Author: Vardiafrica

The Nigerian National Petroleum Company (NNPC) Limited is planning another oil-backed loan to enhance its finances and allow investment in its business, the Group Chief Executive Officer, Mele Kyari, has said. The state oil firm aims to raise at least $2bn through the proposed new loan. NNPC had in August 2023, announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank (Afreximbank). When the $3.3bn loan is added to the newly proposed loan of $2bn, it means the national oil company is about raising its crude-backed loans to $5.3bn. Kyari said the company…

President Bola Ahmed Tinubu has pledged the commitment of his administration to invest in Nigeria’s Art and Culture Sector for the education of children and the benefit of mankind. He stated this during the presentation of a one-hour fifty-five-minute stage play titled; “Abibatu Mogaji : The Opera,” at the Conference Center of the State House in Abuja, the nation’s capital. The Nigerian Leader applauded the producer of the play, Ola Awaakan for exemplifying the life and times of the National Icon, his mother Alhaja Mogaji with legacies of true resilience, mentorship and enduring discipline. He further stated that the entertainment industry…

Australia’s Fair Work Commission has increased its minimum wage to $915.90 per week which already took effect since July 1, 2024. This follows an announcement made on a 3.75% rise in the National Minimum Wage, summing up a rise to $24.10 per hour. This adjustment aims to bolster compensation amid economic shifts and inflation, benefiting both local workers and international work visa applicants. The annual wage review ensures equitable remuneration for Australia’s lowest-paid workers, setting a new weekly minimum of $915.90. Starting from the first full pay period on or after July 1, 2024, these updated rates apply universally, establishing…

President Bola Ahmed Tinubu has inaugurated the Renewed Hope Livestock Reform Implementation Committee, assuring of his readiness to implement recommendations on ranching and other livestock reforms to enhance the Nigerian economy. Speaking at the inauguration, President Tinubu emphasized the potential of the livestock industry to boost agricultural productivity, export opportunities, and economic growth, noting that the sector contributes significantly to nutrition and food security. He thanked former Kano State Governor Abdullahi Ganduje for convening a national conference on livestock reforms and commended the committee members for their expertise and commitment to Nigeria’s prosperity. “Let me take advantage of the presence…

President Bola Tinubu has announced the creation of the Federal Ministry of Livestock Development in a move expected to end the perennial clashes between pastoralists and farmers.  Tinubu approved the creation of the ministry on Tuesday when he inaugurated the Presidential Committee on Livestock Reforms at the Council Chamber of the State House in Abuja. ‘Solution is Here’ Nigeria has been locked in years of conflicts between farmers and herders. But an excited Tinubu believes the creation of the ministry will resolve the lingering impasse. “Who says the solution is far? I say, ‘No, the solution is here.’ Majority of…

The Nigerian Exchange Limited (NGX) has suspended trading in shares of eight companies over failure to file their audited financial statements for 2023. In a statement on Monday signed by Godstime Iwenekhai, NGX’s head of issuer regulation department, the bourse said the suspension took effect on July 8. “Trading in the shares of the eight (8) companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023,” NGX said. According to the stock market authority, the…

In Abuja, protesters gathered at the entrance of the University of Abuja (UniAbuja), carrying placards with various inscriptions and calling on the Federal Government to release their withheld salaries and address their other outstanding demands. Similar protests occurred at the Federal University of Technology Owerri (FUTO) in Imo State, where aggrieved workers marched around the campus, pressing home their demands. Our correspondent observed that the atmosphere was charged with discontent as workers voiced their grievances. SSANU and NASU members at the University of Ilorin (UNILORIN) in Kwara State also joined the protest, urging political leaders to reduce governance costs and…

Mali’s Foreign Minister Abdoulaye Diop has reiterated the irreversible exit of his country, Burkina Faso and Niger from the Economic Community of West African States (ECOWAS), despite reconciliatory efforts from the bloc. The military leaders of Niger, Mali and Burkina Faso broke away from regional grouping ECOWAS earlier this year and formed a confederation of their own on Saturday. ECOWAS heads of state met in Abuja a day later and appointed the presidents of Senegal and Togo as mediators of dialogue with the three Sahel states. Diop said Mali remained open to cooperation with ECOWAS during an appearance late Monday…

A bill seeking to create 74 seats for women in the national assembly has passed second reading in the house of representatives. The green chamber voted in favour of the bill during plenary on Tuesday, in a bid to encourage more female participation in politics. Sponsored by Benjamin Kalu, the deputy speaker, and 12 other lawmakers, the proposed legislation seeks to alter Sections 48, 49, 71, and 117 of the constitution to create one “special seat reserved exclusively for women in the senate and house of representatives for each state of the federation and the federal capital territory (FCT)”. The bill…

The House of Representatives on Tuesday, July 9, resolved to investigate the failure of the Nigeria Midstream and Downstream Petroleum Regulatory Authority and the Nigeria Upstream Petroleum Regulatory Commission to enforce compliance with industry standards and support local crude refiners despite local production capabilities. The investigation will also address the issuance of import licenses and other related issues. The House tasked its relevant committees with conducting a forensic investigation into allegations of substandard product importation, introducing high-sulfur diesel into Nigeria, and selling petroleum products below fair market value, assessing their impact on downstream operations and local refineries Adopting a motion of urgent…