Nigeria News
Professors in Nigerian varsities jailed in Cameroon petition Reps, beg FG for their release
Cameroonian professors in some Nigerian universities and other professionals working in the country, who were arrested and detained in Cameroon have filed a petition before the House of Representatives to intervene on their behalf and free them from detention. The petitioners, ten in number, are registered refugees in Nigeria, who also called on the Federal […]
Electricity: TCN moves to eliminate frequent national grid collapses with tech
Abuja-Forty-eight hours after the national power grid collapsed for the fourth time in 2024, the Transmission Company of Nigeria, TCN, yesterday, disclosed that it has deployed a new technology, the Generation Dip/Loss Detection System, GLDS, as part of efforts to stabilise the grid. TCN explained that the GLDS “plays a pivotal role in detecting and […]
Politics
New Osun logo waste of taxpayers’ money – APM
The Allied Peoples Movement, APM, in Osun State has described the design of the new state logo by the state government as a waste of taxpayers’ money. In a message signed by Wale Adebayo, the chairman of the party, he said that the whole idea about the new logo project was misplaced, as it amounted […]
Business
NSIA maintains 11 years of positive returns
…as net assets grow from $1bn to &2.47bn By Foster Obi Nigeria Sovereign Investment Authority (NSIA) has witnessed an impressive performance since inception in 2013 even as its net assets leaped from N156 billion to N1.189 trillion in 2023. A historical highlight by the managing director, Aminu Umar-Sadiq during the Authority’s 2023 earnings presentation shows […]
World Bank, AfDB to provide energy access to 250m Africans by 2030
The World Bank Group and the African Development Bank (AfDB) yesterday committed to providing energy access to 250million people in Africa by 2030. Both the World Bank President Ajay Banga and AfDB President, Dr. Akinwunmi Adesina, made the pledge during the ‘Energising Africa’ event held yesterday at the on-going Spring Meetings of the World Bank […]
FG moves to conclude sale of $1.3bn ExxonMobil assets to Seplat Energy
The Federal Government has intensified efforts toward concluding the sale of $1.3 billion ExxonMobil oil assets to Seplat Energy Plc as strategy to increasing investment and Nigeria’s production capacity. Nigeria’s output dropped by 6.8 per cent to 1.23 million barrels per day, bpd, in March 2024, from 1.32 bpd in February 2024, thus paving the way […]
$20bn Dangote Refinery slashes diesel price to N1,000 per litre
THE $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from the global market and […]
Nigeria’s debt-to-GDP ratio to reach 46.6% in 2024 — IMF
The International Monetary Fund, IMF, has projected Nigeria’s public debt to Gross Domestic Product, GDP, ratio to reach 46.6 percent in 2024, and 46.8 percent in 2025. This represents a 0.3 percentage points and 0.5 percentage points growth respectively when compared with the IMF projection for 2023. The IMF disclosed this in its Fiscal Monitor […]
CBN not using foreign reserves to defend Naira — Cardoso
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling […]
Tinubu eyes $4bn annual savings from reduced bureaucracies
President Bola Tinubu on Tuesday said Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project. He also noted that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency. Tinubu revealed this when he inaugurated a new digital trade compliance initiative, […]
Illegal charter: NCAA suspends three licences, probes others
The Nigerian Civil Aviation Authority has suspended the permits for non-commercial flight licenses of three private jets for engaging in commercial operations. The acting Director-General of the NCAA, Captain Chris Najomo, made this disclosure in a statement obtained by The PUNCH on Tuesday. The statement did not mention the names of the operators. The NCAA […]
Transcorp Power targets 740MW December
Transcorp Power Plc says it is planning to raise its power-generating capacity to 740 Megawatts, up from the current 550MW capacity by December 2024. The Managing Director/Chief Executive Officer of the company, Peter Ikenga, disclosed this Monday while presenting the company’s report for the year 2023. Ikenga said the company was able to increase its […]
IMF raises forecast for Nigeria’s economic growth to 3.3%
The new forecast was contained in the IMF World Economic Outlook April, released on the sidelines of the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States. The latest forecast represents 0.3 percentage points higher than the 3.0 percent forecast contained in the January 2024 World Economic Outlook by the […]
Energy/Oil&Gas
NNPCL Restores Petrol Supply In Lagos
The NNPC Limited said tight supply witnessed in some filling stations in Lagos was as a result of an issue in one of the Depots in the area. The NNPC Retail Limited, has since resolved the issue and effective tomorrow, normalcy will be restored within the affected area. The NNPC Limited calls on motorists in Lagos […]
Opinion
Gov Otti, new Abia, and equity branding
By Foster Obi In nine months, Governor Alex Otti has become a brand with a recognizable positive Brand equity. Taken by the effects, some writers have described his positive energy as ‘ethereal’, others ‘surreal,’ while a commentator simply called it ‘amazing’, and with due respect to the biblical quotation, “those that sit in darkness have […]