Day: May 28, 2020

How Nigeria’s oil industry regulator, DPR, paid ₦8bn salary upfront in January – report

Damilola Olonade

  All 610 DPR staff earn more than Nigerian President Nigeria’s oil industry regulator, Department of Petroleum Resources (DPR), paid over N8 billion as salary upfront in January 2020, Premium Times reported quoting Data analysis by Dataphyte. This is according to the daily payment data published on the open treasury portal. The review of salary payments between January and April 2020 showed two descriptions. The first description is January 2020 DPR Staff Salary. This has only five beneficiaries and sums to ₦29.6 million. The second description, which is 2020 DPR…

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US plots to hijack AfDB – Nigeria’s ex-President, Obasanjo, talks tough

Tim Bauer

   Rallies 13 Africa’s ex-leaders for Adesina   A former Nigerian President, Chief Olusegun Obasanjo, has accused the United States of hatching plans to take over the African Development Bank (AfBD). This is coming after call by the US Treasury Secretary for a new probe of AfDB’s president, Akinwumi Adesina. Obasanjo said this in a letter he addressed to 13 former African leaders, seeking a joint effort of the continental leaders to defend the Bank. In the letter dated May 26 but sighted by our reporter on Thursday, Obasanjo expressed…

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Nigeria mulls slash in oil production cost to $10 per barrel

Tim Bauer

  As Coronavirus wrecks havoc on country’s revenues   Nigeria, Africa’s biggest crude oil exporter, on Thursday declared plans to crash its oil production cost to $10 per barrel. The cost stood at $18 and $23 per barrel, according to data from the Nigerian National Petroleum Corporation (NNPC). Group Managing Director of the Corporation, Mallam Mele Kyari, who, during an engagement with the Nigerian Guild of Editors (NGE) declared plan to crash the prosuction cost, maintained that the oil price rout affecting the global market has rocked the corporation’s liquidity…

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Mass heart infections’ scare rocks Kenya over Hydroxylchloroquine imports from India

Aoko Moses

    Mass heart infections’ scare has rocked Nairobi, capital of Kenya, over importation of huge conaignment of hydroxylchloroquine into the country. The Kenya’s Ministry of Health has received the consignment of hydroxychloroquine, an antimalarial, antiretrovirals and other essential drugs from the Indian High Commission. This came as new study, however – the largest of its kind – shows that hydroxychloroquine does not work against Covid-19 and could cause heart problems. This may be viewed as just another consignment for the ministry. However, the hydroxychloroquine makes it noteworthy. India has…

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Nigeria’s apex bank, CBN, slashes benchmark interest rate to 12.5%

Efe Wellington

  The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate to 12.5% from 13.5%. Godwin Emefiele, governor of the apex bank, announced the committee’s decision on Thursday at the end of the committee’s meeting. Emefiele said the committee was of the opinion that tightening would be “inappropriate” given the economic disruptions caused by the COVID-19 pandemic. Cash reserve ratio (CRR) was retained at 27.5% and liquidity ratio at 30%.

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Excitement as Premier League restarts June 17

Tim Bauer

  The Premier League season is set to restart on June 17, sparking excitement across Africa and other parts of the World. The BBC, which reported the June 21 date, noted that the League would restart with Aston Villa v Sheffield United and Manchester City v Arsenal. The matches are the two games in hand. A full fixture list would then be played on the weekend of June 19-21. Clubs are still discussing the idea at a meeting on Thursday, but it is understood all have agreed in principle at…

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Confusion as Kogi, Nigeria’s confluence state, rejects NCDC results, gives reason

Efe Wellington

  Insists NCDC figure fictitious   According to a report by Vanguard, The Kogi State Government, Thursday has denied the two index cases reported by the Nigeria Centre for Disease Control (NCDC), insisting the state is still COVID-19 free. Recall the NCDC on its website alleged that, two index cases were recorded in Kogi as at Wednesday, May 27 2020, making the total cases in the country at 8733. In a statement signed by the State Commissioner for Health, Dr Saka Haruna Audu, described the claim as a fallacy. The statement reads…

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US COVID-19 death toll surges above 100,000 mark in World’s deadliest outbreak

Tim Bauer

    The U.S. has surpassed the grim milestone of 100,000 deaths as a result of the coronavirus, according to data from Johns Hopkins University, significantly more than any other country in the world. A tally from Johns Hopkins University showed 100,047 deaths as of Wednesday evening, reports CNBC. More than 5.6 million people have contracted the coronavirus across the globe, with the U.S. accounting for roughly 30% of total cases. The U.K. has recorded the second-highest number of coronavirus fatalities, according to data compiled by Johns Hopkins University. As of…

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Nigerian oil Firms’ debts to banks hit $3bn

Efe Wellington

  The debts profile of Nigerian oil companies to banks has hit $3 billion, heightening the heavy burden on the financial institutions. Chief Executive Officer (CEO) of Seplat Petroleum Plc – one of the Nigerian firms – Dr. Austin Avuru, who said this Wednesday, at the Nigerian Association of Explorationists (NAPE) second Webinar series, title “The New Normal Post Covid-19 for the Oil and Gas sector in Nigeria,”  declared that the poor servicing of the debts is being worsened by the Coronavirus pandemic. The operators in the Nigerian oil and…

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Kogi, Nigeria’s confluence state, records two cases of COVID-19

Fateemah OLONADE

  The government of Kogi, the state that links Nigeria’s Southern and the Northern regions, has recorded two cases of coronavirus infection. Governor of the state, Yahaya Bello, has earlier engaged in serious bickering with Nigeria Centre for Disease Control (NCDC) over the Centre’s handling of testing for the dreaded infection. His state has, over two months, not recorded any case and it, at some points, became a reference point for some conspiracy theorists who believe that daily figure being churned out on COVID-19 was a scam. Bello had also…

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