Below are the headlines found on The Punch Online Newspaper for today, Monday, 3 July, 2017.



AMCON: Disturbing 350 debtors of N2.5tn
Mon, 03 Jul 2017
A recalcitrant group of wealthy Nigerians is holding the national economy to ransom. According to the Asset Management Corporation of Nigeria, established to purchase toxic debts and save the economy from crashing, these people have refused all entreaties to repay their loans totalling N2.5 trillion. This is disturbing. The obligation of these Nigerians is one-third []
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FIRS proposes new tax regime for domestic airlines
Mon, 03 Jul 2017
Maureen Ihua-Maduenyi The Federal Inland Revenue Service has proposed a flexible tax payment method to enable domestic airlines to remain in operation as well as meet their Value Added Tax remittance obligations. The Chairman, FIRS, Mr. Babatunde Fowler, made the proposal when a delegation of the Airline Operators of Nigeria and the International Air Transport []
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Only eight million Nigerian vehicles are insured ' NIA
Mon, 03 Jul 2017
Nike Popoola Only eight million vehicles out of the estimated 17 million on Nigerian roads have genuine insurance cover, according to the Nigerian Insurers Association. Figures obtained by our correspondent from the association indicated that the number of genuinely insured vehicles had risen from three million that was recorded in the Nigerian Insurance Industry Database []
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Lagos releases N684m for 218 retirees' pension
Mon, 03 Jul 2017
Nike Popoola The Lagos State Government has released N684m for the payment of accrued pension rights to 218 retirees from the mainstream civil service, local governments, the State Universal Basic Education Board, Teachers Establishments and Pensions Office and other parastatals of government under the Contributory Pension Scheme for the month of June. According to a []
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Ahead of public listing, MTN woos institutional investors
Mon, 03 Jul 2017
Everest Amaefule, Abuja The planned public listing of the shares of MTN Nigeria on the Nigerian Stock Exchange offers both institutional and individual investors the opportunity to get a slice of the telecommunications firm that has 62 million subscribers, the company has said. The Deputy Head, Mergers and Acquisitions, MTN Group, Kholekile Ndamese, who led []
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CBN issues N32bn debt to tighten liquidity
Mon, 03 Jul 2017
Oyetunji Abioye with agency report The Central Bank of Nigeria sold N31.94bn ($104.76m) in Treasury bills on Friday in a bid to tighten liquidity in the money market while overnight lending rate fell. Traders said the bank sold N31.52bn of 349-day Treasury bill at 18.59 per cent and N440m of 160-day Treasury bill at 17.98 []
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Diesel price drops to N155/litre, says NNPC
Mon, 03 Jul 2017
Okechukwu Nnodim, Abuja The price of Automotive Gas Oil, also known as diesel, has dropped further from between N175 and N200 per litre as of June 18, 2017 to between N155 and N160 per litre in many filling stations across the country, the Nigerian National Petroleum Corporation has said. Early last month, the NNPC announced []
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Banks suffer fraud cases worth N16.5bn in three years
Mon, 03 Jul 2017
The economic recession currently rocking the country has increased the volume of fraud cases in the banking industry, with the attendant loss of money, IFEANYI ONUBA writes The banking sector recorded 31,736 fraud cases involving the sum of N16.5bn between January 2014 and December 2016, figures obtained by our correspondent from the Central Bank of []
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Waste managers lament state of Lagos dumpsites
Mon, 03 Jul 2017
Maureen Ihua-Maduenyi Wastes may soon find their way back to Lagos streets and roads as major dumpsites across the state have become unmanageable in recent times, waste managers have said. When our correspondent visited one of the landfills at Igando area of the state on Friday, it was observed that the roads to the major []
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Financial Market Watch'for the week ended June 30, 2017
Mon, 03 Jul 2017
Local economy news The World Bank committed a total of $215m to the execution of rural community development projects across the country under its Community and Social Development Programme. The National Coordinator, CSDP, Dr. Abdulkarim Obaje, disclosed this at the opening of a two-day retreat for supervising ministries and Board of Directors of the CSPD []
