News

Wednesday, 20 July 2022 06:32

CBN hikes key rate to 3-year high with more to come

Central Bank of Nigeria increased its key interest rate at successive meetings for the first time in more than a decade and signaled even higher borrowing costs, escalating its response to curb accelerating inflation. The monetary policy committee voted to hike the rate by 100 basis points to 14%, Governor Godwin Emefiele said in a televised briefing in the capital, Abuja, on Tuesday. Four of eight economists in a Bloomberg survey forecast an increase -- with only two predicting that margin. The last time the MPC hiked at two consecutive meetings was in 2011. The MPC “expressed concern about the…

Wednesday, 20 July 2022 06:32

FG to continue $3.5bn claim against Eni, Shell

Nigeria will continue its $3.5 billion civil claim against Shell Plc and Eni SpA after Italian prosecutors dropped criminal proceedings against the companies, a lawyer representing Africa’s largest crude producer said. The West African country, which joined the case as a civil party in 2018, still plans to appeal the March 2021 ruling by a court in Milan acquitting the energy giants and several of their current and former executives of corruption charges, Olabode Johnson, a lawyer for the Nigerian government, said by phone. Prosecutors, who said on Tuesday they would not challenge the decision, had alleged executives involved in…

Wednesday, 20 July 2022 06:31

Buhari gives education minister 2 weeks to resolve strike issues with ASUU

President Muhammadu Buhari has given Adamu Adamu, minister of education, two weeks to resolve issues of contention regarding the strike by the Academic Staff Union of Universities (ASUU). The president gave the directive on Tuesday at a meeting with the minister and other stakeholders. ASUU has been on strike since February 14 over the federal government’s failure to honour an agreement on issues bordering on funding of universities, as well as salaries and allowances of lecturers. According to sources at the meeting on Tuesday, the minister is expected to report back to Buhari on the development in two weeks. The…

Wednesday, 20 July 2022 06:27

Putin forges ties with Iran's supreme leader in Tehran talks

Russian President Vladimir Putin had talks with Supreme Leader Ayatollah Ali Khamenei in Iran on Tuesday, the Kremlin leader's first trip outside the former Soviet Union since Moscow's Feb. 24 invasion of Ukraine. In Tehran, Putin also held his first face-to-face meeting since the invasion with a NATO leader, Turkey's Tayyip Erdogan, to discuss a deal that would resume Ukraine's Black Sea grain exports as well as the conflict in northern Syria. Putin's trip, coming just days after U.S. President Joe Biden visited Israel and Saudi Arabia, sends a strong message to the West about Moscow's plans to forge closer…

Wednesday, 20 July 2022 06:26

China warns of 'forceful measures' if US House Speaker Pelosi visits Taiwan

China's government warned on Tuesday that it would take "forceful measures" if U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan, after the Financial Times said she would go to the Chinese-claimed island next month. Pelosi and her delegation will also visit Indonesia, Japan, Malaysia and Singapore, and spend time in Hawaii at the headquarters of U.S. Indo-Pacific command, the London newspaper added, citing people familiar with the matter. Taiwan's Foreign Ministry said it has "not received relevant information" about any visit. Asked about the report, Drew Hammill, Pelosi's deputy chief of staff, said, "We do not confirm or deny…

Wednesday, 20 July 2022 06:24

What to know after Day 146 of Russia-Ukraine war

Russian missiles struck cities and villages in eastern and southern Ukraine, hitting homes, a school and a community center on Tuesday. In Kramatorsk, a city in eastern Ukraine’s Donetsk province considered a likely Russian occupation target, one person was killed and 10 wounded in an airstrike that hit a five-story apartment building, regional Gov. Pavlo Kyrylenko said. Fresh blood stained the concrete amid green leaves that were torn off trees as nearby apartments on at least two floors burned. Shrapnel was placed in a small pile near an empty playground. “There was no one here. Everything is ruined,” said Halyna…

Tuesday, 19 July 2022 07:13

NNPC increases petrol pump price to N179 per litre

Nigerian National Petroleum (NNPC) Limited has approved an upward review in the pump price of Premium Motor Spirit(PMS) from N165 per litre to N179 per litre, effective today (Tuesday). NNPC Limited in a notice to fuel marketers directed them to change the petrol price on pumps to the new price effective today(Tuesday). This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre. Findings by Daily Sun across some filling stations in Lagos revealed that majority of the filling stations have adopted different price models. While some filling stations have changed the price on…

