Three bank chiefs were yesterday re-arrested by the Economic and Financial Crimes Commission (EFCC).
Dr Erastus Akingbola (Intercontinental Bank Plc), Sebastian Adigwe (Afribank Plc) and Okey Nwosu (Finbank Plc) ran three of the eight troubled banks which got a government bailout.
Also arrested are eight former directors of the three banks.
All the 11 suspects have been detained at the Ikoyi, Lagos office of the anti-graft agency.
The feud between the Alaafin of Oyo , Oba Lamidi Adeyemi III and out-going governor Adebayo Alao-Akala got to a head yesterday.
Twenty four days to his exit Alao-Akala had signed into law a bill which stops the Alaafin from being the permanent chairman of the Council of Obas and Chiefs.
Alao-Akala took the action one week after losing the governorship election to Action Congress of Nigeria (ACN) which enjoys the Alaafin’s support.
Ongoing negotiation between the Federal Government and National Assembly on the need to reduce the deficit level of the 2011 Budget is delaying its passage, it was learnt yesterday.
The Director-General, Budget Office of the Federation, Dr. Bright Okogu, who spoke at the launch of the International Monetary Fund (IMF) Sub-Saharan Africa Regional Economic Outlook, explained that the budget office is working out modalities that will reduce the budget deficit from 3.6 per cent of the Gross Domestic Product (GDP) to three per cent. This, he said, would improve the revenue generating arm of the budget and make more funds available for capital projects.
About 260 members of the House of Representatives will not return in June when the Seventh Session of the National Assembly will be inaugurated.
Out of the number, seven won election into the Senate. The remaining 253 members lost out during their parties primaries and the general elections.
With their failure to secure re-relection into the House, they have therefore bid bye to the monthly jumbo salary of N10.59m paid each of them from the public treasury.
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The Lagos state police command said parents and guardians who assault their children and wards will be made to face the full wrath of the law.
This follows the arrest and prosecution of a housewife, Chigozie Godrick, for allegedly brutalising her ward, Ifunnaya Nwamba, 12.
Mrs Godrick was arrested last month following a petition to the police by the school authority at the Adeniyi Jones Primary School located at 1 Kudeti Street, Adekunle Village in Adeniyi Jones, where Miss Nwamba is a pupil, on repeated cases of brutality by her guardian Mrs Godrick.
(CNN) -- Partners in life and in work, leading Nigerian scientists Amina and Isa Odidi are changing the face of pharmaceuticals.
While raising five children, the Canadian-based couple founded Intellipharmaceutics, pioneering an innovative drug delivery system.
The technology allows patients to take a drug once instead of many times a day, making it easier for them to manage and comply with doctors' orders.
"What makes this company unique is innovation, technology -- its ability to make products that you can take once that are using cutting-edge, novel drug delivery systems," Isa says of the publicly-traded firm.
The couple's journey to the top began in 1976 when they met in a university classroom in Nigeria. Their ambition led them to study abroad and they eventually settled in Canada.
Part 1 - Out to Change the Pharmaceutical Industry
Part 2 - How medicine is actually made?
Part 3 - Finding their place in pharmaceuticals
Oyo State governor-elect, Senator Abiola Ajimobi, yesterday urged banks and civil servants to report last-minute transactions by the outgoing Peoples Democratic Party (PDP) administration.
He alleged that the transactions were aimed at fleecing the state of huge funds.
In a statement by the Director of Publicity of the Senator Abiola Ajimobi Campaign Organisation, Mr Yanju Adegbite, the governor-elect alleged that the outgoing administration was making clandestine plans to plunder the state through phony overseas training and looting of government property to cause cash drought for the incoming administration.
Labour gave a damning verdict on the economy yesterday.
It is down and the government is doing little to improve it, both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) said at the May Day celebrations.
They also kicked against the handling of the privatisation of government agencies.
But the Federal Government said measures were being put in place to alleviate poverty by creating jobs.
FEELERS from government circles, at the weekend, indicated that the president-elect, Dr Goodluck Jonathan, is tinkering with the idea of a new National Unity Government, which would see nominees from, at least, three opposition parties in the new administration.
It was gathered in Abuja, at the weekend, that the Action Congress of Nigeria (ACN), which took control of five of the six states in the South-West, could be asked to nominate three ministers into the new government, which comes into office on May 29.
Despite the hiccups that have bedevilled the passage of the Petroleum Industry Bill (PIB), the Federal Government says it has every reason to believe it will be passed before the expiration of this administration’s tenure.
But oil and gas industry operators do not share this optimism due to the limited time the parliamentarians have left. They note that if the bill is not quickly passed into law, it would be a dent on the image of President Goodluck Jonathan, leader of the ruling People’s Democratic Party (PDP) which, incidentally, controls the majority in the outgoing National Assembly.
GOVERNORS are pushing for a new revenue formula that will cede more funds to states and the local governments.
Lagos State Governor Babatunde Fashola revealed the new proposal yesterday as workers told states to pay the N18,000 minimum wage or face a showdown.
Governors have said they are unable to pay the new wage because the states are short of cash. Should they be forced to pay, say the states, there will be little or no funds for projects.
They also accused the Federal Government of unilaterally entering into an agreement on the new wage with the workers.
"Justice has been done," Obama said in a dramatic, late-night White House speech announcing the death of the elusive mastermind of the September 11, 2001, attacks on the New York and Washington.
Obama said U.S. forces led the operation that killed bin Laden. No Americans were killed in the operation and they took care to avoid civilian casualties, he said.
"The United States has conducted an operation that killed Osama bin Laden, the leader of al Qaeda and a terrorist who is responsible for the murder of thousands of men, women and children," Obama said.
To watch the full show tune in to CNN at the following times:
•Saturday 29/04/2011: 0830, 1430
•Sunday 30/04/2011: 0800, 2100
•Monday 01/05/2011: 1030, 1730 (all times GMT)
See Highlights of the Program Here
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