Economy
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Nigeria’s crude oil production plummets for second consecutive month – OPEC
By Innocent Raphael Nigeria, Africa’s largest oil producer, faced a significant setback in its crude oil production, marking the second consecutive monthly decline in output since the start of the year. According to a monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, Nigeria’s crude oil production dropped to 1.231 million barrels per day in…
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BREAKING: Court grants Emefiele N50m bail
By Innocent Raphael Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail by Justice Rahman Oshodi of the Lagos Special Offences Court on Thursday. The bail, set at N50 million, comes in the wake of allegations including abuse of office and fraud totaling $4.5 billion and N2.8 billion. During the ruling on the bail application, Justice…
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FG still paying electricity subsidy- Adelabu
The Minister of Power, Adebayo Adelabu, says the Federal Government is still paying subsidy on electricity despite the recent hike in tariff paid by Band A customers said to be about 1.5 million of the total 12 million consumers in the sector. He said the government has about N1.8trn to pay in electricity subsidy for 2024. The minister made these…
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CBN faces overhaul as Cardoso dismisses 50 Officials
By Innocent Raphael Governor Olayemi Cardoso has approved the dismissal of fifty officials from the Central Bank of Nigeria (CBN), marking another wave of ongoing staff cuts across 29 departments, as earleir reported by WesternPost. The termination affects various ranks, including directors, deputy directors, and lower-ranking staff. According to several media reports, at least 117 officials have been sacked, within…
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Betta Edu: 50 bank accounts under investigation, says EFCC
By Innocent Raphael The Economic and Financial Crimes Commission (EFCC) has said that 50 bank accounts are being investigated in the ongoing probe of suspended Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu. According to the agency, the probe is also involving the former Chief Executive Officer of the now-suspended National Social Investment Programme Authority (NSIPA), Halima Shehu.…
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Court remands Emefiele in EFCC Custody
The Ikeja High Court in Lagos State has ordered the remand of a former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele in the custody of the Economic and Financial Crimes Commission (EFCC). Emefiele to be remanded till the next adjourned date, Thursday, April 11 when the court will give its ruling on bail. Justice Rahman Oshodi also…
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BREAKING: Emefiele arrives court for arraignment
Former Central Bank of Nigeria (CBN) governor Godwin Emefiele has arrived in court for his arraignment. Emefiele is to be arraigned at the Ikeja High Court over alleged abuse of office and allocation of billions of dollars. https://www.facebook.com/share/r/JfPUKmx4JYsXfWox/?mibextid=oFDknk
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Electricity Tariff: Nigerians blast Minister of Power, Adelabu for making insensitive comment
Nigerians have taken to the social media platforms to lambast the Minister of Power, Adebayo Adelabu for blaming them for the epileptic power supply in the country. Some of them called for his resignation while others advised him not to think of aspiring for any elective position either in Oyo State or Nigeria. According to Pastor Who with the X…
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FG urges mining companies to emulate international best practices
The Federal Government has advised mining companies to emulate the international best practices of the Segilola gold project to develop the sector. The Minister of Solid Minerals Development, Mr Dele Alake offered the advice during a site tour of the Segilola Resources Operating Limited (SROL), an indigenous gold mining company in Ilesha, Osun State, Alake expressed the commitment of the…
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Electricity Tariff: DisCos dares NERC, returns 620 areas to Band A
Thousands of electricity consumers in about 620 feeder coverage areas across the country downgraded to Band B are set to return to Band A, moving their tariff upwards from N68 per kilowatt hour to N225/kWh. The Nigerian Electricity Regulation Commission (NERC) on Tuesday announced a new tariff for the Band A customers increasing the rate by about 230 per cent.…
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