South Africa Launches Insider Trading Probe Over MTN's Nigeria Fine

The Johannesburg Stock Exchange launched Friday an investigation into mobile giant MTN for "possible insider trading" before the South African company announced it had been hit by a US$5.2 billion fine in Nigeria. The Nigerian Communications Commission (NCC) fined Africa's largest telecoms firm for missing a deadline to deactivate 5.1 million unregistered SIM cards.

News of the fine broke Monday morning in Nigeria, sparking a sell-off of MTN shares before the company formally notified shareholders later in the day.

"The market regulation team is looking into trades that took place before the announcement in order to determine if there is any evidence of possible insider trading," Peter Redman, Johannesburg Stock Exchange (JSE) market regulation advisor, said in a statement.

South African law dictates that companies are to immediately warn shareholders about price-sensitive information.

UNTHINKABLE BUT TRUE IN AMERICA: 29 People Arrested On Sex Trafficking Charges In 13 Cities, 8 States

Campaign against child sex trafficking. (Image source: Captain Alist-ARGH! @AlistairReign)

Federal authorities arrested 29 people in 13 cities across eight states on sex trafficking charges, as part of a sweeping southern states operation called “Safe Haven,” according to US officials. The undercover operation involved a loosely affiliated operation that coordinated the movement of Latino females throughout the southeast of the US, according to authorities. The traffickers within the operation were independent operators who coordinated the delivery of women for sexual purposes.

© Reuters

“Human sex trafficking is a cancer that we must cut out, and then aggressively fight with all of our resources,” US Attorney for the Middle District of Georgia Michael Moore said in a released statement.

PDP Accuses Buhari, APC Of Manipulating Courts, INEC

The Peoples Democratic Party said on Friday that the gains of its 16-year rule in Nigeria were being eroded by the governing All Progressives Congress. The party said under the APC, basic democratic tenets have failed to function while the party perpetuates “actions tilting towards dictatorship”.

The PDP made the allegation in a communiqué made available at the end of its meeting of national caucus which held at the Ondo state governors lodge in Asokoro district of Abuja on Thursday.

The communiqué was signed by the national secretary of the party, Wale Oladipo, “…there is serious cause for concern in the nation’s political environment, especially as it concerns the survival of the nation’s democracy,” PDP said.

UPDATE: Russian Passenger Jet Crashes Over Sinai

© wikipedia.org

A passenger plane belonging to a small Russian airline, which was flying over 220 people from an Egyptian resort to Saint Petersburg, has vanished from radars over Sinai. Authorities in Egypt have confirmed the plane has crashed.

• 31 October 2015

10:07 GMT

At least five children have been found dead, out of a total of 17 aboard the plane, rescue teams report.

The aircraft split in two.

Nigeria Broke, Can’t Pay Ministers – Buhari …Says Powerful Nigerians Frustrating Anti-Graft War

President Muhammadu Buhari

President Muhammadu Buhari on Friday gave an insight into the shape his cabinet would take, saying the country would be lucky if his administration is able to have half the number (21) of the 42 ministers that operated under the last administration. He said he only sent names of 36 ministerial nominees to the Senate for confirmation because the constitution stipulates that each state of the federation must have representatives in his cabinet.

He said not all the 36 nominees would be ministers as some of them would only sit in the cabinet in order to meet that constitutional provision.

Buhari disclosed this in an interview he granted the Nigerian Television Authority and Channels TV shortly before he left New Delhi where he participated in the third summit of the India-Africa Forum.

FOR THE RECORD: 40 African Leaders Just Made A Fashion Statement By Donning Narendra Modi's Signature Look

Indian Prime Minister, Narendra Modi (centre) with the African leaders during a dinner hosted on the sidelines of the 3rd India Africa Forum Summit, in New Delhi. (Image source: Mashable)

Since being elected to office last year, Indian Prime Minister Narendra Modi’s sharp dressing and flamboyant wardrobe have consistently made headlines both in India and abroad. On Thursday, his government took his sartorial diplomacy a step further when over 40 African heads of state donned traditional Indian attire at a dinner held on the sidelines of the 3rd India-Africa Summit in New Delhi.

