorable;  the governors left in his faction, whom he said are undeserving of return tickets in 2019; and members of his faction, who he had rendered directionless, the PDP would have ignored his attention seeking antics.

However, Nigerians have now found a new laughing stock in Oshiomhole, who appears to have completely lost all bearings in his quest to compete for media space with aides of the President and by so doing, throwing every decorum to the dogs.

While the PDP has nothing but pity for Oshiomhole, who is fast turning himself into President Buhari's court jester, our party will henceforth not watch and allow him continue to make irresponsible, mundane and unsubstantiated allegations of corruption, murder or mutiny against any member of the PDP or any notable Nigerians, unchallenged.

The PDP therefore cautions those who brought Oshiomhole into office, through a charade called a national convention, to immediately direct him to regulate the lethargic words spewing out of his double-speaking mouth before he derails our democracy.

Oshiomhole should be reminded that but for the cover provided for him by President Buhari, he would have been under prosecution by the Economic and Financial Crimes Commission (EFCC) over huge allegations of pillaging the scarce resources of Edo State where he also trampled upon the citizens, including poor widows, when he was governor.

However, with the collapse of the APC and its inevitable defeat in 2019, Oshiomhole by now knows that his presidential cover will soon be over and that he will surely face the full weight of the law.

One half of PSquare, Peter Okoye recently spoke in Kenya about the issues that led to the breakup of the group with his twin brother, Paul.

Peter while speaking on Citizen TV in Kenya said “In life what we call family value is important. The fans want Psquare but how many times do you want PSquare to come back and break up? We’ve broken up three times and the same issue is still there. So if Psquare is going to come back we need to settle that issue. Psquare might come back, they might not come back'.

He went on to say, 'I pulled out the plug because I felt the disrespect coming from my family (was) getting too much. There’s something we call marginalization. Doesn’t ever be a slave because you want to be family.

"Psquare can only come back if the respect comes 100%. I don’t disrespect my brother’s wife neither his family but he does that to me all the time. He’ll insult me and my family in public, on Instagram, and the next minute he’ll wait for me backstage for us to perform together. I can’t do that. One thing is for sure, I took a vow to protect my wife and kids the day I got married and I stick to that.”

Award-winning gospel singer, Kirk Franklin, has been called out by his eldest son, who claims he’s trying to kill him.

Kerrion Franklin,  who has not had a good relationship with his dad for many years, made the shocking allegation in an Instagram post which has now been deleted.

In the post, he wrote;

'My own father is trying to kill me. If anything happens to me its @kirkfranklin sneaky ass. A lot of funny shit been happening and he’s in LA right now hiding from me and i haven’t heard from him. So I'm just leaving this here for safety purposes. I can’t deal with this f**k shit on my own anymore. I'm done. My life is too valuable...in real time.'

The Gospel singer is yet to react to the allegation.

French president Emmanuel Macron has been accused of dating his former bodyguard who was recently fired, but he has denied this report.

Alexandre Benalla, 26, was sacked after footage emerged of him wearing a police helmet and beating up protesters.

Macron waited two whole months before dismissing Benalla for this and it earned him criticisms. There were also claims that Benalla was still living in his official residence even after being suspended. Some websites have even suggested there was more to the pair’s relationship.

Speaking to MPs in Paris, Mr Macron, 40, said: “The person responsible for all this is in front of you. Alexandre Benalla never had any nuclear codes. He never had an apartment. Alexandre Benalla was never my lover.”

Mr Macron, married his former teacher Brigitte, 65, in 2007. Since the scandal with Benalla, Macron's popularity has taken a nosedive.

Nigerian Super Eagles' goalkeeper, Carl Ikeme has announced his retirement from football following his 12-month battle with Acute Leukamia.

The 32-year-old who has been with Wolverhampton Wanderers for his entire career made 274 domestic career appearances in all competitions, with over 200 of them coming for Wolves, the club he joined in 2000 as a 14-year-old.

His retirement was confirmed by Wolves executive chairman Jeff Shi on the Club's website.

