Category: News
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Tonye Cole: Nigerian Refineries Will Struggle to Sell Fuel Below N700 Per Litre
A former governorship candidate in Rivers State, Pastor Tonye Cole, has stated that Nigerian refineries cannot sell a litre of Premium Motor Spirit (PMS) for N700 or below at this point. Cole made this assertion during an interview on Channels Television on Tuesday, just hours after the Nigerian National Petroleum Company Limited (NNPCL) announced that…
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PCNGI Sponsors 2Face, Basketmouth, Ola of Lagos on Fact-Finding Trip to India
Four prominent Nigerian entertainers – 2Face Idibia, Rarara, Ola of Lagos, and Basket Mouth – are set to embark on a fact-finding trip to India, organized by the Presidential Compressed Natural Gas Initiative (PCNGI). The trip is aimed at enabling these influential figures to gain a clearer understanding of the potential of Compressed Natural Gas…
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CBN Raises Interest Rate to 27.5% to Combat Surging Inflation
In a move to tackle the surging inflation in the country, the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent. The decision was announced by the CBN governor, Yemi Cardoso, following a meeting of the Monetary Policy Committee (MPC) at the apex bank’s…
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Port Harcourt Refinery Commences Crude Oil Processing
After several failed commencement deadlines in the past, the Port Harcourt Refining Company (PHRC) Ltd in Rivers State has officially commenced crude oil processing, marking a monumental achievement for Nigeria’s energy sector. Olufemi Soneye, the spokesperson of the Nigerian National Petroleum Company Limited (NNPCL), disclosed this in a statement on Tuesday, November 26, 2024. According…
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EFCC Finally Arrests Former Kogi Governor Yahaya Bello Over Alleged Misappropriation of Funds
The Economic and Financial Crimes Commission (EFCC) is currently interrogating former Kogi State Governor Yahaya Bello at its office, following his decision to honour the commission’s invitation over allegations of misappropriation of public funds. Bello, accompanied by his lawyers, arrived at the EFCC office on Tuesday morning, a move that comes after the Supreme Court…
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NBS Unemployment Data a Fabrication – NLC, Business Groups Reject 4.3% Figure
Nigeria’s unemployment figures have sparked controversy as the National Bureau of Statistics (NBS) reports a decline to 4.3% in Q2 2024, down from 5.3% in the previous quarter. However, the Nigerian Labour Congress (NLC) and business leaders have strongly contested these figures, describing them as disconnected from economic realities. Key Statistics Under Scrutiny According to…
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Lagos Celebrates Supreme Court Verdict Over Lottery Regulation Rights
The Lagos State Government has welcomed a landmark Supreme Court ruling that invalidates the National Lottery Act, affirming states’ constitutional authority to regulate gaming activities within their territories. In a detailed statement, Commissioner for Information and Strategy, Gbenga Omotoso, described the Supreme Court’s decision in Suit No. SC/1/2008 as “a historic victory for the rule…
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Okpebholo Sets Up 14-Member Committee to Audit Obaseki’s Administration
Governor Monday Okpebholo of Edo State has established a 14-member Assets Verification Committee tasked with examining the records of former Governor Godwin Obaseki’s administration, with the inaugural meeting scheduled for Tuesday, November 26. According to Fred Itua, the governor’s chief press secretary, the committee’s formation comes in response to what he described as “very scanty…
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ICPC Begins N10 Billion Project Tracking in Osun Federal Constituencies
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a tracking exercise of constituency projects worth N10.47 billion in Osun State, covering areas including Osogbo, Ilobu, Kuta, and Ede. Mary Oke, who leads the ICPC tracking team, announced the initiative on Saturday, explaining that it forms part of the commission’s seventh phase…
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Naira Falls to N1,750 Against Dollar in Parallel Market, Gains in Official Window
The Nigerian Naira showed mixed performance across different markets on Friday, depreciating to N1,750 per dollar in the parallel market while strengthening in the official Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ revealed that the Naira gained N6.05 in the official window, closing at N1,652.62 per dollar compared to Thursday’s rate of N1,658.67.…