First Bank of Nigeria Limited (FirstBank) has issued a press release addressing its ongoing legal and commercial dispute with General Hydrocarbons Limited (GHL), shedding light on its reasons for getting a court order to freeze GHL’s accounts and initiating court action.The dispute, which has attracted significant public and media attention, revolves around credit facilities extended by FirstBank to GHL for the development of Oil Mining Lease (OML) assets.In the statement, FirstBank provided its perspective, defending its actions as necessary to safeguard its interests and accusing GHL of contractual breaches.The BackstoryAs previously reported by Nairametrics, the conflict escalated after GHL requested…
Author: Oladi Samuel
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The U.S. Department of Justice has published the report by Special Counsel Jack Smith on Donald Trump’s attempts to change the 2020 election results as the country gets ready for the inauguration of the next president.According to CNBC, the report is expected to detail Smith’s decision to bring a four-count indictment against Trump accusing the president-elect of plotting to obstruct the collection and certification of votes following his 2020 defeat by Democratic President Joe Biden.This final act from Smith, who concluded his tenure at the Justice Department last week, details key aspects of the criminal investigations that sought to hold…
The Central Bank of Nigeria (CBN) has reported a marginal decline in the value of the eNaira, Nigeria’s official digital currency.According to the CBN’s Monthly Economic Report for October 2024, the eNaira value dropped by 0.16% from N18.35 billion to N18.32 billion at the end of the month.This decline comes amidst continued efforts by the apex bank to deepen financial inclusion and strengthen the country’s payment system infrastructure.In contrast, the report revealed a significant increase in the total value of notes and coins in circulation (CIC), which rose to N4,530.90 billion from N4,292.72 billion within the same period.“At N4,530.90 billion,…
A recent report by Bayo Adedipe and Associates suggests the Naira will settle at N1,574/$1 in 2025. For context, the exchange rate closed in 2024 at N1,553/$1, marking only a slight shift.Nairalytics, the research arm of Nairametrics, projects the exchange rate will hover between +5% (appreciation) and -10% (depreciation), a range that qualifies as relatively stable, especially when compared to the 40% nosedive recorded in 2024.Most other projections echo this optimism, predicting a stable exchange rate in 2025. But what underpins this newfound confidence in the Naira? Let’s unpack the reasons.Firstly, some of the storm clouds that darkened 2024’s forex…
Hope Uzodimma, the governor of Imo State, has described the Federal Government’s removal of fuel subsidies as a “direct blessing” to subnational governments, emphasising the beneficial fiscal impacts on states.Speaking to the press during an inspection of government-funded projects across the state, Governor Uzodimma highlighted the importance of translating the benefits of subsidy removal into tangible development outcomes for citizens.He stated:“We are reconciling the negative effects of fuel subsidy removal and the benefits in terms of social infrastructure, social benefits, and the ease of doing business occasioned by the provision of enabling infrastructure … so we balance. So, I think…
Nigeria, often called the “Giant of Africa,” possesses one of the world’s largest reserves of natural gas, with over 208.83 trillion cubic feet (Tcf) of proven reserves – Nigeria: proved natural gas reserves 2023 | Statista.Despite this immense potential, Nigeria’s industrial and commercial sectors have historically relied on expensive, imported diesel and petroleum products for its energy needs.These traditional fuels have contributed to high operational costs and environmental concerns. However, with the Federal Government’s renewed focus on domestic natural gas utilisation, Nigerian businesses can now benefit from this more affordable, efficient, and cleaner energy source.As Nigeria’s economy continues to grow,…
The Chinese government is reportedly holding discussions to sell TikTok U.S. operations to billionaire Elon Musk.According to a Bloomberg report, this is being considered as the next possible option should the U.S. Supreme Court uphold the law banning the app on January 19.Citing people familiar with the matter, Bloomberg reported that Beijing officials strongly prefer that TikTok remains under the ownership of parent ByteDance Ltd., and the company is contesting the impending ban with an appeal to the US Supreme Court.But the justices signaled during arguments on January 10 that they are likely to uphold the law, a development which…
The U.S. and Nigerian governments have signed a $2,095,000 grant to assess the feasibility of deploying at least 90,000 kilometers of new fiber optic backbone infrastructure across Nigeria.This announcement was made during the inaugural U.S.-Nigeria Technology Dialogue held in Washington, D.C., on January 10, 2025.The event was led by Deputy Secretary Kurt Campbell, who hosted a senior Nigerian delegation headed by the Honorable Minister of Communications, Innovation, and Digital Economy, Bosun Tijani.The dialogue serves as a platform for both countries to address key opportunities and challenges in the digital transformation landscape.“The United States and Nigeria signed a new $2,095,000 grant…
The Minister of State for Industry, Senator John Uwan-Enoh, has stated that the under-development of Nigeria’s cocoa industry is a direct result of its politicization.Uwan-Enoh, lamented the underdevelopment of Nigeria’s cocoa industry despite the nation’s abundance of the cash crop.Speaking during an interview with newsmen in Calabar on Monday, Uwan-Enoh lamented that despite Nigeria’s abundance of cocoa, the sector remains under-developed.Using Cross River State as a case study, the minister revealed that several initiatives aimed at establishing a thriving cocoa industry in the state had been frustrated by political interference.“There was an attempt to establish a cocoa industry in the…
Zinox Technologies has alleged that a document from the Federal Inland Revenue Service (FIRS) has introduced a new twist in the long-standing contract fraud allegations leveled against its Chairman, Leo Stan Ekeh, by the CEO of Citadel Oracle Concept Limited, Benjamin Joseph, and senior advocate Femi Falana (SAN).This was disclosed in a statement by the spokesman for Zinox, Mr. Chimezie Orisakwe.Orisakwe claimed that the FIRS document allegedly reveals that Joseph lied about his lack of knowledge regarding the contract executed by his company for the FIRS.The reaction follows a fresh contract fraud case instituted against the Zinox Chairman before Justice…