Author: Vardiafrica

A forensic analyst has told a federal capital territory (FCT) high court in Maitama that the documents used to request the payment of $6.2 million for foreign election observers were forged. Bamaiyi Meriga, the forensic analyst, said this on Thursday while giving evidence as a witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN). Emefiele is standing trial on a 20-count amended criminal charge preferred against him by the Economic and Financial Crimes Commission (EFCC). The amended charges border on alleged criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud and conspiracy to commit…

The Central Bank of Nigeria (CBN) has warned all development finance institutions (DFIs), primary mortgage banks (PMBs), and microfinance banks (MFBs) in the country regarding the late submission of regulatory returns. In separate letters dated March 5, 2024, the CBN expressed strong disapproval concerning the ongoing issue of late submission of returns by banks on the financial analysis (FinA) system. According to the regulator, FinA is an offsite surveillance automation system for online submission of returns by financial institutions to the CBN. The apex bank, citing Section 24 of the 2020 Banks and Other Financial Institutions Act, asked MFBs, PMBs,…

The house of representatives has resolved to investigate the N200 billion spent on the suspended 2023 population and housing census. The lower legislative chamber on Thursday passed the resolution during the plenary session after the adoption of a motion sponsored Clement Akanni, a lawmaker from Osun state. In April 2023, the government of former President Muhammadu Buhari postponed the 2023 national census indefinitely. The exercise was scheduled to take place nationwide between May 3 and 5. The commission had said it needed N200 billion for the preparation of the exercise. Justifying the postponement of the census at the time, Isiaka Yahaya, NPC spokesperson, said the…

Senegal on Wednesday announced that a delayed presidential election will be held on March 24, after a top court ruled that a proposal to hold the vote after April 2 was unconstitutional. President Macky Sall’s mandate expires on April 2. Originally scheduled for February 25, President Sall called off the exercise citing electoral disputes. He was immediately accused by the opposition of seeking to carry out a coup. His proposal to hold the election in December was the subject of deadly protests which rocked Senegal’s reputation as West Africa’s most stable democracy. A proposal from a national dialogue commission for…

Senegal on Wednesday announced that a delayed presidential election will be held on March 24, after a top court ruled that a proposal to hold the vote after April 2 was unconstitutional. President Macky Sall’s mandate expires on April 2. Originally scheduled for February 25, President Sall called off the exercise citing electoral disputes. He was immediately accused by the opposition of seeking to carry out a coup. His proposal to hold the election in December was the subject of deadly protests which rocked Senegal’s reputation as West Africa’s most stable democracy. A proposal from a national dialogue commission for…

Nigerian Minister of Foreign Affairs, Yusuf Maitama Tuggar, and his Russian counterpart, Sergey Lavrov, discussed issues of mutual interest and regional stability in Moscow on Wednesday. In a post on X (formerly Twitter), Tuggar said his meeting with Lavrov further strengthened the bilateral relations between Russia and Nigeria, especially in the areas of economic growth and regional stability. “Nigeria-Russia relations have a long history, characterized by cooperation in various fields including diplomacy, trade, and security. Over the years, our countries have worked together on issues of mutual interest, fostering strong bilateral ties,” he stated. “My meeting with Russian Foreign Minister,…

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…