Tag Archives: Declines

Nigeria’s Manufacturing Index Declines In October

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The Manufacturing Purchasing Manager’s Index (PMI) stood at 44.1 index points in October 2016, compared with the 42.5 recorded the preceding month.

The Central Bank of Nigeria (CBN), which disclosed this in the PMI report for October posted on its website yesterday, said the current position of the PMI indicated a slowing decline in the manufacturing sector during the review period.

According to the report, 14 of the 16 sub-sectors surveyed recorded declines in the review month in the following order: electrical equipment; primary metal; fabricated metal products; petroleum & coal products; transportation equipment; computer & electronic products; printing & related support activities; nonmetallic mineral products; plastics & rubber products; furniture & related products; paper products; textile, apparel, leather & footwear; cement and chemical & pharmaceutical products. The remaining two sub-sectors grew in the order: appliances & components and food, beverage & tobacco products.

Also, it showed that at 42.3 index points, the production level index for manufacturing sector declined for the 10th consecutive month, but at a slower rate than the index recorded in September 2016. In the same vein, 13 manufacturing sub-sectors recorded declining production level during the review month in the following order: transportation equipment; petroleum & coal products; electrical equipment; primary metal; computer & electronic products; fabricated metal products; plastics & rubber products; furniture & related products; nonmetallic mineral products; printing & related support activities; paper products; textile, apparel, leather & footwear and chemical & pharmaceutical products.

The appliances & components and cement sub-sectors remained unchanged, while the food, beverage & tobacco products sub-sector grew in the review period.

Meanwhile, the naira appreciated to N465 to the dollar on the parallel market as was predicted last week. But on the interbank FX market, the spot rate of the naira closed at N304.75 to the dollar.

Credit: thisdaylive

Appeal Court Declines To Rule On PDP Crisis

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A ruling of the Court of Appeal expected to be delivered on Tuesday afternoon has been suspended.

Court officials told journalists at the court premises that the ruling was suspended following a petition against the judges accusing them of bias.

No new date has been fixed for the ruling.

Two factions of the party led by former Kaduna State governor, Ahmed Makarfi, and former Borno State governor, Ali Sheriff, have for months battled in court over the leadership of the PDP.

As part of that battle, the faction led by Mr. Makarfi had approached the Appeal Court to seek nullification of previous decisions by a Federal High Court presided over by Okon Abang which has affected that faction’s candidate for the November 26 election in Ondo state.

Mr. Abang had on October14 given an order in furtherance of his June 29 decision where he had asked the Independent National Electoral commission, INEC, to recognise the faction led by Mr. Sheriff.

In his October 14 ruling, Mr. Abang nullified the listing by INEC of the candidate of Mr. Makarfi’s faction, Eyitayo Jegede, for the Ondo state governorship election.

The judge said the decision was premised on his June 29 judgement where his court declared as null and void the proceedings of the PDP convention which appointed a caretaker committee with Mr. Makarfi as chairman.

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http://www.premiumtimesng.com/news/headlines/214189-breaking-appeal-court-declines-rule-pdp-crisis.html

Again, Nigeria’s Manufacturing Index Declines In August

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The Manufacturing Purchasing Manager’s Index (PMI) declined to 42.1 index points in August 2016, compared to 44.1 in the preceding month, indicating that the manufacturing sector declined at a faster rate during the review period.
The Central Bank of Nigeria (CBN) disclosed this in the PMI report for August that was released yesterday.

According to the report, of the 16 manufacturing sub-sectors, 15 recorded a decline in August in the following order: nonmetallic mineral products; transportation equipment; petroleum and coal products; fabricated metal products; furniture and related products; cement; appliances and components; printing and related support activities; paper products; computer and electronic products; food, beverages and tobacco products; primary metal; textile, apparel, leather and footwear; plastics and rubber products; and chemical & pharmaceutical products. The electrical equipment sub-sector remained unchanged in the review period.

Also, at 40.5 index points, the report showed that the productivity index for the manufacturing sector declined for the eighth consecutive month. It declined at a faster rate than what was recorded in July 2016.

All the 16 manufacturing sub-sectors recorded declines in productivity last month in the following order: appliances and components; plastics and rubber products; petroleum and coal products; transportation equipment; nonmetallic mineral products; computer and electronic products; primary metal; paper products; electrical equipment; cement; fabricated metal products; food, beverages and tobacco products; furniture and related products; printing and related support activities; textile, apparel, leather and footwear; and chemical and pharmaceutical products.

Meanwhile, Renaissance Capital (RenCap), a research and financial advisory firm, has revised down its 2016 growth projection for Nigeria to -1.4 per cent from -0.5 per cent.
Nigeria’s economy contracted by 2.06 per cent year-on-year in the second quarter of 2016, compared with 2.4 per cent in the corresponding quarter of 2015.

Read More: thisdaylive

David Mark Declines Testifying In Elections Petition

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To avoid the fire of cross-examination, former Senate President David Mark on Tuesday declined giving evidence in the petition seeking the nullification of his election into the legislative chamber.

The candidate of the All Progressives Congress (APC) for the election, Mr. Daniel Onjeh, is challenging the result of the election declared in favour of Senator Mark by the Independent National Electoral Commission (INEC).

Mark’s counsel, Mr. Kenneth Ikonne, had on August 13 told the elections petition tribunal that his client was ready to give evidence in the matter on Tuesday.

At the resumption of sitting, however, Ikonne told the tribunal that although present in court, his client would not enter the witness box to avoid harassment from petitioner’s counsel, Mr Tunji Oso during cross-examination.

During cross-examination, a lawyer is allowed to ask any question under the sun, even if it appears unrelated to the matter at hand.

Read More: dailytimes

Court Declines To Disqualify Gbajabiamila Over US Indictment

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Legal move to disqualify Hon. Femi Gbajabiamila from emerging as the Speaker of the House of Representatives failed before the Abuja Division of the Federal High Court Monday.

In a chamber ruling, Justice Abdul Kafarati, instead of restraining the House of Reps from accepting the nomination of Hon. Gbajabiamila as ?an aspirant for the office of the Speaker, directed the plaintiff to go and put the defendant on notice.

Justice Kafarati ordered the service of all the relevant court processes on Gbajabiamila to enable him to appear in court on June 18 to show cause why he should not be disqualified from holding the Speakership position following his alleged conviction by the Supreme Court of Georgia in 2007.

?The plaintiff in the matter, the Registered Trustees of Social Justice and Civil Rights Awareness Initiative, had in the suit they lodged through their lawyer, Mr. Chukwuma Nwachukwu,? contended that Hon. Gbajabiamila is not morally fit to head the third arm of governance in Nigeria.

The group adduced evidence indicating that Gbajabiamila was on February 26, 2007, “convicted in the state of Georgia for unethical practices and was debarred as a lawyer for 36 months”.

The group, in an ex-parte motion it filed pursuant to Order 26 Rule 8 of the Federal High Court Civil Procedure Rules, 2009, ?Monday, prayed the high court to stop Gbajabiamila from even presenting himself for the speakership position.

The motion was argued on behalf of the group by Human Rights lawyer, Chief ?Mike Ozehkome, SAN.

Aside Gbajabiamila, the House of Representatives and the Attorney General of the Federation were equally cited as defendants in the matter.

Read More: vanguardngr