Nigeria News
Police arraign fake soldier in Lagos
Lagos State Police Command has arraigned one Umaru Abdul before Magistrate Patrick Nwaka of the Yaba Chief Magistrates’ Court for pretending to be a military personnel. The defendant was arraigned on three counts of conspiracy to impersonate, forgery of an official identification card, and impersonation by pretending to be a military personnel. on January 11, […]
Teenager arrested for alleged defilement of 11-year-old school mate
The Rivers State Police Command has arrested a 16-year-old boy who allegedly raped his 11-year-old schoolmate in the school premises at Rumukwurusi, Port Harcourt on Friday. It was gathered that the yet-to-be-identified student carried out the act while his friends watched the scene. Shortly after committing the act, the boy was said to have scaled […]
‘You’ve failed to be true ambassadors of people, party’ – LP blasts its NASS members
The Labour Party, LP, has warned federal lawmakers, especially members of the House of Representatives, elected on its platform, to respect the party’s supremacy or face disciplinary action. The party issued the warning in a statement released on Monday by Obiora Ifoh, its National Publicity Secretary. The statement said that the lawmakers have failed to […]
Crisis brews in Ogun Assembly over appointment of clerk
There is disquiet among both career staffers and political office holders of the Ogun State House of Assembly over the appointment of a new Clerk. The crisis became noticeable after the House Clerk, Adedeji Adeyemo, retired from active service in early March and the assembly refused to announce a name to occupy the office since […]
SON Plans To Save Nigeria #94 Billion On Palm Oil Importation
The Standards Organisation of Nigeria (SON) has disclosed that given the needed measures and processes, Nigeria could save over #94 billion on the non-import of palm oil into the country. Moreover, through strict adherence to stipulated standards and quality requirements, it noted that palm oil products would attract increased foreign earnings for Nigeria as far […]
Students Loan: NANS proposes five-year post-NYSC for repayment
The National Association of Nigerian Students (NANS) has advocated for a five-year period after the completion of the National Youth Service Corps (NYSC) for the commencement of repayment for beneficiaries of the Federal Government loan scheme. NANS argued that expecting repayment to start just two years after NYSC is not realistic, as less than 10 […]
NASFAT to feed 60000 Lagos residents
The Nasrul-lahi-li Fathi Society of Nigeria, a Muslim prayer group, has said it will be feeding about 60,000 Lagos residents as part of its plan to feed and one million Nigerians across faiths during the month of Ramadan. The President of the Association, Ayodeji AbdulRauf, revealed NASFAT’s plans to journalists during its annual Ramadan lecture […]
Alleged £1million Fraud: EFCC Presents Second Witness
The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC on Monday, March 18, 2024 presented its second witness in the alleged £1 million fraud involving Morufu Adewale (aka Gbegulerin Adelana), Omitogun Ajayi, Ajisegiri Abiodun, Abayomi Alaka (aka Dauda Usman Alashe), Taiwo Ahmed, Raufu Raheem, and Sanlabiu Teslim, before Justice R.A. Oshodi […]
Withheld salaries: SSANU, NASU strike grounds varsities
Grace Edema, Deborah Tolu-Kolawole, James Abraham, Tunde Oyekola and John Charles, Ikenna Obianeri, Peter Dada National President, Nigeria Labour Congress, Joe Ajaero, has called on the Federal Government to pay the four months withheld salaries of the Senior Staff Association of Nigerian Universities and Non-Academic Staff Union of Educational Associated Institutions. This was in reaction […]
Police vow to arrest hoodlums who burnt vigilante to death in Anambra
The Anambra State Police Command has vowed to hunt down hoodlums who burnt down the office of the Anambra State Vigilante Group in Amichi while an operative was in it. The spokesperson of the command, DSP Tochukwu Ikenga, stated this in a press release made available to journalists in Awka. Ikenga, while quoting the Commissioner […]
Business News
Equity market dips 0.40% on sell-offs
The Nigerian exchange declined by 0.40 per cent as investors reacted to the latest Consumer Price Index figures from the country’s statistics bureau. At the close of trade on Monday, the All-Share Index and the market capitalisation shed 0.40 per cent to 104,663.34 points and N59.18tn, respectively. Analysts at Arthur Stevens Asset Management Limited said […]
Crude oil price hits $86 amid Russia-Ukraine crisis
The prices of crude oil have continued to rise within the past one week following attacks on Russian refineries by the Ukrainian fighters. From $82.44 in March 11, the Brent Crude rose to $86.87 on Monday morning. The WTI crude, which sold at $78.13 per barrel on March 12, is now selling at the rate […]
Naira depreciation pushes Nigeria’s imports to N35tn
Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports stood at N6.4tn. It increased to N9tn in the third quarter and again to N14tn in […]
DISCOs borrow N273.24bn to purchase meters, others — Report
THE Central Bank of Nigeria, CBN, said the 11 Electricity Distribution Companies, DISCOs, obtained a credit facility totalling N273.34 billion to purchase 414,000 meters for distribution. In its report obtained by Vanguard, covering a detailed assessment of the N10.3 trillion developmental finance between 2015 and 2022, CBN, disclosed that the meters purchased included maximum demand […]
Subsidy Removal: FG Pledges to Support Development of Nigeria’s Abundant Gas Resources
Minister of State for Petroleum Resources (Gas), Mr. Ekpo Ekperikpe, has said that the federal government (FG) is committed to do all to support development of Nigeria’s abundant gas resources to end pains of fuel subsidy removal for citizens and industry. Ekperikpe said this when he led a high-powered federal government delegation on a […]
Only seven banks can meet CBN recapitalisation requirements – Report
No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for […]
New Shippers Council bill will become law by June – Reps
The House Committee on Shipping Services of the House of Representatives has assured that the new Shippers Council bill which has past the second reading at the lower chamber will be signed into law by June this year The Committee also promised that they are working on the establishment of a maritime bank to ease […]
Alternative Bank fosters rural economic growth in Katsina
The Katsina State Government via the State Governor, His Excellency, Dikko Radda, has aligned with The Alternative Bank’s mission to support rural economies through innovative financial solutions, tailored to empower local businesses and stimulate sustainable development across the state. The Bank, in a statement disclosed this, saying the official endorsement marks a significant milestone for […]
How FG funds petrol subsidy through crude oil sales proceeds
LAGOS — There are indications that the Federal Government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidy on petrol. Though still shrouded in secrecy, the funding strategy, Vanguard learnt, is consummated by way of crude sales and direct cost recovery by NNPC. An executive of […]
Stock market sustains bullish trend as investors gain N2.1trn
The stock market sustained bullish trend last week as investors on the Nigerian Exchange Limited, NGX, gained N2.1trillion. Though the market recorded mixed sentiment, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday […]