Monday 16 July 2012


EFCC Arraigns Nursing Mother, Bank Managers over N55m Scam: Justice C. O. Ogisi of the Delta State High Court, Asaba has ordered that five suspects be remanded in prison custody pending their trial. The suspects are Nwakaego Oke, a nursing mother; Wilson Nwajei, Collins Monday Ehiedu, Habib Momoh and Olakunle Abiodun, all managers of the United Bank for Africa, Agbor branch. Their remand is sequel to their arraignment by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge of stealing and obtaining money by false pretences. They were alleged to have stolen N55 million of depositor’s  fund, an offence contrary to section 390 of the Criminal Code Cap 17, Vol 2 Laws of Delta State of Nigeria. The five accused persons pleaded not guilty to the eight-counts when read to them. Thereafter, counsel to EFCC, Kayode Oni asked the court to remand the accused persons in prison and fix a date for trial. Daily Champion, Page 3

High Interest Rate Compounding Nigeria’s Debt Burden – Experts: The Central Bank of Nigeria’s 12 per cent benchmark interest rate is one major factor that has led to the increased debt burden facing the country, experts have said. They noted that until the CBN reviewed the Monetary Policy Rate downward, Nigeria might keep finding it tough to reduce its debts, whether domestic or foreign. According to them, the inability of manufacturers and businesses in the real sector to obtain loans with ease has slowed activities in the private sector. This, they said, had direct consequences on the incomes of both government and private sectors. The Chief Executive Officer, Economics Associates, Dr. Ayo Teriba, observed that the Minister of Finance was right when she said the nation’s debt burden was worrisome. He explained that the CBN’s recurrent policy changes on MPR had not helped the country, stressing that the finance minister needed to call the bank to order: The Punch, Page 23.
US Stocks Rise on Data: Stocks rose on Friday, with each of the major indexes gaining more than one per cent, as data in China allayed concerns about a further slowing of global growth and as bank shares advanced after the release of JPMorgan’s earnings. Shares of JPMorgan Chase & Company leapt by 6.1 per cent to $36.10 after it reported $4.4bn of credit trading losses in the second quarter, but still earned an overall profit of nearly $5bn. Reuters reported on Friday, that data showed growth in China slowed for a sixth straight quarter to 7.6 per cent, better than some in the market feared, but low enough to keep open the possibility that more action may be taken by policymakers. “What we are seeing today is more than just buying on oversold conditions. We are seeing some good volume, and the size of this rally is creating buying opportunities of its own,” the chief investment officer of Solaris Group in Bedford Hills in New York, Mr. Tim Ghriskey, said: The Punch, Page 21.

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