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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.

Saturday 29 October 2022

Fitch projects Tinubu to win 2023 election but warns of subsequent social instability

Fitch projects Tinubu to win 2023 election but warns of subsequent social instability: The report predicted further that “Protests and social discontent are likely to ramp up in the aftermath of a Tinubu win since this would end the recent trend of the presidency alternating between Muslims and Christians.”

Thursday 27 October 2022

Yoruba self-determination campaigner leader Akintoye says Tinubu ambition about personal interest

Yoruba self-determination campaigner leader Akintoye says Tinubu ambition about personal interest: Akintoye, a professor of history, has distanced himself from a two-year-old interview in which he endorsed Tinubu for president, claiming that the former governor of Lagos State was running at the wrong time.

CBN redesigning new currency notes; its implications on economy

CBN redesigning new currency notes; its implications on economy: It’s a reminiscence of what happened during the first coming of President Mohammadu Buhari as military head of state in 1984 when he chose to change the colour of the currency in his efforts to confront huge corruption and ensure that politicians who have stacked away the naira are made to pay huge price for that.

London court rules against Nigeria receiving compensation from Glencore over bribery case

London court rules against Nigeria receiving compensation from Glencore over bribery case: However, Judge Peter Fraser concluded that Nigeria does not have the right to be heard at a sentencing hearing because only the prosecution, in this case the UK Serious Fraud Office (SFO), and the defense can make arguments.

Tuesday 25 October 2022

World is in its ‘first truly global energy crisis’ – IEA

World is in its ‘first truly global energy crisis’ – IEA: Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, IEA Executive Director Fatih Birol said during the Singapore International Energy Week.

Monday 24 October 2022

COVID disrupted measles vaccinations in Africa as cases are surging

COVID disrupted measles vaccinations in Africa as cases are surging: “They told me there was no vaccine. But I am coming back,” said Fall, 27, who had closed her catering business for the day to make the trip. “It’s for my daughter, it’s for her health,” she added, fighting back tears of frustration.

Thursday 20 October 2022

President Buhari to commission first batch of transformers delivered by Siemens next month

President Buhari to commission first batch of transformers delivered by Siemens next month: President Buhari expressed delight at some notable progress on the implementation arrangements of the PPI, adding that the first batch of two power transformers already delivered by Siemens would be commissioned in November 2022.

Wednesday 19 October 2022

Value of stocks listed on NGX falls by N571 bln on losses by Lafarge, MTN, TotalEnergies

Value of stocks listed on NGX falls by N571 bln on losses by Lafarge, MTN, TotalEnergies: Shares in Lafarge Africa dropped 7.83 per cent followed by TotalEnergies which declined by 6.68 per, MTN Nigeria was down by 2.01 per cent, Dangote Sugar 1.92 per cent while United Bank for Africa fell 0.71 per cent.

President Buhari signs startups bills, makes provision for N10 bln funds for young innovators

President Buhari signs startups bills, makes provision for N10 bln funds for young innovators: The new legislation is aimed at providing a legal and institutional framework for the development of startups in Nigeria, and to “provide an enabling environment for the establishment, development and operation of startups in Nigeria”.

Monday 17 October 2022

NBC asks Zamfara to reopen shut down Radio, TV stations, says closure illegal

NBC asks Zamfara to reopen shut down Radio, TV stations, says closure illegal: “The NBC has clearly notified the state government of the gravity of the illegality and requested it to expeditiously reverse the directive,” the National Broadcasting Commission (NBC), which licenses broadcasters, said.

Saturday 15 October 2022

Ex-CBN Gov Sanusi accuses NNPC of subsidy fraud, says 66 mln litres daily fuel consumption unrealistic

Ex-CBN Gov Sanusi accuses NNPC of subsidy fraud, says 66 mln litres daily fuel consumption unrealistic: On Saturday, former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, queried the volume of Nigeria’s daily consumption of Premium Motor Spirit

Thursday 13 October 2022

GSK closure of Kenya operations to lead to job loss

GSK closure of Kenya operations to lead to job loss: “We will move to a direct distribution model and our operations will be transferred to third-party distributors,” GSK said, attributing the decision to periodic reviews of its operations.

Nigeria plans to raise N225 bln bonds on domestic debt market next week

Nigeria plans to raise N225 bln bonds on domestic debt market next week: The debt on offer are 10-year bond maturing in April 2029, 10-year paper maturing in April 2032 and 20-year debt maturing in April 2037.