“Having been at the club since the age of 14, Carl is far more than just a player in our eyes - he is our brother and an important part of our family.

“When Carl came to tell us his news, yes there was sadness, but also great happiness to see him so healthy and hungry for the opportunities that lay ahead of him.

 “Carl is strong, a fighter, something he has proven in his playing career and also during what has been a very challenging time for him, so I have no doubt he will be a success in whatever he does next.

“We wish Carl all the very best for the future, but remind him he will always remain a part of the Wolves family.”

Wolves managing director Laurie Dalrymple said: “While this news will undoubtedly leave the Wolves family feeling sadness for someone they care about deeply, it also gives us the opportunity to celebrate an exceptional career and a true servant of this football club.

“A brilliant goalkeeper who deservedly earned promotions and international caps, Carl’s exemplary application on the pitch was matched off it by tireless hard work and a positive attitude that will continue to be an inspiration for young players coming through our Academy for many years to come.

“I have been in touch with Carl regularly during a very difficult year for him and his family, and I have been constantly in awe of his strength, positivity and heart at a time of great adversity.

“Carl will, without doubt, be a permanent member of the Wolves family, and I am certain he has a very bright future ahead of him in whatever path he chooses to take.”

Wolves sporting director Kevin Thelwell said: “I have had the honor and privilege to work alongside Carl for the duration of my time at Wolves, and you would be hard pressed to find a more dedicated and hardworking professional.

“The outpouring of support and love from our supporters this time last year, and throughout Carl’s treatment has been testament to how we all feel about Carl, and we are delighted that he is now in complete remission.

“However, it is definitely his contribution on the pitch that he will be most remembered for at Wolves, and forever held as inspiration to future generations of our Academy.

“I’m looking forward to seeing more of Carl this season, and seeing him back at Molineux where he belongs.”

Ikeme who was supposed to be Super Eagles number 1 at the Russia 2018 World Cup was diagnosed with acute leukemia during a blood test following his return to his club Wolverhampton Wanderers for pre-season training last summer.

In June, Ikeme announced on Twitter that he was in complete remission from the disease after ‘a tough year and intense chemotherapy’.

Following commercial banks’ growing reluctance to extend credit to the real sector, the Central Bank of Nigeria (CBN) may intervene directly to provide the much needed funds to boost private sector liquidity.

This is one of the fresh initiatives of the apex bank that was sanctioned by Tuesday’s Monetary Policy Committee (MPC), a move to tackle the dwindling flow of banking sector credit to this critical segment of the economy.

Figures from the Central Bank of Nigeria (CBN) showed that credit to the private sector fell in May 2018 to N22.207 trillion year-on-year as against the N22.254 trillion it was in April. The CBN report had shown that industry gross credit recorded a 3.63 per cent decrease in April 2018, the lowest since January 2017.

To stem this, the CBN has proposed a direct lending to the private sector at single digit, using the purchase of commercial papers at the same single digit.

CBN Governor, Mr. Godwin Emefiele, unfolded the new approach, which would be tied to the Cash Reserve Ratio (CRR) mechanism.

Addressing journalists at the end of the thir MPC meeting of the bank for the year, he stated that lending to the real sector had declined in recent times, prompting an innovative approach to encourage the DMBs to boost credit to the sector.

He disclosed that at the MPC meeting, a new arrangement that would make loans available at single digit with a minimum tenor of seven years and two years moratorium was considered.

He said: “At this meeting, we found a somewhat improvement which is gratifying but we feel that we must still do what we need to do. Two approaches were considered.

“The first approach, where we said, in order to achieve the objective of lowering interest rate particularly to those priority sectors– manufacturing sector, agric sector– that we will encourage large corporates to issue commercial papers to the market and there will be a memorandum that will detail explanations of what they are going to do with that money.

“In order to complement the effort of the banks, we will expect that these commercial papers will come at low rate at single-digit of nine per cent or below that, and for long tenor at a period of seven years with a specific purpose for that loan.

