NEWS MIRROR

Old naira notes  By Akinola Ajibade Over 30 million Nigerians may lose their hard-earned money to currency swap programme, in the event that they unable to change their old notes to new ones, the Chief Executive officer, Centre for the Promotion of Private Enterprise [CPPE], Dr Muda Yusuf has said. He said the more than thirty million people represent unbanked population, adding that their inability to have access to banking services would prevent them from changing their old notes to new ones, expect they have other means of doing so.   Yusuf said that there are also millions who are not educated and would be affected by the policy, guiding the conversion of old to new notes.. Yusuf  How are people who do not have accounts  change their money from old to new notes? It means that the currency, which they are keeping would be useless, he said  According to him,  the Central Bank of Nigeria  (CBN) is inflicting additional pai...

INEC Chair,Yakubu By Akinola Ajibade The Independent National Electoral Commission  (INEC) has allayed the fears that the on-going cash crunch and its attendant protests would hinder the Presidential and National Assembly elections this Saturday, February 25th. INEC Chairman, Professor Mahmood Yakubu, gave this assurance while inspecting the coalition centre, which is being prepared for the exercise.  Yakubu's statement is coming on the heels of  cash crunch and its attendant protests in many  parts of the country.  According to him, the commission is working closely with the CBN and security agencies, in order to ensure that the elections hold without hitches. He said:" The Central Bank has assured us that we will not suffer any encumbrances in that regard, no there are no issues with respect to that,” he stated. “On what is happening around the country – the protests – is a security matter and security agencies have assured and reassured us that th...

IGP Alkali Baba The Inspector-General of Police(IGP),  Usman Alkali Baba has set up a panel to investigate cases bordering on alledged  unprofessionalism, high-handedness and extra judicial killings levelled against some officers attached to the Zone 13 Command, Ukpo-Dunnukola and the Anambra State Police Command respectively. Bala in a statement with REF No.CZ.5300/FPRD/ FHQ/ABJ/ VOL.5/24 titled: Anambra Alleged Killings: IGP set up panel- orders  descreet investigations into allegations and signed by the Force Public Relations Officer, CSP Olumuyiwa Adejobi  said that a special investigation panel  under the IGP Monitoring and Mentoring Unit has been set up to unravel those behind the alleged wanton killings in the state and further mete out punishments to them. The panel was given two weeks to dig into the matters, with a view to unravel the veracity of the allegations levelled against some officers in the Nigeria Police Force (NPF). The statement...

Some local aircrafts at the airport By Favour Ajibade Air travellers within the country are having hectic time meeting up with their schedules, as airlines operators are either delaying or cancelling their operations,  The News Mirror, have learnt. It was further gathered that the problem, which was caused by poor weather, is having negative implications on travellers, as many of them found it practically impossible to book new appointments or meet the old ones. The development made many airlines to change their arrangements,  a source who spoke under cover has said. For instance, Air Peace, yesterday ( Saturday) diverted its Kano bound flight to the Nnamdi Azikiwe International Airport (NAIA), Abuja over poor visibility at the airport.  Besides, Azman Air and Max Air failed to operate their flights out of the Murtala Muhammed Airport (MMA), Lagos to northern destinations due to the same reason of foggy weather in most parts of the northern states. News Mirror...

Agbazue in the middle   By Akinola Ajibade Police has nabbed one Patrick Agbazue and other officers for alledgdly terrorising Nnewi, Onitsha and other parts of Anambra,  a state regarded as  a  commercial centre in the south eastern region of the country.  The nation's law enforcement agency arrested Agbazue and his team, whose names are yet to be released for some reasons known to the police,  for offences, which include, but not limited to murder, kidnapping, extortion, maiming and intimidation.  The Police Police Public Relations Officer (PPRO), Olumuyiwa Adejobi said that the arrest follows the decision of Gistlover to uncover their atrocities in the country. Gistlover is a blogger, which activities remain  largely unknown in Nigeria for security reasons.  The blogger had exposed the activities of CSP Patrick Agbazue, an Anambra-based police officer who is being accused of being a serial killer.  It had published a detailed report on...

