“Stop deceiving Nigerians, tariff hike ‘ll worsen economic woes” – Electricity workers tell FG

Electricity workers

Workers in the nation’s power sector have asked the Federal Government to stop deceiving Nigerians over the 300 percent hike in electricity tariff, and called for it reversal to avoid further socio-economic woes. While advising the Government to come clean on the hike and not be economical with the truth, they described the hike as nothing but another anti-people policy. Under the aegis of the National Union of Electricity Employees, (NUEE), the workers warned that if any of their colleague is attacked in the line of duty over the tariff…

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CNG initiative: FG targets 25,000 jobs, $2.5bn investment in 3yrs

FG CNG

The Programme Director and Chief Executive of the Presidential Compressed Natural Gas (CNG) Initiatives, Michael Oluwagbemi, has announced the Federal Government’s plan to target over 25,000 jobs and $2.5bn worth of investment by 2027. Oluwagbemi made this known during the Presidential CNG stakeholders’ engagement workshop held at BOVAS Auto-Gas filing stations, Ajibode Bus-Stop in Ibadan, Oyo State capital on Friday. He said the initiative, which was part of palliative measures to ease the burden of the removal of fuel subsidy, will attract enormous investment and job creation that will impact…

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Naira emerges ‘world’s best-performing currency’ – Goldman Sachs

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…Forecasts further gains Nigeria’s currency, the Naira, has emerged as the world’s best-performing currency this month, according to a Goldman Sachs Group Inc. economist, with a potential for further gains if current policies are maintained. The Naira has appreciated 12% against the dollar in April, building on a 1% increase in March. This recovery follows a period of significant depreciation, where the currency lost 71% of its value due to two devaluations since June, after the Government relaxed currency controls. The recent rally has brought the Naira to 1,230 per…

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Alleged Fraud: “How I collected $3m cash for Emefiele” – CBN employee

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A Central Bank of Nigeria (CBN) employee, Monday Osazuwa, yesterday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. The witness said Emefiele…

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Major shakeup, as CBN sacks 50 more officials

CBN Cardoso

Fifty officials have been sacked from their positions in the Central Bank of Nigeria (CBN) by Governor Olayemi Cardoso. It was learned that the termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. The latest sack adds to a long list of ongoing disengagements in the apex bank and cuts across 29 departments. According to reports, at least 117 officials have been sacked from the apex bank in the last 20 days and it is expected that the disengagement will continue for months.…

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DisCos fail to provide 20 hrs of power to Band-A customers

DisCos

…Blame ‘system outages’  Electricity distribution companies (DisCos) have started publishing their inability to meet the required power supply as directed by the Nigerian Electricity Regulatory Commission, (NERC). Recall that on April 3, NERC approved an increase in electricity tariff for customers under Band-A classification, from N66 to N225. Under Band A, customers are entitled to a minimum of 20 hours of power supply per day and all DisCos have been authorised to implement the policy immediately. However, to ensure transparency and accountability, NERC said where the DisCo fails to deliver on…

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Sen. Ndume urges FG to reverse electricity tariff

…Says timing wrong Borno-South senator, Ali Ndume, has called for the reversal of the hike in electricity tariff. Ndume, who spoke in an issuef statement made available to newsmen in Abuja yesterday, said the timing of the hike is not right, as Nigerians are yet to recover from the removal of fuel subsidy. Recall that the Federal Government, through the Nigerian Electricity Regulatory Commission, (NERC), recently approved a 300 percent tariff increment for Band-A consumers, allowing power distribution companies (DisCos) to raise electricity prices for city dwellers from N68 to…

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Kolmani River oil drilling: “Account for funds spent on campaign” – IPMAN tells NNPC

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stressed the need for the Nigerian National Petroleum Company Limited (NNPC) to explain to Nigerians how funds deployed for the drilling of oil at the Kolmani River between Bauchi and Gombe States were expended. Principal Consultant to IPMAN, Maurice Ibe, who made the call  during a television programme on Wednesday, also joined other enthusiastic Nigerians in welcoming the eventual supplying of diesel and jet-fuel to the local market, but cautioned that the impact of the supplies would not be felt by…

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‘Renewed Hope’ rice vessels set to berth at Nigerian seaports

…As 57,000 MT of corn floods Lagos, Rivers seaports There are strong indications that vessels laden with corn are gradually sailing to the nation’s seaports checks by VoL has confirmed. It was gathered that vessels laden with the commodities have berthed at ENL terminals , Lagos Port Complex (LPC) and West Africa Container Terminals (WACT) , Onne Port, in Rivers State. With a total of tonnage of 75,000 corn currently being discharged at the two port terminals, there is palpable confirmation of price reduction in the local markets. Apart from the vessels…

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FG halts Kolmani oil drilling 16 months after inauguration

The Federal Government has put a stop to crude oil exploration activities at the Kolmani Oil Field, a mere 16 months after its commencement. Residents allege that exploration equipment has been relocated to Lake Chad and Nasarawa. Recall that the Nigerian National Petroleum Company Limited (NNPCL), in collaboration with the New Nigeria Development Company, initiated drilling at two oil blocks, OPL809 and OPL810, in November 2022. Similarly, the projection of crude oil deposits in Kolamani, which traversed both Bauchi and Gombe States, was pegged at about one billion barrels of…

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