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Articles by Cyril Ogar
Nationwide Blackout Looms As GenCos Threaten Shutdown Over ₦4trn Debts
By Cyril Ogar and ABAH ADAH, Abuja A nationwide blackout may be imminent as power generation companies ,GenCos, yesterday issued a warning to the Federal Government over the continued accumulation of debts now totalling over ₦4tn. The companies announced that they are on the brink of shutting down operations due to the growing liquidity crisis in the power sector.
FG, Kenya Airways Trade Wards Over Maltreatment Of Nigerian Passenger
By Cyril Ogar Nigerian Civil Aviation Authority ,NCAA, has clashed with Kenya Airways over the maltreatment of a Nigerian passenger and has challenged the airline to provide CCTV evidence showing the female passenger assaulting the airline staff by throwing used sanitary pads on them. The NCAA made the challenge after the airline responded to a viral video that showed a Nigerian woman being maltreated by agents of Kanya Airways over SCHENGEN Visa issues.
FG Secures $70m Funding For Mini-grids, Expands Gas Distribution
…As W’Bank pledges to energise 300 million Africans by 2030 By Cyril Ogar President Bola Tinubu has secured $70 million from the International Finance Corporation ,IFC, as funding for the mini-grid projects. The President secured the fund at the Africa Energy Summit which ended on Tuesday in Dar Salam, Tanzania. The fund is part of a $1 billion facility set up by the IFC through grants from the Rockefeller Foundation and the African Development Bank.
Tinubu, Shettima's Crack Widens
By Cyril Ogar, Abuja and Rahila Abdullahi, Kaduna Visible differences between President Bola Tinubu and Vice-President Kashim Shettima have continued as the duo have failed to close ranks on some issues with the most recent being what many people described as the controversial Tax Reform Bills before the National Assembly.
Loading Begins As Port-Harcourt Refinery Bounces Back
.NNPCL refutes crude oil production figures disparity with NUPRC By Cyril Ogar, Abuja State-owned Port Harcourt Refinery has officially started producing petroleum products. The development was announced by Chief Corporate Communications Officer of the Nigerian National Petroleum Corporation Limited, NNPCL, Olufemi Soneye, yesterday. Soneye also confirmed that truck loading operations would commence soonest. He added that efforts are underway to bring the Warri Refinery back into operation.
FG To Spend More On Debt Servicing In 3 Years
…External debt to hit $45bn as Tinubu seeks fresh N1.767tn loan By Cyril Ogar Federal Government plans to allocate a significant portion of its budget to debt servicing between 2025 and 2027, outpacing allocations for capital expenditure. This is based on the recently approved 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which projects debt servicing costs at N50.39 trillion for the three years, surpassing the N48.93 trillion earmarked for capital expenditures.
IPSAS: FG Battles ₦39tn Negative Net Assets, Threatens Sanctions Against MDAs
By Cyril Ogar Federal Government is grappling with an alarming N39trn negative net asset position, following its adoption of the International Public Sector Accounting Standards. The Accountant General of the Federation, AGF, Mrs Oluwatoyin Madein, disclosed this yesterday in Abuja during her keynote address at the sensitization retreat with Directors of Finance, Accounts and Internal Audits.
NASENI Kicks-off Simulation Software Training Across Development Institutes
By Cyril Ogar National Agency for Science and Engineering Infrastructure ,NASENI, has launched a week-long intensive training on ASPEN Plus, a process simulation software, at the agency’s Virtual Manufacturing Lab at its headquarters in Abuja.
Economy: SMEs Dying Over CBN Policies
..As experts lament high inflation, exchange rate, unaccessible loans By Cyril Ogar, Abuja No fewer than over 200,000 Small and Medium Enterprises, SMEs, in Nigeria have collapsed within the last two years, according to information exclusively obtained by AljazirahNigeria from the Association of Small Business Owners of Nigeria, owing to the hash economic policies implemented by the Central Bank of Nigeria, CBN.
