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Nigeria says working hard to resolve gasoline crisis

In a chat with Nigerians from all walks of life on Sunday evening during the stopover, the Vice President noted that the Federal Government was moving as quickly as it could to solve the fuel crisis and reduce the difficulties Nigerians were facing as a result.

How Jonathan’s officials, cousin shared 27bln proceeds of PHCN sale -EFCC

The Economic and Financial Crimes Commission (EFCC) has narrated how top government officials under the administration of former president Goodluck Jonathan shared 27 billion, part of the proceeds of the sale of Power Holding Company of Nigeria (PHCN) in 2014.

- Nigeria unemployment rate climbs up

Four out of every ten people in Nigeria's workforce were unemployed or underemployed by the end of September, National Bureau of Statistics (NBS) said on Friday.

Why is Jerusalem important, what makes Donald Trump's intervention so toxic

What is the status of Jerusalem? Israel set up its parliament in West Jerusalem when the state of Israel was proclaimed in 1948. The move followed the United Nations’ vote to partition Palestine on the basis of the British pledge known as the Balfour Declaration that paved the way for a homeland for the Jewish people.

- Nigeria's dollar reserves at $34.53 bln as of Nov. 24

Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.

Tuesday 30 November 2021

CBN dollar sales to banks curb speculations, leads to naira gain ~Bankers’ Committee

CBN dollar sales to banks curb speculations, leads to naira gain ~Bankers’ Committee: In a statement on Tuesday, the Committee noted that dollar hoarders “are beginning to bring them out to sell for the simple reason that they may lose as the naira gains strength at the parallel market.”

NEC endorses 2022 finance bill as govt plans tax reforms

NEC endorses 2022 finance bill as govt plans tax reforms: some of the proposed legislative changes cover domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms as well as international taxation issues.

Omicron variant: Hong Kong places travel ban on Nigeria, 3 other African nations

Omicron variant: Hong Kong places travel ban on Nigeria, 3 other African nations: Residents can return if they are vaccinated but will have to quarantine for seven days in a government facility and another two weeks in a hotel at their own cost.

Eni confirms three contract staff killed, two injured at pipeline site in Nigeria

Eni confirms three contract staff killed, two injured at pipeline site in Nigeria: Eni said in a statement that the workers, who were working on a project to restore mangroves in the Delta swamps were attacked by an armed group “causing as far as we know three fatalities and two injuries.”

OPEC crude oil output rises 220,000 bpd in November

OPEC crude oil output rises 220,000 bpd in November: Kuwait, the United Arab Emirates and Algeria also made increases as called for by their higher November quotas. Nigerian output, often hit by unplanned outages, recovered in November as a force majeure was lifted.

Police rescue soldier, 15 travellers abducted by Boko Haram in Borno

Police rescue soldier, 15 travellers abducted by Boko Haram in Borno: Borno Police Command spokesman, Sani Kamilu said the incident occurred around Yanakiri and Kondori villages when the insurgents in about 20 gun trucks ambushed the motorists.

Lagos to release Endsars panel white paper, promises justice

Lagos to release Endsars panel white paper, promises justice: The much anticipated White Paper, which is an administrative medium for conveying the decision or position of the government on the report of an administrative or judicial enquiry, may either bring a closure to the event of October 20, last year or inflame more passion among the populace.

MTN lures investors with discount, bonuses as it opens share sales to retail investors at N169

MTN lures investors with discount, bonuses as it opens share sales to retail investors at N169: MTN share traded at N190 per share on Tuesday on the floor of the NGX, meaning that investors will be buying the share on sales at a discount of about N21 per share during the public offering.

Nigeria threatens to sanction public officials engaging in illegal recruitment

Nigeria threatens to sanction public officials engaging in illegal recruitment: ‘‘Government has, however, noted from the activities of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) that some MDAs have devised the fraudulent practice of presenting new projects as ongoing projects.

Canada detects more cases of Omicron variant in Ottawa

Canada detects more cases of Omicron variant in Ottawa: A further two cases of the Omicron coronavirus variant have been detected in Ottawa, bringing Canada's total number of cases to five, Ottawa Public Health

Emirates Airlines suspends flights to 2 South African cities over Covid-19 Omicron variant

Emirates Airlines suspends flights to 2 South African cities over Covid-19 Omicron variant: The United Arab Emirate (UAE) biggest carrier also said it will slash its flights to Johannesburg to four times a week from December 1-31, in view of the current travel restrictions.

Who Is Twitter’s New CEO Agrawal, Why Dorsey resign?

Who Is Twitter’s New CEO Agrawal, Why Dorsey resign?: Twitter’s new CEO Agrawal has become the youngest CEO leading an S&P 500 company, only slightly younger than Meta Platform Inc CEO Mark Zuckerberg.

CBN deploys electronic form ‘A’, Form ‘NCX’ for invisible, non-commercial transactions

CBN deploys electronic form ‘A’, Form ‘NCX’ for invisible, non-commercial transactions: Both electronic form ‘A’ and Form ‘NCX’, the CBN said shall attract N5,000 fee per declaration by customers, aside the normal banking transaction charges.

Terrorists free 260 inmates, killed one guard, 9 prisoners dead after Jos correction centre attack

Terrorists free 260 inmates, killed one guard, 9 prisoners dead after Jos correction centre attack: “Some of the attackers and a total of 262 inmates escaped in the melee before reinforcement could come from sister services,” the service said in a statement.

NCC, Airtel to conduct 5G trial in Abuja, Lagos, four other locations on Thursday

NCC, Airtel to conduct 5G trial in Abuja, Lagos, four other locations on Thursday: In its ‘Draft Consultation Document for Deployment of Fifth Generation (5G) Mobile Technology in Nigeria’, the NCC disclosed that six locations across the nation were selected for this trial.

Monday 29 November 2021

Messi wins 7th Ballon d’Or with Putellas taking women’s award

Messi wins 7th Ballon d’Or with Putellas taking women’s award: The Paris St Germain forward saw off competition from Bayern Munich striker Robert Lewandowski and Chelsea midfielder Jorginho.

Efficient civil service vital for quality public service delivery~ Osinbajo

Efficient civil service vital for quality public service delivery~ Osinbajo: The plant was set up under a Willing Buyer-Willing Seller basis, an arrangement between the State and the firm that did not require a Power Purchase Agreement, PPA, which would normally require a Sovereign Guarantee.

Kenya central bank holds it benchmark lending rate at 7.0%

Kenya central bank holds it benchmark lending rate at 7.0%: Policymakers cut rates sharply nearly two years ago when the East African nation reported its first case of COVID-19, and they have maintained that dovish stance since May last year.

Jack Dorsey resigns from Twitter as CEO, Agrawal, firm’s CTO takes over

Jack Dorsey resigns from Twitter as CEO, Agrawal, firm’s CTO takes over: He also said; “I want you all to know that this was my decision and i own it. It was a tough one for me, of course, I love this service company and all of you so much.”

Man Utd appoints Rangnick as interim manager

Man Utd appoints Rangnick as interim manager: Rangnick, 63, has left his role as head of sports and development at Lokomotiv Moscow and signed a six-month contract at Old Trafford.

Max Air Chairman, Mangal sells 15.8% stakes in Oando Plc in dispute settlement

Max Air Chairman, Mangal sells 15.8% stakes in Oando Plc in dispute settlement: “Based on the above, by Leaf Investment & Realtors Limited now holds 15.83 percent of Oando PLC,” the energy firm wrote in the communication with the NGX on Monday.

