Trending: Fashola under fire over 3rd Mainland Bridge repair

Minister of Power, Works and Housing, Mr Babatunde Fashola, SAN Motorists plying the 3rd Mainland Bridge in Lagos have been attacking the Minister of Works, Power and Housing, Babatunde Raji Fashola over the ongoing repair works on the bridge. Many of them have taken to the social media to vent their anger at Fashola over…

Students cry out over high price of garri

Garri Some students in Ilorin have decried the sudden increase in price of garri, commonly referred to as “students’ food’’. Some of the students expressed their concerns in separate interviews on Saturday in Ilorin. The students said it had become almost impossible to have a day’s meal with the increase in the staple food. A…

FG, States, LGAs N13billion richer in January

Nigeria’s three tiers of government got a slightly fatter pay packet in the month of January. Every month, the Federal Government, States and Local Government Areas gather to share the income that has accrued to country. With N400bn shared in January, the figure represents an increase of N13.121bn over what was allocated to all federating…

Wema Bank appoints Ademola Adebise as Deputy Managing Director

The Board of Directors, Wema Bank Plc. has appointed Ademola Adebise as the Deputy Managing Director of the bank. The Central Bank of Nigeria (CBN) has now approved the appointment. In a letter to the bank, the CBN said it had no objection to the appointment. As DMD, Adebise will oversee Wema Bank’s Corporate and…

Real reason Dangote shut its tomato factory, sacked 900 workers

More facts have emerged as to why Africa’s richest man, Aliko Dangote, shut down his tomato paste plant in Kano, with about 900 jobs on the line. The conglomerate cited shortage of dollars and poor sales as reasons. Reports say dollar scarcity has also seen Dangote cut down on other food businesses such as flour…

LASTMA goes tough on drivers plying one-way, restricted routes

Chairman, Lagos State Task Force, SP Yinka Egbeyemi; General Manager, Lagos State Traffic Management Authority, LASTMA, Mr. Olawale Musa; Head, Operation, LASTMA, Mr. Adeoye Oluyemi and Deputy Chairman, Lagos State Task Force, DSP Adetayo Akerele during a joint traffic enforcement at Agege and its environs on Friday. The Lagos State Government on Friday carried out…

EFCC, SEC seal MoU to fight capital market fraudsters

The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have sealed a relationship to fight fraud in Nigeria’s capital market. Both the EFCC and SEC this week signed a Memorandum of Understanding (MoU) which will among others promote the efficient investigation and conclusion of all capital market cases as well…

IG raises alarm over more policemen committing suicide

Alhaji Ibrahim Idris, Inspector General of Police The Nigerian Police Force is worried over the rising cases of suicide among its officers across the country. The Assistant Inspector General of Police (IGP) Zone 5, Abubakar, Mohammed, lamented the development in an interactive session with policemen in Yenagoa, Bayelsa State, on Thursday. He said recent statistics…

Fayose emerges PDP Governors’ Forum chairman

Governor Ayodele Fayose of Ekiti State The Peoples Democratic Party (PDP) Governors’ Forum on Friday announced the appointment of Governor Ayodele Fayose of Ekiti state as its new Chairman. Governor Seriake Dickson of Bayelsa made the announcement while briefing newsmen on the outcome of the Forum and PDP Caucus meeting which ended in the early…

Nigeria can’t survive without borrowing –Adeosun

Until Nigeria generates enough foreign exchange and finds solution to its over bloated head cost, the country will not cease going to international credit institutions for loans. This was the view of the Finance Minister, Mrs. Kemi Adeosun, who at a public function in Abuja disclosed that the President Muhammadu Buhari administration was passing through…

NSE LIVE! Equities drop by 0.17% in third straight negative session

For the third consecutive trading session, Nigerian equities on Thursday closed in the negative as continuing sell pressure in the consumer goods sector continued to shape the overall market position. The two main benchmark indices at the Nigerian Stock Exchange (NSE) showed that the market declined by an average of 0.17 per cent on Thursday,…

Jammeh is no longer The Gambia’s President – UN Security Council

Yahya Jammeh, no longer recognized as president The UN Security Council on Thursday affirmed that Adama Barrow is now the legitimate President of The Gambia, declaring that “former President Yahya Jammeh is out”. The President of the Security Council, Olof Skoog (Sweden), told the UN Correspondents after the adoption of the Resolution 2337 (2017) by…

