In a significant move to address Nigeria’s ongoing power transmission challenges, the Nigerian Electricity Regulatory Commission (NERC) is considering a policy that would hold power distribution companies (Discos) financially responsible for repairing faulty transformers and other essential infrastructure. This initiative aims to foster greater accountability and encourage more prudent management of electricity resources. The discussion emerged during a public hearing focused on the frequent collapses of the national grid, where NERC Chairman Sanusi Garba and Joy Ogaji, CEO of the Association of Power Generation Companies, highlighted the critical state of the country’s power supply. Since 2013, Nigeria has recorded 162…
Author: Victoria Mulero
Naira made a notable recovery against the US dollar on Thursday, October 24, 2024, reversing several days of depreciation in the official foreign exchange market. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency traded at N1,601.20 per dollar, reflecting a decrease of N52.89 from the previous day’s rate of N1,654.09. Despite the recovery in the official market, the Naira experienced a decline in the parallel segment, where it lost N7 against the dollar to trade at N1,735, compared to the prior rate of N1,728. Additionally, the Naira depreciated by N5 against the British Pound,…
Vice President Kashim Shettima’s planned trip to represent Nigeria at the 2024 Commonwealth Heads of Government Meeting (CHOGM) in Samoa has been cancelled following damage to his aircraft during a stopover at JFK International Airport in New York. According to a statement from the Presidency, a foreign object struck the cockpit windscreen, making it unsafe for the vice president to continue his journey. The incident occurred while Shettima was en route to the summit on behalf of President Bola Tinubu, who had requested his presence at the gathering of Commonwealth leaders. In light of the unforeseen situation, President Tinubu has…
The Nigerian Senate has approved a 15% funding allocation from the Consolidated Revenue Fund (CRF) to support the nation’s newly established regional development commissions. This decision followed a thorough review of the Senate Committee on Special Duties’ report, particularly on the South-South Development Commission Establishment Bill 2024, which is the foundational model for other zonal commissions. During deliberations, lawmakers debated the committee’s recommendation to assign 15% of statutory allocations from member states to fund these commissions. Some senators voiced concerns over this approach, fearing potential legal pushback from states wary of reductions in their statutory allocations. Senator Yahaya Abdullahi (PDP,…
CBN Confirms No Deadline for Withdrawal of Old Naira Notes The Central Bank of Nigeria (CBN) has clarified that there is no fixed deadline for withdrawing old N200, N500, and N1,000 banknotes from circulation, dismissing rumors of a December 31 cutoff. This clarification was issued on Thursday by the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, following widespread reports on social media suggesting a phase-out date for the old currency notes. Sidi-Ali stated that the Supreme Court’s decision, which indefinitely extended the validity of the old notes, remains in effect. “We wish to state categorically that such claims…
Richard Teng, CEO of Binance, a global cryptocurrency platform, has highlighted Nigeria’s readiness to harness blockchain technology for addressing economic and social challenges, given the country’s youthful, tech-savvy population. Teng’s remarks came in a statement issued on Thursday following the release of Tigran Gambaryan, an executive director at Binance, who had been detained in Nigeria for eight months. Gambaryan was released on Wednesday after the Nigerian government dropped all charges against him. In his statement, Teng expressed relief and gratitude for Gambaryan’s release, commending his strength throughout the ordeal. He also emphasized Binance’s commitment to maintaining regulatory compliance and transparency…
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed the deaths of three workers following a helicopter crash in Port Harcourt, Rivers State, on Thursday. Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, disclosed the details in a statement from Abuja shortly after the incident. He said the helicopter, operated by East Winds Aviation, was contracted by NNPCL. The crash occurred at 11:22 a.m. along the waterways of Port Harcourt, shortly after the Sikorsky SK76 helicopter, with registration number 5NBQG, took off from the Port Harcourt Military Base (DNPM) en route to the FPSO – NUIMS ANTAN oil rig.…
The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin a phased withdrawal of old naira notes and ensure the distribution of new N200, N500, and N1,000 denominations. This decision came on Thursday during the adoption of an urgent motion presented by Victor Ogene, a representative from Ogbaru Federal Constituency, Anambra State, during a plenary session in Abuja. The lawmakers directed the CBN to instruct commercial banks to carry out transactions solely with the new notes, aiming to streamline the process of withdrawing the old currency. The new naira notes were introduced by the CBN…
Tigran Gambaryan, Executive Director of Binance Holdings Limited, has returned to the United States after spending eight months in detention in Nigeria. His release followed the decision by the Economic and Financial Crimes Commission (EFCC) to drop all charges against him during a Federal High Court session in Abuja on Wednesday. The EFCC informed the court that the Federal Government had reviewed the case and decided to discontinue charges against Gambaryan. The prosecution cited international and diplomatic considerations, as well as Gambaryan’s status as an employee of Binance, which played a significant role in the decision. “The government has reviewed…
Enugu State Governor, Governor Peter Mbah of has officially approved a minimum wage of N80,000 for workers in the state, set to take effect in October 2024. This decision is a significant step towards enhancing the welfare of employees in Enugu. The announcement was made on Governor Mbah’s official X account on Thursday. In his statement, he expressed gratitude for the dedication and hard work of the state’s workforce, emphasizing his administration’s commitment to prioritizing their well-being in alignment with campaign promises. “I have just approved a minimum wage of N80,000 for Enugu workers, effective October 2024. We appreciate the…