NNPCL's GMD, Kyari The Group Chief Executive Officer, Nigerian National Petroleum Company Limited ( NNPC) Mallam Mele Kolo Kyari says the national oil company will commence the drilling of crude in Nasarawa State as from March 21 this year, if all go as planned.  He said when he visited the Governor of the state, Abdullahi Sule, in Lafia, the state capital. Kyari stated that significant amount of oil was found,  following the detection of  iniitial  exploratory activities in the state. He said, based on this, NNPC is ready to do the necessary work to find the hydrocarbon.  He said: “This work must be done very fast as the world is walking away from the fossil fuels due to the energy transition.  The earlier you go to market, the better for you. Otherwise, 10 years from now, no one will agree to put money in the petroleum business unless it comes from your cash flow.” NNPCL, Kyari stated, began work in the state in 2010 and has technically found ...

Nigeria's inflation chart in July 2022 By Favour Ajibade The National Bureau of Statistics (NBS) says the  Nigeria's rate of inflation has risen by 0.47 per cent from 21.34 per cent in December 2022 to 21.82 per cent in January this January.  NBS attributed the slight increase in the inflationary rate to higher commodity and good prices, the latter, which has witnessed a surge, primarily to the nation's wobbling economy.  It, however, explained that year-on-year, the headline index was 6.22 per cent higher compared to 15.60 percent in January 2022. According to the Consumer Price Index (CPI) report for January which was released by the statistical agency, food inflation year-on-year rose to 24.32 percent in January 2023, representing 7.19 per cent increase compared to 17.13 per cent in January 2022. The rise in food inflation was attributed to increases in prices of bread and cereals, oil and fat, pota¬toes, yam and other tubers, fish, vegetable, fruits, meat,...

     By Akinola Ajibade President Muhammadu Buhari, yesterday, said that old N200 notes would remain a legal tender till April 10th this year, while at the same directed Nigerians to deposit old N500 and N1000 notes with the Central Bank of Nigeria (CBN). He spoke during a national broadcast on the challenges of the currency SWAP and other national issues facing the country. He said the broadcast was in line with the  commitments of his administration to strengthen the country's economy, enhance the fight against corruption and sustain its fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors. Other reasons, he said, was to sympathize with Nigerians over the difficulties, which they are facing as the Federal Government continues with the implementation of its monetary policies, adding that the decision  aimed at boosting the country's  economy and further tightening the loopholes associated wit...

SNEPCo' Managing Director, Elohor Aiboni  By Akinola Ajibade Shell Nigeria Exploration and Production Company Limited( SNEPCo) has recorded one billion-barrel oil export mark through its first deep-water exploration and production facility,  also known as Bonga. This happens, three months after the company carried out a major turnaround maintenance  (TAM) of the facility as scheduled. SNEPCo's Managing Director, Elohor Aiboni, said this, yesterday(Monday),  in a statement made available to the News Mirror. According to her, the company has recorded a milestone through this means, which she describes  aa  a celebration of excellence, leadership and focused delivery with its significant benefits on Nigeria and Nigerians, in particular.  "One billion barrels is an exciting milestone," said Aiboni, SNEPCo’ s first female Managing Director, adding, "I'm incredibly proud of all our employees and contractors who've contributed immensely to the suc...

By Favour Ajibade Shell Petroleum Development Company (SPDC) has recorded another oil spills and fire at its site in Ebubu community in Eleme Local Government Area of Rivers State. According to reports from the locals, the spills which became noticeable three days ago caught fire before the evening of Saturday ( two days ago from today Monday) . Though Staffs of SPDCN arrived the site  afternoon, with a view  to put out the fire and contain the spillage, the cause of the incident is yet to be known as at the time of filling this report, alhough locals suspect equipment failure. A Non Governmental Organization( NGO)-, known as  Youths and Environmental Advocacy Centre, YEAC-Nigeria’s Crude Oil Spill Alert System who raised the alarm over the new oil spills, said the spill point was yet to be clamped as at the time of filing this report, as Shell workers were taking steps to put out the fire before moving into the spill point. Speaking on the issue, the Executiv...

CBN's Headquarters By Akinola Ajibade The Central Bank of Nigeria (CBN) has debunked  claims, in some quarters, that it lacked capacity to print the new naira notes, a fallout of the naira designing policy introduced and implemented by the apex regulatory banking body. The bank, in a statement, yesterday, said that the news that the Nigeria Security Printing and Minting Company (NSPMC) does not capacity to print the new naira notes was not true. The apex bank said: “ Our attention has been drawn to a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.” “We hereby  state categorically that the CBN Governor, did not say anything like that  during his presentation to the National Council of State at its meeting on February 10, 2023. Our Governor, Mr. Emefiele onl...

