Author: Vardiafrica

Former President Goodluck Ebele Jonathan on Monday at the Nigerian Content Tower (NCT), Yenagoa, expressed his sense of fulfilment at the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, and the many benefits that have accrued to Nigeria at the national and community levels since the emergence of the Nigerian Content Development and Monitoring Board (NCDMB), that has over time assumed the critical role of business enabler. He recalled the enthusiasm and promptness with which he signed the NOGICD Bill into law in April 2010, stating that the inspiration came from a visit to China as head of a trade…

Rivers State Governor, Siminalayi Fubara, has declared his support for the Rainbow Coalition, a political movement that comprises members of different political parties in Rivers State, led by the Minister of the Federal Capital Territory, Nyesom Wike. Governor Fubara made the declaration during the groundbreaking ceremony for the reconstruction and equipping of Riven Medical Facility, a public-private sector-driven pharmaceutical factory in the state. He affirmed President Bola Tinubu as his preferred presidential candidate, and Kingsley China as the preferred governorship candidate, urging his supporters to back all candidates on the coalition’s platform in the 2027 elections. Governor Fubara said the…

United States President Donald Trump has commended President Bola Ahmed Tinubu for his “decisive leadership” in tackling security challenges across Nigeria, reaffirming Washington’s commitment to supporting the nation’s fight against terrorism.​In an official letter dated July 6, President Trump praised President Tinubu’s resolve to address ongoing violence, particularly attacks targeting vulnerable and religious communities. ​”It is a true honor to stand with you in the fight against these terrorists and to make the Federal Republic of Nigeria stronger and more prosperous,” President Trump wrote, noting that the bilateral relationship remains crucial amidst rising instability across West Africa. Deepening Security Collaboration…

The Central Bank of Nigeria (CBN) says lower-denomination naira notes are currently scarce due to growing adoption of digital payments and changing currency demand. Olayemi Cardoso, governor of the CBN, spoke on Tuesday after the monetary policy committee (MPC) meeting in Abuja. Cardodo said the scarcity does not mean the naira notes have ceased to be legal tender. The CBN governor said Nigerians should continue to accept the N100 and N200 notes, adding that the apex bank had not withdrawn any denomination from circulation. “Yes, they remain legal tender. Unless the central bank states otherwise, Nigerians should assume that all…

The Nigerian Navy has halted the expansion of an illegal refining network in Bonny Local Government Area of Rivers State and recovered an estimated 104,000 litres of products suspected to be stolen crude oil as part of its renewed efforts to curb crude oil theft in the Niger Delta. The operation, conducted under Operation Delta Sentinel, further demonstrates the Navy’s commitment to protecting Nigeria’s critical oil and gas infrastructure and disrupting the activities of economic saboteurs. In a statement, the Director of Naval Information, Nigerian Navy, Navy Captain Abiodun Folorunsho, said personnel of the Forward Operating Base (FOB) Bonny carried…

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,270 per litre at its retail outlets in Abuja and neighbouring areas. A market survey conducted on Tuesday showed that the state-owned oil company raised the price from N1,155 per litre, representing an increase of N115 per litre. The latest adjustment comes amid renewed volatility in Nigeria’s downstream petroleum sector, where depot prices have continued to fluctuate and marketers have repeatedly reviewed their pump prices. The increase is expected to place additional financial pressure on motorists, transport operators…

Britain’s new Prime Minister, Andy Burnham, has announced a tax cut on household electricity bills as one of his first major policy decisions, saying the measure is aimed at easing the cost of living crisis facing millions of families. The announcement came a day after Burnham formally took office, replacing Keir Starmer as prime minister following a Labour Party leadership change that also triggered a major cabinet reshuffle. Blueprint reports Electricity tax to be scrapped Speaking ahead of his first cabinet meeting on Tuesday, Burnham disclosed that the five per cent value added tax (VAT) on domestic electricity bills would be…

The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC). The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions. Chairman of the committee, Senator Adetokunbo Abiru (APC, Lagos East), who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected…

The federal government will soon issue a fresh N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos), marking another major step in its plan to restore liquidity and financial stability across Nigeria’s power sector. The bond forms the second tranche of the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme and follows the successful issuance of about N501 billion in January 2026. Combined, both issuances make up the N1.23 trillion Series 1 and Series 2 components of the Capital Market Multi-Instrument Issuance Programme. The initiative is part of the federal government’s…

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained the monetary policy rate (MPR) at 26.5 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 306th meeting in Abuja. This is the second time the CBN committee has left the interest rate unchanged in 2026. The MPC also retained the asymmetric corridor around the MPR at +500/-100 basis points, the cash reserve ratio (CRR) at 40.5 percent for deposit money banks and 16 percent for merchant banks, while leaving the liquidity ratio unchanged at 30…