Abuja, April 25, 2024 – The Federal Government on Thursday signed an agreement for economic and financial inclusion with state governments and private sector operators called “Aso Accord”. Vice President Kashim Shettima, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Governor of Central Bank of Nigeria, Yemi Cardoso, signed the accord on behalf of the federal government. The Governor of Kwara State, AbdulRahman AbdulRazaq, signed for the states, while Sterling Bank PLC’s MD/CEO, Abubakar Suleiman, signed on behalf of the private sector. The accord …
Adesola Adeduntan resigns as First Bank MD
Lagos, April 20, 2024 – Adesola Adeduntan, the Chief Executive of First Bank of Nigeria (FBN), has resigned from the office, reliable sources in the industry said. His resignation is coming just as Femi Otedola stepped in as the chairman of FBN Holdings, the parent company of the bank. Otedola, the Chairman of Geregu Power Plc, acquired substantial stake in First Bank in August last year to become the new Chairman of FBN Holdings in January 2024. He succeeded Ahmad Abdullahi. (GBN)
Sovereign Investment Authority invests $500m in infrastructure
Abuja, April 19, 2024 – The Nigeria Sovereign Investment Authority (NSIA) has invested announced over $500 million in infrastructure projects in Nigeria. affirming the Authority’s strategic focus on enhancing the country’s infrastructure and economic viability. Aminu Umar Sadiq, its Managing Director, said this in Abuja on Thursday at the public presentation of the 2023 financial results of the company. He said the strategic focus of the company was to enhance the country’s infrastructure and economic viability. Sadiq said the company was playing a pivotal role of the development of the …
Money Laundering: EFCC storms former Gov Yahaya Bello’s house
Abuja, April, 17, 2024 – The Abuja residence of former Governor Yahaya Bello of Kogi Stated was besieged by officials of the Economic and Financial Crimes Commission (EFCC) on Wednesday morning. The house, located on Benghazi Street, Wuse Zone 4, Abuja, was cordoned off by officials of the EFCC, causing vehicular traffic on the street. Recall that Yahaya Bello, his nephew Ali, one Dauda Sulaiman, and Abdulsalam Hudu have been having issues with the EFCC on allegations of money laundering amounting to N84 billion. The case is before Justice James …
U.S. officials expect Israeli response to Iran strikes will be limited
Washington, April 16, 2024 – U.S. officials expect a possible Israeli response to Iran’s attack over the weekend to be limited in scope and most likely involve strikes against Iranian military forces and Iranian-backed proxies outside Iran, four U.S. officials told NBC News. The U.S. assessment is based on conversations between U.S. and Israeli officials that happened before Iran fired more than 300 drones and missiles at Israel on Saturday night. As Israel was preparing for a possible Iranian attack last week, Israeli officials briefed U.S. officials about possible response …
Odua Nation: We don’t regret our actions – agitators
Ibadan, April 15, 2024 – Some O’odua Nation agitators who were arrested by the police in Oyo State said they never regretted their actions as they acted within the law. A group of people, parading themselves as agitators for the O’odua Nation, stormed the State Secretariat in Ibadan last weekend on the pretence of fighting the cause of the Yoruba Nation. They were paraded by the police in Ibadan on Monday, where they defended their actions. They claimed their actions could not amount to treasonable felony as they followed all …
TCN restores national grid after collapse
Abuja, April 15, 2024 – The Transmission Company of Nigeria (TCN) says it has fully restored the national grid after its collapsed earlier Monday. Ndidi Mbah, the TCN Spokesperson, said this in a statement. He said the collapse was caused by a fire which erupted at the Afam V 300kV bus bar coupler, leading to the tripping of units at Afam III and Afam VI. Mbah said the fire incident destabilised the grid and caused partial collapse. “The Transmission Company of Nigeria (TCN) announces the full restoration of the national …
Inflation rate rises to 33.2%
Abuja, April 15, 2024 – Nigeria’s inflation rate rose to 33.2 per cent in March from 31.70 per cent in February 2024, the National Burau of Statistics (NBS) has reported. The NBS reported this in its Consumer Price Index (CPI) and Inflation Report March 2024. “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%. “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation …
Israel quiet on next steps against Iran
Tel Aviv, April 15, 2024 – Israel’s War Cabinet has met without making a decision on next steps, an official said, as a nervous world waited for any sign of further escalation of the former shadow war. Israel’s War Cabinet met late Sunday to discuss a possible response, but an Israeli official familiar with the talks said no decisions had been made. He spoke on condition of anonymity because he was discussing confidential deliberations. Asked about plans for retaliation, Hagari declined to comment directly. “We are at high readiness in all …
National grid collapses to 629.90MW
Abuja, April 15, 2024 – The Transmission Company of Nigeria (TCN) has reported a collapse of the national grid to 629MW by 10:00 am on Monday. The Independent System Operator (SO), the technical wing of the TCN, announced that only 770MW was sent to 10 electricity Distribution Companies (DisCos) at 10:53am on Monday. With the current situation, the TCN has confirmed its inability to supply adequate power to the Discos to meet the demand of band A customers who are who enjoy a minimum of 20 hours per day supply. …