Despite Huge FAAC Allocation, State Govts Battling Financial Strain - Bagudu
By Cyril Ogar Despite the huge monthly allocation from the Federation Account Allocation Committee, FAAC, following the removal of the petrol subsidy, many state governments are experiencing severe financial strain. The Minister of Budget and National Planning, Atiku Bagudu said this in an article published in The Explainer, Volume 28, dated Friday, September 27, 2024. The Explainer is a weekly publication by the National Orientation Agency.
Petrol Rises To N830.46 Amid NNPC's $6bn Subsidy Debt - Breaking News, Nigerian News and Top Stories From Aljazirah Nigeria Newspapers
…As the average price of 12.5kg, LPG hits N16,500 By Cyril Ogar The price of Premium Motor Spirit, PMS, commonly known as petrol, saw a notable increase in August, rising from N770.54 in July to N830.46, according to data from the National Bureau of Statistics,NBS. The data revealed that a liter of petrol rose by 7.78% on a month-to-month basis following the admission of the Nigerian National Petroleum Corporation, NNPC, Limited of owing about $6 million debt in subsidy.
Again, Inflation Rate Declines
…As NBS records reduction from 33.40% in July to 32.15% in August By Cyril Ogar, Abuja Again, the National Bureau of Statistics, NBS, has said Nigeria’s headline inflation rate further declined to 32.15%, according to its Consumer Price Index, CPI, and Inflation Report for August 2024, released in Abuja, yesterday. The report indicated that the figure is 1.25% points lower compared to the 33.40% recorded in July 2024.
NNPC Adjust Petrol Price To N897 Amid Fuel Scarcity - Breaking News, Nigerian News and Top Stories From Aljazirah Nigeria Newspapers
…Signs MoU to sell crude to Dangote in Naira …As Dangote Refinery begins shipment of pms to local market By Cyril Ogar Nigerian National Petroleum Corporation ,NNPCL, filling stations in Lagos have adjusted the price of petrol to N855 amid ongoing fuel scarcity, our correspondent has confirmed. AljazirahNigeria observed yesterday morning that some NNPC retail stations in Lagos are selling fuel between N865 to N897 per litre from N568 per liter.
FIRS Chief, Adedeji Gets Accolades Over Crypto Tax Reforms
By Cyril Ogar, Abuja The prevailing wind of digital currencies blowing across the world will no doubt leave an indelible mark in Nigeria as the Executive Chairman, Federal Inland Revenue Service, FIRS, Dr Zacch Adedeji, embarks on innovative cryptocurrency tax reforms. Adedeji’s reforms are in no small way the much needed impetus for moving the country towards embracing the digital economy.
NCC Orders Telcos To Reactivate Lines Barred Over NIN-SIM Verification
By Cyril Ogar Nigerian Communications Commission ,NCC, has ordered all telecommunication companies in the country to reactivate all lines they have barred over issues surrounding the linking and verification of National Identification Numbers ,NIN, linked with their SIMs. The sudden U-turn from the regulator, which had earlier given the telecom operators a July 31 deadline to bar all lines with unverified NINs, may not be unconnected with the planned protest and the claims that the government...
NUPRC Gives 24-hour Deadline Registration For Oil Block Licensing Bid
By Cyril Ogar Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, has set a 24-hour deadline for new investors to register for the 2024 oil block licensing bid round. This announcement was made by Mr. Gbenga Komolafe, the Chief Executive of NUPRC, on Wednesday at the 23rd Nigerian Oil and Gas Energy Conference ,NOG, in Abuja, which is themed “Showcasing Opportunities, Driving Investment, Meeting Energy Demand”.
States Spend 123% Of Revenue Servicing External Debt - Aljazirah
…Lagos, Cross River, Ekiti, Ogun top chat By Cyril Ogar Nigerian states have witnessed a significant surge in their external debt servicing obligations, marking a 123% increase in the first four months of 2024 compared to the same period in 2023.
Rising Inflation: CBN Raises Interest Rate To 15.5%
Says monetary tightening may continue if consumer price index rises further To mop up liquidity from banks Apex bank not under compulsion to provide dollars to foreign airlines – Emefiele By Cyril Ogar Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, yesterday unanimously voted to increase the benchmark interest rate, monetary policy rate, raised by 150 basis points to 15.
