Nigeria’s dollar buffer closes April up 0.43% at $34.9 bln, but down YTD by 2.04%: However, the foreign exchange buffer was down -2.04 percent year-to-date from $35.64 billion on January 4, the first business day of the year.
Friday, 30 April 2021
Germany to return Benin bronzes to Nigeria in 2022
Germany to return Benin bronzes to Nigeria in 2022: It is one of the first countries to do so amid a growing trend to return cultural artifacts seized during the colonial era to their places of origin.
MTN Nigeria Q1 revenue rises 17% to N385 bln
MTN Nigeria Q1 revenue rises 17% to N385 bln: The company grew its revenue from voice call to N208.62 billion from N194.04 billion in the corresponding period of last year.
AfDB, IFAD, others pledge $17 bln to boost food security in Nigeria, other African countries
AfDB, IFAD, others pledge $17 bln to boost food security in Nigeria, other African countries: Of the overall amount pledged, more than $10 billion came from The African Development Bank, which said it would invest $1.57 billion on scaling up 10 selected priority commodities over the next five years. This will help countries achieve self-sufficiency. Another $8.83 billion will go towards building strong value chains for these commodities over the next five years.
Three Pension administrators in merger talks as PENCOM hike capital to N5 bln
Three Pension administrators in merger talks as PENCOM hike capital to N5 bln: “The increase in the minimum regulatory capital is necessitated by the need to improve the capacity of PFAs, in terms of operational efficiency and effectiveness as well as service delivery,” Pencom stated in the circular.
FG to pay pensioners new benefits, monthly wage from May ~PTAD
FG to pay pensioners new benefits, monthly wage from May ~PTAD: Chioma Ejikeme on Friday at a briefing said President Muhammadu Buhari has directed PTAD to review upward the benefits payable to pensioners in the country.
President Buhari reappoints Runsewe as DG Arts council, heads of 3 other agencies
President Buhari reappoints Runsewe as DG Arts council, heads of 3 other agencies: President Muhammadu Buhari has approved the reappointment of Segun Runsewe as the Director-General, National Council for Arts and Culture (NCAC) and three
Nigeria may lose its chance of becoming a hub for AfCFTA due to currency risk, insecurity
Nigeria may lose its chance of becoming a hub for AfCFTA due to currency risk, insecurity: Nigeria may not be in a position to tap the gain inherent in the recently launched Africa Continental Free Trade Area (AfCFTA) to become a hub for production if the problems of insecurity and dollar shortage persist.
First Bank says operations unhindered by CBN intervention
First Bank says operations unhindered by CBN intervention: “We wish to confirm that the Bank and the Holding Company are both cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank and the Holdco are not hampered or hindered and are in fact running smoothly.
Access Bank grows earnings, nets N60 bln profits in Q1
Access Bank grows earnings, nets N60 bln profits in Q1: “As a result of effective implementation of our cost reduction strategy, operating expenses remained flat, despite the inflationary environment and increased regulatory cost.
Legal dispute delay construction works on $5.8 bln Mambilla hydroelectric power project ~Minister
Legal dispute delay construction works on $5.8 bln Mambilla hydroelectric power project ~Minister: The office of the Attorney General of the Federation had reached an understanding with the Sunrise Group, and an amount had also been agreed, although the settlement may have been delayed by the challenges of the global pandemic.
Thursday, 29 April 2021
Parents of Nigeria kidnap victims plead for government help
Parents of Nigeria kidnap victims plead for government help: “The government is not doing anything to help these children,” said Peter, a widow and mother of five who sells vegetables for a living but has not worked since her daughter was taken. “We don’t have anything,” she said.
CBN sacks First Bank, FBN Holdco boards, recalls Adeduntan
CBN sacks First Bank, FBN Holdco boards, recalls Adeduntan: The CBN Governor, Godwin Emefiele, however, announced in Abuja the sacking of all members of the board of the bank and the constitution of an interim board to clean up the large lender and stabilise the company.
CBN alerts workers on security threat in Abuja
CBN alerts workers on security threat in Abuja: Intelligence gathered by the organization’s Security Service Department shows criminals plan to “infiltrate” the capital, Abuja, and other major cities to abduct people “for ransom or as recruits for terrorism,” it said in a document circulated April 28.
Facebook to Pay $5 Million to Local Journalists in Newsletter Push
Facebook to Pay $5 Million to Local Journalists in Newsletter Push: The publishing platform, which Facebook announced last month, will be integrated with Facebook Pages and include a free self-publishing tool for journalists to send out newsletters or create their own website.
Airtel Africa Plc appoints its Nigeria’s head as new CEO effective from Oct
Airtel Africa Plc appoints its Nigeria’s head as new CEO effective from Oct: In a regulatory filing with the Nigerian Exchange Group, Airtel said Ogunsanya will take over from Raghunath Mandava, who has signaled his intention to retire from the telecoms firm at the end of September 2021.
US asks citizens to leave India as Covid crisis worsens
US asks citizens to leave India as Covid crisis worsens: Indian authorities and hospitals are struggling to cope with unprecedented Covid infections and deaths. Official data on Thursday showed new cases rose by a staggering 379,257 over the prior 24 hours, another record, while 3,645 additional lives were lost. More than 204,800 people have died.
Shell increases dividend payout as profits surge
Shell increases dividend payout as profits surge: Shell’s adjusted earnings were above an average analyst forecast of $3.125 billion and also ahead of earnings of $2.9 billion last year, boosted by assets sales as well as higher oil and liquefied natural gas (LNG) prices, the energy firm said on Thursday.
Nigeria Sovereign wealth reviews Fertiliser Initiative to ensure sustainability
Nigeria Sovereign wealth reviews Fertiliser Initiative to ensure sustainability: The NSIA, under PFI, would transition into an upstream player, thereby limiting its involvement to importation, storage and the wholesale of raw materials to blenders.
Senate raises FIRS revenue targets to N7.6 tln, approves N216.6 bln budget for 2021
Senate raises FIRS revenue targets to N7.6 tln, approves N216.6 bln budget for 2021: The parliament also approved N216.64 billion for both capital and recurrent expenditures as the service 2021 budget.
Cally Airline, owns by C/River takes delivery of 2nd Boeing 737 aircraft
Cally Airline, owns by C/River takes delivery of 2nd Boeing 737 aircraft: “The two Boeing 737 aircraft have a carrying capacity of 142 and 144 passengers respectively,” Christian Ita, the media adviser to the state governor said.
CBN moves against Otudeko, directs First Bank to recover debt owed by Honey Well Flour in 48-hours
CBN moves against Otudeko, directs First Bank to recover debt owed by Honey Well Flour in 48-hours: The decision of the regulatory bank was predicated on the failure of First Bank to divest its holdings in Honey Well contrary to its directive to do so and also perfect its lien on the shares of Oba Otudeko in FBN Holding Plc.
CBN queries First Bank board over removal of Adeduntan, appointment of new CEO
CBN queries First Bank board over removal of Adeduntan, appointment of new CEO: However, in a memo dated April 28, 2021, signed by the CBN Director of Banking Supervision, Haruna Mustafa, the regulatory bank asked the chairman of the bank Ibukun Awosika to provide a comprehensive reason for the removal of the erstwhile chief executive eight months to the expiry of his tenure.
