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Tuesday, 28 November 2023 04:45

Tinubu retains Kyari as NNPC boss, reconstitutes Board

President Bola Tinubu has approved the appointment of the board and management team of the Nigerian National Petroleum Company (NNPC) Limited. In a statement on Monday, Ajuri Ngelale, special adviser to the president on media and publicity, said Tinubu also retained Umar Isa Ajiya as the chief financial officer. The appointments included six non-executive directors: Ledum Mitee, Musa Tumsa, Ghali Muhammad, Mustapha Aliyu, David Ogbodo and Eunice Thomas. Furthermore, Tinubu approved the appointment of Okokon Ekanem Udo as permanent secretary, federal ministry of finance and Gabriel Aduda, permanent secretary, federal ministry of petroleum resources. Ngelale said the appointments will take…

Tuesday, 28 November 2023 04:44

Twenty killed in Sierra Leone attack and nearly 2,000 prisoners escape

Twenty people were killed and nearly 2,000 inmates escaped during Sunday's attack on a military barracks, a prison and other locations in Sierra Leone, officials said on Monday. The West African country was thrown into panic in the early hours when the assailants sent gunfire ringing across the capital Freetown. The government blamed "renegade soldiers" that it said had been repelled. President Julius Maada Bio said in an address on Sunday that most of the leaders of the attack had been arrested and that efforts to apprehend others were under way. An investigation has been launched, he said. Army spokesman…

Monday, 27 November 2023 04:43

Sierra Leone president says calm restored after attacks on military barracks to ‘acquire arms and disturb constitutional order’

Sierra Leone President Julius Maada Bio said most of the leaders of an attack on a military barracks in the capital Freetown earlier on Sunday had been arrested, adding that security operations and an investigation were ongoing. "We will ensure that those responsible are held accountable," Bio said on national television. "As your commander-in-chief, I want to assure everybody who is resident in Sierra Leone that we have overcome this challenge," he said, and calm had been restored. Earlier, the government said security forces had repelled "renegade soldiers" who attempted to break into a military armoury in Freetown during the…

Saturday, 25 November 2023 04:51

Nigeria’s 3rd quarter GDP grew marginally 0.03% above Q2 2023 growth. Here are the sectoral details

Nigeria’s gross domestic product (GDP) grew by 2.54 percent in the third quarter (Q3) of 2023, according to the National Bureau of Statistics (NBS). The growth rate is higher than the 2.25 percent recorded in the same quarter last year and higher than the second quarter 2023 growth of 2.51 percent by 0.03 percent. NBS disclosed this in its GDP report for Q3, released on Friday. The bureau said the growth rate was driven by the services sector. “The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth…

Friday, 24 November 2023 04:48

Nigeria more unsafe in 2023 than last year - Report

Nigeria has finished 144th position in the 2023 safest countries in the world ranking.The yearly Global Peace Index ranks 163 independent states and territories according to their level of peacefulness. In the latest report, Nigeria sank one step from 143rd position recorded in 2022, though two steps higher than 146th recorded in 2021. Several African countries are adjudged more peaceful than Nigeria. They are: Mauritius, finishing in 23rd position globally; Sierra Leone 47th; Ghana 51st; Senegal 52nd; Madagascar 55th; Namibia 56th; The Gambia 59th; Zambia 63rd; Liberia 70th; Malawi 74th; Tunisia 81st and Equatorial Guinea 82nd. Others are: Angola and…

Friday, 24 November 2023 04:46

Russia is starting to make its superiority in electronic warfare count

Most of the attention to what Ukraine needs in its protracted struggle to free its territory from the invading Russian forces has focused on hardware: tanks, fighter jets, missiles, air-defence batteries, artillery and vast quantities of munitions. But a less discussed weakness lies in electronic warfare (EW); something that Ukraine’s Western supporters have so far shown little interest in tackling. Russia, says Seth Jones of the Centre for Strategic and International Studies, a think-tank in Washington, has for many years placed a “huge focus” on using its military-industrial complex to produce and develop an impressive range of EW capabilities to…

Thursday, 23 November 2023 05:11

FAAC: FG, states, LGAs share N906.9bn as allocation for October

Federation account allocation committee (FAAC) says it shared N906.955 billion with the three tiers of government in October 2023. The figure represents an increase of N3.48 billion compared to the September disbursement of N903.48 billion. The committee disclosed this in a communique issued on Wednesday at the end of its November retreat held in Asaba. According to the statement, the N906.955 billion was drawn from statutory revenue of N423.01 billion, value-added tax (VAT) of N305.070 billion, N323.446 billion from electronic money transfer levy (EMTL), and N15.552 billion from exchange difference. It also comprised exchange difference revenue of N202.887 billion and…

