The Court of Appeal sitting in Abuja on Friday reaffirmed Julius Abure as the National Chairman of the Labour Party (LP) in two separate appeals.A three-member panel of the court, led by Hon. Justice Hamma A. Barka, delivered the judgment on Friday.The appeals were brought before the court by Senator Esther Nenadi Usman against the Labour Party and others, as well as the Independent National Electoral Commission (INEC) against the Labour Party and others.Appeal Court Verdict In the two separate appeals, the Court held that it would not delve into the issue of the Labour Party’s leadership, as such matters are…
Author: Oladi Samuel
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The Federal Government, States, and Local Government Councils have shared a total sum of N1.424 trillion as revenue for December 2024.Compared to the N1.727 trillion shared for November 2024 revenue, there was a decline of 17.54% or N303 billion.This allocation was finalized during the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Friday, January 17, 2025, Bawa Mokwa, the Director (Press and Public Relations) at the Office of the Accountant General of the Federation (OAGF), said in a press statement.According to a communiqué issued by FAAC, the total distributable revenue comprised N386.124 billion from statutory revenue, N604.872 billion…
The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering the N227 billion debt owed by Arik Air, as the agency intensifies efforts to liquidate the airline.This disclosure was made by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, during an interactive session with aviation correspondents in Lagos on Friday, as reported by the News Agency of Nigeria (NAN).Nwauzor stated that despite numerous attempts to revive Arik Air, the airline’s financial situation has remained dire, prompting AMCON to proceed with its liquidation plans.The debt, which remains a significant financial burden, is part of a broader issue concerning…
The European Union (EU) has allocated €510 million to Nigeria and other Sub-Saharan African nations as part of its €1.9 billion humanitarian assistance package for 2025.This significant funding commitment was announced by Ms. Hadja Lahbib, the EU Commissioner for Equality, Preparedness, and Crisis Management, as reported by the News Agency of Nigeria (NAN) on Friday.The statement was signed by Mr. Modestus Chukwulaka, the Press and Information Officer for the EU Delegation in Nigeria and ECOWAS, and made available to NAN in Abuja.Lahbib’s statement highlighted the critical importance of providing life-saving assistance to vulnerable populations across Sub-Saharan Africa, particularly in areas…
The Federal Government has issued a directive to dismantle speed bumps across major roads in Nigeria in a bid to improve traffic flow and reduce congestion.This move was announced by the Minister of Works, David Umahi, during a two-day retreat for Federal Ministry of Works Highway Engineers and Managerial Staff in Abuja, as reported by the News Agency of Nigeria (NAN) on Friday.Umahi emphasized that many speed bumps were poorly designed and placed haphazardly, contributing to accidents and unnecessary delays. He recalled a personal experience traveling on a federal route, where a journey that should have taken an hour stretched…
The Nigerian stock market closed in the green on Friday, January 17, 2025, with a gain of 170.62 points, finishing at 102,353.68.This marks an increase of 0.17% from the previous day’s closing figure of 102,183.06, despite a noticeable decline in trading volume.Trading activity dropped by 30.5%, totaling 327.8 million shares, compared to 472 million shares the day prior.Meanwhile, market capitalization rose to N62.8 trillion, up from N62.3 trillion, as the index approached the 63 trillion mark once again.On the positive side, CAVERTON, LIVESTOCK, and SOVRENINS each recorded significant gains of 10.00%. Conversely, ACADEMY and PZ emerged as the notable decliners, with…
The Lagos State Government is set to launch the Omo-Eko App, a mobile application designed to provide real-time traffic updates and transit insights to residents and visitors in the state.The app, now 90% complete, was reviewed during a stakeholders’ meeting, highlighting its role in advancing Lagos toward a smart city status.This disclosure was contained in a statement shared by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, via his official X account on Friday.According to the Commissioner, the Omo-Eko App will serve as a one-stop solution for transportation-related activities, offering features like real-time navigation, traffic updates, and essential information about…
The International Monetary Fund (IMF) has issued a warning about potential global disruption due to the economic policies of incoming U.S. President Donald Trump.The IMF highlighted that a wave of threatened tariffs could exacerbate trade tensions, reduce investment, affect market pricing, distort trade flows, and disrupt supply chains.While tariffs, tax cuts, and deregulation might boost the U.S. economy in the short term, the IMF cautioned that these measures could lead to an inflationary boom followed by a bust. This scenario could weaken the perceived safety of U.S. Treasury bonds.Biannual forecast The IMF’s biannual forecast for the world economy emphasized the risks…
The Transmission Company of Nigeria (TCN) has reported a significant act of vandalism targeting its power infrastructure in Abuja.The incident, which occurred around the Millennium Park axis, resulted in the removal of vital 132kV underground cables, causing a widespread power outage in the nation’s capital.In a statement released on Friday by Ndidi Mbah, General Manager of Public Affairs, TCN, the company confirmed that the vandalised cables are essential for transporting bulk electricity to the 132kV Central Area Transmission Substation.The substation distributes power through eight feeders to the Abuja Electricity Distribution Company (AEDC), which in turn supplies electricity to its customers…
The National Pension Commission (PenCom) has issued a directive mandating the provision of Bank Verification Numbers (BVN) for all Retirement Savings Account (RSA) registrations and data recapture processes.According to a circular dated January 9, 2025, and released on Thursday, this directive is aimed at enhancing the security and integrity of the pension industry database. The regulation will come into effect on February 1, 2025.The Head of the Surveillance Department, A.M. Saleem, signed the circular.The circular read, “The National Pension Commission (PenCom) hereby directs that all Pension Fund Administrators (PFAs) must require the mandatory provision of the Bank Verification Number (BVN)…