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Thursday, 08 August 2024 05:02

While existing seaports outside Lagos are underutilized, state govts splurge $10bn on new ones

Some state governments and private sector investors are pumping over $10 billion into the construction of new deep and river seaports. However, there are concerns from the declining ship traffic and import volume into Nigeria. The shrinking volume of port business – caused by weaker naira, FX instability, and volatile exchange rate for clearing – is threatening the viability of about seven new port projects currently under different stages of development. Despite economic headwinds being responsible for a lull in business activities at the ports, state governments and private investors are still betting on the new ports, putting billions of…

Thursday, 08 August 2024 04:59

#EndBadGovernance: Here’s all that happened on Day 7

The seventh day of nationwide protests in Nigeria, under the banner of #EndBadGovernance, was marked by tragic incidents, official responses, and strategic shifts by protest organizers. The demonstrations, which began on August 1, 2024, continue to highlight citizens' grievances over economic hardships and government policies. Key Developments: 1. Military Admits to Fatal Shooting in Zaria: - The Nigerian Army confirmed that a soldier fatally shot 16-year-old Ismail Mohammed during a protest in Samaru, Zaria, Kaduna State. - The incident occurred despite an ongoing curfew in the area. - The army stated that the soldier fired a warning shot that unfortunately…

Wednesday, 07 August 2024 04:57

#EndBadGovernance: Here’s all that happened on Day 6

As the #EndBadGovernance protests in Nigeria entered their sixth day, the movement continued to evolve across different parts of the country, with varying levels of intensity and diverse forms of expression. Here's a comprehensive overview of the situation: 1. Rivers State: - Protesters stormed the Eleme-Onne section of the East-West Road, a crucial route connecting Port Harcourt to key business facilities. - The demonstration disrupted vehicular movement, highlighting issues of poverty, hunger, and high food costs. - Protesters demanded job creation, infrastructure development, and revival of local refineries. - Some demonstrators gathered at former Governor Nyesom Wike's residence in Port…

Wednesday, 07 August 2024 04:54

Bangladesh army refused to suppress protest, leaving PM Hasina no choice but to flee

The night before long-time leader Sheikh Hasina abruptly fled Bangladesh amid deadly protests, her army chief held a meeting with his generals and decided that troops would not open fire on civilians to enforce a curfew, two serving army officers with knowledge of the discussions told Reuters. Gen. Waker-Uz-Zaman then reached out to Hasina's office, conveying to the prime minister that his soldiers would be unable to implement the lockdown she had called for, according to an Indian official briefed on the matter. The message was clear, the official said: Hasina no longer had the army's support. Details of the…

Wednesday, 07 August 2024 04:53

Crude oil output rises on improved security - Navy chief

Nigeria's oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday. Crude production in Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), stood at 1.2 million barrels per day in February, Ogalla said. Oil major Shell has exited the country. "We have stepped up surveillance and enforcement in the oil producing areas," the naval chief said. "Right now, as we speak, the Nigerian Navy has 12 vessels on the sea to protect…

Tuesday, 06 August 2024 04:42

#EndBadGovernance: Here’s all that happened on Day 5

Key Developments 1. Protests Continue Despite Presidential Address Despite President Bola Tinubu's national broadcast on Sunday calling for protesters to suspend their actions and engage in dialogue, demonstrations continued across several Nigerian states on Monday. The protests, now in their fifth day, are focused on demanding economic and political reforms to address the rising cost of living and other governance issues. 2. Arrest of Protest Leader in Abuja Michael Lenin, a prominent organizer of the #EndBadGovernance protests, was reportedly arrested by the Department of State Services (DSS) in Abuja around 2 am on Monday. However, the DSS later denied having…

Tuesday, 06 August 2024 04:41

NNPC produces new crude oil grade, exports first shipment to Spain

The Nigerian National Petroleum Company (NNPC) Limited has launched the Utapate crude oil blend, a new grade of crude oil, into the international market. According to a statement released on Monday by NNPC spokesperson Femi Soneye, the first cargo of this new blend departed for Spain in July. The Utapate crude oil blend is sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Exploration and Production Limited (NEPL), the upstream subsidiary of NNPC. Located offshore Akwa Ibom State, Nigeria, the Utapate blend currently produces 28,000 barrels per day, with potential to increase to 50,000 barrels per…

