Tag: nigerian energy

An Ondo State High Court sitting in Akure has restrained the Benin Electricity Distribution Company (BEDC) from disconnecting electricity at the state-owned University of Medical Sciences Teaching Hospital (UNIMEDTH), Ondo, over alleged indebtedness. It also stopped the BEDC from tampering with the cable that supplied electricity to the hospital. Justice B J Akinwumi granted the…

A Sokoto Chief Magistrate Court on Wednesday, granted bail to Shafi’u Umar, who is standing trial for allegedly circulating falsehoods against Gov. Ahmad Aliyu and his wife on social media platforms. Umar, 37, who was the Special Assistant to former Gov. Aminu Tambuwal is charged with circulating injurious falsehood and engraving matter known to be…

The Central Bank of Nigeria (CBN) has constituted a new board of directors for Keystone Bank Limited as part of the strategy to strengthen the bank’s operations for sustained business growth. The apex bank also appointed two additional executive directors for the lender. In a statement by the financial institution on Wednesday, the bank disclosed…

A Federal High Court, Abuja, on Wednesday, shifted the judgment in a suit seeking the removal of Dr Abdullahi Ganduje as National Chairman of the All Progressives Congress (APC) to Sept. 23. The News Agency of Nigeria reports that the matter, which was earlier fixed for today, was not on the cause list. NAN gathered…

The Nigerian National Petroleum Company Limited (NNPCL) has provided an update on the ongoing challenges with the Port Harcourt Refinery. Despite several promises from President Bola Tinubu about starting petrol production at the facility, operations have yet to commence fully. Adedapo Segun, NNPCL’s Executive Vice President for Downstream, recently explained the delays in Lagos. He…

Former Kogi State Governor Yahaya Bello is currently in custody at the Economic and Financial Crimes Commission (EFCC) headquarters in Abuja. According to reliable sources at the Commission’s headquarters, Bello was arrested in a midnight sting operation. A source familiar with the development stated that Bello, who had initially claimed to have voluntarily honoured the…

The Central Bank of Nigeria (CBN) has issued a strong warning to commercial banks, payment system service providers, and other financial institutions regarding delays in responding to customer complaints. According to a new directive, banks will face a fine of N100,000 per day if they fail to address customer complaints within 72 hours. This directive…

Renowned economist and Managing Director of Financial Derivatives Company (FDC) Limited, Bismarck Rewane, yesterday maintained that it would be suicidal for the Dangote Refinery to sell petrol below its production cost. Speaking on Channels Television, Rewane argued that the Dangote refinery or any refinery for that matter, remain in business to make a profit. Rewane…

An Upper Shari’a Court in Kano State commenced hearing on Tuesday in the case of Shafiu Abubakar, who is accused of setting a mosque ablaze, resulting in the death of over 20 people. The defendant, a resident of Gezawa Local Government, Kano, allegedly set the mosque on fire, leading to the death of 23 people.…

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to adhere to the constitutional limit on Ways and Means Advances to the federal government, capping the advances at 5 percent of the previous year’s actual revenue collection. This policy forms part of the CBN’s newly released monetary, credit, foreign trade, and exchange guidelines for…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that it has not been stripped of its powers in determining the price of petrol in the country. The agency’s Chief Executive Officer, Engr. Farouk Ahmed, stated that market forces are responsible for setting petrol prices, in line with the provisions of the Petroleum…

The Federation Accounts Allocation Committee, FAAC, has shared N1.203 trillion revenue among the Federal Government, states and Local Government Councils, LGCs. According to a communique issued by FAAC after its meeting on Tuesday, the N1..203 trillion total distributable revenue comprised statutory revenue of N186.636 billion, and Value Added Tax (VAT) revenue of N533.895 billion. It…

Instagram is introducing separate teen accounts for those under 18 as it tries to make the platform safer for children amid a growing backlash against how social media affects young people’s lives. Beginning Tuesday in the U.S., U.K., Canada and Australia, anyone under 18 who signs up for Instagram will be placed into a teen…

The Federal High Court sitting in Lagos has refused to declare the planned 12th Annual General Meeting (AGM) of FBN Holdings Plc illegal or null, as requested by an aggrieved shareholder, Tohir Folorunsho Ismaila. Justice Deinde Dipeolu declined the reliefs sought by the petitioner on September 12, 2024, following a preliminary objection filed by FBN…

The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025. CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. However, the apex bank in…

Editors Note; Originally Published In Newtelegraphng By Ifeanyi Izeze Mischief, a major preoccupation of the human mind has been perfected by the word government and governance in our clime. And its manifestations are seen everywhere and in everything those who rule Nigeria do. It makes it very difficult or rather nearly impossible for us to…

*Rejects PDP’s Contempt Charge Against Kwara Electoral Official A Federal High Court in Abuja has vacated an ex-parte order which restrained the Independent National Electoral Commission, (INEC) from releasing the National Voter Register to the Kwara State Independent Electoral Commission (KWSIEC) for the purpose of conducting local government election in the state. The order issued…

The Central Bank of Nigeria has announced the appointment of the members of the board of directors for Polaris Bank. In a statement on Monday, the bank disclosed that Kassim Gidado was appointed as the board chairman. The new Polaris Bank board is the chief of staff at MAG Group Limited and advisor to various…

The Nigeria Employers’ Consultative Association (NECA) says the premium motor spirit (PMS) supply agreement between the federal government and Dangote Petroleum Refinery could reduce the pressure on foreign exchange (FX) demand. On Sunday, NNPC started lifting PMS, also known as petrol, at the Dangote refinery gantry after a protracted period of price negotiations. The development,…

The World Trade Organisation Director-General, Ngozi Okonjo-Iweala, has announced her intention to seek another four-year term as head of the trade organisation. She disclosed this in an interview with Reuters on Monday, stating that she hopes to complete “unfinished business” from her first mandate. Okonjo-Iweala, who served as Nigeria’s finance minister, took office in March…