Boko Haram Terrorists Killed 25 People In Adamawa, Say Victims' Relatives

Suspected Boko Haram extremists attacked a village in Adamawa in northeastern Nigeria, killing at least 25 people who had just returned home from a wedding, victims’ relatives say on Tuesday. Rebecca Malgwi says two of her brothers-in-law were killed in the attack on Kuda-Kaya village in Adamawa on Monday night.She says the attackers went from house to house. She says many people could not escape because the shooting came from all directions.Former...

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Nigerian Lawmakers Seek To Spend 23.7 Bln Naira On Severance, Gratuity, Increased budget deficit for 2019

Nigerian parliament has approved 23.7 billion naira as gratuity and severance package for its outgoing members, this was contained in the 2019 budget passed on Tuesday by the National Assembly. The amount which would also cater for the allowance of the incoming parliamentarians were contained in the service-wide votes. However, detail of how it would be disbursed was not disclosed by the lawmakers in the approved bill.Both the Senate and the House...

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Nigeria's Sovereign Wealth Assets Hits 617.7 Bln Naira in 2018

Assets of Nigeria Sovereign Investment Authority (NSIA) grew 16 percent in 2018 to 617.70 billion naira compared with 533.88 billion in the previous year, the manager of the country’s sovereign wealth fund (SWF) has said. Nigeria, Africa's top oil producer established its Sovereign Wealth Fund (SWF) in 2011 with a seed capital of $1 billion and later injected additional $500 million as part of measures to invest the excess proceeds of earnings...

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PDP Says INEC Replacing Servers To Conceal Rigging

Nigeria's main opposition Peoples Democratic Party (PDP) has accused the Independent National Electoral Commission (INEC) of replacing electronic servers in its headquarters and state offices in a bid to conceal malpractices in the last election. The party, which has gone to court to challenge the victory of President Muhammadu Buhari in the February 23 election, said INEC is replacing the servers to obliterate the actual presidential election...

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Warning Against Purchase Of ‘Poisonous Ponmo’ In Lagos Markets

The Lagos state government has warned consumers against buying some cowhide, known as “ponmo,” being sold in some markets in the state. A statement by Adeola Salako, director of public affairs, Lagos ministry of health, said three persons involved in the sale of the “poisonous ponmo” in Ojo and Iba local government areas of the state have been arrested.Salako said the cow-skin was seized in large quantities, adding that samples of the confiscated...

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Shell, Total, Aiteo Declare Force Majeure On Nigeria's Bonny Light Export

Four major oil exploration and production companies have declared force majeure disrupting the ability of Nigeria to export Bonny Light crude due to the sabotage of the country's main two export pipelines. Royal Dutch Shell on Monday declared force majeure on exports of Nigeria’s Bonny Light crude while Amenam, operated by oil major Total, is also under force majeure, trading sources said.Aiteo, an indigenous production company had also declared...

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Four States Generated 2.7 Trln Naira IGR In Five Years, Lagos, Rivers Top List

Four states in the country accounted for more than 60 percent of Nigeria's internally generated revenue in the last five years. Lagos, Rivers, Ogun and Delta generated a combined 2.71 trillion naira in internal revenue between 2013 and 2017, an investigation has shown.Total internally generated revenue by the 36 states of the federation amount to 4.5 trillion naira with the five years period under review.The top four states accounted for 60.22 percent...

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Nigeria and Saudi Arabia To Sign MoU On Oil And Gas Development

Nigeria and Saudi Arabia plan to draft a memorandum of understanding on an oil and gas partnership that could lead to the construction of a new refinery and investments in liquefied natural gas, Nigeria’s petroleum ministry said on Friday. Nigeria imports the bulk of its petrol, despite being Africa’s biggest crude oil producer, due to its dilapidated refineries. Last month, Nigeria’s state oil company said it was in talks with different consortiums...

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Army Kicks Out NYSC DG, Kazaure, appoints Ibrahim

The Nigerian Army on Friday announced a new shakeup with the posting of the Director General, National Youth Service Corps 9NYSC0, Major General Suleiman Kazaure to Army Resource Centre. Seven other Brigadier-Generals were also affected by the shake-up in the Arym. Kazaure, according to a statement by the acting Director of Army Public Relations, Col. Sagir Musa, will resume as Senior Resource Person at Army Resource Centre.  The...