OPEC+ oil output cut is ‘purely economic’, says Saudi Arabia

OPEC+ oil output cut is ‘purely economic’, says Saudi Arabia: The OPEC+ move has raised worries in Washington about the possibility of higher gasoline prices right before the November U.S. midterm elections, with Biden’s Democrats trying to retain their control of the House of Representatives and Senate.

Wednesday 12 October 2022

Local bourse slips marginally by 0.07% as investors sell down holdings in Fidelity, FBNH, others

Local bourse slips marginally by 0.07% as investors sell down holdings in Fidelity, FBNH, others: The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Fidson Healthcare, Nigerian Exchange Group, Global Spectrum Energy Services​, Honeywell Flour Mill and FBN Holdings.

President Buhari swears in Ariwoola as substantive chief justice of Nigeria

President Buhari swears in Ariwoola as substantive chief justice of Nigeria: While speaking with journalists after he was sworn in, the CJN appealed to politicians in the country to allow the judiciary to function optimally as the 2023 elections approach, promising reforms at the apex court.

NNPC defaults in payment to fuel importers, defers debt repayment by 90-day

NNPC defaults in payment to fuel importers, defers debt repayment by 90-day: NNPC imports all the nation’s gasoline for road transport, swapping most for crude with international traders including Vitol Group and TotalEnergies SE and domestic groups such as Sahara Group Ltd. and Oando Plc.

Proposed Lekki cargo/passengers airport to cost Lagos $900 mln as aviation authority grants approval

Proposed Lekki cargo/passengers airport to cost Lagos $900 mln as aviation authority grants approval: Minister for Aviation, Hadi Sirika, presented the document to the Governor on behalf of President Muhammadu Buhari at the ongoing Lagos Economic Summit (Ehingbeti) 2022 taking place at Eko Hotels and Suites, Victoria Island.

Tuesday 11 October 2022

Britons seek cheaper ways to cook in anticipation of higher energy cost

Britons seek cheaper ways to cook in anticipation of higher energy cost: Kantar also noted that sales of duvets and electric blankets increased 8 per cent, while sales of candles increased 9 per cent, suggesting people may be preparing for possible winter blackouts.

Qatar aims to speed up development of two oil wells off Namibian coast

Qatar aims to speed up development of two oil wells off Namibian coast: Saad al-Kaabi said drilling work is expected for 2023 to get a better understanding of deliverability and capacity, but did not indicate when the two oil finds will be brought into production.

Nigeria-Morocco gas pipeline to receive $25 bln in funding by 2023, says NNPC

Nigeria-Morocco gas pipeline to receive $25 bln in funding by 2023, says NNPC: Construction would be broken down into phases, the first would take three years, while the other stages would take five years to reach completion.

Monday 10 October 2022

Oil prices decline as recession fears offset tight supply prospects

Oil prices decline as recession fears offset tight supply prospects: Oil prices fell by about 1 per cent on Monday as investors weighed economic storm clouds that could foreshadow a global recession and erosion of fuel demand

Nigeria’s chief Justice Ariwoola, what legacy will he bequeath to the judiciary?

Nigeria’s chief Justice Ariwoola, what legacy will he bequeath to the judiciary?: In this delicate time, he must wear the activist robes in a conservative institution, to write their names in gold and to provide urgently needed national direction in this era of political emergency. Our justices must put an end to the majority and minority judgements as much as such judgements are tailored towards serving the national interest, especially restructuring of the lopsided federation.

NAFDAC alerts Nigerians on substandard cough syrup in circulation

NAFDAC alerts Nigerians on substandard cough syrup in circulation: All batches of these products listed above should be considered unsafe. The substandard products in this alert are unsafe and their use, especially in children, may result in serious injury or death. The products are not registered by NAFDAC, therefore should not be in circulation.

CBN bars banks from accessing discount windows on forex, treasury bills auction dates

CBN bars banks from accessing discount windows on forex, treasury bills auction dates: The CBN circular listed the activities that banks are barred from accessing its short-term funds including the Open Market Operations (OMO), where the CBN sells secondary market treasury bills, government securities, bonds auctions and foreign exchange markets.

Saturday 8 October 2022

About 70 people drown as boat ferrying flood victims capsize in Anambra

About 70 people drown as boat ferrying flood victims capsize in Anambra: The Anambra State Coordinator of the Local Emergency Management Committee, Nnamdi Esimai said the bodies of the victims were yet to be recovered from the water as it would take a day before the bodies could float.

IMF says committed to support Ghana, but needs to do more on debt-sustainability analysis

IMF says committed to support Ghana, but needs to do more on debt-sustainability analysis: The IMF said in a statement that its staff would now return to Washington for further technical work including assessing Ghana’s debt sustainability.

