News

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing fuel scarcity, which is spreading to more states across the country, will persist for at least two more weeks. Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) of adequate stock, IPMAN insists that the scarcity will continue due to various challenges in the supply chain. Chinedu Ukadike, the Public Relations Officer of IPMAN, attributed the shortage to importation bottlenecks, slow license renewals for marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance issues at refineries in Europe. He noted that only…
New data released by the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed an additional N3.8 trillion in the last six months of 2023, through what appears to be fresh Ways and Means borrowing. This contradicts claims by the Minister of Finance, Wale Edun, that the government had not borrowed from the CBN. The CBN's provisional data indicates a total increase from N4.4 trillion to N8.2 trillion by December 2023. The balances were initially part of the federal government's domestic debt profile, totaling N26.95 trillion in May 2023. However, from July 2023, the balances steadily increased every…
A report by an open-source blockchain website, Elastos on Thursday revealed that 20 per cent constituting at least one in five Nigerians are using Bitcoin to carry out transactions everyday. According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, UAE, UK, and US. The interviews were completed by a third party, registered market research company and completed between 30 March and 04 April ’24. The report further revealed that 67 percent of Nigerians would have more trust in Bitcoin to protect their life savings than…
Multiple fatalities are feared following a devastating tanker explosion along the East-West Road in Port Harcourt, Rivers State. The incident occurred around 9:45 pm Friday night. involving a tanker carrying petroleum products which ignited, engulfing nearby vehicles. The explosion, near the Indorama Petrochemical Company, has raised concerns due to its proximity to critical national infrastructure. Witnesses describe hearing loud blasts followed by flames and thick smoke billowing from the scene.
The Nigerian Correctional Service (NCoS) FCT Command has confirmed the escape of 119 inmates from the Suleja Custodial Centre in Niger State. Samson Duza, the Public Relations Officer (PRO) of the command, issued a statement in Abuja on Thursday detailing the incident. Following a rainstorm that battered the facility on Wednesday night, numerous inmates took advantage of the damaged sections to flee. The FCT command, responsible for Kuje and Suleja Medium Security Custodial Centres, said it immediately activated recapture protocols in collaboration with other security agencies. The rainstorm not only inflicted damage on the custodial centre but also wreaked havoc…
On Wednesday, the naira experienced a depreciation to N1,300 per dollar in the parallel section of the foreign exchange (FX) market, marking a 3.17 percent decline from the N1,260 recorded on April 22. Currency traders, operating as bureau de change (BDC) operators, set the buying rate at N1,260 and the selling price at N1,300, maintaining a profit margin of N40. Meanwhile, at the official window, the naira dropped to N1,308.52 against the dollar, reflecting a 0.64 percent decrease from the N1,300.15 traded on April 23. According to data from the FMDQ Exchange, the naira reached a low of N1,367 and…
In response to a recent runway incident involving Dana Air, the Nigerian Civil Aviation Authority (NCAA) has suspended the airline's Air Operators Certificate (AOC). The incident occurred as a Dana Air plane, arriving from Abuja, veered off the runway at Lagos airport and into a nearby field. Fortunately, all 83 passengers and crew members disembarked safely, prompting emergency responders and regulatory agencies to swiftly initiate an investigation into the cause of the incident. Pending the outcome of the investigation led by the Nigerian Safety and Investigation Bureau, the NCAA has announced a thorough audit of Dana Air's operations. Acting Director…
In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts. Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes. Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized. Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone. This revelation underscores the…
A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident. In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024. The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members. Furthermore, Dana Air informed that the Nigerian Safety and Investigation…
Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja. He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s. Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors. He urged careful consideration of the relationship between state and national security structures. Furthermore, he called for equipping state police adequately to combat criminals effectively. Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state…
Page 2 of 798
May 06, 2024

Banks’ lending to private sector declines N9.65trn as CBN tightens screws on liquidity

The Central Bank of Nigeria (CBN) has revealed a substantial reduction in banks' loans to…
May 06, 2024

Atiku: Having Seyi Tinubu on the boards of companies belonging to Chagoury shows that Lagos-Calabar…

Atiku Abubakar, the People's Democratic Party (PDP) presidential candidate for 2023, has voiced strong criticism…
May 05, 2024

Here’s when people think old age begins — and why experts think it’s starting later

New research suggests that 74 is the new 71. Our perception of when “old age”…
April 13, 2024

A new camera can undress people almost in real time—to send a message about AI

Nuca, a new deepfake camera, is an art project that shows how artificial intelligence can…
May 05, 2024

Gunmen abduct Archbishop, 5 other clerics in Anambra

Uka Uka Osim, a leader of the Brotherhood of the Cross and Star, along with…
May 06, 2024

Here’s the latest as Israel-Hamas war enters Day 213

Truce Talks Shift to Qatar as Hamas Hits Israel Border Crossing Israel closed the Kerem…
May 01, 2024

Wellspring Consulting proposes cybersecurity investment to boost Nigeria's economy

In a bid to rescue Nigeria from its economic challenges, Wellspring Consulting advocates for significant…
April 30, 2024

Finidi George is new Head Coach for Super Eagles

Former Nigerian winger Finidi George has been appointed as the head coach of the national…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.