By Seun Ibiyemi The Federal Government has raised about ₦1.23 trillion through two bond issuances under its Presidential Power Sector Debt Reduction Programme to address the estimated ₦4 trillion legacy debt owed to electricity Generation Companies (GenCos). The Chief Executive Officer of Nigerian Bulk Electricity Trading Plc (NBET), Akin Odeyemi, disclosed this on Monday in…
By Seun Ibiyemi Former Vice President and ADC presidential candidate, Atiku Abubakar, has criticised the rise in petrol pump prices to ₦1,470 per litre, warning that the increase will further deepen the cost-of-living crisis facing Nigerians. Atiku, in a statement by his spokesperson, Phrank Shaibu, said higher petrol prices were having a direct impact on…
The Securities and Exchange Commission (SEC) has warned investors against unauthorised and fraudulent platforms seeking to exploit the ongoing public offer by Dangote Petroleum Refinery and Petrochemicals FZE. The warning came as the Dangote Refinery IPO opened on Monday, offering 4.1 billion new ordinary shares at ₦525 per share, with a minimum subscription of 10…
By Seun Ibiyemi Nigeria is seeking to rebuild its economic relationship with India and restore bilateral trade to its previous peak of nearly $15 billion, while pushing for greater Indian investment in sectors beyond crude oil. The development followed a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the…
By Seun Ibiyemi The Nigerian National Petroleum Company Limited (NNPC Ltd.) has intensified efforts to position Nigeria as a major global gas hub, with plans to expand the country’s proven gas reserves from over 215 trillion cubic feet (Tcf) to more than 600Tcf. The company also targets increasing national gas production to 10 billion standard…
The African Democratic Congress (ADC) has declared that it is confident of defeating the ruling All Progressives Congress (APC) in the 2027 presidential election if the poll is conducted freely and fairly. National Publicity Secretary of the ADC, Bolaji Abdullahi, stated this during an interview on the Naija Unfiltered Podcast, while discussing the opposition party’s…
Northern governors and senior members of the Federal Executive Council have intensified mobilisation for President Bola Ahmed Tinubu’s re-election, with political stakeholders from the 19 Northern states and the Federal Capital Territory converging on Kaduna. The stakeholders’ meeting, held on Sunday at the Umaru Musa Yar’Adua Conference Centre, brought together governors, federal ministers and members…
The National Drug Law Enforcement Agency (NDLEA) has intercepted two consignments of synthetic cannabis, popularly known as Colorado or Colos, concealed in consolidated cargoes from the United Kingdom, while two other shipments hidden in music speakers were recovered from motor parks in Lagos. At least seven suspects linked to the seized consignments were arrested during…
The Nigerian equities market reversed its bullish run last week, as widespread profit-taking triggered heavy sell-offs and wiped about ₦1.9 trillion from investors’ wealth. The decline came after investors recorded a ₦3.73 trillion gain on the Nigerian Exchange Limited (NGX) in the penultimate week, as the market’s strong rally prompted investors to lock in profits….
By Seun Ibiyemi The Socio-Economic Rights and Accountability Project (SERAP) has given the Independent National Electoral Commission (INEC) seven days to account for more than ₦126.46 billion in public funds allegedly diverted, lost, mismanaged or otherwise unaccounted for in the administration of elections. SERAP’s demand is based on findings contained in the 2023 audited report…