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Best ways to transfer money between bank accounts
Mon, 03 Jul 2017
Nike Popoola 09055512063 (sms only) Personalbanking@punchng.com Money is electronic these days, so it should be easy to transfer money between bank accounts. And it is. If you want, you can still move funds the old-fashioned way, but the best way to do it is to let technology do all of the work, according to www.thebalance.com. []
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Should you bring your children into family business
Mon, 03 Jul 2017
Nimi Akinkugbe Family businesses are the backbone of any economy, and Nigeria is no different. Indeed, family-owned businesses have long been part of Nigerian business life and history, yet so many of the prominent businesses in the early 50s and 60s are no more. What happened to them' Family businesses face unique challenges. In fact, []
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Regulatory bodies, professionals culpable for building collapse 'QSRBN
Mon, 03 Jul 2017
Okechukwu Nnodim, Abuja Professionals and regulatory agencies in the built environment are guilty of the incessant cases of building collapse being witnessed across the country, the Quantity Surveyors Registration Board of Nigeria has said. According to the board, it is wrong for any professional body to absolve its members from the cases of building collapse []
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Honeywell completes remodelling of Apapa roundabout
Mon, 03 Jul 2017
Maureen Ihua-Maduenyi Honeywell Flour Mills Plc has concluded the remodelling of the Tincan Island second gate roundabout in Apapa, Lagos, and has handed same over to the Nigerian Ports Authority. The management of the company stated at the handover ceremony that the roundabout had been remodelled into a world class piece of architecture and that []
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LafargeHolcim targets 25 million affordable housing beneficiaries
Mon, 03 Jul 2017
Maureen Ihua-Maduenyi Lafarge Africa Plc says its parent company, LafargeHolcim, is targeting to make 25 million people beneficiaries of its affordable homeownership scheme globally by 2020, with Nigeria representing a significant figure. The firm said it inaugurated its affordable housing scheme, known as Lafarge Easy Home, three years ago and so far, 30,000 people had []
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Elumelu advises Afreximbank, others to support African firms
Mon, 03 Jul 2017
The Chairman of Heirs Holdings, Tony Elumelu, has lauded the African Export-Import Bank for providing robust support for African companies, commended the bank for its contribution to the development of cross-border trade and investment in Africa. Elumelu spoke at the 24th Annual General Meeting of Afreximbank held in Kigali, the capital of Rwanda. 'Afrexim brings []
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NIMASA DG urges collaboration between Intels, host communities
Mon, 03 Jul 2017
Anna Okon The Nigeria Maritime Administration and Safety Agency has urged Intels Nigeria Limited to collaborate with Onne and surrounding communities, in Rivers State, where its business is situated. The Director-General, NIMASA, Dr. Dakuku Peterside, made this appeal during a visit to Intels in Onne. Peterside, who commended the oil and gas logistics firm for []
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Unity Bank donates relief materials to IDPs
Mon, 03 Jul 2017
Unity Bank Plc has donated relief materials to The Praxis Catholic School for Internally Displaced Persons and vulnerable children. This was done during an excursion of the students of the school to Unity Bank's regional office in Abuja recently, the lender said in a statement on Sunday. A delegation of the school led by the []
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Unemployment, greatest challenge to Nigeria's devt ' Ekweremadu
Mon, 03 Jul 2017
Ifeanyi Onuba, Abuja The Deputy Senate President, Senator Ike Ekweremadu, has identified the huge rate of unemployment as the greatest challenge affecting the growth and development of the country. Ekweremadu stated this in Abuja during the formal launch of the Bajaj Auto Maxima Cargo in Nigeria. The Maxima Cargo is a tricycle specifically built to []
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Property prices worldwide up by 6.5%
Mon, 03 Jul 2017
Globally property prices in key locations increased by 6.5 per cent in the 12 months to March 2017, the highest rate of growth for three years, according the latest index. Overall, 11 countries out of 55 recorded double digit price growth in the year compared to only four a year earlier, the figures from the []
