24hrs News & Updates
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who appeared before the senate joint committee on appropriations has stated that the main objective of creating refineries is not to reduce fuel prices. The NNPCL GMD explained that maintaining the energy security target has fostered the confidence that in…
Read More “Refineries Not Created To Reduce Fuel Prices – Kyari” »
The federal government says it will soon commence disbursement of funds under its N125 billion Presidential Palliative Programme, targeted at alleviating the impact of the removal of fuel subsidies. Doris Uzoka-Anite, the Minister for Industry, Trade and Investment, disclosed this in a statement on Sunday, noting that the programmes consisted of the Presidential Conditional Grant…
Read More “FG To Begin Disbursement Of N125bn Grants To Small And Medium Scale Enterprises” »
The Senate on Friday urged the federal government to withhold the statutory allocation to local government councils without democratically elected chairmen. This followed a motion by Senator Abba Moro (Benue South) titled “Urgent Need to halt the erosion of democracy: the dissolution of elected councils in Benue State” during plenary. The Benue State Governor, Hyacinth…
Read More “Senate Urges FG To Withhold Allocations To LGs Without Elected Councils” »
President Bola Tinubu has asked the Senate to approve a fresh loan of $8.6 billion and €100 million earmarked for the execution of vital projects in various sectors of the economy. Tinubu made this known in a request letter read at the start of plenary on Tuesday by the President of Senate Godswill Akpabio. The…
Read More “Tinubu Seeks Senate’s Approval To GetFresh $8.6bn, €100m Loan” »
Vice-President Kashim Shettima is meeting with members of the private sector including the Chairman of the Dangote Group, Mr Aliko Dangote, and the founder of the Tony Elumelu Foundation, Mr Tony Elumelu. The meeting is being held behind closed doors with the Coordinating Minister of Health and Social Welfare, Dr Muhammad Ali Pate in attendance….
Read More “Shettima Meets With Dangote, Elumelu, Others At Presidential Villa” »
The naira closed trading on the Investor & Exporter forex window on Thursday at N996.75/$. This is a 13.95 per cent depreciation from the N874.71/$ it closed trading on Wednesday. This means the naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to information on the FMDQ OTC…
Read More “Naira Depreciates To N1000/$ In Official Market” »
France is set to return $150 million, another tranche of the loot traced to late General Sani Abacha, former Nigerian military leader. Special adviser to the president on media and publicity Ajuri Ngelale, made the disclosure in a statement on Friday following a meeting between President Bola Tinubu and Catherine Colonna, the French minister of…
Read More “Another $150million Abacha Loot To Be Repatriated From France” »
FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace. According to Reuters, a 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he…
Read More “Sam Bankman-Fried, ‘Crypto King’ Convicted Of FTX Fraud” »
In a bid to sustain the steady appreciation of the naira against the dollar, which hit a record low on Tuesday, reaching a record $1,310/$, the Federal Government has begun implementing measures to stem the dollar supply gap that has continued to aggravate the free fall of the Naira. It was learnt from top government…
Read More “Forex Scarcity: Federal Government To Engage Looters, Plans Mop-Up From Hoarders” »
The naira yesterday made a significant gain of N175 to dollar at the parallel market. The naira appreciation occurred about 24 hours after the Supreme Court judgment affirming President Bola Ahmed Tinubu’s victory at the 2023 Presidential elections. The local currency, which exchanged at N1,315 to the dollar at the parallel market on Thursday, closed…
Read More “Forex Speculators In Big Losses As Naira Appreciates” »