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Thursday, 14 March 2024 04:50

Foreign direct investments in Nigeria will shrink in 2024 due to ‘corruption, cronyism, rampant insecurity’, others – EIU

An international business research firm, the Economist Intelligence Unit, has declared that indigenous oil companies acquiring assets of divesting international oil companies will not be able to match their investing power. The EIU, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to invest as the multinationals, who had been the major drivers of the Nigerian oil industry since its inception. It feared that there might be a net withdrawal of foreign direct investment in 2024, as it happened in the previous year. “The wider business environment will remain highly…

Thursday, 14 March 2024 04:49

Tinubu lifts all sanctions against Niger

President Bola Tinubu has directed the opening of Nigeria’s land and air borders with the Republic of Niger. Presidential spokesman, Ajuri Ngelale in a statement in Abuja on Wednesday said the directive was in compliance with the decision of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government at its extraordinary summit on February 24, 2024, in Abuja. The statement also directed the lifting of other sanctions against the country with immediate effect. At its extraordinary summit on February 24, 2024, in Abuja the ECOWAS Authority of Heads of State and Government had agreed…

Wednesday, 13 March 2024 04:52

Two top Binance executives remain in detention in Nigeria. Here’s what we know so far about their case

Relatives of the two Binance executives detained in Nigeria amid a crackdown on the crypto exchange platform on Tuesday spoke about their expectations of a quick resolution with the Nigerian authorities. According to the families of the two executives, the officials are 39-year-old Tigran Gambaryan, an American and Binance’s head of financial crime compliance, and 37-year-old Nadeem Anjarwalla, a UK and Kenyan national who is Binance’s regional manager for Africa. This newspaper reported how the Nigerian government detained the two executives of the crypto exchange platform amid desperate efforts to stabilise the nation’s foreign exchange market. Federal government sources with…

Wednesday, 13 March 2024 04:51

‘Some senators got N500m each for constituency projects, I didn’t get’, senator says - causing uproar

There was a rowdy session in the senate on Tuesday when Jarigbe Jarigbe, a lawmaker, claimed that some “senior senators” got N500 million in the 2024 budget for constituency projects. Jarigbe made the claim while contributing to the motion moved by Solomon Adeola, senator representing Ogun west, on the allegation of budget padding. The Ogun west senator said his privilege was breached because he participated in the budgeting process. During the weekend, Abdul Ningi, senator representing Bauchi central, stirred a controversy when he alleged that the 2024 budget was padded with the sum of N3 trillion by the senate. Ningi…

Tuesday, 12 March 2024 04:32

Migrant health workers no longer allowed to bring family members into UK - Official

UK authorities have banned health workers from bringing dependants to the country. The UK Home Office made this known in a statement released on Monday. The statement said the new rules to cut net migration and tackle visa abuse “in force as part of the government’s plan to bring down unsustainable levels of legal migration”. In a tweet, the Home Office wrote, “From today, care workers entering the UK on Health and Care Worker visas can no longer bring dependants. This is part of our plan to deliver the biggest ever cut in migration.” While laying out implication of the…

Tuesday, 12 March 2024 04:30

Construction firm responds to NBA’s allegation of shoddy work in Oyo High Court building

RTD Thompson Ltd., an Abuja-based construction firm, has taken the Oyo State Chapter of the Nigerian Bar Association (NBA) to task over misgivings the body expressed on the durability and quality of work on a ceremonial hall it is building for the state government at the state high court complex in Ibadan, the state capital. The body of lawyers had expressed doubts about the quality of job done on the structure in a memo to Governor Seyi Makinde complaining about hindrances to appointment of judges to redress the shortfall in the state's judiciary. In the letter dated January 30, 2024…

Monday, 11 March 2024 04:40

Blackout in Abuja yet again as vandals bring down transmission lines

Residents of Abuja are currently witnessing another bout of darkness as the Shiroro-Katampe 330kV transmission line has been vandalized. The development comes less than two weeks after the Transmission Company of Nigeria (TCN) announced that vandals had hit a transmission line. In a statement on Sunday, TCN said the new vandalism will affect electricity customers under the Abuja Electricity Distribution Company on 33kV feeders from Central Transmission Station (TS) (FDRS1-8), Katampe1 (LifeCamp Gwarimpa, Jabi, Wuse 2 and 9mobile feeders. Katampe2(Maitama,Jahi and Mpape feeders). Also to be affected are Kubwa TS (Kubwa, Deidei, NIPP, Bwari Dawaki and Dam feeders). GIS(D1 and…