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Nigeria Targets 4 Mbpd Crude Output, Triple Refining By 2025

Nigeria plans to pump 4 million barrels of crude oil a day by 2025 and increase refining capacity to 1.5 million barrels daily, a move to revive its previous pledges that turned out to be too ambitious.According to the Chief executive of the state-run oil firm Maikanti Baru, “Nigeria needs to unlock new barrels as quickly as possible.”   The Nigerian National Petroleum Corporation (NNPC) chief said the state-oil giant will work with private...

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Goje, Ndume May Defile APC Directive On Senate Presidency, Lobby Opposition Party For Support

Danjuma Goje, former Gombe State Governor may throw his hat in the ring as the contest for the Senate presidency reach a high pitch against the dictate and wish of the ruling All Progressive Congress (APC) for a straight coronation on its anointed candidate. The ruling APC has since winning majority seats in the parliament anointed the present senate leader, Ahmad Lawan as its preferred candidate for the position of Senate president.However, the...

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President Buhari Flies To London Today On Private Visit

President Mohammadu Buhari will travel to London on Thursday after he spent Wednesday in Lagos commissioning some landmark projects of the outgoing governor Akinwunmi Ambode.Although presidency sources said the visit to the United Kingdom by President Buhari was private, in the four years, the president has visited London regularly for medical attention to an unnamed ailment.Femi Adesina presidential spokesman said in a statement on Thursday that President Buhari would leave Nigeria after a visit to Maiduguri, the Borno capital.“Further to the...

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Supreme Court Never Ordered AMCON To Pay Bi-Courtney N132b

Nigeria's 'bad bank' Assets Management Corporation of Nigeria (AMCON) has debunked the claim by a newspaper that it was ordered to pay 132 billion naira to Bi-Courtney, saying the publications was erroneous and failed to represent the judgment of the Supreme Court.In a statement by the corporation's head of Corporate communication, Jude Nwauzo there was never an issue of any liability of AMCON before the Supreme Court.According to Nwauzo, the decision of the apex court never dealt with the merits of an appeal before the court nor the substantive...

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Investors Oversubscribed Nigeria's Debut 30-Year Bond With Yield At 14.8 Pct

Nigeria sold its first 30-year tenor domestic bond on Wednesday at 14.80 percent marginal rate with investors bidding more than the amount offered at the auction by the debt office, results of the tender showed. The Debt Management Office (DMO) sold 53.16 billion naira of the 30-year paper at the auction, more than the 20 billion naira initially offered for sale at the auction against 80.41 billion subscriptions submitted by investors.The debt office...

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MTN Nigeria Transforms To Public Company Ahead Of Local Listing

MTN Nigeria has completed its conversion from a private company to a public company ahead of its plans to list on the local bourse, the telecoms giant said on Wednesday. The local unit of South Africa's telecoms firm in a statement said the conversion to a public company was a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange (NSE).MTN said the proposed listing on...

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Nigeria Says Poor Revenue Collection Hinders Budget Performance

Nigeria has attributed the slow pace of development and executes its annual budget effectively to weak revenue generation profile of the West African country, its finance minister ha said.A statement by the media adviser to the minister said Zainab Ahmed acknowledges and points out the challenge of revenue generation by the country. “What we have is revenue problem and when revenues perform at the aggregate rate of 55 per cent it hinders the ability...

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Huawei Gets British PM Nods To Build 5G Network For UK

British Prime Minister Theresa May has given the go-ahead for China's Huawei to help build a 5G network, shrugging off security warnings from senior ministers and Washington, the Daily Telegraph reported Wednesday. The country's National Security Council, which is chaired by May, agreed Tuesday to allow the Chinese technology giant limited access to build "non-core" infrastructure such as antennas, the report said.The decision was made despite concerns...

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Zenith Bank Repays $500 Mln Eurobond Issued In 2014

Nigeria's Zenith Bank on Tuesday said it has fully redeemed the matured $500 million Eurobond issued in 2014 and due by April 22, 2019, from its cash reserves. According to the bank in a statement to the Nigerian Stock Exchange (NSE), the debt was issued under its $1 billion Global Medium Term Note Programme. The first tranche was issued at a tenor of 5-year and a coupon of 6.25 percent on April 22, 2014."The Bank, leveraging on its strong and highly...