Ambode earmarks 181 LG roads for construction in 2017

Lagos State Governor, Mr. Akinwunmi Ambode (middle), with his Deputy, Dr. (Mrs.) Oluranti Adebule (left) and Oba of Lagos, Oba Rilwan Akiolu I (right) during the 1st Quarter 2017 Town Hall meeting (6th in the series) to render account of stewardship of Governor Ambode’s administration, at the Ajelogo Housing Scheme, Akanimodo, Mile 12, Ketu, Lagos,…

Senate opposes deployment of troops to Gambia by President Buhari

President Muhammadu Buhari The Senate on Thursday opposed President Muhammadu Buhari’s deployment of Troops to The Gambia without approval of the National Assembly. The Federal Government had deployed Troops to Gambia, if President Yahya Jammeh refused to leave office and handover to President-elect, Adama Barrow by January 19. Speaking during plenary, Sen. Chukwuka Utazi (PDP-Enugu),…

Adama Barrow sworn in as President of The Gambia

President Adama Barrow of The Gambia Adama Barrow has been sworn in as the Gambian president in neighbouring Senegal as incumbent Yahya Jammeh refuses to leave office. The swearing in ceremony took place at the Gambian embasy in Senegal aidst tight security provided by ECOWAS troops. Details later.

Osinbajo takes over as Buhari goes for medical check-up in UK

Osinbajo Vice President Yemi Osinbajo will act as President till February 6 when President Muhammadu Buhari is expected to resume work. President Buhari is leaving for the United Kingdom today for a 10-day short vacation during which he is expected to undergo a medical check ups. A statement issued by Femi Adesina Special Adviser to…

Do not transact on Bitcoin, other virtual currencies – CBN warns banks

The Central Bank of Nigeria, CBN, has warned Deposit Money Banks and other financial institutions in the country not to do business in crypto or digital currencies. The Apex bank listed some of the virtual currencies to include bitcoin, ripples, monero, litecoin, dogecion and onecoin. The CBN had during the week, lectured Nigeria on the…

Breaking: Buhari embarks on 10 days annual vacation

President Muhammadu Buhari President Muhammadu Buhari is embarking on a 10-day annual leave. To this end, the president on Thursday transmitted a letter to the Senate intimating it of his decision to embark on leave. The letter was read on the floor of the Senate by the Senate President Bukola Saraki. Details later

Recession: Buhari to launch economic recovery plan in February – Osinbajo

The President Muhammadu Buhari-led Federal Government, on Wednesday said plans have been concluded to launch its economic recovery plan in February. Speaking on the sideline of the World Economic Forum in Davos, Switzerland, the Vice President said that massive investments in the people and their skills would bring about economic prosperity. The VP was quoted…

Barrow to be sworn in today in Senegal as Jammeh stays put

The man who won The Gambia’s disputed election says he will be sworn in as president at the country’s embassy in neighbouring Senegal. The message, posted on Adama Barrow’s social media accounts, invited the general public to attend the ceremony. Last-ditch efforts by regional leaders to convince Yahya Jammeh to step down as president failed…

NSE LIVE! Equities extend losing streak with 0.13% drop

Nigerian equities posted a negative performance again on Wednesday as the market remained under selling pressure from the fast moving consumer goods and oil and gas sectors. All-Share Index (ASI) dropped by 0.13 per cent to close at 26,245.34 points while the aggregate market capitalization of all quoted companies on the Nigerian Stock Exchange (NSE)…

No increase in petrol price, NNPC warns against panic buying

NNPC-logo The Nigerian National Petroleum Corporation (NNPC) on Wednesday admonished Nigerians not to engage ‎in panic buying of petrol as there was no plan to increase its price. ‎ In a statement released in Abuja by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, the Corporation further assured motorists that there was…

Osinbajo reads riot act to CBN, Finance Ministry on naira value

Worried by persistent fall in value of the Nigerian currency, the naira, which lost more than 90 per cent value in 2016, the Presidency has given both the Central Bank of Nigeria (CBN) and Finance Ministry some marching orders to shore up the currency within the first quarter of 2017. Naira, has since December 2016…

Lagos NSCDC arrests woman for stabbing Ikeja Electric official

The suspect The Nigeria Security and Civil Defence Corps, NSCDC, Lagos State Command has arrested a woman, Ediale Ayodele, 35, for stabbing an official of Ikeja Electric. Ayodele, who lives at No. 6, Ayodola Close, Akonwonjo, allegedly stabbed the official who was on a routine forecast drive in the area. The official was said to…

