Category: News - Page 13 - African News Today

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

14Jun

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Breaking News, Corruption, Economy, Justice, Law Enforcement, News, Nigeria

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

President Bola Ahmed Tinubu has taken the decision to indefinitely suspend AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), from his position. The suspension comes as a result of serious allegations of abuse of office that have been leveled against Bawa. The President has deemed it necessary to initiate a thorough investigation into the conduct of the Chairman during his tenure. In an official statement released on Wednesday by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation, the decision to suspend Bawa was announced. The statement clarified that the suspension was implemented to allow for an unbiased investigation into the allegations brought against him. As part of the suspension ...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

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Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

9Jun

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Breaking News, Corruption, Economy, Justice, News, Nigeria

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This decision was made in light of the ongoing investigation of his office and the planned reforms in the financial sector of the economy. The suspension of the Central Bank Governor has caused widespread concern and criticism. The President does not have the power to suspend the Central Bank Governor. The power to remove the CBN Governor is vested in the President and the Senate jointly, as stated in Section 11(2) of the Central Bank of Nigeria Act, 2007. Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the Central Bank Governor...

El-Rufai Warned Against Inciting Religious Conflict with His Words

5Jun

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News, Nigeria, Religion

El-Rufai Warned Against Inciting Religious Conflict with His Words

Samuel Kwamkur, a prominent figure within the All Progressives Congress (APC) in Plateau state, issued a stern warning to Nasir El-Rufai, the former Governor of Kaduna State, cautioning him against making inflammatory remarks that could ignite conflict in Nigeria. Kwamkur, a former National Director of the Christian Association of Nigeria (CAN), expressed his concerns during a press conference held in Jos on Sunday. He was responding to alleged statements made by El-Rufai before his departure from office, wherein the former governor purportedly claimed that the Islamic dominance in Kaduna had been successfully extended to the entire country and would persist. According to Kwamkur, El-Rufai allegedly acknowledged deceiving Christians who questioned the Muslim/Muslim ticket during ele...

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

4Jun

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Economy, Labour, News, Nigeria, Petroleum, Power

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

In response to the sudden elimination of fuel subsidy by the Nigerian government, the National Union of Electricity Employees (NUEE) has instructed its members to go on a nationwide strike. The NUEE has called upon its members to comply with the directive and halt their work starting from early Wednesday morning. The decision comes after President Bola Tinubu declared the discontinuation of the petroleum subsidy regime, citing its lack of sustainability. Following this announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, a nearly 200 percent increase from the previous price below N200. In reaction to these developments, the Nigeria Labour Congress (NLC) has declared i...

National Assembly: Leadership Tussle Takes an Interesting Turn

3Jun

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Legislature, News, Nigeria

National Assembly: Leadership Tussle Takes an Interesting Turn

The leadership tussle in the National Assembly is about to take an interesting dimension following a meeting between President Bola Tinubu and the duo of Senate President, Ahmad Lawan, and the Speaker, House of Representatives, Femi Gbajabiamila, at the Presidential Villa on Thursday. The meeting was held to find an amicable solution to the issue of the zoning arrangement of the principal offices in the two chambers of the federal parliament, which was already creating tension among the lawmakers. President Tinubu gave a definite assignment to Lawan and Gbajabiamila to ensure that double nomination was avoided in both chambers on June 13. However, the presiding officers told the President that there was no way a zoning arrangement which excludes the North Central and gave two slots ...

Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal

3Jun

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Economy, News, Nigeria, Petroleum

Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal

In a surprising move, three members of the Peoples Democratic Party (PDP) have thrown their support behind President Bola Tinubu on the removal of petroleum subsidy. The Oyo State governor, Seyi Makinde, immediate past governor of Rivers State, Nyesom Wike, and former governor of Delta State, James Ibori, made this known during their visit to the Presidential Villa, Abuja on Friday. During the visit, Makinde stated that they were there to let the president know that he has the support of the generality of the people. On the subsidy issue, Makinde said, “We discussed it. It’s something that is on top of public discussion right now. We know it’s a tough decision for the people and he needs the support of everybody to see this through.” The PDP chieftain, Ibori, and Tinubu served as go...

31May

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Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...

Subsidy wasn’t Removed by Tinubu – Keyamo

31May

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Economy, News, Nigeria, Petroleum

Subsidy wasn’t Removed by Tinubu – Keyamo

Festus Keyamo, the Chief Spokesman for the All Progressives Congress Presidential Campaign, has clarified that President Bola Tinubu did not remove fuel subsidy. Keyamo stated that a section of the media is twisting the narrative to read that Tinubu's government has removed subsidy, despite the president proclaiming that subsidy was gone while giving his inaugural speech on May 29. The former Minister of State for Labour explained that Tinubu's administration only inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act beginning June 2023, and the Petroleum Industry Act, which is now extant, has no provision for subsidy. In a series of tweets on his official handle, @fkeyamo, he said, "President Tinubu merely acknowledged this state of affairs in hi...

Nigerian Media Mogul, Raymond Dokpesi Passes on at 71

29May

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Life, News, Nigeria

Nigerian Media Mogul, Raymond Dokpesi Passes on at 71

The Nigerian media industry has lost a true icon with the passing of Raymond Dokpesi. The visionary entrepreneur, media mogul, and philanthropist was known for his unwavering commitment to the development of Nigeria's media landscape and his support for democracy in the country. Dokpesi founded Africa Independent Television (AIT), one of Nigeria's leading broadcast media institutions. He believed in the power of the media to speak truth to power and hold those in authority accountable. Throughout his career, he faced numerous legal and financial challenges but remained dedicated to the pursuit of truth and the empowerment of Nigerian citizens through the media. Dokpesi's impact on Nigeria's media industry cannot be overstated. He was a trailblazer who paved the way for many others i...