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Soyinka Says President Buhari Failed On Security

Nobel Laureate Prof. Wole Soyinka has slammed President Muhammadu Buhari for his “slow response” in dealing with the terror caused by Fulani herdsmen across many parts of Nigeria. He said Buhari has failed on the security threat posed by herdsmen, adding that he was repeating the mistakes of his predecessor, Goodluck Jonathan, in not dealing with the Boko Haram menace in a timely and adequate fashion.“The man dies in all who keep silent in the face...

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Nigerian Stock Exchange Fines Access, Diamond Bank For violating Disclosure Rules

The Nigerian Stock Exchange has fined Access Bank, Diamond Bank and First Aluminium a total of 8.12 million naira for violating its disclosure rules. The local bourse in its latest X-Compliance report said Access Bank and Diamond Bank were fined for failing to disclose the resolutions passed at the meeting of their board of directors relating to the merger of the two institutions. Access Bank was fined 4.41 million naira, while Diamond Bank was...

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Singapore's Olam Group To Acquire Dangote Flour Mills In 130 Bln Naira Deal

Olam International Limited, a Singaporean agro-allied firm has offered to acquire Dangote Flour Mills Plc, majorly owned by Africa's richest man Aliko Dangote in a bid worth 130 billion naira, the flour mills company said on Tuesday. Olam was established in 1989, and now listed on the Singapore Exchange and the bids could be a move by the firm to expands its franchise in Nigeria.Tiger Brands, a South African firm had in 2012 bought a 63 percent...

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Nigerian Financial Institutions Help Criminals To Evade Justice ~ICPC

Nigerian banks have been accused of aiding crime and corrupt practices in the country with some of them opened accounts for criminals and offered them services to helped criminal acts. According to the Independent Corrupt Practices and Other Related Offences Commission (ICPC), unethical investors are undermining the ethics of the banking industry. Bolaji Owasanoye, head of the commission spoke during his visit to the Bank of Industry (BOI)in Abuja. A...

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Aiteo Energy Says Suspects Sabotage On Its Operations At Nembe Creek

Aiteo, a local indigenous energy firm has declared a force majeure at its Bayelsa operations after fired gutted Nigeria's Nembe Creek Trunk Line (NNCTL) on Sunday, According to the company, Nembe trunk line is one of the two major lines transporting Bonny Light crude oil to the export terminal.Thought the fire has been put off, the company said it suspected that the inferno was as a result of sabotage and that it was working to “facilitate a quick...

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Minimum Wage In Nigeria Now 30,000 Naira As President Buhari Signs Bill To Law

President Muhammadu Buhari has signed into law a bill to increase Nigeria’s minimum wage with immediate effect, an aide said on Thursday. The change means the minimum monthly wage will rise to 30,000 naira ($98) from 18,000 now, said aide Ita Enang, a senior special assistant to the president on the National Assembly.The cost of living has become a key issue for many in Africa’s most populous nation, where most people live on less than $2 a day....

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Nigerian chief justice sacked for false asset declaration

The Code of Conduct Tribunal (CCT) has convicted the Chief Justice of Nigeria Walter Onnoghen for false declaration of assets and proceeded to sack him from office. In a judgment delivered on Thursday, the Tribunal found the Chief Justice guilty of hiding the extent of his wealth contrary to the code of conduct for public officers and removed him from office. Onnoghen was suspended by President Muhammadu Buhari in January, weeks before the last...

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Buhari Says Far More Educationally Qualified Than Atiku

Nigerian President Muhammadu Buhari has challenged his main challenger in the last presidential election, Atiku Abubakar to produce his educational certificates and tell the public name of schools attended.President Buhari of the ruling All Progressive Congress (APC) who won the last election accused the candidate of the main opposition Peoples Democratic Party (PDP) of not possessing the statutory educational qualification to contest the February...

