Author: Vardiafrica

The Central Bank of Nigeria has officially abolished the cash pooling requirement for international oil companies, granting these multinational firms full and unrestricted access to their export proceeds. In a circular issued on Wednesday and signed by Musa Nakorji, the director of the trade and exchange department, the financial regulator announced that the new policy takes immediate effect. The directive explicitly supersedes earlier guidelines introduced in early 2024. Those prior rules mandated banks to pool 50 percent of repatriated export proceeds on behalf of international oil companies, while the remaining balance was systematically withheld for 90 days before it could be repatriated. Under…

Nyesom Wike, minister of the Federal Capital Territory (FCT), says his administration will strengthen collaboration with the Japanese government to fast-track Abuja’s development in line with its master plan. Wike spoke during the visit of Suzuki Hideo, Japanese ambassador to Nigeria, alongside officials of the Japan International Cooperation Agency (JICA). The minister applauded the role of Japan in the development and review of the Abuja master plan, stressing its importance for long-term growth. “You have contributed to education, health, nutrition, and other critical sectors that impact directly on our people,” he said. “You have been working closely with the FCDA…

The Independent National Electoral Commission (INEC), alongside key national and international partners, has launched the updated National Voter Education Manual and a youth-focused Civic and Voter Education Manual, in a renewed push to tackle voter apathy and strengthen democratic participation ahead of the 2027 general elections. The event, held at Reiz Continental Hotel, brought together stakeholders from government agencies, civil society organisations, development partners, and youth groups, in their call for a more informed and engaged electorate. In his welcome address, Mohammed Haruna, Chairman of INEC’s Information and Voter Education Committee, highlighted the steady decline in voter turnout since Nigeria’s…

The Central Bank of Nigeria (CBN) has directed all international money transfer operators (IMTOs) to open naira settlement accounts and route all remittance transactions through them. This means recipients of diaspora remittances will be paid in the local currency from May, ending decades of dollar payments to Nigerians when relatives abroad send money home. The CBN said the latest policy is aimed at deepening diaspora remittances while improving transparency, traceability, and monitoring of foreign exchange (FX) flows. The directive will take effect from May 1, 2026, according to a circular issued on Monday and signed by Musa Nakorji, director of the…

The Federal Government has launched Nigeria’s National Single Window in Lagos, a flagship reform to modernise trade, reduce costs, and improve efficiency across the economy. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led the launch in Lagos. Edun explained that the platform integrates government agencies into a single digital system, streamlining import and export processes, reducing delays, and lowering the cost of doing business. “This is a decisive shift from complexity to coordination. “It will ease trade, improve competitiveness, and support economic growth,” the minister was quoted as saying on Monday, in a post by the…

The immediate past Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, on Tuesday, said the forceful takeover of his Abuja home by the Economic and Financial Crimes Commission (EFCC) was unconstitutional, illegal and an affront on the rule of law. Malami argued that it was high-handed for the EFCC, a co-litigant in his legal feud with the Federal Government, to embark on illegal acts that are not backed by any valid court order. Addressing newsmen on the issue, Malami said: “The incident that happened on Monday was not an isolated one, because it was further compounded…

Nigeria’s Vice President Kashim Shettima has formally received Zamfara State Governor Dauda Lawal and his supporters into the All Progressives Congress (APC) on behalf of President Bola Tinubu. Welcoming the governor, VP Shettima said the end of insecurity in Nigeria is in sight, as President Tinubu is working to ensure peace across the country. He prayed for unity, progress, and peaceful coexistence, assuring that the President is doing his best to protect lives and property nationwide. VP Shettima added that security challenges in Zamfara and other troubled states will be addressed, and that Governor Lawal’s entry into the APC will…

President of Dangote Group, Aliko Dangote, has raised concerns over the growing volatility in the global oil market, warning that the ongoing conflict in the Middle East could worsen economic hardship across Africa if not urgently resolved. Speaking on the implications of the crisis, Dangote said that although Nigeria is not directly involved, the ripple effects of global oil price fluctuations would inevitably be felt. “It means quite a lot. We don’t have much to do with it, but I know the world is a global village. And it definitely will affect us, unfortunately, but we pray this situation will…

The Independent National Electoral Commission (INEC) has convened a meeting with leaders of political parties at its headquarters in Abuja to unveil and deliberate on new electoral guidelines ahead of the 2027 general elections. In attendance at the meeting are chairmen and secretaries of political parties, as well as their representatives. Among them are Senator Nenadi Usman representing the Labour Party, while Abdulrahman Mohammed and Samuel Anyanwu are representing the Peoples Democratic Party (PDP). The meeting is focused on presenting and discussing newly drafted electoral guidelines designed to govern the conduct of the 2027 polls. The development follows the enactment…

Bayo Adelabu, minister of power, has apologised to Nigerians over the poor electricity supply and incessant outages witnessed in recent months. Adelabu offered the apology at a news conference on Tuesday in Abuja. “I want to apologise, coming from me as a minister of power, for this temporary issue that is leading to hardship being experienced,” he said. Adelabu said the apology was necessary given the dry season, which has caused extreme heat and disrupted businesses, schools, and industries. “It is not our wish to find ourselves in this situation, but it is some factors that are actually beyond our…