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Thursday, 20 February 2025 04:29

FG sues Binance for $81.5bn in economic losses, tax backlog

Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion in damages for alleged economic losses and an additional $2 billion in back taxes, according to court documents released on Wednesday. The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11. Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency crisis. In 2024, the government detained two Binance executives, citing concerns that cryptocurrency platforms were being used for speculative trading of the naira. Binance, which is not registered in Nigeria, has yet to comment on…

Thursday, 20 February 2025 04:27

FG bans tankers exceeding 60,000-litre fuel from Nigerian roads

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a ban on fuel tankers with a capacity exceeding 60,000 litres from operating on Nigerian roads. The decision, revealed during a press briefing in Abuja on Wednesday, is set to take effect on March 1, 2025, as part of efforts to reduce road accidents involving heavy-duty petroleum tankers. Ogbugo Ukoha, NMDPRA’s Executive Director of Distribution Systems, Storage, and Retailing Infrastructure, explained that the ban aims to address the rising number of truck-related accidents, which have resulted in significant loss of life and injuries. He cited a tragic incident on…

Wednesday, 19 February 2025 04:49

Rebasing magic: Nigeria's inflation rate ‘drops’ to 24.48% amid rising prices

Nigeria's inflation rate has significantly decreased from 34.8 percent in December 2024 to 24.48 percent in January 2025 following the rebasing of the Consumer Price Index (CPI), according to the National Bureau of Statistics (NBS). The NBS, in a statement released Tuesday, explained that the rebased CPI reflects an updated price reference period with 2024 as the base year and a weight reference period of 2023. The statistician-general, Adeyemi Adeniran, said the "all-items index which is used to measure headline inflation for January 2025 was 110.7," resulting in the new headline inflation figure. The rebasing exercise, announced in October 2024,…

Wednesday, 19 February 2025 04:48

CBN orders directors with bad loans to step down, mandates publication of dormant accounts

The Central Bank of Nigeria (CBN) has issued two major directives aimed at strengthening governance and transparency in the banking sector, ordering directors with non-performing loans to step down immediately while also requiring financial institutions to publish details of dormant accounts and unclaimed balances. In a circular dated February 17 and signed by Acting Director of Banking Supervision Adetona Adedeji, the CBN mandated that bank directors with non-performing insider-related loans must immediately vacate their positions. Banks are also required to recover outstanding debts by enforcing collateral recovery and taking possession of affected directors' shareholdings. "Directors with non-performing insider-related facilities are…

Wednesday, 19 February 2025 04:47

Tributes pour in for Edwin Clark, deceased at 97

Edwin Clark, a former Federal Commissioner for Information and prominent South-South leader, passed away on Monday night at the age of 97. His death was announced by his family, who confirmed that the chairman of the Pan Niger Delta Forum (PANDEF) died peacefully. President Bola Tinubu shared his grief on Tuesday, describing Clark as a "passionate advocate for resource control, economic, and environmental justice in the Niger Delta." Tinubu highlighted Clark's extensive service to Nigeria, noting his roles as a councillor, state, and federal cabinet member, and his significant influence on the national political scene for nearly six decades. Former…

Tuesday, 18 February 2025 04:49

Oil production rises to 1.7m bpd as theft reduces drastically - FG

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant reduction in oil theft across the country, with daily losses now at approximately 5,000 barrels per day (bpd). This improvement has contributed to a steady increase in oil production, which now stands at 1.7 million bpd. NUPRC Chief Executive Gbenga Komolafe shared these developments in Abuja on Saturday, according to a statement released by Olaide Shonola, Head of Public Affairs and Corporate Communications at NUPRC. "Through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd," Komolafe…

Monday, 17 February 2025 04:52

Viral video: Nigerians demand credible tests to determine which lasts more - NNPC’s or Dangote’s petrol?

Nigerians have called on the Federal Government to conduct fresh tests to confirm the quality of petrol sold in filling stations across the country. This came amid allegations from a viral video that the petrol from the Nigerian National Petroleum Company Limited doesn’t last long in fuel tanks. This is even as the Petroleum Products Retail Outlet Owners Association of Nigeria said the fuel from the NNPC is of the quality standard. On Saturday, the NNPC denied claims that it sells substandard petrol with a high burn rate. In a statement by its spokesperson, Olufemi Soneye, the NNPC said it…

Monday, 17 February 2025 04:51

FG faces backlash over Canada visa requests for 70 officials amid economic crisis

