CBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

BusinessEconomyNewsCBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, to 27.25 per cent, a 50-basis-point increase from 26.75 per cent. This decision was reached during the 297th meeting of the Monetary Policy Committee held in Abuja on Tuesday. The Governor of the CBN, Mr Yemi Cardoso, who chaired the meeting, explained that the rise is aimed at controlling inflation, which remains a major concern. In addition, the cash reserve ratio for...

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Nigeria Reiterates Call for Africa’s Permanent Seat on UN Security Council

NewsNigeriaPoliticsNigeria Reiterates Call for Africa’s Permanent Seat on UN Security Council

By Ezinwanne Onwuka (Senior Reporter)September 24, 2024

Nigeria has once again made a strong case for Africa’s permanent representation on the United Nations Security Council. The Minister of Defence, Mohammed Badaru, made this call during his address at the 79th United Nations General Assembly, UNGA, in New York on Sunday. Badaru highlighted Nigeria’s significant contributions to global peacekeeping, stating that the country has participated in 41 peacekeeping missions worldwide and deployed over 200,000 troops in various United Nations operations. He emphasised, “Nigeria...

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Kachalla Sharme, Mastermind Behind Bethel Baptist Kidnapping, Killed

Crime & SecurityNewsNigeriaKachalla Sharme, Mastermind Behind Bethel Baptist Kidnapping, Killed

By Ezinwanne Onwuka (Senior Reporter)September 24, 2024

The Kaduna State Government has confirmed the death of Kachalla Sharme, a notorious bandit commander linked to the abduction of 121 students from Bethel Baptist High School in 2021. Sharme was killed in a clash between rival bandit groups over the weekend at Hambakko in the Rijana and Kaso forests, spanning Kachia, Chikun, and Kajuru local government areas. In a statement on Monday, Samuel Aruwan, the Commissioner for Internal Security and Home Affairs, revealed that...

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US Pledges Aid to Victims of Borno Floods

NewsNigeriaUnited StatesUS Pledges Aid to Victims of Borno Floods

By Ezinwanne Onwuka (Senior Reporter)September 24, 2024

The United States has expressed deep sorrow over the devastating floods that have ravaged Maiduguri and other parts of Borno State, causing loss of lives, destruction of properties, and the displacement of numerous families. The US government extended its heartfelt condolences to the victims, their families, and everyone affected by the disaster. “The United States is deeply saddened by the devastating floods that have affected Maiduguri and other parts of Borno State, resulting in loss...

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DSS Releases 6 Protesters in Kaduna, Arraigns 3 Others

Crime & SecurityNewsNigeriaDSS Releases 6 Protesters in Kaduna, Arraigns 3 Others

By Ezinwanne Onwuka (Senior Reporter)September 24, 2024

The Department of State Services, DSS, has released six of the protesters arrested during the #EndBadGovernance demonstrations in Kaduna State. The protests, which took place between 1 and 10 August 2024 were organised in response to the economic difficulties facing Nigerians. Sources within the DSS confirmed on Sunday that the six protesters were released after investigations were concluded, while three others are set to be arraigned. A DSS source said, “On September 19, 2024, six...

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Nigeria to Celebrate 64th Independence Low Key Due to National Challenges

NewsNigeriaPoliticsNigeria to Celebrate 64th Independence Low Key Due to National Challenges

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

Nigeria is set to celebrate its 64th Independence Anniversary with a low-key event, reflecting the current mood of the nation, the Federal Government announced on Thursday. This was revealed on Thursday by the Secretary to the Government of the Federation, SGF, George Akume, during the inauguration of the Inter-Ministerial Committee responsible for organising the national event. The Director of Information at the Office of the SGF, Segun Imohiosen, issued a statement on behalf of Senator...

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Governor Lawal Urges Matawalle to Step Down Over Allegations of Bandit Sponsorship and Money Laundering

NewsNigeriaPoliticsGovernor Lawal Urges Matawalle to Step Down Over Allegations of Bandit Sponsorship and Money Laundering

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

Zamfara State Governor, Dauda Lawal, has urged his predecessor and current Minister of State for Defence, Bello Matawalle, to step aside and address the allegations of sponsoring banditry and money laundering during his tenure as governor. Lawal made this call during an interview on TVC on Wednesday, stressing that Matawalle should clear his name if he still has any integrity. “If I were him (Matawalle), I would resign and face all the allegations against me....

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Nigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

BusinessEconomyNewsNigeriaNigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

….Minister Edun Reports $2.35bn Foreign Reserves Inflow As Taiwo Oyedele Voices Concerns The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy will experience a 3.5 per cent growth by 2026, increasing the country’s Gross Domestic Product (GDP) to approximately $400 billion. Rewane made this disclosure during the Access Bank Customer Forum held in Lagos on Thursday. He remarked, “The Nigerian economy will grow at...

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NFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

BusinessNewsNigeriaNFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

The Nigerian Financial Intelligence Unit, NFIU, has pledged to disrupt the financial channels used by terrorists and other criminal elements in the country. The agency asserts that cutting off these financial routes will impair the terrorists’ ability to carry out further criminal activities. Hafsat Bakari, Director-General of the NFIU, made this commitment in Abuja on Tuesday during the GIABA workshop on investigating and prosecuting terrorism financing cases. Bakari stated, “Nigeria has faced an acute threat...

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First Lady Launches #OneNigeria Fabric, Awards N25m to Designer

BusinessNewsNigeriaFirst Lady Launches #OneNigeria Fabric, Awards N25m to Designer

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

First Lady Oluremi Tinubu unveiled the winning fabric of the #OneNigeria Unity Fabric competition on Monday at the State House in Abuja. She awarded N25 million to the designer, Bamidele Mofiyinfoluwa. Mrs Tinubu explained that the project aims to foster creativity, enhance national unity, and support local enterprises to boost the economy. She announced that the winning fabric would be used officially on 1st October for Nigeria’s Independence Day celebrations.   “Our goal is to...

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