Author: Vardiafrica

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…

The House of Representatives has inaugurated the House Ad-hoc Committee to Investigate the unestablished Presidential Foreign Investment Promotion Council (PFIPC) in the Federal Budget Framework. The Speaker of the House, Mr. Tajudeen Abbas said the House through the inauguration of the committee is showcasing transparency and accountability. Mr Abbas said “the subject of the agency had been dominating discussions and debates.” “The subject before this Committee is one that has generated considerable public interest. For weeks now, discussions surrounding the Presidential Foreign Investment Promotion Council have dominated media reports, public commentary, and policy debates. Questions have been raised about its…

New UK Prime Minister Andy Burnham took power Monday promising a 10-year plan to ease cost-of-living pressures and restore political stability, signalling a leftward tilt for his ruling Labour party. Burnham, 56, pledged to re-industrialise Britain and end sleeping rough on the streets after he met King Charles III at Buckingham Palace to become the head of government after Keir Starmer stepped down. Accompanied by his wife Marie-France van Heel, Burnham arrived at Downing Street to resounding applause from supporters and acknowledged he was the country’s seventh prime minister since the start of 2016. Britain needed to show the world…

The Nigeria Labour Congress (NLC) is set to commence a nationwide campaign to review the minimum wage, while also demanding for the introduction of a national minimum pension for retirees. Speaking at the inauguration of the Godwin Abumisi Pensioners’ Legacy House and Multipurpose Hall in Abuja, Joe Ajaero, president of the NLC, said the welfare of pensioners must receive the same level of attention as that of active workers. He noted that organised labour would no longer advocate improved wages without seeking better living conditions for retirees. “The Nigeria Labour Congress is currently in the preparatory stages for a major national struggle for…

The Summit of Heads of State and Government of the member countries of the Economic Community of West African States (ECOWAS) hosted, Sunday in Freetown, Sierra Leone, the signing of the Intergovernmental Agreement (IGA) governing the development of the Nigeria-Morocco African Atlantic Gas Pipeline. The 6,800-kilometer energy infrastructure will transport natural gas from Nigeria to Morocco, before connecting to the European gas network. The agreement marks ECOWAS Member States endorsement of the Nigeria-Morocco African Atlantic Gas Pipeline. King Mohammed VI and former Nigerian President, the late Muhammadu Buhari launched the project in 2016. The project received continued support from current President Bola Ahmed…