The Minister of Power, Bayo Adelabu has summoned the Chief Executives of Abuja Electricity Distribution Company (AEDC), Ibadan Electricity Distribution Company (IBEDC), and the Managing Director of Transmission Company of Nigeria (TCN), to a ‘crucial meeting’ over erratic electricity supply facing the country. Weeks ago, Adelabu, had identified the root cause of the ongoing electricity…
Nigeria’s Inflation Woes:The feasibility of adopting Zimbabwe’s economic recovery model Former President Olusegun Obasanjo on Monday, at a symposium in his honour, recommended that Nigeria borrow ideas from Zimbabwe on how to curtail the surging hyperinflation in the country. Nigeria’s current inflation rate stood at 29.9 percent as of the end of January 2024, while…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has blamed the current inflation in the country on printing of trillions of naira during the administration of President Muhammadu Buhari “without productivity.” The minister spoke on Wednesday during an interface with the Senate Committee on Finance, saying “we are going to audit…
“I refuse to believe that the future of Nigeria’s and Africa’s youths lie in Europe, North America, Asia, or anywhere else. I believe that there future must lie in Africa,” he said. The former Nigerian Minister of Agriculture stated this when he bagged the prestigious 2023 Obafemi Awolowo Prize for Leadership in Lagos on Wednesday….
Following the rehabilitation works on the Third Mainland Bridge by the Federal Ministry of Works, the Lagos Government has announced a traffic diversion at the Island-Iyana Oworo Bound Carriageway. The Island-Iyana Oworo bound lane will be closed to vehicular traffic from 12:00 am on Wednesday 6th till 12:00 noon on Thursday, 7th March. Announcing the…
It was gathered that the woman allegedly ran into a moving vehicle and died instantly, following her husband’s departure from her and their three children due to financial difficulties. It was further gathered that the incident happened last weekend in front of Ogui Police Station, Enugu. According to reports, the deceased whose identity is not…
The former deputy governor of the Central Bank of Nigeria (CBN) Kingsley Moghalu has proposed a $20-30 billion International Monetary Fund (IMF) stabilisation facility to solve the lingering foreign exchange (FX) crisis. “To get out of Nigeria’s foreign exchange crisis, the FGN must very carefully consider whether it should take a formal stabilization package of…
The average retail price for refilling a 5-kg cylinder of Liquefied Petroleum Gas (LPG) also known as cooking gas experienced a month-on-month increase of 3.55%, rising from N4,962.87 in December 2023 to N5,139.25 in January 2024. This reflects a 12.00% year-on-year uptick from N4,588.75 in January 2023. Remarkably, Nassarawa recorded the highest average price at…
The Economic and Financial Crimes Commission (EFCC) has implicated banks in approximately 70% of financial crimes in Nigeria. Speaking at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, EFCC Chairman Ola Olukayode expressed serious concerns about the escalating fraudulent activities within the banking sector. Olukayode,…
Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective from 18th March 2024, for one month. This decisive action comes in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign…
