The Minister of the FCT, Nyesom Wike, has strongly advised against paying ransom to bandits and kidnappers, asserting that such actions only fuel the menace. This warning comes amid the federal government’s stance on crowdfunding for ransom payments, emphasizing the existence of laws prohibiting this practice. In a press briefing after the 2024 Federal Executive…
Ensuring Forex Market Stability: CBN’s Decisive Move Against Defaulters The Central Bank of Nigeria (CBN) is taking a bold step to address mounting concerns within the financial landscape by announcing its intention to prosecute forex defaulters. This strategic move is prompted by the escalating worries tied to the approximately $7 billion in matured forex forwards,…
Fuel Subsidy Removal and Savings The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, reveals that the removal of fuel subsidy and exchange rate unification will result in an annual savings of N8tn for the Federal Government. This significant financial gain opens avenues for impactful investment and addressing economic challenges. Oyedele…
In a devastating turn of events, the vibrant Nigerian city of Ibadan has been rocked by a massive explosion that claimed the lives of two individuals and left 77 others injured. The incident occurred overnight, plunging seven suburbs into chaos as rescue and recovery efforts are underway. The cause of the explosion remains shrouded in…
In a significant move to expedite the realization of presidential deliverables for the housing sector, the Federal Government inaugurated four Reform Task Teams on Tuesday. The Minister of Housing and Urban Development, Ahmed Dangiwa, spearheaded the inauguration, emphasizing the need to unlock the immense potential of the housing sector as a catalyst for inclusive economic…
In a decisive week-long offensive against terrorists in the northeast of Borno State, troops from Operation Hadin Kai have achieved significant success. The operation, part of Operation Desert Sanity III, commenced on December 7, 2024, and saw the neutralization of scores of Boko Haram/Islamic State of the West African Province (ISWAp) fighters. According to intelligence…
Abuja, Nigeria – In response to the growing security challenges plaguing sections of the Federal Capital Territory (FCT), Minister Nyesom Wike assured the public that the FCT Administration is actively taking steps to address the escalating situation. Speaking at a press conference held on Tuesday, the minister urged residents not to panic, emphasizing that the…
EFCC Arrests Former Minister for N3.6 Billion Loan Fraud The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Chukwuemeka Ugwuh, former Minister of Commerce and Industry, alongside Chief Geoffrey Ekenma, for their alleged involvement in a conspiracy and loan fraud amounting to N3.6 billion. The arrest took place on January 11, 2024, at No.2,…
A Pivotal Gathering in Owerri In a significant political gathering today, President Bola Ahmed Tinubu and former President Obasanjo came together in Owerri, Imo state, for the swearing-in ceremony of Governor hope Uzodimma’s. This marks a crucial reunion for the two leaders, who last met during Tinubu’s visit to Obasanjo in Abeokuta on August 17,…
Minister Bagudu’s Optimistic Outlook on Exchange Rate Improvement Minister Atiku Bagudu expresses optimism about the improvement of Nigeria’s exchange rate, attributing it to the ongoing reforms led by President Bola Tinubu and the Central Bank of Nigeria. Minister Bagudu highlights the positive correlation between liberalizing the foreign exchange market and achieving better exchange rates. Global…
