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Nigeria says working hard to resolve gasoline crisis

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

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

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

- Nigeria unemployment rate climbs up

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

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

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

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

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

Tuesday, 31 August 2021

ICPC to track 1,251 constituency, executive project in 17 states, FCT

ICPC to track 1,251 constituency, executive project in 17 states, FCT: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced the commencement of Phase 3 of the Constituency and Executive Projects Tracking Exercise.  The tracking of constituency and executive projects is an initiative of the Commission that began in 2019, focus ...

Why CBN appoints Bitt Inc. technical partner for its digital currency, eNaira

Why CBN appoints Bitt Inc. technical partner for its digital currency, eNaira: The Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech company, Bitt Inc., as the Technical Partner for its digital currency, named eNaira, which is due to be unveiled later in the year. In a statement by the regulatory bank spokesman, Osita Nwanisobi he said

Ondo State Gov, Akeredolu signs Anti-Open Grazing law

Ondo State Gov, Akeredolu signs Anti-Open Grazing law: Ondo State Governor, Oluwarotimi Akeredolu has signed into law the Anti-Open Grazing Bill passed by the state House of Assembly. In a statement on Tuesday, the Commissioner for Information and Orientation, Donald Ojogo, said the governor signed the law in line with the resolution of the southern ...

Cocaine Production Soars In Colombia As Oil Industry Crumbles

Cocaine Production Soars In Colombia As Oil Industry Crumbles: After being severely impacted by the pandemic, oil output in the Andean country fell to its lowest level in over a decade, to an average of 694,151 barrels per day during June 2021. Heightened political turmoil leading to nationwide anti-government demonstrations, including community blockades o ...

Nigerian bank stocks now cheapest in Africa as dollar shortage drives off investors

Nigerian bank stocks now cheapest in Africa as dollar shortage drives off investors: Nigerian banks are some of the cheapest stocks in Africa, more evidence of how a shortage of dollars in the continent’s largest economy is discouraging foreign investors. Four of the five African stocks with the lowest price-earnings ratios among companies valued at $500 million or more are Nige ...

Share of MTN Ghana unit gains 94%, pushes local bourse ahead Africa’s index chat

Share of MTN Ghana unit gains 94%, pushes local bourse ahead Africa’s index chat: Shares of Ghanaian unit of MTN Group have almost doubled this year, helping the nation’s main stock index become Africa’s best-performing equity benchmark. Scancom Plc, which accounts for about a quarter of the Ghana Stock Exchange Composite Index, has surged 94 percent, the most since its 2018 ...

CBN uncovers forex malpractices by some endusers, asks banks to publish names of fraudulent customers

CBN uncovers forex malpractices by some endusers, asks banks to publish names of fraudulent customers: ...How some people use fake visa, cancel flight after buying forex ...CBN wants banks to list names, BVN of unscrupulous customers By Oludare Mayowa The Central Bank of Nigeria (CBN) Tuesday directed banks to henceforth publish on their websites, the names and BVN of unscrupulous customers who i ...

BUA Group to start production of 2,000 tons/day Gypsum Powder in 2022

BUA Group to start production of 2,000 tons/day Gypsum Powder in 2022

Nigeria’s start-up firms attract $170 mln in 2020 ~Investment minister

Nigeria’s start-up firms attract $170 mln in 2020 ~Investment minister: Start-up firms, largely driven by young Nigerians, attracted $170 million in the past year, which was the highest on the African continent, Minister of Industry, Trade and Investment, Niyi Adebayo has said. He praised Vice President Yemi Osinbajo for his role in driving the initiative to fruitio ...

President Buhari attributes GDP growth to focus on job creation, policy consistency

President Buhari attributes GDP growth to focus on job creation, policy consistency: President Muhammadu Buhari has attributed the 5.01 percent economic growth recorded by the country in the second quarter of 2021 to his government focus on job creation, consistency in policy and innovation. The president who spoke on Tuesday at the launch of the Nigeria Jubilee Fellows Programm ...

Monday, 30 August 2021

Kaduna State revenue agency seals First Bank, GTbank, 2 other banks over unpaid taxes

Kaduna State revenue agency seals First Bank, GTbank, 2 other banks over unpaid taxes: The Kaduna State Internal Revenue Service (KADSIRS) on Monday sealed the head offices and other branches of four banks in Kaduna over N300.5 million unpaid taxes. The service Executive Chairman, Zaid Abubakar, identified the affected banks as First Bank, Access Bank, Guaranty Trust Bank and Ster ...

Nigeria to sell $3 bln Eurobond to fund budget deficit in Oct

Nigeria to sell $3 bln Eurobond to fund budget deficit in Oct: Nigeria will launch its planned Eurobond worth around $3 billion on Oct. 11, its finance minister,  Zainab Ahmed said on Monday. Ahmed also said the country would hold roadshows for the dollar-denominated issuance, which aims to raise roughly $3 billion, in Lagos and New York. The government is ...

How ICPC recovers N53 bln from estate developers who defrauded FMBN

How ICPC recovers N53 bln from estate developers who defrauded FMBN: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria (FMBN). According to the Chairman of ICPC, Bolaji Owasanoye who made the disclosure during a meeting with the House of Re ...

Nigeria’s finance minister Ahmed says GDP growth, falling inflation delight govt

Nigeria’s finance minister Ahmed says GDP growth, falling inflation delight govt

Nigeria Chief Justice summons six Judges over frivolous ex-parte orders

Nigeria Chief Justice summons six Judges over frivolous ex-parte orders: The Chief Justice of Nigeria (CJN) Ibrahim Muhammad has summoned six state Chief Judges in relation to the spate of conflicting orders emanating from their courts. Those summoned are Chief Judges of Rivers, Kebbi, Cross River, Anambra, Jigawa and Imo states. In recent time politicians have been ...

SDP Senatorial aspirant seeks paradigm shift in Edo State politics

SDP Senatorial aspirant seeks paradigm shift in Edo State politics: A budding politician, Idumonza Isidahomhen has lamented the economic backwardness of Edo State and challenged the electorate to shift their attention to other political party in the subsequent election in order to remedy the situation. Isidahomhen, who is aspiring to become senator representing ...

Economists project Nigeria’s GDP growth at 2.5% in 2021

Economists project Nigeria’s GDP growth at 2.5% in 2021: ...attribute Q2 5.01% growth to base year effect of lockdown period By Oludare Mayowa Two renowned economists have attributed the highest surge in Nigeria’s economic growth in the second quarter of 2021 to the base year effects, which saw the country's economy declined -6.1 percent in the s ...

Nigeria’s naira falls to N527 to the dollar, its lowest level on parallel market

Nigeria’s naira falls to N527 to the dollar, its lowest level on parallel market: Nigerian naira currency fell on Monday to a new record low of N527 against the dollar on the parallel market compared with N524 it closed on Friday, traders said. The naira has continue to deprciate against the greenback on the parallel market since the Central Bank of Nigeria (CBN) suspended do ...

Dangote Petrochemical plant to boost local production of plastic, reduces forex demand for imports

Dangote Petrochemical plant to boost local production of plastic, reduces forex demand for imports: Dangote Petrochemical plant located in Lekki area of Lagos plans to drive investment in the nation's downstream industries with its 900,000 metric tonnes per annum capacity. According to a statement from the company, the plant with a turnover of $1.2 billion, is strategically positioned to ...

Prices of cooking gas up 100% to N7,000 per 12.5kg as govt imposes VAT on LPG imports

Prices of cooking gas up 100% to N7,000 per 12.5kg as govt imposes VAT on LPG imports: Many Nigerians may resort to the use of alternative means for cooking as prices of Liquefied Petroleum Gas (LPG) hits the roof as the government implemented a 7.5 percent Value Added Tax (VAT policy on imported cooking gas. Survey of cooking gas prices shoed that the commodity has jumped by more ...