CBN commences sale of forex to BDCs

The Central Bank of Nigeria (CBN) started auctioning 250 million dollars to 3147 registered Bureau De Change (BDCs) nationwide on Wednesday. Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), disclosed this to the News Agency of Nigeria (NAN) on Wednesday in Lagos. He said the sale of the foreign…

Pay judges their salaries, allowances or face action, SERAP tells Buhari

President Muhammadu Buhari Socio-Economic Rights and Accountability Project, (SERAP) has sent an open letter to President Muhammadu Buhari requesting him to pay immediately outstanding salaries and allowances of judges and judicial workers across the country. SERAP in the letter appealed to the president “to use your good offices and leadership to urgently instruct all appropriate…

Senate passes MTEF, approves Buhari’s N2.32trn loan

The Senate, on Wednesday, passed the 2017-2019 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The Red Chamber retained the exchange rate at N305 to $1 as proposed by President Muhammadu Buhari. It however raised the oil benchmark from $42.50 to $44.5 per barrel. The Senate also approved Federal Government’s borrowing plan…

Nigeria may lose IMF loan over romance with China

Nigeria may lose its application to secure part of a $30 billion loan from the IMF because of its current policy that favours tying its economy to that of the China’s. To fund the 2016 budget and the proposed 2017 budget, still with the National Assembly, government had packaged a robust loan proposal, which will…

Lagos police boss, Fatai Owoseni removed

CP Fatai Owoseni, removed as Lagos State Police Commissioner The Lagos State Commissioner of Police Fatai Owoseni has been removed. He has been replaced with the Officer-in-Charge of Inspector-General of Police monitoring unit, Garuba Umar. Investigations revealed t Umar’s posting to Lagos State to succeed Owoseni came four days after his promotion to the rank…

MMM: CBN lectures Nigerians on dangers of Bitcoin, others

The Central Bank of Nigeria, CBN, has advised Nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin. Recall that the Securities and Exchange Commission, SEC, issued a similar warning last week. The warnings came on the heels of announcement by Mavrodi Mondial Movement, MMM, that its operations will now be via digital currency….

Police confirm kidnap of Director of Finance, 3 others in Sokoto state

Governor Aminu Tambuwal of Sokoto State Mr Mohammed Abdulkadir, the Commissioner of Police, Sokoto State Command has confirmed the kidnap of the Director of Finance, Isa Local Government and three others in the state. Abdulkadir revealed in Sokoto on Wednesday that the victims were kidnapped by some unknown gunmen along Sokoto-Isa road on Monday. He…

NSE LIVE! Equities lose N33bn on FMCGs selloff

Nigerian equities set again into its topsy-turvy pattern on Tuesday as a considerable selloff within the fast moving consumer goods (FMCGs) companies reversed the net gain of N17 billion recorded on Monday with a net capital loss of N33 billion. Losses recorded by highly capitalised FMCGs stocks such as Nestle Nigeria, Nigerian Breweries, Seven-Up Bottling…

Special Report… The slumbering economic giant called Ariaria market (2)

Concluding part…. Anih who has been into the business of shoemaking for more than 18-years says the year 2016 was different, and that despite the fact that materials are a bit costly, the demand for goods have been encouraging. Interestingly, the shoemaker says he is not aware that the FG ordered 50,000 pairs of boots…

Rivers acquires 10 gunboats for Nigerian Navy

Governor Nyesom Wike of Rivers State Rivers State Governor, Nyesom Ezenwo Wike has announced that the 10 new state-of-the-art security gunboats acquired by the Rivers State Government would be delivered to the Nigerian Navy for the enhanced patrol of the state’s waterways. Speaking after commissioning the 120 Housing Units named Rivers Quarters at the NNS…

N4.6b money laundering trial : Fani-kayode seeks case transfer

Fani-kayode sandwiched by EFCC officials Former Minister of Aviation, Chief Femi Fani-Kayode Tuesday kicked against his trial at the Lagos Division of the Federal High Court over alleged money laundering of N4.6 billion. He contended that the appropriate division of the court for his trial should be Abuja. In addition, Fani-kayode want the presiding Judge,…

