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…
Author: Oladi Samuel
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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…
Lagos State lawmakers have reportedly impeached the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, over allegations of gross misconduct and abuse of office.According to AIT, the impeachment occurred on Monday, with Mojisola Miranda, representing Apapa I State Constituency, immediately elected as the new Speaker.Obasa, who was first elected Speaker in 2015, was accused of financial misappropriation by a self-proclaimed anti-corruption group.Developments The development follows several allegations made by the Lagos State Anti-Corruption Coalition against the Speaker.The group alleged that the Assembly, under Obasa’s leadership, spent a staggering N17 billion on constructing the lawmakers’ building gate.It also claimed that…
Ghana’s President John Mahama has announced the dissolution of seven ministries, lowering the total number from 30 to 23.The decision is part of a broader effort to streamline governance and meet the fiscal discipline requirements tied to the country’s $3 billion bailout from the International Monetary Fund (IMF).President Mahama, in an official statement, emphasized that the restructuring aims to save costs and improve the efficiency of government operations.“The new government structure reflects our commitment to prudent economic management,” the president stated in an e-mail announcement.“By streamlining the number of ministries, we aim to save costs and ensure a more focused…
The Nigerian Army has announced the arrest of at least 15 suspects over oil theft and illegal oil bunkering activities in the Niger Delta region.The announcement was made by the spokesperson of the 6 Division of the Nigerian Army in Port Harcourt, Lt.-Col. Danjuma Danjuma, in a statement on Monday.Danjuma disclosed that 32 illegal artisanal refineries were destroyed and 14 boats seized in operations carried out by troops between January 6 and 12 in Akwa Ibom, Bayelsa, Delta, and Rivers states.He further disclosed that the troops confiscated about 60,000 litres of various petroleum products.Breakdown of Operation Rivers StateDanjuma noted that seven…
U.S. Citizenship and Immigration Services (USCIS) has confirmed that it has received enough petitions to reach the cap for the additional 20,716 H-2B visas designated for returning workers in the first half of fiscal year 2025.The visas are available for workers with start dates on or before March 31st, 2025, under the H-2B supplemental cap temporary final rule.The final receipt date for petitions requesting these visas was January 7th, 2025.According to USCIS, the petitions for the 20,716 H-2B visas for returning workers have now been fully submitted. These visas were allocated as part of the Fiscal year (FY) 2025 temporary…
General Hydrocarbons Limited (GHL) has refuted claims by First Bank of Nigeria (FBN) Plc regarding an alleged $225 million debt, describing the allegations as misleading and without merit.In a statement signed by GHL’s Director of Strategy and Operations, Abdelmuizz Bello, the company criticized recent media reports on the matter, describing the allegations as “befuddling, without merit, and malicious.”GHL emphasized that it was not indebted to FBN and had acted within the confines of legally binding agreements.“The allegations of a diversion of the monies advanced to GHL are therefore befuddling and without merit, as payments were made by FBN directly to…
The Nigerian Exchange Limited (NGX) has issued a public advisory regarding a suspected impersonator falsely claiming to be the Chief Strategist of NGX Group.In a statement posted on its X handle on Monday, NGX warned the public about an individual named ‘Professor Adebayo Oluwatokun’ and an entity called ‘Value Gain,’ who are allegedly using a WhatsApp group titled ‘NGX GroupA7’ to deceive the public.What the statement is saying“Our attention has been drawn to the activities of fraudulent entities, including one operating under the name “Value Gain” and a person falsely identified as “Professor Adebayo Oluwatokun.” These individuals are impersonating NGX…
The National Bureau of Statistics (NBS) recently released details of its planned rebasing of the data used for computing Nigeria’s inflation rate.This announcement has sparked discussions about how the new methodology might reshape our understanding of inflation trends in the country.Nigeria’s inflation rate, like in most other countries, is calculated by determining the percentage difference between the Consumer Price Index (CPI) in one period and another—typically year-over-year or month-over-month.The CPI itself is derived from a basket of goods and services, with prices measured periodically through extensive surveys across the country.After gathering data, the various sub-indexes are updated with the new…
Nigeria’s upcoming GDP rebasing has the potential to transform how we understand the economy. By updating the base year from 2010, this process will capture dynamic sectors like fintech, e-commerce, and Nollywood, providing a more accurate picture of the country’s economic size and structure.What does this mean for investments, debt, and everyday Nigerians? How will it impact Nigeria’s economic rankings and policy direction?Find out in the latest episode of The Money Brief on Nairametrics TV. We break it all down and explore why this rebasing could redefine everything.