CIBN President, Olugbemi urges banks to leverage technology as institute inducts 672 new members

CIBN President, Olugbemi urges banks to leverage technology as institute inducts 672 new members: The Chartered Institute of Bankers of Nigeria (CIBN) urged banks and employees to leverage more than ever on technology to deliver products and services to their numerous customers at their convenience. President of the institutte, Bayo Olugbemi, who spoke at the virtual 2021 CIBN Graduates Indu ...

South Africa’s Tiger Brands exits Nigeria market as UAC takes over 49% stake in food subsidiary

South Africa’s Tiger Brands exits Nigeria market as UAC takes over 49% stake in food subsidiary: Nigerian conglomerate UAC Plc has signed an agreement to acquire the minority shares of its unlisted subsidiary UAC Foods from South Africa's Tiger Brands next month, the company said in a regulatory filing. The sale makes Tiger Brands the latest South African business to exit Nigeria, Afri ...

Saturday, 28 August 2021

Electricity consumers to pay more from Sept.1, as NERC approves new tariff for DisCo

Electricity consumers to pay more from Sept.1, as NERC approves new tariff for DisCo: Electricity consumers in the country will from September 1, this year pay higher tarrif for the electricity consumption as the industry regulator, the Nigerian Electricity Regulatory Commission (NERC) has approved increase in tariff for the 11 Power distribution companies (DisCo). According to a ...

PDP to hold national elective convention in Abuja in Oct

PDP to hold national elective convention in Abuja in Oct: The Peoples Democratic Party, PDP’s national elective convention will hold in Abuja, national publicity secretary of the party, Kola Ologbondiyan has announced. The Peoples Democratic Party, PDP’s national elective convention will hold in Abuja, national publicity secretary of the party, Kola Ol ...

Friday, 27 August 2021

ECA to create opportunities in Africa’s sports manufacturing to boost AfCFTA

ECA to create opportunities in Africa’s sports manufacturing to boost AfCFTA: The United Nations Economic Commission for Africa (UNECA) is set to investigate opportunities in sports manufacturing and how the African Continental Free Trade Area (AfCFTA) can create opportunities for the continent’s small and medium enterprises (SMEs) in the sports sector. According to a sta ...

ICPC to tackle electricity sector corruption

ICPC to tackle electricity sector corruption: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has promised to tackle corruption related matters arising from estimated billings, illegal selling of meters and other related offences in the electricity sector. The Chairman of ICPC, Bolaji Owasanoye, while speaking ...

EFCC asks parents to get involved in fight against cybercrime

EFCC asks parents to get involved in fight against cybercrime: The Economic and Financial Crimes Commission (EFCC) has decried the high rate of cybercrime among youths and enjoined parents and stakeholders to discourage the youths from internet fraud. The Ilorin zonal commander of the anti-graft, Usman Muktar, who spoke with newsmen, said the agency had wit ...

Nigeria more divided, says NSCI survey

Nigeria more divided, says NSCI survey: The Nigeria Social Cohesion Index (NSCI) computed and released by Africa Polling Institute (API) in Abuja indicated that Nigerians believe the country is more divided today than it was four years ago. The report, which was presented in Abuja by Vice President Yemi Osinbajo, revealed that 49 perc ...

Helicopter shoots at passenger boat, kill many in Rivers State

Helicopter shoots at passenger boat, kill many in Rivers State: A strange helicopter was said to have shot at a local passenger boat traveling from Port Harcourt to Bonny in Rivers State on Thursday evening. The incident was said to have caused casualties with some occupants of the boat severely injured and rushed to the hospital. A source said the boat took ...

Nigeria’s oil firm NNPC considering IPO after first profit in 40-year

Nigeria’s oil firm NNPC considering IPO after first profit in 40-year: Nigeria’s state oil firm, the Nigerian National Petroleum Corporation (NNPC) is considering an initial share sale after posting the first profit in its 44-year existence. Provisions in the newly signed Petroleum Industry Act (PIA) enable the corporation to offer shares to the public, NNPC Group ...

Thursday, 26 August 2021

President Buhari celebrates 5.01% Q2 GDP growth, charges economic managers to keep at it

President Buhari celebrates 5.01% Q2 GDP growth, charges economic managers to keep at it: President Buhari welcomes today’s Q2 2021 report by the Nigerian Bureau of Statistics, showing a third consecutive quarter of positive growth of Nigeria’s economy, as well as the highest quarterly growth in GDP since 2014. The Gross Domestic Product (GDP) grew by 5.01 percent in Q2 2021 followin ...

Kenya’s KCB bank acquires Rwandese bank

Kenya’s KCB bank acquires Rwandese bank: Kenyan regional bank, KCB Group, has completed the acquisition of Banque Populaire du Rwanda (BPR) from Atlas Mara Mauritius and Arise. Joshua Oigara, CEO of KCB, said the purchase follows the securing of the requisite regulatory approvals in Kenya, and Rwanda making the lender the majority shar ...

Nigeria gets new Statistician-General, Harry to replace kale at NBS

Nigeria gets new Statistician-General, Harry to replace kale at NBS: President Muhammadu Buhari has approved the appointment of Simon B. Harry as the new Statistician-General of the Federation and head of the National Bureau of Statistics (NBS). Harry replaced Yemi Kale, whose second term five year tenure ends August 16, this year. According to a statement by Yun ...

ICPC arrests 15 FRSC officials for extortion

ICPC arrests 15 FRSC officials for extortion: The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it has arrested 15 officials of the Federal Road Safety Corps (FRSC) for allegedly extorting monies from motorists on highways across the country. In a statement by the ICPC, the operation was carried out through ...

Nigeria spends 90.5% of revenue to service debt in six months ~Budget Office

Nigeria spends 90.5% of revenue to service debt in six months ~Budget Office: Nigeria spent N2.02 trillion on debt servicing, representing 90.5 per cent of the total revenue in the first six months of the year. According to the Technical Adviser to the Director General of the Budget Office, Alfred Okon, Nigeria generated a total of N2.23 trillion in the first six months o ...

Nigeria’s oil firm NNPC posts N287 bln profit in 2020, says Buhari

Nigeria’s oil firm NNPC posts N287 bln profit in 2020, says Buhari: By Samuel Bankole The state-run oil giant, the Nigerian National Petroleum Corporation (NNPC), posted a net Profit After Tax (PAT) of N287 billion for 2020 financial year. According to a statement by Femi Adesina, presidential spokesman, the PAT was historic in the 44-year of the establishment o ...

Nigeria signs military cooperation agreement with Russia

Nigeria signs military cooperation agreement with Russia: Nigeria and Russia have signed a military cooperation deal providing a legal framework for the supply of equipment and the training of troops, the Nigerian embassy in Moscow has said. President Muhammadu Buhari had expressed interest in such a pact with Russia as far back as 2019, when he met wi ...

PDP finally agrees to hold NEC meeting Saturday, affirms Akinwonmi Ag. Chairman

PDP finally agrees to hold NEC meeting Saturday, affirms Akinwonmi Ag. Chairman

EFCC seeks enforcement of regulations in Nigeria real estate sector

EFCC seeks enforcement of regulations in Nigeria real estate sector: The Chairman of the Economic and Financial Crimes Commission EFCC, Abdulrasheed Bawa has appealed to the House of Representatives to ensure that relevant authorities enforce regulations in the real estate sector to check sharp practices and money laundering by operators. He made the appeal when ...

Nigeria proposed $2.7 bln stake in Dangote Refinery to guarantee market for its crude oil ~Kyari

Nigeria proposed $2.7 bln stake in Dangote Refinery to guarantee market for its crude oil ~Kyari: The Nigerian National Petroleum Corporation (NNPC) decision to invest $2.7 billion in 20 percent stake in Dangote Refinery was informed by the neccesity to ensure that the plant buy crude oil from Nigeria. According to the Group Managing Director of the state-oil firm, Mele Kyari, prior to the m ...

