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Naira plunges to N472/$ as forex scarcity worsens

The naira on Tuesday traded at N472 to a dollar at the parallel market as foreign exchange scarcity persisted. The exchange rate was N440/$ in the parallel market in June, and operators have continued to demand for the immediate unification of the multiple exchange rates in the country. The Senior Partner, Regulatory and Technology, Stransact … Read more

Azura agreements and import tariff on meters

What is so novel or complicated about the take or Pay provision in the Power Purchase Agreement between the Federal Government of Nigeria and the promoters of the 459MW Azura Gas Fired Electricity generating power plant? Only those who obviously don’t know how the world works can claim to be confused. But then, what about … Read more

Osun announces guidelines for school reopening

Osun State Government on Monday announced guidelines for the partial reopening of schools to students in exit classes. The government said the decision was in line with the unanimous decision reached at a virtual consultative meeting between the Federal Ministry of Education, commissioners for education of the 36 states, the Nigerian Union of Teachers, the … Read more

Subscribers accuse Lagos real estate firm of scam

Some subscribers have accused a Lagos-based real estate company, Brickwall Global Investment Limited, of running a fraudulent scheme after paying millions of naira to the firm for the purchase of plots of land, which have not been allocated five years after. It was reported  that the company’s marketers approached the victims to subscribe to the scheme by … Read more

$1.2bn Azura activation agreement signed by Buhari govt – Document

Fresh fact has emerged that the Partial Risk Guarantees that activated the Power Purchase Agreement between the Federal Government and Azura Power Plant was signed in August 2015. The Senate had last Wednesday expressed concern over the monthly payment of $30m by the Federal Government for power and resolved to assemble local and international experts … Read more

Nigeria exports $81.48bn electricity on credit as country’s blackout persists

Three neighbouring countries bought a total amount of electricity worth $81.48bn from Nigeria in the last two years, even as many households and businesses in the country continued to suffer blackout, ’FEMI ASU reports The invoices given to the Republics of Togo, Niger and Benin for the electricity supplied to them from Nigeria in 2018 … Read more

Anger as Lagos marks 400 Ogun houses for demolition

Landlords and residents of Agbado-Okearo in the Ifo Local Government Area of Ogun State have begged Governor, Dapo Abiodun to stop an alleged attempt by the Lagos State Water Corporation to demolish over 400 houses in the area. The Chairman of the Agbado-Okearo Community Development Association, Samson Abegunde, made the appeal in a statement on … Read more

Reopening: Prioritise private varsities, Afe Babalola tells FG

The founder of Afe Babalola University, Ado Ekiti, Chief Afe Babalola, on Saturday, expressed disappointment with the Federal Government for not giving consideration to private universities in the plan to reopen schools that were shut in March due to the outbreak of COVID-19. Babalola, who said both private and public universities had been left out … Read more

Osun festival holds in Ife amid COVID-19 pandemic

The annual Osun Festival was held in the ancient town of Ile-Ife in Osun State on Saturday. This happened at a time when the coronavirus pandemic has forced a number of states to ban traditional festivities so as to maintain social distancing and curb the spread of the lethal virus that has killed over 800 … Read more

Diezani must face N17.6bn money laundering charges – Court

The Federal High Court in Abuja on Friday ordered a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, to appear for arraignment on money laundering charges preferred against her by the Economic and Financial Crimes Commission. Justice Ijeoma Ojukwu gave the order in a ruling on an ex parte application shortly after it was moved … Read more