The Central Bank of Nigeria has introduced a Price verification system. The Department of Trade and exchange department made this announcement on X Thursday. The implementation of the price verification system mandates that any One intending to import goods into the country must utilise this system to acquire a Price Verification Report. The statement titled GO-LIVE OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL ,signed by DR. OS Nnaji, the director of Trade and exchange department. The statement reads in part “Following the successful conduct of the pilot run and various trainings held with all the banks, the…
Author: Editor Francis
In a bid to cushion the hardship affecting Nigerians due to inflation and the removal of fuel subsidy, the Federal Government has released Five trucks of Rice to each State as Palliative to cushion the effect of Fuel Subsidy Removal. President Tinubu, during his inaugural speech on May 29, declared the removal of subsidy due to the burden they have on the Federal government. This drastic declaration affected the price of fuel Subsidy which peaked at 600 naira depending on the location in the country. Earlier, the Nigeria Labour Congress had embarked on a protest, complaining that workers are struggling…
A feasibility study funded by the U.S. Trade and Development Agency (USTDA) has yielded substantial results for Nigeria’s Hotspot Network Limited. The study has paved the way for financing the deployment of 120 solar-powered telecommunications base stations across 22 states in Nigeria. These stations are poised to bring last-mile mobile connectivity to remote rural areas that lack reliable telecommunications due to inadequate power infrastructure. The innovative project is set to leverage renewable energy sources, providing a sustainable solution for improving connectivity in underserved communities. The financing for this endeavour is a collaborative effort, with Nigeria’s Infrastructure Credit Guarantee Company (InfraCredit)…
Kenya is leading the debate in Africa on the need to put an end to TikTok users in its country. While the United States banned the app from all Federal agencies, alleging the Chinese Base company over data security concerns. The ban applies only to government devices, though some U.S. lawmakers are advocating an outright ban. Canada, the European Union, Pakistan, and Afghanistan follow the lead over data concerns. On Tuesday, the Kenyan parliament engaged in extensive deliberation concerning a petition submitted by Kenyan citizen Bob Ndolo. The petitioner earnestly implored Members of Parliament to consider the prohibition of the…
President Bola Ahmed Tinubu is set to administer the oath of office to the newly appointed ministers on Monday, August 21. The inauguration ceremony will take place at the State House Conference Centre within the Aso Villa complex in Abuja and is scheduled to commence at 10:00am. This announcement was made by the Secretary to the Government of the Federation (SGF), Dr. George Akume, in a statement released on Wednesday evening. President Tinubu, earlier this week, officially assigned roles to the ministers who had received Senate approval. Notable appointments include former Rivers State Governor Nyesom Wike, who has been designated…
In a move aimed at providing relief to the Nigerian Naira, the Nigerian National Petroleum Corporation (NNPC) Ltd. has achieved a successful securing of an emergency crude oil repayment loan valued at $3 billion from the African Export-Import Bank (AFREXIM Bank). This collaborative endeavor was solidified through the formal signing of a commitment letter and Term Sheet between the two entities. According to an official statement released via their X account, NNPC Ltd. disclosed that the signing ceremony took place at AFREXIM Bank’s headquarters in Cairo, Egypt. This strategic loan agreement is poised to enable immediate disbursements, thus empowering NNPC…
In the aftermath of a military coup that saw the removal of Niger’s democratically elected president, the nation is now facing the specter of impending conflict with neighboring countries. Residents of the capital city, Niamey, are rallying behind calls for mass enlistment of volunteers, rallying to support the military against a looming threat posed by the Economic Community of West African States (ECOWAS). This regional bloc (ECOWAS), has issued a stern warning, indicating it’s ready to employ military force unless the junta responsible for the coup reinstates ousted President Mohamed Bazoum. As the junta continues to defy the ultimatum set…
War is never a football match that is fixed for a-two-hours combat. It has a starting time like football but sadly, no one knows when it is going to end. Exactly what initially began as a power struggle in Sudan has now extended into its fourth month, potentially pushing the country towards a war. The situation has evolved since Tuesday, August 15. At least 4,000 people are estimated to have been killed, according to a Liz Throssell, spokeswoman for the U.N. human rights office. Each day the fighting continues sees destruction, human rights violations by both sides and and loss…
The Advertising Regulatory Council of Nigeria has taken swift action by suspending two senior officials involved in approving the contentious ‘All Eyes on Judiciary’ billboard advertisement located in Abuja. This decision follows the dissolution of the Advertising Standard Panel Secretariat by the Federal Government due to its endorsement of billboards that raised concerns over potential manipulation of the Presidential Election Petition Tribunal with the message: ‘All Eyes on The Judiciary.’ In an official statement, Dr. Olalekan Fadolapo, the Director-General of the Advertising Regulatory Council of Nigeria, confirmed the suspension of the officials. The suspended individuals hold the positions of Director…
In July 2023, the headline inflation rate surged to 24.08%, marking an uptick from June 2023’s 22.79%, as reported by the National Bureau of Statistics (NBS). The increase of 1.29% over June 2023’s inflation was highlighted in the NBS report. This rise was driven by heightened contributions from specific items within the basket of goods and services at the divisional level. “These increases were witnessed in Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), Furnishings & Household Equipment & Maintenance (1.21%), Education (0.95%) and Health (0.72%). Others are Miscellaneous…
In a joint effort, the US Departments of State, Labour, and Commerce have issued a Business Advisory addressing the escalating reputational, financial, and legal perils faced by U.S. businesses and American individuals engaging in transactions with entities closely linked to South Sudan’s extended transitional government or under the influence of family members of government officials. The advisory emphasises that the transitional government has fallen short in implementing essential economic reforms and commitments to public financial management outlined in the 2018 Revitalised Agreement on the Resolution of the Conflict in the Republic of South Sudan (R-ARCSS). These commitments were scheduled for…
Efforts are underway by the federal government to retract the charge of illegal possession of firearms levelled against Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN). In a development witnessed on Tuesday, the prosecution presented an oral application to the federal high court in Ikoyi, seeking the withdrawal of the charge. The case, which unfolded on July 25, witnessed Emefiele’s arraignment on a two-count charge that revolved around the allegation of “illegal possession of firearms.” This legal manoeuvre transpired at the federal high court situated in Ikoyi, Lagos. More to come…