Nigeria economy grows 5% in second quarter, its third consecutive growth

Nigeria economy grows 5% in second quarter, its third consecutive growth

Wednesday, 25 August 2021

EFCC arraigns man over fake GTBank manager’s cheque

EFCC arraigns man over fake GTBank manager’s cheque

NCC seeks approval for additional spectrum to enable it roll out 5G network

NCC seeks approval for additional spectrum to enable it roll out 5G network

Tax Tribunal directs DSTV To Pay 50% of N1.8 trln FIRS tax claim before hearing appeal

Tax Tribunal directs DSTV To Pay 50% of N1.8 trln FIRS tax claim before hearing appeal: The Tax Appeal Tribunal (TAT) sitting in Lagos has ordered local unit of South Africa's payTV, Multichoice Nigeria Limited to pay 50 percent of N1.8 trillion owed the Federal Inland Revenue Service (FIRS) in tax arears before it could hear its appeal. The FIRS had issued a post no debt on b ...

Buhari sees terror attack on NDA fast-tracking end of criminality in Nigeria

Buhari sees terror attack on NDA fast-tracking end of criminality in Nigeria: By Oludare Mayowa President Mohammadu Buhari has said that the terrorist attack on the Nigerian Defence Academy (NDA)  will buoy the nation’s  determination to make a decisive end of criminality in the country. In a statement by his spokesman, Femi Adesina, the president was quoted as saying the ...

Ghana’s Cedi Heads for Weakest-Ever Close against Dollar

Ghana’s Cedi Heads for Weakest-Ever Close against Dollar: The biggest injection of dollars yet by Ghana’s central bank failed to stem the cedi’s slide on Wednesday amid a surge in foreign-currency demand from importers. The Ghanaian currency dropped 1.6 percent to 6.03 a dollar by 11:52 a.m. in Accra, poised for the weakest close on record. That erased ...

Algeria cuts diplomatic relations with Morocco

Algeria cuts diplomatic relations with Morocco: Algeria cut diplomatic relations with Morocco on Tuesday, citing what it called hostile actions by its most populous neighbour with which it has had strained relations for decades. Speaking at a news conference in Algiers, Foreign Minister Ramdane Lamamra accused Morocco of using Pegasus spyware ...

Despite rebasing its GDP, South Africa’s economy still lags behind Nigeria

Despite rebasing its GDP, South Africa’s economy still lags behind Nigeria: ...SA economy 11% bigger after rebasing ...SA economy now $369 billion vs Nigeria $375 billion South Africa’s economy is 11 percent bigger than previously estimated, after statistics authorities changed the way they calculate Gross Domestic Product (GDP). GDP at current prices measured R5.52 tri ...

Structural reforms will boost Agric sector against cash intervention model by CBN ~Analysts

Structural reforms will boost Agric sector against cash intervention model by CBN ~Analysts: Analysts at the United Capital Plc review the five years of the CBN Anchor Borrowers’ Programme (ABP) and conclude that resolving the structural issues, which include insecurity will boost the agricultural sector better than the current cash intervention scheme by the CBN. In November 2015, the ...

Suspected terrorists kill 35 in a Christain dominated Yelwa-zangam community in Jos

Suspected terrorists kill 35 in a Christain dominated Yelwa-zangam community in Jos: Suspected terrorists struck in the capital of Plateau State and killed over 35 persons at Yelwa zangam community behind the University of Jos (UNIJOS). Yelwa-zangam community is dominated by Christian Anagutta natives. The attack occurred barely one week after over 25 Muslims traveling from Bauc ...

Nigeria’s fintech firm, Opay raises $400 mln funding from Softbank, others

Nigeria’s fintech firm, Opay raises $400 mln funding from Softbank, others: Nigeria's fintech firm, Opay has raised up to $400 million in Series C funding at a $1.5 billion valuation The Chinese-backed fintech platform, finally completed this funding round, which was led by Softbank Vision fund 2. Other investors that participated in this round include Sequoia Capi ...

Nigeria to receive 7.7 mln doses of China’s Sinopharm vaccine after NAFDAC approval

Nigeria to receive 7.7 mln doses of China’s Sinopharm vaccine after NAFDAC approval: Nigeria has recently approved China's Sinopharm vaccine against COVID-19, the head of the country's primary healthcare agency has said. Nigeria has been allocated 7.7 million doses of the vaccine through the COVAX scheme aimed at providing vaccines to developing countries. The Director ...

Benue Gov, Ortom accuses President Buhari of nepotism, land grabbing agenda for Fulani

Benue Gov, Ortom accuses President Buhari of nepotism, land grabbing agenda for Fulani: The Benue State Governor, Samuel Ortom, has accused President Mohammadu Buhari of making the the establishment of grazing reserves and routes the preconditions for peace in parts of the north, where herders/farmers crises were prevalent. According to Ortom, the dispositions of the President has ...

Desperate Nigerians sell homes and land to free kidnapped children

Desperate Nigerians sell homes and land to free kidnapped children: After armed men abducted seven of Abubakar Adam's 11 children in northwestern Nigeria, he sold his car and a parcel of land and cleaned out his savings to raise a ransom to free them. He sent his N3 million into the bush, together with payments from other families in his town of Tegina. The ...

Tuesday, 24 August 2021

Second Niger Bridge to be ready for commissioning Oct. ’22, says Osinbajo

Second Niger Bridge to be ready for commissioning Oct. ’22, says Osinbajo: The Second Niger Bridge Project which connects Asaba in Delta State and Onitsha in Anambra State has now achieved 65 percent completion and may be delivered by fourth quarter of next year, Vice President Yemi Osinbajo said. Osinbajo stated this earlier on Tuesday at the inauguration of two compl ...

MSME Africa Founder, Olurotimi, emerges winner of Entrepreneur Africa Award for Media Innovation 2021

MSME Africa Founder, Olurotimi, emerges winner of Entrepreneur Africa Award for Media Innovation 2021: The Founder of MSME Africa, Seye Olurotimi has emerged the winner of the Entrepreneur Africa Award for Media Innovation at the 2021 Edition of the Entrepreneur Africa Award held in Lagos. Olurotimi emerged winner of the category which had four other nominees. The award event, which is in its 5th ...

Nigeria may get new revenue sharing formula by end of 2021 ~ RMAFC

Nigeria may get new revenue sharing formula by end of 2021 ~ RMAFC: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced the process of reviewing the existing Revenue Allocation Formula (RAF) among the federal, state and local governments. According to the commission chairman, Elias Mbam, the new formula will be ready before the end of ...

Cuban Govt pledges support for Nigeria, other Africans on health facilities, Covid Vaccines

Cuban Govt pledges support for Nigeria, other Africans on health facilities, Covid Vaccines: Cuban government has expressed it readiness to support Nigeria and other African countries in the area of health facilities especially COVID Vaccine and pharmaceuticals. According to the Ambassador of Cuba to Nigeria, Clara Pulido Escandell, Cuban State has developed five Vaccines with two alrea ...

Nigerian Army confirms terrorist attack on NDA, says abducted officers ‘II be rescue

Nigerian Army confirms terrorist attack on NDA, says abducted officers ‘II be rescue

Terrorists attack defence academy in Kaduna, kill two officers, abduct 1

Terrorists attack defence academy in Kaduna, kill two officers, abduct 1: Kaduna State was again in the news on Tuesday when terrorists from the forest visited the permanent site of the Nigerian Defence Academy (NDA) in Kaduna, killing two officers and abducted one. Kaduna has become the epicentre of banditary where they have abducted many students from their hostel a ...

