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The United States Coast Guard USCG on Friday offered Nigeria a three-year plan to work with the Nigerian Maritime Administration and Safety Agency, NIMASA, for the removal of the Condition of Entry (CoE) placed on American-bound vessels from Nigeria. Cdr. Juliet Hudson at the USCG headquarters in Washington, DC, disclosed this on Friday during a […]

A former Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, has faulted the Bola Tinubu administration for removing fuel subsidy abruptly without allowing local refineries to commence production first. Speaking during an interview on Channels TV on Friday, Sagay said the sudden scrapping of subsidy as announced by President Tinubu in […]

The Federal High Court sitting in Lagos on Friday, 09 February 2024, discharged and acquitted a middle-aged man, Reuben Ashade, of the drug dealing charge filed against him by the National Drug Law Enforcement Agency (NDLEA). Ashade had earlier pleaded guilty to the charge of illegally dealing with cannabis sativa, a prohibited drug. But Justice […]

Following the recent directive by the Central Bank of Nigeria, restricting the operations of International Money Transfer Operators to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians. The IMTOs said they will now only pay in naira. In the recently published document addressed to IMTOs, on January 31, CBN ordered the […]

Favour Ashe, the Nigerian sprinter, has been arrested for alleged credit card fraud and property theft in Auburn, Alabama, US. According to a statement published by the Auburn Police, Ashe was arrested on February 6 after the department received a report from a victim that multiple items were stolen from a purse near the 100 […]

The Nigerian Electricity Regulatory Commission (NERC) at the weekend announced it will deduct N10,505,286,072 from the 11 electricity Distribution Companies (DisCos) for not complying with the capping of estimated bills for unmetered customers. This was contained a statement the commission’s management issued in Abuja. NERC said: “Regulatory Sanctions: The Commission shall deduct a sum of […]

FG Constitutes Committee to Boost Gas Supply to Power Plants The Federal Government has set up an inter-ministerial committee to suggest ways of achieving a sustainable gas supply to gas generating plants in the country. The inter-ministerial committee was constituted in Abuja by the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo and the […]

Delta Approves N15.7bn for Warri, Effurun Flood Control The Delta Government has announced the approval of N15.7 billion for the construction of Phase III flood control measures in Warri, Effurun and environs in Warri South and Uvwie Local Government Areas. The Commissioner for Information, Mr Ifeanyi Osuoza, disclosed this to newsmen, saying that the approval […]

NNPCL to Domicile Revenue with CBN – Official Statement The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have agreed to strengthen their relationship toward the achievement of guaranteed seamless commercial operation, according to a joint statement released. As part of efforts to track US dollar revenue generated from oil […]

CBN FX Regulation to Weigh on Banks’ Profitability –Moody’s The Central Bank of Nigeria’s (CBN) new foreign currency regulations will weigh on banks’ profitability in the short term, Moody’s Ratings said in a note.  On 1 February, the apex bank amended prudential requirements, announced in a circular on 31 January, took effect. The amended requirements […]

NNPCL Says No Plan to Increase Petrol Price Contrary to speculation, the Nigerian National Petroleum Company (NNPC) Limited has denied a plan to increase the price of petroleum motor spirit or petrol despite adjustment to the exchange rate. In an official statement by Olufemi O. Soneye its Chief Corporate Communications Officer, the oil company assures […]

Equities Investors Lose N481bn to Market Correction The equities investors registered the fourth consecutive selling rally associated with overpriced listed stocks in the Nigerian Exchange (NGX). Since the beginning of the week, the stock market has continued to depreciate in contrast to buying momentum in the fixed income market. At the primary market auctions conducted […]