Ease of doing business: Kogi State gradually sinks into pariah

Ease of doing business: Kogi State gradually sinks into pariah: As states in Nigeria are working towards removing challenges and obstacles to ease of doing business, it seems Kogi State is out to stifle operations of the

Nigeria is losing $150 mln to oil theft and vandals every two days, says NNPC

Nigeria is losing $150 mln to oil theft and vandals every two days, says NNPC: The Nigerian National Petroleum Company (NNPC) loses almost $150 million due to vandalism every two days, said the company’s Chief Financial Officer Umar Ajiya.

Nigeria needs $2.3trln to bridge its infrastructural deficits ~Finmin Ahmed

Nigeria needs $2.3trln to bridge its infrastructural deficits ~Finmin Ahmed: “In the national development plan, we have cost the investment that is required; $2.3 trillion with a private sector contribution of 86 per cent anticipated between 2021 to 2025.

Friday 7 October 2022

Nigeria to widen deficits by 4.78% as it presents N20.5 trln budget for 2023

Nigeria to widen deficits by 4.78% as it presents N20.5 trln budget for 2023: President Buhari in a budget speech on Friday to the joint sitting of the parliament also indicated plans by the government to discontinue the expensive fuel subsidy, noting that the economy could no longer continue its fuel subsidy policy.

Rental payments to holders of Nigeria’s Islamic Sukuk Bonds rise 305% to N33 bln in Q2

Rental payments to holders of Nigeria’s Islamic Sukuk Bonds rise 305% to N33 bln in Q2: Sukuk, an Islamic debt instrument, which attract rental payment as against the usual interest payment on other debt instrument is raised in Nigeria for the development of road infrastructure.

Wednesday 5 October 2022

Floods wash away homes, crops in Benue State, Nigeria’s food basket

Floods wash away homes, crops in Benue State, Nigeria’s food basket: “This is a catastrophe indeed,” said Dimieari Von Kemedi, chief executive of Alluvial Agriculture, a farm collective. “All of these wrong things are happening at the same time.”

Senate mulls establishment of agency to address constrain to economic diversification

Senate mulls establishment of agency to address constrain to economic diversification: In its bid to address the infrastructural impediment hindering productivity and encourage diversification of the economy, the Senate is in the process of

Tuesday 4 October 2022

Oil prices jumps more than 3% ahead of OPEC+ meeting on supply cuts

Oil prices jumps more than 3% ahead of OPEC+ meeting on supply cuts: “We expect a substantial cut to be made, which will not only help to tighten the physical fundamentals but sends an important signal to the market,” Fitch Solutions said in a note.

FG go for broke, registers two factions of academic unions, breaks ASUU monopoly

FG go for broke, registers two factions of academic unions, breaks ASUU monopoly: The federal government on Tuesday presented a certificate of registration to the Congress of Nigerian University Academics (CONUA), in a move seen to be in

NNPC posts 134.8% growth in profit after tax to N674 bln in 2021

NNPC posts 134.8% growth in profit after tax to N674 bln in 2021: Kyari, who spoke at a news briefing on Tuesday said; “Today I’m happy to announce that the Board of #NNPC has approved 2021 audited fin. Statements & #NNPC has progressed to a new performance level, from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 per cent YoY profit growth.”

Possibility of Peter Obi winning in the next election, how realistic?

Possibility of Peter Obi winning in the next election, how realistic?: While Bola Tinubu and Atiku Abubakar are waiting for state governors to bring money from the treasury (the reason the governors fill up the campaign councils and throw tantrums if they don’t get what they want) to kickstart their operations, Obi is assured that his energetic backers will dip into their savings and chip in for those rallies. It is enough to evoke envy and anger, and trigger the constant refrain of ‘Obi will not win’.

Group plans free cataract surgery for 150 rural dwellers in Plateau

Group plans free cataract surgery for 150 rural dwellers in Plateau: “The government and other organisations are already working hard to improve eye health, but we cannot afford to be complacent and must build on recent successes.

Nigeria to award contracts this Dec to curb gas flaring, boost domestic use

Nigeria to award contracts this Dec to curb gas flaring, boost domestic use: “The auction process has been streamlined to enable an accelerated delivery schedule for this exercise with the announcement of winners planned for December 2022,” Komolafe said in a statement.

President Buhari to present 2023 budget to parliament on Friday

President Buhari to present 2023 budget to parliament on Friday: The budget presentation will be President Buhari’s last of such rituals as his tenure ends on May 29, 2023, when a new president who is expected to emerge from the presidential election slated for February next year will be sworn in.