The African leaders were dressed in raw silk kurtas, “Modi jackets” and safas (Indian headgear), a look frequently sported by Modi. The only exceptions to the dress code were the presidents of Zimbabwe and South Africa, Robert Mugabe and Jacob Zuma. The summit is being held between Oct. 26 and 29, to boost economic ties between India and African countries.

Russian Passenger Aircraft With 220 Onboard Goes Off Radar, Reportedly Crashes Over Egypt

© wikipedia.org

A Russian plane carrying over 220 people from Egypt to Russia disappeared from radars, according to Russian and Egyptian authorities. It is believed to have crashed in central Sinai. Kolavia Flight 7K9268, an Airbus A320, went off radar 23 minutes after taking off from Sharm El-Sheikh International Airport, Sergey Izvolskiy told the media citing preliminary data.

The plane was carrying 212 passengers and 7 crew members, he added.

Egyptian Prime Minister Sherif Ismail confirmed that the Russian plane did go missing over Sinai and said a cabinet-level crisis committee has been convened to deal with the incident.

Three ‘Small Banks’ In Danger, Says CBN After Stress Test

CBN Head office, Abuja

A liquidity stress test conducted by the Central Bank of Nigeria (CBN) has revealed that capital position of ‘three small banks’ have fallen below regulatory capital requirement. The test, contained in the CBN Financial Stability Report released yesterday, showed the Capital Adequacy Ratios (CARs) of the affected banks were below five per cent regulatory threshold.

The three banks are not among the domestic systemically important banks (D-SIBs), it said.

The report, which measured the lenders’ positions as at June this year, showed that the number of banks with CAR less than five per cent also increased from zero to three from December 31, 2014 to June 30, 2015. The CAR is a ratio of a bank’s assets to its risks.

Building Collapse Kills 17 In Central China: Reports

The booming Chinese economy has spurred a wave of new infrastructure and construction projects, but corruption is common and strict enforcement of regulations is often lacking (Image source: AFP)

The collapse of a residential building under renovation in central China has killed 17 construction workers and injured another 23, state media reported on Saturday, in the latest incident to raise questions over poor regulation. The 1990s-era building in Henan province collapsed suddenly on Friday afternoon in a project which involved adding more levels to the two-storey building, state media said.

Video footage broadcast on state television showed firemen picking through the rubble using their hands in the search for survivors.

Seven Oil Thieves Jailed For 12 Years

Federal High Court, Lagos

Seven men were yesterday sentenced to 12 years imprisonment by the Federal High Court in Lagos for stealing petroleum products. Justice Okon Abang found Adedamola Ogungbayi, Olaniran Olabode, Suraju Gasali, Moses Emmanuel, Wilson Bonsi, Okaraodi Uche and Onyeogo Happy guilty of dealing in 1,459 metric tonnes of premium motor spirit (petrol) without licence.

The judge held that the convicts’ crime amounted to economic sabotage. He described them as “godless”, saying such acts must be punished.

He said: “The convicts have no sympathy for the corporate existence of this country. The seed of wrongdoing may be sown in secret but the harvest cannot be concealed. Today is the day of reckoning.

Teenage Girl Diagnosed With Bubonic Plague In Oregon, US

Yersinia pestis, Direct Fluorescent Antibody Stain (DFA), 200x Magnification. CDC 2057 © US Government public domain image / Wikipedia

A 16-year-old girl has been diagnosed with bubonic plague in Crook County, Oregon, the local health authority confirmed. “The girl is believed to have acquired the disease from a flea bite during a hunting trip near Heppner in Morrow County that started on October16. She reportedly fell ill on October 21 and was hospitalized in Bend on October 24. She is recovering in the hospital’s intensive care unit,” the official press release says.

The teenage patient is said to be recovering.

No other infected people have been reported so far.

