Thursday, April 18

NPA secures $700m loan for Apapa, Tincan ports rehabilitation
18Apr By Mariam AbdullahiNo Comments
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NPA secures $700m loan for Apapa, Tincan ports rehabilitation

Citibank has provided a $700 million loan to the Nigerian Ports Authority for the refurbishment of the Apapa and Tincan Island Ports in Lagos. The funding came through the UK Export Finance, an export credit agency. In a statement released on Wednesday, the NPA revealed that discussions have commenced with another financial institution to finance the enhancement of the Eastern Ports, which include Calabar, Warri, Onne, Rivers Ports, and the reconstruction of Escravos Breakwater. During a signing ceremony of the mandate letter with Citibank Nigeria in Lagos, NPA's Managing Director, Mohammed Bello-Koko, mentioned that the funds are readily available, and work on the Lagos Ports' reconstruction will begin soon. He also indicated plans to finalize another mandate letter for the upgrade of...
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Technological Solution by FG to Detect Sudden Power Drops
18Apr By Mariam AbdullahiNo Comments
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Technological Solution by FG to Detect Sudden Power Drops

The Federal Government has taken measures to tackle the frequent collapses of Nigeria’s power grid by introducing a new technology aimed at identifying and responding to sudden declines or interruptions in power generation nationwide. This development was announced by the Transmission Company of Nigeria, highlighting that the implementation of the Generation Dip/Loss Detection System will enhance the grid management capabilities of TCN. In a recent report by NewsNow, Nigeria experienced its sixth power grid collapse of the year when electricity generation plummeted from 2,583.77 megawatts at 2 am on Monday to 64.7MW around 3am before stability was restored later that day. While TCN attributed the cause of Monday’s grid collapse to a fire incident, the recurring ...
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Excitement as Oil Marketers Visit PH Refinery, Anticipate Fuel Loading in May
18Apr By Mariam AbdullahiNo Comments
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Excitement as Oil Marketers Visit PH Refinery, Anticipate Fuel Loading in May

A recent visit by oil marketers to the Port Harcourt Refinery Company in Rivers State has sparked optimism as they predict the commencement of refined petroleum product releases later this month. Members of the Independent Petroleum Marketers Association of Nigeria, representing dealers, shared that the refurbishment of the refinery is near completion. In line with earlier hints from Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, the facility is expected to be operational soon. Although the initial timeline set for operations has not been met, officials from NNPC Ltd stated in Abuja on Wednesday that crucial safety and regulatory tests are currently underway at the plant. Oil marketers, having inspected the faci...
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May set as the month for executing $3.8bn gas supply agreement by FG
18Apr By Mariam AbdullahiNo Comments
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May set as the month for executing $3.8bn gas supply agreement by FG

Announced by the Federal Government on Monday is the upcoming execution of the Gas Supply and Purchase Agreement in support of the Final Investment Decision for the $3.8bn Brass methanol project, scheduled for May 2024. The Brass methanol project, located in Bayelsa State, is a significant industrial initiative aimed at producing methanol, a vital industrial chemical, utilizing natural gas resources. As of now, Nigeria relies solely on methanol imports. Situated in Brass Island, Bayelsa, the facility is projected to have a daily methanol production capacity of 10,000 tonnes upon completion. The construction is ongoing with expectations for operational readiness later this year. The $3.8bn investment is anticipated to generate up to 15,000 employment opportunities during...
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Excitement builds as attorneys jump into the political arena for NBA presidency
18Apr By Mariam AbdullahiNo Comments
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Excitement builds as attorneys jump into the political arena for NBA presidency

Amidst the impending election for the Nigerian Bar Association President, ONOZURE DANIA delves into the backgrounds of aspirants vying for the position. The current President of the Nigerian Bar Association, Yakubu Maikyau (SAN), is nearing the end of his tenure. Lawyers will cast their votes on July 20, 2024, to elect the 32nd President of the association. An electronic voting system will be employed for the 2024 NBA election. This decision aims to facilitate seamless participation for members from different locations, as outlined by the association's Electoral Committee led by Oluseun Abimbola (SAN). The 2020 election stirred controversy when Olumide Akpata, from Edo State, competed and triumphed over candidates from the South-West, clinching the presidency with a substantial mar...
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Wema Bank Takes Action Against Fraudulent Fintech Partners
18Apr By Mariam AbdullahiNo Comments
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Wema Bank Takes Action Against Fraudulent Fintech Partners

