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A Federal High Court sitting in Lagos has dismissed an application seeking to stay proceedings in a suit over the increase in electricity tariff for lack of merit. The application was dismissed on Monday with a cost of N10,000 awarded in favour of the plaintiff who is a Lagos based lawyer, Toluwani Yemi-Adebiyi. Dismissing the […]

President Muhammadu Buhari vowed late Tuesday in Riyadh that all those involved in the “padding” of the 2016 National Budget will face the most severe punishment. Addressing the Nigerian Community in Saudi Arabia, President Buhari condemned the distortion of the budget proposals by entrenched interests. The President said that the unauthorised alterations  had completely changed […]

The Deputy National Chairman of the Peoples Democratic Party (PDP, Chief Uche Secondus, has been arrested by the Economic and Financial Crimes Commission (EFCC). The arrest of Secondus was confirmed by the PDP’s Director of New Media, Adeyanju Deji minutes ago. “Prince Uche Secondus, PDP Deputy National Chairman has been arrested by Buhari’s EFCC. Shameless […]Read More

Following our report that Delta State government in cahoots with security personnel were shielding Tompolo from arrest and prosecution; the Nigeria Police Force(NPF) has withdrawn the security aides of former militant leader Government Ekpemupolo aka Tompolo. The Federal Government officially assigned security aides Tompolo in 2009, when late President Umaru Musa Yar’Adua was president. It was […]Read More

President Muhammadu Buhari has said that his administration is fully committed to increasing the productivity of Nigeria’s agriculture and solid minerals sectors to save the nation from the harsh effects of lower crude oil prices. Speaking at a meeting with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry, President Buhari […]

Being full text of the communique issued at the end of the PDP Ministers(1999-2015) Forum in Abuja dated 23rd February 2016: “We the Peoples’ Democratic Party ministers from 1999-2015 (hereinafter refered to as ‘The Forum’) met on Tuesday, 23rd February, 2016 in Abuja and deliberated on recent developments in the party among other issues. The […]Read More

South African telecommunications giant, MTN Nigeria has paid a total sum of N50 billion to the Nigerian government as part of the fine slammed on it by the government for a violation of an agreement. MTN was fined N1.04 trillion by the government through the Nigeria Communications Commission, but the amount was reduced to N780 […]

President Muhammadu Buhari has said that the Federal Government will welcome support from the Organisation of Islamic Cooperation (OIC) for its ongoing efforts to rehabilitate parts of the country affected by the Boko Haram insurgency. The president made the call on Thursday in Mecca at a meeting with the Secretary General of the OIC, Mr […]

Nairametrics Leading economic indicators (LEIs) point to a year on year (yoy) contraction in growth in January 2016, which may see Nigeria posting sub 1 percent or negative growth in Q1 (Jan – March), 2106 if the trend continues. The LEIs signal a significant increase in the risk of recession, and are a pointer to […]

Recent policies on the exchange rates by the Central Bank of Nigeria have been trending on the news. Also, the International Monetary Fund (IMF) has appealed to the CBN to remove its stringent policies and allow the exchange rate to determine the real cost of the naira. Last month the apex bank said there was […]

Earlier this week, news filtered in that Ecobank Nigeria Plc has relieved 50 per cent of the staff in top management position of their jobs. Now, the bank has clarified that those affected failed the performance test conducted to promote its workforce. Indeed, the bank claimed that whereas the test determined the exit of some, […]

FBN Holdings hit the markets with a surprise profit warning yesterday; although for Nairametrics readers it should not have come as much of a surprise as we have consistently flagged the poor manner in which Nigeria’s largest lender by assets was being run. Anyway, today we decided to look at the books of other Tier […]