Nigeria News
Students Loan: NANS proposes five-year post-NYSC for repayment
The National Association of Nigerian Students (NANS) has advocated for a five-year period after the completion of the National Youth Service Corps (NYSC) for the commencement of repayment for beneficiaries of the Federal Government loan scheme. NANS argued that expecting repayment to start just two years after NYSC is not realistic, as less than 10 […]
NASFAT to feed 60000 Lagos residents
The Nasrul-lahi-li Fathi Society of Nigeria, a Muslim prayer group, has said it will be feeding about 60,000 Lagos residents as part of its plan to feed and one million Nigerians across faiths during the month of Ramadan. The President of the Association, Ayodeji AbdulRauf, revealed NASFAT’s plans to journalists during its annual Ramadan lecture […]
Politics
Alleged budget padding: ACF condemns Ningi’s suspension, says North’s interest at stake
The Arewa Consultative Forum, ACF, has condemned the suspension of the immediate past Chairman of Northern Senators Forum, Sen Abdul Ninigi, by the Senate, saying the interests of the North are at stake. A statement by the National Publicity Secretary of ACF, Prof. Tukur Muhammad-Baba, explained that the Senate ought to have investigated the issues […]
Business
Equity market dips 0.40% on sell-offs
The Nigerian exchange declined by 0.40 per cent as investors reacted to the latest Consumer Price Index figures from the country’s statistics bureau. At the close of trade on Monday, the All-Share Index and the market capitalisation shed 0.40 per cent to 104,663.34 points and N59.18tn, respectively. Analysts at Arthur Stevens Asset Management Limited said […]
Crude oil price hits $86 amid Russia-Ukraine crisis
The prices of crude oil have continued to rise within the past one week following attacks on Russian refineries by the Ukrainian fighters. From $82.44 in March 11, the Brent Crude rose to $86.87 on Monday morning. The WTI crude, which sold at $78.13 per barrel on March 12, is now selling at the rate […]
Naira depreciation pushes Nigeria’s imports to N35tn
Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports stood at N6.4tn. It increased to N9tn in the third quarter and again to N14tn in […]
DISCOs borrow N273.24bn to purchase meters, others — Report
THE Central Bank of Nigeria, CBN, said the 11 Electricity Distribution Companies, DISCOs, obtained a credit facility totalling N273.34 billion to purchase 414,000 meters for distribution. In its report obtained by Vanguard, covering a detailed assessment of the N10.3 trillion developmental finance between 2015 and 2022, CBN, disclosed that the meters purchased included maximum demand […]
Subsidy Removal: FG Pledges to Support Development of Nigeria’s Abundant Gas Resources
Minister of State for Petroleum Resources (Gas), Mr. Ekpo Ekperikpe, has said that the federal government (FG) is committed to do all to support development of Nigeria’s abundant gas resources to end pains of fuel subsidy removal for citizens and industry. Ekperikpe said this when he led a high-powered federal government delegation on a […]
Only seven banks can meet CBN recapitalisation requirements – Report
No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for […]
New Shippers Council bill will become law by June – Reps
The House Committee on Shipping Services of the House of Representatives has assured that the new Shippers Council bill which has past the second reading at the lower chamber will be signed into law by June this year The Committee also promised that they are working on the establishment of a maritime bank to ease […]
Alternative Bank fosters rural economic growth in Katsina
The Katsina State Government via the State Governor, His Excellency, Dikko Radda, has aligned with The Alternative Bank’s mission to support rural economies through innovative financial solutions, tailored to empower local businesses and stimulate sustainable development across the state. The Bank, in a statement disclosed this, saying the official endorsement marks a significant milestone for […]
How FG funds petrol subsidy through crude oil sales proceeds
LAGOS — There are indications that the Federal Government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidy on petrol. Though still shrouded in secrecy, the funding strategy, Vanguard learnt, is consummated by way of crude sales and direct cost recovery by NNPC. An executive of […]
Stock market sustains bullish trend as investors gain N2.1trn
The stock market sustained bullish trend last week as investors on the Nigerian Exchange Limited, NGX, gained N2.1trillion. Though the market recorded mixed sentiment, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday […]
Energy/Oil&Gas
President Tinubu praises Tantita security for attacking oil theft head-on
President Bola Tinubu has commented Tantita security services Limited and other security agencies for combating Oil theft. The Chief of Defence staff, Major General Christopher Musa gave the commendation on behalf of the president while inspecting the impounded MT, Kali by Tantita and other security agencies at Oporoza. The CDS flanked by Top officials […]
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 […]