The Nigerian government through the Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. This adjustment follows recent increases in the exchange rate for cargo clearance, reflecting a continuing trend of fluctuations in the country’s foreign exchange policies. The exchange rate for cargo clearance was initially raised from N757 per dollar to N783 per dollar in November, representing a 3.4% increase. Subsequently, it was further increased to N952 per dollar in December. According to information obtained from the Customs official website on Friday, the exchange rate for cargo clearing was…
Author: Editor-in-chief
Nigeria has moved up five places in the latest 2023 Corruption Perceptions Index ranking released on Tuesday by Transparency International. The country also moved up one point at 25 out of 100 than the previous year, and placed 145th out of 180 nations and territories worldwide based on perceived levels of public sector corruption. The report was disclosed on the official Transparency International website. Nigeria ranked 150th out of 180 countries in 2022, moving up four spots from its 2021 ranking of 154th, and it maintained its previous score of 24 out of 100 points in corresponding years. In 2020,…
Northern Nigeria used to have a cult of power called the Kaduna Mafia. The Kaduna Mafia decided who would become the Nigerian president, which road to build, which to abandon, which industries to be cited and where. When it couldn’t help but hand the reins of power to the south, it determined which weakest link to exploit. The 1976 assassination of Murtala Muhammed and the handing over of power to Olusegun Obasanjo explains this. If the Kaduna Mafia was bothered about the north-centric disposition of Obasanjo, it could have defiantly handed over the reins of the military government to Shehu…
It is an open secret that Senator Bola Ahmed Tinubu, then, as President elect supported Seyi Makinde of the PDP against Teslim Kolawole Folarin of the APC for the March, 2023 gubernatorial election. The president elect then must be having in mind permutations towards 2027. Apart from the fact that he had a kind of arrangements with the Group of five or should I say two dissident Governors of the PDP led by the then outgoing Governor of Rivers state and present Minister of the FCT, Nyesom Wike, having the likes of Wike and Makinde on the plate towards 2027…
Aftermath the explosion that rocked Ibadan about seven days ago, Bodija Estate Residents Association (BERA) met today, to assess efforts made since the explosion incident. Speaking with newsmen on the assessment of government intervention so far, the Chairman of Bodija Estate Residents Association (BERA), Mr Muyiwa Bamgbose stated that the intervention was not properly organised. Explaining further why many of the residents also hold a similar view, Bamgbose said that there were a lot of people who still paid for their medicals and had to treat themselves. According to him, it would be difficult for someone like him to just…
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…
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…