“If the central bank sees those kind of notes in the market, we will complement the effort of the banks through a mechanism to support that bank that lends to that corporate at single digit rate.

“It is not meant to bring competition in the money deposit banks; it is meant to complement their efforts. The most important thing is that we want to see to it that we achieve a single digit rate.”

The second approach, he disclosed, works in such a way that any bank that lends money for new projects and planned expansion that are verifiable (not refinancing), for seven years (inclusive of two years moratorium) at nine per cent interest rate, would compel the CBN to go into that bank’s CRR and release equivalent of that financing from its CRR at zero kobo spread.

Emefiele said: “We feel this is novel; it is something that we should give a chance. In the past, we had reduced CRR and released liquidity into the market, but the liquidity was not channelled properly to the high impact corporations – we mean employment-generating sectors or ouput-improving sectors of the economy.

“So, we decided we should approach it through this note. We believe this will work because rather than the banks keeping the money in the reserves, they can key into this and promote these transactions as long as they meet the terms and conditions.

“More details on this will be provided soon for the banks and everybody to know.”

Commenting on the development, the Head, Investment Research at Afrinvest Securities Limited, Mr. Robert Omotunde, stressed that the fiscal authorities have to do a lot to complement the efforts of the MPC so as to realise the objective of reflating the economy.

According to him, Nigeria has a lot of structural issues that must be resolved in order for the real sector to thrive.

On his part, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who welcomed the initiative by the MPC, said the move would support the growth of the Nigerian economy.

“The idea is that for you to drive growth, you need the banks to lend. Most of the banks today are exposed to foreign currency loans and as such they have huge non-performing loans that is constraining them to give out credit to corporates.

“So, the idea is to encourage corporates not only to get liquidity, but get it at a very cheap rate. Today, a lot of the corporates are not comfortable with the rates at which the commercial banks give out their loans. That is where the CBN comes in to bridge the gap.

“Most importantly, what the Commercial Paper would do for a lot of corporates is to provide access to fund for expansion,” he said.

On his part, the chief executive of Nova Merchant Bank Limited, Mr. Chinedu Ikwudinma, who welcomed the move by the CBN, explained that, “commercial paper offers corporates a wider pool of funding.”

“It is different from a bank making a bilateral loan to you. And there is a rate on that commercial. In commercial paper, the rate is known.

“So, on a medium-term basis, it is a cheaper way of sourcing funds. The renewed interest is because of the spike in interest rate,” he added.

In all, it is expected that with these measures that have been rolled out by the central bank, the private sector would be given the impetus to contribute to high and inclusive growth while still generating the profits needed to succeed and grow.

Gunmen suspected to be assassins in the early hours of Friday murdered, Sunny Ejiagwu, the All Progressives Congress chairman in Ideato North Local Government of Imo state.

Ejiagwu, popularly known as Ohaneze was one of the 27 LGAs chairmen inaugurated on Monday by the new state chairman, Daniel Nwafor, after the state APC rescheduled election as ordered by the court.

The state commissioner of police, Dasuki Galandanchi, who confirmed the murder to our correspondent in a telephone conversation, said that the corpse had been evacuated to a nearby mortuary.

According to the CP, the politician was killed along the Akokwa road in the Ideato North LGA .

The CP said “the APC chairman in Ideato North has been murdered. I was at the scene of the crime and only came back. His corpse has been evacuated to a mortuary.

There is no preliminary suspicion but the investigator would find out.  The blood of the innocent would expose them.”

Briefing newsmen at the state party secretariat, APC state chairman, Nwafor, said that the killing was condemnable.

He said that political killings and violence has no place in a democracy.

Nwafor said; “The killing is condemnable because APC  preaches peace and political tolerance. People should practice politics without bitterness and violence.

The constitution of the federal republic of Nigeria guarantees freedom of association.

We, therefore, call on the Inspector General of police to press on the commissioner of police to nab the culprits. Imo is a peaceful state and an example of how politics should be played.

The deceased was in our meeting on Thursday and he expressed concern about political violence in his area. He told us that his area is volatile and called on us to come to his rescue when the need arises.