Nigeria needs foreign exchange reforms to boost confidence and attract investment inflows, says Khan

Nigeria needs foreign exchange reforms to boost confidence and attract investment inflows, says Khan: According to her, while the removal of fuel subsidy has the potential to boost the economy, more importantly, is the reforms in the foreign exchange system in order to eliminate constrain and worries over the present regime.

Monday 3 October 2022

Arase, Adegboruwa, Aniagolu-Okoye, Ardo lineup for GOCOP Confab’22

Arase, Adegboruwa, Aniagolu-Okoye, Ardo lineup for GOCOP Confab’22: “The Guild was established to ensure that online publishers uphold the tenets of journalism in doing their jobs and our membership is a constellation of Editors and senior journalists who, having distinguished themselves in their various stations, ventured into online publishing which is both the present and future of journalism globally,” Ugbechie said.

Terminal operators to acquire scanners to ease clearing of cargoes at Nigerian ports, says NPA boss

Terminal operators to acquire scanners to ease clearing of cargoes at Nigerian ports, says NPA boss: Bello-Koko, spoke while hosting the minister of Transportation, Mu’azu Sambo, who was on a tour of the facilities at the port, noted that the provision of scanners would make Nigerian seaports more competitive and preferred destinations for cargoes in West and Central Africa.

Wike, four other PDP Governors meet over plot to remove Ayu, resolve party crisis

Wike, four other PDP Governors meet over plot to remove Ayu, resolve party crisis: After a series of meetings between them and their representatives failed to address the crisis, Wike and some of his colleagues and allies boycotted the inauguration of the party’s presidential campaign council in Abuja last Wednesday.

Sunday 2 October 2022

Entrepreneurship, creation of industrial Hubs hold key to Nigeria’s economic prosperity ~FIRS boss Nami

Entrepreneurship, creation of industrial Hubs hold key to Nigeria’s economic prosperity ~FIRS boss Nami: “You will be surprised the amount of jobs that would be created. Multitudes would have their lives changed, and an abundance of economic activities would be sparked across the nooks and crannies of our country in an unprecedented manner. Nigeria has what it takes to lead the world, and this is one way to go,” Nami said.

Increase demand for green energy to drive job opportunities in Nigeria ~Report

Increase demand for green energy to drive job opportunities in Nigeria ~Report: Poor power supply and a more than 200 per cent increase in diesel prices this year after Russia invaded Ukraine, have driven demand for solar power in the West African nation.

Burkina Faso coup leader says situation ‘is under control’

Burkina Faso coup leader says situation ‘is under control’: “We want to inform the population that the situation is under control and order is being restored,” an army officer said in a statement broadcast on national television.

Oando fueling stations to rebrand as NNPC as state-own oil acquires OVH Energy Marketing Ltd

Oando fueling stations to rebrand as NNPC as state-own oil acquires OVH Energy Marketing Ltd: In addition, and to support the combined NNPC Retail Limited operations, NNPC Limited has acquired Apapa SPM Limited (an affiliate of OVH Energy) that owns and manages West Africa’s first privately owned midstream jetty, known as the Lagos Midstream Jetty.

Nigeria Air to consider acquiring China’s newly-certified C919 passenger jet

Nigeria Air to consider acquiring China’s newly-certified C919 passenger jet: On Friday, China hailed the development of its first medium-haul passenger jet as the embodiment of the country’s drive towards self-sufficiency, with safety approval awarded to a plane that aims to challenge Western aircraft giants for orders.

OPEC+ to consider oil output cut of more than 1 mln bpd at Oct. 2 meeting

OPEC+ to consider oil output cut of more than 1 mln bpd at Oct. 2 meeting: Skip to toolbar About WordPress Global Financial Digest Customise 77 updates available 11 Comment in moderation New Edit Post Site Kit Rank Math SEO Theme support Ad Health  Live CSS tagDiv CSS Analyzer Edit with TagDiv Composer Global Single Template – London News PRO Cloud Library Search Hi, Editor Log Out

Pope Francis begs Russian President Putin to stop ‘spiral of violence and death’

Pope Francis begs Russian President Putin to stop ‘spiral of violence and death’: “My appeal goes above all to the president of the Russian Federation, begging him to stop this spiral of violence and death, even out of love for his own people,” Francis said.

At least 125 dead, 320 injured in Indonesia stadium stampede

At least 125 dead, 320 injured in Indonesia stadium stampede: Video footage from local news channels showed fans streaming onto the pitch after Arema FC lost 3-2 to Persebaya Surabaya around 10 p.m. (1500 GMT), followed by scuffles, and what appeared to be clouds of tear gas and unconscious fans being carried out of the venue.