Thursday, 23 November 2023 05:10

Latest oil spill in N’Delta under control, FG assures

Nigerian authorities are closely monitoring and working to contain an oil spill that occurred during loading operations at the TotalEnergies operated Egina field on Nov. 15, the maritime agency said on Wednesday. Nigerian Maritime Administration and Safety Agency (NIMASA) is collaborating with the spill detection agency and the oil industry regulator to contain the spill, though the volume is not yet confirmed, spokesperson Osagie Edward said in a statement. A TotalEnergies spokesperson said the spill impact was minimal and production at the 200,000 barrel-per-day capacity oilfield was not affected. The company is working with local authorities to clear the resident…

Wednesday, 22 November 2023 04:51

‘You make an arrest, hand him over, but before you enter your vehicle, the man has been released’, military chief says as judiciary is blamed for insecurity

Service Chiefs on Tuesday in Abuja appeared before the House of Representatives at plenary on a sectoral debate for MDAs, recounting activities aimed at combating the surging insecurity challenges in the country. Those present included the Chief of Defense Staff, Christopher Musa; Chief of Army Staff, Taoreed Lagbaja; and Chief of Naval Staff, Emmanuel Ogala. Others were the Chief of Air Staff, Hassan Abubakar, and the Inspector General of Police, Kayode Egbetokun. In his submission, Chief of Defence Staff (CDS), Musa blamed the judiciary for releasing arrested Boko Haram suspects after being arrested by the military. “I have been in…

Wednesday, 22 November 2023 04:49

Nigeria, Germany sign $500m renewable energy, gas deal

Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said. Union Bank of Nigeria and Germany's DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement. A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany's Johannes Schuetze Energy Import AG.…

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Wednesday, 22 November 2023 04:48

FG revokes 1,633 mining licences over payment default

Federal government has revoked 1,633 mining licenses due to default in payment of stipulated service fees by operators. In a statement on Tuesday, Dele Alake, minister of solid minerals development, said the revocation became necessary after the expiration of a 30-day notice to defaulters — as stipulated by sections 11 and 12 of the Nigerian Mineral Mining Act (NMMA), 2007. Alake, in the statement issued by Segun Tomori, special assistant on media to the minister, said the ministry began the process of revoking 2,213 titles on October 4, 2023. “In compliance with the law, the Mining Cadastral Office (MCO) on…

Tuesday, 21 November 2023 04:39

CBN, again, scraps Rate meeting amid falling Naira, worsening inflation

Central Bank of Nigeria scrapped a meeting of its monetary policy committee for a second time since Governor Olayemi Cardoso was nominated to the post in September, raising concerns about attempts to bolster the nation’s currency that’s plunged about 42% this year and is fueling inflation. A calendar of MPC meetings published on the central bank’s website had scheduled the next gathering for Monday and Tuesday. The “MPC is not holding” a meeting this week, Isa Abdulmumin, spokesman for the bank, said by text message on Monday. He didn’t give a date for when it would be held. Investors have…

Tuesday, 21 November 2023 04:36

N581m church renovation, N152m for water in Akiolu’s palace, N440m SUV, N200m on election cases - these are how Sanwo-Olu lavishes Lagos’ money

Lagos State Government under the leadership of Babajide Sanwo-Olu approved N24.5m for the renovation of the official residence of the Commissioner of Police in the state. The approval for the project executed by Omay Engineering Services Ltd was dated February 6, which was a few days before the February 25 general election. The main opposition parties in the state accused security agencies of colluding with non-state actors to intimidate their supporters and suppress votes in some areas of the state. This was seen in the Public Procurement awards by the state government in 2nd and 3rd quarters of 2023. Aside…

Monday, 20 November 2023 04:41

Dollar scarcity pushes Nigeria, Kenya, others into crisis - Bloomberg

African governments are scrambling for dollars, and that’s creating a new dividing line for investors. Amid a deepening shortage of hard currency on the continent, governments are turning to bartering, currency devaluations, central bank exchange controls, and help from the International Monetary Fund andMiddle East to shore up their balance sheets. Investors are rewarding nations whose efforts to boost dollar liquidity are paying off. But they’re punishing those that can’t guarantee access to the currency they need to invest and repatriate returns, and are steering clear of countries without adequate reserves to cover import costs or debt repayments. African currencies…

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