From the information made available to me, he was double-crossed and when he tried to move back he fell into the gutter. His killers went there and shot him severely. “

Super Eagles winger,  Ahmed Musa's goal has been ranked the eighth best of the 169 goals scored at the 2018 FIFA World Cup tournament in Russia.

The 25-year-old who plays for English team Leicester City scored the only two goals in second group stage clash between Nigeria and Iceland.

His second goal from the game against Iceland was nominated alongside the top 17 goals of the competition. Unfortunately, he lost the award to France's Benjamin Pavard whose stunning strike against Argentina was voted as the best goal of the tournament.

Musa's goal was nominated the eighth best goal out of the 169 goals scored at the 2018 World Cup in Russia.

See full list below.

1. Benjamin Pavard (France) vs Argentina

2. Juan Quintero (Mexico) vs Japan

3. Luca Modric (Croatia) vs Argentina

4. Cristiano Ronaldo (Portugal) vs Spain

5. Lionel Messi (Argentina) vs Nigeria

6. Denis Cheryshev  (Russia) vs Croatia

7. Nacer Chadli  (Belgium) vs Japan

8. Ahmed Musa (Nigeria) vs Iceland

9. Ricardo Quaresma (Portugal) vs Iran

10. Toni Kroos (Germany) vs Sweden

Apex bank moves to lend directly to real sector at single digit

Following commercial banks’ growing reluctance to extend credit to the real sector, the Central Bank of Nigeria (CBN) may intervene directly to provide the much needed funds to boost private sector liquidity.

This is one of the fresh initiatives of the apex bank that was sanctioned by Tuesday’s Monetary Policy Committee (MPC), a move to tackle the dwindling flow of banking sector credit to this critical segment of the economy.

Figures from the Central Bank of Nigeria (CBN) showed that credit to the private sector fell in May 2018 to N22.207 trillion year-on-year as against the N22.254 trillion it was in April. The CBN report had shown that industry gross credit recorded a 3.63 per cent decrease in April 2018, the lowest since January 2017.

To stem this, the CBN has proposed a direct lending to the private sector at single digit, using the purchase of commercial papers at the same single digit.

CBN Governor, Mr. Godwin Emefiele, unfolded the new approach, which would be tied to the Cash Reserve Ratio (CRR) mechanism.

Addressing journalists at the end of the thir MPC meeting of the bank for the year, he stated that lending to the real sector had declined in recent times, prompting an innovative approach to encourage the DMBs to boost credit to the sector.

He disclosed that at the MPC meeting, a new arrangement that would make loans available at single digit with a minimum tenor of seven years and two years moratorium was considered.

He said: “At this meeting, we found a somewhat improvement which is gratifying but we feel that we must still do what we need to do. Two approaches were considered.

“The first approach, where we said, in order to achieve the objective of lowering interest rate particularly to those priority sectors– manufacturing sector, agric sector– that we will encourage large corporates to issue commercial papers to the market and there will be a memorandum that will detail explanations of what they are going to do with that money.

“In order to complement the effort of the banks, we will expect that these commercial papers will come at low rate at single-digit of nine per cent or below that, and for long tenor at a period of seven years with a specific purpose for that loan.

“If the central bank sees those kind of notes in the market, we will complement the effort of the banks through a mechanism to support that bank that lends to that corporate at single digit rate.

“It is not meant to bring competition in the money deposit banks; it is meant to complement their efforts. The most important thing is that we want to see to it that we achieve a single digit rate.”

The second approach, he disclosed, works in such a way that any bank that lends money for new projects and planned expansion that are verifiable (not refinancing), for seven years (inclusive of two years moratorium) at nine per cent interest rate, would compel the CBN to go into that bank’s CRR and release equivalent of that financing from its CRR at zero kobo spread.

Emefiele said: “We feel this is novel; it is something that we should give a chance. In the past, we had reduced CRR and released liquidity into the market, but the liquidity was not channelled properly to the high impact corporations – we mean employment-generating sectors or ouput-improving sectors of the economy.

