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Tuesday, 29 August 2023 04:54

KPMG downgrades Nigeria’s 2023 economic growth forecast

KPMG has adjusted its growth forecast for the Nigerian economy to 2.65 percent in 2023 – down from 2.85 percent earlier projected. The professional services firm, in a flashnote titled ‘Underwhelming Q2 2023 GDP Growth Recorded’, and released over the weekend, said the revision is premised on various considerations. KPMG listed the factors to include the recent contraction in oil production, muted government investment in the economy, the impact of subsidy removal and foreign exchange (FX) rates unification on households, among others. “Q2 2023 GDP results is broadly in line with our earlier downward revision of 2023 GDP to 2.85%.…

Tuesday, 29 August 2023 04:53

Police Service Commission, not Police Force, responsible for personnel recruitment, Supreme Court rules

The Supreme Court has put to rest the lingering argument and confrontation between the Police Force headquarters and the Police Service Commission (PSC) over who is statutority responsible for recruitment of personnel into the force. The court ruled that it was the mandate of the PSC to recruit police personnel, with chairman of the PSC, Solomon Arase, declaring that the judgment was for the overall best interest of national security. Arase said “the judgment simply and legally cements the resolution of the issue in a win-win situation for the two institutions which ordinarily cannot effectively function, and deliver on its…

Tuesday, 29 August 2023 04:52

PSC compulsorily retires four DIGs

Police Service Commission has compulsorily retired four Deputy Inspectors General of Police. The commission said it took the decision “pursuant to the Third Schedule, Part 1 M, para A&B of the 1999 Constitution, reinforced with Section 6 of the Commissions (Establishment) Act 2001, para a, c, d, e, &f.” The affected DIGs are Dan-Mallam Mohammed, Moses Jitiboh, Hafiz Inuwa and Adeleke Bode. The PSC, in a statement by its spokesperson Ikechukwu Ani, said it took the decision following the refusal of the officials to resign after the appointment of their junior, Kayode Egbetokun, as the new Inspector General of Police.…

Tuesday, 29 August 2023 04:50

Residents invade, loot foodstuffs from Bayelsa warehouse

A private warehouse in the Kpansia area of Yenagoa, Bayelsa State capital used by the state government to store foodstuffs and other materials was on Sunday invaded by some residents of the state capital who stole food items and others. The items included bags of rice and garri as well as cartons of noodles and bottled water said to be part of the relief materials donated by some concerned Nigerians during the 2022 flood in the state. The incident occurred around 7.30pm when the residents stormed the warehouse located along the Isaac Boro Expressway with pick-up vans and private vehicles…

Sunday, 27 August 2023 04:35

FG drags advert agency to disciplinary panel over #AllEyesOnTheJudiciary billboard despite apology

Intercontinental Marketing & Communication Consortium Limited has apologised to the Advertising Standard Panel, Advertising Regulatory Council of Nigeria, over the usage of an unapproved advert billboard tagged, ‘All Eyes On the Judiciary’. The company responded to the letter of violation received by the company from ARCON through its Managing Director, Stephen Ogboko. Ogboko stated, “We sincerely apologise for this and state that our action was not intentional. The truth is that immediately after we received the brief for the said campaign, we sent the artwork to Markus Inji Lukman, an ARCON liaison officer who has helped us vet campaign materials…

Saturday, 26 August 2023 04:58

Nigeria’s economy performs below forecasts as GDP growth slows to 2.5%

Nigeria’s economy grew at a slower-than-expected pace after the oil sector contracted for a 13th straight quarter, adding to the list of issues President Bola Tinubu needs to address. Gross domestic product in the continent’s biggest oil producer expanded 2.5% in the three months through June from a year earlier, compared with 2.3% in the prior quarter, the statistics agency said Friday. That undershot a median estimate for growth of 2.8% in a Bloomberg survey of five economists. The yield on the nation’s dollar bonds due 2032 stayed seven basis points higher on the day at 11.07%. The 3.58% growth…

Saturday, 26 August 2023 04:53

Niger military govt expels French Ambassador; France says envoy won’t leave

Niger’s military leadership expelled the French ambassador just as talks to restore democracy between the West African nation and its regional partners were making progress. The junta said earlier it was also expelling the ambassadors from the US, Germany and Nigeria, before a spokesperson retracted those orders. No such request has been made to the US government, the State Department said in a statement late Friday, adding that Niger’s foreign ministry has told the US it didn’t issue the images of the letters calling for the departure of American diplomatic personnel. France’s ambassador Sylvain Itte was asked to leave the…

