Author: Vardiafrica

Ministers of Power, Adebayo Adelabu, and the Nigerian Electricity Regulatory Commission (NERC) on Monday, appeared before the Senate Committee on Power, for a one-day investigative hearing on the need to halt the proposed increase in electricity tariff by eleven successor electricity distribution companies amid the biting economic situation in Nigeria. During the session, Chairman of the committee, Senator Eyinnnaya Abaribe raised the question of how customers were migrated from the previous customer classes of Residential (R1, R2, R3), Commercial (C1, C2) and Demand (D1, D2), to different bands. Abaribe requested to know if the band classification was under the provisions…

President Bola Tinubu says Nigeria’s investment environment operates on the principle of ‘a willing-buyer and willing-seller’, which ensures seamless access to capital for investors both within and outside the country.  The President gave the assurance on Sunday in Riyadh, Saudi Arabia, during a meeting with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim. The meeting took place on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development. ”Nigeria is a very huge country with a huge and able population. We have…

Vice President Kashim Shettima has departed Abuja to represent President Bola Tinubu at the International Development Association (IDA21) Heads of State Summit taking place on Monday in Nairobi, Kenya. The high-level gathering to be hosted by Kenyan President, William Ruto, will see African leaders unite to call for an ambitious replenishment of the World Bank’s International Development Association (IDA) concessional lending arm. A statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications Office of the Vice President says Shettima is expected to take a lead role in advocating for Nigeria’s vision of a transformative…

Tinubu spoke on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia on Sunday, according to presidential spokesman Ajuri Ngelale. “Technology is the enemy of fraud, corruption, and irregularity. We have been working hard on improving technology. “There is always the initial resistance. Corruption, self-interest, and fraudulent activity will always be an enemy, but when you bend that curve, you will receive the benefit. The nation will receive the benefit,” the President said. Recounting how he deployed technology to enhance the revenue base of Lagos State as governor, President Tinubu said he ensured the collection and…

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was very necessary to prevent the country from going bankrupt. Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office with the popular “subsidy is gone” speech The action, however, made prices of commodities to rise through the roof, increasing hardship in the country which has made some of his critics condemn the subsidy removal as a policy not well thought out. But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia this morning,…

President Bola Tinubu has extended his heartfelt condolences to the families of the victims of the fire incident caused by an articulated vehicle conveying petroleum product at the Eleme section of the East-West Road in Port Harcourt, Rivers State. No fewer than five persons died in the Saturday disaster which also destroyed more than dozens of vehicles and scourged goods worth estimated billions. Commiserating with the government and people of Rivers State on this tragedy, President Tinubu prayed for the speedy recovery of those injured in the incident. Tinubu’s condolence message was contained in a statement signed by his media…

Nigerian anti-corruption watchdog Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPC) for allegedly failing to account for over $2 billion and N164 billion in oil revenues. SERAP’s lawsuit stems from findings documented in the recently published 2020 audited report by the Auditor General of the Federation. The report alleges that the NNPC failed to remit the aforementioned funds into the Federation Account, raising concerns that the money may have been diverted. According to the legal action designated FHC/ABJ/CS/549/2024, filed at the Federal High Court, Abuja, the human rights group is seeking “an order…

Rivers State Governor, Siminalayi Fubara, has vowed to remain upright, and never to govern the state on bended knees no matter how much he is pushed politically. “I will not, I repeat, I will not govern our dear State on my knees (bending). If that was the purpose, I will not do that. I will stand to govern our dear State and stand continually on the side of right,” the governor emphasised. He said there is a fierce battle to destroy the soul of the state, but expressed optimism that he will win the battle with the support of well-meaning…

The Chairman of the Nigerian Governors’ Forum (NGF) Abdulrahman Abdulrazaq has visited Governor Siminalayi Fubara of Rivers State over the tanker fire incident in the area. About five persons died in the inferno along the East-West road on Friday night with many cars burnt to ashes. Days after the incident, Governor Abdulrazaq of Kwara State visited his Rivers State counterpart on Sunday to commiserate with him over the tanker explosion in the Eleme Local Government Area of the oil-rich state. The Kwara governor says the Rivers State incident and the gas explosion in Ogun State on Saturday, make it imperative…

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, appointed Mr. Michael Nzekwe as his Chief of Staff. He has also appointed Zonal Directors for each of the 14 Zonal Commands of the Commission as part of the restructuring of the EFCC. According to Olukayode, the ongoing restructuring is meant to reposition and strengthen the EFCC so that it can deliver optimally on its assigned mandate. The anti-graft agency’s Head of Media and Publicity, Dele Oyewale, announced the new appointments and changes in a statement on Saturday. Nzekwe, who he described as a top-notch investigator, lawyer…