“So, we decided we should approach it through this note. We believe this will work because rather than the banks keeping the money in the reserves, they can key into this and promote these transactions as long as they meet the terms and conditions.

“More details on this will be provided soon for the banks and everybody to know.”

Commenting on the development, the Head, Investment Research at Afrinvest Securities Limited, Mr. Robert Omotunde, stressed that the fiscal authorities have to do a lot to complement the efforts of the MPC so as to realise the objective of reflating the economy.

According to him, Nigeria has a lot of structural issues that must be resolved in order for the real sector to thrive.

On his part, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who welcomed the initiative by the MPC, said the move would support the growth of the Nigerian economy.

“The idea is that for you to drive growth, you need the banks to lend. Most of the banks today are exposed to foreign currency loans and as such they have huge non-performing loans that is constraining them to give out credit to corporates.

“So, the idea is to encourage corporates not only to get liquidity, but get it at a very cheap rate. Today, a lot of the corporates are not comfortable with the rates at which the commercial banks give out their loans. That is where the CBN comes in to bridge the gap.

“Most importantly, what the Commercial Paper would do for a lot of corporates is to provide access to fund for expansion,” he said.

On his part, the chief executive of Nova Merchant Bank Limited, Mr. Chinedu Ikwudinma, who welcomed the move by the CBN, explained that, “commercial paper offers corporates a wider pool of funding.”

“It is different from a bank making a bilateral loan to you. And there is a rate on that commercial. In commercial paper, the rate is known.

“So, on a medium-term basis, it is a cheaper way of sourcing funds. The renewed interest is because of the spike in interest rate,” he added.

In all, it is expected that with these measures that have been rolled out by the central bank, the private sector would be given the impetus to contribute to high and inclusive growth while still generating the profits needed to succeed and grow.

The gun-running trial involving the Senator representing Kogi West, Dino Melaye; and two others, was stalled on Thursday as the senator failed to appear in court.

His lawyer, Barrister Yemi Mohammed, who stood in for Mike Ozekhome (SAN) told the trial magistrate, Suleyman Abdalah, that he had it on good authority that Senator Melaye was attacked in Gwagwalada on Wednesday on his way home from the court.

“I learnt that he was attacked yesterday in Gwagwalada on his way home from the court. Up till now, I have not been able to reach him. I don’t know where he is at the moment,” he said.

He said that the prosecution counsel was not ready to open the case “due to the reason best known to them.”

However, the officer in charge of Police prosecution, Theophilus Oteme, told the court that the prosecuting counsel had an emergency yesterday, which made it “extremely difficult to appear in court.”

He, therefore, asked for long adjournment to September 23, which was opposed by the trial magistrate who argued that “it contravened administration of criminal justice law of Kogi State as amended.”

He, therefore, adjourned till 9th August for commencement of trial.

Jose Mourinho believes Liverpool's summer spending means they face immense pressure to win the Premier League, with the Manchester United boss labelling Jurgen Klopp's change in transfer policy as "funny".

Klopp has been forced to defend Liverpool's expenditure on players, which topped £170m after signing goalkeeper Alisson last week, two years after the Liverpool boss was critical of United's £90m move for Paul Pogba.

Speaking after the friendly against AC Milan - which United won 9-8 in a shootout after a 1-1 draw - Mourinho was in a jovial mood when asked about Liverpool's transfer business, but stressed there will now be a "demand" for the club to end their 28-year wait for a league title.

Alisson followed Naby Keita, Fabinho and Xherdan Shaqiri through the door at Anfield - taking Liverpool's summer spend to more than £170m

Alisson followed Naby Keita, Fabinho and Xherdan Shaqiri through the door at Anfield - taking Liverpool's summer spend to more than £170m

"I think if you have the money, if you invest well, it is better than to have it in the bank. Because the interest rates are very low," Mourinho said.

"The problem is you have to invest well and honestly I think they did very well, because every player they bought are quality players. I'm happy for them.

