News

Wednesday, 29 January 2025 04:48

FG raises N669.94bn in January 2025 Bond auction

The Debt Management Office (DMO) has successfully raised N669.94 billion in its January 2025 Federal Government of Nigeria (FGN) bond auction, with N606.46 billion allotted across three different bond tenors. According to the results posted by DMO on X (formerly Twitter), the allocations were distributed as follows: - 19.30% FGN APR 2029: N78.86 billion at 21.79% yield - 18.50% FGN FEB 2031: N159.29 billion at 22.5% yield - 22.60% FGN JAN 2035: N368.31 billion at 22.6% yield The auction, which initially targeted N450 billion, was oversubscribed with strong investor interest across all tenors. The funds raised are intended to support…

Wednesday, 29 January 2025 04:47

Telecom users challenge 50% tariff hike in court as NCC remains silent

Nigerian telecommunications subscribers are taking legal action against the Nigerian Communications Commission (NCC) over its recent approval of a 50% increase in call and data tariffs, following failed attempts at negotiation. The National Association of Telecommunications Subscribers (NATCOMS), representing 157 million users, announced Tuesday its plans to file a lawsuit after the NCC failed to respond to their proposal to reduce the hike to 10%. The association had given the regulator a three-day window to reconsider its position. "Since we have not received any response, we are moving forward with the court process starting Wednesday," said NATCOMS President Adeolu Ogunbanjo.…

Wednesday, 29 January 2025 04:42

Omoyele Sowore to be arraigned in court for calling Egbetokun illegal IG

Activist Omoyele Sowore will be arraigned today (Wednesday) following charges brought against him by the Inspector General of Police (IGP), Kayode Egbetokun, over social media posts in which Sowore referred to Egbetokun as an “illegal IG.” The case is being heard before Justice Liman at the Federal High Court in Abuja. Sowore faces three counts under the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024. The charges stem from posts made on his verified X (formerly Twitter) account, where he allegedly described the IGP as “illegal IGP Kayode Egbetokun.” The police claim these statements were false and intended…

Tuesday, 28 January 2025 04:21

CBN exempts BDCs from 2025 licence renewal fees

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee for all Bureau De Change (BDC) operators. This decision was disclosed on Friday by Jonah Onojah, Director of the Financial Policy and Regulation Department, and takes immediate effect. In a statement, the CBN clarified that the waiver aligns with the newly introduced Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, as well as the ongoing transition to a revised regulatory framework for BDCs. The statement read: “This is to inform all existing Bureau De Change operators that, in line with…

Sunday, 26 January 2025 04:14

U.S. halts issuance of gender-neutral ‘X’ passports following Trump Executive Order

The United States has stopped issuing passports with the gender-neutral “X” option, the State Department announced, following an executive order from President Donald Trump that restricts federal recognition of transgender identity. This decision reverses a policy introduced under the previous administration of President Joe Biden, leaving many individuals uncertain about the status of their pending applications and already issued passports. Shortly after taking office on Monday, Trump signed an executive order mandating that federal agencies only recognize male or female gender markers. This move is part of a broader effort to swiftly overturn policies enacted by his predecessor. “In accordance…

Saturday, 25 January 2025 05:01

Obasanjo and Buhari defended Nigeria at Paris Arbitration in Mambilla power dispute. Here’s how it went at the tribunal

Sunrise Power’s hopes of securing a $2.35 billion award against Nigeria in the arbitration proceedings at the International Chamber of Commerce (ICC) over the disputed Mambilla hydropower project were badly hit during ongoing hearings in Paris, France, TheCable understands. While Nigeria was defended by former presidents Olusegun Obasanjo and Muhammadu Buhari as well as former ministers Babatunde Fashola and Suleiman Adamu who testified as factual witnesses, those who had been listed as witnesses by Sunrise did not show up. The panel sittings started on Saturday, January 18, but the hearings from factual witnesses started on Monday, January 20, and ended…

Saturday, 25 January 2025 04:59

FAAN provides update on United Airlines emergency landing in Lagos airport

The Federal Airports Authority of Nigeria (FAAN) has confirmed that 31 passengers and seven crew members sustained injuries following an emergency landing of a United Airlines flight at the Murtala Muhammed International Airport (MMIA) in Lagos. The incident occurred on Thursday when United Airlines flight UA613, a Boeing 787-8 aircraft, en route to Washington Dulles International Airport (IAD) from Lagos, made an emergency return and landed safely at 3:22am on Friday. According to a statement by Obiageli Orah, FAAN’s director of public affairs and consumer protection, the flight carried 245 passengers, along with eight cabin crew members and three pilots.…

