The Defence Headquarters announced on Friday a significant victory in the fight against oil theft in the South-South region, as troops successfully recovered stolen crude oil and related products valued at N2.6 billion. According to Maj. Gen. Edward Buba, Director of Defence Media Operations, a total of 3,282,250 litres of stolen crude oil, along with 224,050 litres of illegally refined AGO and 5,925 litres of DPK, were seized between January 27 and February 16. In addition to the confiscation of stolen products, the operation led to the discovery and destruction of 131 dug-out pits, 67 illegal refining sites, and 125…
Author: Editor Francis
The Nigeria Labour Congress (NLC) has announced plans for a two-day nationwide protest scheduled for February 27th and 28th, 2024. This decision comes in the wake of an emergency meeting by the NLC’s National Executive Council to address concerns regarding the state of the economy and escalating insecurity in the country. During a press briefing in Abuja, Joe Ajaero, the National President of the NLC, emphasised that the protest follows a 14-day ultimatum issued to the Federal Government, set to expire on February 23rd. Ajaero stressed that the government must not disregard this deadline. The ultimatum, issued jointly with the…
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In a startling revelation, a new book titled “Working with Buhari,” authored by former presidential media aide Femi Adesina, has shed light on a $10 million mishap during former President Muhammadu Buhari’s tenure. The book delves into how Buhari mistakenly approved funds for the Nigerian Bulk Electricity Trading (NBET) to award a contract to the Niger Delta Power Holding Company (NDPHC) Limited. According to the book, the former Managing Director of NBET, Marilyn Amobi, brought to Buhari’s attention a $10 million gas contract error, which was a Partial Risk Guarantee (PRG) from the World Bank. The contract is intended for…
In a significant development signaling the ongoing BRICS de-dollarization strategy, Egypt has formally abandoned the US Dollar in its trade transactions Having accepted an invitation to join the alliance during the 2023 summit, Egypt has swiftly embraced the transition towards utilizing local currencies for trade. The expansion of BRICS, the first of its kind since 2001, carries substantial geopolitical implications. Alongside Egypt, nations such as Iran, Saudi Arabia, the United Arab Emirates (UAE), and Ethiopia are slated to join the bloc, strengthening its global influence. Underlining its commitment to reducing the dominance of the US Dollar in international trade, Egypt’s…
Former spokesperson for Atiku Abubakar’s presidential campaign during the February 2023 presidential election, Daniel Bwala, has called upon the former LP presidential candidate, Peter Obi, to provide insights into the reasons behind the United Kingdom’s recent plunge into recession. Bwala made his remarks via his official X app platform. In his post, Bwala addressed Obi, stating, “Oga Pitobi @PeterObi, the UK has officially descended into recession attributed to a struggling economy and escalating food inflation. Kindly elucidate how they veered off course from the success trajectories of Egypt, China, and Malaysia, please? It’s concerning how they’ve regressed from production to…
President Bola Tinubu has given the green light for the restructuring of the executive management teams at two key parastatals within the Federal Ministry of Housing and Urban Development. The affected entities, namely the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA), are set to undergo significant changes aimed at enhancing their effectiveness in addressing the housing needs of Nigerians across the country. In an announcement made by presidential spokesperson Ajuri Ngelale on Thursday, the reconstitution of these executive teams is portrayed as part of a comprehensive strategy to revitalise the national housing and urban development…
The Nigerian Upstream Regulatory Commission (NUPRC) has announced plans to move certain departments and units from Abuja to Lagos, despite investing N70 billion in constructing a new headquarters in the capital city. This decision, outlined in a memo titled “Movement to Lagos” and signed by Executive Commissioner Kelechi Onyeakachi Ofoegbu, aims to enhance service delivery, reduce operational costs, and optimise asset utilisation in Lagos. The circular, dated February 14, states that the relocation initiative aligns with the organization’s goals of improving efficiency and managing office accommodations. Departments are urged to identify units capable of independent operation with minimal supervision by…
Ministers from Burkina Faso, Mali, and Niger convened in the Burkinabe capital on Thursday to discuss the establishment of a confederation. The meeting builds upon the foundation laid by the Alliance of Sahel States (AES), a defence and economic pact formed by the three military regimes in September. Burkina Faso’s Defence Minister, General Kassoum Coulibaly, emphasised that the talks in Ouagadougou aimed to advance the implementation of crucial instruments, mechanisms, and legal frameworks necessary for the confederation’s establishment. His counterpart from Niger, General Salifou Modi, echoed the sentiment, highlighting the significance of efficient functioning to benefit the populations of all…
In response to the prevailing challenges posed by global inflation, the Central Bank of Nigeria (CBN) has announced a revision in the allowable limits of price deviation for imports and exports. This adjustment, communicated through a circular addressed to all authorised dealer banks, signifies the CBN’s proactive stance in managing trade dynamics amidst economic uncertainties. The circular, signed by Dr. Hassan Mahmud, Director of the Trade and Exchange Department, highlights the rationale behind the decision. It elucidates that the permissible deviation for imports has been raised to +15% of the global average price, while exports are now capped at -15%…
In a pivotal gathering at the State House in Abuja on Thursday, President Bola Tinubu convened with Vice President Kashim Shettima and all 36 state governors, alongside the Minister of the Federal Capital Territory, Nyesom Wike. The session, prompted by mounting concerns over the soaring prices of essential commodities, insecurity, and the lingering issue of salary and gratuity payments owed to workers and retirees, underscored the urgent need for collaborative action. The disclosure came through a tweet shared by Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, as highlighted in a statement by Bayo Onanuga, Special…
Following a high-level meeting between President Bola Tinubu and state governors at the Aso Rock Villa on Thursday, discussions have intensified regarding the potential creation of state police in Nigeria. The meeting, held amidst concerns over rising food prices, economic challenges, and security issues nationwide, saw deliberations on the necessity of decentralizing law enforcement to address regional security dynamics effectively. Speaking to reporters after the session, Minister of Information and National Orientation, Mohammed Idris, disclosed that while the proposal for state police is in its early stages, both federal and state governments are contemplating its implementation. Idris emphasized the…