In a move that has sparked widespread criticism, senior Nigerian government officials, including the Chief of Defence Staff (CDS), General Christopher Musa, and other top military officers, applied for visas to attend the Invictus Winter Games in Canada. The delegation, comprising over 70 officials, was denied visas by the Canadian Embassy, leading to a heated exchange between Nigerian officials and the Canadian High Commission. The controversy has drawn sharp criticism from former Chairman of the National Human Rights Commission (NHRC), Chidi Odinkalu, who lambasted the Nigerian officials for their actions. Odinkalu questioned the rationale behind sending such a large delegation…

Monday, 17 February 2025 04:49

Again, accidental airstrike wipes out family of 6 in Katsina

Seven innocent civilians were said to have been killed by a military airstrike that hit Yauni community, Zakka ward of Safana Local Government Area of Katsina State. Daily Trust gathered that three other security personnel, including two police officers and an operative of the state owned Community Watch Corps (CWC), were earlier killed in a gun duel with bandits. A resident who pleaded anonymity told our reporter that the incident was as a result of the local government election which took place on Saturday. The bandits had reportedly planned to attack voters in Zakka village. However, having heard of their…

Saturday, 15 February 2025 04:56

FG, accused lawmakers respond to Binance executive's bribery allegation against govt officials

In a series of explosive allegations following his release from Nigerian custody, Binance's head of financial crime, Tigran Gambaryan, has accused Nigerian lawmakers of demanding a $150 million bribe and claimed the government sought to misuse customer data to target opposition members. Gambaryan, who was detained in Nigeria from February to October 2024, named three lawmakers - Peter Akpanke, Philip Agbese, and Ginger Onwusibe - as participants in what he described as a "Mickey Mouse operation" involving fake cameras and media setups. According to Gambaryan, the lawmakers demanded the bribe be paid in cryptocurrency to their personal wallets during a…

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Saturday, 15 February 2025 04:48

SSS DG advocates for armed local communities to fight bandits, others

The Director-General of the State Security Service (SSS), Oluwatosin Ajayi, has called for the arming of local communities to serve as the first line of defense against insecurity in Nigeria. Speaking on Thursday at the inaugural annual lecture of the National Association of the Institute for Security Studies (AANISS) in Abuja, Ajayi emphasized the need for community-based security measures before the intervention of law enforcement agencies such as the police and military. Citing an example from Azare, Bauchi State, where residents successfully repelled a Boko Haram attack, Ajayi argued that empowering communities to defend themselves is a practical approach to…

Friday, 14 February 2025 13:38

Afenifere leader Ayo Adebanjo, devoted Awoist and champion of justice, passes at 96

Pa Ayo Adebanjo, the revered leader of Afenifere, the pan-Yoruba socio-cultural organization, has passed away at the age of 96. He died peacefully on the morning of Friday, February 14, 2025, at his residence in Lekki, Lagos State. His family confirmed his passing in a statement released to the press, describing him as a man who dedicated his life to the pursuit of truth, equity, and justice. Adebanjo, a distinguished lawyer and former organizing secretary of the Action Group, was a towering figure in Nigerian politics and a steadfast disciple of the late Obafemi Awolowo, Nigeria’s iconic nationalist and statesman.…

Friday, 14 February 2025 05:01

‘They can go to hell!’ National Security Adviser Ribadu blasts Canada over visa denial to military chiefs

National Security Adviser (NSA) Nuhu Ribadu has angrily condemned the Canadian embassy's decision to deny visas to Chief of Defence Staff (CDS) Christopher Musa and other military leaders. The incident came to light during the inaugural annual lecture of the National Association of the Institute for Security Studies (AANISS) in Abuja on Thursday, where CDS Musa revealed that he and several top military officers were unable to attend a veterans' honor ceremony in Canada due to visa denials. "Every disappointment is a blessing. Yesterday, I was meant to be in Canada. There's an event to honour our veterans, those that…

Friday, 14 February 2025 05:00

‘Forgive and forget, abeg!’ MTN Nigeria begs customers over data price hike mishap

MTN Nigeria has come out with its hands in the air, begging its customers for forgiveness after a massive 200% price hike on its popular 15GB digital bundle plan sparked nationwide outrage. The telecom giant, known for its catchy slogans and vibrant branding, took to its official Instagram page on Thursday to issue a heartfelt apology, dripping with pidgin English charm, in a bid to calm the storm. The company’s statement, which quickly went viral, was a mix of remorse, humor, and a plea for love during the Valentine’s season. MTN didn’t just apologize; it spoke the language of the…

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