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Nigeria’s downgrade by rating agency worrisome – Obi
Abuja, Feb. 2, 2023 – Peter Obi, the Labour Party Presidential Candidate, says the downgrade of Nigeria’s credit rating by Moody’s Investors Service from B3 to junk bonds is worrisome. Obi said the downgrade was a verdict on the government’s inability to fix the Nigerian economy. According to a statement by his campaign organization in Abuja on Wednesday, Obi, however, said that the situation did not call for any blame games. “The seriousness of the issue does not call for blame games, but a determined effort to provide the …
Peter Obi denies any deal with Atiku
Abuja, Feb. 2, 2023 – Peter Obi, the Presidential Candidate of the Labour Party (LP), has no any deal with Atiku Abubakar, the PDP Presidential Candidate, on the 2023 Presidential Election. Diran Onifade, the Head of Media, Obi-Datti Presidential Campaign Council, has said. Onifade said the claim that Obi was in talks with Atiku with a view to stepping down for the PDP Presidential candidate was “totally false and baseless.” Atiku was reported to have said he was in talks with Obi and the Presidential Candidate of the New Nigeria People’s …
Dangote, Sinoma sign agreement on 6Mta cement plant in Itori, Ogun State
Lagos, Feb. 2, 2023 – Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote, alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue. Dangote, speaking at the signing ceremony, said that new integrated cement plant on completion would strengthen the local …
Petrol will be available at low price in 2 weeks – IPMAN
Lagos, Feb. 1, 2023 – The Independent Marketers Association of Nigeria (IPMAN) says petrol will be available and affordable prices in the next two week. Mike Osatuyi, the IPMAN National Operations Controller, said that marketers were putting in place measures to end fuel scarcity across the country. Osatuyi gave the assurance during an interview on Arise TV’s Morning Show on Wednesday. According to him, all stakeholders have agreed to sell fuel at affordable prices to reduce the burden on Nigerians. He said the Nigerian National Petroleum Company Limited and all …
Some people in Aso Rock frustrating Tinubu’s efforts – El-Rufai
Lagos, Feb. 1, 2023 – Nasir El-Rufai, the Kaduna State Governor, on Wednesday alleged that some persons in Aso Rock Villa are working to frustrate the victory of Bola Tinubu, the APC Presidential Candidate. El-Rufai made the allegation while featuring on Channels TV’s Sunrise Daily. “I believe there are elements in the Villa that want us to lose the election because they didn’t get their way; their candidate did not win the primaries,” The governor said that those working against Tinubu’s victory were those who Tinubu defeated their candidates during …
International rating agency downgrades 9 Nigerian banks
Lagos, Feb. 1, 2023 – Moody’s Investors Service, an international rating agency, has downgraded nine Nigerian banks following its downward review of Nigeria’s rating last week. The downgraded banks include: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, Guaranty Trust Bank Limited, Union Bank of Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Limited, and Sterling Bank Plc. Moody’s downgraded to Caa1 from B3 the long-term deposit ratings, issuer ratings as well as the senior unsecured debt ratings (where applicable) of all the nine lenders, it …
UN projects 3% growth rate for Nigeria in 2023
Abuja, Feb. 1, 2023 – The Nigerian economy will grow by three per cent in 2023, the United Nations (UN) has projected. The UN made the projection in its report titled ‘2023 World Economic Situation and Prospects’. The report said that in spite of high inflation and poor power supply in the country, the economy would benefit from robust commodities trade and dynamic consumer goods and services markets. “High inflation and power supply issues are impacting growth in Nigeria, but the economy will benefit from robust commodities trade and dynamic …
Nigeria has achieved 100% broadband penetration – Buhari
Abuja, Feb. 1, 2023 – Nigeria has achieved 100 per cent broadband penetration. President Muhammadu Buhari announced this in Abuja on Tuesday at a digital economy conference on ‘Promoting a Vibrant Digital Economy, A Catalyst for Economic Growth in Nigeria’, organised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). President Buhari was represented by the Minister of Communications and Digital Economy, Prof. Isah Patami. He said that this achievement, during his administration, was contrary to reports that the country had only achieved 43 per cent …
Nigerians in London held protests as Ekweremadu’s case commenced
London, Feb.1, 2023 – Some Nigerian human rights activists staged protests in London on Tuesday at commencement of the human trafficking case against a former Deputy President of the Senate, Ike Ekweremadu, and his wife, Beatrice. The anti- and pro-Ekweremadu protests were staged in front of the court ahead of the proceedings. AFP reported that before court proceedings, there was a gathering of protesters, some of whom were in support of the lawmaker, while others were against him. The lawmaker was in June 2022 arrested along with his wife at …
EFCC to raid cities for new note racketeers
Abuja, Feb. 1, 2023 – The Economic and Financial Crimes Commission (EFCC) says it will raid outlets of racketeers of new notes in commercial cities. The commission gave the indication while announcing the arrest of members of a syndicate trading the new notes in Zone 4, Wuse and Dei-Dei in Abuja. Wilson Uwujaren, the EFCC Spokesperson, said this in a statement on Tuesday. He said that its operatives had identified some towns and cities where currency hawkers were having a field day. The Governor of the Central Bank of Nigeria, …