Seplat Energy in talks to buy ExxonMobil shallow water oilfields in Nigeria

Seplat Energy in talks to buy ExxonMobil shallow water oilfields in Nigeria: “Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.

Canada detects two cases of Omicron COVID-19 variant from travellers from Nigeria

Canada detects two cases of Omicron COVID-19 variant from travellers from Nigeria: According to the country’s Health Minister, Christine Elliott, both cases were found in the Ottawa area in people who had recently returned from Nigeria.

Is Banking an Endangered Species?

Is Banking an Endangered Species?: The highest level of ethics and trust are (or used to be) the hallmark of the banking profession. What has changed? Obviously, a lot!

Nigeria suspends operations of 91 private jets over duty payment defaults

Nigeria suspends operations of 91 private jets over duty payment defaults: The letter directed the aviation agency regulator, NCAA, the NAMA, and FAAN, to ground the private jets by denying them administrative and operational flight clearances indefinitely.

NAFDAC Chief, Adeyeye decries abuse of antibiotics

NAFDAC Chief, Adeyeye decries abuse of antibiotics: The National Agency for Food and Drug Administration and Control (NAFDAC) has raised the alarm over the increasing rate of irrational use of antibiotics which

Sunday 28 November 2021

OPEC shifts technical meetings over Omicron covid variant

OPEC shifts technical meetings over Omicron covid variant: OPEC is moving two technical meetings to later this week in order to give committees more time to evaluate the impact of the new Omicron coronavirus variant,

Gunmen kill four people carrying out repair work at Eni oil pipeline in Nembe

Gunmen kill four people carrying out repair work at Eni oil pipeline in Nembe: The men, two workers, a driver and a security operative, died at a facility in Nembe, Bayelsa state, which feeds oil and gas to the Brass export terminal, Solomon Ogbere, a spokesman for the Nigerian Security and Civil Defence Corps (NCDC), said.

Terrorists, Security operatives exchange gun battle at Jos Prison

Terrorists, Security operatives exchange gun battle at Jos Prison: The source, who spoke on condition of anonymity, said five inmates who attempted to escape during the gun battle were promptly re- arrested.

Flight operations to and from Nigeria remains on Hold, says Emirates Airlines

Flight operations to and from Nigeria remains on Hold, says Emirates Airlines: However, Emirates Airlines posted on its website on Sunday that; “Emirates direct flight operation to and from Nigeria is still on hold.”

CHURCH BUSINESS: Ministry is about people

CHURCH BUSINESS: Ministry is about people: We can say without mincing word that without people Jesus ministry would not have succeeded. He actually needed the people, the disciples to ensure the continuity of His ministry on earth, otherwise, His effort on this part of the divide would have come to nothing after his death and resurrection.

Banks business model must create impact in society, Sanwo-Olu tells bankers

Banks business model must create impact in society, Sanwo-Olu tells bankers: Sanwo-Olu, who spoke at this year’s bankers’ dinner noted that there is a need to review the traditional economic and monetary models in the face of changing realities in today’s world.

Saturday 27 November 2021

CIBN President, Olugbemi says eNaira ‘II deepen financial inclusion

CIBN President, Olugbemi says eNaira ‘II deepen financial inclusion: Olugbemi, who spoke at this year’s dinner of the institute, noted that while the modality for the operation of the Central Bank Digital Currency (CBDC) is being finetuned, the launch of the electronic currency was a step in the right direction.

CBN targets GDP growth at 3.1%, sees inflation rate of 15.35 % at end of 2021

CBN targets GDP growth at 3.1%, sees inflation rate of 15.35 % at end of 2021: Emefiele said the projected GDP growth for 2021 will be better than the last year’s negative growth of -1.8 percent while inflation is expected to continue on it downward trajectory.

Nigeria mining sector now toast of foreign investors ~Minister

Nigeria mining sector now toast of foreign investors ~Minister: The minister also expressed optimism that with completion and commissioning the establishment of a Fire Assay laboratory, a crucial step towards making the country a major mining destination has been established.

Emirates Airlines expects to resume direct flight to Nigeria ~Aviation Minister

Emirates Airlines expects to resume direct flight to Nigeria ~Aviation Minister: According to Nigeria’s minister of Aviation, Hadi Sirika and his  Foreign Affairs, Geoffrey Onyema, the suspension was halted following the resolution of the differences between Nigeria and the UAE after the Emirates lifted some of the restrictions imposed on travellers from Nigeria as part of measures to contain COVID-19.

Nigerians loss N254.4 bln to ponzi schemes in 4-years

Nigerians loss N254.4 bln to ponzi schemes in 4-years: The biggest heist was by one of the ponzi scheme which ended up defrauding many gullible investors of over N171 billion in the guise of helping them to trade in forex with purported 15 percent return on investment every 30 days with a minimum capital investment of N360,000 and up to N5 million.

Friday 26 November 2021

Italy and Portugal drawn together in World Cup playoffs

Italy and Portugal drawn together in World Cup playoffs: Portugal will be at home to Turkey in the semifinals, while Italy will host North Macedonia. The winners of those two semifinals will meet for one place at the World Cup. Portugal or Turkey will be at home in the final.

EU moves to halt air travel from places with new Covid variant

EU moves to halt air travel from places with new Covid variant: “The Commission will propose, in close coordination with Member States, to activate the emergency brake to stop air travel from the southern African region due to the variant of concern B.1.1.529,” said the executive’s head, Ursula von der Leyen.

Gunmen again kill 11 in Bassa LGA of Plateau, razed 30 houses

Gunmen again kill 11 in Bassa LGA of Plateau, razed 30 houses: Plateau State Governor, Simon Lalong condemned the attack, describing it as the handiwork of criminals who are bent on “instilling fear, pain and sorrow” among residents.

OML 29 oil Spill: Aiteo says deploys clean-up equipment to Nembe

OML 29 oil Spill: Aiteo says deploys clean-up equipment to Nembe: This is coming three weeks after the wellhead bursted and spill oil across the acres of land around the OML 29 in Nembe creek of Bayelsa state.

Three weeks after; Nembe community still devastated by Aiteo oil spill

Three weeks after; Nembe community still devastated by Aiteo oil spill: The crayfish that I sell for a living, now they are all dead,” said Afieyegha Seiyefa, showing her oil-covered hands after reaching into the water where just a few weeks ago she could fish for a living. “We cannot get anything.”

POLITICAL NOTES: Selfish, uncaring leadership, Nigeria biggest challenge

POLITICAL NOTES: Selfish, uncaring leadership, Nigeria biggest challenge: Do you trust today’s politicians, public officers and government to risk your hard-earned money in their business?

The Discussion: The fuel subsidy tiff

The Discussion: The fuel subsidy tiff

Nigeria Air to launch IPO for local investors in proposed National carrier

Nigeria Air to launch IPO for local investors in proposed National carrier: He said Nigeria Air would be listed on the Nigerian Exchange Limited after the IPO, noting that ordinarily Nigerians would have the opportunity to invest in the airline, slated to commence operation in April 2022.

Nigeria’s equity market declines 0.32% on losses by Ecobank, Nigerian Breweries

Nigeria’s equity market declines 0.32% on losses by Ecobank, Nigerian Breweries: The All-Share Index fell to 43,108.77 points from 43,245.02 points the previous day the market while of equities listed on the NGX declined to N22.494 trillion from N22.565 trillion as on the previous day.

