Author: Vardiafrica

After decades of massive importation of petroleum products, the Nigerian National Petroleum Company Limited (NNPC) on Monday announced that it had finally ended the age-long practice. The development is expected to save Nigeria as much as $10 billion in hard currency in-country annually, as the national oil company said it now buys from the 650,000 barrels per day Dangote Petroleum Refinery located in Lagos. Group Chief Executive Officer of NNPC, Mr. Mele Kyari, disclosed this in Lagos, while delivering his keynote message at the ongoing 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE). The…

President Bola Ahmed Tinubu has resolved to honour the late Ken Saro-Wiwa and eight others, who made the ultimate sacrifice in defence of the Ogoni people’s interests in 1995. In a special message to commemorate the 29th Ogoni Martyrs Remembrance Day, Tinubu, in a release by his spokesperson, Bayo Onanuga, solidarised with the National Youth Council of Ogoni People (NYCOP) and all Ogoni citizens. He stressed his government’s commitment to fostering dialogue, reconciliation, and healing among all ethnic nationalities in Nigeria. This year’s commemoration, themed, “After Price, Comes Prise,” was conceived to reflect the nation’s collective commitment to acknowledging the…

The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank’s assets will begin on December 4, 2024.  A statement by the Director, Communication and Public Affairs Department, NDIC, Bashir Nuhu disclosed that “this exercise is in pursuant of the Corporation’s statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. This is another follow up action sequel to disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide.” Bashir revealed that the auction of the landed assets shall be by competitive bidding in sealed bids…

Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, has said that Nigerians earning minimum wage and slightly above will be exempted from the Pay as You Earn (PAYE) tax once the Tax Reform Bills are signed into law. Oyedele stated this on Monday while answering 10 questions on the bills as part of moves to sensitise Nigerians on the proposed tax law that has continued to draw criticisms in some parts of the country. Recall that President Bola Tinubu in July this year approved a new national minimum wage of N70,000 for workers, pushing it up…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured an agreement with Dangote Refinery to lift products directly. IPMAN National President, Abubakar Garima, announced this in Abuja on Monday after a meeting of the National Working Committee of the Association. He said the partnership will ensure steady, and affordable supply of PMS products nationwide. Girima said After meeting with Aliko Dangote and his management team in Lagos, “we’re pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets.” Garima urged IPMAN members to support…

The Nigeria Labour Congress (NLC) has directed its members in states that are yet to commence the implementation of the new minimum wage to commence an indefinite strike, beginning from December 1, 2024 The directive is part of the resolutions of the NLC after its National Executive Council (NEC) meeting at the weekend. “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the 2024 National Minimum Wage Act. This betrayal by certain governors and government officials across the country flies in the face of both legality and morality, as workers continue…

Russia and Ukraine launched record drone attacks on each other despite a phone call reported by the Washington Post from US President-elect Donald Trump urging Russian President Vladimir Putin not to escalate the conflict. Trump’s election to the White House has the potential to upend the almost three-year conflict and has thrown into question Washington’s multi-billion dollar support for Kyiv, crucial to its defence. The Republican said on the campaign trail that he could end the fighting within hours and has indicated he would talk directly with Putin — a major break from the approach adopted by President Joe Biden.…

Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency. The digital currency passed $80,000 for the first time in its history shortly after 12:00 pm (1200 GMT). It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies. “The odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly,” Charles Morris, an analyst at investment company ByteTree told AFP. Bitcoin reached $75,000 on Wednesday, topping…

The estimated cost of landing Premium Motor Spirit (PMS) also known as petrol dropped by 20.34 per cent to N971.57 per litre over the past three months. This was revealed by the Major Energies Marketers Association, in its latest competency centre daily energy bulletin for November 8, 2024. The decline in landing costs on Nigeria’s shores indicated an equal reduction in global market fluctuations and supply chain factors. The decline should also result in an equal reduction in prices of PMS in the country, however, the retail price of petrol in Nigeria increased by N443 from N617 per litre on…

https://d-20316847992939269265.ampproject.net/2410161801000/nameframe.htmlhttps://d-20316847992939269265.ampproject.net/2410161801000/nameframe.html The Minister of the Federal Capital Territory, Nyesom Wike, says his administration will continue the demolition of shanties in the FCT and no amount of protest can suppress them. He stated this when he payed a visit to Ruga community along the Wuye axis of the nations capital. He explained that going forward his administration will dialogue with the occupants of shanties in the city and come up with long last recommendations which will keep them off from establishing their communities illegally. He also regarded the protest which was staged on Friday tagging the FCTA land grabbers, as misplaced…