Wednesday, 28 April 2021
NDLEA seizes over N80b worth of illicit drugs in 100 days – Marwa
NDLEA seizes over N80b worth of illicit drugs in 100 days – Marwa: He said that the NDLEA was working on the mandate given to it by President Muhammadu Buhari to mop up all crime related issues in Nigeria, as the use of illicit drugs and substances had been confirmed as major way criminals used in terrorising communities and the society at large.
INEC slates next general election for Feb 18, 2023
INEC slates next general election for Feb 18, 2023: “By the principle established by the Commission, the 2023 General Election will hold on Saturday 18th February 2023 which is exactly one year, nine months, two weeks and six days or 660 days from today.
FIRS reimburses Dangote Cement with N22.3 bln tax credit on expenditures on Lagos, kogi roads
FIRS reimburses Dangote Cement with N22.3 bln tax credit on expenditures on Lagos, kogi roads: The roads being funded by Dangote Cement are Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwara states.
DPR commits to cost-cutting measures to support oil industry
DPR commits to cost-cutting measures to support oil industry: The DPR Director, Sarki Auwalu said on Wednesday that the recent launch of the oil and gas excellence centre was a testimony to the agency’s resolve.
Senate empowers AMCON to take over assets of debtors, charges them to special tribunal in new amendment bill
Senate empowers AMCON to take over assets of debtors, charges them to special tribunal in new amendment bill: The AMCON amendment bill empowered the corporation to take possession, manage or sell all properties traced to debtors, whether or not such assets or property have been listed as collateral for obtaining the loan.
Change of baton at First Bank as Shobo takes over as new CEO
Change of baton at First Bank as Shobo takes over as new CEO: “These decisions will take effect from today, April 28, 2021. We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer.
Nigerian women take action as rape, assault cases surge during pandemic
Nigerian women take action as rape, assault cases surge during pandemic: Osakede is one of hundreds of women across Nigeria who have reported being raped or sexually assaulted in a surge since the pandemic began, according to police and officials. Some experts say this represents only a fraction of cases.
AfDB debars Nigeria’s Maxicare firm for 36-month over fraudulent collusion
AfDB debars Nigeria’s Maxicare firm for 36-month over fraudulent collusion: “The debarment renders Maxicare Company (Nigeria) Limited and its affiliates ineligible to participate in Bank Group-financed projects during the debarment period.
NIMASA sets eye on May 21 for Deep Blue Sea project take off
NIMASA sets eye on May 21 for Deep Blue Sea project take off: “I am glad to announce that we have received three helicopters’, we have assembled them, we are now test running the helicopters.
Tuesday, 27 April 2021
Rivers State imposes ban on night travel to and from state over insecurity
Rivers State imposes ban on night travel to and from state over insecurity: Wike cited the killings of police, customs and civil defence officers on Saturday and of army soldiers on Sunday to justify the curfew.
President Buhari seeks US intervention in Nigeria security challenges
President Buhari seeks US intervention in Nigeria security challenges: “The support of important and strategic partners like United States cannot be overstated as the consequences of insecurity will affect all nations hence the imperative for concerted cooperation and collaboration of all nations to overcome these challenges.
Two dead, 27 hurt as Chad protesters demand civilian rule
Two dead, 27 hurt as Chad protesters demand civilian rule: At least two people were killed and 27 injured in Chad on Tuesday as demonstrators took to the streets demanding a return to civilian rule after the military
MultiChoice invests in local content production for African audiences
MultiChoice invests in local content production for African audiences: The company is focusing on developing movies and shows set in its biggest markets of Nigeria, Kenya and South Africa, senior executive Yolisa Phahle said in an interview.
Nigeria’s debt office to appoints transactional advisers for local Sukuk bonds issuance
Nigeria’s debt office to appoints transactional advisers for local Sukuk bonds issuance: “The Issuing Houses would work with other Transaction Parties to prepare all the offering and contractual documents.
Nigeria’s SEC seeks to engage consultant to help develop its ICT transformation strategy
Nigeria’s SEC seeks to engage consultant to help develop its ICT transformation strategy: According to the regulator, ICT plays a critical role in securities market supervision and development – both internally and externally facing.
Nigeria to enforce mandatory fire insurance in public buildings
Nigeria to enforce mandatory fire insurance in public buildings: They said the initiative has become imperative due to lack of compliance with fire safety rules in public buildings and the growing fire outbreaks.
Nigeria reorganising its security architecture to confront insecurities ~VP Osinbajo
Nigeria reorganising its security architecture to confront insecurities ~VP Osinbajo: “There is no question at all that we are facing security challenges, but we are able to overcome them. The role of the leadership is to sit down to think through the problems.
Transcorp invests $120 mln to reposition its Abuja hotel ~Elumelu
Transcorp invests $120 mln to reposition its Abuja hotel ~Elumelu: The huge investment, according to the chairman of the parent company, Transcorp Plc, Tony Elumelu was meant to lay an investment, “foundation for a better tomorrow.”
Nigeria fuel import bill declined 37% in 2020 to $1.32 due to Covid-19 lockdown
Nigeria fuel import bill declined 37% in 2020 to $1.32 due to Covid-19 lockdown: According to data on sectoral utlisation of foreign exchange in 2020 released by the regulatory bank, fuel import bill was highest in January at $148.32 million and lowest in September at $72.63 million.
Monday, 26 April 2021
Six policemen killed as gunmen invade Imo State area police command
Six policemen killed as gunmen invade Imo State area police command: The gunmen reportedly went away with some police weapons.
Gunmen kill two more Greenfield University students abducted last week
Gunmen kill two more Greenfield University students abducted last week: The bandits killed the students as a warning to the parent for not paying the N800 million ransom demanded from them, according to sources.
Gunmen kill five soldiers in Rivers State
Gunmen kill five soldiers in Rivers State: The gunmen came from a nearby river, shot indiscriminately, and went straight to a lodge where the soldiers were camped and opened fire, killing two on the spot about 11 pm on Monday.
ECB board member wants bank to sustain stimulus until inflation hits 2%
ECB board member wants bank to sustain stimulus until inflation hits 2%: “This evidence suggests that we should avoid withdrawing policy support – either deliberately or by tolerating adverse spillovers – until the output gap is closed and we see inflation sustainably back at 2 percent,” Panetta said in a speech at a central banking conference.
How Dangote patronage help resuscitates ANAMMCO auto plant, boost employment
How Dangote patronage help resuscitates ANAMMCO auto plant, boost employment: Last year, Dangote’s company entered into an agreement with the local automaker Transit Support Services Limited to purchase 3,500 trucks worth N63 billion from the local plant.
Ghana in talks with AstraZeneca to acquire rights for local production of vaccine
Ghana in talks with AstraZeneca to acquire rights for local production of vaccine: “We are having engagements with AstraZeneca mainly on the intellectual property to be able to manufacture their vaccines locally,” Addae said.
Ecobank Nigeria to host webinar on ‘inflation and your money’
Ecobank Nigeria to host webinar on ‘inflation and your money’: “Inflation rate has continued its upward trend to settle at about 18.1 percent in March with prices of goods rising significantly in the last six months.
CBN tasks universities on promotion of agricultural research, development
CBN tasks universities on promotion of agricultural research, development: According to him, the university community had a significant role in fostering research that would enhance yields per hectare by farmers and reduce other constraints faced by farmers such as access to markets and storage facilities for their produce.
