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Friday, 16 June 2023 03:45

US sending $1bn yearly to Russia's nuclear program, despite pledging to cripple its economy with sanctions

US companies are sending $1 billion each year to Russia's state-owned nuclear agency, despite President Joe Biden pledging to cripple Russia's economy, according to a report in The New York Times. The payments for enriched uranium are one of the biggest sources of cash from the US to Russia since it was hit by wide-ranging sanctions for its invasion of Ukraine, the Times said. The money for enriched uranium is received by subsidiaries of Rosatom, Russia's state-owned nuclear agency, which has been running Ukraine's Zaporizhzhia nuclear power plant since its forceful capture in March 2022. US companies spent about $1…

Thursday, 15 June 2023 04:00

Suspended EFCC chair, Bawa, taken into SSS’ custody

Suspended chairperson of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has submitted himself for interrogation by Nigeria’s secret police, the State Security Service (SSS). This followed an earlier “invitation” of Bawa by the SSS a few hours after President Bola Tinubu suspended him on Wednesday. “The invitation relates to some investigative activities concerning him,” Peter Afunanya, Public Relations Officer of SSS, said in a statement. The SSS’ statement, which was tweeted via the agency’s Twitter handle at 10.48 pm on Wednesday, said Bawa “arrived for interrogation a few hours ago. Bawa presumably honoured the invitation at the SSS…

Thursday, 15 June 2023 03:59

Naira plunges at official windows as CBN relaxes control

Naira plunged to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years. The naira slid 21% to be indicated at 600 per dollar, in the biggest decline since a devaluation in 2016, according to data compiled by Bloomberg. The stock market and government bonds surged as investors welcomed the prospect for the latest in a series of reforms by President Bola Tinubu. A discussion on letting the currency trade more freely is ongoing at the central bank, a senior banking official told Bloomberg on Wednesday, asking not to be…

Thursday, 15 June 2023 03:58

Domestic airlines mull grounding operations over forex scarcity for maintenance, others

The biting scarcity of dollars may force some airlines to shut down operation any time from now, Daily Trust can report. Though the scarcity has always crippled airline operations, it got worse recently with many airlines finding it extremely difficult to continue operations as they are unable to source for dollars to pay for aircraft maintenance. No fewer than 10 aircraft belonging to local operators are in different maintenance, repair and overhaul (MRO) facilities abroad as they are unable to source for dollars to pay for the cost of maintenance. An average C-check costs $1m (about N750m at N750/$) and…

Thursday, 15 June 2023 03:56

Tinubu signs Data Protection Bill

President Bola Tinubu has signed the Nigeria data protection bill into law. Vincent Olatunji, national commissioner of the Nigeria Data Protection Bureau (NDPB), announced the signing of the bill at a workshop in Abuja on Tuesday. The legislation allows for the establishment of the Nigeria Data Protection Commission (NDPC) to replace the NDPB. The commission is expected to protect citizens’ private information and be independent. The legislation will be headed by a national commissioner with the responsibility of regulating the processing of personal information. The legislation allows Nigerians to seek redress from any form of data breach. The law stipulates…

Wednesday, 14 June 2023 04:04

Focus shifts to Tinubu’s cabinet as President’s loyalists assume leadership of NASS

Nigeria's new lawmakers were sworn in on Tuesday following February elections, setting the stage for President Bola Tinubu to submit cabinet nominees in a process likely to signal how he intends to tackle a struggling economy and growing insecurity. The swearing-in ceremony in the capital Abuja also saw Tinubu's allies elected as Senate President and House Speaker, to mark the official start of legislative duties for newly elected officials. Nigeria's Senate wields significant influence in Nigeria's bicameral legislature, including scrutinizing and confirming the president's cabinet nominees. Tinubu has up to the end of July to name his cabinet but his…

Wednesday, 14 June 2023 04:02

Akeredolu hands over power to deputy over ill health

Following pressures from different political quarters in Ondo state, Governor Rotimi Akeredolu has formally written to notify the State House of Assembly that he is on leave and that his deputy, Lucky Aiyedatiwa, should act as governor. Speaker of the House, Olamide Oladiji, in a statement, said Akeredolu embarked on the 21-day leave for medical treatment abroad from 7th June and that he will be away until 6th July. According to the letter, the leave will extend to the 6th of July due to public holidays on June 12 (Democracy Day) and Eid el Kabir (28th and 29th June). “The…

