Buhari Swears In Seven New Ministers, Redeploys Others

Nigeria’s President Muhammadu Buhari has carried out a minor cabinet reshuffle reassigning four ministers to new positions and swearing in seven new ones. The ministers that were re-assigned were Senator Adeleke Mamora, Minister of Science and Technology (formerly Minister of State, Health), Mu’azu Jaji Sambo, Minister of Transportation (formerly Minister of State, Works and Housing); Sharon Ikeazor, Minister of State, Niger Delta (formerly Minister of State, Environment) and Senator Gbemisola Saraki, Minister of State, Mines and Steel Development (formerly Minister of State, Transportation A statement issued by Special Adviser to…

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Ghana & IMF Discuss Possible $3bn Loan To Support Economy

A delegation from the International Monetary Fund (IMF) is billed to visit Ghana from today to begin initial discussions about a possible $3 billion bailout loan. Statistics indicate the country’s debt-to-GDP ratio was 80.1 per cent at the end of last year, and fuel prices have shot up as a result of the Russia-Ukraine war. The visit, which will run between July 6th and 13th, comes as the West African nation faces protests against spiralling inflation and other economic woes. Protests began late June as hundreds took to the streets…

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AMCON Recovery Drive: Senate Appeals For More Support

AMCON Managing Director/CEO Mr Ahmed Lawan Kuru AMCON is saddled with the tough assignment of recovering nearly N5trillion owed the country by debtors who for years now hide under all manners of technicalities to tie AMCON up in different Courts to stall repayment. Sani who was represented by Senator Olubunmi Adetumbi however commended the management of AMCON for remaining resolute. While appealing to sister agencies of the federal government and all stakeholders to support the recovery drive of AMCON, Sani also appreciated the contribution of the Inter-Agency Committee set up…

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More Than 2,000 Retirees Can’t Get Monthly Pensions Says Pension Commission

Worrisome reports reaching our news desk from the National Pension Commission (PenCom) has it that no fewer than 2,084 retirees cannot be placed on monthly pension payments and have left the Contributory Pension Scheme in the first quarter of 2022. The National Pension Commission disclosed this in its first quarterly report on ‘Enbloc Payment of Retirement Benefits, saying that the affected workers retired with less than N550,000 in their Retirement Savings Accounts with their respective Pension Fund Administrators. They had, therefore, been refunded all their contributions into the scheme, it…

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Nigeria’s Legal Tender, Naira Slides Further Down To N614/$ At Parallel Market

Nigeria’s currency, the Naira has slid to N614 against the dollar at the parallel section of the foreign exchange market. The figure signifies a depreciation of N7 or 1.2 per cent compared to the N607 14 days ago. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, said on Tuesday, that they purchase the greenback at N608/$, make a gain of N6, and then sell at N614. At the official market, the Naira also depreciated by 0.21 percent to close at N421/$ on Monday, information from FMDQ OTC Securities Exchange,…

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NNPC GMD Mele Kyari Cries Out, Says No Refinery Is Functional In Nigeria

As more and more cities are confronted with the excruciating fuel scarcity across the country, the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited Mr Mele Kyari, has confirmed that there was no single refinery working in the country at the moment. Kyari disclosed this when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream) on Tuesday in Abuja. He told the committee investigating the rising prices of diesel and cooking gas that the country’s refineries were not working at the moment, as…

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SERAP Sues President Buhari, Abubakar Malami Over Alleged Missing N11trn Electricity Fund As National Grid Collapse

The federal government of Nigeria led by President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) over his failure to probe allegations that over N11 trillion meant to provide regular electricity supply since 1999 may have been stolen, mismanaged or diverted into private pockets. Joined in the suit as respondent was Mr. Abubakar Malami, the Attorney General of the Federation and Minister of Justice. In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought an order of…

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Mercedes-AMG Rounds Off Range Of Exclusive Special Editions With GLE SUVM

Mercedes-AMG is celebrating its 55th anniversary with six “Edition 55” special models based on the GLE SUV and GLE Coupé in this demanding market segment as well. The customers have the advantage that exquisite equipment scopes and details that are only available for the “Edition 55” make this limited-edition model particularly desirable. The anniversary models are available to order now until December 2022. The colour selection with obsidian black metallic or Manufaktur diamond white bright, the special car film, the 22-inch AMG forged wheels and the specific trim parts in…

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Fuel Scarcity: Don’t Sale Fuel Above N165/Litre IPMAN Cautions Members

As a way of addressing the persistent fuel scarcity in some major cities across Nigeria, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has cautioned its members not to dispense Premium Motor Spirit, popularly called petrol, above the approved N165/litre pump price. IPMAN in partnership with the Association of Distributors and Transporters of Petroleum Products gave the warning in Abuja following reports that many retail outlets had adjusted the price in their various pumps upwards above the government-regulated rate. The factional National President, IPMAN, Chinedu Okoronkwo, admitted that members of…

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New Falomo Towers: Lagos Government Partners Tony Elumelu’s Afriland Properties

The Lagos State Governor, Mr. Babajide Sanwo-Olu and Mr Tony O. Elumelu, CON, led other real estate stakeholders over the weekend in the ground-breaking event for the new Falomo Towers development in Ikoyi, Lagos. The project is being developed by Joint Venture (JV) partnership of Afriland Properties Plc, investee company of the Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC). The Governor who was the Special Guest of Honour commended the JV partners for their commitment to the Nigerian real estate sector and their vision in…

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