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Nigeria To Issue 1st 30-year Bond Next Week, To Raise 100 Bln Naira Debt

Nigeria plans to debut with its first 30-year local bond next Wednesday at an auction where it plans to raise 100 billion naira from the domestic market, the Debt Management Office (DMO) has said.A data posted on its website showed that the debt office will issue 20 billion naira worth of local bond with 30-year tenor on April 24, in addition to 40 billion naira in 5-year paper.The debt office will also raise 40 billion naira in 10-year bond, making...

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Court Orders Arrest Of Adoke, Dan Etete, Four Others Over Malabu Oil Scam

A High Court in Abuja has issued a warrant for the arrest of immediate-past Attorney-General of the Federation, Mohammed Adoke, a former Minister of Petroleum Resources, Dan Etete, and four others over the sale of offshore oilfield OPL 245 by Malabu Oil and Gas in 2011.According to a tweet by the Economic and Financial Crimes Commission (EFCC) on Wednesday, the two ex-minister “are to be arrested anywhere they are found.”The $1.3 billion deal has...

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Nigeria's Finance Minister To Visit FIRS As EFCC Investigates 6 Bln Naira Scam

Nigeria's finance minister Zainab Ahmed is expected to visit the Headquarters of the Federal Inland Revenue Service (FIRS) on Thursday in the wake of allegations of corruptions against top officials of the service.Ahmed is expected to hold meetings with the chairman of the service, Babatunde Fowler and other top officials of the service on the issue of fraud and other issues related to the statutory function of the service.The nation's anti-graft...

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Nigeria Customs To Recruit 3,200 Officer, Opens Portal For Applications

The Nigeria Customs Service (NCS) on Tuesday said it plans to recruit about 3,200 officers into the service as it officially opens its portal to the public for applications.Acting Deputy Comptroller-General of Customs in charge of Human Resources Department, Umar Sanusi said this at a news conference in Abuja.“Following the necessary approval from the Federal Executive Council (FEC), NCS is now set to recruit officers and men to fill existing vacancies.“Application...

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Women Better At Hiding Infidelities Than Men ~Research

Scientists in Australia have revealed that women can judge whether a man is likely to be unfaithful just by looking at his face but men are less able to spot a cheating woman, debunking the universality of the notion that one can’t hide one’s lying eyes.The researchers at the University of Western Australia took a group of 1,500 people and showed them pictures of 189 Caucasian adults (101 men and 88 women), having first asked them if they had been...

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Atiku To Invite Microsoft, IBM Experts To Support His Claims On Election Result

Experts from Microsoft, IBM and Oracle have been invited by Atiku Abubakar, presidential candidate of the main opposition Peoples Democratic Party (PDP) to support his claim that the servers belonging to the Independent National Electoral Commission (INEC) proved that he won the last election.INEC had declared President Muhammadu Buhari as the winner of the last presidential election, defeating his closest rival Abubakar by scoring 15,191,847 votes...

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Court Acquits Ex SEC DG, Gwarzo Of Fraud Charges

The former director general of the Securities and Exchange Commission (SEC), Mounir Gwarzo on Tuesday was discharged and acquited of fraud charges by a Federal High Court in Abuja. Also his co-defendant, Zakwanu Garba, who was the Executive Commissioner of SEC was also discharged and acquitted of the same charges. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arraigned the two officials before Justice Husseini...

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Nigeria Consumer Inflation slows To 11.25 Pct In March Vs 11.31 Pct In Feb

Nigeria’s consumer inflation slowed down to 11.25 percent in March from 11.31 percent in February, the National Bureau of Statistics (NBS) said on Tuesday.A separate food price index showed inflation at 13.45 percent in March, compared with 13.47 percent in February.On month-on-month basis, the bureau said the Headline Index increased by 0.79 percent in March, indicating 0.06 percent higher than the rate recorded in February.The Report said the...

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Aliko Dangote Interview with Mo Ibrahim

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Nigeria To Take $1 Bln Naira World Bank Facility To Fund Power Supply

Nigeria top officials are discussing the possibility of accessing a $1 billion Performance Based Loan (PBL) from the World Bank.Zainab Ahmed, Nigeria's finance minister said the meeting witth the World Bank power sector team is all involving.“We met with the World Bank Power Sector team and discussed the way forward on the proposed $1 billion PBL. We agreed to bring relevant MDAs together to ensure that we advance this operation in a timely manner.  "We...

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