Author: Vardiafrica

The Socio-Economic Rights and Accountability Project (SERAP) has issued a one week ultimatum to Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike to account for loan agreements and spending details of some N5.9 trillion and $4.6 billion loans obtained by their states and the FCT. SERAP’s request also includes details and locations of projects executed with the loans. SERAP also urged them to “promptly invite the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to investigate the spending of the domestic and external loans…

Air Peace, Nigeria’s flag carrier, commenced its Lagos-London flight services on Saturday. The airline announced the development on its X page on Saturday, expressing delight over the milestone. “London service has commenced and we’re delighted to have achieved yet another feat in our drive to continually provide peaceful connectivity across cities,” Air Peace posted. “A big thank you to everyone who contributed to the success of this launch.” Festus Keyamo, minister of aviation and aerospace development; and Doris Uzoka-Anita, minister of industry, trade and investment, were present as the airline marked its inaugural flight to London. The London trip comes a…

Godswill Akpabio, senate president, has hinted that the upper legislative chamber may consider lifting the suspension on Abdul Ningi, senator representing Bauchi central. Akpabio spoke on Friday upon his return to Abuja from the Inter-Parliamentary Union (IPU) general assembly in Geneva, Switzerland. BACKGROUND Early this month, Ningi sparked controversy when he alleged that the 2024 budget was padded by N3 trillion and that the country is operating two budgets concurrently. Subsequently, the senate debated the matter at the “committee of the whole”. The senator was thereafter suspended for three months for allegedly not providing evidence to back his allegations. NINGI THREATENS TO SUE AKPABIO…

Wanted King of Ewu, Clement Ikolo, who turned himself in has been handed over to the military by the police. The development has been confirmed by the Public Relations Officer, Delta State Police Command, Bright Edafe. King Ikolo who was one of the eight persons declared wanted by the Defence Headquarters in connection with the killing of 17 military personnel in Okuama community, turned himself in to the Delta State Police Command on Thursday. The monarch was said to have arrived at the state police command headquarters at exactly 6:41 pm, to report himself to Police Commissioner, Olufemi Abaniwonda. Before…

The King of Ewu Kingdom in the Ughelli South Local Government Area of Delta State, Clement Ikolo, who is one of the eight persons declared wanted by the Defence Headquarters in connection with the killing of 17 military personnel in Okuama community has turned himself in to the Delta State Police Command. The monarch was said to have arrived the state police command headquarters at exactly 6:41pm on Thursday to report himself to Police Commissioner, Olufemi Abaniwonda. Before he turned himself in to the police, the monarch spoke to journalists, insisting on his innocence in the matter. The Delta State…

The Nigerian Content Development and Monitoring Board (NCDMB) was on Monday in Abuja commended for maintaining first position among ministries, departments and agencies (MDAs) in the Half Year Executive Order (EOI) Compliance Report by the Presidential Enabling Business Environment Council (PEBEC). Addressing a Management team from the Board, led by the Director Monitoring and Evaluation, Mr. Abdulmalik Halilu, the Special Adviser to the President on PEBEC and Investments, Dr. Jumoke Oduwole, urged NCDMB to maintain its high standard of transparency and efficiency in its operations, having won the top position in successive rankings, with 81.48 per cent for January-June, 2022, 81.11…

Nigeria has once again plunged into darkness following the collapse of the national electricity grid managed from Osogbo, Osun State, at approximately 4:30 pm on Thursday. This marks the fourth collapse of the grid within the first three months of the year, exacerbating longstanding challenges in the country’s power sector. Distribution companies across all 36 states reported inactive feeders, leading to widespread blackouts. The grid’s output, which was at 2984 megawatts at 4 pm, plummeted to zero within an hour, with all 21 connected plants ceasing operations by 5 pm. This incident underscores the systemic issues facing Nigeria’s electricity sector,…

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026. CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday. According to Ali, the new minimum capital base for…

President Bola Tinubu has appointed Abdullahi Bello as the new Chairman of the Code of Conduct Bureau (CCB), pending confirmation by the Senate. In a statement on Thursday by presidential spokesman, Ajuri Ngelale, the President expects that the new CCB chair will lead the Bureau to realise its mandate of maintaining high standards of public morality. By the presidential pronouncement, Bello replaces Aliyu Kankia, who has been the acting Chairman of the Bureau. “Dr. Bello is a consummate professional with more than 25 years of work experience in consulting, banking, law enforcement, financial services, and academia,” said Ngelale. “The President…

⁸