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Wednesday, 24 April 2024 04:34

EFCC freezes 300 bank accounts allegedly used for illicit FX trading

In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts. Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes. Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized. Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone. This revelation underscores the…

Wednesday, 24 April 2024 04:31

83 passengers unhurt as Dana Air’s plane skids off runway in Lagos airport

A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident. In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024. The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members. Furthermore, Dana Air informed that the Nigerian Safety and Investigation…

Tuesday, 23 April 2024 04:53

IGP kicks as Jonathan, Abdulsalam advocate for state police

Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja. He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s. Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors. He urged careful consideration of the relationship between state and national security structures. Furthermore, he called for equipping state police adequately to combat criminals effectively. Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state…

Tuesday, 23 April 2024 04:52

FG sets minimum age for admission into tertiary institutions

The Minister of Education, Tahir Mamman, has announced that candidates under the age of 18 will no longer be admitted to tertiary institutions. This directive, given during a monitoring exercise of the 2024 Unified Tertiary Matriculation Examination (UTME) in Bwari, Federal Capital Territory, aims to align with the 6-3-3-4 education system. Mamman expressed concern over parents pressuring underage students into university admission, emphasizing the need for children to mature before entering higher education. He highlighted the challenges faced by young students adjusting to university life and urged parents to refrain from undue pressure. The minister stressed the importance of allowing…

Monday, 22 April 2024 05:11

Power outages worsen for lower tariff customers as DisCos shift attention to Band A consumers

Over 11.5 million electricity households and customers in Nigeria, who account for about 85 per cent of grid connected electricity, have been thrown into darkness as the electricity supply industry moves to implement at least 20-hour power supply to some customers. With electricity generation wobbling around 3,000 megawatts, there are indications that the Generation Companies (GenCos) may insist on a bilateral bulk trading agreement with the Distribution Companies (DisCos) to prioritise band A customers outside of the Nigerian Bulk Electricity Trading Company (NBET). Already, most band A customers, who are expected to get at least 20 hours of power supply…

Monday, 22 April 2024 05:08

Villagers under threats of bandit attack flee to Zamfara govt house for protection

Fleeing residents from Bini community in Maru Local Government Area of Zamfara sought refuge at the Government House in Gusau, urging the government to protect them from bandits. The villagers, predominantly women and children, fled their homes after the withdrawal of military security personnel from the area. Umar Salisu, one of the fleeing villagers, recounted how the absence of security forces prompted their exodus, citing ongoing threats from bandits. Aisha Usman and Wakkala Gurgu echoed the urgent need for government intervention to address the escalating security concerns in their community. Commissioner for Science and Technology, Wadatau Madawaki, reassured the villagers…

Sunday, 21 April 2024 04:56

National interest, not low quality, informed diesel price cuts, Dangote Refinery explains

Dangote Industries Limited's management has refuted claims questioning the quality of its diesel, labeling such allegations as false and mischievous. The company asserts that its refinery is engineered to produce top-tier petroleum products that adhere to rigorous international standards. Anthony Chiejina, the company's spokesperson, emphasized that recent reports suggesting substandard diesel production led to the price reductions are unfounded. Chiejina clarified that the refinery's diesel output contains significantly lower levels of Sulphur compared to previous imports, debunking claims of inferior quality. He further dismissed assertions that the reduced price is indicative of lower quality, citing market dynamics and the company's…

Saturday, 20 April 2024 03:31

From being Africa’s largest, Nigeria’s economy will slip to fourth in 2024 - IMF

Nigeria is poised to descend to the fourth position among Africa's largest economies in 2024, a stark contrast to its long-held status as the continent's largest economy since the GDP rebasing in 2013. According to forecasts from the International Monetary Fund (IMF) for April 2024, Nigeria's GDP is projected to amount to $253 billion, primarily attributed to the devaluation of the Naira. The IMF predicts that South Africa will reclaim its position as Africa's largest economy, boasting a GDP of $373 billion, followed closely by Egypt with $348 billion and Algeria with $267 billion. This projection marks a significant shift…