Dangote Cement to raise N150 bln new Commercial Paper

Dangote Cement to raise N150 bln new Commercial Paper

EU pledges €74 mln support for SMEs in Africa

EU pledges €74 mln support for SMEs in Africa

Nigeria may cut back on debt, increases tax rates in 2022 budget ~Senate President

Nigeria may cut back on debt, increases tax rates in 2022 budget ~Senate President

How newly signed PIA will transform Nigeria oil & gas sector ~VP Osinbajo

How newly signed PIA will transform Nigeria oil & gas sector ~VP Osinbajo

Monday, 23 August 2021

Ondo Gov Akeredolu says ban on open grazing will be enforced

Ondo Gov Akeredolu says ban on open grazing will be enforced: The Ondo State Governor, Oluwarotimi Akeredolu on Monday stated that the ban on open grazing will be enforced when the law is finally put enacted by state legislators. Akeredolu said this when the newly posted Assistant Inspector General of Police (AIG), Ene Okon, in charge of Zone 17, paid him ...

Abuja Industrial Court orders public sector doctors to suspend strike

Abuja Industrial Court orders public sector doctors to suspend strike: The National Industrial Court sitting in Abuja has ordered doctor in public sector to suspend their 25-day strike action pending the determination of a suit brought before it by the federal government. The case was adjourned to September 15, by Justice John Targemathe of the NIC. He made the ord ...

Port Harcourt High Court suspends Secondus as PDP chairman

Port Harcourt High Court suspends Secondus as PDP chairman: The crisis within the country's main opposition cratic Party (PDP) got messy on Monday as an High Court sitting in Port Harcourt, Rivers State granted an order of interim injunction stopping Uche Secondus from parading himself as the National Chairman of PDP. Some members of the main opposi ...

Historic IMF SDRs allocation to members comes into effect

Historic IMF SDRs allocation to members comes into effect: The International Monetary Fund (IMF) said the historic $650 billion Special Drawing Rights (SDRs), considered as “a significant shot in the arm for the world” comes into effect on Monday. According to IMF Managing Director, Kristalina Georgieva, the SDR allocations to member nations will provid ...

UN exposes Nigeria’s secret scheme to rehabilitate repentant insurgents

UN exposes Nigeria’s secret scheme to rehabilitate repentant insurgents: A United Nations (UN) publication has detailed a secret government programme tagged, Suhlu, designed to pull commanders of terrorists groups, including Boko Haram and the Islamic State for West African Province (ISWAP) out of the forests, rehabilitate them and provide them a means of livelihood. ...

NARTO seeks deregulations of oil & gas sector, optimistic about Dangote Refinery

NARTO seeks deregulations of oil & gas sector, optimistic about Dangote Refinery: Nigerian Association of Road Transport Owners (NARTO) has urged the federal government to deregulate the downstream sector of the petroleum sector to attract invesment inflow into the industry. President of NARTO, Lawal Yusuf Othman, who led members of the association to tour the ongoing constru ...

Doctors insist strike continues as FG moves to appease them with MoU

Doctors insist strike continues as FG moves to appease them with MoU

FIRS insists on collecting VAT despite court ruling, citing pending appeal

FIRS insists on collecting VAT despite court ruling, citing pending appeal: The Nigerian tax agency, the Federal Inland Revenue Service (FIRS) has directed companies and other taxpayers to continue the payment of their Value Added Tax (VAT) to their revenue collector. In a statement by the service director of communication on Sunday, Abdullahi Ismaila Ahmad said the FIR ...

Inflation and unemployment – the looming economic trap

Inflation and unemployment – the looming economic trap: By Bismack Rewane Over 7 million Nigerians lost their jobs due to inflationary pressures in 2020, taking the total number of poor people in the country to over 83 million (40 percent of the total population). Inflation hit a four-year peak in March. Driven by the effects of COVID-19, it rose to ...

Saturday, 21 August 2021

CBN solicits support of labour unions to turn around economy

CBN solicits support of labour unions to turn around economy: The Central Bank of Nigeria (CBN) has called for the support of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in its five-year policy aimed at growing the economy. The regulatory bank spokesman, Osita Nwanisobi made the call at a one-day interactive and enlightenment sessi ...

Friday, 20 August 2021

Nigeria expects to lift suspension on Twitter by end of year

Nigeria expects to lift suspension on Twitter by end of year: Nigeria expects to lift the suspension on Twitter before the end of the year, Information Minister Lai Mohammed told Reuters on Thursday, adding that the government was awaiting a response on three final requests made of the social media platform. The ban, announced in June, has hurt Nigerian bu ...

CBN directs banks to place liens on 18 firms, prohibits MFBs from forex transactions

CBN directs banks to place liens on 18 firms, prohibits MFBs from forex transactions: The Central Bank of Nigeria (CBN) has directed banks to place a post-no-debit on the bank accounts of 18 companies just as it warned Microfinance Banks against transacting forex business. A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts, have been bl ...

Nowhere is safe worldwide if terrorism thrives ~Mohammed

Nowhere is safe worldwide if terrorism thrives ~Mohammed: The Minister of Information and Culture, Lai Mohammed has said that terrorism is a global issue and no part of the world is safe if it is allowed to pervade in any corner of the world. The minister stated this in Washington DC during his on-going engagement with various global media outlets, glo ...

Rwanda President, Kagame to deliver keynote address at this year’s CIBN banking conference

Rwanda President, Kagame to deliver keynote address at this year’s CIBN banking conference: President Muhammadu Buhari and Rwanda President, Paul Kagame are expected to feature at the 2021 14th Annual Banking and Finance Conference slated for September 14 – 15, as hybrid event with pysical location In Abuja and Lagos. While Kagame has been slated to deliver keynote address at the confe ...

ECA seeks to build a network of African MSMEs to boost AfCFTA

ECA seeks to build a network of African MSMEs to boost AfCFTA: The Economic Commission for Africa (ECA) and communication consultancy AUNIQUEI, with funding from the European Union (EU) has opened a consultation with African micro, small and medium enterprises (MSMEs) on the implementation of the African Continental Free Trade Area (AfCFTA) in Dakar. Busine ...

ICPC arraigns University of Calabar Prof over N21 mln fraud

ICPC arraigns University of Calabar Prof over N21 mln fraud

Dollar shortage: Foreign airlines unable to repatriate $144 mln revenues from Nigeria

Dollar shortage: Foreign airlines unable to repatriate $144 mln revenues from Nigeria: Foreign airlines operating in and out of Nigeria have been unable to repatriate accumulated revenue generated through their operations put at $143.8 million back to their home countries. According to the airlines, under the aegis of International Air Transport Association (IATA), said the stuck ...

Oil firms owing NDDC $4 bln as Akpabio declares commission failed agency

Oil firms owing NDDC $4 bln as Akpabio declares commission failed agency: International oil companies (IOCs) operating in the country are owing the Niger Delta Development Commission (NDDC) over $4 billion, according to the Minister of Niger Delta Affairs, Godswill Akpabio. Under the enabling of the regional development agency, the IOCs are required to provide three p ...

Nigeria raises N669 bln Sukuk bonds in 2-year, says Finance minister

Nigeria raises N669 bln Sukuk bonds in 2-year, says Finance minister: Nigeria raised a total of N669 billion from the Nigerian capital market from the issuance of Sukuk Bonds in two years, according to the finance and budget minister, Zainab Ahmed. Ahmed at a national workshop organised by the Chartered Institute of Stockbrokers (CIS) said the fund was raised betw ...

Nigeria set up new firm to manage investment in petroleum refineries

Nigeria set up new firm to manage investment in petroleum refineries: State-oil firm, the Nigerian National Petroleum Corporation (NNPC) has inaugurated the board of Nigeria Greenfield Refinery Limited (NGRL), a subsidiary of the corporation to oversee the establishment and operation of new refineries. Group Managing Director of the corporation, Mele Kyari, at the ...