In response to fraudulent activities, Wema Bank has removed and suspended approximately seven fintech partners from its payment gateway platform. The bank has initiated an anti-fraud campaign aimed at safeguarding its customers and the general public from fraudulent practices carried out by specific wallet accounts and fintech partners. A recent surge in fraudulent inflows into certain wallet accounts operated by a few fintech partners utilizing Wema Bank's third-party wallet accounts prompted the bank's actions. As part of their efforts to combat this issue, Wema Bank has conducted investigations, leading to the identification and disengagement of three fintech firms for fraud, while suspending four others from its platform. This is all part of their ongoing co...
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Former Kogi State Governor, Yahaya Bello, Set to Face Charges by EFCC
18Apr By Mariam AbdullahiNo Comments
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Former Kogi State Governor, Yahaya Bello, Set to Face Charges by EFCC

An upcoming development by the Economic and Financial Crimes Commission involves the scheduled arraignment of former Kogi State Governor, Yahaya Bello, on Thursday, April 18, 2024, before a Federal High Court in Abuja. Initially, a Federal High Court in Abuja granted the EFCC a warrant of arrest to detain the embattled former governor, following an ex parte motion by the EFCC. Yahaya Bello will appear before Justice Emeka Nwite alongside three other suspects, Ali Bello, Dauda Abdulsalam Hudu, facing 19 counts related to money laundering totaling N80,246,470,088.88. In a press statement on Wednesday, EFCC spokesperson Dele Oyewale disclosed this development. Oyewale mentioned, “Bello’s upcoming arraignment...
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Cardoso attributes depleting external reserves to debt repayments
18Apr By Mariam AbdullahiNo Comments
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Cardoso attributes depleting external reserves to debt repayments

The Central Bank of Nigeria has specified the reasons behind the significant decrease in the country's foreign exchange reserves. It clarified that the main objective was not solely to support the naira but rather to partially settle debts owed to creditors. Emphasizing a hands-off approach, the bank expressed its intention to limit its interference in the market, advocating for prices to be determined organically through the interactions of buyers and sellers. CBN Governor, Olayemi Cardoso, provided this explanation during the ongoing International Monetary Fund/World Bank Spring Meetings in Washington D.C, United States. Concerns arose among Nigerians due to the notable decline in the nation's foreign exchange reserves, dropping by about $2.16b...
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The Central Bank of Nigeria (CBN) reduces banks’ loan-deposit ratio to 50%
18Apr By Mariam AbdullahiNo Comments
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The Central Bank of Nigeria (CBN) reduces banks’ loan-deposit ratio to 50%

Commercial banks' Loan-to-Deposit Ratio has been slashed by the Central Bank of Nigeria from 65% to 50% as part of its efforts to strengthen its monetary policy. This adjustment means that Deposit Money Banks will now only be allowed to lend up to 50% of their deposits to customers. In a recent directive issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision at CBN, Adetona Adedeji, the apex bank announced the reduction of the Loan-to-Deposit ratio to 50% by 15 percentage points. All Deposit Money Banks are now required to comply with this updated LDR. The CBN has specified that average daily figures will be used to assess adherence to this directive. Additionally, while encouraging DMBs t...
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Government will take stern action against those threatening Nigeria’s unity
18Apr By Mariam AbdullahiNo Comments
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Government will take stern action against those threatening Nigeria’s unity

President Bola Tinubu has issued a warning to individuals who challenge Nigeria's sovereignty and security, stating that they will face severe consequences. He emphasized the government's progress in combating banditry and kidnapping through enhanced campaigns supported by intelligence gathering initiatives. During a meeting at the State House in Abuja, Tinubu met with leaders of the Yoruba socio-political organization, Afenifere, where he reiterated his firm stance against threats to Nigeria's unity. The delegation, led by Afenifere's leader Pa Reuben Fasoranti, Oba Olu Falae, and other prominent figures, engaged in discussions about the country's security challenges. ...
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