Four suspected pirates killed by Danish frigate in Gulf of Guinea

Four suspected pirates killed by Danish frigate in Gulf of Guinea: Special forces approached a small motorized vessel with eight people on board who then opened fire. The Danish troops returned fire, killing four and wounding one, while the small vessel sank. The remaining three suspected pirates are in custody.

Thursday 25 November 2021

Nigeria economic diversification project on course, says VP Osinbajo

Nigeria economic diversification project on course, says VP Osinbajo: According to the Vice President, “we are set on the right path and I like the fact that we are focused on non-oil exports, and we are facing the challenges and we are facing them head-on.

Nigeria mobile phone subscribers peak at 191.6 mln in Oct, with MTN lead by 38.4% market share

Nigeria mobile phone subscribers peak at 191.6 mln in Oct, with MTN lead by 38.4% market share: MTN leads other telecom firms with a market share of 38.41 percent followed by Globacom which has 53.33 million subscribers and 27.83 percent market share.

Nigeria’s Aiteo hires Halliburton to help curtail oil spill in Bayelsa

Nigeria’s Aiteo hires Halliburton to help curtail oil spill in Bayelsa: The Houston-based firm’s Boots & Coots unit has been called in by independent producer Aiteo Eastern E&P Co., to contain the leak from a non-producing well in the southern Bayelsa state, a spokeswoman confirmed.

President Buhari presides over security council meeting, decorates ADC

President Buhari presides over security council meeting, decorates ADC: President Muhammadu Buhari is presiding over the National Security Council (NSC) meeting at the State House, Abuja.

Three Nigerian firms to fund solar energy projects with $10 mln

Three Nigerian firms to fund solar energy projects with $10 mln: It said the All On-managed finance facility would provide debt funding for solar companies already approved by the Rural Electrification Agency for the Nigeria Electrification Program to purchase lower-cost solar equipment through the DART.

Nigeria moves to curb Aiteo oil spill in Bayelsa

Nigeria moves to curb Aiteo oil spill in Bayelsa: An oil spill in Nigeria's Delta region that has been spewing for more than two weeks will be "speedily addressed," President Muhammadu Buhari has said.

FMN, Honeywell counter Ecobank, say takeover deal guided by global best practice

FMN, Honeywell counter Ecobank, say takeover deal guided by global best practice: But FMN Plc in the communication with the NGX assured stakeholders to maintain their trust in FMN managment, whose actions are guided by global best practice, “as we work diligently to maintain the Group’s sterling reputation as one of the Nigeria’s leading and oldest agro-allied companies.”

Wednesday 24 November 2021

Nigeria Air to relaunch in April 2022, says Aviation minister Sirika

Nigeria Air to relaunch in April 2022, says Aviation minister Sirika: “So, if you add that, it’s 51 percent. So, it’s 51 percent majority shareholding by Nigerians and then 49 percent will be held by strategic equity partner or partners that will be sourced during the procurement phase, which is the next phase.

Police rescue 24 kidnapped people, including 5 students in Zamfara State

Police rescue 24 kidnapped people, including 5 students in Zamfara State: Police chief in Zamfara state Police Commissioner, Ayuba Elkanah said at a press briefing in the state capital Gusau that all the rescued victims have been handed over to the state government on Tuesday.

Irony of Nigeria housing shortage: More houses are empty due to high cost of rent

Irony of Nigeria housing shortage: More houses are empty due to high cost of rent: But the mix of massive demand, high construction costs and poor market research by developers has resulted in a wave of new two- and three-bedroom houses that few people in Nigeria need or can afford, housing experts say.

INEC seeks prosecution of sponsors of electoral offenders

INEC seeks prosecution of sponsors of electoral offenders: He said the commission has made siginificant progress in prosecuting electoral offenders but noted that the role of prosecution should be taking away from INEC so that it can concentrates on its core assignment.

Analysts think Nigeria’s inflation figure may ‘not reflect market conditions’

Analysts think Nigeria’s inflation figure may ‘not reflect market conditions’: Analysts are of the opinion that the numbers may not reflect market conditions. Some are more concerned about the divergence between anecdotal and empirical data.

MTN targets to pay 80% of earnings as dividends payout

MTN targets to pay 80% of earnings as dividends payout: MTN Nigeria aims to more than double data users to 80 million by 2025, its chief executive said on Tuesday.

Ecobank places caveat on Flour Mills Nigeria proposed takeover of rival Honeywell

Ecobank places caveat on Flour Mills Nigeria proposed takeover of rival Honeywell: According to the lawyer to Ecobank,  Kunle Ogunba, Honeywell remains a recalcitrant debtor to the lender and has refused to service it indebtedness.

POLITICAL NOTES: Lai’s White paper before the White paper?

POLITICAL NOTES: Lai’s White paper before the White paper?: Lai Muhammad has given us the Federal White Paper before Lagos state government gives us its White Paper. Some White Papers are indeed Grey Papers, trying to cover the truth.

Tuesday 23 November 2021

You want to own a 2022 Toyota Tundra, you may have to wait a bit longer

You want to own a 2022 Toyota Tundra, you may have to wait a bit longer: “We have always noted those units won’t be on sale until the spring,” the spokesman said. “So nothing has changed [with] the i-Force Max trucks.”

Ride-hailing firm, Bolt agrees to fund low-emission cars for Nigerian drivers

Ride-hailing firm, Bolt agrees to fund low-emission cars for Nigerian drivers: The agreement with Yamaha Corp.-backed Metro Africa Express allows drivers from the ride-hailing firm to make down payments of as low as 5 percent depending on their credit score, and pay the balance over five years, according to a statement on Tuesday.

World Bank joins IMF to call for cancellation of fuel subsidy regime in Nigeria

World Bank joins IMF to call for cancellation of fuel subsidy regime in Nigeria: The World Bank said the petrol subsidy has cost Nigeria N864 billion in the first nine months of 2021, up from N107 billion in 2020 and the highest deduction in six years, as oil prices increase the cost of imports.

CBN retains interest rate at 11.50%, raises concern over persistent insecurity

CBN retains interest rate at 11.50%, raises concern over persistent insecurity: The CBN Governor said members of the MPC also reiterated the impact of poor infrastructure on rising domestic price levels, urging the Federal Government to prioritize investment in public utilities to improve the business environment.

NBC, maker of Coca Cola plans $1 bln investment in Nigeria ~Osinbajo

NBC, maker of Coca Cola plans $1 bln investment in Nigeria ~Osinbajo: According to the Vice President, “your ongoing investment in the country, which I am told will be in the order of $1 billion in the next five years, testifies to your faith in the possibilities of Nigeria.”

MTN opens offer for sales on 575 mln shares after SEC approval

MTN opens offer for sales on 575 mln shares after SEC approval: This, the telecom firm said was sequel to it obtaining the approval of the Securities and Exchange Commission (SEC) to put on offer the share held by MTN Group in the Nigeria unit.

First Bank ‘too big and strategic’ for one individual to own ~ Emefiele

First Bank ‘too big and strategic’ for one individual to own ~ Emefiele: “First Bank is so big that one person cannot own it,” Emefiele told Journalists at the briefing on the outcome of the MPC two days meeting in Abuja.

