BUSINESS
Please Don’t Legalise Cannabis, Chairman NDLEA Buba Marwa Begs
The recent push by some stakeholders for legalisation of cannabis in Nigeria will rob the country of the gains so far made in the renewed war against drug abuse and trafficking, Chairman and Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Brig. General Mohamed Buba Marwa (rtd), has warned. He gave the warning in Abuja, yesterday, at a...
No Going Back On Cashless Policy – CBN Governor, Emefiele
Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN has ruled the possibility of reversing the ongoing implementation of the cashless policy. The House of Representatives at Thursday plenary asked the CBN Governor to suspend implementation of the policy pending the outcome of the expected engagement on the compliance with the relevant sections of the CBN act and the 1999 constitution on the...
Dangote’s Refinery Is Game-Changer For Nigeria, Africa – Akinwumi Adesina
President of the African Development Bank (AfDB) Akinwumi Adesina has described the Dangote Refinery and Petrochemical Plant projects as a “game-changing initiative” that will spur development and deepen regional integration. Adesina said this after a tour of the crude oil refinery and petrochemical production plant owned by Dangote Industries Limited on Saturday. “I was very impressed with Dangote’s refinery and petrochemical...
Logistics Issues Responsible For Fuel Scarcity — NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) says logistics issues were responsible for the resurfacing of fuel queues in some parts of the country. But it says the issues have been resolved, according to a statement by its spokesperson Olufemi Soneye. “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that the tightness in the supply of Premium...
Nigerians Will Pay Higher Electricity Tariffs – FG Assures IMF
Nigerians will pay much higher electricity tariff in 2021, going by promises made by the Federal Government, FG to the International Monetary Fund, IMF while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The Executive Board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the economic impact of the...
US Call For Fresh Probe Of Adesina, Plot To Destabilise AfDB
The call by the United States, US government for a fresh and in-depth investigation into the allegations against the President of African Development Bank, AfDB Mr Akinwumi Adesina, after he was cleared of all allegations of impropriety and fraud by the ethics committee recently, is seen as a plan to destabilise the bank. On May 5, the ethics committee...
Cash Swap: Take Your Old Naira Notes To CBN If legitimate – Bashir Ahmad To Ganduje
Bashir Ahmad, President Muhammadu Buhari's special adviser on digital communication has challenged Governor Abdullahi Umar Ganduje of Kano State, to present his old naira notes to the Central Bank of Nigeria (CBN) if they are genuine. Ahmad was responding to Ganduje on Friday after he criticized the naira redesign program and said it was an attempt to undermine democracy and...
Tinubu In Meeting With World Bank Chief Says Audit Of CBN Commencing Soon
President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, Tinubu disclosed this during an audience with the President of the World Bank, Mr. Ajay Banga on Friday...
Reps Probe Petrol Subsidy Under President Buhari, Allege $7 Billion Diversion
The House of Representatives has set up an ad-hoc committee to investigate the petroleum products subsidy regime under President Muhammadu Buhari. The lawmakers asked the committee to carry out the probe from 2017 to 2021. This followed the adoption ...
How Buhari Intends To Spend $22.7m Foreign Loan
Here is how the Buhari administration plans to spend the loan and where the projects are located as contained in the document: INFRASTRUCTURE – Emergency road rehabilitation and maintenance ($434.7m, nationwide) – Abidjan-Lagos corridor highway development project study ($1.5m; multinational) – Abuja mass rail transit project (phase 2) ($1.25bn; FCT) – East-west road ($800m; Niger Delta) – Nigeria Housing Finance Project Guarantee Scheme ($100m;...
