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Wednesday, 18 September 2024 04:45

Fresh flood concerns as Cameroon releases water from dam near Nigeria

The Nigeria Hydrological Services Agency (NIHSA) has issued a warning to Nigerians following the release of water from the Lagdo Dam in Cameroon. The Lagdo Reservoir, located in Cameroon's Northern Province along the Benue River in the Niger basin, spans an area of 586 square kilometers. In a statement on Tuesday, NIHSA Director General, Umar Mohammed, notified the public about the release of water but reassured that no significant flooding is expected in Nigeria. However, he advised certain states—Kogi, Nasarawa, Adamawa, Taraba, Benue, Anambra, Bayelsa, Delta, Edo, Cross River, and Rivers—to take necessary precautions to mitigate the potential impact. "The…

Tuesday, 17 September 2024 04:45

Fuel importation won’t stop given prices coming from Dangote Refinery - Marketers

The price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday may justify the importation of the commodity into Nigeria, oil marketers have said. Dealers also stated that vessels of imported petrol should start arriving in Nigeria from Tuesday (today) as they called for transparency in the pricing of the PMS produced by the Dangote refinery. This came as the Organised Private Sector faulted the role of NNPC as the sole off-taker of petrol from the $20bn Lekki-based refinery. They called for competition in the…

Tuesday, 17 September 2024 04:44

Nigeria’s inflation rate cools, now 32.15 percent

Nigeria’s inflation rate eased to 32.15% in August 2024, marking the second consecutive month of decline, according to the National Bureau of Statistics (NBS). This drop follows a 33.40% inflation rate recorded in July. While inflation remains high, the slower rate of increase in prices offers some relief to consumers who have been struggling with rising costs of goods and services. In its August Consumer Price Index (CPI) report, the NBS highlighted a month-on-month decline of 2.22%, reflecting a 0.06% reduction compared to July. On a year-on-year basis, the inflation rate rose by 6.35% compared to 25.80% in August 2023,…

Monday, 16 September 2024 04:33

NNPCL vs Dangote: We bought at N898/litre; it’s a lie, we sold at a lower price. Okay, disclose exactly how much you sold to us

A controversy has emerged between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over the price of petroleum products, as the newly operational refinery began supplying petrol to the state-owned oil company on Sunday, September 15, 2024. NNPCL's Chief Spokesperson, Olufemi Soneye, stated that the company purchased premium motor spirit (PMS), commonly known as petrol, from Dangote Refinery at N898 per liter. However, Dangote Refinery swiftly countered this claim, describing it as "misleading and mischievous." In a statement, Anthony Chiejina, Dangote's Group Chief Branding and Communications Officer, urged the public to disregard NNPCL's assertion and await a formal…

Monday, 16 September 2024 04:32

Dangote petrol to sell in Lagos for N950/litre; above N1,000 elsewhere

The Nigerian National Petroleum Company Limited (NNPC Ltd) has estimated N950 as the Lagos selling price of petrol sourced from Dangote refinery. This indicates that the selling price at NNPC’s retail stations in other states will be higher as transport costs would be factored in. The state oil firm disclosed this in an early Monday statement by its spokesperson, Olufemi Soneye. “Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing,” the statement said. A PREMIUM TIMES review of the statement shows…

Sunday, 15 September 2024 04:49

At least 64 people feared dead in Zamfara boat accident

At least 64 people were feared dead following a boat accident on a river in Zamfara State in northwest Nigeria, local officials said on Saturday. A wooden boat carrying 70 farmers capsized as it was transporting them across the river to reach their farmlands close to Gummi town on Saturday morning. Local authorities swiftly mobilised residents for a rescue operation, and after three hours, six survivors were pulled from the water. "This is the second time such an incident has occurred in the Gummi Local Government Area," said Aminu Nuhu Falale, a local administrator who led the rescue efforts. He…

Saturday, 14 September 2024 04:44

FG bought forex worth N701m for Remi Tinubu’s foreign trips in 3 months, Punch investigation reveals

In the span of three months, the Federal Government spent approximately N701m to fund the foreign trips of the country’s First Lady, Remi Tinubu, to five countries, Saturday PUNCH can confirm. Recall that in 2023, the Federal Government allocated N1.5bn for the procurement of vehicles for the Office of the First Lady. This budgetary allocation was outlined in the N2.1tn supplementary budget for 2023 approved by the National Assembly. A breakdown of the budget shows the government planned to spend N2.9bn on sport utility vehicles for the Presidential Villa and another N2.9bn to replace operational vehicles for the Presidency. Former…

