Author: Vardiafrica

The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers. This directive comes in response to findings from consumer market intelligence, which revealed a continued pattern of selective rejection of these bills by financial institutions and forex dealers. In a circular dated 27th June 2024, signed by Solaja Mohammed-J Olayemi, the Acting Director of the Currency Operations Department, and released on Monday on the bank’s website, the CBN reiterated the necessity for strict adherence to…

In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, on Tuesday. “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to…

A Kano court has adjourned the hearing of the Emirate tussle between Aminu Bayero and Lamido Sanusi to July 4  to entertain all applications and originating motions. The ongoing Kano Emirate tussle court case as of May 27th, had the attorney general, speaker of the Kano State House of Assembly, and the Kano State House of Assembly, asking the court to grant an order of interim injunction, restraining the 15th Emir, Bayero and four other dethroned emirs from parading themselves as emirs, has been adjourned at the kano state high court. During its sitting on the hearing of all pending…

The Defence Headquarters (DHQ) says it will annihilate the terrorists behind recent attacks in Gwoza LGA of Borno state. Edward Buba, director of defence media operations, said this in a statement issued on Tuesday in Abuja. On Saturday, suicide bombers detonated improvised explosive devices (IEDs) in different parts of Borno. 32 people have been confirmed dead from the explosions. A curfew has since been imposed on Gwoza over suspicion of another attack. “The fate of the terrorists that perpetrated these insecurity will be violent and short as troops will stop at nothing to take them out of the battlefield,” Buba said. He added that recent…

The federal government has approved a new withholding tax regime for the country and introduced key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion. Chairman of the Presidential committee on fiscal policy and tax reforms, Taiwo Oyedele disclosed this on his official X handle where he stated that the gazette will be signed in the coming days. According to him, the erstwhile withholding tax system introduced in 1978 had challenges such as the ambiguity necessitated by the increase in transactions that it covered thereby increasing the list of multiple…

Nyesom Wike, minister of the federal capital territory (FCT), says Ireti Kingibe, senator representing the nation’s capital, will not be reelected in 2027. Wike spoke in Abuja on Monday at the flag-off ceremony of the construction of the Mabushi bus terminal. “If we have done well, we have done well. If we haven’t done well, we haven’t done well. I am proud to say that in the short time that President Tinubu has appointed us, we have done well,” Wike said. “You said there are no schools and hospitals. You, as a legislator, what have you done? How many bills…

President Joe Biden delivered a politically charged speech from the White House, criticising the Supreme Court’s ruling on presidential immunity and denouncing Donald Trump’s involvement in the January 6th riot. Biden, who spoke from the White House in a politically charged speech, urged voters to reject Trump, calling the court’s decision a “grave injustice” that makes it unlikely Trump will face trial before the November election. “The American people must decide whether Donald Trump’s assault on our democracy on Jan. 6 makes him unfit for public office in the highest office in the land. The American people must decide if…

The Federal Capital Territory Police Command has confirmed the rescue of three persons who were trapped at a building that collapsed Monday night at Unity House, Area 11, Garki. A statement signed by the Police Public Relations Officer, SP Josephine Adeh, said in response to the distress call, the FCT Commissioner of Police, Benneth Igweh, promptly moved to the scene with multiple patrol teams as first responders to cordon off the area for possible rescue. Many people were trapped when a four-storey building attached to the Westbrook Hotel in the Garki area of the Federal Capital Territory collapsed on Monday…

A Federal High Court sitting in Lagos has held that it is illegal for the Economic and Financial Crimes Commission (EFCC) to declare Magaret, the wife of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, as a wanted person. Justice Deinde Dipeolu made the declaration while ruling on a fundamental right application filed by Mrs Emefiele. The court also ordered the EFCC to pay her N3 million as damages for the infringement of her rights. Mrs.Emefiele had dragged the anti-graft agency and its chairman before the court for declaring her a wanted person and publishing her photographs on…

The federal government has terminated its contracts with Mothercat, Reynolds Construction Company Ltd (RCC) and Dantata & Sawoe for non-performance on the dualisation of the Obajana-Benin road project sections two, three and four. In a statement on Monday, David Umahi, minister of works, said the construction companies have failed to meet their contractual obligations as required by the standard conditions of the contracts. “The Federal Ministry of Works has terminated contract numbers 6136, 6137, and 6138 with Mothercat Ltd., Dantata & Sawoe Construction Ltd., and RCC Ltd., respectively,” the statement reads. “The projects affected by this termination are the dualisation…