"And I'm also happy to smile [about Klopp's previous comments] and to see that, you know, you can change your opinion and change as a person, it's funny.

"I'm also happy to smile [about Klopp's previous comments] and to see that, you know, you can change your opinion and change as a person, it's funny. That's okay, but maybe this season finally you demand that they win."

Jose Mourinho

"That's okay, but maybe this season finally you demand that they win. I think you have to be fair and now you have to demand [they win the league].

"You have to say the team, with the investments not just this season, last season, that you made in January, that you make now, because that will probably be the record for the Premier League this season, I can't see anyone else getting close to spending what they have.

"A team that was a finalist in the Champions League, you have to say you are a big candidate, you have to win."

United and Liverpool go head to head in the International Champions Cup on Sunday at the Michigan Stadium.

The Central Bank of Nigeria concluded its Monetary Policy Meeting on Wednesday leaving Monetary Policy Rates at 14% for the second year running. The central bank’s governor, Godwin Emefiele announced that it was leaving MPR at 14%, CRR at 22.5% Liquidity Ratio at 30%.

In terms of the vote split the 7 members voted to keep rates the same and 2 members, however, voted to increase the MPR by 50 basis points, while one member voted to increase the MPR by 25 basis points.

The decision to keep rates the same was not unexpected as most analysts surveyed by Nairametrics predicted that the CBN will yet again keep things the same as it has since July 2018. What was however different this time was the CBN’s latest initiative at artificially bringing down interest rates.

In a surprise move the CBN Governor Godwin Emefiele encouraged large corporations to “issue commercial paper to meet their credit needs and the Central Bank of Nigeria may, if need be, buy those instruments to complement the efforts of the DMBs.”

This decision suggests that the Central Bank is willing to start buying corporate debts in an effort to inject liquidity in the market and put cash on the balance sheet of corporates. The Governor went further in its press briefing indicating that they intend to buy these debts at lower rates.

Just recently, Dangote Group, one of Nigeria’s largest corporate organisations listed its N50 billion Commercial Paper at 13.21%, one of the lowest ever by a private enterprise. Sterling Bank, UACN and Nigeria Breweries have also issued commercial papers this year at yields of about 16%, 14%, and 16% respectively.

Some Economist that we spoke to at Nairametrics suggest the CBN buying private sector debt is basically quantitative easing (QE). QE is an economic policy used during the world economic crisis and involves the CBN indirectly placing money on the balance sheet of banks to on-lend to the private sector via financial instruments. CBN lends to banks at single digits and then the money is lent by the banks via instruments like commercial papers to the private sector at rates lower than 10%.

The Central Bank Governor also went further. In the policy statement they indicated that “as a way of incentivise deposit money banks to increase lending to the manufacturing and agriculture sectors, a differentiated dynamic cash reserves requirement (CRR)regime would be implemented, to direct cheap long-term bank credit at 9 per cent, with a minimum tenor of seven (7) years and two (2) years moratorium to employment elastic sectors of the Nigerian economy.”

This basically means the CBN will release more of the cash statutorily held on behalf of banks to them provided they are willing to lend the money to select sectors at an interest rate of 9% and a tenor of 7 years.

Analysts speaking to by Nairametrics suggest this might be a hard sell especially of treasury bills rates and long-term government bond yields continue to be above double digits. Banks will rather keep the cash with the CBN at a risk-free rate than lend it at 9% to businesses in an economy that is susceptible to price shocks and external risks.

The Senate Majority Leader, Sen. Ahmed Lawan has disclosed that the governing All Progressives Congress (APC) retains majority seats in the Senate, despite the defection of some Party members during Tuesday’s plenary.

Senator Lawan made the disclosure to journalists after a close-door meeting with the APC National Working Committee (NWC) led by the National Chairman, Comrade Adams Oshiomhole at the Party’s National Secretariat on Tuesday evening.