Tuesday, 06 August 2024 04:40

Obasanjo: Fuel importers will attempt to frustrate Dangote Refinery

Former President Olusegun Obasanjo has warned that those profiting from fuel importation will likely try to undermine the Dangote Petroleum Refinery. This statement comes in response to allegations by Aliko Dangote, President of the Dangote Group, about efforts by certain "mafias" to sabotage the $20 billion refinery project. In an interview with the Financial Times, Obasanjo highlighted the significance of the Dangote refinery, describing it as a venture that should inspire investment in Nigeria from both locals and foreigners. “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those…

Tuesday, 06 August 2024 04:40

National grid collapses yet again, fifth time this year

Nigeria has suffered another nationwide blackout – the fifth time in 2024. According to various distribution companies (DisCos), their feeders became inactive, resulting in widespread blackouts across the country. Data from the Transmission Company of Nigeria’s (TCN’s) generation trend showed that the grid collapsed at about 1:30 pm on Monday and dropped from 3,241 megawatts (MW) to 1,255MW in an hour. As at the time of this report, out of 21 plants connected to the grid, five generation companies (GenCos) are down while 17 are generating power. The TCN is yet to give reasons for the collapse. Confirming the incident,…

Monday, 05 August 2024 04:51

#EndBadGovernance: Here’s all that happened on Day 4

As the nationwide #EndBadGovernance protests in Nigeria entered their fourth day, tensions continued to escalate across multiple states, with demonstrators defying government appeals and curfews to voice their frustration over economic hardship and poor governance. Key Developments: 1. Continued Protests Despite Presidential Address: - President Bola Tinubu delivered a nationwide broadcast on Sunday, acknowledging protesters' concerns and calling for an end to demonstrations. - Despite this, protesters in several states, including Kano and Lagos, vowed to continue their actions. - In Kano, hundreds of protesters took to the streets, some carrying Russian flags and chanting anti-government slogans. 2. Government Response:…

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Sunday, 04 August 2024 06:39

In address to the nation, Tinubu calls for end of protests, asks for dialogue

President Bola Tinubu has urged an immediate end to the nationwide protests that have been ongoing since Thursday. In his address, he emphasized the government's willingness to listen and address the concerns of the protesters, calling for a suspension of further demonstrations to make room for dialogue. He acknowledged the grievances of the protesters, particularly regarding the rising cost of living, and assured them that their voices have been heard. Condolences and Condemnation of Violence The President expressed his condolences to the families of those who lost their lives during the protests and to those who suffered property losses due…

Sunday, 04 August 2024 03:24

#EndBadGovernance protests: Here’s all that happened after Day 3

The third day of nationwide protests in Nigeria, part of the #EndBadGovernance demonstration, has been marked by escalating tensions between protesters and security forces. The protests, which began on Thursday, are focused on demands for better governance, economic relief, and policy reversals. Key developments on Day 3 include: 1. Violent Dispersal of Protesters in Abuja: - State Security Services (SSS) and police officers used live ammunition and tear gas to disperse peaceful protesters at the MKO Abiola Stadium in Abuja. - Journalists covering the event were also targeted, with reports of bullets damaging vehicles. - The Deputy Commissioner of Police,…

Saturday, 03 August 2024 04:44

#EndBadGovernance protests: Here’s all that happened after Day 2

The nationwide protests against economic hardship and government policies in Nigeria continued for a second day on Friday, August 2, 2024, with escalating tensions between demonstrators and security forces in several parts of the country. Key Developments: 1. Abuja Protests: - Thousands of protesters shut down Abuja's Central Business District, marching towards Eagle Square. - Police dispersed protesters near the National Hospital using tear gas and live ammunition, injuring some demonstrators. - Defiant protesters regrouped at Berger Roundabout despite police actions. 2. Military Warning: - The Chief of Defence Staff, Christopher Musa, threatened military intervention if violence escalates. - He…

Friday, 02 August 2024 04:43

#EndBadGovernance protests: Day 1 summary across Nigeria

FCT Abuja: The protests in Abuja were marked by roadblocks on major roads, particularly the Zuba-Kubwa expressway, where protesters restricted access except for vehicles with leaves. Security forces struggled to disperse the groups, which kept regrouping. In Asokoro, protesters defied gunshots and teargas, marching towards the seat of power and causing significant disruptions. A PREMIUM TIMES journalist was attacked and injured by police while covering the protests. Lagos State: Protests in Lagos saw police dispersing crowds with teargas at the Lekki tollgate, a site of significance from the 2020 anti-police brutality protests. Demonstrations occurred in Ikeja, Ojota, and Lekki despite…

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