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Sunday, 11 June 2023 04:05

Emefiele taken into DSS custody. Bloomberg chronicles events leading to the fall of the CBN chief

Nigeria’s secret police took the nation’s suspended central bank governor into custody, hours after he was removed by the nation’s new president, as a power struggle in Africa’s biggest economy took a dramatic turn. The State Security Service announced Godwin Emefiele’s detention on Saturday for “investigative reasons.” President Bola Tinubu revealed the governor’s dismissal in a brief statement that was issued after financial markets closed on Friday. The secret police have been investigating Emefiele for alleged wrongdoing related to multibillion-dollar public lending programs initiated by the governor. Emefiele’s suspension is a “sequel to the ongoing investigation,” the presidency said, without…

Saturday, 10 June 2023 18:09

Prominent Church leader, Taiwo Akinola, reacts to El-Rufai’s Islamisation agenda, tasks FG on mounting debt, insecurity, others

PRESS RELEASE State of the Nation We want to seize the opportunity of this major event today to lend our voice to the issues relating to the development of our dear country Nigeria. It is a critical role of the Church of Jesus Christ within any geographical border to positively impact her system of governance, growth and development, and to clearly contribute towards the delivery of other social outputs that are crucial to nation building. We thank God for the just concluded election and that Nigeria is on the march again with the new administration to drive the country for…

Saturday, 10 June 2023 04:32

Tinubu suspends Emefiele as CBN governor, appoints replacement

President Bola Tinubu has suspended Godwin Emefiele as governor of the Central Bank of Nigeria (CBN). The office of the secretary to the government of the federation (SGF) announced his suspension. Willie Bassey, director of information, SGF office, in a statement issued on Friday, said the suspension is with immediate effect. According to the statement, Emefiele is to transfer his responsibilities to the deputy governor, operations directorate. Folashodun Adebisi Shonubi, the deputy governor, is expected to act as the CBN governor pending the conclusion of an investigation of Emefiele’s office. “This is sequel to the ongoing investigation of his office…

Saturday, 10 June 2023 04:30

Tinubu signs Bill empowering states, companies to generate, transmit and distribute electricity

President Bola Tinubu has assented to the electricity bill, which empowers states, companies and individuals to generate, transmit, and distribute electricity. The new electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the laws relating to the Nigerian Electricity Supply Industry (NESI). The senate passed the electricity bill in July 2022 to solve the sector’s challenges. On the other hand, President Muhammadu Buhari had signed 16 constitutional amendments in 2022, one of which pertains to the devolution of powers (national grid system) – clarifying the powers of the federal government and states to generate, transmit,…

Saturday, 10 June 2023 04:27

Saudi Crown Prince threatens to damage US economy – Media

Crown Prince Mohammed bin Salman privately threatened to harm the American economy after President Joe Biden warned Saudi Arabia of “consequences” for agreeing an oil production cut with Russia, the Washington Post has reported, citing leaked material. The Biden administration had said it would re-evaluate relations with the kingdom following a decision by Riyadh to slash crude production against the wishes of the US. The Crown Prince, who is widely referred to as MBS, warned that he would not deal with the US administration anymore if Biden penalized Saudi Arabia. He also promised “major economic consequences for Washington,” the Post…

Saturday, 10 June 2023 04:27

Cuba spy station brings China rivalry to America's doorstep

China’s plan for an eavesdropping station in Cuba serves as a marker for Beijing’s global power ambitions, planting its spiraling rivalry with the U.S. on America’s doorstep. The listening post, which will be 100 miles off Florida, would potentially give the Chinese military capabilities to monitor communications across a wide stretch of the southern U.S. More important, the facility roots China in a region of economic and geopolitical importance, broadens the playing field as it jostles Washington for influence and turns the tables on an enduring sore point for Beijing—U.S. spying off Chinese shores. “The symbolism is much bigger,” said…

Friday, 09 June 2023 04:20

Bill raising retirement age of High Court judges to which Buhari refused assent signed by Tinubu

President Bola Tinubu has signed into law the bill on uniform retirement age for judicial officers. Tinubu signed the bill into law on Thursday. In a statement by Abiodun Oladunjoye, state house director of information, the president pledged that his administration would strengthen the judiciary and empower judicial officers. The bill, titled: “Constitution of the federal republic of Nigeria, 1999 (fifth altercation) (No.37) bill, 2023”, was the first to be signed by Tinubu since taking the oath of office on May 29. The law extends the retirement age of high court judges — and others — from 65 to 70…