Aviation Amendment ACT 2022: Workers Threaten Showdown, Slam FG
…Issue 14-day ultimatum to reverse ‘anti-labour clauses in Aviation Bill’ By Cyril Ogar Aviation workers unions in the country have given the Minister of Aviation, Hadi Sirika, fourteen days to reverse plans to prohibit trade union activities in the aviation sector. The warning follows a demonstration at the different airports across the country due to what the unions described as discriminatory policies.
Naval Chief Indicts NNPCL, Others
Says it’s impossible to steal 200,000 barrels daily It requires a five-tonne barge making 3,160 trips per day to lift 15,800 litres Over $10 billion stolen by NNPC, collaborators Customs also faults NNPCL’s PMS daily consumption figures By Cyril Ogar Against the backdrop of recent figures of missing/stolen crude oil put at 200,000 barrels daily by the NNPC Limited, that has brought the nations revenue earnings to its low, causing the NNPCL to jettison remitting a dime for over six months; the...
Marketers Mull New Pump Price
…Price no longer feasible at N165 – IPMAN …As Lagos, Abuja worse hit By Cyril Ogar, Teddy Nwanunobi and Rotimi Asher, Lagos Nigerians are now paying more for petrol despite the official price still fixed at N162.50 and N165 per litre.Independent marketers, who started implementing a new price regime of between N170 to N190 at the weekend, insisted yesterday that it would be difficult for them to sell at the official pump price.
C’River Debt Misery: N1.4bn Illegal Foreign Loans Unaccounted
10 months after query, lawmakers yet to take action Other states not left out By Cyril Ogar In 2019, despite being the only one of the 36 states of the federation, including the Federal Capital Territory, that exceeded the borrowing ceiling due to high debt burden, Cross River State Government went on to acquire loans including an unapproved foreign loan of N1.4 billion. Yet, the State Government cannot account for the money, thus paddling the State into deeper uncharted fiscal waters.
SUSPENDED AGF IDRIS: More Heads To Roll Over N200bn Fraud - aljazirahnews
As cabinet members, others named EFCC uncovers 17 properties linked to embattled AGF, arrests ex-Gov Yari By Abdullateef Bamgbose and Cyril Ogar, Abuja The numbers of top personalities in the current administration that may be consumed by the ongoing probe of the Accountant General of the Federation, Ahmed Idris, are increasing on a daily basis as the investigation proceeds, AljazirahNigeria can authoritatively report.
N33.8trn Private Debt: States May Not Pay Salaries - IMF Warns - aljazirahnews
By Cyril Ogar World Bank has again expressed concerns over Nigeria government’s policies, warning that unless there are changes, things will remain unchanged. The International Monetary Fund IMF, has said rising private debt would slow economic recovery in Nigeria and across the world, stating vulnerable households and firms might struggle with repayment.
IMF TO FG: Reduce Debt To Avoid ‘Disaster’ - aljazirahnews
Public debt stands at N39.55 trillion in December 2021 Crude export falls from $80bn to $39bn in five years By Cyril Ogar International Monetary Fund has expressed concerns about a potential “doom loop” for Nigeria and other emerging economies. According to the IMF’s April 2022 Global Financial Stability Report, the average ratio of public debt to the gross domestic product, a key measure of a country’s fiscal health, rose to a record 67% in emerging market countries last year.
RSPHCMB A New Horizons Under Dr Monima - aljazirahnews
By Cyril Ogar Dr Agiriye Monima Harry, a Nigerian trained Medical practitioner with specialty in Orthopaedic Medicine has dedicated almost the last two decades of his life into the Rivers State Civil Service. In a country where many in the Civil service sector give in abysmal performance as “Anything goes”, Dr Harry has sacrificed his time, knowledge and resources into improving every department within the Rivers State Health Ministry he has been opportune to serve.