Nigeria’s equity market closes negative as investors sell down interest in insurance firms

Nigeria’s equity market closes negative as investors sell down interest in insurance firms: Nigeria's equity market on Thursday closed on a negative note as market index declined 0.01, resulting in a mixed movement of four alternating days of gains and losses. Market operators blamed the negative trend on investors selling down their holding in the insurance sector, amid an increa ...

AMCON says Jimoh Ibrahim owes it N70 bln, dismisses claims on Court ruling on NICON

AMCON says Jimoh Ibrahim owes it N70 bln, dismisses claims on Court ruling on NICON: The Asset Management Corporation of Nigeria (AMCON) has put the outstanding debt of businessman, Jimoh Ibrahim at nearly N70 billion while accusing him of engaging the 'bad bank' in interminable legal challenges. The corporation in a statement on Thursday put the suit between AMCON and ...

EFCC warns banks against election financing, forex malpractice

EFCC warns banks against election financing, forex malpractice: The Chairman of the Economic and Financial Crimes Commission , Abdulrasheed Bawa, has warned financial institutions against fraudulent election financing, foreign exchange malpractice and money laundering. Speaking on Thursday during an interactive session with managing directors of banks in Nig ...

Thursday, 19 August 2021

EFCC arrests ex-Abia Governor, Orji, son over N48 bln fraud

EFCC arrests ex-Abia Governor, Orji, son over N48 bln fraud

President Buhari promises to tackle insecurity before he leaves office

President Buhari promises to tackle insecurity before he leaves office: President Muhammadu Buhari has said that he would do whatever it takes to ensure he does not leave the country in security crisis by the time his term of office ends. The president spoke during the National Security on Council (NSC) meeting, which he presided over at the Presidential Villa, Abuj ...

Demonstrations spread across Afghanistan capital as the Taliban face growing challenges in running the nation

Demonstrations spread across Afghanistan capital as the Taliban face growing challenges in running the nation: The Taliban face a challenge in running Afghanistan after protesters took to the streets across the country for a second day in a row. Protesters took to the streets to rally against Taliban rule for the second day on Thursday, this time marching in Kabul, including near the presidential palace. ...

Petroleum Industry Act: Nigeria to set up Trust Fund to manage 3% host communities funds

Petroleum Industry Act: Nigeria to set up Trust Fund to manage 3% host communities funds: A Trust Fund would be set up to manage the 3 percent allocated for the host communities to avert any crisis that may arise in the implementation of the recently signed Petroleum Industry Act (PIA). According to the Minister of Niger Delta Affairs, Godswill Akpabio, his ministry would ensure that ...

Wednesday, 18 August 2021

Nigeria raises N260 bln bonds at auction with yields down across board

Nigeria raises N260 bln bonds at auction with yields down across board: By Oludare Mayowa Nigeria sold a total of N260.09 billion worth of sovereign bonds on Wednesday, N110.09 billion more than it had offered at the auction with yields on the debt declined across board. The Debt Management Office (DMO) had announced plans to raise N150 billion worth of bond at the ...

FIRS targets N10.1 trln revenue collection in 2022

FIRS targets N10.1 trln revenue collection in 2022: The Federal Inland Revenue Service (FIRS) said it has projected N10.1 trillion revenue collection target for the next fiscal year 2022. According to the Chairman of the service, Muhammad Nami, of the total amount projected, N2.053 trillion will be remitted to the federal government, while the ba ...

NPA sets up committee to review Port lease agreements, concession

NPA sets up committee to review Port lease agreements, concession: The Nigerian Ports Authority (NPA) has set up committee to review the entire port concession exercise with a view to determining the renewal of contract worthy concessionaires. There are 26 private terminal concessionaires currently operating across the country out of which five of are due for r ...

Nigerian men in north maintain hyena as pet and for business

Nigerian men in north maintain hyena as pet and for business: A hyena may not be your average house pet, but in northern Nigeria some men keep the creatures in their homes, display them at festivals and even use their dung or saliva to make remedies. Abdullahi Jahun comes from a line of hyena men, as they are called. He learnt how to tame and handle a hyen ...

It’s time to rise up and take our country back

It’s time to rise up and take our country back: By Oludare Mayowa In the last couple of days my mail box has been brimming with complaints across the country on how some religion zealots are taking over every slot in federal establishments to the disadvantage of people from other ethnic and religion blocs. At first I saw these as one of the p

University of Lagos to resume physical lecture, examinations by Aug 26

University of Lagos to resume physical lecture, examinations by Aug 26: The University of Lagos (UNILAG) has recalled students to take their second semester examinations between August 26 and September 26, 2021. The students were sent home six weeks ago following COVID-19 scare on the campus. The students have been receiving online classes using the institution’s Le ...

Nigeria lost $50 bln to delay enactment of Petroleum industry Act ~Buhari

Nigeria lost $50 bln to delay enactment of Petroleum industry Act ~Buhari: President Muhammadu Buhari on Wednesday in Abuja said Nigeria lost an estimated $50 billion worth of investments in ten years, caused by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry. Speaking at a ceremony on passa ...

Despite huge investment in Drones, navies, attack boats piracy is still major concern in Nigeria water

Despite huge investment in Drones, navies, attack boats piracy is still major concern in Nigeria water: Helicopters hover above a patrol vessel in Nigeria's frenetic Apapa port as attack boats zoom past. On the dock, drones emblazoned with the Nigerian flag sit ready to deploy – all part of a $195 million U.S.-backed "Deep Blue" initiative to deter pirate attacks in the world's ...

Governors want shares of N2.3 trln recovered loots, drag Buhari to Supreme Court

Governors want shares of N2.3 trln recovered loots, drag Buhari to Supreme Court: The 36 state governors under their umbrella body, the Nigeria Governors’ Forum (NGF) have dragged the federal government to the Supreme Court to account for the recovered loots so far. The governors are asking the Supreme Court to, among others, compel the central government to account for about ...

CBN investigates six fintech firms, obtains court orders to freeze accounts

CBN investigates six fintech firms, obtains court orders to freeze accounts: The Central Bank of Nigeria (CBN) has obtained an order of a Federal High Court in Abuja to freeze the bank accounts of some fintech firm trading in foreign exchange investment scheme. The order issued by Justice Ahmed Mohammed of FHC following an ex parte application filed by the regulatory ban ...

Tuesday, 17 August 2021

NEMA denies hoisting Islamic, Taliban flag

NEMA denies hoisting Islamic, Taliban flag: The National Emergency Management Agency (NEMA) has refuted the allegation that it hoisted an Islamic flag, which represents allegiance to Islamic and Taliban groups. A flag bearing Islamic inscription and said to have been hoisted in the conference room of the Nigerian humanitarian agency had g ...

Abductors of Zamfara College of Agriculture demand N350 mln ransom

Abductors of Zamfara College of Agriculture demand N350 mln ransom: Abductors of students and staff of the College of Agriculture and Animal Science, Bakura in Zamfara State have demanded N350 million ransom. Provost of the College, Alhaji Habibu Mainasara said the bandits are demanding N350 million ransom for the 20 people in their captivity. “They said that th ...

Nigeria’s central bank to prosecute people abusing naira at social functions

Nigeria’s central bank to prosecute people abusing naira at social functions: The Central Bank of Nigeria (CBN) has said the it will go after people who abusing the nation's currency in collaborations with other governemtn agencies such as the Nigeria Police Force, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nige ...

Gunmen kill 37, including children, in Niger village

Gunmen kill 37, including children, in Niger village: Unidentified armed men have killed 37 civilians, including 14 children, in an attack on a village in southwest of Niger Republic, according to internal security service memos and a local official. The attack occurred on Monday in the commune of Banibangou, in the Tillabery region near the Malian ...

