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Babachir Lawal remanded in EFCC custody

Babachir Lawal, sacked secretary to the government of the federation (SGF), has been remanded in custody of the Economic and Financial Crimes Commission (EFCC) as reported by TheCable Nigeria.

A federal capital territory (FCT) high court ordered his detention after the commission arraigned him on Tuesday.

The commission had filed a 10-count charge against him on January 30.

Lawal was alleged to have conspired with some staff of Rolavision, his company, to fraudulently acquire a property, thereby committing an offence contrary to section 26(1)(c) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under section 12 of the same Act.

When the charges were read to him, he pleaded not guilty while his counsel applied for bail.

The court ruled that he should be remanded while his bail application would be heard on Wednesday.

More to follow…

Nigeria’s Economy up by 1.93% in 2018

Photo Credit: TheCable

The nation’s gross domestic product (GDP) grew by 1.93% in 2018, data made available by the National Bureau of Statistics has shown, TheCable Reports.

According to the report, which was released by the bureau on Tuesday, the fourth quarter GDP grew by 2.38% as against the 1.81% recorded in the third quarter.

The figure is 1.6 percentage points less than the 3.0% projected by the federal government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).

However, the figure aligns with the projection of the World Bank Group and International Monetary Fund, which had projected that the economy will grow by 1.9% in 2018.

Both Bretton Wood institutions had cut Nigeria’s growth projections to 1.9% from 2.1%; with the World Bank blaming the herder-farmer crisis.

The non-oil sector recorded an annual growth rate of 2%, higher than the 0.47% recorded in 2017.

“The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018. This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018,” the report read.

“The oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29% points.

“On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.

“In the fourth quarter of 2018, average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018.”

“I’m not guilty of fraud charges”- Ex- SGF Babachir Lawal Pleads

Photo Credit: The Nation

Former Secretary to the Government of the Federation, Babachir Lawal, has pleaded not guilty to the fraud charges brought against him by the Economic and Financial Crimes Commission.

He pleaded not guilty to the charges at the Federal High Court in Abuja on Tuesday the Punch Newspaper Reports.

The Federal Government had earlier in January, filed 10 charges bordering on allegations of fraud against the former SGF.

A federal capital territory (FCT) high court ordered his detention after the commission arraigned him on Tuesday.

The commission had filed a 10-count charge against him on January 30.

What if they simply kept a low profile on it?

The ruling All Progressive Congress (APC) and the full rank of the Federal Government of Nigeria were in the Southwest of Nigeria to commission a locomotive train.

The picture here shows the Nigeria locomotive train and below is Senegal’s recently commissioned aerodynamic modern rail system.

We are all privy to the myriad of complains that the current administration would easily put forward as reasons for not having all the finance to get Nigeria a simply modern train system. But the question here, why not keep a low profile on the take-off of the route? Why not save the country all the embarassment that went with the formal launch of the route?

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