Author: Vardiafrica

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has threatened to stop the supply of Premium Motor Spirit (PMS), also known as petrol, over non-payment of ₦200bn bridging claims. The association’s unit Chairman and Spokesperson, Aba Depot, Mazi Oliver Okolo in a communique released after a press conference on Tuesday, Okolo said the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA) failed to pay the ₦200bn debt despite a directive for payment from the Petroleum Minister (Oil) Heineken Lokpobiri. The IPMAN deport Chairman claimed that since the directive by the minister in February 2024, only ₦13bn had been paid to their members, saying that…

The House of Representatives has directed the Nigeria Electricity Regulatory Commission (NERC) to suspend the implementation of the new incremental tariff on Band A customers. The lower chamber agreed upon this at the house resolution during a plenary session on Tuesday. According to them, the resolution followed the adoption of a motion of urgent public importance by Kama Nkemkanma. It would be recalled, that NERC had hiked the electricity tariff for Band A customers by 230 percent, from ₦68 per kilowatt hour to ₦225/kWh. Band A customers are those who receive an average daily supply of electricity for 20 hours…

The Nigerian National Petroleum Company (NNPC) Limited says the ongoing shortfall in supply of petroleum products and queues for the products will be cleared out by May 1. Femi Soneye, NNPC’s spokesperson, spoke to NAN on Tuesday in Lagos. Soneye said the company currently has more than 1.5 billion litres of product available, enough to last for at least 30 days. However, he said some individuals might be exploiting the situation to maximise profit. “Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved,” he said. “However, as you know, overcoming such disruptions typically requires double the amount…

The International Criminal Police Organisation (Interpol) says plans are underway to extradite Nadeem Anjarwalla, Binance regional manager for Africa, to Nigeria for prosecution. Garba Umar, vice president of Interpol (Africa) executive committee, spoke on Tuesday during Channels Television’s Sunrise Daily programme. Anjarwalla and Tigran Gambaryan, Binance’s head of financial crime compliance, were charged with tax evasion and money laundering by the federal government. The duo were arrested and detained on February 28 However, on March 22, Anjarwalla escaped from a guest house in Abuja, Nigeria’s capital city, where he and Tigran Gambaryan, his colleague, had been kept by the federal government. Anjarwalla was said…

The Nigerian Electricity Regulatory Commission (NERC), in a move to deregulate the metre supply and pricing market, released an order on Monday on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme. According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of the significant changes in foreign exchange and inflation rates since NERC’s last price review in September 2023. It said the significant changes in these macroeconomic variables had constrained the abilities of metre providers to supply metres at the…

Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC), an interim order to freeze 1,146 bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorised dealing in forex exchange, money laundering and terrorism financing. The judge ordered that the accounts be frozen pending conclusion of investigation. While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated, “That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various…

The Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers. A source at the bank, who confirmed the development however, said no circular was served by the apex bank in that respect. The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions. Meanwhile, Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC), an interim order to freeze 1,146 bank accounts belonging to individuals and companies being investigated for alleged offences…

The Nigerian National Petroleum Company Limited (NNPCL) says the rehabilitation of the Kaduna Refining and Petrochemicals Company (KRPC) will be completed by December this year. The refinery, which has stopped production for many years due to lack of maintenance, will resume production at 60% capacity. The Managing Director of KRPC, Mustafa Sugungun, who disclosed this on Monday during an oversight visit to the refinery by members of the Senate Adhoc Committee on Petroleum Downstream led by Senator Ifeanyi Uba explained that the 110,000 barrel per day refinery will start producing at 60% capacity, while full production will commence subsequently. “Our…

A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, has restrained Multi-choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1. The three-member tribunal, presided over by Saratu Shafii, gave the interim order on Monday following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade. In a ruling, the tribunal restrained multi-choice from going ahead with the impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it. She also directed all parties in…

Finidi George has been appointed as the new head coach of the Super Eagles. The Nigeria Football Federation (NFF) announced Finidi’s appointment in a communique on Monday. The 52-year-old would be the permanent replacement for Jose Peseiro, who he worked with as an assistant coach for 20 months with the Eagles. Peseiro left the job in February after leading the team to a silver medal-winning campaign at the African Cup of Nations (AFCON) in Cote d’Ivoire. Finidi was the Eagles’ interim head coach for two international friendlies against Ghana and Mali in March. He led the Eagles to a 2-1 victory…