Month: December 2023

Nigeria’s Public Debt Stock Now N87trn – DMO

ADEOLA YUSUF

Nigeria’s total public debt stock hit N87.91 trillion (114.35 billion dollars) as of Sept. 30, according to a statement by the Debt Management Office (DMO) on Wednesday in Abuja. The DMO said that the amount represented the domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT). The News Agency of Nigeria (NAN) reports that the N87.91 trillion total debt stock represents a marginal increase of 0.61 per cent, when compared to the June figure of N87.38 trillion. The debt office said…

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Angola Mulls Exit From OPEC

ADEOLA YUSUF

…Plan triggers crude price fall       Angola, the second largest oil producer in Africa after Nigeria, has announced its departure from the Organization of the Petroleum Exporting Countries (OPEC), the country’s news agency Angop reported. EnergyDay gathered that the announcement was conveyed by Angolan oil minister Diamantino de Azevedo. on Thursday, following the 10th session of the council of ministers under Angolan President Joao Lourenco. This development comes in the wake of OPEC, led by Saudi Arabia, reducing Angola’s oil output target for the upcoming year as part…

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Port Harcourt Refinery’s Rehab Completed, Begins Production Next Week – Minister

ADEOLA YUSUF

10 days to the promised delivery of PH Refinery as Platforms Africa’s Countdown continues         Minister of state for Petroleum Resources (oil), Heineken Lokpobiri, has announced the mechanical completion of the rehabilitation of the 60,000 barrels per day Port Harcourt Refinery. Lokpobiri, who disclosed this in Port Harcourt at the Refinery site, added that the plant would be expected to produce Petroleum products anytime next week after Christmas. This came 10 days to the promised delivery of PH Refinery as Platforms Africa’s Countdown continues. READ ALSO: French…

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French IT Workers Arrested In Burkina Faso Amid Diplomatic Strain

ADEOLA YUSUF

In a development adding strain to the already tense relations between Burkina Faso and France, four French information technology (IT) workers holding diplomatic passports and visas have been apprehended in Burkina Faso’s capital, Ouagadougou. Contrary to media speculations, a French diplomatic source, speaking on condition of anonymity, refuted claims that the detainees were intelligence agents. According to the source, the four individuals, identified as civil servants, arrived in the West African nation to conduct IT maintenance for the French embassy. However, they were arrested on December 1 and subsequently transferred…

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Guinea-Bissau President Fires Prime Minister Amidst Political Tensions

ADEOLA YUSUF

In a surprising turn of events, President Umaro Sissoco Embalo of Guinea-Bissau wielded his executive power to dismiss Prime Minister Geraldo Martins, merely a week after Martins assumed the role. This unexpected move on Wednesday resulted in the appointment of economist and seasoned politician Rui Duarte de Barros as the new Prime Minister, as announced in a presidential decree read on national television by Embalo’s advisor Fernando Delfim da Silva. Martins had been reappointed as prime minister on December 12, following his prior tenure in August of the same year,…

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Reps Probe NNPCL JV Deals, $60bn Revenue Loss

ADEOLA YUSUF

The House of Representatives has expressed readiness to investigate the loss of over $60bn revenue due to alleged inflated cash calls by the Nigerian National Petroleum Company Limited Joint Venture Agreements. As a result, the House mandated the relevant committees to conduct a thorough probe of all the NNPCL Joint Venture operations to determine income and cash call costs due to each partner, especially the federation and also whether due process and diligence were followed. This decision was a sequel to the adoption of a motion sponsored by Chika Okafor…

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Ekpo Lauds PIA’s Transformative Power In Gas Sector

ADEOLA YUSUF

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo has lauded the Petroleum Industry Act (PIA) 2021 for introducing transparency, efficiency, and sustainability both in planning and operations in the Nigeria gas sector. Ekpo stated this in a speech at the unveiling of Gas Aggregation Company Nigeria Ltd/Gte’s (GACN) New Identity and Expanded Mandate in Abuja on Tuesday. The minister described the event as a momentous occasion, not just for GACN, but for the entire Nigerian gas sector. READ ALSO: Meet Bunmi Onabanjo-Kuku, Nigeria’s first female MD of FAAN American Court…

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Meet Bunmi Onabanjo-Kuku, Nigeria’s first female MD of FAAN

ADEOLA YUSUF

On Monday, Bunmi Onabanjo Kuku assumed her role as the first female Managing Director of the Federal Airports Authority of Nigeria (FAAN), succeeding Kabir Mohammed. Committed to elevating the nation’s airports, Kuku stated that she aims to enhance revenue generation and reduce wastage. According to her, the focus extends beyond infrastructure oversight to optimize aeronautical and non-aeronautical revenues, prioritizing an efficient, safe, secure, and enjoyable passenger experience. Bunmi Kuku’s background Bunmi Onabanjo Kuku holds a B.Sc. in Finance from the University of Illinois (2000) and immediately proceeded to an MBA…

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American Court Bars Trump From Presidential Race + Reason

ADEOLA YUSUF

Donald Trump is ineligible to run for president in 2024 because of the Jan. 6 riot at the U.S. Capitol, the Colorado Supreme Court ruled on Tuesday. The historic decision based on the 14th Amendment, barring Trump from the presidential primary ballot, sets up a battle before the nation’s highest court about the fate of next year’s election. In a 4-3 ruling that will soon be appealed — and that is likely to inspire fierce criticism from Trump’s supporters and vocal applause from those who have condemned his behavior around…

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BREAKING: Rivers Lawmakers Withdraw Impeachment Notice Against Fubara

ADEOLA YUSUF

The Rivers house of assembly has withdrawn impeachment proceedings against Siminalayi Fubara, governor of the state. The 24 lawmakers who signed the impeachment proceedings against the governor withdrew the notice on Wednesday. READ ALSO Ex-VC Fagbohun Returns To Teach In LASU; Receives Warm Welcome From Incumbent, Other Management Staff Ill-Fated Plane That Flew Power Minister To Ibadan Violated Rules – NSIB Guinea: Fuel Depot Explosion’s Death Toll Hits 13, 178 Injured Martin Amaewhule, speaker of the house, announced the lawmakers’ decision during their sitting at the assembly quarters in Port…

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