Nigeria, struggling to raise funding for its 2024 budget may borrow to finance electricity subsidy as the Nigerian Electricity Regulatory Company (NERC) yesterday released a new tariff template, showing over N1.6 trillion shortfall. There are also indications that the liquidity crisis rocking the power sector in Nigeria may go from bad to worse over the development, which may undermine loan repayment to the apex and commercial banks in the country. Across the eleven distribution companies, the administration of President Bola Tinubu in what can be described as a reversal of the Service Based Tariff (SBT), which was initially used under…
Author: Editor-in-chief
A leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance, a consortium of five companies based in Nigeria, and an international energy group, for up to $2.4 billion. The company disclosed this in a statement on Tuesday. The development will bring an end to the British oil giant’s core operation in Nigeria years after its formation in 1979. However, the company stated that completion of the transaction is subject to approvals by the Federal Government of Nigeria, who has a 55 per cent stake, and other…
Security Expert Bulama Bukarti says Abuja is becoming one of the scariest cities in the world with kidnapper, one-chance robbers and other criminals ubiquitous in Nigeria’s political capital wreaking havoc on innocent citizens. “In major junctions in Abuja, criminals and armed robbers masquerading as taxi drivers maim and rob Nigerians in a way that we have not seen before,” Bukarti said on Channels Television’s Politics Today programme on Monday. “Abuja is becoming one of the scariest Federal Capital cities in the world.” Outrage had trailed the abduction of six siblings and their father in the Bwari Area Council of Abuja…
The Central Bank of Nigeria (CBN) has disolved the boards and management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank. The apex bank made the disclosure in a formal statement that was uploaded to its official X microblogging account. The statement reads, “The Central Bank of Nigeria (CBN) has disolved the boards and the management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank. The action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h), of Banks and Other Financial Institutions Act,…
Following the blow out of the allegations of financial improprieties at the Ministry of Humanitarian Affairs, the Presidency has summoned the Minister of Interior, Bunmi Tunji-Ojo. WesternPost can authoritatively report that the Minister of Interior is billed to meet the President by afternoon of today. The Minister has been linked to some financial transactions with the Ministry of Humanitarian Affairs through a company he allegedly has interest in. The company reportedly got over N400million contract from the Ministry of Humanitarian Affairs. The Minister of Humanitarian Affairs, Betta Edu was suspended from office by President Bola Tinubu on Monday for financial…
The moment it became public knowledge that Betta Edu has been fleecing funds meant for the vulnerable citizens, i knew Bunmi Tunji Ojo would be very much involved . Having never occupied public office in Abuja , i knew that Bunmi is her teacher and facilitator. Everyone in the corridors of powers in Abuja knows the relationship between them is not ordinary. I recall that on the day of their screening at the Senate , they drove in the same car and walked into the Senate building, hand in hand . I also recall that they visited Senators , prior…
In a June 23, 2020, article titled “Sabiu Yusuf’s Fat Bank Accounts that Shocked CBN Governor” where I revealed that Muhammadu Buhari’s relative Sabiu “Tunde” Yusuf had salted away so much money in banks that even former CBN governor, Godwin Emefiele, was so alarmed that he advised him to divvy up the money into different accounts, I said, “The stench bomb of fetid corruption that will explode after Buhari leaves office would be so unprecedentedly malodorous it would deaden Nigeria’s collective nasal sensibility for a long time.” At the time, some people thought I was merely being hyperbolic for literary…
Nigeria Police Force National Cybercrime center, acting on a petition at the instance of Hon and Doctor Mrs Seye Oladejo have arrested three suspects in connection with a case of Conspiracy, Cyberstalking, and threat to life. The suspects, namely, Adebukola Kolapo Nnedum Micheal Somtomchukwu and Isaac Akpokighe, all male of ages 27, 25 and 30 respectively are members of a syndicate called Gistlover family, responsible for the daily running of the Gistlover blog, a microblogging platform known for cyberstalking, incitement, blackmail, and sundry, which has over the years been a course for public outcry. Upon arrest, the suspects revealed their…
Despite the country’s growing crisis in the education sector resulting in about 20 million children out-of-school, about 29 states have failed to access N68.73 billion Universal Basic Education Commission (UBEC) matching grant to boost primary education in 2023. Checks from UBEC showed that the total unaccessed matching grants from the 36 states and the Federal Capital Territory (FCT) stood at N68.73 billion. The Guardian learnt that only seven states, as of December 11, lodged about N10.6 billion counterpart funds. The states include Osun with N1.3 billion; Niger paid N2.6 billion; Taraba’s lodgement was N1.39 billion; Sokoto N1.39 billion, while Enugu,…
In just a matter of hours, we will bid the year 2023 bye bye and we will be ushered into the new year 2024. For the Governor of Oyo state, the year 2023 must be a fulfilling one, most especially, considering the fact that he was able to secure a second term in office in March of 2023. Having secured the desired second term in office, one would have expected the Governor to immediately hit the ground running, having in mind the fact that he, at that point, had very little time to straighten and reshape whatever he wants to…