Author: Vardiafrica

The Supreme Court of Nigeria on Tuesday, October 7, reserved judgment in a suit filed by the Osun State Government seeking to compel the Federal Government to release all withheld allocations belonging to the Local Government Councils (LGCs) in the state. A seven-member panel of justices led by Justice Uwani Abba-Aji reserved the matter for judgment after both parties, the Attorney-General of the Federation (AGF) and the Attorney-General of Osun State, adopted their respective briefs of argument. The former AGF, Chief Akin Olujimi (SAN), appeared for the Federal Government, while Mr. Musibau Adetunbi (SAN) represented Osun State. In the suit, marked SC/CV/775/2025,…

African Development Bank (AfDB) has announced plans to extend a $500m loan to Nigeria this year as part of a $1bn budget support programme, citing the country’s ongoing economic reforms under President Bola Tinubu as a major factor driving its decision. Bode Oyetunde, executive director representing Nigeria and São Tomé and Príncipe on the AfDB Board, disclosed this on Monday during the Nigerian Economic Summit in Abuja. He said the facility, which is subject to board approval, could be finalized before the end of the year. According to Oyetunde, the bank is providing the funding in recognition of Nigeria’s “bold…

Nigeria is in discussion with China’s Export-Import Bank for a $2 billion loan to finance a new “super grid” to ease the country’s power shortages.  According to Bloomberg, the Minister of Power, Adebayo Adelabu, disclosed this during an economic summit in Abuja on Monday. Adelabu explained that the project is part of government efforts to decentralise power generation and encourage large-scale industrial users who left the national grid due to its unreliability to reconnect. The new transmission infrastructure will link the eastern and western regions of the country, where most of Nigeria’s industrial consumers are located. “It’s part of plans…

African football boss Patrice Motsepe said on Monday he is “absolutely confident” the 2025 Africa Cup of Nations will go ahead in Morocco, the scene of daily anti-government protests for more than a week. Young Moroccans took to the streets on Sunday for a ninth straight night of protests, calling for an end to corruption and a change of government. The protesters have demanded reforms to social services, especially health and education, and voiced anger over social inequality. Morocco is scheduled to stage the Cup of Nations (AFCON) from December 21 to January 18 at nine venues, with 24 national…

The Speaker of the House of Representatives, Abbas Tajudeen, has inaugurated an ad hoc committee to examine the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria. Speaking at the inauguration on Monday in Abuja, Mr Tajudeen said the initiative became necessary following rising cases of fraud, cybercrime, and consumer exploitation within the digital finance sector. He noted that despite periodic economic challenges, Nigeria’s economy has shown remarkable resilience, particularly through growth in non-oil sectors, an environment, he said, where cryptocurrency could potentially thrive. However, Mr Tajudeen warned that the vulnerabilities associated with cryptocurrency operations could…

The Bayelsa State Government has bought two aircraft to begin commercial flight operations at the Bayelsa International Airport. A statement by the governor’s Chief Press Secretary, Daniel Alabrah, on Tuesday said the two aircraft are expected to be used in the Yenagoa-Abuja and Yenagoa-Lagos routes. According to the statement, Governor Douye Diri made the disclosure on Monday during the courtesy visit by the Prime Minister of the State of Africa in Diaspora, Dr Tin Louise-George, to Government House, Yenagoa. The governor stated that his administration was determined to make the Bayelsa International Airport more commercially effective for flight operations. While…

The Central Bank of Nigeria (CBN) has issued a new set of guidelines for the operations of agent banking in Nigeria. Agent banking is the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit taking financial institution or mobile money operator. In a circular signed by Musa Jimoh, director of the CBN’s payments system policy department, on Monday, the apex bank said the new rules were designed to enhance service quality, protect consumers, promote financial inclusion, and ensure the stability of the financial system. The circular, addressed to all deposit money banks,…

Also in attendance were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and National Planning, Atiku Bagudu; and the Emir of Kano, Sanusi Lamido. Captains of industry and members of the National Assembly were also present. Themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” the summit seeks to forge a national consensus on economic reforms aimed at balancing macroeconomic stability with inclusive growth. According to organisers, the forum provides a platform for dialogue between the public and private sectors to chart a roadmap for accelerating Nigeria’s economic transformation and securing…

Bayo Ojulari, group chief executive officer (GCEO), the Nigerian National Petroleum Company (NNPC) Limited, says the recent rise in the price of liquefied petroleum gas (LPG), popularly known as cooking gas, is linked to the recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Ojulari spoke to state house journalists on Sunday after a courtesy visit to President Bola Tinubu. On Monday, the price of the commodity increased in Lagos. At several retail outlets around Amuwo Odofin, the price of the product rose to N26,000 for 12.5 kg (at N2,080 per kg). At the Iyana Ipaja axis,…

President Bola Ahmed Tinubu on Monday returned to Abuja, the nation’s capital. This was disclosed in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga. He said Tinubu’s return followed a ten-day working visit to Lagos. On Friday, the President arrived in Lagos after attending the coronation of His Imperial Majesty, the Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja, in Ibadan. While in the nation’s commercial capital, Tinubu engaged with key investors, including Bayo Ogunlesi, Chief Executive Officer of Global Infrastructure Partners, and Keem Belo-Osagie, former Chairman of United Bank for Africa and Etisalat,…