News

The faction in the Rivers State House of Assembly loyal to Governor Siminalaye Fubara has rejected a move by a rival group to stop the governor from spending state revenues. A faction in the Assembly led by Martins Amaewhule on Monday passed a resolution stopping the governor from incurring further expenditure from the 2024 budget. Lawmakers loyal to Federal Capital …

Investors in the Nigerian capital market made a profit of N62 billion at the close of trading on Tuesday. This follows the increase in stock prices such as UCAP, CUTIX and SUNU ASSURANCE among others on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.67 trillion from N56.60 trillion posted by …

●Contemplates tougher laws against crude oil theft and vandalism [Press Release] The National Assembly has strongly supported the ongoing efforts of NNPC Limited to boost Nigeria’s crude oil production and increase its reserves, saying it will consider tougher consequences for crude oil thieves and vandals of the country’s critical hydrocarbon infrastructure. The news was made public on Tuesday when the …

The naira reversed its decline against the US dollar on Tuesday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N1 to trade at N1,576/$1, down from N1,577/$1 recorded at the official window on Monday. The highest and lowest intraday prices recorded during the day were N1,592/$1 and N1,492/$1 respectively, indicating a narrow spread …

The Nigerian Navy has rescued eight female victims of human trafficking in the country. Director of Naval Information, Commodore Aiwuyor Adams-Aliu, who disclosed this in a statement on Tuesday in Abuja, said the victims were rescued between Saturday and Tuesday. He said officers also rescued two drowned fishermen and arrested eight stowaways in Nigerian waters. According to Adams-Aliu, the feat …

The Financial Reporting Council (FRC) and the Ministry of Finance (MOFI) identify how President Bola Tinubu can achieve his $1 trillion economic projection. They identified corporate governance in public and private institutions as a catalyst for achieving this goal. Therefore, the FRC and MOFI launched a draft corporate governance code for the public sector that provides rules on how board …

The three tiers of government on Tuesday shared the revenue allocation of N1.35 trillion for June. The figure is N150 million higher than the N1.2 trillion distributed by the federal, state and local governments in May. Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, who disclosed this in a communique issued at the end of …

At least 14 people were killed and four others injured in a horrific car accident along the Kano-Kanya road in Babura local government area of ​​Jigawa State on Tuesday. State police spokesman DSP Lawan Shiisu confirmed the accident in a statement on Tuesday in Dutse. Shiisu said a truck and a bus were involved in the accident that occurred in …

  Ogun State Governor, Prince Dapo Abiodun, has said chop owners at Oba Lipede International Market, Kuto, Abeokuta, who lost valuables during Saturday night’s inferno, will receive support from the state government. Governor Abiodun made the assurance when he visited the market to ascertain the level of destruction caused by the fire. He said that censuses will be carried out …

Cryptocurrency platform Binance’s executive director Tigran Gambaryan arrived at the Federal High Court, Abuja, in a wheelchair for his trial on money laundering charges on Tuesday. Gambaryan, who was first arrested on February 26, has spent 141 days in a correctional centre in Abuja. As prison officers pushed Gambaryan in, he stood up from his wheelchair and walked slowly toward …