Author: Vardiafrica

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Tuesday, met with key major oil marketers to address the issues of incessant scarcity of petroleum products in the country. NMDPRA Chief Executive Officer, Farouk Ahmed, who briefed newsmen on the outcome of the meeting, assured Nigerians that depot owners and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) will not shut down supply as the NMDPRA has started the process of paying the debt owed the depot owners with verified documents. Last month, IPMAN had threatened to cripple the supply of Premium Motor Spirit (PMS), also known…

The Federal Government has launched a solid minerals resource support system for investors and intending investors in Nigeria, and across the globe. While speaking during the launch ceremony, the Minister of Solid Minerals Development, Dele Alake, expressed delight over the move, while stating that the support system will enhance the ease of doing business in the solid minerals sector. He explained that the portal served as a one-stop shop for investors and intending investors, to get all necessary information to guide them in making informed investment decisions. Alake also said, that his administration is currently working on a financial capacity…

Rivers State Governor, Siminalayi Fubara, has decried the substantial debt burden inherited from the previous administration of Nyesom Wike, saying most of the projects commissioned in the state were not fully funded. Governor Fubara stated this during the commissioning of the Aleto-Ogale-Ebubu-Eteo Road, also known as Old Bori Road in Eleme Local Government Area of the state. The project was commissioned by the Governor of Abia State, Alex Otti. He said the contractors who handled the affected projects are returning for outstanding payments. Governor Fubara did not, however, give an estimate of the debt. He said he is now compelled…

The scheduled arraignment of Former Aviation Minister, Hadi Sirika; and his brother, Ahmad Sirika, for yet another case of contract fraud in the sum of ₦19.4 billion didn’t go ahead as the defendants were absent from court on Tuesday, and out of Abuja. Counsel for the Economic and Financial Crimes Commission (EFCC), Oluwaleke Atolagbe, informed the presiding judge, Justice Suleiman Belgore, that the ex-minister and his brother have also not been served with the charge in the case. He, therefore, prayed for an adjournment, which was granted by the judge. Justice Belgore subsequently fixed Thursday May 23, 2024 for arraignment.…

The Ministry of Aviation and Aerospace Development on Monday said the introduction of helicopter landing levies was in line with global best practices and cost recovery measures This is contained in a statement by Odutayo Oluseyi, Head of Press and Public Affairs of the ministry in Lagos According to Oluseyi, the ministry recognises the importance of helicopter operations in Nigeria’s aviation industry and is committed to implementing international best practices in helicopter operations. He said that the helicopter landing levies were commonplace in countries such as the U.S., the United Kingdom, India and various other regions worldwide. He maintained that Tallahassee…

The Kogi State Government has announced the rescue of six more kidnapped students of the Confluence University of Science and Technology (CUSTECH), Osara, Kogi. The state’s Commissioner for Information, Kingsley Fanwo, in a statement on Tuesday, said the fresh number of rescued students brought the number of freed students rescued to 20. “Our data shows that there are four students yet to be found,” he added. He some of the kidnappers escaped with severe injuries during a gun duel with security agents. “Nine students had been rescued first while five others were found the following morning. The families of the…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies In an interview with the Financial Times, Cardoso said that the Monetary Policy Committee (MPC), which he chairs, would do whatever is necessary to tame soaring inflation. This is as the inflation rate in Nigeria remains high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. “There is every indication that the MPC would do whatever is necessary. They will continue…

The Economic and Financial Crimes Commission has charged former Minister of Aviation, Hadi Sirika, his brother, Ahmad Sirika; and his company – Enginos Nigeria Limited, with over ₦19.4bn fraud. The sum is said to be for several aviation ministry contracts from the former minister, to Enginos Nigeria Limited, owned by Sirika’s younger brother, Abubakar. Today, the Sirika brothers and Enginos Nigeria Limited will be arraigned before Justice Belgore of the Federal Capital Territory High Court, Garki, Abuja. In the copy of the fresh charges, the EFCC alleged that Sirika, “while being the Minister of Aviation, on or about 18th August…

Governor Fubara stated this on Monday after swearing in Dagogo Iboroma as the Attorney General of the state shortly after the Senior Advocate of Nigeria (SAN) was screened and confirmed by the Victor Oko-Jumbo-led House of Assembly. He emphatically stated that the state is in a critical situation where it has become obvious that the political crisis cannot be resolved. “Why are we bringing you in at this very critical time? You have a big task. As it is today, in the local parlance, they say the jungle has matured. We will be setting a panel of inquiry to investigate…

The Economic and Financial Crimes Commission (EFCC) will arraign a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele on Wednesday for approving the printing of N684.5m at the rate of N18.96bn. The arraignment was originally scheduled for April 30, 2024, but was rescheduled following the agreement of the court and the parties. In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari. The anti-graft agency also…