Author: Vardiafrica

The Nigerian Content Development and Monitoring Board (NCDMB) plans to introduce some changes that will enhancethe Nigerian Content Intervention (NCI) Fund and increase the fund’s impact and efficiency. The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omotsola Ogbe hinted at the changes at the quarterly engagement forum held with the Bank of Industry (BoI), custodians of the fund on Monday in Lagos. Commenting on the performance of the Fund, the Executive Secretary confirmed that the NCI Fund has since its inception played a crucial role in transforming the Nigerian oil and gas industry. He stated that by providing essential financial support, the fund has empowered numerous Nigerian companies andfostered local capacity development and…

Nedogas Development Company Limited (NDCL), a Joint Venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company, has in collaboration with the NNPC Gas Infrastructure Company (NGIC), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, successfully completed the construction and technical commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger-Delta, Nigeria.  The formal commissioning ceremony of the facility will be performed by the Honorable Minister of State for Petroleum Resources (Gas), Rt. Honorable Ekperikpe Ekpo on June 6, 2024. The Minister will be supported by the Governor of Delta State, Rt. Hon. Sheriff Francis Orohwedor…

Festus Osifo, president of the Trade Union Congress (TUC), says organised labour will not accept an “unreasonable” addition to the N60,000 minimum wage offer by the federal government. Speaking in an interview with Channels Television on Tuesday, Osifo said labour would not have embarked on a strike if the federal government had shown signs of seriousness in previous meetings. Earlier, the Nigeria Labour Congress (NLC) and TUC “relaxed” their indefinite strike by one week to negotiate with the federal government on a new minimum wage. The NLC and the TUC had declared an indefinite strike, which started on Monday, over the failure…

The Central Bank of Nigeria (CBN) has firmly denied allegations suggesting that it plans to revoke the licenses of three more banks following its recent regulatory action against Heritage Bank Plc.  In a press release dated June 4, 2024, signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN unequivocally stated that these claims are baseless and aimed at creating unnecessary panic within the financial sector. The rumours emerged shortly after the CBN’s regulatory intervention with Heritage Bank Plc, leading to speculations about further actions against other banks. However, the CBN has assured the public that the…

President Bola Tinubu has directed the Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, to calculate the cost implications of the proposed new national minimum wage. The President gave the directive in Abuja when he met with members of the Federal Government’s Negotiation Team, which briefed him on the outcome of its engagement with the Organised Labour. After the meeting, the Minister of Information and National Orientation, Alhaji Mohammed Idris, said the Minister of Finance had been given Wednesday, tomorrow to provide the figures that would guide government on the issue at stake. “It’s been quite…

Chelsea on Monday appointed Leicester boss Enzo Maresca as their new manager on a five-year deal to replace the departed Mauricio Pochettino The Italian, 44, was appointed by the Foxes in June 2023 and led them to the Championship title last season. Chelsea said they were “thrilled to welcome Enzo into the Chelsea family”. “He is a highly gifted coach and leader that we are confident can help fulfill our vision and competitive goals for the club,” said the club’s ownership group. Pochettino left Stamford Bridge by mutual consent last month despite a strong end to the season. AFP

Most tertiary, primary and secondary schools across the country have shut down activities, and students turned back home as the Labour Unions on Monday, flagged off an indefinite nationwide strike action. This followed a declaration by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), on Sunday, that there was no going back on the industrial action. “For now, we don’t have the power to call off the strike, tomorrow (Monday) morning, the strike will kick off as we take their (NASS) plea asking us to call off the strike to our various organs,” said Festus Osifo after…

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had declared the industrial action over a lack of consensus on the new minimum wage and the hike in electricity tariff. In compliance with the directive, workers at Port Harcourt Airport under the aegis of the Association of Nigerian Aviation Professionals (ANAP) and the National Union of Air Transport Employees (NUATE) blocked vehicular access to the area. This forced passengers to come down and walk into the airport. However, flights haven’t been disrupted and there is a heavy security presence. According to the Chairman of the Rivers State chapter…

The Central Bank of Nigeria (CBN), has revoked the banking licence of Heritage Bank Plc with immediate effect. A statement by the Ag. Director, Corporate Communications of the Appex bank, Hakama Ali, on Monday, said the move was under its mandate to promote a sound financial system in Nigeria, and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020. According to Ali, the bank had breached Section 12 (1) of BOFIA, 2020, adding that the Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a…

The country has been thrown into a fresh round of blackouts over the shutdown of the national grid by aggrieved members of the labour unions.  The national grid system dropped to zero megawatts on Monday as a result of the complete disruption of power supply to all eleven electricity distribution companies in the country. A Monday statement from Transmission Company of Nigeria’s General Manager, Public Affairs, Ndidi Mbah, said the nationwide blackout was due to staff of the TCN, under the aegis of the National Union of Electricity Workers (NUEE), completely shutting down all power substations across the country at…