Operatives of EFCC arrest ex-Aviation minister Fani-Kayode over alleged forgery

Operatives of EFCC arrest ex-Aviation minister Fani-Kayode over alleged forgery: Though the EFCC spokesman, Wilson Uwujaren, confirmed the arrest of the ex-minister who recently decamped to the ruling All Progressive Congress (APC), he declined to disclose details of the allegations against him.

Nigeria to replace fuel subsidies with N5,000 monthly transport grants to the poor in middle 2022

Nigeria to replace fuel subsidies with N5,000 monthly transport grants to the poor in middle 2022: “Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.

WTO, IMF launch Covid-19 Vaccine trade tracker

WTO, IMF launch Covid-19 Vaccine trade tracker: The portal provides an array of data on total vaccine supply to date, exports by producing economy and by supply arrangement type, imports by income group and by continent, supply by manufacturing economy and vaccine type, supply to continents and vaccination status.

PSG eyes Zidane in case of Poch join Man Utd

PSG eyes Zidane in case of Poch join Man Utd: Zidane, 49, is available after leaving the Bernabeu last summer following his second tenure with Real Madrid — winning 190 of his 301 matches in charge and lifting three Champions Leagues and two LaLiga trophies. The France World Cup winner is keen on the PSG job if it becomes available, sources said.

Foreign Capital inflow to Nigeria declines 80% due to covid, insecurity ~CBN

Foreign Capital inflow to Nigeria declines 80% due to covid, insecurity ~CBN: The regulatory bank report showed that Nigeria recorded $17.1 billion in foreign capital inflow in the year to July, 2019, while the figure declined progressively to $8.6 billion in the year to July 2020 and further to $3.4 billion by July 2021.

Lack of sufficient vaccines weigh on Africa growth outlook ~IMF

Lack of sufficient vaccines weigh on Africa growth outlook ~IMF: “The World Health Organization’s (WHO) target of vaccinating 10 percent of population by end-September was reached by only five sub-Saharan African countries,” the author wrote in the blog post published on the website of the Fund.

Appeal Court convicts NEPZA engineer over N342 mln contract

Appeal Court convicts NEPZA engineer over N342 mln contract: Nanjwan was sentenced to three years imprisonment by the Calabar Division of Court of Appeal for holding private interest in a N342 million contract regarding the replacement of warehouses and factories at the Calabar Free Trade Zone.

Monday 22 November 2021

Nigeria’s naira weakens across markets as forex reserves decline 1.05% in 12-day

Nigeria’s naira weakens across markets as forex reserves decline 1.05% in 12-day: At the I&E forex market, the local currency weakened against the dollar by 0.16 percent as the dollar was quoted at N415.07 compared with N414.40 it closed on Friday.

Cut off from National grid: Maiduguri struggles to recover without electricity

Cut off from National grid: Maiduguri struggles to recover without electricity: Maiduguri is the capital of Borno state, the epicentre of Nigeria’s 12-year battle against Islamist militants who in January bombed transmission lines, cutting the city’s power and stifling efforts to rebuild its economy.

Ruling APC to hold national convention Feb 2022

Ruling APC to hold national convention Feb 2022: Bagudu said the President as leader of the party had given the party the go ahead to hold the National Convention on a date to be determined in February, next year.

Access Bank to hold court-ordered shareholders meeting on Holdco

Access Bank to hold court-ordered shareholders meeting on Holdco: “The said Scheme will be subject to the subsequent sanction of the Court and delivery of a certified true copy of the Order of the Court sanctioning the Scheme to the Corporate Affairs Commission,” the lender said in the communication with the regulator.

CBN Gov, Emefiele to unveil Nigeria’s economic outlook at bankers dinner on Friday

CBN Gov, Emefiele to unveil Nigeria’s economic outlook at bankers dinner on Friday: Emefiele,  according to the statement by CIBN spokesman, Nelson Olagundoye, is expected to address the audience on recent economic and financial market developments over the past year as well as the economic outlook for the coming year.

Flour Mills Nigeria acquires 76.75% stakes in rival Honeywell Flour Mills

Flour Mills Nigeria acquires 76.75% stakes in rival Honeywell Flour Mills: In a regulatory filing on November 22, the country’s biggest flour miller said the agreement with Honey Well Group would lead to the acquisition of 71.69 percent and the 5.06 percent of the First Bank equity in the rival flour mill  firm.

IMF five observations on Nigeria’s Central Bank Digital Currency

IMF five observations on Nigeria’s Central Bank Digital Currency: Like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability. For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks.

Shareholders sue IGI board chairman, Ahmed, others for assets stripping, failure to hold AGM

Shareholders sue IGI board chairman, Ahmed, others for assets stripping, failure to hold AGM: In a 21-paragraph statement on oath deposed to by one of the petitioners, Abiodun Akinjayeju, the deponent noted that the company’s assets sold without authorisation from shareholders included landed properties in Ikoyi, Victoria Island, Lagos, Bodija, Ibadan in Oyo State and Kacyru Kigali, in Rwanda.

Air Traffic officer slumps, dies at MMIA Lagos

Air Traffic officer slumps, dies at MMIA Lagos: A source at the airport said the deceased slumped but because of vehicular restrictions to the Total Radar Coverage of Nigeria (TRACON) site, he could not be rushed to the hospital.

Nigeria born Villarreal winger, Arnaut Danjuma says regret not having ‘a university degree in my pocket’

Nigeria born Villarreal winger, Arnaut Danjuma says regret not having ‘a university degree in my pocket’: “In retrospect, I really regret that I didn’t try my best. Now I wish I had got a university degree in my pocket.”

E-cigarette use may be detrimental to bone health in adults ~Report

E-cigarette use may be detrimental to bone health in adults ~Report: Because of their attractive design and vapor delivery system, the use of e-cigarettes has gained increasing popularity. Since their introduction over a decade ago, e-cigarettes have been marketed as a healthier alternative and an aid to conventional cigarette smoking cessation.

World Toilet Day 2021: Time to Value Toilets

World Toilet Day 2021: Time to Value Toilets: Anyone who has ever passed any of the major bridges in Lagos must have encountered open defecation in action. It is rampant. It should not be allowed to continue. It offends the senses. It pollutes the environment. It adversely affects human health. It should be stopped.

NAFDAC regulates veterinary medicines, others to achieve food safety, security ~DG

NAFDAC regulates veterinary medicines, others to achieve food safety, security ~DG: Adeyeye, who spoke at the virtual meeting with stakeholders in the sector, where she also informed the gathering that the Agency will continue to ensure that food available for consumption is safe, wholesome and of the right quality as entrenched in NAFDAC Act Cap N1 LFN 2004.

Sunday 21 November 2021

Chinese, African officials to map out cooperation through 2035

Chinese, African officials to map out cooperation through 2035: Among many intimate interactions between China and Africa, the upcoming Eighth Ministerial Conference of the Forum on China-Africa Co-operation scheduled for next week will see China and Africa reveal their long-term partnership plans, including the China-African Cooperation Vision through 2035.

APC, PDP presidential candidates to emerge by Aug 2022

APC, PDP presidential candidates to emerge by Aug 2022: The conduct of primaries and emergents of presidential and governorship candidates of the political parties in August would be in accordance with the newly passed Electoral bill by the national assembly.

Kamala Harris ‘feels powerful’ as VP was president for 85 min

Kamala Harris ‘feels powerful’ as VP was president for 85 min: According to Patti Wood, Kamala’s body language earlier this week appeared to show she ‘feels powerful.’

