Author: Vardiafrica

The presidency is optimistic about better days for the naira and is asking currency speculators to dump their cache of dollars.  Nigeria’s naira currency has recently slid downwards against major currencies like the dollar, going for $1 to N1,500 in the parallel market. But the Central Bank of Nigeria (CBN) recently cleared the country’s FX backlog inherited from the previous administration, a move presidential aide Bayo Onanuga said will lead to the appreciation of the naira. “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and…

Dozens of passengers are said to have been kidnapped in a broad daylight attack launched by some bandits in the Kankara Local Government Area of Katsina State. The incident occurred on Thursday after the hoodlums intercepted an eighteen-seater bus with the registration number (14B-300-KT), loaded with passengers, belonging to the Katsina State Transport Authority. An eyewitness told Channels Television on a telephone call that most of the passengers on board were in transit from Funtua LGA to Katsina LGA Although authorities concerned are yet to comment on the incident, the eyewitness said the incident occurred precisely between the Burdugau and…

With billionaire Femi Otedola in the saddle as its new Chairman, First Bank of Nigeria Holdings Plc, on Wednesday, appointed two new non-executive directors for the holding company and three new non-executive directors for the First Bank. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, announced the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive director and independent non-executive director respectively in FBN Holdings. The company also announced Remilekan Odunlami as non-executive director for First Bank while Anil Dua and Fatima Ali were appointed as independent non-executive directors. The appointments of…

Kogi State Governor, Ahmed Ododo on Thursday, paid a courtesy visit to President Bola Tinubu at the Presidential Villa in Abuja over the state of security in the state. In a statement signed by his Special Adviser, Ismaila Isah, said the governor during the visit, briefed President Tinubu on the security situation in Kogi State, including efforts by his administration to consistently improve on the security architecture, to enhance performance in securing lives and property in all parts of the state. The governor also commended President Tinubu on his efforts to ensure prompt intervention to address food security challenges in…

President Bola Tinubu has appealed to members of the National Assembly to exercise restraint in summoning heads of Ministries, Departments and Agencies before parliamentary committees. The President made the appeal while speaking at the breaking of the Ramadan fast on Wednesday in Abuja alongside the Speaker of the House of Representatives, Tajudeen Abbas, and the leadership of the House. Tinubu noted that while oversight is essential for maintaining transparency and accountability in governance, excessive summoning of officials can disrupt operations and hinder service delivery to citizens. He, therefore, urged lawmakers to, in the exercise of their oversight functions, ise discretion.…

President Bola Tinubu has temporarily banned ministers, heads of agencies, and other government officials from embarking on public funded foreign trips. The ban on foreign trips will last for three months in the first instance and will take effect on April 1, 2024. Tinubu gave the directive in a letter by his Chief of Staff, Femi Gbajabiamila, addressed to the Secretary to the Government of the Federation, George Akume Tinubu noted that government officials who intend to go for any public funded international trip must seek and get presidential approval at least two weeks prior to embarking on any such trip,…

President Bola Tinubu on Wednesday said the slain military personnel in Okuama, a community in Ughelli South Local Government Area of Delta State, will be conferred with national honours. He disclosed this at the breaking of the Ramadan fast on Wednesday in Abuja with the Speaker of the House of Representatives, Tajudeen Abbas, and the leadership of the House, the President said while oversight is essential for maintaining transparency and accountability in governance, excessive summoning of officials can disrupt operations and hinder service delivery to citizens. Addressing the gathering, the Commander-in-Chief commiserated with the military and the families of the…

The House of Representatives has passed the bill for upward review of salaries, allowances and fringe benefits for Judicial Office Holders across the country. The bill passed through the Third Reading in the lower chamber on Wednesday. It seeks to amend Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc) Act, No. 6, 2002 (as amended) by deleting Section 2(b), Part II of the Schedule to the Act and any other provisions relating to Judicial Office Holders. According to the document obtained by Channels Television, part I of the schedule shows that the Chief Justice of Nigeria is…

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured. She said that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. At a recent meeting, Governor Cardoso…

Service chiefs, on Wednesday, appeared before the Senate Joint Committee (comprising Army, Navy, Defence and Airforce committees) to begin an investigative hearing on the gruesome killing of military personnel in Okuama community in the Ughelli South Local Government Area of Delta State, last Thursday. A minute silence was first observed for the souls of the slain soldiers.Given the sensitivity of the matter, the Chairman of the joint committee, Ahmed Lawan, disclosed that the investigative hearing will be held behind closed doors.The Chief of Army Staff (COAS), Lt-General Taoreed Lagbaja; Chief of Air Staff (CAS), Air Marshal Hassan Abubakar, and Chief…