Nigerian Bank of Industry to issue $883 mln in Eurobond to support local firms

Nigerian Bank of Industry to issue $883 mln in Eurobond to support local firms: Bank of Industry (BoI), Nigeria's development lender plans to raise as much as $883 million from international debt markets this year to boost support form local firms impacted by the Coronavirus pandemic. The lender, formerly Nigerian Industrial Development Bank (NIDB) has ppointed financi ...

Kaduna revenue service chairman Abubakar bags Revenue Magazine award

Kaduna revenue service chairman Abubakar bags Revenue Magazine award: The Executive Chairman of Kaduna State Internal Revenue Service (KADIRS), Zaid Abubakar has been conferred with the Person of the Year Award by REVENUE Magazine, published by Alford Conferences Limited. With N50.77 billion in 2020, Kaduna has emerged the biggest state in the North in IGR (apart ...

Nigeria’s inflation rate declines to 17.38% in July, as food price increases slow

Nigeria’s inflation rate declines to 17.38% in July, as food price increases slow: Rates of Nigeria’s consumer inflation growth slowed by 0.37 percent in July to 17.38 percent compared with 17.75 percent in the previous month after food-price growth slowed to the lowest level in six months. Latest report on consumer inflation index by the National Bureau of Statistics (NBS) on ...

Nigeria will retain fuel subsidy in interim after president signed PIB

Nigeria will retain fuel subsidy in interim after president signed PIB: Nigeria said it will not remove subsidy from domestic fuel consumption immediately in spite of the signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari. The minister of State for Petroleum, Timipre Sylva the signing of the PIB does not translate into automatic remo ...

Gunmen kill six oil workers at project site

Gunmen kill six oil workers at project site: Gunmen killed a police officer and six employees of Nigerian oil and gas services company Lee Engineering during an attack on a project site in Imo State, police said on Tuesday. Attacks on oil and gas facilities have long been a problem in Nigeria, where the multi-billion dollar industry sits a ...

President Buhari meets security chiefs on Thursday

President Buhari meets security chiefs on Thursday: President Muhammadu Buhari plans to meeting with his security chiefs on Thursday at the Presidential Villa, Abuja after he ends his covid-19 isolation protocol by Wednesday. In a statement from his spokesman, Femi Adesina, the president would obtain briefing on the activities of the military sin ...

Nigeria under funding oil industry projects as NNPC falls behind by $1.54 trln in financing

Nigeria under funding oil industry projects as NNPC falls behind by $1.54 trln in financing: The Nigerian National Petroleum Corporation (NNPC) has not been able to fund its priority projects in the oil and gas industry to the tune of $1.54 trillion, according to a document presented by the corporation to the Federation Account Allocation Committee (FAAC) in July. The shortfall in Joint ...

So, the president signs PIB, what next?

So, the president signs PIB, what next?

Nigeria releases N1.3 trln for capital projects by Aug, warns on increasing debt profile

Nigeria releases N1.3 trln for capital projects by Aug, warns on increasing debt profile: Nigeria has released up to 63.5 percent of the capital vote for this year as of August, according to the Director General of the Budget Office, Ben Akabueze, but warned that the country was spending more than it earns, which leaves borrowing inevitable. He said a total of N1.3 trillion has so fa ...

Monday, 16 August 2021

Vice President Osinbajo seeks more youth involvement in party politics

Vice President Osinbajo seeks more youth involvement in party politics: Vice President Yemi Osinbajo has called on the youth arm of the All Progressives Congress (APC) to brace up and build a stronger membership base from the grassroots by mobilizing young Nigerians across the country to join the party beginning from the ward level. Osinbajo stated this today when h ...

Saudi oil firm Aramco to acquire 20% stake in Indian Reliance refinery at $25 bln

Saudi oil firm Aramco to acquire 20% stake in Indian Reliance refinery at $25 bln: Saudi state-oil giant Aramco is in advanced talks to acquire a roughly 20 percent stake in Reliance Industries Ltd's oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday. An agreement could be reached as soon as ...

Abuja Court adjourns case against AMCON over NICON take over

Abuja Court adjourns case against AMCON over NICON take over: A Federal High Court sitting in Abuja on Monday adjourned the case between businessman, Jimoh Ibrahim and the Assets Management Corporation of Nigeria (AMCON) over the corporation move to reconstitute the board of NICON Insurance and Nigeria Re. The case was adjourned till September 8, 2021, fol ...

Police rescue three abducted staff of Zamfara State College of Agriculture

Police rescue three abducted staff of Zamfara State College of Agriculture: Zamfara Police command said on Monday it has rescued three abducted members of staff of Zamfara State College of Agriculture and Animal Science. In a statement, the Public Relations Officer of the state command, Mohammed Shehu, confirmed the rescue of the members of staff of the school. He said ...

South African lender Absa reverses plan to expand operations in Nigeria

South African lender Absa reverses plan to expand operations in Nigeria: South African lender Absa has put on ice plans to expand into new business lines in Nigeria, a country previously at the centre of its African ambitions, interim boss Jason Quinn said on Monday. Former Chief Executive Maria Ramos and others had previously touted growth in Nigeria beyond its exis ...

President Buhari signs PIB 2021 into law while in isolation

President Buhari signs PIB 2021 into law while in isolation: By Oludare Mayowa President Muhammadu Buhari on Monday signed the Petroleum Industry Bill (PIB) 2021 into law, according to his spokesman, Femi Adesina. In a statement, Adesina said the president who has been working from home since his return from medical leave "assented to the Bill Monday ...

Babangida can not change history, even with attempts to whitewash his image

Babangida can not change history, even with attempts to whitewash his image: By Owei Lakemfa Ibrahim Badamosi Babangida, retired general and former military Head of State will turn 80 tomorrow, Tuesday, August 17. I congratulate him primarily because I also pray to grow old. But I do not pray that in my old age my children will organise gatherings where people will try t ...

DPR to ensure safety oversight in downstream sector

DPR to ensure safety oversight in downstream sector: The Department of Petroleum Resources (DPR) has said that the Minimum Industry Safety Training for Downstream operations (MISTDO) is a compulsory programme introduced to safeguard operations in the downstream sector of the Nigerian oil and gas industry. In a statement, DPR Head of Public Affairs ...

Facebook moves to expand broadband in Nigeria, other African nations

Facebook moves to expand broadband in Nigeria, other African nations: Facebook and some of the world’s largest telecommunications carriers, China Mobile Ltd. and MTN Group Ltd., are set to build the massive sub-sea cable already planned in Africa. In a statement issued on Monday, the companies plan to add a new connection to the Indian Ocean island countries of Se ...

Zambia opposition leader Hichilema wins presidential election

Zambia opposition leader Hichilema wins presidential election: Zambia opposition leader Hakainde Hichilema has defeated incumbent Edgar Lungu in the country's presidential election, the electoral commission said on Monday. The commission released the final results from 156 constituencies, barring one on Monday. In the final tally, Hichilema secured 2,8 ...

Nigeria fuel consumption declines 3% to 56 million litres a day in April

Nigeria fuel consumption declines 3% to 56 million litres a day in April: Nigeria recorded a 3 percent drop in petrol consumption in the month of April, with the total fuel supply fell to 56 million liters a day from 57.49 million liters per day in March. In its monthly report, the Nigerian National Petroleum Corporation (NNPC) put the figure of total domestic consump ...

Terrorists kill nine, abduct eight people in Sokoto village

Terrorists kill nine, abduct eight people in Sokoto village: terrorists in the northern state of Sokoto on Saturday killed nine people and abducted six others in the Goronyo Local Government Area of the State. Those killed in the three villages in Birjin ward, according to reports, were eight men and one woman. The villages attacked by the suspected bandi ...

