NEWS MIRROR

INEC's Chair, Prof Mahmood Yakubu By Akinola Ajibade Amid plans by the Presidential Candidates of the People Democratic Party( PDP) Alhaji Abubakar Atiku Labour Party( LP), Mr Peter Obi  respectively, to contest the result of the February 25th election won by Asiwaju Bola Ahmed in Court, the Independent National Electoral Commission( INEC) has announced a shift in the Governorship and  House of Assemb ly elections by one week.  Both Atiku and Obi are former Vice President and Governor respectively. Under the new rule, as announced by the electoral umpire recently, the exercise, which was earlier billed  to hold this Saturday March 11th is  now postponed to March 18th.  Citing problems such as transportation and poor configuration of Biomedal Voters Accreditation System ( BVAS), the INEC's Chairman,  Prof Mahmoud Yakubu,  said that the body has no option than to hold the elections at a latter date, if meaningful and errors free exercise is going to take place in the

By Akinola Ajibade Nigerians, especially depositors and traders  were still sceptical about the validity of N500 and N1,000 notes that were reissued into public domain by commercial banks, days afterSupreme Court’s ruling that both the new and old naira notes should be used until December 31, 2023, when they would cease to be legal tender. In areas such as Ketu, Ojota, Oshodi, Ilupeju and others visited yesterday, by News Mirror, many Nigerians still want to get assurance from the Governor, Central Bank of Nigeria( CBN) Mr Godwin Emiefele that the apex bank has complied with the Supreme Court'judgement, while others are asking President Muhammad Buhari to give orders first before they spend the old naira notes. Findings showed that some of the Point of Sale  (POS) operators are not to go to banks for fear of being paid old notes at the counter or Automated Teller Machines ( ATMs). Their fears were justified, as traders in the above visited areas in Lagos, strongly  resi

Union Homes office, Lagos  By Akinola Ajibade Union Homes embroils in deeper crisis over N2.5b compensation fund  All appears not well with Union Homes as the company is facing allegations such as diversion of N2.5 billion paid it by the Lagos government in order to compensate victims of demolition exercise carried out in Abule Odo and Iyana Oba areas of state among other issues. The government is believed to have paid  compensation for demolishing properties in those areas, years after all parties involved on the matter are unable to amicably resolved the matter. Sources close to the mortgage financing and estate development firms, said that N2.5 billion was sometimes ago  diverted to Aso Savings, which is a parent body of Union Homes.  Part of the allegations also include acquisition of Union Homes through shady deals ten years ago. The sources further said that Aso Savings and Loans Limited was required to inject N5billion as a purchasing consideration fee into Union Hom

Old naira notes  By Akinola Ajibade Nigerian banks, yesterday Monday March 6th, 2023 began to re-dispense old N500 and N1000 notes to their customers for improved socio-economic activities.  The development, which is in  tandem with Supreme Court judgement to extend the validity of the Central Bank of Nigeria (CBN) naira redesign policy to December this year,  saw  Deposit Money Banks(DMBs) receiving and issuing old notes to customers, with  confidence. In some of the branches  within the metropolis, visited by the News Mirror, customers were in a  relaxed moods, as they were paid a maximum of N20, 000 each, with the hope of increasing it  subsequently.  Guaranty Trust Bank (GTB), First Bank, Access Bank, United Bank for Africa( UBA) and Sterling Bank, Lagos are some of the institutions, who  conducted transactions in apparent obedience to the judgement of the Supreme Court.. A Manager of Sterling Bank in Igbogbo, who does not want his names mentioned, advised customers to

Seplat's Chief Executive officer,  Brown  By Akinola  Ajibade Seplat Energy Plc, has recorded a rise in profit before tax of N86.7 billion from N71billion in its audited results for the full year ended in 31 December 2022.  This happens, as the company generated cash from its operations to the tune of N242.4bn from N150.9bn year-on-year, rising by 51.6 per cent. The firm with listing in the Nigerian and London Stock Exchanges, also  grew its revenue by 29.8 per cent to N403.9bn from N293.6bn year-on-year; as its gross profit soars to N197.2bn from N114.2bn year-on-year, rising by 63 per cent. By this, Seplat Energy is paying a US7.5 cent final dividend, despite the significantly disrupted production experienced in the second half of the year. This amounts to a full-year dividend of US15 cents, representing a dividend yield of around 11 per cent at the current LSE share price. In its operations, Seplat Energy’s working interest production averaged 44 kboepd, impacted by

The Nigeria Labour Congress ( NLC) has elected Comrade Joe Ajaero as its new President, a development, which was brought about the exit of Comrade Ayuba Wabba, who successful completed  two terms in office this year. He served as the nation's labour union for  eight years ( 2015-2023). The new President is expected to serve the apex labour union for a term of four years or at most two, just as Wabba did.  Expectedly, President Muhammadu Buhari has congratulated the newly elected president of the Nigeria Labour Congress (NLC), Joe Ajaero as he pledged to reawaken the spirit of the labour movement to become the true champions of the Nigerian people. According to him, NLC would cry the cries of the Nigerian masses and jointly wage wars against all forces of impoverishment and misery, adding that, the current electricity tariff and provisioning had remained stacked against Nigerian workers and masses, adding that NLC would work with government to bring sanity to sector. “We urge the fe

Fuel loading trucks  By Akinola Ajibade Nigeria has the potential to become a regional  pricing  hub when its comes to trading in Petroleum Motoring Spirit (PMS) and others,as well as boasting of greater chances to supply demand, the Vice President, Argus Media, James Gooder  has said.  He spoke yesterday,during a one-day workshop organised by the Major Marketers Association of Nigeria (MOMAN) for energy correspondents in Lagos. The workshop was meant to celebrate the World International Day and also help showcase the roles played by gasoline pricing in the trading of the products, among oil consuming nations, with particular reference to Nigeria. The event topic is :" Th e Importance of Fundamentals and Price Data in  Downstream Markets,’ “.. According to him, there should be transparency in the process of developing and fixing prices for the petroleum products that can be seen and accessed by countries which chiefly rely on them for improved socio-economic activities

Abiru  By Favour Ajibade  The Independent National Electoral Commission (INEC) yesterday, declared Chief Mukhail Adetokunbo Abiru as the winner of the Lagos East Senatorial Election, which took place last Saturday.  According to the INEC Returning Officer for the the area, Prof. Simeon Adebayo Oladipo, Abiru of the All Progressive Congress (APC)  polled 178,646 votes  to defeat his closest rival of the Peoples Democratic Party, PDP who garnered 80,249 votes. This, Oladipo said, represents 61.4% of total valid votes cast.  In a statement signed and made available to the media, by Abiru's  Special Adviser on Media and Publicity, Mr Enitan Okukotun, the senator was   re-elected into the senate after satisfying  the requirements of the law by winning  majority of votes cast across the district.  Also, the Party's Presidential candidate,  Asiwaju Bola Ahmed Tinubu also showed significant strength in the zone, as he polled 149,685 votes to defeat his closest rival of the

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 pains on already traumatized millions of i

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 they will secure

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 further quoted Bala as

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 reports that

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 the  atrocities committed by Agbazue and his

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 a petroleum environment i

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, a

     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 with money laundering. T

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 succes

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 Executive Director, YE

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 only told the

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 of petrol distr