Polaris Bank profit rises 4% to N28.9 bln in 2020 FY
Polaris Bank profit rises 4% to N28.9 bln in 2020 FY: Total assets rose by 3 percent to N1.18 trillion while Shareholders Funds grew by N14 billion or 17 percent, largely attributable to internally generated profits.
MTN moves to expand operations into Ethiopia, submits bid for license
MTN moves to expand operations into Ethiopia, submits bid for license: MTN is the biggest player in the telecoms industry in the continent and has its operations in Nigeria, and other parts of the continent.
World Bank Report rates power supply in Nigeria as poor, ineffective
World Bank Report rates power supply in Nigeria as poor, ineffective: “Fifty-eight percent do not have a meter to measure electricity use. Seventy-eight percent have less than 12 hours daily access to electricity.
Bola Tinubu: the kingmaker who want to be The King
Bola Tinubu: the kingmaker who want to be The King: More than any other contenders and pretenders to the highest position in the land, Tinubu has the largest war chest to prosecute the battle ahead. He has also built more political disciples who can help him spread the ‘gospel’ of his political messages beyond the rivers of Niger and Benue.
Friday, 23 April 2021
Ethiopia signs $907 mln financing agreement with World Bank
Ethiopia signs $907 mln financing agreement with World Bank: Another $207 million will be for the deployment of COVID-19 vaccines and the remaining $500 million will be invested in efforts to increase access to electricity in the Horn of Africa nation.
Nigeria shares N681.3 bln from federation account in March
Nigeria shares N681.3 bln from federation account in March: Nigeria shares revenue that accrues from oil exports, company tax and Value Added Tax (VAT) among its three tiers of government – federal, states and local governments – and FCT monthly.
President Buhari overrules DPR on Addax assets revocation, returns oil licenses to NNPC
President Buhari overrules DPR on Addax assets revocation, returns oil licenses to NNPC: About four weeks after the Department of Petroleum Resources (DPR) revoked the four oil mining licenses issued to Addax Petroleum Company, President Mohammadu Buhari has reversed the revocation and order the return of the licenses to Addax.
Accenture Ventures buy into Nigerian fintech company Okra
Accenture Ventures buy into Nigerian fintech company Okra: “Okra is a rising fintech star in the high-growth global digital financial services arena, and in the African market, which is home to the world’s largest unbanked population, including a sizable number of underbanked consumers and small-to-medium sized enterprises,” said Tom Lounibos, managing director, Accenture Ventures.
Oxford Malaria Vaccine first to meet WHO specification, to go on clinical trial soon
Oxford Malaria Vaccine first to meet WHO specification, to go on clinical trial soon: “This new vaccine could be a game-changer toward the elimination of malaria, a disease that has killed more people than any other since the beginning of humankind.”
FCMB shareholders approve N2.97 bln dividends payout for 2020 FY
FCMB shareholders approve N2.97 bln dividends payout for 2020 FY: The Group Chief Executive of FCMB Group Plc, Ladi Balogun, noted that in spite of the challenging macroeconomic environment, the Group grew profit after tax by 13.4 percent to N19.7 billion.
NNPC signs production pact with partner to boost gas output by 1.2 trln cubic feet
NNPC signs production pact with partner to boost gas output by 1.2 trln cubic feet: According to a statement by the corporation, the NNPC on Thursday signed a production agreement with Sterling Oil Exploration and Production Company for the execution of the Oil Mining Lease (OML) 143.
Nigerian Telecom Sector Can Breathe Again
Nigerian Telecom Sector Can Breathe Again: During the ban, countless people who had lost their phones or damaged their SIM cards couldn’t retrieve them. Visitors to the country couldn’t get SIMs and businesses that depended on SIM cards sales suffered.
Abuja chamber wants Private Sector to drive Agro-Processing Zones project
Abuja chamber wants Private Sector to drive Agro-Processing Zones project: “Agro-processing zones should be the turf of the organised private sector while the government provides the enabling framework, support and the environments to make the project thrive.
Thursday, 22 April 2021
NCC arrests five people for illegal SIM registration
NCC arrests five people for illegal SIM registration: The arrested suspects were subsequently handed over to the NSCDC Federal Capital Territory (FCT) Command, Wuse, Abuja for further investigation with respect to the allegations leveled against them.
Presidency stands with Pantami, accuses some telcos of being behind minister’s ordeal
Presidency stands with Pantami, accuses some telcos of being behind minister’s ordeal: “But all discerning Nigerians know this manufactured dispute is nothing to do with the Minister’s prior words, but solely concern his actions in the present.
Lagos seeks to attract $10 bln investment in Agric value chain as it unveils 5-year food road map
Lagos seeks to attract $10 bln investment in Agric value chain as it unveils 5-year food road map: The governor, stated this while unveiling a 5-year food security road map for the state, noted that the state plan to more than double the food production capacity of the state to 40 percent from the present 18 percent.
US weekly jobless claims fall to 13-month low
US weekly jobless claims fall to 13-month low: Even as the economy is booming and the labor market scars are healing thanks to massive public aid from the government and increased COVID-19 vaccinations, there are still 17.4 million people collecting unemployment checks.
Suspected herdsmen kill a traditional rule, five others in three separate attack in Benue
Suspected herdsmen kill a traditional rule, five others in three separate attack in Benue: Also, the Councilor representing Odugbeho Ward and Deputy Leader, Agatu Legislative Council, Julius Abu who confirmed the attack and murder of two persons in his constituency by armed herders, condemned the killing saying it was unprovoked.
DPR appoints new operator for revoked Addax assets, set up evaluation committee
DPR appoints new operator for revoked Addax assets, set up evaluation committee: The move is preparatory to the handing over of the assets to their new owners, Kaztech/Slavic Consortium, according to a statement issued by the Head of Public Affairs, Paul Osu.
Nigerian teen climate activists create fashion from waste
Nigerian teen climate activists create fashion from waste: “We need to start now because in a few years it’s going to be too late to do anything,” said Esohe Ozigbo, the 15-year-old climate change activist who leads the group of youngsters, on the need to address environmental issues.
United Nigeria Airlines starts scheduled flight to Port-Harcourt airport
United Nigeria Airlines starts scheduled flight to Port-Harcourt airport: It added that United Nigeria will also operate regular flights from Port Harcourt to Lagos every day at 6:00 pm.
More Nigerians keep foreign assets to safeguard against devaluation, inflation ~CBN report
More Nigerians keep foreign assets to safeguard against devaluation, inflation ~CBN report: “The Key Policy Implication Of Currency Substitution Is That It Reduces Monetary Policy Effectiveness,” The Researchers Said.
Bandits kill over 40 people in Zamfara in fresh attack
Bandits kill over 40 people in Zamfara in fresh attack: The attack was said to have occurred on Wednesday around 7:20 am with bandits invading Yan Doka, Kango and Ruwan Dawa communities on over 90 motorbikes.
Nigeria ends 1st phase of covid vaccination as Lagos leads in numbers of vaccinated people
Nigeria ends 1st phase of covid vaccination as Lagos leads in numbers of vaccinated people: Lagos alone has vaccinated about 257, 756 persons up till April 15, 2021, according to its commissioner for Health, Akin Abayomi, who claimed the state has come out of the 2nd wave of the pandemic successfully.