Friday, 09 June 2023 04:17

NAHCON restricts pilgrims to 5 days In Madina to avoid overcrowding

National Hajj Commission of Nigeria (NAHCON) has announced a policy that will require Nigerian pilgrims in Madina to be moved to Makkah five days after they arrive in the city for the Hajj pilgrimage. NAHCON’s Deputy Director of Information, Mousa Ubandawaki, in a statement on Wednesday, said the rule which would take effect from today was due to complaints of overcrowding of Nigerian pilgrims in the City of Madina. Ubandawaki stated that while the commission is giving 100 percent opportunity for Nigerian pilgrims to visit Madina in the first phase or before Arafat, the move was to avert sanctions against…

Friday, 09 June 2023 04:16

FG declares June 12 public holiday for Democracy Day

Federal government has declared Monday, June 12, as a public holiday in commemoration of Democracy Day. In a statement on Thursday, Oluwatoyin Akinlade, permanent secretary of the ministry of interior, said the country’s democratic journey has experienced stormy and smooth paths. “But the ship of state, its institutions and most importantly, the Nigerian people have remained steadfast on the tenets of democratic governance,” she said. “On this memorable occasion therefore, Nigerians and friends of Nigeria are invited to appreciate the progress that has been made, celebrate the milestones covered and look forward to a better future for the country’s democracy.”…

Wednesday, 07 June 2023 02:31

Two Indians accused of $1.7bn fraud back home are shielded in Nigeria by FG. Here’s how they’re making a killing in the oil industry

At a ceremony in November, the Nigerian government celebrated the discovery of as many as 1 billion barrels of oil in the country’s arid northeast, almost 1,000 kilometers (621 miles) away from the crude-rich Niger Delta. The state’s partners in the multi-billion dollar project in the impoverished, landlocked corner of the country is a company founded by two brothers from India. The siblings have built the largest independent oil company in Africa’s biggest crude producing nation even as India pursues them as criminals — accusing them of perpetrating “one of the largest economic scams in the country.” Now, as newly…

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Wednesday, 07 June 2023 02:30

FG spent average of $1bn annually for 10 years on refineries ‘that produced hardly any fuel’ - Bloomberg

Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel, a parliamentary report said. It cost the state-owned Nigeria National Petroleum Co. N4.8 trillion ($10.3 billion) to run the facilities from 2010 to 2020, even though they were operating far below their combined capacity of 445,000 barrels of crude per day, according to a report by a committee in the House of Representatives. The company is currently rehabilitating the plants. By the time they were put into rehabilitation, they had almost ceased to function and output had not exceeded 30% since 2010,…

Wednesday, 07 June 2023 02:29

‘Removing petrol subsidy suddenly is like forceful removal of a painful tooth’ - Obi

Peter Obi, the presidential candidate of the Labour Party (LP), says removal of the petrol subsidy by the present administration was a “forceful” attempt despite his support for it. Obi spoke to journalists in Abuja on Tuesday while attending the hearing of the election petition tribunal. The removal of the petrol subsidy followed the pronouncement of President Bola Tinubu when he said the petrol subsidy regime was over. Afterwards, Nigerian National Petroleum Company (NNPC) Limited, announced the adjusted price of petrol across its retail outlets — an action that has led to several agitations. Reacting to this development, Obi said…

Wednesday, 07 June 2023 02:28

Edo increases minimum wage, reduces work week to 3 days for govt employees

Edo State Government on Tuesday empathized with the citizens over the removal of fuel subsidy which has led to an increase in the price of goods and services. The state governor, Godwin Obaseki, announced that civil and public servants would work three days a week as against five days due to the rise in transportation. He said, “In the wake of fuel subsidy removal by the Federal Government, fuel prices have increased astronomically leading to a rise in prices of goods and services and overall cost of living. “Edo State Government shares the pains of our people and wants to…

Wednesday, 07 June 2023 02:26

Ethiopian Airlines aircraft chartered to show what Nigeria Air will look like, MD confesses

Acting Managing Director of Nigeria Air, Dapo Olumide, has revealed that the aircraft that flew in with the logo of the airline was chartered from Ethiopian Airlines for the purpose of unveiling the logo. Many media outlets had reported Ethiopian Airlines’ ownership of the Boeing 737-800 series aircraft flown into Abuja from Addis Ababa, capital of Ethiopia, on May 26. The aircraft took off from Addis Ababa, Ethiopia, at 9:55am on May 26 and landed at the Nnamdi Azikiwe International Airport, Abuja, at 12:43 p.m. Shortly after the aircraft landed, Hadi Sirika, Minister of Aviation, expressed delight that after “a…

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