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Thursday, 08 December 2022 05:46

New security measures push Nigeria’s oil production up to 1.6m bpd - NNPCL

Nigeria’s oil production rose by 350,000 barrels per day to 1.6 million amid reduced oil theft, the chief upstream investment officer of NNPC upstream investment management services, Bala Wunti, has said. Wunti said this on Wednesday during an interview on Arise TV’s Morning Show. Nigeria for months failed to meet OPEC production quotas due to massive oil theft and other production challenges. The federal government in its recent draft fiscal strategy paper for 2023 through 2025 said that oil revenue underperformed due to significant production shortfalls such as shut-ins resulting from pipeline vandalism and crude oil theft. In a bid…

Thursday, 08 December 2022 05:45

Buhari gets Guinea Bissau’s highest national honour, streets named after him

President Muhammadu Buhari Wednesday reaffirmed the commitment of Nigeria to work with Guinea Bissau and other countries towards sustaining and strengthening democracy and good governance in the sub-region and the entire African continent. Buhari gave the assurance in the course of a one-day State Visit to the embattled West African country, giving words of encouragement to the people of the country for standing with the democratically chosen administration of President Umaro Sissoco Embaló against threats by undemocratic forces. The president welcomed the conferment of the country’s highest national honour, the Amilcar Cabral Award, upon him and the naming of a…

Thursday, 08 December 2022 05:41

What to know after Day 288 of Russia-Ukraine war

WESTERN PERSPECTIVE Russian President Vladimir Putin has acknowledged that his army could be fighting in Ukraine for a long time, but for now there will be no second call-up of soldiers. FIGHTING * Russian shelling killed 10 people and wounded many others in the town of Kurakhove in eastern Ukraine, President Volodymyr Zelenskiy said. * Belarus plans to move military equipment and security forces on Wednesday and Thursday in what it says are checks on its response to possible acts of terrorism, the state BelTA news agency reported. * Twin strikes on air bases deep inside Russian territory have dealt…

Wednesday, 07 December 2022 04:14

CBN advances cashless economy as apex bank tightens screw on cash withdrawals

Central Bank of Nigeria (CBN) has pegged maximum over the counter (OTC) cash withdrawal per week for individuals at N100,000 and N500,000 for corporate organisations. The apex bank also limited individual Point of Service (POS) to N20,000 per day. This is is contained in a circular by the CBN and addressed to all Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs). Primary Mortqaqe Banks (PMBs) and Microfinance Banks (MFBs). The circular dated 6th December, 2022 was titled Naira Redesign Policy – Revised Cash Withdrawal. It was signed by the Director, Banking Supervision Haruna Mustafa The circular…

Wednesday, 07 December 2022 04:12

NBA boycotts call to Bar over dispute with Wole Olanipekun

Nigerian Bar Association (NBA), yesterday, boycotted the Call to Bar ceremony organised by the Body of Benchers (BoB) where 4,711 new lawyers were admitted into the legal profession. The ceremony was presided over by the Chairman of the Body of Benchers, Wole Olanipekun, who the NBA had asked to step down. The association in a statement by its national president, Yakubu Maikyau, said its decision to shun the ceremony was based on the refusal of Olanipekun to resign. In a letter equally copied to the Chief Justice of Nigeria (CJN), Olukayode Ariwoola, NBA asked Olanipekun to step aside as leader…

Wednesday, 07 December 2022 04:12

Why sanctions against Russia aren't working

When Russia invaded Ukraine in February of this year, the international community slapped a raft of sanctions on the invading nation. They froze the assets of wealthy and powerful Russian citizens, and they restricted their ability to travel. They restricted the sale of Russian raw materials and energy and worked to prevent Russia from getting its hands on various kinds of defense and information technologies. And they imposed financial sanctions on Russian banks and curtailed Russia's access to foreign capital and financial markets. Many corporations followed up on these government-imposed sanctions with so-called self-sanctioning, whereby companies restricted or halted commercial…

Wednesday, 07 December 2022 04:11

What to know after Day 287 of Russia-Ukraine war

WESTERN PERSPECTIVE A third Russian airfield was set ablaze by a drone strike, a day after Ukraine demonstrated an apparent new ability to penetrate hundreds of kilometres into Russia with attacks on two air bases. FIGHTING * Ukraine's military intelligence chief said Russia had enough high-precision missiles to conduct several more big air strikes on Ukraine before it runs out of stocks. * Russian Defence Minister Sergei Shoigu said Ukraine was continuing to shell the Zaporizhzhia nuclear power plant. Ukraine denies shelling the Russian-controlled facility. * Ukrainian President Volodymyr Zelenskiy visited troops close to front lines in the eastern Donbas…