Monday, 11 March 2024 04:40

Ramadan fasting commences today - Sultan

Muhammad Abubakar, Sultan of Sokoto, has announced the sighting of the crescent moon for the commencement of Ramadan fasting. In a broadcast on Sunday, the Sultan, who is also the president of the Supreme Council for Islamic Affairs (NSCIA), said Monday marks the beginning of Ramadan fasting for Muslims in the country. “Today, Sunday, the 29th day of Sha’aban 1445 after the hijra which is equivalent to 10th March 2024, marks the end of Sha’aban 1445 after hijrah, with the reports of moon sightings that we have received from Muslim leaders and organisations across the country which we duly accepted,”…

Sunday, 10 March 2024 04:55

Another 2024 budget with extra N3trn was ‘passed underground which we didn’t know’, Senator blows the whistle

Senator representing Bauchi central senatorial district, Abdul Ningi, has said there was another budget different from what was passed on the floor of the National Assembly. Ningi disclosed that some experts have been reviewing the budget and a report will be presented to President Bola Tinubu, to ascertain if he was in the know or not. Speaking as a guest during an interview with BBC on Saturday, the Senator disclosed that the Northern elite is not happy with this government as the North has been neglected. He said, “This is true (about the review of the government) for the past…

Sunday, 10 March 2024 04:54

31.5m Nigerians projected to suffer mass hunger from June onwards - Report

Cadre Harmonisé (CH) report says about 31.5 million Nigerians may experience food and nutrition crisis between June and August 2024. Cadre Hatmonisé is a food and nutrition insecurity study conducted by the ministry of agriculture and food security in collaboration with other partners including the United Nations Food and Agriculture Organisation (FAO). The report also indicated that about 24.7 million people, including 14,000 IDPs in 26 states and the federal capital territory (FCT), are to experience food crisis between March and May 2024. “About 1.1 million people in Adamawa were expected to be in crisis or worse between June and…

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Sunday, 10 March 2024 04:53

FG suspends Expatriate Employment Levy after widespread condemnation

The federal government has suspended the expatriate employment levy (EEL) — a week after President Bola Tinubu launched it. EEL, launched on February 28, was introduced by the federal government to close wage gaps between expatriates and the Nigerian labour force. The expatriate employment levy, which provides guidelines on the employment of Nigerians in foreign-owned companies, requires firms to pay levies for hiring expatriates. Since the introduction of the policy, stakeholders have raised concerns, saying it is harmful to the country’s drive for foreign direct investments (FDIs). According to ThisDay, on Saturday, the decision to suspend the implementation of the…

Friday, 08 March 2024 04:50

Another Nigeria Air Force plane crashes, third in 7 months

A Nigerian Air Force Super Mushshak trainer aircraft was involved in "a minor mishap" on Thursday, but the two pilots on board survived the crash, the Air Force said. The incident occurred at about 1335 GMT near a military airfield in the northern city of Kaduna as the plane was returning from a routine training flight, Air Force spokesperson Edward Gabkwet said in a statement. Nigeria Air Force authorities have ordered a preliminary investigation to determine the immediate cause of the crash, the statement said. No further details were provided. The crash follows a Nigerian Air Force MI-35P helicopter that…

Friday, 08 March 2024 04:49

FG inaugurates implementation committee of Oronsaye report with the following members, mandates

The federal government has inaugurated a 10-member committee on the implementation of the recommendations of the Oronsaye report. On February 26, President Bola Tinubu directed the full implementation of the Oronsaye report to “enhance efficiency in the federal service, and reduce the cost of governance”. According to a statement by Segun Imohiosen, director of information in the office of the secretary to the government of the federation, the committee was inaugurated by George Akume, the SGF, on behalf of the president. Akume noted that the implementation of the White Papers on the Oronsaye report is aimed at reducing the cost…

Wednesday, 06 March 2024 04:39

Manufacturers berate FG over hike in Expatriate Levy amid massive shutdown of manufacturing companies

Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative. According to MAN, the unintended negative consequences on the…

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