The party in a statement gave a breakdown to prove they are still in the majority. See below

Breakdown

All Progressives Congress (APC) – 53

Peoples Democratic Party (PDP) – 49

African Democratic Congress (ADC) – 3

All Progressives Grand Alliance (APGA) – 2

Vacant – 2

Senate Leader, Ahmed Lawan said “Even though we have lost some of our colleagues to the Peoples Democratic Party (PDP) and other parties, the All Progressives Congress (APC) still retains the position of No. 1 Party with more seats than any other Party. Presently we (APC) have 53 Senators, PDP has 49, African Democratic Congress (ADC) has 3, All Progressives Grand Alliance (APGA) has 2 and we have 2 vacancies. We lost our colleagues in Kaduna and Bauchi States; those were APC seats, very safe seats indeed. In August bye-elections will be held and by the Grace of God, the APC will reclaim the seats and the majority of the APC will increase.  We are going to work very hard with our Party leaders here to reach out to our colleagues who have left us to try to explain to them and ofcourse give them the comfort the APC is the Party to work with because we have a President who has been focused, who have done so much with so little resources in Nigeria, who is busy providing infrastructure in this country. I believe that every well-meaning Nigerian will do everything possible to support this kind of President. At the end of the day, we are hoping that our colleagues who have gone will come back to this Party to continue in the nation-building process.”

Security agents on Tuesday, barricaded the residences of the presiding officers of the Senate.

Security operatives besieged the Maitama, Abuja residence of the Senate President, Bukola Saraki as early as 7am and blocked his convoy as he was set to honour the police invitation.at the force headquarters.

Simultaneously, a combined team of Police, DSS, and EFCC also stormed the Apo Legislative Quarters of the Deputy Senate President, Ike Ekweremadu, who is expected to preside at the Senate in the absence of Saraki.

The Special Adviser (media) to the deputy senate president, Uche Anichukwu, confirmed the development in a chat with our correspondent.

He said, “The Operatives from the DSS, EFCC and some policemen in their scores have barricaded the residence of Senator Ekweremadu at his Apo legislative quarters.

“He is preparing to preside over the Senate in the absence of the Senate President who has been invited by the police.”

An aide of the Senate President who refused to be quoted said, “The siege is still on as of 8:30am when I got there and I can not even confirm the whereabouts of my boss at the moment.

 “The implication of both actions is that the Senate will not sit today if the two presiding officers were still deprived of their freedom of movement or arrested before plenary which starts at 9am.”

The Inspector-General of Police, Ibrahim Idris, has again invited the Senate President, Senator Bukola Saraki, to report to the Force Intelligence Response Team office at Guzape, Abuja, for interrogation over alleged links to the masterminds of the Offa bank robberies.

The IG, in a letter dated July 23 addressed to Saraki, asked him to report to the police on Tuesday (Today) at 8am to provide further clarification on his relationship with the five leaders of the robbery gang.

The robbers had attacked some commercial banks in Offa, Kwara State on April 5 during which nine policemen and 33 persons were killed.

Following the attack, the police arrested 27 suspects including five leaders of the gang and also recovered some AK47 rifles.

The police said their investigation into the matter showed that all the five gang leaders, namely: Akinnibosun, Ibikunle Ogunleye, Adeola Abraham, Salawudeen Azeez and Niyi Ogundiran had a direct connection with the Senate President.

Subsequently, the force invited Saraki for interrogation over his alleged links to the gangsters, but the Senate President snubbed the summons and instead wrote a letter denying his involvement in the bank robberies.

But the IG in his letter insisted that the gang leaders claimed they were political thugs to Saraki, adding that “the Senate President supplies arms and money to the thugs; that everyone in Kwara Central fears them because of their guns and ability to kill anybody without hesitation.”

The letter explained that the suspects also mentioned other thugs in Kwara Central with guns “which Senator Bukola Saraki is sponsoring, (such) as Alhaji Alawo, Alhaji Dona, and Alhaji Jawando,  among others.”

It added that Saraki in his response to the police said he had large followership by virtue of his participation in politics which made it impossible for him to know all his supporters.

