Author: Vardiafrica

Oando Plc has been selected as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago, securing a significant opportunity in the Caribbean energy sector. The Nigerian energy company emerged victorious in a competitive bidding process, defeating the Trinidadian CRO Consortium and INCA Energy, an American company. The decision, announced by Trinidad and Tobago’s Minister of Energy, Stuart Young, was based on Oando’s strong financial performance, particularly its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria in 2014. Minister Young emphasized that Cabinet had spent considerable time discussing the implications of the decision, highlighting the importance…

President Bola Ahmed Tinubu has signed the ₦ 54.99 trillion 2025 appropriation bill into law. President Tinubu signed the bill on Friday at the presidential villa in Abuja. The bill, which was passed in separate sessions by the two Chambers of the National Assembly on Thursday, February 13, after increasing it from the initial figures of N49.7 trillion submitted by President Tinubu, was signed in a brief ceremony in the President’s office. The 2025 Appropriation Act represents a 99.96% increase from the 2024 Budget of N27.5 trillion. The key breakdown of the 2025 budget is as follows: Total Expenditure: ₦54.99…

Mojisola Meranda, speaker of the Lagos state house of assembly, has criticised Mudashiru Obasa for allegedly invading her office and presiding over an “illegitimate plenary”. On Thursday, Obasa entered the assembly complex and presided over a “plenary session” with four lawmakers. Obasa has rejected his removal as speaker by 36 members of the assembly, insisting that the process was flawed. His defiance has deepened divisions within the assembly, with most lawmakers accusing him of poor leadership. Meanwhile, 26 legislators loyal to Meranda appeared in court on Friday over a lawsuit filed by Obasa, challenging his removal from office. Speaking after the court…

The local government election conducted on the 5th of October 2024 by the Rivers State Independent Electoral Commission has been declared invalid by the Supreme Court. In a judgment delivered by Justice Jamilu Tukur, the court declared the election invalid for grossly violating the Electoral Act Reading the judgement, Justice Tukur said the action of the Rivers State Independent Electoral Commission is declared void for lack of substantial compliance to the Electoral Act and guidelines as the electoral body continued voter registration even after announcing an election date. The court held that processes leading to the conduct of a local…

The Central Bank of Nigeria (CBN), the Accountant General of the Federation, and other organizations are prohibited by the Supreme Court from disbursing monies to the Rivers State government unless they rid themselves of what the court characterizes as egregious disregard for court orders. The court’s five-member panel unanimously rejected Governor Siminalayi Fubara’s cross-appeal contesting the legitimacy of the House of Assembly, which was presided over by Speaker Martin Amaewhule, in a one-hour, thirty-six-minute ruling issued by Justice Emmanuel Akomaye. The Supreme Court had dismissed every local government chairperson by the Rivers State Independent Electoral Commission in the October 2024…

The Nigerian government has announced plans to review electricity tariffs for Band B and C customers as part of efforts to improve the power sector and attract investment. The Minister of Power, Adebayo Adelabu, disclosed this on Thursday in Abuja during the public presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan. Adelabu clarified that the review does not automatically mean a tariff hike but rather an assessment aimed at enhancing last year’s progress and ensuring sustainable sector growth. “We will look at the tariff again. I am not saying that we’re going to increase the tariff…

President Bola Tinubu, Thursday in Abuja, said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure. President Tinubu spoke at a meeting with an Airtel delegation led by Chairman Sunil Bharti Mittal at the State House. “I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do…

The Nigerian Content Development and Monitoring Board (NCDMB) and the African Petroleum Producers’ Organisation (APPO) have recommitted their partnership towards establishing African centres of excellence in local content development. Both organisations also encouraged African petroleum producing countries to develop specialised capacities in core oil and gas services, and patronise one another in their respective areas of expertise. These discussions took place on Thursday when the Secretary General of APPO, Dr. Omar Farouk Ibrahim visited the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, at the agency’s liaison office in Abuja. The APPO scribe reiterated the…

The Federal Competition and Consumer Protection Commission (FCCPC) has directed MultiChoice Nigeria, the operator of DStv and GOtv, to halt its planned subscription price increase pending the outcome of an ongoing investigation. In a statement on Thursday, FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, confirmed the directive, emphasizing that the price freeze is to protect consumers from potential exploitation. The decision follows MultiChoice’s request for an extension regarding its scheduled appearance before the commission over concerns about recurring price hikes. While the FCCPC granted the extension, it has now rescheduled the hearing for March 6, 2025, mandating the company’s CEO…

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Tuesday in Abuja charged oil and gas industry stakeholders in Africa to institute an Africa-wide local content framework that harmonises policies and fosters cross-border partnerships. He said such a framework would allow African nations to leverage collective strengths for mutual prosperity, while emphasising that “local content is not just a policy – it is a strategy for sustainable economic growth.” In his words, it is “the foundation of economic transformation and energy security across Africa.” In a Keynote Address entitled “Unlocking Africa’s Potential…