Friday, 25 August 2023 05:14

FG rakes in N2tn taxes from Netflix, Google, Facebook, other foreign firms – Report

Google, Netflix, Facebook and other foreign companies operating in Nigeria have paid over N1.98tn in taxes to the account of the Federal Government in 15 months, according to findings by The PUNCH. The figure includes both Company Income Tax and Value Added Tax, and is based on data from the National Bureau of Statistics. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on the profit of companies, and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services rendered and borne by the final consumer. Earlier in 2020,…

Friday, 25 August 2023 05:13

BRICS invites Saudi, Iran, 4 others to join bloc

The five BRICS developing nations will admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates, they said on Thursday, a move aimed at growing the clout of the bloc as it pushes to rebalance the prevailing world order. The expansion could also pave the way for dozens more countries to seek admission to the grouping, which has pledged to address their grievances over a world order many feel is rigged against them. BRICS - whose acronym was originally coined by an economist at Goldman Sachs, currently comprises Brazil, Russia, India, China and South Africa. Deepening geopolitical polarisation…

Friday, 25 August 2023 05:12

Three dead in FCT collapsed building

Three people have been declared dead after a two storey building collapsed in the early hours of Thursday in Garki village, Federal Capital Territory, (FCT), Abuja. According to government officials undertaking rescue operations at the venue, the building came crashing down on unsuspecting residents shortly after midnight while it was raining non-stop, killing two at venue while one later died in the hospital. FCT Minister who arrived the venue to assess the situation, ordered the immediate arrest of owners of the property and an investigation into the remote and immediate causes of the building collapse. Nyesom Wike who warned that…

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Friday, 25 August 2023 05:07

Prigozhin plane crash: Villagers heard bang, then saw plane plummet to ground. Here’s what we know so far

Residents of a village near the site of a plane crash which is believed to have killed Russian mercenary chief Yevgeny Prigozhin said they had heard a bang, then saw the jet plummet to the ground. The plane, an Embraer Legacy 600private jet, crashed on Wednesday near the village of Kuzhenkino in Russia's Tver region on its way from Moscow to St. Petersburg and killed all 10 people on board - seven passengers and three crew members. There has been no official comment from the Kremlin or the Defence Ministry on the fate of Prigozhin but a Telegram channel linked…

Thursday, 24 August 2023 04:51

CBN threatens forex dealers as Naira wobbles

Central Bank of Nigeria has stepped up its scrutiny of lenders and foreign-exchange bureaus, marking the latest effort to ease a dollar shortage that has sapped the naira. CBN ordered Wema Bank Plc to stop foreign currency-secured naira loans – a practice it said drains dollar liquidity – according to instructions seen by Bloomberg. It gave the lender until Sept. 7 to comply. A spokeswoman for Wema Bank didn’t immediately respond to calls seeking comment. It has been trying to find ways to stem volatility in the naira, which has lost 40% in value since President Bola Tinubu announced currency…

Thursday, 24 August 2023 04:50

Emefiele’s court arraignment stalls as suspended CBN chief explores plea bargain

A case of procurement fraud against suspended and detained central bank governor Godwin Emefiele stalled on Wednesday and no new date was fixed for the hearing. Emefiele was meant to enter a plea on Wednesday. But he did not appear in court and his case was not listed on the court's cause-list. The suspended CBN governor faces a 20-count charge of unlawful procurement and conferring unlawful advantage to a central bank employee. Several newspapers on Wednesday reported that Emefiele was exploring a plea bargain to settle the matter out of court. Emefiele was suspended by President Bola Tinubu in June…

Thursday, 24 August 2023 04:46

Russian mercenary Prigozhin's plane appeared fine on radar until last 30 seconds. Here’s what we know so far

An Embraer Legacy 600 executive jet, believed to have carried Wagner mercenary chief Yevgeny Prigozhin to his death on Wednesday, showed no sign of problem until a precipitous drop in its final 30 seconds, according to flight-tracking data. Rosaviatsia, Russia's aviation agency said Prigozhin, who led an aborted mutiny in June, was one of 10 people on board the downed plane. It was traveling from Moscow to St. Petersburg when it crashed near the village of Kuzhenkino in the Tver Region, Russia's emergency situations ministry said. At 3:19 p.m. GMT, the aircraft made a “sudden downward vertical,” said Ian Petchenik…

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