Man Utd sacks Ole Gunnar Solskjaer, eyes Zidane as replacement

Man Utd sacks Ole Gunnar Solskjaer, eyes Zidane as replacement: Manchester United have wielded the axe on Ole Gunnar Solskjaer and choosing Zinedine Zidane as his potential successor would indicate reverting to a tried and trusted tactic.

EFCC recovers and returns Kogi N19 bln bailout fund to CBN

EFCC recovers and returns Kogi N19 bln bailout fund to CBN: It said the recovery and the deposit of the cash with CBN have cleared all doubts on the operation of the commission on the hidden cash.

US ‘II invest in Africa without leaving it with unsustainable debt, says Blinken

US ‘II invest in Africa without leaving it with unsustainable debt, says Blinken: The United States Invests “Without Sacrificing the Country” with An debt can’t handle it,” he said during the signing ceremony with The Senegalese minister of Economic Affairs Amadou Hott.

CHURCH BUSINESS: Nuggets for a life of abundance

CHURCH BUSINESS: Nuggets for a life of abundance: Life is all that a man needs to restart even in the days of adversity as long as there is life, hope is rekindled; wealth, empire and other personal achievement could be recreated.

Nigeria, Ghana, Kenya central banks to retain interest rate on falling inflation rate

Nigeria, Ghana, Kenya central banks to retain interest rate on falling inflation rate: Major sub-Saharan African central banks will keep rates on hold this month as most emerging markets continue to lag the global recovery after the pandemic

Friday 19 November 2021

IMF wants Nigeria to remove fuel subsidies, enforce tariffs reflective electricity, exchange rate reforms

IMF wants Nigeria to remove fuel subsidies, enforce tariffs reflective electricity, exchange rate reforms: The International Monetary Fund (IMF) has urged Nigeria to remove fuel subsidies and move to a market based pricing mechanism by early next year in accordiance with the recently passed Petroleum Industry Act (PIA).

POLITICAL NOTES: The integrity of Minister Lai Muhammed

POLITICAL NOTES: The integrity of Minister Lai Muhammed: He’s now caught in the most embarrassing gaffe in his job. It’s the @EndSars protests. Minister Mohammed held on to no lives lost in the protests apparently without doing enough investigation.

Bayelsa Gov, Diri concerns over impact of Aiteo oil spill

Bayelsa Gov, Diri concerns over impact of Aiteo oil spill: “Governor Douye Diri is gravely concerned that if the high volume of crude being spill continuously is not stopped immediately, it will spread to many more communities and undermine the economic life of residents,” his spokesman said.

AMCON initiates entrepreneurship scheme for NYSC

AMCON initiates entrepreneurship scheme for NYSC: The scheme, which is tagged the “Managing Director’s Annual NYSC Entrepreneurship Competition”, is a scheme introduced by AMCON to encourage the Corps members to come up with business plan as entrepreneurs and contest among themselves by making presentations before a panel set up by AMCON to select the best three realistic business plans that will stand the chance of winning the MD’s cash reward.

US moves to upgrade relations with Africa

US moves to upgrade relations with Africa: “Too many times, the countries of Africa have been treated as junior partners –- or worse –- rather than equal ones,” Secretary of State Antony Blinken said in a speech Friday in Abuja, Nigeria’s capital. “

MTN Group to exit Yemen as part of Middle east pull out

MTN Group to exit Yemen as part of Middle east pull out: MTN said it would transfer its 82.8% stake to a unit of an affiliate of Zubair Corp LLC, MTN Yemen’s minority shareholder, adding that no further material impact was expected on earnings as it had fully impaired the Yemeni assets as of June 30.

Lagos needs $15 bln to build infrastructure in 5-year

Lagos needs $15 bln to build infrastructure in 5-year: ”We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone.

U.S signs $2.2 bln development assistance with Nigeria

U.S signs $2.2 bln development assistance with Nigeria: U.S. Secretary of State Antony Blinken said on Thursday that he had signed a $2.17 billion development assistance programme with Nigerian Foreign Affairs Minister Geoffrey Onyeama.

Thursday 18 November 2021

Lagos to raise N125 bln debt to finance priority projects

Lagos to raise N125 bln debt to finance priority projects: The financial advisor said the proceeds from the debt issuance will be deployed by the state to fund priority projects and refinance bridge facilities.

Africa’s industrialization agenda at the heart of AFCFTA ~NCDMB Chief

Africa’s industrialization agenda at the heart of AFCFTA ~NCDMB Chief: He noted that the pull of investments on hydrocarbon development projects is indeed a challenge for oil producing countries such as Nigeria.

Bauchi Gov, Mohammed lauds CIBN for donating lecture theatre to ATBU

Bauchi Gov, Mohammed lauds CIBN for donating lecture theatre to ATBU

IMF says Nigeria’s eNaira attracting global interest, but warns of potential risks

IMF says Nigeria’s eNaira attracting global interest, but warns of potential risks: The International Monetary Fund (IMF) has acknowledged that the recently launched Central Bank of Nigeria (CBN) digital currency (CBDC) is attracting interest from many institutions globally, including central banks.

Lagos #Endsars probe panel: President Buhari to wait for white paper

Lagos #Endsars probe panel: President Buhari to wait for white paper

U.S. envoy meets Ethiopia deputy PM in bid to revive truce efforts

U.S. envoy meets Ethiopia deputy PM in bid to revive truce efforts: A top U.S. diplomat met Ethiopia's deputy prime minister on Thursday in a bid to revive stalled talks about a ceasefire, as the Ethiopian government gave

MTN to raise $412 mln from sales, leaseback of towers

MTN to raise $412 mln from sales, leaseback of towers: Africa’s largest mobile operator MTN Group said on Wednesday it will sell and leaseback more than 5,000 towers in South Africa to London-based IHS Towers for $412 million to help lower costs.

SEC to retire 152 senior staff as Senate kicks against huge expenditure on overhead

SEC to retire 152 senior staff as Senate kicks against huge expenditure on overhead: The Senate has condemned the Securities and Exchange Commission (SEC) for spending bulk of its income on overhead, just as the commission said it dip its hands into its reserves to fund its operations.

Nigeria economy grows 4.03% in Q3, lifted by higher oil prices

Nigeria economy grows 4.03% in Q3, lifted by higher oil prices: Nigeria’s economy grew just over 4.03 percent in the third quarter, according to the the National Bureau of Statistics (NBS), lifted by higher oil prices, as the country targets mass COVID-19 vaccination from this month.

FG may extend tenure of NERC commissioners beyond Feb

FG may extend tenure of NERC commissioners beyond Feb: The commissioners at nation’s electricity regulatory body, the Nigerian Electricity Regulatory Commission (NERC) are said to be currently lobbying to retain their positions as their tenure come to end by February 2022.

#Endsars Panel report: Nigeria may face international arms embargo

#Endsars Panel report: Nigeria may face international arms embargo: Nigeria may risk arms embargo from the international communities, including the United States sequel to the indictment of the Nigerian Army and the Nigeria Police Force by the Lagos State Judicial Panel of Inquiry on #Endsars protest last year.

About $90 bln capital flight pressures Africa’s economy since Covid

About $90 bln capital flight pressures Africa’s economy since Covid: The COVID-19 crisis has increased Africa’s development financing challenges by constraining public finances, which has led to increasing debt and dwindling foreign direct investment.