Nigerian businesses lose $29 bln to poor electricity supply yearly ~W/Bank
Nigerian businesses lose $29 bln to poor electricity supply yearly ~W/Bank: The bank said in the Power Sector Recovery Programme fact sheet which was presented during its virtual dialogue that “Businesses in Nigeria lose about $29 billion annually because of unreliable electricity.
Nigeria can achieve sugar self-sufficiency if…
Nigeria can achieve sugar self-sufficiency if…: The implementation of the NSMP has been hindered by structural bottlenecks, including land acquisition and shortage of skilled labour.
Wednesday, 21 April 2021
Nigeria plans to restrict forex for wheat, sugar imports to exacerbate inflation
Nigeria plans to restrict forex for wheat, sugar imports to exacerbate inflation: The ban will force manufacturers using sugar and wheat to the unofficial black market where the greenback is at least 19 percent more expensive compared to a closely managed official rate.
Airtel secures $500 mln 4-year loan from Citibank, HSBC, others
Airtel secures $500 mln 4-year loan from Citibank, HSBC, others: The telecom firm in a regulatory filing with Nigerian Exchange Group, said the facility will be used to partially refinance the Group’s €750 million denominated bond (c.$880m) due 20 May 2021.
Lagos seeks to create its own power market to boost electricity generation, distributions
Lagos seeks to create its own power market to boost electricity generation, distributions: Companies using gas and renewable energy will feed the Lagos grid, which will be connected to its national counterpart and complemented by off-grid alternatives such as standalone solar solutions.
Lagos rollout $20 mln economic stimulus scheme to support households
Lagos rollout $20 mln economic stimulus scheme to support households: At the State House, Alausa, on Wednesday, Governor Babajide Sanwo-Olu launched the social intervention project that is focused on offering safety net to residents whose means of livelihood had been disrupted by the impacts of COVID-19 and also to building resilience of the State.
Nigerian banks under liquidity pressure after CBN restricts borrowing at SLF
Nigerian banks under liquidity pressure after CBN restricts borrowing at SLF: Traders attributed the changes in SLF to the increased frequency of some banks at the discount window to borrow short-term funds in the past few weeks.
Nigeria plans to power 200 PHC, 104 Unity Schools with off-grid electricity ~Power Minister
Nigeria plans to power 200 PHC, 104 Unity Schools with off-grid electricity ~Power Minister: “We took this extraordinary step, to revolutionize and ease the learning process in our schools as well as, to facilitate uninterrupted healthcare services to our rural communities,” Mamman wrote on his Twitter handle.
Nigerian senate approves $1.5 bln, €995 mln external borrowing for FG
Nigerian senate approves $1.5 bln, €995 mln external borrowing for FG: The Senate approved followed consideration of the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government at plenary.
Nigeria Customs to spend N257 bln in 2021, as Senate projects N1.7 trln revenue from service
Nigeria Customs to spend N257 bln in 2021, as Senate projects N1.7 trln revenue from service: The Senate also approved a projection of about N1.69 trillion as expected revenue collection by the agency for 2021.
African nations slow down Covid vaccines rollout due to lack of funding capacity
African nations slow down Covid vaccines rollout due to lack of funding capacity: Authorities do not have enough equipment like masks and cotton wool because of funding shortfalls that could total billions of dollars, according to more than a dozen health experts and some internal government documents.
Nigeria’s anti-graft agency EFCC arrests ex-Zamfara Gov Yari over illegal financial dealings
Nigeria’s anti-graft agency EFCC arrests ex-Zamfara Gov Yari over illegal financial dealings: EFCC spokesman, Wilson Uwujaren, who confirmed the arrest and detention of Yari, said the ex-governor was interrogated for over seven hours before he was detained.
Gunmen kidnap students of Kaduna only private university
Gunmen kidnap students of Kaduna only private university: “Some students were abducted, but for now, I am not in a position to say how many students were abducted”, Jalige said by telephone.
Analysts seek reforms to focus on household income growth
Analysts seek reforms to focus on household income growth: Our view is that though some steps have been taken towards reform, the focus on household income growth has been grossly inadequate.
Nigeria suspends full deregulations of petroleum downstream sector, retain fuel subsidy
Nigeria suspends full deregulations of petroleum downstream sector, retain fuel subsidy: “Subsidy is a policy matter, I am sure you are aware of this, there are engagements going on within government to get the best framework for having a fully deregulated PMS market.
CBN in a new guideline restricts banks borrowing from SLF to overnight repo
CBN in a new guideline restricts banks borrowing from SLF to overnight repo: From henceforth, banks can only access the SLF between 5-6:30 pm on trading day for same day value, according to the revised guidelines.
Lagos to hold local government election in July ~LASIEC
Lagos to hold local government election in July ~LASIEC: Lagos State has said it plans to hold local government elections in July.
CBN to sanction banks, BDCs for rejecting old, lower dollar denominations from customers
CBN to sanction banks, BDCs for rejecting old, lower dollar denominations from customers: The bank also warned banks “to desist from defacing/stamping US dollar banknotes as such notes always fail authentication test during processing/sorting.”
Nigeria needs to improve its business environment to harness gains from AfCFTA ~CBN Gov
Nigeria needs to improve its business environment to harness gains from AfCFTA ~CBN Gov: The Central Bank of Nigeria (CBN) on Tuesday said improving the business environment in Nigeria is vital if "we are to harness the gains from the African
Tuesday, 20 April 2021
Nigeria needs to improve its business environment to harness gains from AfCFTA ~CBN Gov
Nigeria needs to improve its business environment to harness gains from AfCFTA ~CBN Gov: He said while Nigeria stands to gain from expanded trade, it is also important that the country pay attention to the cost that expanded trade through the AFCFTA could have on local businesses and communities.
Derek Chauvin is found guilty of murdering George Floyd
Derek Chauvin is found guilty of murdering George Floyd: Chauvin faces up to 40 years in prison when he is sentenced in the coming weeks but is likely to receive far less time. The presumptive sentence for second-degree murder is 12.5 years, according to Minnesota’s sentencing guidelines, although the state has asked for a higher sentence.
Court jail a jilted lover who frames her ex-lover for rape, kidnapping just for revenge
Court jail a jilted lover who frames her ex-lover for rape, kidnapping just for revenge: However, it soon emerged that her lover was married and the snubbed lawyer began an elaborate campaign of revenge described in court as ‘malicious’ and ‘even evil.’
Rivers State gov, Wike joins Pantami resign now group, wants minister sacked
Rivers State gov, Wike joins Pantami resign now group, wants minister sacked: He described as worrisome the decision of the Federal Government to remain mute amidst the raging controversy about the Minister’s sympathy for global terrorist groups.
Buhari says late Chadian President was a great ally in fight against insurgents
Buhari says late Chadian President was a great ally in fight against insurgents: “I’m deeply shocked and devastated by the sudden death of Idriss Deby on the battle front to defend the sovereignty of his country,” Buhari was quoted as saying by his spokesman, Garba Shehu in a statement.
Lack of sleep can increase your risk of dementia ~Study
Lack of sleep can increase your risk of dementia ~Study: Sabia says sleep may be important for brain health in midlife, and that future research could establish whether improving sleep habits could prevent dementia.
