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CBN warns public against individuals, groups peddling fake contracts, grants
Abuja, May 12, 2025 – The Central Bank of Nigeria has warned members of the public against dealing with individuals or groups peddling fictitious contracts, loans, and financial grants in its name. The apex bank gave the warning om Monday in a statement signed by Hakama Sidi-Ali, its Acting Director of Corporate Communications. It said its attention had been drawn to the activities of fraudsters falsely claiming to represent or act on behalf of the bank. The CBN said it does not request payment of fees in exchange for such …
Trump announces drug prices cut with swipe at Europe
Washington, May 12, 2025 – US President Donald Trump said Monday he would slash drug prices so that they match costs abroad, accusing the “brutal” European Union in particular of forcing pharmaceutical firms to lower prices on its turf. Trump claimed as he signed the executive order at the White House that drug prices should fall by at least 59 percent — and in some cases as high as 80 or 90 percent. “The European Union has been brutal, brutal. And the drug companies actually told me stories it was …
FG to inaugurate National Relief Fund Committee
Abuja, May 12, 2025 – The federal government is to inaugurate the National Disaster Relief Fund Committee on Tuesday to be headed by Tony Elumelu, the Chairman of Heirs Holdings. President Tinubu had named Elumelu as the chairman of the committee during a Federal Executive Council meeting in September last year. He announced Elumelu as head of the committee and also as the private sector’s representative. Elumelu will oversee efforts to create a nationwide framework aimed at improving disaster response and boosting climate resilience across Nigeria. The fund, which brings …
Oil prices jump over 3% on US-China tariff reductions
Tokyo, May 12, 2025 – Oil prices rose more than $2 in Asian trading on Monday after the U.S. and China said they would ease some of their tariff measures, lifting market sentiment that the world’s two largest crude users may be moving toward resolving their trade dispute. Brent crude futures climbed $2.11, or 3.3%, to $64.14 a barrel by 0714 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $63.14 a barrel, up $2.12, or 3.47%, from Friday’s close. Both sides said on Monday they would suspend …
Dangote reduces petrol price to N825 per litre
Lagos, May 12, 2025 – Dangote Petroleum Refinery has reduced the price of its petrol to N825 from N835 per litre. The price adjustment may not be unconnected with the slide in prices of crude oil in the global market which have dropped to less down 60 dollars per barrel. This development favours local consumers in Nigeria but portend some crisis for the government due to the negative effect on revenue from crude oil, the main revenue earner for the country. (GBN)
U.S., China to ease tariffs significantly for 90 days – White House
Geneva, May 12, 2025 – The U.S. and China haves agreed to a temporary but significant easing of the tariffs imposed over the last couple months, the countries said in a joint statement shared by the White House, heralding significant success in trade negotiations that ramped up over the weekend. In the joint statement released early Monday morning, the two sides said they had agreed that ongoing “discussions have the potential to address the concerns of each side in their economic and trade relationship,” and that “moving forward in the spirit of …
US announces trade deal with China in Geneva
Geneva [Switzerland], May 12, 2025 – U.S. on Sunday announced a trade deal with China in Geneva, a statement by the White House said. Secretary of the Treasury Scott Bessent said that there was substantial progress between the parties. “I’m happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen. We …
Pope Leo XIV appeals for ‘no more war’ in first Sunday message
Vatican City, May 11, 2025 -Pope Leo XIV appealed to the world’s major powers for “no more war” in his first Sunday message to crowds in St. Peter’s Square since his election as pontiff. The new pope, elected on May 8, called for an “authentic and lasting peace” in Ukraine, a ceasefire in Gaza, and the release of all Israeli hostages held by militant group Hamas. Speaking in fluent Italian, Leo also welcomed the recent fragile ceasefire between India and Pakistan, negotiated overnight, and said he was praying to God …
Nigeria: The making of a judicial selectorate
By Chidi Anselm Odinkalu Lagos, May 11, 2025 – Anambra North senatorial constituency comprises seven Local Government Areas (LGAs). These are: Anambra East, Anambra West, Anyamelum, Ogbaru, Onitsha North, Onitsha South, and Oyi. The contest to represent it in the election to the Senate in 2007 turned out to be memorable for all the wrong reasons. Voting in the election occurred on 28 April 2007. At the end of the contest, the Independent National Electoral Commission (INEC), returned Joy Emordi, the incumbent senator and candidate of the ruling Peoples’ Democratic …
SERAP urges CBN to disclose federal allocations disbursed to 774 local governments
Abuja, May 11, 2025- The Socio-Economic Rights and Accountability Project (SERAP) has urged the Central Bank of Nigeria (CBN) to disclose whether it has started disbursing federal allocations to the 774 local government councils. It particularly urged Olayemi Cardoso, the Governor of the apex bank, to publish the amounts, if any, sent directly to each council. SERAP also urged the governor to disclose whether any direct payments had been made from the federation account to local government councils in Rivers State and to provide explanations for any such payments. SERAP …