Saturday, 14 September 2024 04:42

FG imposes ‘heavy’ fines on Discos for overbilling customers

The Nigerian Electricity Regulatory Commission (NERC) has fined the Abuja Electricity Distribution Company (AEDC) and other electricity distribution companies for overbilling customers. NERC published the fine in its September 2024 supplementary order on Friday. According to the electricity regulator, out of all the distribution companies (DisCos), AEDC has the highest fine of N1.69 billion. The order, signed by Musiliu Oseni, NERC vice-chairman, and Dafe Akpeneye, commissioner for legal, licensing, and compliance, follows a comprehensive investigation into AEDC’s billing practices. According to the order, NERC discovered that AEDC and other distribution companies overcharged customers between January and September 2023. The commission…

Saturday, 14 September 2024 04:41

FG declares Monday public holiday for Eid-Ul-Mawlid

The Federal Government has declared Monday, 16th September, 2024 as Public Holiday to mark the celebration of the Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad (Peace Be Upon Him). The Minister of Interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the Federal Government on Friday, in a statement by Magdalene Ajani, Permanent Secretary in the ministry. He congratulated Muslim Ummah both at home and in the Diaspora on this occasion. Tunji-Ojo urged the Muslim Ummah and, by extension, Nigerians to imbibe the spirit of patience, sacrifice, and resilience. While congratulating the Muslim Ummah on the occasion, the Minister…

Friday, 13 September 2024 04:51

CBN issues new directives to enable tracking of PoS transactions

The Central Bank of Nigeria (CBN) has released a new directive to Payment Service Providers (PSPs), requiring them to comply with enhanced routing guidelines for Point of Sale (PoS) transactions. This move is aimed at strengthening the monitoring of electronic transactions across Nigeria. The directive, issued on September 11, 2024, follows CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) structure, which previously operated through a single aggregator. In a circular, signed by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department, the apex bank mandates that all PoS transactions from merchant and agent locations—whether physical…

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Thursday, 12 September 2024 04:42

Maiduguri flood update: 30 dead, 1m people affected. Here’s how the disaster is being managed

Severe flooding has ravaged Borno State in northeastern Nigeria, leaving a trail of devastation in its wake. The disaster, which has affected nearly one million residents, follows the collapse of the Alau Dam, causing widespread destruction across Maiduguri, the state capital. At least 30 people have been confirmed dead, with fears that the casualty figure could be much higher, as many, including children, remain missing. The flooding, triggered by heavy rains and the overflow of the Alau Dam, swept through communities, submerging homes, farmlands, and critical infrastructure. Key locations affected include the Monday Market, Gwange, Shehuri, and the Shehu of…

Thursday, 12 September 2024 04:41

Shield the poor from adverse effects of petrol price hike, IMF urges FG

In response to Nigeria's ongoing fuel pricing and supply challenges, the International Monetary Fund (IMF) has called on the Federal Government to prioritize the protection of vulnerable citizens from the impact of rising petrol prices. Speaking in an interview with Arise TV, Christian Ebeke, IMF's Resident Representative in Nigeria, emphasized the importance of accelerating social safety programs to support those hardest hit by economic policies, particularly amid the current inflation and multiple economic shocks. Ebeke noted that petrol prices in Nigeria remain below market rates, suggesting a potential further increase. This comes on the heels of a similar statement from…

Wednesday, 11 September 2024 04:33

65m BVN holders verified - NIBSS

The number of verified Bank Verification Number (BVN) holders in Nigeria has soared to 65 million, according to the latest report published by the Nigeria Inter-Bank Settlement System (NIBSS). The Bank Verification Number (BVN) system was introduced by the Central Bank of Nigeria (CBN) in 2014 as a biometric identification initiative aimed at reducing fraud and enhancing security in the banking industry. The BVN serves as a unique identifier that links bank accounts across multiple financial institutions, ensuring streamlined processes and improved customer verification. Since its inception, the system has grown exponentially, now covering a significant portion of Nigeria’s banked…

Wednesday, 11 September 2024 04:32

70% of Maiduguri submerged in floods as dam collapses

Thousands of residents in Maiduguri have been displaced after a catastrophic flood, caused by the overflow of the Alau Dam, submerged 70% of the city. The flood, which is Borno State's worst disaster in three decades, has also resulted in a jailbreak, with the Nigerian Correctional Service recapturing three escaped inmates, and the death of 80% of animals at the Sanda Kyarimi Park zoo. The National Emergency Management Agency (NEMA) confirmed the extent of the devastation, reporting that key locations in the city, including the Shehu of Borno’s palace, the state secretariat, and the University of Maiduguri Teaching Hospital, are…

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