Kidnappers storm Jigawa, kidnap Village Head, Ward Head

Gunmen Kidnappers, numbering about 30, have kidnapped Alhaji Garba Mamud, the Village Head of Rijin in Basirka District of Gwaram Local Government of Jigawa. Malam Dauda Mamuda, the brother to the district head, who is a Ward Head, was also kidnapped by the suspects. A resident of the community, Malam Musa Ibrahim, told the News…

40 million Nigerians to get telecom services in 2017-NCC

NCC The Nigerian Communications Commission (NCC) says provision has been made in the2017 budget to extend telecommunications services to additional 40 million Nigerians across the country. Prof. Umar Danbatta, the Executive Vice Chairman of NCC disclosed this in the latest edition of the commission’s publication, “The Communicator’’ and made available to the newsmen on Tuesday…

Aviation sector enters 2017 with fear, sends SOS to govt

The aviation sector has raised the alarm over imminent danger that needs to be removed, if a total collapse of the industry must be averted in 2017. Included among the factors are: reviewing government policy that has allowed multiple foreign exchange system drastically affect operators’ business plans in 2016. Others are, persistent scarcity of Jet…

Car dealers groan over new import policy, call for reversal

Imported cars Mixed reactions have trailed the ban on the importation of vehicles through land borders with some of the dealers calling the policy anti people while others said it would boost national economy. Some of the vehicle dealers in Kano, Katsina, Kebbi, Sokoto and Kaduna States also said in separate interviews with the News…

Operators doubtful of improved power supply

There is no likelihood that the epileptic power supply in Nigeria will improve in the nearest future, as a fresh row over debts settlement has hit major operators in the sector. Since the privatization of the power sector in 2013, there has never been any love lost among the three sub units that emerged. Though…

Protests in sector over operation of Islamic insurance in Nigeria

Operators in the sector are questioning why the authorities have licenced two Islamic insurance companies to operate in the country. This at a time the Nigerian business community is yet to fully accept the appointment of CBN Governor, Godwin Emefiele to head an international Islamic banking institution, the International Islamic Liquidity Management Corporation. The brand…

Investors receive N30bn unclaimed dividends

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has stated that more than N30 billion has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. In a statement, the Commission said that as a means to further reduce the unclaimed dividends profile and curb its…

NSE LIVE! Equities net N17b gain as investors scramble for banks

Banking stocks led Nigerian equities to a positive start this week, sustaining a modest rally that saw quoted equities closing last week with a gain of N26 billion. Increased demand for banking stocks placed many banks in the buyers’ market, enabling the sellers to increase their prices. With many banks dominating the advancing stocks and…

The slumbering economic giant called Ariaria market

With the fall in prices of crude oil in the international market, the Nigerian government has resorted to looking inwards to raise the much needed resources to finance its activities. It has to this end embarked on a drive to get Nigerians to patronize locally made goods, as opposed to a craze for imported products,…

Why price of cooking gas may not crash despite improved supply

While news of improved supply in cooking gas holds some relief for Nigerian households, there are concerns that the price of this essential item may not crash anytime soon. Over the weekend, Ripples Nigeria gathered that the Nigerian Liquefied Natural Gas (NLNG) Company had delivered about 13000 tonnes of LPG to its Lagos jetty. This…

Lagos allays fear on bomb scare in Agege

Mr Fatai Owoseni, Lagos State Commissioner of Police. The Lagos State Government on Monday allayed fears of residents on suspected explosive substance which was allegedly dropped in a manhole in one of the Streets in Agege area of the State, saying that the development was nothing to worry about. The development had led to residents…

NAN to launch photo portal – Onanuga

Bayo Onanuga The News Agency of Nigeria (NAN), is to launch photo portal to enable subscribers to select pictures for publication. The Managing Director of NAN, Mr Bayo Onanuga, announced this during a familiarisation visit to the Edo office of the agency in Benin on Monday. Onanuga also said that plans were underway to launch…

Embattled Heritage Bank sacks 400 workers

Less than four months after Heritage Bank had denied suffering mass withdrawal of customers’ deposits, the bank has embarked on mass sack of staff. Reports indicate that at least 400 of its workforce have been laid off within January 2017. The bank is still smarting from a series of crises, including a query by the…