Humans can catch plague from fleas that jump from infected rodents, such as squirrels, chipmunks or rats.

Swedish Politician Says Country ‘Facing Collapse’ Due To Mass Influx Of Refugees

Passengers among them migrants and refugees, exit the German ferry terminal in Goteborg, Sweden. © Scanpix Sweden / Reuters

A leading Swedish politician says the country is facing a refugee catastrophe, which will lead to the “country collapsing.” The bold claims were made by Foreign Minister Margot Wallstrom, who adds the EU needs to do more to take the strain off Stockholm.

The northern European country expects to accommodate around 190,000 by the turn of the year, but this is putting a strain on the country both economically and socially. Wallstrom says that Stockholm needs more help and intends to put pressure on European Union member states to take a greater share of the burden the continent is facing from the refugee crisis in the Middle East and Africa.

U.N. Causes Food-Poisoning With Deliveries Of Old, "Mouldy" Biscuits To Syria, Says Rights Body As U.N. Staff Fired Over Child Porn, Moving Drugs In U.N. Vehicle

UN blamed for food poisoning outbreak after "mouldy" biscuits in aid convoy delivered to Syria (Image source: apolene.com)

The United Nations sent hundreds of boxes of "mouldy" high-energy biscuits that were past their 'sell-by' date to besieged people in Syria this month, causing widespread food poisoning, according to a humanitarian watchdog on Friday.

The U.N., which has gone to great lengths to get aid and supplies to 4.6 million Syrians living in hard-to-reach areas, helped trucks loaded with humanitarian aid reach the towns of Madaya and Zabadani near the Lebanese border earlier this month.

Racism Against African Nationals 'Unfortunate': Nigerian President To NDTV

Spectre of racism against African nationals in India a cause for concern (Image source: NDTV)

The India-Africa Summit, which concluded on Thursday, may have forged greater links between both sides, but the spectre of racism against African nationals in the country remains a cause for concern, said Nigerian President Muhammadu Buhari.

In an exclusive interview to NDTV, President Buhari said that the attacks on Nigerian nationals in India, as well as racist comments against them were "unfortunate" and exposed the mindset of those perpetrating it.

2-IN-1 STORY: Customs: Why We Retired 34 Senior Officers

The Nigeria Custom Service (NCS) has announced the retirement of 34 senior officers. Wale Adeniyi, spokesman of the service, confirmed this in a statement issued on Friday, saying the development is part of the reorganization of Hameed Ali, comptroller-general of the service.

TheCable had earlier reported that 30 more officers will be retired from the service in addition to the five deputy-comptroller generals, who leaked their retirement letter to the media.

“As part of on-going re-organization in Nigeria Customs Service, 34 senior officers have been retired from service with immediate effect,” the statement read.

MTN Has A Fortnight To Pay Nigeria Fine

AFP

Nigeria's telecom regulator has given South Africa's MTN Group until the middle of November to pay a US$5.2bn (£3.4bn) fine imposed on them. The Nigeria Communications Commission (NCC) says the mobile phone company failed to deactivate unregistered SIM cars before a deadline.

MTN executives are currently in Nigeria to discuss ways of resolving the issue.

Early in August, the NCC issued a directive to mobile phone companies to deactivate all unregistered SIM cards within seven days or face severe sanctions.

MTN missed the deadline prompting a US$1,000 fine for each unregistered SIM card.

The company, which has more than 62 million subscribers in Nigeria, has not yet responded to the payment deadline.

CAR President Says 'Enemies Of Peace' Want To Prevent Elections

Screengrab of Catherine Samba-Panza’s BBC Interview (BBC)

The Central African Republic's interim President Catherine Samba-Panza has told the BBC that "enemies of peace" are trying to stop the country from having elections. Violence between rival militias has killed thousands and displaced nearly a quarter of the population in the Central African Republic. But she is confident that the people want elections in spite of this.

She said out of two million people, 1,950,000 registered to vote - and taking this to mean that people are behind the election.

Elections - which have already been postponed - are now scheduled for 13 December.