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The Nigerian Air Force (NAF), yesterday, inaugurated operations support facilities and winged six additional pilots of the A-29 Super Tucano (A-29ST) aircraft. This comes as it announced plans to induct new platforms into its order of battle as part of activities to mark the 59th anniversary celebration scheduled to hold from May 4-7, 2023 at […]

The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to […]

…Charges them to protect, not extort travellers An effort to fortify security and safety in the aviation industry gained a milestone at the weekend with the federal government unveiling the first set of arms-bearing Aviation Security (AVSEC) personnel. The Aviation Minister, Mr Hadi Sirika, who was at the passing-out parade of the AVSEC graduates, described […]

The Federal Government has introduced new set of taxes on beer, imported vehicles and single use plastics. It has also added to the list of items banned from being imported into the country. Under the newly introduced taxes, the Federal Government will charge N75 per litre of beer or stout imported into Nigeria. According to […]

Some Lawmakers-elect have reacted to the news making the rounds that the President-elect, Asiwaju Bola Tinubu has endorsed the candidature of the former Minister of Niger Delta Commission, Sen. Godswill Akpabio and Sen. Jibrin Barau as the Senate President and Deputy Senate President of the 10th National Assembly, respectively. This move has, however, makes party […]

The chairman, Niger Delta Development Commission (NDDC) Governing Board, Lauretta Onochie, has debunked reports that the commission’s board signed a Memorandum of Understanding (MOU) with a US firm, “Atlanta Global Resources Inc.” The said publication (not TheNigeriaLawyer) purported the signing of the “construction of a mega rail project across the Niger Delta, from Lagos to […]

*No regrets dethroning Sanusi Presidential Candidate of the New Nigeria Peoples Party (NNPP) and leader of the Kwankwasiyya Movement, Rabi’u Musa Kwankwaso, has said the incoming government in Kano will revisit the dethronement of Alhaji Muhammadu Sanusi, 14th Emir of Kano. Sanusi, who became emir in the final term of Kwankwaso as governor, was dethroned […]

Guinness Nigeria Profit Tumbles 72% over High Costs, FX Loss Guinness Nigeria Plc posted an underwhelming earnings performance in the third quarter of 2023, according to its unaudited financial statement posted on the Nigerian Exchange. The brewer appears to be facing increasing pressures from the market and at the operational level amidst uncertainties in the […]

$9.8m: Formers NNPC GMD Sues EFCC, CBN, GTB Andrew Yakubu, former Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), has sued the EFCC, the Central Bank of Nigeria (CBN) and the Guarantee Trust Bank (GTB) over alleged refusal to release his 9.8 million dollar after a court judgment. Yakubu, through his counsel, Ahmed […]

Ecobank Profit Slumps 5% to $88m in Q1 Ecobank Group Plc.’s profit slumped by 5% year on year to $88 million in the first quarter of 2023 from $92 million reported in the comparable period in 2022, according to a document submitted to regulators. Citing the impact of debt restricting in Ghana, and unfavourable foreign […]

OPEC, IEA Disagree on Investment in Oil Industry The Organisation of the Petroleum Exporting Countries (OPEC) has called on the International Energy Agency (IEA) not to further undermine the oil industry investments. OPEC Secretary-General, Haitham Al Ghais said this in a statement obtained in Abuja on Thursday while responding to the latest comments by the […]

‘Inflows’ Ease Liquidity Pressures on Nigerian Banks In the money market short-term benchmark rates, repo and overnight lending rates decline Thursday near double-digit low as liquidity in the financial system improved. As a result, local deposit money banks’ activities at the Central Bank of Nigeria’s (CBN) standing lending facility were reduced strongly. Banks that fail to […]