Sylva  By Akinola Ajibade The Minister of State for Petroleum Resources, Timpre Sylva, yesterday, said that the price of petrol would not exceed N184 per litre, even as he promised  that the  current queues across the country would ease soon. He spoke in Lagos after an assessment of fuel dispensing outlets within the metropolis. According to him, the inspection of petroleum dispensing outlets became necessary in order to know the true picture of things in the nation's commercial centre and to further brief the Federal Government on what must be done to completely rid the country of fuel problems. Sylva, who was in lagos Friday on the directive of President Muhammdu Buhari, said that the government has taken some bold steps in order to ensure stability in the distribution of petroleum products and further solve fuel pricing problems. The government, the minister initiated interministrerial intervention on fuel crises, in order to ensure  proper management ...

Fuel scarcity By Favour Ajibade The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), yesterday, says it would sanction any retail outlet, which, rejected  payment for fuel through Pont of Sales( PoS) machines.  The body, hitherto known as Department of Petroleum Resources( DPR) said this in a statement made available to the media.  In the statement, signed by its General Manager Corporate Corporations and Stakeholders Management, Kimchi Apollo, the agency attributed the development to the on-going cash crunch, a fall out of naira redesigning policy and the subsequent failure of the Central Bank of Nigeria (CBN) and  Deposit Monetary Banks ( DMBs) to issue new and old naira notes.  The statement further said NMDPRA and the security agencies will henceforth be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned. The statement added:”It has co...

Sahara Group's Chief Executive officer, Mr Kola Adesina and other senior officials during the event in Ikorodu, Lagos. By Favour Ajibade  Egbin Group says that twenty-seven newly inducted engineers are ready to demonstrate their capacity, in order to improve electricity generation in Nigeria.  Egbin is the largest generating station, with installed capacity of 1,320 megawatts of electricity ( Mw), which consists of six units of 220Mw each.  Owned by Sahara Group, a private sector driven organisation,  Egbin distributes at least 20 per cent of power, that is being consumed in the country. With interest to own the largest energy portfolios, which comprises of solar production among other,. the group has successfully trained three sets of graduate engineers for its operations.  The third batch of Eg bin Power engineering trainee  programme, which graduated weeks ago, went through  12-month   comprehensive developmental programme before it...

By Akinola Ajibade Residents and Non-Residents in Lagos will as from tomorrow ( Thursday) start paying smaller  amounts of money as fares for boarding the Bus Rapid Transit ( BRT) and other state-owned transport modes. This follows the decision by the state governor, Babajide Sanwoolu to approve a 50 percent reduction on fares for passengers in the state. Other transport modes  approved by the governor were LAGRIDE taxi-scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY). While announcing the initiative,  Sanwoolu said that the idea would help in reducing the problems of the residents, adding that that more Cowrie Cards would be provided at bus terminals to enable  Lagosians to get onboard and benefit from the service introduced in response to yearnings of the residents. He  disclosed that food banks would be set up across the state, to distribute and assist vulnerable Lagosians to have access to better meals across the state....

Redesigned Naira Notes  By Akinola Ajibade The Supreme Court  has restrained the trio of  Federal Government, Central Bank of Nigeria (CBN) and Commercial Banks from continuing with the February 10 deadline, pending the determination of the suit filed on the issue on the issue. The government through CBN  had earlier set January end as deadline for the expiration of the old notes, but later postpone it to February 10, due to pressures such scarcity of the new notes and other burning problems in the country. Prior to this period, the governments of Kogi, Kaduna and Zamfara had in a motion ex-parre filed on February 3rd prayed the apex Court to stop the Central Bank of Nigeria naira policy. The governors filed the suit against Federal Government and CBN with a view to allow the N200, N500 and N1000 notes to remain a longer tender beyond February 10th, this year. The government, whose actions were to help the hapless Nigerians, who are feeling th...