Fire outbreak at Kano INEC office destroys data processing centre
Fire outbreak at Kano INEC office destroys data processing centre: “Even though no life was lost but the inferno destroyed the ICT office and a block in the administrative office of the commission,” he said.
Nigerian banks face threat from Fintech, resort to regulatory help
Nigerian banks face threat from Fintech, resort to regulatory help: Nigerian banks’ dominance of their home turf is virtually unparalleled.
Nigeria customs rake in N466 bln revenue in Q1
Nigeria customs rake in N466 bln revenue in Q1: According to the service, the highest revenue was generated in March with N169.4 billion followed by January with N157.6 billion while the sum of N138.9 billion was generated in February.
Ondo election tribunal dismisses PDP candidate petition against Akeredolu
Ondo election tribunal dismisses PDP candidate petition against Akeredolu: Jegede had challenged the victory of the ruling APC and its candidate in the October 10, 2020 governorship election which saw the re-election of Governor Akeredolu for a second term in office.
CEO of South Africa’s largest lender Absa quits after dispute with board
CEO of South Africa’s largest lender Absa quits after dispute with board: Mminele, a former deputy central bank governor, took the reins at Absa from long-time boss Maria Ramos in January 2020 and was tasked with delivering on a turnaround strategy that had largely been laid down prior to his arrival.
Chad’s President Deby killed by rebels in line of battle ~Army spokesman
Chad’s President Deby killed by rebels in line of battle ~Army spokesman: Chad's President Idriss Deby has died while visiting troops on the front line of a fight against northern rebels, an army spokesman said on Tuesday.
Nigeria finance minister seeks review of expenditure patterns by sub-nationals
Nigeria finance minister seeks review of expenditure patterns by sub-nationals: “As a nation, the federal, state and local governments must review expenditure patterns.
We are spending too much and we are not generating enough.”
Nigeria’s three refineries incur N5.8 bln loss on zero fuel production ~NNPC
Nigeria’s three refineries incur N5.8 bln loss on zero fuel production ~NNPC: The three refineries are those of Kaduna, Warri and Port Harcourt. The Federal Government recently awarded a $1.5 billion contract to revamp the fourth refinery in Port Harcourt.
Nigeria’s MDAs remit N2.15 trln to government treasury from operating surplus ~FRC
Nigeria’s MDAs remit N2.15 trln to government treasury from operating surplus ~FRC: “Over N2.15 trillion was paid into the Consolidated Revenue Fund of the Federal Government over the past years as operating surplus from government corporations against just about N7 billion government allocation to the agency since inception.”
US state department to issue ‘Level 4: Do Not Travel’ advisory over covid-19
US state department to issue ‘Level 4: Do Not Travel’ advisory over covid-19: It is unknown which countries will be added to the list, but it is believed the list will include several nations in Asia, Central America and Europe.
Monday, 19 April 2021
Lagos to establish anti-graft commission, as Sanwo-Olu signs enabling law
Lagos to establish anti-graft commission, as Sanwo-Olu signs enabling law: “The bill establishing Public Complaints and Anti-Corruption Commission is an important legislation critical to the delivery of quality services to the citizens.
Facebook plans for ‘social audio’ tools
Facebook plans for ‘social audio’ tools: Facebook plans to launch a series of new “social audio” products in the next few months, taking on buzzy audio-chat apps such as Clubhouse that have become more popular during the pandemic.
Nigeria seeks US support to reverse plans to defund gas projects, ensure equal access to vaccine
Nigeria seeks US support to reverse plans to defund gas projects, ensure equal access to vaccine: “Given the long term commitment to net-zero emissions by 2050, there is a growing trend among development finance institutions to withdraw from fossil fuel investment, including the World Bank’s decision to cease funding for upstream oil and gas development.
Ghana free education is working as W/African country leads in 2020 WASSCE result ~Minister
Ghana free education is working as W/African country leads in 2020 WASSCE result ~Minister: He said Ghana has been leading the WASSCE score for the past six years running, and the 2020 result doubled the previous year’s count of 220 8As.
Buhari first official duty after returning from medical trip, meets Osinbajo, IGP, Niger Rep President
Buhari first official duty after returning from medical trip, meets Osinbajo, IGP, Niger Rep President: President Buhari returned to the country on Thursday from his 16-day medical trip to the United Kingdom and Monday seems to be his first official outing at the villa.
Access Bank acquires majority stake in Botswana’s 5th-largest lender BancABC
Access Bank acquires majority stake in Botswana’s 5th-largest lender BancABC: Access Bank will acquire just over 78 percent of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement on Monday.
Sacked Tottenham manager Jose Mourinho to walk away with £20 mln compensation
Sacked Tottenham manager Jose Mourinho to walk away with £20 mln compensation: The sacked Tottenham manager Jose Mourinho will walk away with about £20 million as a compensation package from the club, Dailymail reports on Monday.
Nigeria owes retired civil servants arrears of Pension since March 2020 ~PENCOM
Nigeria owes retired civil servants arrears of Pension since March 2020 ~PENCOM: “It is sad to report that there are, today, a large number of Federal Government employees who retired from March 2020 to March 2021 under the Contributory Pension Scheme that are yet to receive their pensions due to non-payment of their accrued pension rights.
VP Osinbajo updates President Buhari on state matters after medical trip
VP Osinbajo updates President Buhari on state matters after medical trip: Though the President did not transmit power officially to his vice during his medical tour, nonetheless, Osinbajo presided over the weekly cabinet meeting twice before his boss return back to the country.
Why food prices rising in Nigeria, other West African nations ~WFP
Why food prices rising in Nigeria, other West African nations ~WFP: More than 31 million people are expected to become food insecure between June and August, raising the risk of a health emergency as the region contends with conflicts and COVID-19, the U.N. organisation said in a statement.
Egypt foreign minister holds consultation with six nations over Renaissance Dam
Egypt foreign minister holds consultation with six nations over Renaissance Dam: He added that Egypt is keen on achieving a legally-binding agreement on the filling and operation of the dam in a manner that takes the interests of the three countries into account prior to the second filling phase and any unilateral actions.
Gunmen attack Anambra Police Zonal Headquarters, two policemen allegedly killed
Gunmen attack Anambra Police Zonal Headquarters, two policemen allegedly killed: The attackers numbered about 20 were said to have arrived the police zonal headquarters Zone13, Ukpo in the early hours of Monday and set the station on fire.
CBN sold $1.47 bln forex in Jan as Nigeria’s trade deficit rises to $2.51 billion
CBN sold $1.47 bln forex in Jan as Nigeria’s trade deficit rises to $2.51 billion: A higher trade deficit of $2.51 billion was recorded in January 2021, relative to $1.69 billion in December 2020.
Nigeria records N485.5 bln fiscal deficit in Jan, up 17% vs budget estimate ~CBN
Nigeria records N485.5 bln fiscal deficit in Jan, up 17% vs budget estimate ~CBN: “The rise in fiscal deficit was due, largely, to the rollover and release of outstanding (capital) allocations to the MDAs in the 2020 budget, which pushed up aggregate expenditure.