How senior lawyer bought N8m car for Justice Ademola – Sales Rep

Justice Adeniyi Ademola A witness in the ongoing trial of a Federal High Court judge, Adeniyi Ademola, has explained how a BMW luxury car was purchased for the defendant by a Senior Advocate of Nigeria, Joe Agi. The witness, Ifeoma Ofornagolu, the first of 14 witnesses to testify in the matter, said she delivered the…

Privatisation of assets is corruption – Don

Prof. Omotoye Olorode delivering a lecture at the Lagos Airport Hotel A lecturer at the Obafemi Awolowo University, Ile-Ife, Osun state, Prof. Omotoye Olorode, has described the privatisation of the country’s national assets as the greatest form of corruption. He made this statement while delivering his keynote address entitled, “Corruption in Nigeria, Judiciary, Law: A…

Illegal oil lifting: Court fines FG over delay in proceedings

court-of-law A Federal High Court sitting in Lagos Southwest Nigeria on Monday ordered the Federal Government of Nigeria to pay a fine of N15,000 while granting an application filed to amend its processes in a suit filed against Total E&P Nig. Plc, and Chevron Nigeria Plc over alleged under-declaration and undeclared of crude oil exports…

EFCC wades into missing N500m Chibok safe school funds

EFCC acting chairman, Ibrahim Magu Economic and Financial Crimes Commission (EFCC) says it is looking into the alleged missing N500m Chibok safe school funds commissioned by former Minister of Finance, Dr. Ngozi Okonjo-Iweala to rebuild the Government Girls School in Chibok. The commission on Monday confirmed that it is looking into the petition requesting it…

How Nigeria loses $2bn annually from tourism sector -Report

Nigeria has in the past 10 years failed to reap from yearly revenue, estimated at $2 billion from the tourism sector, so said the World Travel Market (WTM). In its report on the activities of the sector, globally, published by it’s London-based unit, World Tourism Watch, while countries like UAE, South African and Ethiopia have…

CRUDE OIL: Libya increases supply dropping price of Nigeria’s Brent

Libya, the only country exempted with Nigeria from OPEC crude oil cuts has pumped more supply of the products to the international market, a situation that has seen Nigerian light oil suffer some price losses and reduced demand. Though crudes from both countries are at variant, reports of the market monitored by Ripples Nigeria on…

Dangote floats $100m truck assembly plant in Lagos

Dangote Group of Companies has established a $100million truck assembly plant in Lagos as part of its efforts toward boosting foreign exchange and job creation in the country. The group said in a statement on Sunday in Lagos that the plant was floated by the group in partnership with National Heavy Duty Truck Group Company…

Bukky Wright, others urge government to resuscitate moribund textile industries

Some stakeholders in the entertainment and creative industry on Sunday advised the Federal Government to resuscitate the moribund textile industries across the country so that they could produce and promote high grade and high-quality made-in-Nigeria fabrics. Popular Nollywood actress Buky Wright, Mrs Yeside Laguda, Mr Bayo Balogun and an ex-lawmaker, Mr Bashiru Bolarinwa, gave the…

Frustrated, Manufacturers threaten to drop support for govt policies

The Federal Government’s hope of getting the country out of recession in 2017 may hit a brick wall, if operators in the real sector carry out their threat of total withdrawal of support on policies not tailored at the survival of manufacturing industries in Nigeria. They have highlighted a number of conditions under which they…

12 passengers killed as bus plunges into river

The vehicle inside the river Over 12 persons have reportedly died in an accident on Oyo/Ogbomoso Road after a commercial bus skidded off the road and plunged into Odo-Oba River. An eyewitness told the Punch newspaper that the accident occurred when the bus was trying to avoid a head on collision with another vehicle that…

Kidnappers of students, teachers at Isheri demand N1.2b

Gunmen demandsN1.2b for kidnapped students and teachers The abductors of students and members of staff of the Nigeria Turkish International College (NTIC) have demanded N1.2bn ransom for the victims to be released, it was learnt. Reports say the abductors called a family member of one of the victims on Sunday to make the demand. The…

Gov Wike sets up N100m empowerment for ex-servicemen

Rivers State Governor, Nyesom Ezenwo Wike, has initiated a N100 million empowerment scheme aimed at improving the living conditions of the families of late ex-servicemen and living legionnaires. The Governor, Deputy Governor Ipalibo Harry Banigo , Speaker Ikuinyi-Owaji Ibani , Chief Judge, Justice Adama Iyayi-Lamikanra, Service Commanders and the Chairman of the Rivers State Traditional…

