Exclusive Reports

Tue, Jul

Buhari Flags Off Kaduna-Kano Rail Line

President Muhammadu Buhari performed the groundbreaking ceremony of the Kaduna-Kano standard gauge rail line in Zawacikin town of Kano State. Buhari arrived in Kano via Nigerian Air Force helicopter NAF 540 and was received by Governor Abdullahi Ganduje of Kano State. During the ceremony, President Buhari said, “The takeoff of construction activities on this segment of the Lagos – Kano vividly represents the commitment of this administration in the revival of Nigerian railway system, to reduce the deficiency in our transportation infrastructure and drive effective and more efficient transportation of passengers and freight within the country.

IPMAN Shelves Shutdown Of Filling Stations

Members of the Independent Petroleum Marketers of Nigeria (IPMAN) have called off the supposed shutdown of filling stations as disclosed by the National Secretary, Alhaji Garba Pasali.

Nigeria’s Unemployment Rate Leaps To 33.3 Per cent In Q4 2020

Nigeria, Africa’s largest economy, has been ranked third on a list of countries with the highest unemployment rate globally. The country’s unemployment rate hit a new record high at 33.3 per cent in the fourth quarter (Q4) 2020 from 27.1 recorded in the second quarter (Q2) 2020. The Nigerian Bureau of Statistics (NBS), Monday, released the Q4 unemployment report and it indicated that no fewer than 23.18 million Nigerians either did nothing or worked for less than 20 hours a week, making them unemployed during the fourth quarter (Q4) 2020.

NDIC Begins Payment Of Dividends Of Liquidated Banks

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed plans to commence payments of liquidation dividends to uninsured depositors, creditors, and shareholders of the 14 failed banks whose licenses were revoked by the Central Bank of Nigeria (CBN).

Senate Passes Bill To Bar NIPOST From Tax Collection

The Senate has on Tuesday barred the Nigerian Postal Service (NIPOST) from tax collection, reducing the agency’s powers while finally addressing the lingering rift between the agency and the Federal Inland Revenue Service (FIRS). The two agency’s have been involved in a controversial rivalry over who is statutorily mandated to collect stamp duty on behalf of the federal government. According to the Nigerian Postal Service (Repeal and Reenactment) Bill, 2021, there is no provision for NIPOST to collect stamp duty, restricting the agency to only postal operations.

Nigerian Startup Flutterwave Raises $170, Currently Worth Over $1B In Five Years

Nigerian payments startup Flutterwave has closed a US$170 million Series C funding round, the largest amount ever secured by an African tech startup and one that gives it “unicorn” status with a value of over US$1 billion. Africa can now boast of a second fintech unicorn, after Interswitch, in barely under two years. The Africa-focused payments company, launched in 2016, builds modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy. Its solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables the processing of any form of payment anywhere in Africa.

Nigeria/Ghana: FG Delegation To Visit Ghana Over Traders’ Conflict

President Muhammadu Buhari has directed a ministerial delegation to be sent to Ghana to resolve the lingering conflict between Nigerian traders and the Ghanaian authorities. In a statement on Monday by the Special Assistant to the Minister of Industry, Trade and Investment on Media, Mr. Ifedayo Sayo, disclosed that the minister, Otunba Adeniyi Adebayo will lead the delegation to Ghana.

COVID-19: Fresh Hope As Nigeria Records Yet Another Low Daily Case

The Nigeria Centre for Disease Control (NCDC) has yesterday record another daily record of 574 cases of the dreaded coronavirus, the lowest for the second time since the beginning of the second wave, first was on Sunday, the previous day.

NNPC Debunk Fuel Hike, Say Negotiation With Labour Not Concluded

The Nigerian National Petroleum Corporation (NNPC) has today disclosed that contrary to some claims on the price of petroleum across the country, it says the corporation is maintaining the N162/litre price until negotiations are over with the organised labour.

Former VP Atiku Abubakar Reacts To Ban On Cryto, Calls For A Rethink

Former Vice President Atiku Abubakar has reacted to the recent Ban on cryptocurrency purchase and trading by the Central Bank of Nigeria, CBN which placed restrictions on chryptocurrency transactions in the country. Since the emergence of the CBN decision, which entails that any person or entity who is receiving cryptocurrency as payment in his bank account and withdraws it as cash cannot do that again, a lot of Nigerians have reacted to it on several social media platforms. Atiku while reacting to the development on his Twitter page on February 6, said “We Need To Open Up Our Economy, Not Close It.” “The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.

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