Why President Buhari should sack his communication minister Pantami now
Why President Buhari should sack his communication minister Pantami now: The call for President Buhari to relieve his minister of communication and digital economy off his job has become imperative because of the sensitive nature of religion in a pluralistic country like ours.
Sunday, 18 April 2021
Boko Haram attacks Dikwa in Borno after defence minister visitation
Boko Haram attacks Dikwa in Borno after defence minister visitation: The attack took place at Dikwa in Central Borno Senatorial District, about 85km drive East of Maiduguri, the state capital.
Egypt Passenger Train Crash Kills 11 People, Injures 98
Egypt Passenger Train Crash Kills 11 People, Injures 98: The derailment occurred when at least four of the train’s carriages went off the tracks shortly after its departure from a station in Qalyubia governorate en route to Mansoura, state media reported.
Lagos State to support digital switch over rollout
Lagos State to support digital switch over rollout: He said the DSO will also provide opportunity for government to use the content to inform and engage the citizens as well as bring governance closer to the people.
Saturday, 17 April 2021
Nigeria: Kidnap Victims Need Aid Beyond Rescue, Experts Say
Nigeria: Kidnap Victims Need Aid Beyond Rescue, Experts Say: In Nigeria's restive northern region, kidnappings have become all too common, with schoolchildren among the primary targets.
Friday, 16 April 2021
DPR debunks NEITI claim on lack of accurate data on oil production
DPR debunks NEITI claim on lack of accurate data on oil production: However, the agency wondered how the country would know the actual royalties and other revenues collected from operators without knowing the volume of crude oil produced on a daily basis.
China’s economy grows 18.3%, biggest GDP jump since 1992
China’s economy grows 18.3%, biggest GDP jump since 1992: It’s the biggest jump in the Gross Domestic Product (GDP) since China started keeping quarterly records in 1992.
Nigeria’s interbank rate jumps as CBN slams banks with N93.4 bln CRR debit
Nigeria’s interbank rate jumps as CBN slams banks with N93.4 bln CRR debit: The bulk of the withdrawal came from Zenith Bank, which has to cough out about N30 billion and Standard Chartered Bank with N10 billion debit.
Ghana signs MoU with chocolate firms to protect 5.9 mln hectares of the cocoa-forest
Ghana signs MoU with chocolate firms to protect 5.9 mln hectares of the cocoa-forest: The Memorandum of Understanding, signed by GFC and WCF, commits the parties to work together in six regions where the government of Ghana has made action to protect and restore forests a priority.
Nigeria partners AfDB, others to set up Special-Agro Industrial Processing Zones
Nigeria partners AfDB, others to set up Special-Agro Industrial Processing Zones: Osinbajo said the project is part of the present administration’s efforts to transform agricultural productivity in the country.
Abuja chamber seeks policy direction on digital currency
Abuja chamber seeks policy direction on digital currency: “It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” the statement signed by the ACCI president, Al-Mujtaba Abubakar said.
Nigeria’s 36 states and Abuja earned N1.31 trln IGR in 2020, down 1.5% from 2019 figure ~NBS
Nigeria’s 36 states and Abuja earned N1.31 trln IGR in 2020, down 1.5% from 2019 figure ~NBS: Nigeria 36 states and the federal capital territory, Abuja Internally Generated Revenue (IGR) fell 1.50 percent to N1.31 trillion in 2020, the National Bureau of Statistics (NBS) said in its latest report.
About 65,000 people flee Damasak after Boko Haram attack ~UN agency
About 65,000 people flee Damasak after Boko Haram attack ~UN agency: Up to 65,000 people in northeastern Nigeria are on the run after an attack by armed groups on Wednesday in which 8 people were killed and at least a dozen
No accurate data on Nigeria crude oil production, says NEITI
No accurate data on Nigeria crude oil production, says NEITI: According to the NEITI Executive Secretary, Orji Ogbonnaya-Orji, the exact amount of crude oil produced in Nigeria had remained unknown because of the absence of meters at wellheads and the lack of capacity to monitor deep offshore fields.
SEC decries registrars role in frustrating e-dividend process
SEC decries registrars role in frustrating e-dividend process: “The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends,” Yuguda said.
Lagos State to deliver first metro rail line by 2022 ~Sanwo-Olu
Lagos State to deliver first metro rail line by 2022 ~Sanwo-Olu: “The Red Line is a 37-kilometre railroad with 12 proposed stations. The first phase will cover Oyingbo to Agbado with nine stations. Three of the stations will be constructed with the Lagos-Ibadan Railway Modernisation Projects by the Federal Government at Agbado, Agege, and Ebute Metta Junction.
CBN moves to impose forex restriction on Sugar, wheat importations
CBN moves to impose forex restriction on Sugar, wheat importations: “We are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our forex restriction list.”
Obaseki and finance minister: tale of money printing and the economy
Obaseki and finance minister: tale of money printing and the economy: The Obaseki outburst got equal measure of response from the finance minister, when on Wednesday after the cabinet meeting at the state house, Zainab Ahmed literarily called Obaseki a liar over his claim that the government printed money to augment revenue sharing in March.
Thursday, 15 April 2021
Third Covid vaccine dose likely needed within 12 months of vaccination ~Pfizer CEO
Third Covid vaccine dose likely needed within 12 months of vaccination ~Pfizer CEO: Pfizer CEO Albert Bourla said people will “likely” need a booster dose of a Covid-19 vaccine within 12 months of getting fully vaccinated. His comments were
How Kano Gov Ganduje brings Dangote, Isyaka-Rabi’u together to end sugar war
How Kano Gov Ganduje brings Dangote, Isyaka-Rabi’u together to end sugar war: Anwar said after the meeting, the Chairmen of both Dangote and BUA agreed to work together to supply enough sugar to satisfy the demand of the country.
Shell to produce 75% of oil, gas reserves by 2030
Shell to produce 75% of oil, gas reserves by 2030: The Anglo-Dutch company said in a document to investors summarizing its climate strategy that around 75 percent of its proved oil and gas reserves will be produced by 2030, with an additional 3 percent produced after 2040.
Nigeria lifts ban on New SIM sales from April 19
Nigeria lifts ban on New SIM sales from April 19: Telecoms companies can now resume sales of new SIM card to customers with mandatory National Identity Number (NIN) linking, starting from April 19, 2021.
President Buhari returns from 2-week medical trip
President Buhari returns from 2-week medical trip: President Buhari was received at the airport by top government functionaries, including his chief of staff, Ibrahim Gambari and the newly appointed acting Inspector General of Police, Usman Alkali Baba.
Ecobank moves to attract forex inflows, offer Nigerians in diaspora mortgage loan, investment platform
Ecobank moves to attract forex inflows, offer Nigerians in diaspora mortgage loan, investment platform: Ecobank Head of Consumer Banking, Olukorede Demola-Adeniyi said the bank is offering mortgage loans to Nigerians living abroad to finance property ownership in the country.
Workers shut down Africa’s largest container terminal APMT, over trade dispute
Workers shut down Africa’s largest container terminal APMT, over trade dispute: President General of MWUN, Adewale Adeyanju who confirmed the shutdown of the terminal, among others, said; “The workers have shut down the terminal because of the anti-labour practices going on at APMT.
