Nigeria’s Inflation Jumps to 21.47% in November 2022

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

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Disturbed by the increasing rate of crime in Lagos State, Governor Akinwunmi Ambode has warned property owners hiding criminals in their buildings risk losing their structures. This decision was reached during the monthly State Security Council Meeting chaired by him. Ambode also said his government would henceforth scale up enforcement of restriction of commercial motorcycles, popularly called Okada, on certain routes and ban on street trading, adding that security agencies have been placed on red alert. The Governor said he has resolved to henceforth embark on massive and aggressive confiscation of properties used as hideouts by criminal elements in the

By Adedapo Adesanya The African Energy Chamber has hailed the European Union’s landmark proposal to label natural gas as a green energy source. The group noted that the proposal will help advance Africa’s call for a just and inclusive energy transition. Recognizing the effects of climate change, the continent industrialize itself first so it can have the same opportunities as Europe and other western countries. “The point that natural gas serves as a transitional energy source is one that has been promoted by African nations for a long time and therefore, the African Energy Chamber hails the EU’s proposal as

By Dipo Olowookere The global health crisis caused by the coronavirus disease (COVID-19) seems to have been a blessing to African stock markets. This is because the situation gave domestic investors the opportunity to be fully involved in the markets, which had hitherto been largely dominated by foreign portfolio investors. In Nigeria, offshore investors had always dictated the direction of the market, but during this period, local investors controlled the activities and led to the market staying stronger when many thought things would go south as result of the exit of the non-resident guys. It was a similar situation elsewhere

By Modupe Gbadeyanka Wife of the President, Mrs Aisha Buhari, has commissioned water project (borehole) for people of Sympaya community of Mpape to ease them from contaminated water from a nearby river. Mrs Buhari, who donated the borehole recently in Abuja through her NGO the ‘Future Assured’ programme, expressed hope that the water problem bedevilling the community would be alleviated. Mrs Buhari, through her representative, the former deputy governor of Plateau State, Mrs Pauline Tallen, expressed hope that the borehole would provide portable drinking water to the community, while urging the people of the community to make judicious use of

By Adedapo Adesanya Great Nigeria Insurance (GNI) Plc has partnered with Ogun State Security Trust Fund (OSTF) through donations in discharging its duty of securing the lives and properties of indigenes and residents of the state. The underwriter carried out this move as part of its strategic Corporate Social Responsibility (CSR) initiatives. The Managing Director/CEO of the company, Mrs Cecilia Osipitan, said that as a socially responsible corporate entity, the company’s donation was the fulfillment of the organization’s resolve to support causes that will help create a safer and better society. She stated that the partnership with the government is

By Ademola Olaniyi Last month, April 2017, the news was everywhere on how security agencies showed up at the premises of the Pension Commission (PENCOM) headquarters. That this happened a little after the erstwhile Director General of the Commission, Mrs Chinelo Anohu-Amazu, was sacked by President Muhammadu Buhari raised a lot of suspicion of fraud. The popular guess was that some whistle blowers might have embraced the new trend of exposing sleaze in government. Nevertheless, as most Nigerians anxiously awaited the names of those involved in the story, they felt slightly disappointed when the Department of State Services (DSS) stated

By Dipo Olowookere The newly elected National Chairman of the Peoples Democratic Party (PDP), Mr Uche Secondus, has been congratulated by the PDP Prayer Network. In a statement signed by its National Coordinator, Mr Emmanuel Chukwu, the group said it has accepted Mr Secondus’ emergence as the new leader of the opposition party and urged those who contested for the position with him to gladly accept defeat and allow the party to consolidate ahead of the 2019 general elections. PDP Prayer Network, while charging the new Chairman to carry everyone along irrespective what had transpired, emphasised that it was ready