News

Monday, 15 May 2023 14:18

US imposes visa ban on Nigerians who engaged in violence, issued threats, manipulated vote results in 2023 elections

The United States on Monday announced that it had taken steps to impose visa bans on persons who disrupted the recent general elections in Nigeria. In a statement on the US State Department website, Secretary of State Antony Binken said “the United States is committed to supporting and advancing democracy in Nigeria and around the world. Today, I am announcing that we have taken steps to impose visa restrictions on specific individuals in Nigeria for undermining the democratic process during Nigeria’s 2023 elections cycle.” He clarified that the visa ban is specific to certain individuals and is not directed at…

Monday, 15 May 2023 04:04

Party calls for cancellation of presidential election, Tinubu’s inauguration

Barely 15 days before the inauguration of the President-elect, Bola Tinubu, the DA-Democratic Alternative, a political party, has urged Nigerians to rise against the inauguration, alleging that the process that produced Tinubu was characterised by irregularities and fraud. Presidential candidate of the DA, Victor Vishnay, who made the call in Abuja on Saturday during a press briefing, called on President Muhammadu Buhari to cancel the 2023 polls on grounds that it did not meet acceptable international standards. “I enjoin Nigerians to call on the president to cancel the 2023 general election, especially the presidential election”, because of corrupt practices. “We…

Sunday, 14 May 2023 03:38

Investors shun developing Nigeria’s vast gas reserves for this key reason

The lingering subsidy regime of the Federal Government on Premium Motor Spirit, popularly called petrol, has stalled investments in the development of Nigeria’s gas sector, major and independent oil marketers stated on Friday. About two years ago, the Federal Government declared 2021 to 2030 as the ‘Decade of Gas’, and called for gas investments to deepen domestic gas usage. Nigeria has a proven gas reserve base of 208.62 trillion standard cubic feet (as at January 1, 2022), and is working to increase its reserves volumes to 220TCF in 10 years, according to data obtained from the Nigerian Upstream Petroleum Regulatory…

Saturday, 13 May 2023 04:12

Musk takes new roles at Twitter as female CEO announced

NBCUniversal advertising chief Linda Yaccarino is taking the helm at Twitter, where she will confront an exodus of marketers who have left the social-media platform since Elon Musk took over. “I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Musk posted in a tweet Friday after NBCUniversal announced her departure. “Looking forward to working with Linda to transform this platform into X, the everything app.” The billionaire said he will become chief technology officer and executive chairman. Yaccarino may be in a unique position to deal with the fallout from Musk’s takeover of Twitter last year.…

Friday, 12 May 2023 04:18

Nigeria currently produces 1m bpd oil lower than allocated quota - FG

Nigeria’s oil production fell below the one million mark in April 2023. The production figure fell to 998,602 barrels per day (bpd), a 21.26 percent decline compared to March, when output was 1,268,202 bpd. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest crude oil and condensate production data for April 2023. The volume of production is at its lowest point in the last seven months. In the previous year, oil production fell below one million bpd in August and September owing to several issues, including oil theft. According to the NUPRC report, oil production decreased from…

Friday, 12 May 2023 04:16

Nigeria’s external debt servicing grows steadily, hits $112m monthly - Report

The Federal Government spent $112.35m servicing external debt in January 2023. Data from the Central Bank of Nigeria’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022. This occurred as the Federal Government struggled to boost its revenue base despite its revenue generation efforts. The Federation Account Allocation Committee shared N750.17bn among the three tiers of government in January 2023. The figure represents a decrease of N240.02bn compared to the N990.19bn shared in December 2022. In 2022, Nigeria spent $2.4bn to service its external debt, which was…

Thursday, 11 May 2023 04:33

‘Once a country’s debt service ratio exceeds 30%, that country is in trouble. Nigeria is pushing towards 100%’ - Budget Office

Director General, Budget Office of the Federation, Ben Akabueze has said Nigeria is fast exceeding its limited borrowing space. Akabueze stated this at the International Conference Centre, Abuja, during the induction of newly-elected lawmakers of the 10th National Assembly, on Wednesday. He said: “While the size of the FG budget for 2023 created some excitement, the aggregate budgets of all governments in the country amount to about 30 trillion Naira. That is less than 15 percent in terms of ratio to GDP. “Even on the African continent, the ratio of spending is about 20 percent. South Africa is about 30…