Drug abuse poses threat to mental health, national security, says NAFDAC DG

Drug abuse poses threat to mental health, national security, says NAFDAC DG: The future of Nigeria depends largely on the nature and quality of youth that the country produces today, the Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Moji Adeyeye has said. Adeyeye noted that a child that grows up under frustrating conditions w ...

Sunday, 15 August 2021

Presidency describes killing of 23 commuters in Jos as ‘prearranged assault’

Presidency describes killing of 23 commuters in Jos as ‘prearranged assault’: The killing of 23 people returning from a Muslim festival in Nigeria was a premeditated ambush for which suspects have already been arrested, authorities said on Sunday. Deadly violence is common around Africa's most populous nation, with roads becoming particularly dangerous as armed attac ...

FIRS files appeal against Court ruling on VAT, Income tax collections

FIRS files appeal against Court ruling on VAT, Income tax collections: The Federal Inland Revenue Service (FIRS) has appealed a recent ruling by the Port Harcourt Division of the Federal High Court nulifying the authority of the federal government to collect Value Added Tax (VAT) and income tax. In a judgment by Justice Stephen Pam, the court said that there was no ...

Saturday, 14 August 2021

Misinformation And The COVID-19 Vaccine

Misinformation And The COVID-19 Vaccine: By Treasure Mayowa -How misinformation has affected the spread of COVID-19 -People's opinion on the vaccines -Fact-checking common misconceptions False information about COVID-19 has become a common place since the advent of the pandemic. From misinformation about the causes, symptom, cure, ...

Gunmen kill 22 commuters near Jos Plateau State on Saturday

Gunmen kill 22 commuters near Jos Plateau State on Saturday: Attackers killed 22 commuters on a road near Jos the capital of Plateau state, a morgue attendant said on Saturday in a fresh outbreak of violence in the North Central Nigeria. Armed attackers have increasingly targeted Nigeria's roads and unrest has been roiling several regions. In Jos, ca ...

Reasons the world is Worried About Africa’s Progress

Reasons the world is Worried About Africa’s Progress: By Tyler Cowen | Bloomberg Nigeria, South Africa and Ethiopia were supposed to be the economic engines of an entire continent, but conditions in all three countries have recently taken a turn for the worse. One of the saddest stories of the year has gone largely unreported: the slowdown of polit ...

Nigeria hikes vehicle registration, licence fees 50% to raise revenue

Nigeria hikes vehicle registration, licence fees 50% to raise revenue: New vehicle owners in the country are to pay new fees for number plates registration and driving licence as the government commenced the implementation of new rates under its National Vehicle Registry scheme. A memo from the Joint Tax Board (JTB) to all state governors, and directed to Motor Veh ...

Friday, 13 August 2021

Unclaimed dividends rise 7.59% to N170 bln in 2020 ~SEC

Unclaimed dividends rise 7.59% to N170 bln in 2020 ~SEC: The Securities and Exchange Commission on Friday put the total unclaimed dividends by investors in the country's capital market at N170 billion as of December 2020. According to the Director-General of SEC, Lamido Yuguda, the figure increased by 7.59 percent from the N158.44 billion recorde ...

President Buhari returns to Nigeria after 18-day in London

President Buhari returns to Nigeria after 18-day in London: President Muhammadu Buhari returned to the country on Friday after spending 18 days in the United Kingdom for educational summit and medical check. Before the president departed London, he visited a leader of the ruling All Progressives Congress (APC) and former Lagos Governor, Bola Tinubu in hi ...

Court orders interim forfeiture of N241 mln, shopping complex to FG

Court orders interim forfeiture of N241 mln, shopping complex to FG: A Lagos division of the Federal High Court on Friday ordered the interim forfeiture to the Federal Government of N241 milion allegedly diverted from the office of the Senior Special Adviser (SSA) to the President on Sustainable Development Goals (SDG). Justice Nicholas Oweibo also ordered the fo ...

Nigeria’s equity market closes up 0.08%, lifted by Unilever, Lafarge gains

Nigeria’s equity market closes up 0.08%, lifted by Unilever, Lafarge gains: By Samuel Bankole Nigeria’s equity market ticks up marginally on Friday to close the week up by 0.08 percent, lifted by gains in Unilever and Lafarge Africa, data from the Nigerian Exchange Group (NGX) showed. The market main index, the All-Share Index (ASI) was up 32.28 points to close at 39,52 ...

President Buhari meets Tinubu in London

President Buhari meets Tinubu in London: President Muhammadu Buhari on Thursday met with a leader of the ruling All Progressives Congress (APC) and former Lagos Governor, Bola Tinubu in his London home. The President’s Personal Assistant on New Media, Bashir Ahmad, who confirmed the meeting, however did not disclosed the detail of thei ...

Police SFU arrests hacker, two BDC operators for defrauding a bank of N1.87 bln

Police SFU arrests hacker, two BDC operators for defrauding a bank of N1.87 bln: A suspected internet scammer, who hacked the accounts of a commercial bank and defrauded it of N1.87 billion has been arrested by the Special Fraud Unit of the Police in Lagos. The suspected hacker, Femi Salau, and his accomplices, two bureau de change operators, were arrested by the police spec ...

Nigeria’s central bank projects 3% GDP, 13% inflation in 2021

Nigeria’s central bank projects 3% GDP, 13% inflation in 2021: Nigeria may record about 3 percent economic growth and inflation at 13 percent at the end of 2021 with improve vaccination and once policy challenges with exchange rates, insecurity, among others, were addressed effectively. According to the Director in charge of Monetary Policy at the Central B ...

Kidnappers release Swiss expatriate, driver abducted last week along Ibese-Itori Ogun State

Kidnappers release Swiss expatriate, driver abducted last week along Ibese-Itori Ogun State: The abductors of Andred Beita, a Swiss expatriate and his driver identified as Ifeayin released them early morning of Friday, a week after they were abducted along Ibese-Itori Road in Ogun State. Sources said the two were let go after days of negotiation by the management of Olabel Farms, where ...

Banks to place lien on customers who violate forex rules

Banks to place lien on customers who violate forex rules: The Bankers Committee on Thursday said Nigeria's commercial lenders would place Post-No-Debit (PND) order on the accounts of customers who use fraudulent means to procure foreign exchange. At the end of its meeting on Thursday, the Bankers' Committee, consists of chief executives of ba ...

Thursday, 12 August 2021

Nigeria begins pilot scheme for national vehicle registry

Nigeria begins pilot scheme for national vehicle registry: The Federal Government has commenced the pilot phase of the National Vehicle Registry (VREG) project, according to the minister of finance and budget, Zainab Ahmed. Speaking on Thursday in Abuja at a sensitisation seminar on understanding the process of VREG, Ahmed noted that the pilot phase com ...

SEC to partner Risk Managers to deepen capital market

SEC to partner Risk Managers to deepen capital market

About 11 kidnapp victims excape from terrorists camp in Kaduna

About 11 kidnapp victims excape from terrorists camp in Kaduna

Shell Petroleum to pay Ogoni Communities N45.7 bln to end oil spill dispute

Shell Petroleum to pay Ogoni Communities N45.7 bln to end oil spill dispute: Royal Dutch Shell, its Nigerian unit agreed to pay communities in Ogoni land more than $110 million to resolve a long-running dispute over an oil spill that occurred more than 50 years ago. The Anglo-Dutch energy giant will pay the Ejama-Ebubu people N45.7 billion naira ($110.9 million) in compe ...

Nigeria cabinet approves tolling on federal highways

Nigeria cabinet approves tolling on federal highways: The Federal Government has approved a Federal Roads and Bridges Nigeria on Wednesday approved a Tolling Policy and Regulations that would lead to the tolling of major roads across the country. At the weekly cabinet meeting, the Federal Executive Council (FEC) approved a memo presented by the Min ...