Tuesday, 19 July 2022 06:59

New documents reveal ‘huge’ scale of US government’s cell phone location data tracking

The Department of Homeland Security (DHS) used mobile location data to track people’s movements on a much larger scale than previously known, according to new documents unearthed by the American Civil Liberties Union (ACLU). It’s no secret that U.S. government agencies have been obtaining and using location data collected by Americans’ smartphones. In early 2020, a Wall Street Journal report revealed that both Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) bought access to millions of smartphone users’ location data to track undocumented immigrants and suspected tax dodgers. However, new documents obtained by the ACLU through an…

Tuesday, 19 July 2022 06:57

What to know after Day 145 of Russia-Ukraine war

Russian forces kept up their bombardment of cities across Ukraine, with intense shelling of Sumy in the north, cluster bombs targeting Mykolaiv and a missile strike in Odesa in the south, authorities said on Tuesday. FIGHTING * In Odesa, a Russian missile strike injured at least four people, burned houses to the ground, said Oleksii Matsulevych, a spokesman for the regional administration. * Russian forces hit Mykolaiv with cluster shells on Monday, injuring at least two people and damaging houses, the Ukrainian city's mayor Oleksandr Senkevich said in a social media post. * More than 150 mines and shells had…

Monday, 18 July 2022 07:00

Nigeria, 11 other countries have been listed as potential defaulters in paying their growing debts. Here’s why the countries are so categorised

Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble. Lebanon, Sri Lanka, Russia, Suriname and Zambia are already in default, Belarus is on the brink and at least another dozen are in the danger zone as rising borrowing costs, inflation and debt all stoke fears of economic collapse. Totting up the cost is eyewatering. Using 1,000 basis point bond spreads as a pain threshold, analysts calculate $400 billion of debt is in play. Argentina has by far the most at over $150…

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Monday, 18 July 2022 06:59

NLC announces date to protest shutdown of public universities due to ASUU strike

Nigeria Labour Congress (NLC) will embark on two-day protest on July 26 to demonstrate against a six-month shutdown of public universities across the country due to pay disagreements between the government and teachers, it said on Sunday. NLC, the country's main umbrella union, represents millions of workers across most sectors of Africa's biggest economy, including parts of the oil industry. It said in a statement it will mobilise workers for the protest for good governance. Strikes by Nigerian public university teachers are common. The current strike by the Academic Staff Union of Universities started on Feb. 14. A previous one…

Monday, 18 July 2022 06:57

NBA elects new president

Yakubu Maikyau, senior advocate of Nigeria (SAN), has emerged winner of the Nigerian Bar Association presidential election. According to the Electoral Committee of the Nigerian Bar Association (ECNBA), only 59,392 lawyers – the highest ever – were accredited to vote in the election held on Saturday. Maikyau polled a total of 22,342 to Joe Gazama, senior advocate of Nigeria who polled 10,842 votes, and Jonathan Taidi, 1,373 votes. He was born on February 6, 1965 in Kebbi state. He obtained a bachelor of law (LLB) degree from Ahmadu Bello University, Zaria, Kaduna state in 1989, and proceeded to the Nigerian…

Monday, 18 July 2022 06:56

Putin delivered huge sub with power to unleash 'radioactive tsunamis'

Belgorod is the biggest sub built in 30 years at over 600ft long and 30,000 tons Can carry 6 80ft Poseidon torpedoes with up to 100 megaton nuclear warheads Coastal attack would cause 500m tsunami and 'devastating' radiation spread Russian Navy chief claimed the sub will be used for scientific research missions Experts fear sub could sabotage undersea cables with special unmanned drones Delivered to Russian Navy yesterday after being spotted on surface last month The Russian Navy were delivered a 'doomsday' submarine yesterday equipped with nuclear torpedoes 'the size of a school-bus' so powerful they could cause a 'radioactive…

Monday, 18 July 2022 06:55

Ukraine president sacks security chief, hundreds others for spying for Russia

Ukraine's President Volodymyr Zelenskiy sacked the head of the country's domestic security service and state prosecutor, citing hundreds of cases of alleged treason and collaboration with Russia, as Moscow appeared set to step up military operations. Zelenskiy said more than 60 officials from the SBU security service and prosecutor's office were working against Ukraine in Russian-occupied territories, and 651 treason and collaboration cases had been opened against law enforcement officials. The sackings on Sunday of Ivan Bakanov, head of the security service, and Prosecutor General Iryna Venediktova, who led efforts to prosecute Russian war crimes, and the sheer number of…

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