Friday, 24 January 2025 04:23

Banks begin implementing new Point-of-Sale withdrawal limits

Union Bank has started implementing new point-of-sale (PoS) withdrawal restrictions following a Central Bank of Nigeria (CBN) directive issued in December 2024. The new regulations set a daily withdrawal limit of N100,000 per customer and a weekly limit of N500,000. The CBN explained that these measures are designed to address industry challenges, prevent fraud, and standardize operational practices across Nigerian banks. In a customer communication, Union Bank confirmed the new limits, encouraging customers to explore alternative transaction channels such as mobile banking, online platforms, and ATM withdrawals. This implementation comes in the wake of regulatory actions against nine banks, including…

Friday, 24 January 2025 04:22

Nigeria to transition to full Computer-Based Examinations by 2027 – Minister

The Federal Government has announced plans to transition all examinations in Nigeria to a 100% computer-based testing (CBT) system by 2027. This was disclosed by the Minister of Education, Tunji Alausa, during the inauguration of the Committee on Improvement of Quality Examinations in Abuja on Thursday. According to the minister, the newly inaugurated committee is tasked with addressing challenges in the education sector, standardizing examination practices, and ensuring fairness and quality. He highlighted the government’s commitment to combating widespread examination malpractices and improving the overall integrity of educational assessments. Alausa emphasized that tackling examination malpractices requires a comprehensive approach, noting…

Thursday, 23 January 2025 04:13

NLC rejects 50% telecom tariff hike, threatens ‘mass action’

The Nigeria Labour Congress (NLC) has criticized the federal government and telecommunications companies for approving a 50% increase in telecom tariffs, describing the move as an attack on Nigerians’ welfare amid the country’s worsening economic conditions. Speaking at the Labour House in Abuja on Wednesday, NLC President Joe Ajaero condemned the tariff hike, calling it a blatant disregard for the struggles of ordinary Nigerians. While acknowledging the impact of inflation on the economy, Ajaero stated that the approved rate of increase was excessive and unjustified. Ajaero also criticized members of the National Assembly for failing to stand with the majority…

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Wednesday, 22 January 2025 04:23

Nigeria's public debt surges to N142.3trn amid currency pressures

In a significant development for its economy, Nigeria's total public debt reached N142.3 trillion by September 30, 2024, marking a 5.97 percent increase from June's N134.3 trillion. This rise, equivalent to N8.02 trillion, primarily reflects the impact of currency depreciation on the country's external obligations. Exchange Rate Impact on External Debt While external debt showed only a marginal increase in dollar terms - from $42.90 billion to $43.03 billion - the naira equivalent surged by 9.22 percent to N68.89 trillion. This dramatic rise in local currency terms stems from the naira's depreciation, with the exchange rate weakening from N1,470.19 to…

Wednesday, 22 January 2025 04:22

Nigeria’s hospitals may be empty of health professionals within two years, CMDs warn

Chief Medical Directors (CMDs) of University Teaching Hospitals and Federal Medical Centres (FMCs) in Nigeria have raised concerns over the alarming rate at which doctors, nurses, and other skilled health workers are leaving the country due to poor remuneration and working conditions. They warned that if this trend continues, tertiary healthcare facilities across the nation could face a severe workforce crisis within the next two years. The CMD of Lagos University Teaching Hospital (LUTH), Wasiu Adeyemo, and the CMD of University College Hospital (UCH), Ibadan, Jesse Abiodun, sounded this alarm during the 2025 budget defence session before the House of…

Wednesday, 22 January 2025 04:20

Environmental groups protest at planned return of oil drilling in Ogoniland

Nigerian environmentalists on Tuesday condemned a government plan to resume oil production in the restive Ogoniland, demanding a halt until meaningful talks with local communities are completed. Ogoniland, in Nigeria's coastal Rivers state, is a flashpoint for pollution in the oil-rich Niger River delta region where a $1 billion cleanup was launched in 2018 following a comprehensive 2011 United Nations Environmental Programme study. More than 20 groups, including Environmental Rights Action/Friends of the Earth Nigeria, Health of Mother Earth Foundation, and the Ogoni Solidarity Forum have criticised the plan, saying it disregards the environmental and social damage caused by decades…

Tuesday, 21 January 2025 04:42

Death toll from Niger state fuel truck explosion rises to 98

The death toll from a fuel truck explosion in Nigeria has climbed to 98 after additional bodies were recovered on Monday, according to the Niger state emergency agency. The blast occurred on Saturday in Dikko, Niger State, after a petrol truck overturned and ignited while people were gathering fuel from the wreckage. Abdullahi Baba-Ara, Director-General of the Niger State Emergency Management Agency, confirmed that 80 victims were buried in a mass grave near a health center in Dikko over the weekend. “After clearing the wreckage of the Dikko tanker, we discovered 12 more bodies today, raising the death toll to…

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