Thursday, 11 May 2023 04:32

Shell wins UK Supreme Court dispute over Nigeria oil spill devastation

Shell Plc won its fight at the UK’s Supreme Court over a lawsuit into one of the largest oil spills off the coast of Nigeria after Britain’s top judges dismissed arguments that the oil giant could still be held responsible over a decade later. The Bonga oil leak in 2011 — said to be the largest spill in the Niger Delta for at least 20 years — was an environmental “catastrophe” that caused billions of dollars of damage, a group of almost 28,000 Nigerians had argued. Lawyers for two of the Nigerian claimants said that the spill of some 40,000…

Thursday, 11 May 2023 04:30

Tinubu goes back to Europe ‘to meet investors’

President-elect, Bola Tinubu, on Wednesday, left Nigeria for Europe on a working visit. A statement from the office of the president-elect signed by Tunde Rahman on Wednesday said Tinubu, during the visit, will engage with investors and other key allies with the goal of marketing investment opportunities in the country and his administration’s readiness to enable a business-friendly climate through policies and regulations. This is the second time Tinubu will be travelling out of the country after he was declared president-elect on 1 March. He returned to Nigeria on 24 April after a four-week vacation in France. The statement said…

Thursday, 11 May 2023 04:29

Court bars NBC from imposing fines on TV, radio stations in Nigeria

The Federal High Court Abuja, on Wednesday, gave an order of perpetual injunction restraining the National Broadcasting Commission (NBC) from imposing fines, henceforth, on broadcast stations in the country. The judge, James Omotosho, in a judgement, also set aside the N500,000 fines imposed, on 1 March 2019, on each of 45 broadcast stations. Omotosho held that the NBC, not being a court of law, had no power to impose sanctions as punishment on broadcast stations. He further held that the NBC Code, which gives the commission the power to impose sanction, is in conflict with Section 6 of the Constitution…

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Wednesday, 10 May 2023 03:39

Buhari to stay extra week in London for ‘dental procedure’

President Muhammadu Buhari has extended his London trip by a week over an appointment with his dentist. Special Adviser to the President on Media and Publicity, Femi Adesina, announced this in a statement on Tuesday. Buhari had travelled to the United Kingdom last week for the coronation of King Charles 111. The president, who joined world leaders for the historic occasion, had told the British monarch that the trip was his last official trip to the UK. He had thanked him and other leaders for the cooperation he enjoyed during the 8 years he spent with them. The president was…

Tuesday, 09 May 2023 16:40

Transcorp gets FG’s approval to take over Abuja Disco

The federal government, through the National Council on Privatisation (NCP), has approved Transcorp Group as the Preferred bidder for acquisition of Abuja Electricity Distribution Company (AEDC). The Vice President, Yemi Osinbajo, revealed this Tuesday at the inauguration of the 240 megawatts (MW) Afam 3-Fast Power Plant, owned by Transcorp, in Oyinbo, Rivers State. Thisday

Monday, 08 May 2023 04:20

Atiku calls for live broadcast as Presidential Election Tribunal begins hearing today

Presidential Elections Petitions Tribunal in Abuja will today hold an inaugural sitting on the petitions filed by candidates of five political parties challenging the February 25 presidential election. Officials at the Court of Appeal headquarters in Abuja had last week announced that the inaugural session by the president of the court, Monica Dongban-Mensem, will form part of the pre-hearing session of the court. The pre-hearing session features issues such as amendment of writs, and motions, correction of typos, aligning of main issues in the petitions and outlining the hearing modalities and procedures. Barring any last-minute change, the tribunal panel will…

Monday, 08 May 2023 04:18

Buhari to commission Dangote refinery one week before leaving office

President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016. Nigeria, Africa's biggest oil producer, sees the 650,000 barrels-per-day refinery - being built by billionaire industrialist Aliko Dangote's Dangote Group - as a solution to ending the country's reliance on imports for nearly all of its refined petroleum products. Spokesperson Bashir Ahmad said Buhari will commission the refinery, near Lagos, on May 22, a week before he is due to leave office after serving the maximum two…

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