Nigeria’s shared transportation tech startup, Shuttlers raises $1.6 bln seed fund

Nigeria’s shared transportation tech startup, Shuttlers raises $1.6 bln seed fund: Shuttlers, a “tech-enabled scheduled bus sharing” company, is itching to change that. After years of bootstrapping, the company has raised $1.6 million in seed funding from several investors to blitz scale within and outside Nigeria

Monday 15 November 2021

#Endsars protest: Lagos Panel confirms killing, says soldiers cart away corpse of killed protesters

#Endsars protest: Lagos Panel confirms killing, says soldiers cart away corpse of killed protesters: The judicial panel set up by the Lagos Government on the last year’s #endsars protest has concluded by Soldiers actually killed some protesters at the Lekki Toll Gate on October 20, 2020 and cartered their corpose away in their vans.

AFCFTA: ‘Africa must be a marketplace where no country is left behind’ ~Buhari

AFCFTA: ‘Africa must be a marketplace where no country is left behind’ ~Buhari: ‘‘The AfCFTA is for “made-in-Africa” products and services. ‘‘Africa must be a marketplace where no country is left behind. As we implement, we must ensure that we create jobs and enhance revenues for all parties.

Nigerian Tech Startup TeamApt to raise $150 mln, targeting $1 bln valuation

Nigerian Tech Startup TeamApt to raise $150 mln, targeting $1 bln valuation: The Lagos-based company is targeting to raise about $150 million, said founder and Chief Executive Officer Tosin Eniolorunda in an e-mailed response to queries.

Collision course: Nigerian movie explores impact of police brutality

Collision course: Nigerian movie explores impact of police brutality: A new movie exploring the impact of rogue law enforcement officers on Nigerian society and inspired by last year’s anti-police brutality protests was premiered at one of Africa’s foremost film festivals in Lagos.

Netherlands’ firm to establish gas plant in Kogi

Netherlands’ firm to establish gas plant in Kogi: Euro LPG BV, a Netherlands-based International Firm, has expressed interest to establish a Gas Plant in Kogi, in the light of its prevailing peace, security and strategic location.

Nigeria’s headline inflation slows to 15.99% in Oct ~NBS

Nigeria’s headline inflation slows to 15.99% in Oct ~NBS: Nigeria's consumer inflation rose to 15.99 percent year-on-year in October, according to the latest data from the National Bureau of Statistics (NBS) on

Coal stocks lose ground after Glasgow climate deal

Coal stocks lose ground after Glasgow climate deal: U.N. climate talks in Glasgow ended on Saturday with a deal targeting fossil fuel use. Wording was softened to call for a “phase down” rather than “phase out” of coal after lobbying from India among others.

Heineken to Buy South Africa’s Distell for $2.5 bln

Heineken to Buy South Africa’s Distell for $2.5 bln: Heineken NV offered to buy South African wine and spirits maker Distell Group Holdings NV for 2.2 billion euros ($2.5 billion), the Dutch brewer’s most significant acquisition since 2018.

Nigeria plans to raise N150 bln bonds across 3-tenor next week

Nigeria plans to raise N150 bln bonds across 3-tenor next week: By Oludare Mayowa

FBNH Plc CEO designate, Okonkwo grills by EFCC over $153 mln missing NNPC money

FBNH Plc CEO designate, Okonkwo grills by EFCC over $153 mln missing NNPC money: The former chief executive officer of Fidelity Bank, Nnamdi Okonkwo is said to be undergoing interogations with  the operatives of the Economic and Financial

IMF Ranking and the Future of Banking in Nigeria

IMF Ranking and the Future of Banking in Nigeria: A recent report by the International Monetary Fund (IMF) has shown that Nigerian banks closed 234 branches and 649 Automated Teller Machines (ATMs) in 2020 leading to a decline in the country’s Financial Access Score (FAS) to 4.44 last year against 4.78 in 2019.

Sunday 14 November 2021

Islamic State claims killing of Nigerian army general in a battle

Islamic State claims killing of Nigerian army general in a battle: Islamic State claimed responsibility for an attack on Saturday in northeast Nigeria, the militant group said on its Telegram account.

Realnews holds 9th Anniversary Lecture as FBNH CEO, Eke, Ikomi others confirm attendance

Realnews holds 9th Anniversary Lecture as FBNH CEO, Eke, Ikomi others confirm attendance: Prominent Nigerians and Africans have confirmed their attendance to speak at the Realnews 9th Anniversary lecture holding on Thursday, November 18, at the

NAFDAC’s mandate will be tailored to support economic recovery in the region~ DG

NAFDAC’s mandate will be tailored to support economic recovery in the region~ DG: The National Agency for Foods, Drugs Administration and Control (NAFDAC) has said that it will go beyond its core regulatory mandate to help small and medium

The roll call of excellence: Boy Child to buckle up

The roll call of excellence: Boy Child to buckle up: The male child of the 21st century seems endangered and urgent attention is needed to reorder things and guide against the social disorder.

Nigeria waterways experiencing decline in piracy ~NIMASA

Nigeria waterways experiencing decline in piracy ~NIMASA: The Nigerian Maritime Administration and Safety Agency (NIMASA) led by its Director General, Bashir Jamoh, has noted the massive reduction in piracy in the Nigerian waters.

At NIPR Conference, communication practitioners seek improved knowledge

At NIPR Conference, communication practitioners seek improved knowledge: At the end of the 3-day conference, practitioners were in agreement that communications practitioners in Nigeria must change their language to more of non-violent if they must let the people of Nigeria, which is multi-ethnic, multi-religious understand they message, which they aim to convey to the public.

Killing of a Nigerian army general, three other soldiers causing panic in Borno ~Ndume

Killing of a Nigerian army general, three other soldiers causing panic in Borno ~Ndume: The killing of an army general by insurgents of the Islamic State of West Africa Province (ISWAP) in the Northeast over the weekened has caused panic among residents in the area, acccording to a senator, Ali Ndume.

Friday 12 November 2021

CBN sells more dollars to banks boost support for naira at parallel market

CBN sells more dollars to banks boost support for naira at parallel market: The currency strengthened to an average N540 to a dollar on Friday from about N570 a week ago in the unauthorized markets in Lagos and other cities where the foreign currency is freely traded, Bloomberg quoted a bureau de change operator

Nigeria pledges commitments to climate change but… ~Osinbajo

Nigeria pledges commitments to climate change but… ~Osinbajo: The Federal Government would keep its Climate Change commitments, and at the same time focus on how to do that in a way that works best for the needs of the

NERC increases price of pre-paid meters by 31.5% for single and 3-phase

NERC increases price of pre-paid meters by 31.5% for single and 3-phase: The Nigerian Electricity Regulatory Commission (NERC) has increased the price pre-paid electricity meters across the board with a single phase to cost

POLITICAL NOTES: A postmortem of Anambra elections

POLITICAL NOTES: A postmortem of Anambra elections: APGA is a religion in Anambra state. No bandwagon persuasion and bribery to join the federal level will work.

Nigeria now earns more from non-oil sector than oil ~Osinbajo

Nigeria now earns more from non-oil sector than oil ~Osinbajo: Nigeria Vice President Yemi Osinbajo has said that revenue recently flowing into the nation’s treasury are majorly from non oil and gas exports.

