The Economic and Financial Crimes Commission (EFCC) has refuted reports claiming that former Kogi State Governor, Yahaya Bello, is in its custody. In a statement issued on Wednesday by the commission’s spokesperson, Dele Oyewale, the EFCC clarified that Bello is not being detained by the anti-graft agency. The commission reaffirmed that Bello is still wanted in connection with alleged money laundering charges amounting to N80.2 billion. The EFCC confirmed that there is an active warrant for his arrest. “Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello, is in the holding facility of the Economic and…
Author: Editor Francis
Governors elected under the Peoples Democratic Party (PDP) have reaffirmed their recognition of Rivers State Governor, Siminalayi Fubara, as the party leader in the state, amidst ongoing tensions with former governor and current Minister of the Federal Capital Territory (FCT), Nyesom Wike. Wike, who has been at odds with Fubara over control of the PDP’s leadership structure in Rivers State, recently warned PDP governors to stay out of the state’s affairs. He threatened to destabilize their states if they continued backing his estranged protégé. Despite Wike’s warnings, the Chairman of the PDP Governors’ Forum and Bauchi State Governor, Bala Mohammed,…
The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2tn to the Federal Government, States, and Local Government Councils from the revenue earned in August 2024. This represents an 11% decrease from the N1.358tn distributed in July, amounting to a difference of N155bn. The revenue distribution was disclosed at the FAAC meeting held in September 2024 in Abuja, according to a statement from Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF). The total distributable revenue of N1.2tn comprised statutory revenue of N186.6bn, Value Added Tax (VAT) revenue of N533.9bn,…
Nigerian Breweries Plc says it is raising N599.1 billion through rights issue on the Nigerian Exchange Ltd. to eliminate overdue Foreign Exchange payable and reduce local debts. The News Agency of Nigeria reports that Nigerian Breweries had faced a challenging financial period, posting a loss after tax of N85.3 billion in the first half of 2024. The company attributed the loss mainly to rising inflation, FX costs, operating expenses and broader economic headwinds. For the rights issue, the company is offering 22.607 billion ordinary shares at 50k each, priced at N26.50 per share, which opened Sept. 2 and would close…
The price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday may justify the importation of the commodity into Nigeria, oil marketers have said. The punch reports that dealers also stated that vessels of imported petrol should start arriving in Nigeria from Tuesday (today) as they called for transparency in the pricing of the PMS produced by the Dangote refinery. This came as the Organised Private Sector faulted the role of NNPC as the sole off-taker of petrol from the $20bn Lekki-based refinery. They called…
The Central Bank of Nigeria (CBN) has confirmed that it will continue to cap its Ways and Means Advances to the federal government at a 5% limit for the fiscal years 2024-2025. This decision stands in contrast to a recent bill passed by the National Assembly, which sought to raise the borrowing limit from 5% to 10%. This announcement was outlined in the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025, released by the CBN on Tuesday. The guidelines are designed to align with the Medium-Term Fiscal Framework (MTFF), under which the CBN aims to…
Prominent human rights lawyer, Femi Falana (SAN), has criticised the recent increase in school fees by both the Federal Government and the Lagos State Government, calling the move illegal. Falana argued that the fee hikes violate the provisions of the Child’s Rights Law, which guarantees free and compulsory education for children up to junior secondary school. In July 2023, the Federal Government raised fees for Unity Schools from N45,000 to N100,000 per term, representing an increase of over 120%. Similarly, the Lagos State Government recently announced a new fee of N100,000 per term for boarding schools, up from the previous…
The Lagos State Government says an increase in boarding fees in its model colleges is inevitable, to ensure better welfare of the students. This was contained in a statement on Monday by the state’s Ministry of Basic and Secondary Education signed by the Deputy Director, Public Affairs of the Ministry, Mr Ganiu Lawal. Lawal noted that students in the boarding schools were over one per cent of the entire basic and secondary school student population in public schools in the state. According to Lawal, the N35,000 boarding fee being paid since 2021 is unrealistic in 2024. The News Agency of…
The Nigerian National Petroleum Company Limited (NNPC) has issued an updated breakdown of the estimated price for petrol sourced from the Dangote Refinery, following its earlier release on Monday, September 15, 2024. In a statement, the NNPC confirmed that the company paid for the latest batch of Premium Motor Spirit (PMS), commonly known as petrol, in United States dollars. The NNPC added that Naira transactions for the Dangote Refinery’s fuel will commence on October 1, 2024. The statement read: “NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS) from the Dangote Refinery for its retail stations nationwide. These…
The United Arab Emirates (UAE) has made a significant humanitarian contribution to Nigeria, donating 50 tons of aid to support victims of recent flooding in the country. The donation, initiated by UAE President Sheikh Mohamed Al Nahyan, underscores the nation’s commitment to assisting countries affected by natural disasters. In a handover ceremony on Monday, UAE Ambassador Salem Alshami presented the relief materials to Nigerian officials. The National Emergency Management Agency (NEMA) Head of Press Unit, Manzo Ezekiel, confirmed that representatives from NEMA, the Ministry of Foreign Affairs, and the Office of the National Security Adviser received the donation on behalf…
Bishop Matthew Kukah of the Catholic Diocese of Sokoto has revealed that President Bola Tinubu, during his time as presidential candidate in the 2023 elections, did not sign the National Peace Accord. Kukah, a key member of the National Peace Committee, made this disclosure on Sunday during the Edo Election Security Townhall in Benin City. The National Peace Accord, which has become a significant tradition in Nigerian elections over the past decade, is meant to promote non-violence and peaceful conduct among political parties and their candidates. However, Kukah emphasized that signing the accord is not mandatory, as it holds moral,…
The Nigerian federal government has hailed the start of petrol production at the 650,000 barrels-per-day (bpd) Dangote Refinery in Lagos, marking what it describes as a significant step toward the country’s industrial resurgence. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, called the development an “epoch-making” moment, emphasising that it signals Nigeria’s return to local refining after decades of reliance on imports. “This is the resumption of Nigeria’s march towards industrialisation. It represents a return to local refining and supply of petroleum products in the Nigerian market. We have achieved today what has eluded us for…