Nigeria moves to reform FMBN, set up technical committee on commercialisation, recapitalisation
Nigeria moves to reform FMBN, set up technical committee on commercialisation, recapitalisation: The committee has been tasked with the responsibility to conduct a diagnostic review of the bank’s existing institutional framework, organisational structures and operational modality.
Nigeria’s inflation hits 18.17%, highest in four years
Nigeria’s inflation hits 18.17%, highest in four years: The country’s inflation rate stood at 17.33 percent in February, driven by rising food inflation, according to the bureau.
New wave of covid-19, limited access to Vaccines may derail Sub-Saharan African recovery~IMF
New wave of covid-19, limited access to Vaccines may derail Sub-Saharan African recovery~IMF: New waves of Covid-19 infections could derail the economic recovery in sub-Saharan Africa, which is already forecast to lag the rest of the world this year
Facebook under investigation by Irish Data Commission over data leak
Facebook under investigation by Irish Data Commission over data leak: The Irish Data Protection Commission has recently announced an investigation into an allegation that Facebook leaked the personal data of many users of the platform.
Google rolls out new update for Google Assistant to aid user’s experience
Google rolls out new update for Google Assistant to aid user’s experience: Google, in its usual mode of finding ways to assist millions of users of its platform in achieving efficiency, has announced new features to Google Assistant to help users navigate through its platform.
BDCs on final laps of digitisation of forex operations, hit N1 trln turnover ~Gwadabe
BDCs on final laps of digitisation of forex operations, hit N1 trln turnover ~Gwadabe: “We believe that the full digitization of BDCs operations is a boost for financial system stability and the economy ahead of the Financial Action Task Force (FATF) assessment for Nigeria this year.
Nigeria, Angola struggling to find buyers for crude oil May delivery ~traders
Nigeria, Angola struggling to find buyers for crude oil May delivery ~traders: As much as half of Nigeria’s planned crude loadings for May haven’t yet found buyers, according to oil traders specializing in West African grades.
NAFDAC impounds truck convening banned drugs, vaccines
NAFDAC impounds truck convening banned drugs, vaccines: he Director-General of the agency, Mojisola Adeyeye expressed the agency’s resolve to ensure that only wholesome medicinal products and other regulated products were available in the markets for public use and consumption.
Lagos Chamber of commerce asks govt to create asset register to ease debt burden
Lagos Chamber of commerce asks govt to create asset register to ease debt burden: As such, it is critical to create a national asset register, and have a coordinated mechanism in place for valuing and managing Nigerian assets. READ MORE
Wednesday, 14 April 2021
Nigeria cabinet approves N1.59 trln for Customs, FIRS, University of Ibadan
Nigeria on Wednesday approved N1.59 trillion for the purchase of 16 patrol boats and 427 operational vehicles for the Nigerian Customs Service (NCS), READ MORE
UAE adopts guidelines to combat money laundering
The Committee approved six-risk assessment reports related to terrorism financing, trade-based money laundering, misuse of legal persons, non-profit organisations, lawyers and the gold sector. READ MORE
VP Osinbajo seeks free access to Covid-19 vaccine by developing economies
For example, if you look at what is happening with COVID-19 and access to vaccines, what we are seeing is export bans and a resort to vaccine nationalism,” Osinbajo told his audience. READ MORE
EFCC boss, Bawa seeks senate backing for anti-graft fight
The EFCC chairman sought the support of the committee to enable the Commission to carry out its functions effectively. READ MORE
Nigeria to raise N150 bln at bond auction next week, says DMO
The debt office said it will raise N50 billion apiece in the 10-, 15-and 25-year tenor paper at the auction on April 21. READ MORE
Dubai Islamic Bank raises $500 mln in perpetual Sukuk
In a statement, the bank said despite the record low yield, the Sukuk was 5.6x oversubscribed with an orderbook that peaked at $2.8 billion. READ MORE
Nigeria’s naira weakens as CBN sells $20 mln to offshore investors
The CBN sold dollars on the 150-day forward markets at N435.81, traders said, near the low on the over-the-counter spot market. It offered the dollar at N410 for spot. READ MORE
Gov Obaseki lies over claims on printing money to share to states ~Finance Minister
“So, it is not true to say we printed money to distribute at FAAC. It is not true,” the minister said. READ MORE
Bitcoin Trades Near $64,000 as investors Turn attention to Coinbase Debut
All eyes are on Coinbase’s debut in what may prove to be a watershed event for cryptocurrencies and potentially the largest direct listing ever. If Coinbase is valued at $100 billion as expected, it would be worth more than the New York Stock Exchange and Nasdaq Stock Market combined. READ MORE
The Palms shopping mall owner, Persianas to buy over Shoprite’s assets in Nigeria
Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation. READ MORE
Nigeria’s e-payment transactions rise 99% to N23 trln in March ~NIBSS
The instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data. READ MORE
New USSD pricing model, a setback for financial inclusion
The critical difference between both models is that in a bank-led model, Telcos provide the underlying infrastructure for USSD services, whilst the banks leverage this infrastructure to provide the banking services. READ MORE
Nigeria says 26,000 capacity modular refineries ready for commissioning
Among those with inactive refining licenses are Sifax Oil and Gas Compay with 120,000 capacity, Capital Oil and Gas with 100,000 capacity and Aiteo Energy Resources with 100,000 capacity. READ MORE
Tuesday, 13 April 2021
Boko Haram sacks Borno LG headquarter, razes houses, schools ~Witnesses
Confirming the latest Damasak attack and killings, the Chairman of Mobbar Local Government Area, Mustapha Bunu Kolo said that the latest attack was disturbing, as the remaining humanitarian hubs in the town were razed down, including Police Station, Market, shops and residential houses. READ MORE
JAMB indicts Abuja university, others of issuing illegal admission to candidates
“It is, therefore, pertinent to state that such admissions that have not been proposed, approved nor accepted on the CAPS are null and void, and as such, asking hapless candidates to pay acceptance fees for such admissions that had not been processed through CAPS amounts to illegality. READ MORE
How a Nigerian fintech ‘esusu’ founder addressing credit gap for blacks in US
“We set up our company because we believe that where you come from, the colour of your skin and your financial identity, or credit score, should not determine where you end up in life in the wealthiest nation on earth,” Wemimo said. READ MORE
EFCC arrests Okorocha, ex-Imo State governor over corruption allegations
The spokesman, however, declined to provide reason for the arrest of the Senator representing Imo West Senatorial District. READ MORE
Communal clash at Gombe, Adamawa border claims five people
The eyewitness said a group from Jessu had gone to the forest for hunting when Fulani boys saw them and raised the alarm. READ MORE
Johnson & Johnson delay rollout of vaccine in Europe after US pause
“In addition, we have been reviewing these cases with European health authorities. We have made the decision to proactively delay the rollout of our vaccine in Europe. READ MORE
CBN to monitor borrowers in other financial institutions via CRMS to curb bad debts
Amugo said all other financial institutions are expected to report all credit facilities both principal and interest the CRMS and also update same on monthly basis. READ MORE
Dangote $2 bln Fertilizer plant starts commissioning process ~ED
He said; “We are producing samples in storage and once it is tested and approved we can commission the plant.” READ MORE
DPR explains why 32 refinery licenses to private operators are inactive