Saturday, 20 April 2024 03:30

FAAC: FG, states, LGs share N1.123tn for March 2024

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the federal, state, and local governments for March 2024. According to a statement by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, the allocation was derived from a gross total of N1.867 trillion. This allocation breakdown includes N345.890 billion for the Federal Government, N398.689 billion for states, and N288.688 billion for local governments. Oil-producing states received N90.224 billion as part of the 13% mineral revenue derivation. The statement also highlighted a notable increase in the gross revenue from Value Added…

Saturday, 20 April 2024 03:29

Nigeria to acquire 24 fighter jets from Italy

Nigeria plans to acquire 24 fighter jets from Italy's Leonardo to modernize its fleet and bolster its air force, air force spokesperson Edward Gabkwet said on Friday. The aircraft will arrive the country in four batches of six jets each, the air force said. Africa's most populous nation will receive the first six M-346 fighter aircraft before the end of the year, Gabkwet said in a statement. The news followed a visit by Claudio Sabatino, Leonardo vice president, to Nigeria's air force chief in Abuja on Wednesday. Leonardo will provide a minimum of 25 years maintenance support, the air force…

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Friday, 19 April 2024 04:41

25m children forced into child labour with the following zonal, spatial distributions - NBS

The National Bureau of Statistics (NBS) unveiled a staggering revelation: 24.6 million children across Nigeria are ensnared in the clutches of child labour. This revelation emerged from the comprehensive 'Nigeria Child Labour Survey 2022', a report published to shed light on this grave societal issue. The report pinpointed states like Cross River, Yobe, and Abia as the front-runners in this distressing chart, with figures soaring above 60 percent, painting a grim picture of the prevalence of child labour in these regions. According to the NBS, child labour encompasses any form of work that deprives children under 18 of their rightful…

Friday, 19 April 2024 04:40

Only 6 percent of Nigerians own vehicles, FG reveals

During a meeting with vehicle component manufacturers aimed at enhancing efficiency and local production in Nigeria's automotive sector, Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), disclosed a striking statistic: only 6 percent of Nigerians possess vehicles in the country. This revelation, made yesterday, underscores the pressing need to bolster domestic vehicle ownership rates and drive sustainable growth within the sector. Osanipin emphasized the imperative of leveraging Nigeria's abundant talents and resources to achieve this objective. Comparing Nigeria's vehicle ownership rate to that of South Africa, which stands at 17.4 percent, he highlighted the…

Friday, 19 April 2024 04:39

Iran fires air defense batteries in provinces as explosions heard near Isfahan - Associated Press

Iran fired air defense batteries early Friday morning as explosions could be heard near a major air base near Isfahan, raising fears of a possible Israeli strike following Tehran’s unprecedented drone-and-missile assault on the country. It remained unclear if the country was under attack, as no Iranian official directly acknowledged the possibility and Israel’s military did not respond to a request for comment. However, tensions have remained high in the days since the Saturday assault on Israel amid its war on Hamas in the Gaza Strip and its own strikes targeting Iran in Syria. One Iranian government official and later…

Thursday, 18 April 2024 04:49

FG says students in private institutions, prison inmates won’t benefit from students loan

The management of the Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Akintunde Sawyerr, has shed light on why students from private institutions and incarcerated individuals are excluded from the upcoming student loan fund launch. Addressing journalists at UNILAG, Sawyerr emphasized the fund's focus on aiding "indigent" students. He clarified that private institution attendees aren't deemed financially disadvantaged and stressed the fund's aim at redistributing wealth to deserving candidates, monitored via mechanisms like BVN verification. Regarding inmates pursuing education, Sawyerr cited challenges in loan recovery from individuals serving lengthy sentences. Executing a transparent selection process, NELFUND plans to…

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