Author: Chief Editor

*NNPC, IOCs commence payment of multi-billion naira debts to NPA  *National oil company makes zero remittance so far in 2022  The Nigerian Ports Authority (NPA) has remitted a whopping N45.08 billion into the Consolidated Revenue Fund (CRF) in the last few months, out of which N26.83 billion was for its 2022 operational remittance. On the other hand, the federal, state and local governments are in for more revenue shortages, as the Nigerian National Petroleum Company (NNPC) Limited is set to deduct a record N874.5 billion when the Federation Account Allocation Committee (FAAC) meets next month. For the NPA, the improved…

World’s richest man, Elon Musk has been sued by Twitter Inc. investors, claiming he manipulated the company’s stock price downward when he mounted a $44 billion takeover bid for the social media platform. The investors said billionaire Musk saved himself $156 million by failing to disclose that he had purchased more than five per cent of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory damages. According to Reuters, they also named Twitter as a defendant, arguing the company had an obligation to investigate Musk’s conduct,…

President Muhammadu Buhari, yesterday, reiterated his government’s commitment to free, fair, and credible general election in 2023. Buhari also expressed his commitment to ensuring that only honest and reliable candidates won in the polls. The assurances came just as in a rare public outburst yesterday, former President Goodluck Jonathan took a swipe at the National Assembly over the controversy surrounding section 84 of the Electoral Act, describing it as a mess. This was just as divergent views emanated from the ruling All Progressives Congress (APC) barely 72 hours to its national convention, with members expressing fears over lack of activities…

Nigeria’s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue, the Minister of Finance, Budget and National Planning,  Zainab Ahmed said yesterday. Ahmed, who said this in an interview with Reuters, at the World Economic Forum in Davos, said  she hoped Nigerian oil production would average 1.6 million barrels per day (bpd) this year, up from around 1.5 million bpd in the first quarter. The government had budgeted 1.8 million bpd of production, Ahmed said, blaming crude theft and attacks on oil infrastructure for the shortfall.…

An appeal panel of the ruling All Progressives Congress (APC) has disqualified Mr. Sunday Oche and three others from participating in the party’s primaries scheduled for today. This was contained in the report of the three-man panel made up of eminent leaders of the party, dated May 20, 2022, and submitted to the national chairman, Abdullahi Adamu, through the office of the national organising secretary. The findings came after consideration of no fewer than 65 petitions filed against aspirants seeking to contest the House of Representatives election on the platform of the party. According to the 19-page report, signed by…

With a combined manufacturing production value of N3.2 trillion in the second half of 2021, Lagos and Ogun industrial zones are responsible for 86 per cent of manufactured goods consumed in the country and exported. According to the latest data released by the Manufacturers’ Association of Nigeria (MAN), of the N3.73 trillion worth of goods produced across 14 industrial zones nationwide, Lagos (Ikeja and Apapa) and Ogun zones accounted for the bulk of locally produced goods, while the remaining 12 zones recorded production value of N526 billion. This further reinforces the claim that Lagos and Ogun remain the industrial hubs…

• Stakeholders decry lull in convention activities • Delay strategic, says official of Bello campaign group • Buhari departs for AU summit after meeting with Osinbajo • Fayemi: No cause for alarm over consensus candidate Uncertainty trailing conduct of the special convention of the ruling All Progressives Congress (APC) to nominate its presidential candidate for the 2023 general election is giving party members anxious moments as the Independent National Electoral Commission (INEC) deadline draws nearer. The Guardian gathered yesterday that there are strong indications that the party may further alter the convention date, which is originally scheduled for May 29…

Elon Musk has won the backing of some of the world’s wealthiest investors for his $44 billion takeover of Twitter Inc (TWTR.N). From Oracle Corp’s (ORCL.N) co-founder Larry Ellison, a self-proclaimed close friend of Musk, to Saudi Arabian investor Prince Alwaleed bin Talal, who had earlier rejected the takeover bid, a bunch of investors had thrown their weight behind the offer. Musk on Wednesday pledged an additional $6.25 billion in equity financing, reducing the billionaire’s margin loan against his Tesla Inc (TSLA.O) shares to zero. Here’s how the deal stacks up: ** Musk increased his financing commitment to $33.5 billion, from $27.25 billion – including…

Russia’s central bank slashed its key interest rate to 11% on Thursday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy heads towards a contraction. It announced the move, which followed two previous 300 basis point cuts which took the rate to 14%, at an extraordinary meeting. The bank has been gradually reversing an emergency rate hike to 20% in late February that was triggered by Russia’s Feb. 24 move to send tens of thousands of troops into Ukraine and the imposition of Western sanctions in response. Governor…

One of the most dramatic European campaigns in recent years is set to draw to a close as Liverpool and Real Madrid prepare to lock horns in Paris, with the UEFA Champions League trophy up for grabs. The two sides have won the competition a staggering 19 times between them and recently met in the 2018 final, with the La Liga giants prevailing 3-1 in Kyiv. There’s been a lot of talk about Liverpool potentially exacting ‘revenge’ for that night in Kyiv, while Real Madrid will look to complete the double, having already won the La Liga title by a margin of 13 points. Three weeks ago, the…