Author: Vardiafrica

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change Operators, accusing the affected institutions of failing to observe regulatory provisions. This was disclosed in a statement on Friday by the bank’s Acting Director, Corporate Communications, Sidi Ali Hakama. According to the apex bank, the move is part of efforts to restore confidence in the nation’s foreign exchange market. Noting that the list of affected BDC operators is available on its website, the CBN said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the…

President Bola Tinubu has reappointed Kenny Anuwe, as the managing director (MD) and chief executive officer (CEO) of FGN Power Company Limited. In a statement by Ajuri Ngelale, special adviser to the president on media and publicity, on Friday, Tinubu also appointed new members to the management team of FGN Power Company. “In recognition of the critical role of power supply in driving enterprise and industrial development, and as a part of comprehensive efforts to reform the power sector and ensure energy security for all Nigerians, President Bola Tinubu has approved the appointment of new members of the management team…

Jose Peseiro has announced his departure from his Super Eagles head coach role. In a post on his X account on Friday, the Portuguese said his contract with the Nigeria Football Federation (NFF) had run out, and no new deal had been agreed on. Peseiro, appointed Eagles head coach in 2022, described his tenure as “22 months of immense dedication, sacrifice, emotion, and enormous enthusiasm”. He expressed gratitude to the players and top brass at NFF, adding that “we will always be there for you, no matter where you are”. “Yesterday, we concluded our contract with the NFF. It was a pride…

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri on Thursday in Abuja inaugurated the 4th Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the oil and gas industry. Members of the new NCDMB Council were first announced by President Bola Tinubu on December 7, 2023, and they would be chaired by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, while the Executive Secretary of…

President Bola Tinubu has arrived in Doha, Qatar on an official visit to the Middle East country. Tinubu, who left Lagos after inaugurating the Lagos Red Line on Thursday afternoon, landed in Doha at 9:35 pm The media aide to the President, Ajuri Ngelale, in a statement on Wednesday, had said the visit, which was on invitation of His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, was to further strengthen cooperation between the two nations in several areas, including security, cultural exchange, and economic development. He said that during the visit, President Tinubu will…

 President Bola Tinubu on Thursday inaugurated the first phase of the Lagos Rail Mass Transit (LRMT) Red Line project, a 37km project expected to reduce travel time and improve transportation and logistics in the state.  The President also witnessed the signing of the contract for Phase 2 of the LRMT Red Line project by the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Engr. Abimbola Akinajo, and the Chairman of CCECC Nigeria Limited, Jason Zhang. The President, before departing for a state visit to Qatar, embarked on an inaugural train ride from the Ikeja station to the Agege station,…

In the quest for a stable power supply across the country, the Minister of Power, Adebayo Adelabu, met with the Forum of Commissioners of Energy in Nigeria, comprising 23 states. This was even as the minister stated that the move was aimed at addressing the root cause of the electricity challenge in the country. While addressing the forum of energy commissioners, Adelabu said that with the efforts put in place, Nigerians will soon start experiencing regular power supply. “We are poised to address the root cause of the electricity challenge. We have done enough diagnostics, we know the cause of…

Russia will introduce a six-month ban on petrol exports from March 1 to ensure it has enough fuel to meet domestic demand, the government said Thursday. Despite being the world’s third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand and repair works on refineries. Wholesale gasoline prices have risen since the start of the year, a problem exacerbated by repeated Ukrainian drone attacks on oil refineries. “Restrictions on petrol exports are introduced for six months, from 1 March to 31 August,” the government said in a statement Thursday. It said the move was…

The Senate, on Thursday, directed the Police Service Commission and the Nigeria Police Force to recruit a minimum of 10 candidates from each of the 774 local government councils in Nigeria. The directive, according to the Upper Chamber, should form part of its annual recruitment processes. The resolution was reached as a result of a motion moved by Sen. Emmanuel, Udende Memga representing Benue North East, on the need for the Police Service Commission and the Nigeria Police Force, to adhere to the Federal Character Principle in the recruitment of constables in the Nigerian Police Force. The Upper Chamber also…

Senate on Thursday, February 29, confirmed four out of five nominees as members of the Board of Directors of the Central Bank of Nigeria. At a sitting on Thursday, February 29, 2024, the Upper Chamber said the approval was under sections 6(1), (2) (d) and 10 of the Central Bank of Nigeria Act, 2007. The confirmation follows the submission and consideration of a report by the Chairman of the Committee on Banking, Insurance & Other Financial Institutions, Sen. Adetokunbo Abiru representing Lagos East. Initially, the candidates billed to appear before the Upper Chamber were Robert Agbede, Ado Yakubu Wanka, Professor…