“Refinery licenses, like our other regulatory instruments have validity periods for investors to attain certain milestones. READ MORE
The Struggle for Soul of Sugar Market in Nigeria and Matters Arising
The Struggle for Soul of Sugar Market in Nigeria and Matters Arising: This violation is allegedly done through the expansion of BUA Sugar Refinery in Port Harcourt, Rivers State, against the spirit and the letters of Free Trade Zone, where it operates. READ MORE
Monday, 12 April 2021
Arapaja, candidate sponsored by Oyo State Gov, Makinde emerges South West PDP leader
Arapaja got 343 votes to defeat Eddy Olafeso backed by ex-governor Fayose who got a total of 330 votes. READ MORE
Nigeria raises alarm over possible attacks on Lagos, Kaduna, other airports by criminals
“I am directed to convey an alert from the Ministry of Aviation regarding security threats by criminal elements against Airports in Nigeria and to request for the immediate enumeration of necessary countermeasures for the protection of Airports/facilities under your purview. READ MORE
Coronation Bank, MTN Nigeria in market to raise N125 bln Commercial paper, 7-year bonds
Also, MTN Nigeria’s 7-year bond is being issued under its series 1 bond N200 billion bond issuance programme. READ MORE
Again, Police kill another black man in Minnesota, sparks protest
Brooklyn Center Police Chief Tim Gannon told a news briefing on Monday that the routine traffic stop escalated into a deadly shooting when officers ran a check on Wright and found an outstanding warrant for him. READ MORE
Twitter side steps Nigeria as it opens first African office in Ghana
Africa is under-tapped terrain for technology firms, with internet use per population at around 39 percent against a world average of 59 percent according to web analytics firm StatCounter. READ MORE
Qatar may invest $5 bln in Nigeria, to partner country’s Sovereign Wealth Fund
Onyeama said there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund (SWF), for significant investments in the region of $5 billion in the Nigerian economy. READ MORE
Dangote Cement suspends exports of product to meet local demand
He disclosed that the price of a bag of cement from its factories and plants across Nigeria as of April 12, 2021 is N2,450 in Obajana and Gboko, and N2,510 in Ibese inclusive of VAT. READ MORE
CIBN Charges Ecobank Management Trainees to uphold banking tenet
As of December 2020, 55 graduate trainees and 70 management trainees respectively have been placed in strategic roles across the Bank. READ MORE
Senate sets to probe N3 bln irregular contract payment at FMBN
“Audit observed that a contract was awarded to a contractor in four phases at a total contract sum of N3,045,391,531.97. READ MORE
CHURCH BUSINESS: What to do when in God’s waiting room
What about Joseph, who had the dream of becoming a King and for some inexplicable reason, he was sold to slavery instead and later became a prisoner for a sin he did not commit. READ MORE
Saturday, 10 April 2021
How two Nigerians turning ‘ogogoro’ local gin into millions of dollar business
Akukwe and his business partner Lola Pedro are aiming higher with Pedro’s palm spirit, combining traditional techniques with modern distillation processes to attract wealthy drinkers at home and abroad. Pedro’s is already sold in Ghana, Kenya and Britain. READ MORE
How a bank driver orchestrates abduction of 3 managers, collects ransom in dollars
Owes Okpaka, who until January this year was a driver with the bank masterminded the kidnapping of his former bosses and collected ransom in dollars together with his gang. READ MORE
Nigeria’s oil production rises to 1.57 mbpd in March, breaches OPEC quota
Crude oil production from OPEC and its allies rose by 450,000 bpd in March as Russia and Iraq pumped well above their agreed caps. READ MORE
Friday, 9 April 2021
Saudi oil firm, Aramco signs $12.4 bln pipeline deal with EIG-led consortium
This is the first major deal by Aramco since its listing in late 2019 when the Saudi government sold a minority stake in the firm for $29.4 billion in the world’s biggest initial public offering. READ MORE
GSK shareholders to receive N0.40 dividend per share from 2020 profit
GSK revenue grew 2.55 percent to N21.29 billion at the end of the 2020 financial year compared with N20.76 billion in the previous year. READ MORE
WAEC announces Aug 16 – Sept 30 date for school certificate examination
“Consequently, the Council wishes to inform schools, candidates and the general public that the examination will hold from August 16, 2021, to September 30, 2021. READ MORE
African Union, Australia and Philippines limit AstraZeneca’s vaccine use
But more than a dozen countries have at one time suspended or partially suspended use of the shot, first on concerns about efficacy in older people, and now on worries about rare dangerous side effects in younger people. READ MORE
Stop lending to our govt, Kenyans warns IMF against disbursing $2.34 bln loan
“Previous loans to the Kenya government have not been prudently utilized and have often resulted in mega-corruption scandals,” according to one petition created on April 4 that had about 232,000 signatures by Friday morning. READ MORE
African fisheries need reforms to boost resilience after Covid-19 ~study
The study stated that the sector is currently grappling with fragile value chains and marketing, weak management institutions and serious issues relating to the governance of fisheries resources. READ MORE
Prince Philip dies at 99, Queen announces with ‘deep sorrow’
Prince Philip dies at 99, Queen announces with ‘deep sorrow’: Prince Philip, husband of Queen Elizabeth age 99 is dead, the Queen announced with 'deep sorrow' on Friday.
Gunmen kill one army officer 10 soldiers in Benue
Civilians, in fear of soldiers looking to root out the perpetrators, were fleeing the Konshisha local government where one local leader’s house had been burnt to the ground. READ MORE
Access Bank chief says banks are not indebted to telecoms firms
“There is no such thing as an obligation due from banks to telcos,” Herbert Wigwe, chief executive officer of Access Bank Plc, said READ MORE
MTN Nigeria seeks cooperations of banking partners to work out long-term deal on USSD code
“We are confident that partners in the banking sector will work with us to ensure this process concludes as quickly as possible to the benefit of the entire industry,” the telecom firm said in a statement. READ MORE
Egypt detains container ship that blocked Suez Canal until payment of compensation
“The ship is ready,” Osama Rabie said in an interview on Egyptian television. Once “we agree on compensation, the ship departs and the matter is closed.” READ MORE
State governors ready to tap economic potentials of agric sector ~Fayemi
Kayode Fayemi said individually and collectively, state governors have considered agriculture as a long-term venture that can attract investments into their states. READ MORE
NNPC commits to renewable energy projects with Kebbi
The NNPC chief said the biofuels project being embarked on by the parthers was viable and in tandem with the global transition to renewable energy. READ MORE
Thursday, 8 April 2021
MTN, Banks resolve disputes over USSD, to work out long-term pricing strategy
As part of the agreement reached on Thursday, both feuding parties were also asked to come up with long-term pricing structure of international best practice that would be applied to all charges relating to USSD code. READ MORE
Dangote Sugar backward integration on course, dismisses allegations of price-fixing
Speaking on efforts by DSR to ensure seamless sugar production and availability in the country, Singhvi said the company began its Backward Integration Programme (BIP) with a 10-year sugar development plan, to produce 1.5 million MT per annum of sugar from locally grown sugarcane. READ MORE
Nigeria’s Oil Curse Could Become an Opportunity
Imagine a Nigeria where oil had never been discovered, and it’s not clear its economic picture would be any worse now. Ghana and Cote d’Ivoire, neighbors less blessed with oil wealth, have been pulling ahead in terms of per-capita gross domestic product in recent years. READ MORE
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