US Secretary of state, Blinken to visit Nigeria, Kenya next week

US Secretary of state, Blinken to visit Nigeria, Kenya next week: In Nairobi, Blinken will meet with Kenyan President Uhuru Kenyatta to discuss topics including cooperation on ending the COVID-19 pandemic and regional

SEC grants 2-year moratorium for firm directors on compliance with financial rules

SEC grants 2-year moratorium for firm directors on compliance with financial rules: The Nigeria Securities and Exchange Commission (SEC) has granted two years extension on the implementation of its rules which required directors of quoted companies to implement relevant internal controls over financial reporting.

Nigeria’s UBA issues $300 mln 5-year Eurobond at 6.7% coupon

Nigeria’s UBA issues $300 mln 5-year Eurobond at 6.7% coupon: United Bank for Africa Plc has successfully raised $300 million 5-year tenor in Eurobond in a bid to refinance maturing debt due this year.

Bureau de change operators seek reentry into official forex market

Bureau de change operators seek reentry into official forex market: The Association of Bureau de Change of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to restore its member back to the official foreign exchange

EFCC detains ex-Edo Governor, Igbinedion over alleged diversion of N1.6 bln state fund

EFCC detains ex-Edo Governor, Igbinedion over alleged diversion of N1.6 bln state fund: The Economic and Financial Crimes Commission (EFCC) has detained a former governor of Edo State, Lucky Igbinedion over allegations of diversion of N1.6

Libya overtakes Nigeria as top crude oil producer in Africa

Libya overtakes Nigeria as top crude oil producer in Africa: Nigeria has dropped into the second position as the second largest oil producer in Africa as war torned Libya overtook the country in the production of crude

Thursday 11 November 2021

Lagos to deploy cutting edge tech to combat crime ~Sanwo-Olu

Lagos to deploy cutting edge tech to combat crime ~Sanwo-Olu: Lagos State Governor, Mr. Babajide Sanwo-Olu on Thursday commissioned Ise Town Police Station in Ibeju-Lekki of Lekki Local Council Development Area (LCDA) of

Implication of recent Treasury Bills auction for investors

Implication of recent Treasury Bills auction for investors: On Wednesday, the Central Bank of Nigeria (CBN) held an NT-bills primary market auction offering N150.8 billion worth of treasury bills to the market.

New Aston Villa manager, Steven Gerrard journey to top league

New Aston Villa manager, Steven Gerrard journey to top league: This is mad. They have no idea what I’m like as a manager. I know that because I have no idea what I’m like as a manager!”

Nigeria military arrests 71 terrorists, 2 female logistic suppliers in Borno

Nigeria military arrests 71 terrorists, 2 female logistic suppliers in Borno: Nigeria troop operating in the northeast has arrested no fewer than 71 terrorists, including two female logistics suppliers, Aisha Umar, 19, and Kaltumi

Nigeria Police parade 14 suspects, including a journalist, involved in Mary Odili house raid

Nigeria Police parade 14 suspects, including a journalist, involved in Mary Odili house raid: The Nigeria Police on Thursday said it has arrested 14 persons, including a journalist in connection with the raid on the home of Mary Odili, a justice of the

Nigeria’s tech startup Helium Health acquires Qatar’s Meddy

Nigeria’s tech startup Helium Health acquires Qatar’s Meddy: Nigeria-based health tech startup Helium Health has acquired Meddy, a Qatar-headquartered and UAE-based doctor booking platform for an undisclosed amount.

S/South senators oppose moves to include Lagos, Ogun, Bauchi in NDDC

S/South senators oppose moves to include Lagos, Ogun, Bauchi in NDDC: Senators from the South-South geo-political zone have rejected the moves by the Senate to include Lagos, Ogun, Bauchi and others that have attained the status

House of Reps order BPE, military to pay NACFA for its property

House of Reps order BPE, military to pay NACFA for its property: The House of Representatives’ Committee on Privatisation and Commercialisation has directed the Bureau of Public Enterprise (BPE) to pay up an outstanding

Police detain PSG women’s player Diallo after attack on teammate

Police detain PSG women’s player Diallo after attack on teammate: Paris Saint-Germain women’s footballer Aminata Diallo was detained by police Wednesday in connection with a vicious street assault on a teammate and fellow

Wednesday 10 November 2021

WHO to support Nigeria to eradicate Tuberculosis

WHO to support Nigeria to eradicate Tuberculosis: The World Health Organization (WHO) has reaffirmed its commitment to support Nigeria in eradicating Tuberculosis (TB), one of the top infectious killer

Aiteo reports “extremely high order” oil spill from Bayelsa well

Aiteo reports “extremely high order” oil spill from Bayelsa well: Nigeria's Aiteo Eastern E&P has reported an "extremely high order" oil spill from a jointly owned well in the Niger Delta and has had to abort immediate

BudgIT asks NBS to publish FAAC allocations from March-August 2021

BudgIT asks NBS to publish FAAC allocations from March-August 2021: BudgIT Foundation, a civic-tech organisation has called on the National Bureau of Statistics (NBS) to publish data on revenue allocations to the three tiers

Aiteo appoints Useh chief operating officer

Aiteo appoints Useh chief operating officer: Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the NNPC/Aiteo Joint Venture on OML 29 has announced the appointment of Ewariezi Useh

Nigerian Breweries invests N78 bln to boost local raw materials

Nigerian Breweries invests N78 bln to boost local raw materials: Nigerian Breweries, local unit of Dutch brewer, Heineken on Wednesday said it has invested N78 billion in backward intergration projects to cultivate raw

IFC partners SA tech firm to boost digital infrastructure on the African continent

IFC partners SA tech firm to boost digital infrastructure on the African continent: The International Finance Corporation (IFC) has partnered with South Africa’s Liquid Intelligent Technologies to expand data centre capacity and roll out

Nigeria’s central bank sees forex reserves surpassing $42 bln in 2022

Nigeria’s central bank sees forex reserves surpassing $42 bln in 2022: The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has said that the country's foreign reserves will surpass the $42 billion threshold by the middle

President Buhari says revitalised Nigeria’s economy, uplifted living standards

President Buhari says revitalised Nigeria’s economy, uplifted living standards: President Muhammadu Buhari has assured that Nigeria is on the right path to achieving multi-sectoral progress, saying he has revitalised Nigeria’s economy,

Nigeria proposes a reduction in revenue allocations to Fed, states, increases local govt allocation

Nigeria proposes a reduction in revenue allocations to Fed, states, increases local govt allocation: Nigeria is proposing a revenue sharing formula which will see the Federal Government receiving 50.65 percent of the total income in the federation joint account and states will be allocated 25.62 percent from the central revenue accounts.

Terrorists attack Kastina communities, killing 16 people, leaving 13 others injured

Terrorists attack Kastina communities, killing 16 people, leaving 13 others injured: Terrorists invaded Katoge and Yanturaku communities in Batsari Local Government Area of Katsina State and killed no fewer than 16 people and left about 13

Senate approves $16.2 bln, €1.02 external loan request by President Buhari

Senate approves $16.2 bln, €1.02 external loan request by President Buhari: The Senate on Wednesday approved President Mohammadu Buhari external loan request of $16.230 billion and €1.02 billion  to fund the federal government legacy

INEC declares Soludo winner of Anambra Governorship election

INEC declares Soludo winner of Anambra Governorship election: Ex-Central bank of Nigeria (CBN) governor,  and candidate of the All Progressives Grand Alliance (APGA), Chukwuma Soludo, has been declared winner of the

Nigeria’s equity rallies for second consecutive day on MTN, Lafarge gains

Nigeria’s equity rallies for second consecutive day on MTN, Lafarge gains: Nigeira's equity market rallied for the second consecutive day on Tuesday as investors increased stake in the stock of MTN Nigeria, Lafarge Cement and

Tuesday 9 November 2021

U.S. oil futures settle at a 2-week high

U.S. oil futures settle at a 2-week high: Oil futures climbed Tuesday, with U.S. prices settling at their highest in two weeks. Some analysts pointed out that talk of a potential release of crude from

Manchester United midfielder Pogba set for lengthy layoff with thigh injury

Manchester United midfielder Pogba set for lengthy layoff with thigh injury: Manchester United midfielder Paul Pogba is expected to be out for around two months with the thigh injury suffered while on international duty with France.