By Favour Ajibade Fuel scarcity is getting worse by the day, as  Independent Petroleum Marketers Association of Nigeria (IPMAN)  its directed its members to suspend all operations across the country. By this, IPMAN appears making good its threats to shut down thousands of filing stations owned by its members across the country, in the event that the Federal Government insists on the N195 per litre price for petrol. The Chairman, IPMAN, Mohammed Kuluwa, said  this yesterday, in a statement, which he  signed  and made available to the media.   Part of the statement reads: " Marketers have been  ordered to suspend the payment of ordering products from the source until further notice.The decision followed the critical situation as it affects our sourcing and selling of product at lost and the action of the authority to impose the selling of product at a lost price on our side”. It is, however, not yet clear whether marketers will rescind t...

NNPCL'S GMD, Mele Kyari Concerned group, yesterday, threatened to disrupt activities in the headquarters of the Nigeria National Petroleum Company Limited (NNPCL) over the lingering fuel scarcity in the country. The  country  for months now has  been battling with scarcity of gasoline, now without end in sight. The groups include Commercial Motorcycles Association of Nigeria, (COMAN), Tricycles Owners Association of Nigeria (TOWAN), National Association of Traders of Nigeria, (NASTAN), Luxurious Bus Operators Union (LUBOU), Market Women Association of Nigeria (MAWAN),  Trailer Drivers Association of Nigeria, TADAN among others. In a communique signed by Boniface Ikedi, Basil Ekanem and four others, the group said their members can no longer cope with hardship. They urged the Federal government to rise to the occasion before the general election as they were ready to stop their members from INEC’s logistics arrangements.  “ We have concluded plans to ...

progress on the refinery site, urging the contractors to reach out for any help they might require. In his comments, the Executive Vice President, Downstream of the NNPC, Adeyemi Adetunji, said the event marked a milestone in the history of KRPC considering that the last Turn Around Maintenance (TAM) on the refinery occurred about  15 years ago. He stated the project was framed after extensive engagement with Daewoo on the quick-fix strategy to repair and re-stream KRPC and operate it on a sustainable basis at a minimum capacity utilization of 60 percent. “This project shall be executed in three work packages as a maintenance services contract by Daewoo E&C Nigeria Limited at an estimated maximum cost ceiling with a duration of 21 months. “The quick-fix strategy guarantees the fastest route to re-streaming WRPC and KRPC for in-country production of refined petroleum products. But reacting to this development, Kunle Olubiyo, President of the group, Nigeria Consumer Protection Ne...

Fuel pump  By Akinola Ajibade Marketers are yet to fully agreed that Premium Motoring Spirit (PMS) otherwise known Petrol should be sold to Nigerians at N195 per litre. They include the Nigerian National Petroleum Company Limited (NNPCL), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN).  While some marketers have accepted  in principle to start selling fuel fuel at N195 per litre after deducting the ex-depot price of N172/ litre from it, others are still fully dallying on the issue, claiming that the issue is far from being made possible. Some marketers, who spoke on condition of anonymity, said that the the oil marketing companies are yet to reach a consensus on the issue of selling fuel at N195/ litre, adding the it is not likely that the agreement to do so holds. Oil marketers said the agreement was reached at a meeting in Abuja on...

By Akinola Ajibade The Independent Corrupt Practices and Other Related Offences Commission (ICPC) yesterday,  arrested an official of one of the Deposit Money Bank's( DMB) for alleged sabotage. The official, name withheld, was taken taken into custody for deliberately not uploading cash into her branch's Automated Teller Machines (ATMs) when the cash was available abs and people were quering at the ATMs.  The official, who is the Head, Stanbic Bank, Deidei Branch, Abuja was arrested by ICPC monitoring team, which stormed the bank around 1.30pm in order to ensure compliance and demanded explanation as to why the ATMs were not dispensing cash. However, response of the  Branch's Head of Operation that the bank just got delivery of the cash was unable to pacify the team  However, facts available to the ICPC operatives indicated that the branch took delivery of the cash around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash. ...

IGP Baba New naira notes  By Akinola Ajibade Nigerians, who are selling and defacing new naira notes of N200,500 and N1000 are facing arrest and prosecution soon unless they change from their criminal activities,  the Inspector-General of Police, IGP Usman Alkali Baba has said   Baba yesterday ordered the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau, to commence arrest and prosecution of individuals, who was found selling and abusing the  naira notes issued by the Central Bank of Nigeria.  The order, which was conveyed in a statement signed by the Force Spokesperson, CSP Olumuyiwa Adejobi, quoted the police boss as imploring them to place officers and men of the Department and the Bureau across the nation on high alert. He further charged all supervisory Assistant Inspectors-General of Police and Co...