50 companies bid for NNPC’s boat supply

NNPC-logo A total of 50 companies recently submitted bids to partake in the provision of sea worthy Tug boats on charter time basis for the maritime operational requirements of the NNPC in Lagos, Warri and Port Harcourt. The public bid which was held at the Abuja Corporate Headquarters of the corporation had in attendance representatives…

Peace Corps to recruit 2,000 youths, adults in Lagos

Peace Corps of Nigeria The Peace Corps of Nigeria says it will recruit 2, 000 youths from Lagos State this year, Mr Mutairu Habib, the South-West Zonal Commandant of the corps said on Saturday in Lagos. “The corps is targeting to recruit 2,000 officers in Lagos State this year as part of efforts to reduce…

Osibanjo begins tour of Niger Delta Monday

Vice President, Prof. Osibanjo Nigeria’s Vice President, Prof. Yemi Osinbajo is to begin tour of communities in the Niger Delta on Monday in a bid to solve the lingering crisis in the oil-rich region. The move is part of President Muhammadu Buhari’s administration to resolve the crisis in the area through engagement with the locals….

Lagos to begin phase II Alapere dual carriage road

Lagos Transportation Commissioner, Prince Anofiu Elegushi (middle) with other stakeholders at the meeting. The Lagos State Government says it will soon begin the construction of phase II of Alapere dual carriage road in order to decongest traffic in the area. The government said the move was to unlock the traffic gridlock besetting part of Lagos…

Kidnappers abduct students, teachers in Isheri school

Gunmen on rampage About five staff and two students of the Tulip International School, located in the Isheri area of Ogun State, have been abducted from their school premises by gunmen. This was confirmed to Channels Television, by the anti-kidnapping squad of the Ogun state police command. The source said that the gunmen invaded the…

2 robbery suspects in police net

The suspects Operatives of the Federal Special Anti-Robbery Squad, FSARS, Adeniji Adele Road, Lagos Island, have arrested two suspected robbers terrorising residents of Ire-Akari Street, Ejigbo and Isolo areas of Lagos. The police identified the suspects as Chinedu Ajogwu, 24 and Uchenna Chukwudi Mbah, 33. The alleged ring leader simply identified as Small is said…

Fleeing Ecobank staff arrested over N30m fraud

A former staff of Ecobank Plc, Lagos, Kayode Ayodele, 34, who has been on the run since last year over alleged N30m fraud has been arrested in Ogun State, Western Nigeria. Police alleged that the suspect connived with two other former staff of the bank, Tiaminu Lukman, 48 and Shaga Olu Sheriff, 34 now facing…

Dollar scarcity: Be more creative – Presidency tasks Nigerians

Following the scarcity of the United States dollars in the country, the Senior Special Assistant, SSA, to President Muhammadu Buhari on Media and Publicity, Mallam Garba Shehu, has urged Nigerians to be more creative so as to attract more foreign exchange. He gave the call against the backdrop of a protest by some Nigerians in…

Illegal tax collection: 50 arrested in Edo

Governor Godwin Obaseki of Edo State No fewer than 50 persons have been arrested by operatives of the Edo State Police Command for alleged involvement in illegal tax collection. The suspects who are currently being detained at the Police Command headquarters in Benin, were picked up at different locations in Benin City, for flouting the…

IMF blames policy makers for Nigeria’s stunted growth

Barely a week after the International Monetary Fund (IMF) predicted Nigeria’s exit from  recession in 2017, it has idendified fresh huddles that could make the envisioned recovery impossible. Some of the debilitating factors, according to the fund included inconsistencies, which it noticed in the policy direction of government, especial on the foreign exchange management and…

Stay away from Bitcoin, Swisscoin, others, govt warns Nigerians

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has warned Nigerians against investing in digital currencies, otherwise known as crypto currencies. In a circular issued at the weekend, SEC stated that crypto currencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies and their promoters have no legal standing in…

NSE LIVE! Stock market hopes to recover in 2017

The Nigerian Stock Exchange (NSE) has predicted a possible recovery at the stock market in 2017, after investors lost N604 billion in 2016. Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Nigerian capital market could witness a recovery given general expectation that the Nigerian economy will pull through economic recession and record…