Tuesday, 06 December 2022 05:46

Nigeria to pay extra N9trn on foreign debts due to Naira devaluation - Report

The value of naira to dollar fell from N196.92 in June 2015 to N414.72 in June 2022, worsening Nigeria’s foreign debt burden. Within the seven years under review, the naira depreciated by 52.52 per cent against the US dollar. The Monthly Average Exchange Rates of the Naira (Naira Per Unit of Foreign Currency) for 2015 document obtained from the website of the Central Bank of Nigeria shows that one dollar was N196.92 for Inter-bank Foreign Exchange Market. The exchange rate for one dollar as of June 30, 2022, was N414.72, according to the figure provided by the CBN. In the…

Tuesday, 06 December 2022 05:44

Lagos leads, Bayelsa least as NIN enrolment hits 92.6m

National Identity Management Commission (NIMC) says 92.6 million Nigerians have been enroled into the national identity number (NIN) database. According to the latest data released by the commission, Lagos and Kano are the top states in Nigeria with the highest enrolment. NIMC’s enrolment figures, as at January this year, were 72.7 million and in November, 2022, the number increased by 19.9 million to 92.6 million. In terms of gender distribution, the data revealed that 52.1 million, representing 56 percent of Nigerians so far captured in the NIN database, are male; while 40.5 million, representing 43 percent are female. Further analysis…

Tuesday, 06 December 2022 05:42

NUC adds ICT, Data Science, others to university curriculum

National Universities Commission has introduced Cybersecurity, Data Science, Information and Communication Technology, Computer Science, Information System, Software Engineering as new programmes into the Nigerian university system. This was disclosed in the breakdown of new courses exclusively made available to our corespondent in Abuja on Monday.NUC on Monday unveiled a new curriculum for universities. It would be recalled that NUC in 2021 inaugurated a committee of experts drawn from various disciplines in Nigerian universities to create the new Core Curriculum and Minimum Academic Standards for universities. According to the Executive Secretary of the NUC, Abubakar Rasheed, the new curriculum, Core Curriculum…

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Tuesday, 06 December 2022 05:41

Passengers shun Kaduna-Abuja train service despite heavy security cover

Nigerian Railway Corporation (NRC) on Monday resumed operations at the Kaduna-Abuja railway, nine months after nine people were killed and scores of other passengers were abducted by terrorists who attacked the train in a community near Kaduna. Rail services on the route were abruptly suspended after the 28 March, 2022, attack. On Monday, at exactly 9:45 a.m. the first train, since the attack, left the Kaduna terminal for the country’s capital, Abuja. There were only a handful of passengers on board. Armed security deployed Before the resumption of the train services, the police announced new security measures to ensure safety…

Tuesday, 06 December 2022 05:39

EU is up in arms against Biden’s $430bn inflation reduction spendings. This is what’s at stake

Top European Union officials will use a trade meeting with U.S. counterparts on Monday to press concerns about Washington's huge new green energy subsidy package. While EU countries welcome the new commitment to energy transition, they fear the $430 billion Inflation Reduction Act (IRA) will unfairly disadvantage their companies relative to rivals in the United States. WHY IS EUROPE ANGRY? The 27 EU countries are worried their companies will be cut off from U.S. tax credits for components used in renewable energy technologies like electric cars, offered under the new law on condition they are made in North America. EU…

Tuesday, 06 December 2022 05:38

What to know after Day 286 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Ukrainian forces subjected the Russian city of Donetsk to massive artillery shelling and rocket attacks on Monday, with at least four civilians killed and several more wounded, according to local authorities. The attacks targeted residential areas of the city, with at least three buildings damaged, according to the Joint Center on Control and Coordination (JCCC) mission, which monitors what it alleges are Ukrainian “war crimes.” The shelling primarily hit the Kiev district in the north of the city, the territorial defense headquarters of the Donetsk People’s Republic (DPR) reported. The Ukrainian forces used Grad BM-21 multiple rocket launchers,…

Monday, 05 December 2022 05:57

Gombe and Bauchi states are fighting over ownership of the new Kolmani oil wells. These are the claims by both sides

A crisis appears to be brewing over the ownership of the Kolmani Oil and Gas field as both Bauchi and Gombe States have started laying claims to the oil wells. Officials and residents of the two states have also accused each other of attempting to appropriate the site which is said to contain one billion barrels of crude oil reserves and 500 billion standard cubic feet of gas. The development is coming barely two weeks after President Muhammadu Buhari inaugurated oil exploration at the Kolmani oil field by the Nigeria National Petroleum Corporation Limited and its joint venture partners. Kolmani…

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