Defence Council okays emergency extension in Yobe, Borno, Adamawa

President Goodluck Jonathan is set to seek the approval of the National Assembly for the extension of the state of emergency in three North East states of Adamawa, Borno and Yobe.

This was the decision of the National Defence Council (NDC) after its meeting held at the Presidential Villa, on Thursday, presided over by the President.

It is expected that the extension of the emergency rule would not lead to the suspension of democratic structures in the states as the governors of the three states and the Houses of Assembly would still function and perform their constitutional roles.

The emergency rule which is

Boko Haram: Davis links funding to agent in Cairo

Australian ne-gotiator, Stephen Davis yesterday gave some details of how top Nigerians have been channeling  huge sums of money to bankroll the activities of the Boko Haram sect.

The influential Nigerians, whose names were however not revealed, were said to have created a strong network which assisted them to wire a large sum of money via the Central Bank of Nigeria to an agent in Egypt. The agent, he said,  purchases the arms and military uniforms for the insurgents.

Australian negotiator, Dr. Stephen Davis, and Boko Haram commanders in 2013 after BH reportedly agreed to dialogue

Australian negotiator, Dr. Stephen Davis, and Boko Haram commanders in 2013 after BH reportedly agreed to dialogue

Apart from the Cairo agent buying arms directly for the sect,  vehicles and some materials are sometimes  moved to Benin Republic where

Earnings outlook, equities at risk as Boko Haram claims Lagos presence

Corporate earnings, equity markets and growth prospects face downside risks as Islamist terrorist group, Boko Haram, over the weekend claimed responsibility for a bomb attack in Lagos, says Damina Advisors, a frontier market-focused research firm.

“The presence of Boko Haram terrorist operations in Lagos means the fundamental risks to the Nigerian economic outlook in 2014 have multiplied exponentially,” Damina says in a note released July 14.

“A major bomb attack in Lagos will accelerate capital market flight, weaken the naira, dent economic growth, reduce corporate earnings and slash equity market values,” says the research firm.

Stocks have risen just

Foreign investors overlook security concerns, as Citi Bank to increase sale of Eurobonds in Nigeria

Foreign investors continue to buy Nigerian assets, undeterred by rising violence and security concerns. Omar Hafeez, CEO Citi Bank Nigeria cites $1.1 billion worth of Eurobonds it had traded for three local lenders so far this year as evidence.

However, Reuters reports that any spread of attacks further south or to the commercial hub of Lagos could begin to put off even established investors.

A violent insurgency in Nigeria has killed hundreds this year, with the abduction of more than 200 schoolgirls by Boko Haram making world headlines in April and overshadowing the country’s rise to overtake South Africa as the continent’s top economy.

Africa’s top oil producer also faces

Terrorism: Port security officers call for more alertness

Port facility Security Officers’ (PFSO) of the Lagos Maritime Security (LMS) zone has called on stakeholders  to be more security conscious with a view to curbing possible attack at the ports.

Speaking at the 10 years celebration of the International Ship and Port Facility Security (ISPS) code, chairman of the PFSO, Mr. Suberu Anataku said that the code is an extension of the Safety of Life At Sea (SOLAS), adding that code should be a

Chibok Girls: Military arrests Nigerian Businessman for alleged involvement

Nigerian troops have arrested a businessman suspected of being at the head of a Boko Haram intelligence network that helped plan the abduction of more than 200 school girls in the northeast, the military said on Tuesday. This is the first time anyone has been arrested in connection with the kidnappings.

The man had helped the Islamist militant group plan several

Boko Haram ‘beats’ American, Nigerian efforts to block funding

Investigations by Reuters reveal that Boko Haram is richer than ever as the United States, Nigeria and others continue to struggle to track and choke off its funding.

Interviews with more than a dozen current and former U.S. officials who closely follow Boko Haram claim to provide the most complete picture to date of how the group finances its activities.

Central to the militant group’s approach includes using hard-to-track human couriers to move cash, relying on local funding sources and engaging in only

4 killed as car bomb goes off near Lagos tank farm

A car laden with bombs yesterday exploded at the ever busy Folawiyo junction on Creek Road, Apapa, killing four persons, while several others were injured.

Eyewitnesses told Vanguard that the car, a Mercedes-Benz 190, exploded around 8:30pm, after it was parked beside a fuel tanker heading into Folawiyo tank farm.

The explosion was said to have