Author: Vardiafrica

The Lagos State Government has issued an apology to residents and commuters affected by the recent floods, which left many stranded and numerous areas submerged. Tokunbo Wahab, the Lagos State Commissioner of Environment and Water Resources, apologised during Thursday’s edition of Channels Television’s The Morning Brief. He said, “I will start by saying to Lagosians, ‘We are sorry for the inconvenience caused due to nature’s cause yesterday morning.” The torrential rains, which persisted for hours, resulted in gridlock for motorists and stranded commuters, halting economic activities in Nigeria’s commercial capital. Many residents criticized the government for its perceived lack of…

The Federal Government has launched a new initiative to establish an operating model and framework for Economic and Financial Inclusion, aiming to transform Nigeria into a $1 trillion economy by 2030 The project is designed to combat poverty and catalyse sustainable economic growth from the ground up. Vice President Kashim Shettima said the initiative symbolises the commitment of President Bola Tinubu’s administration to enhancing financial and economic inclusion across Nigeria. Senator Shettima spoke on Wednesday during the Kick-off meeting for the initiative to set up an Operating Model for Economic and Financial Inclusion. The federal government on April 25, 2024,…

The Executive Secretary spoke at the Nigerian Content Seminar, the opening day of the Nigerian Oil and Gas (NOG) Energy Conference, in Abuja.The NCDMB boss listed the areas as ‘Promoting the Utilisation/Growth of In-country Capacities,’ ‘Enhancing the Cost Competitiveness of Oil and Gas Projects,’ ‘Non-inclusion of Intermediary Entities Lacking the Essential Capacity to Perform from the Nigerian Content Plan (NCP),’ ‘Approval of Nigerian Content Plan (which consists of contractors that meet the legal definition of Nigerian companies and demonstrate capacity to execute projects within Nigeria),’ and ensuring that ‘Entities acting solely as intermediaries, with no demonstrable capacity to execute the…

The House of Representatives has initiated an investigation into the N1.12 trillion Anchor Borrowers Scheme, a Federal Government initiative for agricultural funding through the Central Bank of Nigeria (CBN). The probe will also include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI), and other agencies. This decision follows the adoption of a motion by Rep. Chike Okafor (APC-Imo) in Abuja on Tuesday. Okafor attributed the increasing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for development. He highlighted that the Federal Government had spent N8 trillion over…

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate. “Right now, at 30 percent, there is no way anybody can create jobs. If…

Governors under the umbrella of the South-east Governors’ Forum have resolved to meet with President Bola Tinubu to seek the release of Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB). Hope Uzodinma, governor of Imo and chairman of the forum, announced the resolution at the end of a meeting of the governors held in Enugu on Tuesday. The governors at the meeting were Hope Uzodinma of Imo, Alex Otti of Abia, Chukwuma Soludo of Anambra, Francis Nwifuru of Ebonyi, and Peter Mbah of Enugu. The Imo governor said the delegation of former President Olusegun Obasanjo, Emeka…

The Sokoto state government says the Sultan lacks the constitutional power to appoint anyone. Speaking during a public hearing on the Sokoto Local Government and Chieftaincy Law 2008 organized by the state house of assembly on Tuesday, Nasiru Binji, commissioner of justice in Sokoto, said the law that empowers the Sultan to appoint anyone contravenes the 1999 constitution. Binji said the executive bill sent to the house of assembly seeks to correct the “mistake”. “Section 5(2) of the constitution stipulates that the executive power to appoint in the state is vested on the governor directly or through his deputy, commissioners,…

The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers. This directive comes in response to findings from consumer market intelligence, which revealed a continued pattern of selective rejection of these bills by financial institutions and forex dealers. In a circular dated 27th June 2024, signed by Solaja Mohammed-J Olayemi, the Acting Director of the Currency Operations Department, and released on Monday on the bank’s website, the CBN reiterated the necessity for strict adherence to…

In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, on Tuesday. “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to…

A Kano court has adjourned the hearing of the Emirate tussle between Aminu Bayero and Lamido Sanusi to July 4  to entertain all applications and originating motions. The ongoing Kano Emirate tussle court case as of May 27th, had the attorney general, speaker of the Kano State House of Assembly, and the Kano State House of Assembly, asking the court to grant an order of interim injunction, restraining the 15th Emir, Bayero and four other dethroned emirs from parading themselves as emirs, has been adjourned at the kano state high court. During its sitting on the hearing of all pending…