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Wapic introduces product for children's education
Mon, 03 Jul 2017
Nike Popoola The Managing Director, Wapic Life Assurance, Mr. Rantimi Ogunleye, has said the firm has introduced a product called the 'Wapic Smart Scholars Plan' to assist parents to secure their children's education. 'It is an insurance solution that provides you the opportunity to save funds toward financing your child's education with embedded insurance protection []
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Anchor introduces insurance cover for job losses
Mon, 03 Jul 2017
Nike Popoola Anchor Insurance Company Limited has launched a product called 'Anchor Loss of Employment Insurance Scheme' for workers who lose their jobs. Chieftains from the insurance sector, banks, co-operative unions, the insuring public and employers of labours from different sectors were present at the inauguration of the AnchorLoEIS in Lagos. The Chairman of the []
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Make floor safety a priority, expert tells facility managers
Mon, 03 Jul 2017
Maureen Ihua-Maduenyi A safety professional, Mr. Tomasz Wolski, has said that facility managers should give floors priority in the management of a building. Tomasz, a Polish and certified global Surestep trainer, stated this during a three-day training programme organised by No-slips Limited, the Nigerian representative and service provider of Surestep non-slip floor treatment. According to []
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Rents rise in private rented sector
Mon, 03 Jul 2017
More than a quarter of letting agents in the UK reported that rents increased for tenants in May, the highest level since July 2016, the latest industry data shows. Some 27 per cent said rents rose and for the second month in a row and private rents have now increased by 1.8 per cent in []
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Property rents in 17 global cities struggling to grow
Mon, 03 Jul 2017
Prime residential rents in key locations around the world are struggling to achieve growth, up by just 0.5 per cent in the 12 months to the end of March 2017, the latest published index shows. However, over 70 per cent of the 17 cities tracked by the Knight Frank index did see a rise of []
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Nigeria win African armwrestling
Mon, 03 Jul 2017
Idris Adesina Nigeria on Sunday won the African Armwrestling Championships with 19 gold, 16 silver and 11 bronze at the Teslim Balogun Stadium, Lagos. Ghana finished second with 10 gold, five silver and six bronze while Mali came third with eight gold, two silver and four bronze. Cameroon and Egypt were other countries at the []
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Joshua tempts Klitschko with megabucks for rematch
Mon, 03 Jul 2017
ANTHONY Joshua is hopeful of landing a rematch with Wladimir Klitschko and taking the fight to the bright lights of Las Vegas, according to The Sun. Joshua defeated Klitschko in April after climbing off the canvas to stop the Ukrainian in the 11th round in what has been called the most exciting heavyweight fight in []
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Blatter regrets overstaying FIFA tenure
Mon, 03 Jul 2017
Disgraced former FIFA president Sepp Blatter, forced out as head of world football's governing body amid a corruption scandal in 2015, admitted on Sunday he regretted not stepping down earlier, AFP reports. The 81-year-old was banned over ethics breaches, bringing an end to his 17-year reign as FIFA chief, following a suspect $2m payment to []
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Annulment: Minister backs committee on AFN, others
Mon, 03 Jul 2017
Sports minister Solomon Dalung has hailed the national sports federation's Election Appeals Committee for its decisions to annul the presidential polls in four federations. The Abdulrazak Salau-headed committee on Friday annulled the athletics, gymnastics, wrestling and taekwondo's June 13 presidential elections following protests from those disqualified from the exercise on election day. 'We were reliably []
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Lars Stindl wins Confed Cup for Germany
Mon, 03 Jul 2017
Lars Stindl's simple tap-in, following a costly first-half blunder by Marcelo Diaz, was enough to give Germany a 1-0 win over Chile in the Confederations Cup final on Sunday, AFP reports. Diaz's momentary lapse in concentration let Timo Werner rob him of possession, draw the goalkeeper and pass to Stindl, who scored into an empty []
