3 Killed In Kano Suicide Attack

bomb-explosion1A suicide bomber and three others have been confirmed dead following a bomb explosion at the Nigerian National Petroleum Corporation (NNPC) Mega Filling Station, in Hotoro area, along Maiduguri Road, Kano.

The bomb went off about 10AM on Monday July 28.

The suicide bomber, suspected to be a female, had slipped into the crowd of citizens buying kerosene at the Station before detonating the explosives. The suicide bomber and three others have been confirmed dead, eight persons are injured and rushed to the hospital.

According to a statement by the Police Public Relations Officer, Frank Mba; “It is instructive to note that the Mega Station did not go ablaze due to the security barricade put in place by the Policemen on duty at the station. Such a situation would have clearly complicated the Emergency response.

“Security Forces have cordoned off the scene, and Police Bomb Disposal Experts are ‘sweeping’ the area.”

Citizens have been advised to stay off the scene, be vigilant and report any suspicious person(s) or activities to security forces.

He added that full scale investigation has commenced, as intensive patrol of the city was ongoing.

Nigeria Police Confirm Suicide Bomber, Four Others Killed In Kano Bomb

Police SUFive people, including a suspected suicide bomber, have been killed in a bomb explosion that rocked Kano on Sunday night, the Police have said.

The incident, which occurred at Gold Coast, Middle Road Junction, also destroyed vehicles that were passing when the suicide bomber’s car exploded.

Eyewitness accounts say that the blast was so powerful that all that remains of the car is its engine.

The Kano State Police Commissioner Adelere Shinaba said that apart from the suicide bomber, three men and a girl of about 12 years of age also died.

He also said that the car exploded along the road, meaning the bomber could not reach his destination before the explosion.

The explosion, which occurred at about 9:30 pm, took residents of the city unawares, causing a stampede around the area which resulted in multiple accidents on roads close to the scene of the blast.

The area had been cordoned off by security operatives and movement is restricted.

Bars and alcohol-sellers in the Sabon Gari area have been targeted on numerous other occasions.

In January 2012, about 150 people died there in a series of coordinated attacks by the Boko Haram.

MPC Meeting Will Not Change Nigeria’s Monetary Policy- Economist

vlcsnap-2014-05-19-13h42m01s239As the Monetary Policy Committee (MPC) meeting begins today, analysts expect the committee to review key developments in both the global and domestic economies up to April 2014, and the outlook for the rest of the year.

On Business Morning today, an economist, Dr Boniface Chizea says he is not expecting any major change on the monetary policy for now until the new Central Bank Governor, Godwin Emefiele, takes over on June 2.

According to him, the new CBN governor must ensure stability in the monetary policy rate which is currently high.

He is also of the opinion that the new CBN governor has an erroneous task of growing the economy which according to him can be done by stimulating the economy.

Economist Urges Nigeria To Consider IMF’s Consultation Report

Boniface ChizeaAn economist, Dr Boniface Chizea, has stressed the need for the Nigerian government to consider the reports of the International Monetary Fund (IMF) in order to achieve economic targets.

The IMF in its report looked at the rate of exchange which it pointed out that Nigeria was focusing too much on and called for flexibility.

It also advised the government to put in place a plan that will see to the closure of the Asset Management Corporation of Nigeria (AMCON), established to be a key stabilising and re-vitalising tool that will revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy. It stated that “if the agency is left to continue, it will make the banks vulnerable”.

The report also gave a projection of 6.4 economic growth, a projection Dr Chizea pointed out could be lower or higher than the final outcome.

He pointed out that the IMF may have considered the election that would come up in 2015 before making the projection.

The report is part of IMF’s annual responsibilities to member countries. It is put together after the annual visitation aimed at knowing more about what is going on in the economy.

The IMF, during the consultation visit, held talks with some key players within the system – the Central bank of Nigeria and the Ministry of Finance amongst others.

Dr Chizea pointed out that the government must consider the winding down of AMCON, which he said was a distress resolution vehicle that was used in cleaning up some almost distressed banks’ records.

“It is left for us to decide as a nation whether AMCON has achieved the aim of its establishment. If the institution is left to be there, it will make the banks reckless. Nigeria should look at countries that have put distressed companies in place and see how they have managed the agency,” he said.

He stressed the need for the lawmakers to look at the grey areas that had been identified in the Petroleum Industry Bill and consider its passage, as it would attract more investors in the sector.

“I think there should be a stakeholders’ conference that will look at the bill and proffer solution to the issues that may have been raised,” he said.

2014 Budget: Government Must Be Faithful In Implementation – Chizea

An economist, Mr Boniface Chizea, has described the projections and assumptions of the 2014 budget proposal sent to the National Assembly as realistic but called for a faithful implementation of the proposal.

Analysing the 2014 Budget on Channels Television’s programme, Business Morning, Mr Chizea insisted that the oil benchmark should have been left at 74 dollars as proposed by the executive and not $77.5 per barrel as agreed by the National Assembly.

Mr Chizea, who is a financial consultant, believes a prudent oil benchmark price will ensure that Nigeria saves more, and increase its external reserves.

The 4.6 trillion Naira budget was presented to the National Assembly by the Minister of Finance, Dr Ngozi Okonjo-Iweala, on December 19, 2013.

Mr Chizea stressed that the late presentation of the budget would lead to poor implementation.

“By now we should have a system in place that will ensure that there is an early presentation of the budget,” he said.

He also called for the diversification of the economic base of the country to boost revenue from non-oil resources.