Wednesday, 14 June 2023 04:00

100 die In Kwara boat accident

Over 100 persons, including a father and his four children have lost their lives in a boat accident at Egbu village, Patigi local government area of Kwara state. The incident, our correspondent gathered, occurred on Monday when the boat transporting them hit a tree due to a river wave. The victims were guests returning from a wedding ceremony at neighbouring Egboti village in Niger State. About 50 bodies were recovered after the incident. Sources in the village told our correspondent that the deceased persons had taken off from Kpada village. “The boat was carrying over 300 passengers on a return…

Tuesday, 13 June 2023 04:18

Education bank to be established as Tinubu signs Student Loan Bill

President Bola Tinubu has signed the student loan bill into law. Tinubu signed the bill on Monday at the Presidential Villa, Abuja. The legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, passed the third reading in the lower chamber in May. The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the house of representatives. Dele Alake, a former Lagos commissioner of information and strategy, announced the signing of the bill to state house correspondents. The legislation allows Nigerian students in tertiary institutions to access interest-free loans from the Nigerian education loan fund. The legislation…

Tuesday, 13 June 2023 04:17

FG tells Nigerians to stop eating ponmo, bushmeat for this reason

Federal Government of Nigeria (FGN) on Monday raised an alarm over the outbreak of a disease known as Anthrax which is in the West African sub-region and urged Nigerians to stop eating ‘pomo’ for now. The FG through the Federal Ministry of Agriculture and Rural Development (FMARD) alerted Nigerians that Anthrax is in some neighbouring countries within West Africa, specifically, Northern Ghana bordering Burkina Faso and Togo. The FMARD Permanent Secretary, Ernest Afolabi Umakhihe in an official statement explained that Anthrax which has claimed some lives is a bacterial disease that affects both animals and man which in turn makes…

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Monday, 12 June 2023 02:08

Emefiele’s ouster seen speeding policy reset, positive market response - Bloomberg

Markets are likely to respond positively to the weekend ouster of Nigeria’s central bank governor, which will allow the country’s new president to better pursue his promise of resetting monetary policy that’s been blamed for crippling Africa’s biggest economy. Godwin Emefiele was suspended by President Bola Tinubu after financial markets closed on Friday, and detained by Nigeria’s state security service a day later for what were termed “investigative reasons.” Folashodun Shonubi, a deputy governor in charge of operations at the bank, will take over on acting capacity. Analysts said the outcome should be that Nigerian bonds strengthen and benchmark interest…

Sunday, 11 June 2023 04:05

Emefiele taken into DSS custody. Bloomberg chronicles events leading to the fall of the CBN chief

Nigeria’s secret police took the nation’s suspended central bank governor into custody, hours after he was removed by the nation’s new president, as a power struggle in Africa’s biggest economy took a dramatic turn. The State Security Service announced Godwin Emefiele’s detention on Saturday for “investigative reasons.” President Bola Tinubu revealed the governor’s dismissal in a brief statement that was issued after financial markets closed on Friday. The secret police have been investigating Emefiele for alleged wrongdoing related to multibillion-dollar public lending programs initiated by the governor. Emefiele’s suspension is a “sequel to the ongoing investigation,” the presidency said, without…

Saturday, 10 June 2023 18:09

Prominent Church leader, Taiwo Akinola, reacts to El-Rufai’s Islamisation agenda, tasks FG on mounting debt, insecurity, others

PRESS RELEASE State of the Nation We want to seize the opportunity of this major event today to lend our voice to the issues relating to the development of our dear country Nigeria. It is a critical role of the Church of Jesus Christ within any geographical border to positively impact her system of governance, growth and development, and to clearly contribute towards the delivery of other social outputs that are crucial to nation building. We thank God for the just concluded election and that Nigeria is on the march again with the new administration to drive the country for…

Saturday, 10 June 2023 04:32

Tinubu suspends Emefiele as CBN governor, appoints replacement

President Bola Tinubu has suspended Godwin Emefiele as governor of the Central Bank of Nigeria (CBN). The office of the secretary to the government of the federation (SGF) announced his suspension. Willie Bassey, director of information, SGF office, in a statement issued on Friday, said the suspension is with immediate effect. According to the statement, Emefiele is to transfer his responsibilities to the deputy governor, operations directorate. Folashodun Adebisi Shonubi, the deputy governor, is expected to act as the CBN governor pending the conclusion of an investigation of Emefiele’s office. “This is sequel to the ongoing investigation of his office…

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