Author: Chief Editor

Abuja Electricity Distribution Company, AEDC, has announced the new tariff increment in the Federal Capital Territory, FCT, from July 1 2023. The AEDC in a statement issued on Sunday, noted that the upward review was needed following the fluctuation of the naira in the exchange rate market. Last week, the naira, Nigeria’s legal tender, reportedly traded at N756 per dollar at the investors and exporters (I&E) window. In the statement, the electricity company said, “please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate effective July 1st 2023. “The new…

Amid worries about Nigeria’s increasing debt burden, the country’s debt servicing cost has risen by 55.71 per cent to N1.24 trillion in the First quarter of 2023. DAILY POST learnt this from Debt Management Office’s recent debt service data. It stated that from January to March 2023, Nigeria spent N874.13bn on domestic debt servicing, while it spent $801.36m (N368.87bn) on external debt servicing, totalling N1.24 trillion. The exchange rate of the DMO, which was $1/N460.3, was used for external debt servicing. In contrast, between October and December 2022, Nigeria spent N406.77bn on domestic debt servicing, while it spent $312.27m (N143.74bn)…

Chelsea have completed the signing of Jamaica international Dujuan ‘Whisper’ Richards. The Blues made this known in a statement via its website over the weekend. Richards will join Chelsea next season after his 18th birthday. The 17-year-old forward was handed his senior international debut for Jamaica earlier this year against Trinidad & Tobago. He was also selected by Jamaica for the upcoming Gold Cup. Richards started his football career at the age of 11 when he joined the Phoenix Allstars Football Academy. [Article Source]

The Rivers State chapter of the All Progressives Congress, APC, has accused the immediate past governor of the state, Nyesom Wike of terrorizing it for eight years. The Publicity Secretary of the party, Darlington Nwauju, said Wike can’t join the party due to the terror he unleashed on the party for eight years. He disclosed this in a statement he issued. He described Wike as an enemy, hence wouldn’t be allowed to join the party. The statement reads partly: “The terror unleashed on our party members in the cause of his eight years of maximum rulership alone is enough evidence…

There are indications that some airline operators might be sabotaging the Nigeria Air project, following an alleged launch of campaign of calumny against the immediate past Minister of Aviation Send Hadi Sirika for daring to launch the national carrier. According to a source who wants to remain anonymous to avoid victimization lamented that t Airline Operators of Nigeria (AON) led by the founder of Azman Airline and the President of Azman Group, Dr. Abdulmunaf Yunusa, and the Chairman/CEO of Air Peace Airline, Allen Onyema Vice President AON, have waged relentless war to frustrate Nigeria Air project The Source disclosed that…

A former Minister of Aviation, Osita Chidoka has called on President Bola Ahmed Tinubu (BAT) to remove the Independent National Electoral Commission (INEC) chairman, Prof Yakubu Mahmoud. Chidoka, a chieftain of the Peoples Democratic Party (PDP) and ally of former Vice President, Atiku Abubakar, said this in an interview on Channels Television’s Sunday Politics. He urged the President to remove Yakubu just as he suspended the Governor of the Central bank of Nigeria (CBN), Godwin Emefiele. “It would have been totally unimportant if he faced what I considered the critical issues about Nigerians making their choices,” Chidoka said “For the…

HUMAN Rights Writers Association of Nigeria, (HURIWA), on Sunday, asked President Bola Tinubu to dismiss the Chairman of, Independent National Electoral Commission (INEC), Mahmood Yakubu over some unscrupulous Resident Electoral Commissioners (RECs) found culpable of electoral malpractices in the 2023 general elections. HURIWA in a statement signed by its National Coordinator, Emmanuel Onwubiko, said the President, if he means well for the country and wants institutional and electoral reforms established, should immediately sack Yakubu and his RECs, who betrayed the trust of over 21 million Nigerians that voted in the February 25 presidential poll. The group said that following the…

President returns Tuesday, to celebrate sallah in Lagos The British High Commissioner to Nigeria, Richard Montgomery, has said the United Kingdom (UK) is awaiting the appointment of ministers by President Bola Tinubu, before taking steps to strengthen collaboration.Montgomery, who spoke to newsmen in Abuja at the weekend, said the UK government had identified six areas in which both countries could strengthen cooperation and explore “new areas to build upon for mutual benefits.”Meanwhile, President Tinubu will return to Nigeria on Tuesday, a day before the Sallah celebrations. Barring any last minute change, the President will spend the Sallah holiday in Lagos…

Following the Central Bank of Nigeria’s (CBN) new foreign exchange policy, real estate experts are optimistic that the demand for luxury dollar-priced rental properties may rebound. The downturn in the economy, coupled with uncertainties in the foreign exchange market has changed a number of market fundamentals, creating opportunities for investors and home seekers, especially in the high-end segment of the rental market. Prices of luxury properties have climbed steadily over the past few years in major cities such as Lagos and Abuja. This created a lot of vacancies averaging 30 per cent as supply outstripped demand in a market, which…

* Introduces new measures to monitor politicians, customers* SERAP: Regulation violates freedom of expression, rights to privacy With two different policy documents issued at the weekend, the Central Bank of Nigeria (CBN) has raised the bar on know your customer (KYC) protocols and charged financial institutions (FIs) on implementations. The guidelines handed down to FIs, who have been regularly accused of aiding financial crimes, with titles – ‘Guidance Note on Politically Exposed Persons’ (PEPs) and ‘CBN Customer Due Diligence (CDD) Regulations 2023’ contain specifics call-to-actions banks should execute to combat financial crimes. The regulation may have raised questions on the…