Inflation hits 11-year high at 18.55%

Inflation rate, which measures changes in prices of items, trended upward to its highest in more than 11 years in December 2016.  This beats several analysts’ projections of a moderation to increase to 18.55 per cent. A report just released by the National Bureau of Statistics showed that the Consumer Price Index (CPI), which measures…

DSS rescues 4 kidnap victims in Port Harcourt

DSS operatives The Department of State Services (DSS) says it has rescued four oil company kidnap victims from their abductors in Port Harcourt. This is contained in a statement by DSS spokesman, Mr Tony Opuiyo in Abuja on Friday. Opuiyo said the victims were rescued during an operation supported by the military. He said a…

Why Onitsha Port may remain abandoned

The possibility of completing the construction of the Onitsha River Port, in the commercial town of Anambra State may remain a mirage for now. Findings by Ripples Nigeria revealed that the Federal Government is yet to secure the counterpart funding for the project. Initially, the port was estimated to cost about $300 million in 1983…

Witness admits constructing houses, mosque, churches for Badeh

Alex Badeh in court on Monday The 13th prosecution witness, Joseph Okpetu, told a Federal High Court on Friday that he renovated houses, built churches and mosque for former Chief of Defence Staff, Alex Badeh. Okpetu, in his resumed testimony before Justice Okon Abang, said he constructed Badeh’s Yola mansions worth N150 million between 2008…

Breaking: Lagos court convicts fuel subsidy fraudsters

Walter Wagbatsoma (left) going to court Walter Wagbatsoma, Adaoha Ugo-Nnadi and their company Ontario Oil and Gas were on Friday convicted by a Lagos High Court for subsidy fraud. They were convicted on an eight-count amended charge of fuel subsidy fraud. The defendants were found guilty on each of the eight counts. The third defendant,…

Anxiety at BoI as FG insists on Devt Bank

The management of Bank of Industry (BoI) has become ruffled as the Federal Government has concluded plans to appoint a board and management for Development Bank Nigeria (DBN). The BoI management views the move as another initiative that would under play its relevance. This is following the application for the necessary licence by the Federal…

NSE LIVE! Equities lose N19bn as demand drops

Nigerian equities relapsed again into the negative on Thursday, continuing the topsy-turvy that has seen the stock market trading alternatively between positive and negative. Against the background of a gain of N14 billion on Wednesday, the market suffered a net capital loss of N19 billion on Thursday. Transactions at the Nigerian Stock Exchange (NSE) showed…

Nigeria has not cut ties with Taiwan, Buhari clarifies

The Presidency has dismissed what it said is incorrect media reports to the effect that Nigeria has cut ties with Taiwan. A statement by Garba Shehu, Senior Special Assistant to President (Media & Publicity) noted that the correct position is that the official relationship between Nigeria and Taiwan has been at the level of trade…

Nigerian soldiers arrest fleeing Boko Haram terrorists with 100 motorcycles

Nigerian soldiers have arrested four fleeing members of the Boko Haram sect with 100 motorcycles. Army spokesman, Brig.-Gen Sani Usman who disclosed this in a statement, said the fleeing terrorists were arrested on Wednesday afternoon at Madaki village in Biu Local Government Area, Borno State by troops of 27 Task Force Brigade stationed in Bara….

Abuja Runway Repair: Senate invites Fashola, Sirika, Julius Berger

Minister of Power, Works and Housing, Mr Babatunde Fashola, SAN The Senate has directed Minister of State for Aviation, Sen. Hadi Sirika, to return on Tuesday to give further detail on the planned closure of Nnamdi Azikiwe International Airport, Abuja. The order was given by the upper chamber on Thursday after Sirika’s appearance before the…

Abuja airport runway repairs to gulp N5.8bn

The Minister of State for Aviation, Senator Hadi Sirika, today, told Senators that the planned repairs of runway at the Nnamdi Azikiwe International Airport, Abuja, will gulp at least N5.8 billion. ‎The Minister said the total cost of rehabilitation of the runway will gulp N5.8 billion. He said the government of former president Goodluck Jonathan,…

NNPC refineries resume production of Kerosene, Diesel

NNPC-logo The Nigerian National Petroleum Corporation’s three refineries in Kaduna, Port Harcourt and Warri have resumed production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwise known as diesel and kerosene respectively. NNPC, in a statement issued by Group General Manager, Ndu Ughamadu on Thursday explained that the resumption of refining of AGO…

