Author: Vardiafrica

The Nigerian Electricity Regulatory Commission (NERC), in a move to deregulate the metre supply and pricing market, released an order on Monday on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme. According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of the significant changes in foreign exchange and inflation rates since NERC’s last price review in September 2023. It said the significant changes in these macroeconomic variables had constrained the abilities of metre providers to supply metres at the…

Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC), an interim order to freeze 1,146 bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorised dealing in forex exchange, money laundering and terrorism financing. The judge ordered that the accounts be frozen pending conclusion of investigation. While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated, “That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various…

The Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers. A source at the bank, who confirmed the development however, said no circular was served by the apex bank in that respect. The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions. Meanwhile, Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC), an interim order to freeze 1,146 bank accounts belonging to individuals and companies being investigated for alleged offences…

The Nigerian National Petroleum Company Limited (NNPCL) says the rehabilitation of the Kaduna Refining and Petrochemicals Company (KRPC) will be completed by December this year. The refinery, which has stopped production for many years due to lack of maintenance, will resume production at 60% capacity. The Managing Director of KRPC, Mustafa Sugungun, who disclosed this on Monday during an oversight visit to the refinery by members of the Senate Adhoc Committee on Petroleum Downstream led by Senator Ifeanyi Uba explained that the 110,000 barrel per day refinery will start producing at 60% capacity, while full production will commence subsequently. “Our…

A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, has restrained Multi-choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1. The three-member tribunal, presided over by Saratu Shafii, gave the interim order on Monday following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade. In a ruling, the tribunal restrained multi-choice from going ahead with the impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it. She also directed all parties in…

Finidi George has been appointed as the new head coach of the Super Eagles. The Nigeria Football Federation (NFF) announced Finidi’s appointment in a communique on Monday. The 52-year-old would be the permanent replacement for Jose Peseiro, who he worked with as an assistant coach for 20 months with the Eagles. Peseiro left the job in February after leading the team to a silver medal-winning campaign at the African Cup of Nations (AFCON) in Cote d’Ivoire. Finidi was the Eagles’ interim head coach for two international friendlies against Ghana and Mali in March. He led the Eagles to a 2-1 victory…

Alleged terrorist negotiator, Tukur Mamu, standing trial for terrorism offences has applied to the Federal High Court in Abuja to transfer him out of the custody of the Department of the State Service (DSS). He pleaded with Justice Inyang Ekwo to vary the remand order against him for a remand at Kuje Prison instead of DSS custody. At the resumption of his trial, Mamu through his lawyer, Abdul Mohammed, alleged that the order of the court made on December 19, 2023, that he be allowed access to his physician for medical treatment was not complied with by the DSS. In…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says it does not have access to petroleum products. Queues resurfaced in fuel stations amid petrol scarcity, which led to an increase in transport costs.  On April 25, the Nigerian National Petroleum Company (NNPC) Limited attributed the situation to logistics issues, assuring Nigerians that “they have been resolved”. Speaking on Monday during Channels TV’s the Morning Brief breakfast programme, Billy Gillis-Harry, PETROAN president, said there is still a delay in supply to retail outlets. “Well, from my perspective as a retail outlet owner and representing all the retail outlet owners who are members of PETROAN, I…

Godwin Obaseki, governor of Edo, has announced a new minimum wage of N70,000 for civil servants in the state. The governor made the declaration on Monday while inaugurating the Labour House. Obaseki named the Labour House after Adams Oshiomhole, senator representing Edo north and former governor of the state. The new minimum wage regime in Edo will take effect from May 1, 2024, the governor said. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have been agitating for a new minimum wage for workers across states, on the back of economic reforms by the President Bola Tinubu administration.…

The Minister of Power, Adebayo Adelabu, has assured that any customer not currently enjoying 20 hours of electricity would not pay the new tariff. The minister stated this on Monday while appearing before the Senate Committee on Power, for a one-day investigative hearing on the need to halt the proposed increase in electricity tariff by eleven successor electricity distribution companies amid the biting economic situation in Nigeria. According to him, the government had introduced a new policy to save the drowning sector, assuring Nigerians that the pains were temporary. The clarification comes as electricity consumers grapple with the recent increase…