After a careful perusal of Saraki’s letter, the IG said it was discovered that the Senate President’s statement required further clarification coupled with the fact that he complained about not having access to the statements made by the robbery suspects.

The letter read, “After a careful perusal of your letter to the police, it was discovered that the statement requires further clarification and coupled with the fact that you stated that the full text of the statements of the suspects was not shown to you, it is imperative you report to the police to make further statements after giving you the full text of the statements of the suspects.”

“It is in line with the above that you are requested to report to the head of the investigation team at the Intelligence Response Team at Guzape Junction, Asokoro Extension, Abuja on the 24th of July, 2018 at 8am for further investigation on the matter,” it added.

The beef between Floyd Mayweather and 50 cent is still going on very strong and the retired American boxer just dragged the heck out of 50cent with his latest Instagram post.

He shared the photo above with the caption, 'You’re Not Supposed to Be Beefing with me. You’re Supposed to Be Beefing with My WATCH. Me and You Are Not On the Same Level'.

The current Secretary to Osun State Government, Alhaji Moshood Adeoti, has finally dumped the All Progressives Congress for the Action Democratic Party.

Adeoti had on Friday withdrew at the last minute from participating in the primary election of the APC over allegation of manipulation to favour the Chief of Staff to the Governor, Alhaji Gboyega Oyetola.

The aggrieved APC chieftain stormed the secretariat of the ADP located two buildings away from the secretariat of the Peoples Democratic Party in Osogbo on Monday with hundreds of his supporters.

The chants of Sheu, Sheu filled the air as he entered into the secretariat of his new party where he is expected to contest the election.

The National Bureau of Statistics (NBS) today released the Consumer Price Index (CPI) for June 2018. The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living, according to reports gathered by Nairametrics.

The report shows inflation increased by 11.23% (year-on-year) in June 2018 which is 0.37% less than the recorded rate in May, 2018 (11.61%). This reduction is the seventeenth consecutive time inflation rate has been dropping since January, 2017.

Reports from the Guardian Newspaper explained that the inflation rate fell even as the Nigerian government started releasing funding for its record 2018 budget of 9.12 trillion naira ($25 billion), which some analysts had anticipated would cause prices to rise.

Price pressures are still expected to kick in on growing election-related spending ahead of February’s federal and state vote, with President Muhammadu Buhari seeking a second mandate.

The central bank’s monetary policy committee will tomorrow announce its decision on its main interest rate, which it has held at 14 percent since July 2016 to curb inflation.

The bank targets an inflation rate of 6 percent to 9 percent and has signaled rate cuts when price growth moves closer to this band.

Sub-Saharan Africa has Nigeria to thank for better economic growth prospects next year.

The region’s economy will probably expand 3.8 percent in 2019, the International Monetary Fund said in its World Economic Outlook update released Monday. That compares with a 3.7 percent prediction in April.

Nigeria Boost

Sub-Saharan Africa has Nigeria to thank for better economic prospects in 2019

The upgraded forecast “reflects improved prospects for Nigeria’s economy” and an increase in commodity prices. Gross domestic product in Africa’s most-populous nation will probably rise 2.3 percent, it said, lifting its estimate from 1.9 percent in April.

Nigeria’s economy is recovering from the worst contraction in 25 years in 2016, which was caused by lower oil prices and output and shortages of foreign exchange to import raw materials.

The IMF held its predictions for South Africa’s economy, saying it will expand 1.5 percent this year and 1.7 percent the next.

‘Improving Confidence’

“Despite the weaker-than-expected first-quarter out-turn in South Africa, the economy is expected to recover somewhat over the remainder of 2018 and into 2019 as confidence improvements associated with the new leadership are gradually reflected in strengthening private investment,” the fund said.

South Africa, the continent’s most-industrialized economy, hasn’t grown at more than 2 percent a year since 2013. GDP shrank the most in almost a decade in the first quarter as former President Jacob Zuma handed the reins to Cyril Ramaphosa. Zuma spent close to nine years in power, during which time the nation lost its investment-grade credit rating and policy uncertainty and unemployment increased.