China commits $40bn to Nigeria as FG endorses ‘One China’ policy

China’s rising stake in the Nigerian economy has climbed up to about $40bn, so said its Foreign Affairs Minister, Wang Yi, on Wednesday during a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. The claim comes against the backdrop of Nigeria’s official endorsement of the ‘One China’ policy which shuts out the…

Expect more blackout as power generation drops

Minister of Power, Works and Housing, Mr Babatunde Fashola, SAN The Transmission Company of Nigeria (TCN) said that that the nation’s power generation capacity dropped slightly from 3,959 megawatts from Jan. 4, to 3,751.90 megawatts on Jan. 12, due to dearth of gas. The Nigerian Electricity System Operator (SO) website, a sub agency of TCN,…

World Bank says Nigeria may exit recession in 2017, but …

The World Bank is optimistic that Nigeria may exit economic recession this year, 2017. The bank however stated that it is not yet ready to grant the country the loan facilities, which it has requested. The statistics depicting Nigeria’s projected growth is contained in a report of the bank released on Wednesday, which included review…

Breaking: NUPENG calls off warning strike

Senator Chris Ngige, Minister of Labour and Employment Nigeria Union of Petroleum and Natural Gas Workers, NUPENG,has called off its three-day warning strike. NUPENG called off its strike after a meeting with the Minister of Labour and Employment, Dr. Chris Ngige in Abuja on Wednesday. It was also gathered that the Petroleum and Natural Gas…

NSE LIVE! Equities regain bullish rally with modest gain

The topsy-turvy at the Nigerian stock market again turned positive on Wednesday as demand for agro-allied stocks enlivened the overall market situation. Against the background of N81 billion loss on Tuesday the market recorded a net capital gain of N14 billion on Wednesday. It had recorded a gain of N114 billion in the first trading…

China investing $40 billion in Nigerian economy

Geoffrey Onyeama China is investing additional $40 billion in Nigerian economy, its Foreign Affairs Minister, Mr Wang Yi, said on Wednesday at a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. The Minister said China has already invested up to the tune of $45 billion in the Nigerian economy. “Nigeria and China…

Saraki holds secret meeting with Buhari again

Buhari and Saraki President Muhammadu Buhari and the Senate President, Dr. Bukola Saraki, on Wednesday met behind closed-door to discuss national issues. Channels television reports that after the meeting, Dr. Saraki told reporters that there was no crisis in the Senate over the removal of Senator Ali Ndume as Leader of the upper chamber. The…

Ooni charges Ambode to partner Southwest to boost agriculture

Lagos State Governor, Mr. Akinwunmi Ambode (right), being presented with a Art frame by Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II during a courtesy visit by the Ooni of Ife at Lagos House, Ikeja, on Wednesday. The Ooni of Ife, Oba Enitan Adeyeye Ogunwusi has charged Governor Akinwunmi Ambode of Lagos State to…

Breaking: Senate calls for suspension of ban on vehicle importation by land

Senate The Senate has called on the Federal Government to suspend action on enforcement of the ban on the importation of vehicles through land borders. This followed the unanimous adoption of a motion by Sen. Barau Jibrin (APC-Kano), which was co-sponsored by four other senators, at plenary on Wednesday. The senate also mandated its Committee…

128 foreigners trying to secure Nigeria’s ID cards caught

Mohammed Babandede, Comptroller-General of Immigration The Adamawa State Command of the Nigeria Immigration Service (NIS) has apprehended 128 foreigners who attempted to acquire the National Identity cards. The command’s comptroller, Mr Sule Wunti, disclosed this on Wednesday in Yola while reviewing the activities of the command for 2016. Wunti said those arrested comprised of 63…

Why CBN is yet to print new small denomination currencies

More facts have emerged on why the Central Bank of Nigeria (CBN) has stopped its subsidiary, the Nigeria Security Printing and Minting (NSPM), from printing lower denominations of the naira since 2015 despite the scarcity of N50, N20 and N10 in circulation. An insider told Ripples Nigeria that a disagreement within top ranking officials of…

NNPC hands off kerosene import amidst scarcity

Amidst kerosene scarcity in parts of Nigeria, it has been confirmed that the NNPC had since October 2016 stopped all direct involvements in importing the products into Nigeria. The corporation was said to have done this to enable it pay more attention to having PMS (petrol) available to avoid possible scarcity during the 2016 Yuletide,…