Wednesday, 11 August 2021

Nigeria to lift ban on Twitter soon as microblogging platform agrees on Nigeria’s office

Nigeria to lift ban on Twitter soon as microblogging platform agrees on Nigeria’s office: Nigeria may soon lift the suspension placed on the microblogging platform after meeting between government officials and representatives of the company show sign of resolution of dispute. According to the minister of information, Lai Mohammed, the government has resolved some of the issues it ra ...

NSCDC to transfer Corruption Cases to ICPC

NSCDC to transfer Corruption Cases to ICPC

World Bank lists Nigeria fifth high debt risk exposure countries

World Bank lists Nigeria fifth high debt risk exposure countries: Nigeria is currently owing the World Bank a total of $11.7 billion, which put the country among the top 10 countries with high debt risk exposure. The bank listed Nigeria the fifth among India, Bangladesh, Vietnam and Pakistan. In its latest financial statement for International Development Asso ...

EFCC arraigns two for N1.15 bln frauds

EFCC arraigns two for N1.15 bln frauds: The Economic and Financial Crimes Commission (EFCC) has arraigned one Muhammad Suleiman Gumsuri before Justice Umaru Fadawu of the Borno State High Court, Maiduguri for alleged N93.8 million fraud. According to the anti-graft commission in a statement, the defendant allegedly obtained the sum fr ...

NCC quadruples revenue from spectrum license fees to N150 bln in 5-month

NCC quadruples revenue from spectrum license fees to N150 bln in 5-month: The Nigerian Communications Commission (NCC) has quadrupled total revenue from spectrum license fees in the first five months of 2021 to N150 billion. This, according to the telecoms industry regulator, surppased the entire revenue projection of N36 billion from spectrum license fees for 2021 by ...

Closing Nigeria’s infrastructure gap, the financing options

Closing Nigeria’s infrastructure gap, the financing options: Nigeria is expected to spend $2.3 trillion to revamp the nation dilapidated infrastructure over the next 23 year, but analysts at United Capital plc are concerned over the sources of financing such huge projects across the country. Nigeria’s infrastructure gap remains a critical bottleneck that ...

Closing Nigeria’s infrastructure gap, the financing options

Closing Nigeria’s infrastructure gap, the financing options: Nigeria is expected to spend $2.3 trillion to revamp the nation dilapidated infrastructure over the next 23 year, but analysts at United Capital plc are concerned over the sources of financing such huge projects across the country. Nigeria’s infrastructure gap remains a critical bottleneck that ...

SEC gets AfDB grants to boost supervisory role

SEC gets AfDB grants to boost supervisory role

Dangote Cement lists N50 bln bonds on Nigerian Exchange

Dangote Cement lists N50 bln bonds on Nigerian Exchange

ECOWAS moves to boost rice production in sub-region

ECOWAS moves to boost rice production in sub-region: The Economic Community of West African States (ECOWAS) has said its members states are spending large portion of their foreign reserves to import rice into the sub-region as a result of inadequater local production. The regional bloc said rice importation due to demand surpassing supply in most ...

EFCC grants ex-Bayelsa Gov, Dickson bail

EFCC grants ex-Bayelsa Gov, Dickson bail

Bloomberg lists Dangote as only Nigerian on its 500 world richest

Bloomberg lists Dangote as only Nigerian on its 500 world richest: ...with $17.8 bln fortune The world’s richest Black man, Aliko Dangote has significantly moved up in the World billionaires’ list as he emerged as the only Nigerian on the Bloomberg’s yearly top billionaire lists. Dangote, ranked 115th among the 500 world richest, was the richest African and the ...

Tuesday, 10 August 2021

Nigeria to raise N150 bln in 10-, 20-, 30-year bonds next week

Nigeria to raise N150 bln in 10-, 20-, 30-year bonds next week: Nigeria's Debt Management Office (DMO) on Tuesday released its debt issuance notice for August, with plans to raise N150 billion from bonds across three tenors next Wedesday. According the DMO, it will issue N50 billion apiece from the sales of 10-year, 20-year and 30-year tenor bonds at an ...

Nigeria’s equity rallies 1.58%, lifted by MTN, Ecobank gain

Nigeria’s equity rallies 1.58%, lifted by MTN, Ecobank gain: By Samuel Bankole The Nigerian equity market main index rallied 1.58 percent on Tuesday as gains recorded in the stocks of MTN Nigeria, Fidelity, Ecobank boosted the value of investment in the market. All Share Index (ASI) rose by 1.58 percent to close at 39,176.62 points while the market capita ...

Nigeria earns N472 bln from Company tax, N512 bln from VAT in Q2 2021 ~NBS

Nigeria earns N472 bln from Company tax, N512 bln from VAT in Q2 2021 ~NBS: By Oludare Mayowa Nigeria generated N472.07 billion from Company Income Tax (CIT) in the second quarter of this year compared with N392.64 billion in the first quarter, the National Bureau of Statistics (NBS) has said. In a report published on Tuesday, the statistical bureau said the amount gene ...

Ecobank Nigeria organises career, creative symposium for youth

Ecobank Nigeria organises career, creative symposium for youth: Ecobank Nigeria has said that it's creating a special platform to celebrate Nigerian youths as part of activities to commemorate International Youth Day which holds annually on August 12. According to the Head of Direct Banking, Adetola Oshomah, the bank, as part of its Mobile Xpress (MX) O ...

Ex-Bayelsa Gov, Dickson in EFCC custody over corruption allegations

Ex-Bayelsa Gov, Dickson in EFCC custody over corruption allegations: The immediate past governor of Bayelsa State and currently senator representing Bayelsa West, Seriake Dickson, is presently being held by the Economic and Financial Crimes Commission (EFCC) over allegation of corruption. Dickson, who honoured an invitation from the anti-graft commission at its o ...

Nigerian Army provides aircraft to transport troops from war theatres

Nigerian Army provides aircraft to transport troops from war theatres: The Chief of Army Staff (COAS), Faruk Yahaya, a Lt.-Gen. has inaugurated welfare flight for troops of Operation Hadin Kai (OPHK) who are proceeding on pass to and fro the theatre of operations. The Director, Army Public Relations,Onyema Nwachukwu, a Brig.-Gen. in a statement on Tuesday, said the ...

Niger Delta Ministry minister, Akpabio gets NDDC Forensic audit report

Niger Delta Ministry minister, Akpabio gets NDDC Forensic audit report

With Eurobond issuance, IMF SDRs allocation, Nigeria hope for better currency

With Eurobond issuance, IMF SDRs allocation, Nigeria hope for better currency: Analysts at the United Capital Plc examine the possible impact of the proposed $6.2 billion Eurobond issuance by the Debt Management Office (DMO) and the planned allocations of an estimated $3.4 billion SDRs to Nigeria from IMF on forex reserves and naira status. They concluded that Nigeria&#039 ...

Dangote, world’s richest Black man to increase fortune with NNPC 20% stake deal

Dangote, world’s richest Black man to increase fortune with NNPC 20% stake deal: The world’s richest Black man, Aliko Dangote, may soon climb further higher on the world’s wealthiest person list as Nigerian National Petroleum Corporate (NNPC) firms up arrangement to raise $2.5 billion to fund 20 percent stake in Dangote Petroleum Refinery. Dangote, who dropped to number 191 ...

Nigeria targets 50 bln barrels of oil reserves

Nigeria targets 50 bln barrels of oil reserves: Nigeria aimed to increase its oil reserves to 50 billion barrels from 36.91 billion barrels within the short to medium term, according to the Department of Petroleum Resources (DPR). DPR Director/Chief Executive, Sarki Auwalu, announced this at a workshop with industry partners while also announ ...