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Wikki victory excites Amoo
Mon, 03 Jul 2017
Shooting Stars coach Fatai Amoo has expressed his satisfaction with his side's performance in their 2-0 victory over Wikki Tourists in their Premier League game at the Lekan Salami Stadium in Adamasingba, Ibadan, on Sunday. Two first-half goals from Ajani Ibrahim and Bode Daniel was enough to hand the hosts the three points at stake. []
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Arsenal set to land Lacazette
Mon, 03 Jul 2017
LYON president Jean-Michel Aulas has told French media Alexandre Lacazette's move to Arsenal could be completed in 'one or two days'. Arsenal have been in prolonged negotiations with Aulas as they attempted to sign Lacazette. However it finally appears the 26-year-old will become Arsenal's club record signing after they finally agreed to pay Lyon's asking []
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Why higher oil prices cripple Nigeria's economy
Mon, 03 Jul 2017
Economic Renaissance by Henry Boyo lesleba@lesleba.com 08052201997 The crash in crude oil price is usually identified as the major contributor to the prevailing parlous state of Nigeria's economy. Clearly, the drop from over $120/barrel to a more humble price below $50/barrel, with a significant drop in output, has certainly reduced government's revenue inflow. Consequently, one []
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Why can't we add value to our local produce
Mon, 03 Jul 2017
Eze Onyekpere The collapse of oil price was a blessing in disguise, an opportunity waiting to be tapped, if and only if, we could put on our thinking caps. It was an opportunity for organic development which would free us from mental laziness so that we can be sustained with the work of our own []
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Residents chase away policemen, set ablaze three Badoo suspects
Mon, 03 Jul 2017
100 alleged members arrested Afeez Hanafi Angry residents of Ikorodu, Lagos State, went berserk in the early hours of Sunday, lynching three suspected members of the notorious ritual cult, Badoo, in the Odogunyan area. This is just as the police said over 100 persons suspected to be members of the cult had been arrested during []
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Parents lament torture of 11-year-old pupil at command school
Mon, 03 Jul 2017
Afeez Hanafi Barely nine months into his stay at the Command Secondary School, Ibadan, Oyo State, an 11-year-old pupil, Israel Dada, is down with illness after alleged serial torture in the hands of senior pupils of the school. The Junior Secondary School 1 pupil and his fellow pupils were said to have been subjected to []
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Police arrest robbery suspect at bone setter's house
Mon, 03 Jul 2017
Samson Folarin The Zonal Intervention Squad of the Zone 2 Police Command, Onikan, Lagos, has arrested four robbery suspects in Ogunmakin, in the Ifo Local Government Area of Ogun State. The suspects'Biodun Rabiu, Dauda Ayoade, Olaoye Popoola and Segun Fariyike'were arrested after detectives received information that Rabiu was being treated for a gunshot injury in []
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Bar owner kills girlfriend, hides in bush
Mon, 03 Jul 2017
Femi Makinde, Osogbo Residents of Halleluyah Estate in Ido Osun, in the Egbedore Local Government Area of Osun State, have apprehended an operator of a drinking joint, identified as Sikiru Adeosun, inside a bush at the Gaa Fulani area of the estate. Adeosun was arrested while fleeing his residence after allegedly killing his girlfriend. Adeosun []
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Seven die in Edo multiple auto crash
Mon, 03 Jul 2017
Gunmen kill A'Ibom lawyer, youth leader Alexander Okere and Etim Ekpimah no fewer than seven persons have been killed in a multiple auto crash in the Ewu Hill end of the Benin-Auchi Expressway, in the Esan Central Local Government Area of Edo State. It was gathered that 13 other people also sustained varying degrees of []
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Robbers kill farmer, steal motorcycle in Ondo
Mon, 03 Jul 2017
Peter Dada, Akure Suspected armed robbers have killed a farmer, identified as Mathias Abah, taking away his motorcycle. The incident, which happened on Saturday in Oda town, in the Akure South Local Government Area of Ondo State, has reportedly thrown the community into mourning. According to a source, the 50-year-old farmer, who was said to []
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