According to the monetary committee report of the Central Bank of Nigeria, it has been revealed that, the Apex debited N216 billion from banks’ deposits in June. Prof. Adenikinju, a member of the MPC, disclosed the development in his personal report at committee meeting and said the deducted funds were statutory Cash Reserve Ratio (CRR). The CRR is a portion of banks’ deposits kept with the CBN for liquidity management. The report additionally mentioned that financial soundness indicators continue to reflect positivity, affirming the enduring strength, stability, and resilience of the banking system. “The capital adequacy ratio (CAR), declined to…
Author: Editor Francis
Peter Obi, Presidential Candidate of the Labour Party (LP), says he rejected the Presidential Elections Petition Court judgement delivered on the outcome of February 25, 2023. Obi spoke during a news conference at his Onitsha residence on Thursday. He acknowledged that though the PEPC’s adhered to the statutory time frames, but he totally disagree with the judgement’s rationale and final conclusion. “I express respect for the Court’s views and rulings but openly disagree with the judgment’s rationale and final conclusions,” he said. Obi announced his intention, in his capacity as a presidential candidate and on behalf of the Labour Party,…
The Gross Domestic Product (GDP), report has ranked Nigeria, 31st among the most productive economies in 2022. Gross Domestic Product (GDP), serves as the conventional gauge for assessing the total value generated from the production of goods and services within a country over a specific timeframe. Topping the list is the United States of America, followed by China and Japan in third place. Nations are ranked according to nominal GDP assessments by financial and statistical organisations. T These evaluations are computed using market or official government exchange rates. Nominal GDP does not factor in variations in the cost of living…
Recall that President Tinubu nominated El-Rufai for the ministerial position, but was not confirmed by the Senate, and E-Rufai later declined the nomination and nominated Mr. Ja’afaru Sani, a commissioner in his cabinet, for the position. The reason for his turndown was not known but later in the week of his turndown, the former Kaduna governor tweeted, quoting a part of Jamaican legend and late musician, Bob Marley’s ‘Who The Cap Fit.’ El-Rufai said, “Bob Marley, of blessed memory, is one of most talented musicians of all time. My love for reggae music is connected with his songs and music.”…
The presidential election petitions court, has uphold the victory of President Bola Ahmed Tinubu in the 2023 general elections. The tribunal in its lead judgement dismissed all the petitions against him. “Having considered and decided that all three petitions are all devoid of merit, the petitions are hereby dismissed,” the court held. Celebraing the victory , the Lagos state Governor Mr. Babajide Sanwo-Olu has congratulated President Bola Tinubu on his victory at the Presidential Election Petition Court The Lagos Governor through his Chief Press Secretary, Mr. Gboyega Akosile, He described the victory as Nigerians speaking through their ballot and the…
The Nigeria Labour Congress (NLC), has concluded its two-day warning strike and has directed its members to return to work on Thursday, September 7. During this strike, NLC affiliate unions demonstrated unwavering commitment to defending Nigerian workers and citizens against the economic challenges they face. The NLC commended its affiliate unions for their robust participation in the strike action. The NLC has conveyed a strong message, indicating that if the Federal Government does not take effective measures to alleviate the hardships caused by the removal of fuel subsidy, the unions are prepared to embark on an indefinite industrial action. A…
The Labour Party (LP), has conveyed its disappointment following the dismissal of their petitions by the five-man panel of the Presidential Election Petition Court (PEPC), headed by Justice Haruna Tsammani. The tribunal’s ruling pertained to the petition brought forward by the Labour Party and its presidential candidate, Peter Obi. the tribunal struck out the petition that had been filed against President Bola Tinubu and Vice President Kashim Shettima, deeming it as incompetent. This outcome has left the Labour Party and its supporters disheartened by the court’s verdict. Reacting, National Publicity Secretary of LP, Obiora Ifoh, said justice was not served…
The Presidential Election Petitions Court has delivered a ruling dismissing the grounds put forth by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, which alleged dual citizenship and a drug conviction against President Bola Tinubu. In a judgment addressing objections raised by the All Progressives Congress (APC), and President Tinubu regarding issues related to President Tinubu’s eligibility to contest the February 25 presidential election, Justice Moses Ugo declared that these grounds constituted new issues. Justice Ugo upheld the objections presented by the APC and President Tinubu, asserting that Atiku Abubakar and the PDP could not introduce new…
The Presidential Election Petitions Court has dismissed the argument put forth by the Labour Party (LP), and Peter Obi, asserting that a 25% vote requirement applies to the Federal Capital Territory (FCT). The panel, presided over by Justice Haruna Tsammani, clarified that the FCT should be considered as if it were one of the states of the federation. Justice Tsammani further explained that Section 134(2)(b) of the Nigerian Constitution did not intend for the FCT to be excluded when calculating the two-thirds majority of states, as specified in Section 299 of the Constitution.
President Bola Tinubu expressed his gratitude on Wednesday, as Indian investors made substantial commitments totaling nearly $14 billion USD during the Nigeria-India Presidential Roundtable and Conference in New Delhi. He emphasised Nigeria’s readiness to provide the most favorable returns on investments, underscoring the country’s unique appeal. One of the noteworthy investments announced is the commitment of $8 billion USD by Indorama Petrochemical Limited. This investment will be directed towards the expansion of their fertilizer production and petrochemical facility situated in Eleme, Rivers State. Indal Steel and Power Limited, one of India’s premier private steel producers, has pledged a substantial sum…
The Presidential Election Petitions Court has made a decisive ruling by dismissing the Labour Party (LP), and Peter Obi’s claim aimed at disqualifying Bola Tinubu. This claim was based on the forfeiture of $460,000 in a US court. Ruling on that ground of the petition, Justice Haruna Tsammani held that the petitioners “evidently failed” to establish the case as provided in Section 137(1)(d) of the Nigerian Constitution. Justice Tsammani held that the petitioners failed to prove that the allegation at the United States District Court, Northern District of Illinois, Eastern Division wherein Tinubu was ordered to forfeit $460,000, was criminal…
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