About six Nigeria firms plan to invest in Uganda oil & Gas sector

About six Nigeria firms plan to invest in Uganda oil & Gas sector: About six Nigerian companies have indicated interest to invest in Uganda oil and gas industry, according to the country's High Commissioner to Nigeria,

Bank of England holds consultation on possible launch of digital currency

Bank of England holds consultation on possible launch of digital currency: The Bank of England and Britain's finance ministry said on Tuesday that they would hold a formal consultation next year on whether to move forward on a

Electoral Bill: Senate empowers INEC on mode of election result transmission

Electoral Bill: Senate empowers INEC on mode of election result transmission: The Senate on Tuesday passed the 2021 Electoral Act Amendment Bill, which granted the Independent National Electoral Commission (INEC) to power to determine

Seplat Energy allays fear on impact of Mareva injunctions against SEPCOL on its operations

Seplat Energy allays fear on impact of Mareva injunctions against SEPCOL on its operations: SEPCOL is a duly incorporated Nigerian company owned by a combination of Nigerian and overseas corporate entities, which include: Abbeycourt Trading Company

Price of cooking gas soars as marketers halt importations of LPG

Price of cooking gas soars as marketers halt importations of LPG: Importers of Liquefied Petroleum Gas (LPG), also known as cooking gas, have stopped importing the commodity., just as the  price of refiling 12.5 kg cylinder.

Nigeria plans “Operation Feed Yourself” to address food shortage, malnutrition ~Osinbajo

Nigeria plans “Operation Feed Yourself” to address food shortage, malnutrition ~Osinbajo: In its bid to address food shortage and malnutrition, Nigeria said it plans to launch “Operation Feed Yourself” an initiative to encourage the establishment

Nigeria’s forex reserves decline 0.30% in a week to $41.7 bln by Nov 5 ~CBN

Nigeria’s forex reserves decline 0.30% in a week to $41.7 bln by Nov 5 ~CBN: Nigeria's foreign exchange reserves declined by $126 million in the week to November 5, 2021, according to data posted on the Central Bank of Nigeria (CBN) website on Tuesday.

18 people killed in gold mine collapse in Niger

18 people killed in gold mine collapse in Niger: At least 18 people were killed on Sunday in an artisanal gold mine collapse in southern Niger, the local mayor has said.

Ghana sees need for energy transition, still sees gas as key

Ghana sees need for energy transition, still sees gas as key: Ghana's deputy energy minister said on Tuesday that he recognises the need for an energy transition but still strongly believes that gas will be an important

Nigeria’s equity rises 2.9% on MTN Nigeria, Unilever gains

Nigeria’s equity rises 2.9% on MTN Nigeria, Unilever gains: MTN Nigeria rose 9.62 percent to close at N192.50 per share, unilever climbed 9.36 percent to close at N9.55 per share the market at while Ecobank rose 2.96

UBA appoints Citigroup, Stanchart, 3 others as lead managers ahead of Eurobond issuance

UBA appoints Citigroup, Stanchart, 3 others as lead managers ahead of Eurobond issuance: United Bank for Africa Plc (UBA) on Monday said it has appointed five financial institutions as joint Lead Managers to arrange a global investor call

Monday 8 November 2021

CBN orders banks to close accounts of two individuals, one firm for trading in Crypto

CBN orders banks to close accounts of two individuals, one firm for trading in Crypto: The Central Bank of Nigeria (CBN) has directed commercial lenders to close the accounts of two individuals and a company for allegedly trading

Lagos earns N267 bln from IGR in 6-month, 31.47% of total collected by 36 states, FCT

Lagos earns N267 bln from IGR in 6-month, 31.47% of total collected by 36 states, FCT: Lagos State collected a total of N267.23 billion in Internally Generated Revenue (IGR) in the first six months of the year, according to data from the

POLITICAL NOTES: Of Paris Club Refund, INEC eTransmission of election result

POLITICAL NOTES: Of Paris Club Refund, INEC eTransmission of election result: President Buhari and the National Assembly should not take lightly today's press statement from Nigerian Governors Forum, questioning the integrity of the Attorney General of the Federation, Abubakar Malami.

Nigerian artists embrace NFTs for better rewards

Nigerian artists embrace NFTs for better rewards: And African artists like Yusuf are increasingly using NFTs, where the buyer has the status of being the official owner - a kind of digital bragging rights.

Nigerian 36 state governors accuse minister of Justice, Malami of colluding with consultants over Paris Club $418 mln deduction

Nigerian 36 state governors accuse minister of Justice, Malami of colluding with consultants over Paris Club $418 mln deduction: Governors of the 36 stated of the federation under the aegis of the Nigeria Governors’ Forum (NGF) has accused the minister of justice and attorney

ECOWAS leaders sustain sanctions against Guinea, Mali

ECOWAS leaders sustain sanctions against Guinea, Mali: An ECOWAS Extraordinary Summit of the Authority of Heads of State and Government held yesterday in Accra, Ghana to review the political situations in Guinea

African nations require $2.8 trln investment to transit to net-zero emission target by 2050

African nations require $2.8 trln investment to transit to net-zero emission target by 2050: African countries will require about $2.8 trillion investment to enable them transit from its current energy base and achieve the global net-zero emission

Abuja Court finds Pension fraudster, Maina guilty of money laundering, corruption

Abuja Court finds Pension fraudster, Maina guilty of money laundering, corruption: The ex-chairman of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina has been found guilty of money laundering and other forms of corruption by

Crypto rally lifts Ether to new record, Bitcoin to near 3-week high

Crypto rally lifts Ether to new record, Bitcoin to near 3-week high: Ether is up 57 percent since the start of October and bitcoin about 50 percent as investors have cheered last month's launch of a U.S. futures-based bitcoin

Clearflow System Hub, three other tech Startups gets N20 mln NCC grants

Clearflow System Hub, three other tech Startups gets N20 mln NCC grants: he Nigerian Communications Commission (NCC) has awarded N20 million grant to four deserving Nigerian tech startups in furtherance of its commitment to

CBN sets N5 bln limit per obligor for its 100 for 100 PPP intervention fund

CBN sets N5 bln limit per obligor for its 100 for 100 PPP intervention fund: The Central Bank of Nigeria (CBN) has rolled out the guidelines for the implementation of its intervention initiative to support local 100 firms quarterly to boost domestic production and reduce import dependent.

The collapsed Ikoyi high rise: A fresh perspective on a national tragedy

The collapsed Ikoyi high rise: A fresh perspective on a national tragedy: At the last counts, the dead bodies retrieved from the high rise building which collapsed last Monday along Gerard road Ikoyi hit 40, with only nine people rescued alive from the rubbles of the 21-storey building.