Author: Vardiafrica

The Nigerian Navy has halted the expansion of an illegal refining network in Bonny Local Government Area of Rivers State and recovered an estimated 104,000 litres of products suspected to be stolen crude oil as part of its renewed efforts to curb crude oil theft in the Niger Delta. The operation, conducted under Operation Delta Sentinel, further demonstrates the Navy’s commitment to protecting Nigeria’s critical oil and gas infrastructure and disrupting the activities of economic saboteurs. In a statement, the Director of Naval Information, Nigerian Navy, Navy Captain Abiodun Folorunsho, said personnel of the Forward Operating Base (FOB) Bonny carried…

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,270 per litre at its retail outlets in Abuja and neighbouring areas. A market survey conducted on Tuesday showed that the state-owned oil company raised the price from N1,155 per litre, representing an increase of N115 per litre. The latest adjustment comes amid renewed volatility in Nigeria’s downstream petroleum sector, where depot prices have continued to fluctuate and marketers have repeatedly reviewed their pump prices. The increase is expected to place additional financial pressure on motorists, transport operators…

Britain’s new Prime Minister, Andy Burnham, has announced a tax cut on household electricity bills as one of his first major policy decisions, saying the measure is aimed at easing the cost of living crisis facing millions of families. The announcement came a day after Burnham formally took office, replacing Keir Starmer as prime minister following a Labour Party leadership change that also triggered a major cabinet reshuffle. Blueprint reports Electricity tax to be scrapped Speaking ahead of his first cabinet meeting on Tuesday, Burnham disclosed that the five per cent value added tax (VAT) on domestic electricity bills would be…

The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC). The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions. Chairman of the committee, Senator Adetokunbo Abiru (APC, Lagos East), who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected…

The federal government will soon issue a fresh N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos), marking another major step in its plan to restore liquidity and financial stability across Nigeria’s power sector. The bond forms the second tranche of the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme and follows the successful issuance of about N501 billion in January 2026. Combined, both issuances make up the N1.23 trillion Series 1 and Series 2 components of the Capital Market Multi-Instrument Issuance Programme. The initiative is part of the federal government’s…

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained the monetary policy rate (MPR) at 26.5 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 306th meeting in Abuja. This is the second time the CBN committee has left the interest rate unchanged in 2026. The MPC also retained the asymmetric corridor around the MPR at +500/-100 basis points, the cash reserve ratio (CRR) at 40.5 percent for deposit money banks and 16 percent for merchant banks, while leaving the liquidity ratio unchanged at 30…

The Nigerian Content Development and Monitoring Board (NCDMB) on Friday at Kurutie, temporary site of Nigeria Maritime University (NMU), Okerenkoko, Delta State, commissioned and handed over a 60-bed student hostel, with furnishing, and campus-wide Internet infrastructure to the institution, at a ceremony attended by academic and top Management staff and maritime cadets.  A TMS 30 Water Ambulance, complete with life-saving capabilities and medical-grade equipment, which was built in-country, is also to be delivered to the University by the NCDMB within two weeks, as part of a package to enhance student welfare, reliable emergency medical services, operational safety, and digital transformation.…

The Niger Delta Development Commission, NDDC, says it will boost the empowerment of women and the girl child across the Niger Delta region through sustainable livelihood and entrepreneurship programmes. Speaking at the 2026 International Women’s Day celebration in Calabar, the NDDC Managing Director, Dr Samuel Ogbuku, said empowering women remained a top priority for the Commission, noting that it had consistently implemented impactful interventions that enabled women to achieve sustainable livelihoods. Ogbuku, who was represented by the NDDC Assistant Director, Youths, Sports, Culture and Women Affairs, Dr Esther Philip, emphasised that empowering women translates into empowering the nation. He assured…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has interrogated Femi Gbajabiamila, chief of staff to President Bola Tinubu, over his alleged role in the emergence of the controversial Presidential Foreign Investment Promotion Council (PFIPC). According to Jiti Ogunye, Gbajabiamila’s counsel, the president’s chief of staff appeared at the ICPC headquarters on Monday, where he was questioned over the PFIPC controversy. Ogunye said Gbajabiamila gave his testimony and responded to questions before returning to his duty post. “In full cooperation with the ICPC acting as directed by the President of Nigeria, I hereby confirm that my client, Femi…

The Managing Director of the Niger Delta Development Commission, NDDC, Dr Samuel Ogbuku, says the Commission is committed to complying with the tenets of the Public Procurement Act in project delivery. Ogbuku, who stated this in Port Harcourt, Rivers State, during a Capacity Building Training on Public Procurement for NDDC Executive Management and Directors, said it was necessary to ensure management staff understand the details of the procurement process. The Managing Director noted that the Commission’s contract award letter was digitised to prevent the circulation of fake award letters, acknowledging that many directors and service providers had been in trouble…