Author: Vardiafrica

Nigeria has once again plunged into darkness following the collapse of the national electricity grid managed from Osogbo, Osun State, at approximately 4:30 pm on Thursday. This marks the fourth collapse of the grid within the first three months of the year, exacerbating longstanding challenges in the country’s power sector. Distribution companies across all 36 states reported inactive feeders, leading to widespread blackouts. The grid’s output, which was at 2984 megawatts at 4 pm, plummeted to zero within an hour, with all 21 connected plants ceasing operations by 5 pm. This incident underscores the systemic issues facing Nigeria’s electricity sector,…

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026. CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday. According to Ali, the new minimum capital base for…

President Bola Tinubu has appointed Abdullahi Bello as the new Chairman of the Code of Conduct Bureau (CCB), pending confirmation by the Senate. In a statement on Thursday by presidential spokesman, Ajuri Ngelale, the President expects that the new CCB chair will lead the Bureau to realise its mandate of maintaining high standards of public morality. By the presidential pronouncement, Bello replaces Aliyu Kankia, who has been the acting Chairman of the Bureau. “Dr. Bello is a consummate professional with more than 25 years of work experience in consulting, banking, law enforcement, financial services, and academia,” said Ngelale. “The President…

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Governor Uba Sani of Kaduna State has offered free education to the rescued Kuriga school students under his foundation.  The governor also promised to rebuild the LEA primary and government secondary school in Kuriga, in addition to providing other basic infrastructure in the community. Addressing the children at the state house before their departure to Kuriga on Thursday, Governor Sani assured them that the kidnapping incident, would not in any way affect their education, stating that adequate security has been provided to the Kuriga community, to ensure that the residents go about their daily lives without fear. He also announced…

President Biden is expected to raise over $25 million at a star-studded fundraiser in New York City on Thursday with former Democratic Presidents Barack Obama and Bill Clinton. The campaign has billed it the “most successful political fundraiser in American history.” By Mr. Biden’s recent standards, that is true. For example, during a swing through Texas earlier this month, the Biden campaign raised a combined $7 million from three separate fundraisers. A fundraiser for Mr. Biden in Raleigh, North Carolina, on Tuesday raised $2.3 million.  Mr. Biden’s largest single-day haul prior to Thursday came in the 24 hours after his State…

Tigran Gambaryan, Binance head of financial crime compliance, has sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights. According to reports on February 28, Gambaryan was detained, alongside Nadeem Anjarwalla, Binance’s regional manager for Africa, by the Nigerian authorities after honouring the invitation of the office of the national security adviser (ONSA) and EFCC to discuss issues relating to the company’s operation in Nigeria. Gambaryan and Anjarwalla’s passports were seized by ONSA. However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport. Advertisement Before escaping custody, on March…

The Federal Government will on April 4 arraign Binance Holdings Limited and its two top officials: Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion Binance, Gambaryan, and Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on a four-count charge. Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody. He escaped on Friday from the Abuja guest house where he and his colleague were detained. Though the Federal High Court Easter vacation began on…

Justice Abubakar Kutigi of the FCT High Court in Jabi, Abuja, has dismissed the charges of fraud, bribery and conspiracy filed against a former Attorney-General of the Federation, Mohammed Adoke, by the Economic and Financial Crimes Commission (EFCC). Ruling on the no-case submission made by Adoke, Justice Kutigi said the EFCC failed to prove its charges of fraud, bribery and money laundering and ruled that the defendant has no case to answer. He discharged and acquitted the former minister on all counts. The judge said the allegation of illegal tax waivers granted to Shell and Eni was not corroborated by…

Ahead of the 2027 general elections, the Labour Party (LP) has recommended reserving the presidential ticket for former Anambra State Governor Peter Obi. The party also wants the governorship ticket to be reserved for Abia State Governor, Alex Otti, based on what it described as his sterling performance in office. This was disclosed in a communique issued after the party’s National Convention, held in Nnewi, Anambra State, on Wednesday. “Based on the antecedents of the presidential candidate before, during, and after the 2023 general elections, it was recommended that the 2027 presidential ticket of the party be solely reserved for…