Author: Vardiafrica

The Minister of Power, Adebayo Adelabu, has threatened non-performing distribution companies (discos) with licence revocation as Nigerians suffer power outage in the country. “It is disheartening to witness the decline in power supply despite the concerted efforts to improve the situation,” he wrote on X (formerly Twitter) on Wednesday. “The Ministry has been exerting pressure on the Generating Companies (GENCOs) to enhance their performance, resulting in a recent increase in generation to over 4000MW. Despite this progress, certain distribution companies are failing to adequately distribute the power supplied by TCN, while vandalism of power infrastructure exacerbates the problem in regions…

The federal government has blamed the administration of former President Muhammadu Buhari for the current economic woes, saying his decision to excessively print the Naira through ways and means of over N20 trillion without corresponding productivity has put the country into a mess. The Minister of Finance, Mr Wale Edun, who stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Mr Sani Musa, said the government of President Bola Tinubu is determined to audit the N22.7 trillion ways and means granted by the Central Bank of Nigeria (CBN) to finance its budget shortfalls in…

In keeping with his dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians, His Excellency, President Bola Ahmed Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa. Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements. Recognizing the…

President Bola Tinubu has congratulated the President of the African Development Bank (AfDB), Akinwumi Adesina, on the award of the prestigious Obafemi Awolowo Prize for Leadership. Adesina joined the pantheon of other previous winners of the award such as Nigeria’s Nobel Laureate, Professor Wole Soyinka; former President of South Africa, Thabo Mbeki, and lawyer-educationist, Chief Afe Babalola. Tinubu in a statement signed by his media aide, Ajuri Ngelale, commended the AfDB President for his visionary and noble endeavour to transform agriculture in Africa and ensure food security on the continent, recalling the growth enhancement schemes revolutionizing Nigeria’s agriculture value chains…

The Securities and Exchange Commission (SEC) says it has developed new guidelines for licensing, registration and screening of digital and virtual assets service providers (VASPs). According to the Central Bank of Nigeria (CBN), VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. In a notice seen by TheCable dated March 4, 2024, the SEC said the new measures would ensure that “criminals are not registered as operators” in the capital market. The CBN had lifted the ban on crypto transactions in the country on December 22, 2023, and issued operational guidelines on virtual assets service…

The Edo State House of Assembly, during plenary on Wednesday, commenced proceedings to impeach embattled Deputy Governor of the state, Philip Shaibu. The majority leader of the state house of assembly and member representing Ovia North East 1, Charity Aiguobarueghian, announced this during sitting. He stated that the petition against the deputy governor which dated March 5, 2024 was endorsed by 21 out of the 24 lawmakers. The majority leader maintained that the number of lawmakers that signed the petition have met the required two – thirds as stipulated in the constitution. He noted that the petition was based on…

The Court of Appeal in Abuja has struck out the bid by the Federal Government to commence fresh prosecution of former Abia State Governor, Orji Uzor Kalu in the ₦7.6 billion fraud and money laundering brought against him. In delivering judgment, Justice Joseph Oyewole held that the record of appeal brought by the federal government was incompetent and unreliable for any court to use to grant the request of the government. Justice Oyewole said that the record of appeal was not compiled, signed, or certified by any person known to law. He added that the name of the person who…

US President Joe Biden and Donald Trump, his predecessor, cruised to victories in statewide Super Tuesday primaries. Trump won the Republican votes in 14 of 15 states, while Nikki Haley, former United Nations (UN) ambassador and his last remaining rival, won Vermont, denying the former president a full sweep. But Haley’s win did little to scupper Trump’s steady march to the Republican ticket. The only contest Biden lost was the Democratic caucus in American Samoa, a small US territory in the South Pacific Ocean, where he came short by a slim margin to Jason Palm Although not all states have concluded…

The Court Of Appeal in Abuja has affirmed Julius Abure as the Chairman of the Labour Party (LP). The Appellate Court also set aside the decision of the Federal Capital Territory (FCT) High Court which last year, restrained Abure and two others from parading themselves as national officers of the party. In the judgement delivered by Justice Hamma Barka, the Appellate Court held that the high court was wrong to have assumed jurisdiction on the matter. The Appellate Court also awarded a cost of One million Naira in favour of Abure and against the respondent, Lamidi Apapa. Justice Hamza Muazu…

The International Monetary Fund (IMF) says Nigeria must prioritise addressing food insecurity.  The IMF stated this in a report after its team, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja from February 12 to 23, 2024, to hold discussions for the 2024 Article IV Consultations with Nigeria. The IMF also said the decision by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten monetary policy will help contain inflation and pressures on the naira. Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of…