Ogoja/Yala Byelection: Usibe Promises Quality Representation - aljazirahnews
By Cyril Ogar in Ogoja A Chieftain of the Peoples Democracy Party, (PDP), and a leading aspirant in the forthcoming House of Representatives bye-election for Ogoja /Yala Federal Constituency, Hon. Mike Usibe , yesterday, said the federal constituency would receive premium quality and enlightened representation if voted for in the bye-election on Saturday 26th February.
FAAN Targets 30% Revenue Increase - aljazirahnews
By Cyril Ogar The Managing Director, Federal Airports Authority of Nigeria (FAAN) Captain Rabiu Hamisu Yadudu has said the authority will grow its revenue by 30 per cent by the second quarter of the year. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif Part of the strategy to achieve this new move, he said, is to tap into non-aeronautic sources. Non-aeronautical sources of revenue are non-flight based.
Ogoja/Yala: Why Usibe's Candidature Is Best Option For PDP - aljazirahnews
By Cyril Ogar As the battle for the seat of member representing Ogoja/Yala Federal Constituency in the House of Representatives continues to gather steam with over 10 aspirants declaring their interest to contest the snap by-election. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif Among all the aspirants that have indicated interest in the position, candidature of Hon.
BREAKING: Titan Trust Bank Acquires Union Bank - aljazirahnews
BREAKING: Titan Trust Bank Acquires Union Bank Ogar Cyril 4:53 PM (0 minutes ago) to me By Cyril Ogar, Abuja Titan Trust Bank Limited (TTB), one of the fastest-growing and customer-centric financial service providers in Nigeria, has acquired Union Bank of Nigeria Plc.
BPE, NIPSS, NEMA Others Spend N34bn On Food, Travels - aljazirahnews
BY CYRIL OGAR Presidency budgetary allocations for food and travels hit N34bn in six years, according to data obtained from the appropriation bills of the Federal Government within the period under review. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif The allocations for food include foodstuff/catering materials supplies, refreshment and meals, and cooking gas/fuel cost, while the allocations for travels include local and international travels.
FG Fight Back To Impose Bans On UK, Canada, Saudi Arabia - aljazirahnews
By Cyril Ogar The federal government of Nigeria has concluded arrangement to add the United Kingdom, Argentina, Canada, and Saudi Arabia to red list countries, following their decision to impose travel restrictions on Nigeria. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif The Canada, the UK and Saudi Arabia recently placed travel restrictions on Nigerians over Omicron variants of COVID-19 in the country.
Lafia Transmission Substation Completed, Energised - NDPHC - aljazirahnews
By Cyril Ogar The Niger Delta Power Holding Company (NDPHC) says the Lafia 2X150 Mega Volt Ampree (MVA) 2X60 /132/33/330 Kilo Volt (kV) Transmission Substation is finally completed and energised. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif The Technical Adviser (Media), NDPHC, Mr Sanya Adejokun, said this in a statement in Abuja on Monday.
Oil Industry Spent $20.4bn On Fabrication, Engineering - aljazirahnews
By Cyril Ogar Approximately $20.4billion was spent between 2016 and 2020, particularly in key areas such as Engineering, Procurement, Fabrication, Project Management, and Services in the oil industry. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif Executive Secretary, Nigerian Content Development and Monitoring Board , NCDMB, Engr.
FG Rejects 90% Of Airlines’ Applications For Expatriates To Boost Local Jobs - Sirika - aljazirahnews
By Cyril Ogar The Federal Government has said it rejected 90 per cent of the applications by airline operators for expert quotas in their businesses. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif It said the rejection was basically in order to ensure that Nigerians were given such jobs, particularly when there were competent citizens who could deliver on the positions.
Dollar Shortage, Subsidy, Deficit Financing Threaten Nigeria’s Growth – W/Bank - aljazirahnews
BY CYRIL OGAR World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed this in its Nigeria Development report, which was released yesterday.
Buhari Suspends Inauguration Of New NNPC Board - aljazirahnews
by Cyril Ogar President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC) until further notice.
N6trn NDDC Funds: SERAP Sues Buhari Over Looters - aljazirahnews
Says audit report outweighs any considerations to withhold information BY CYRIL OGAR, ABUJA https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif An advocacy group Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against President Muhammadu Buhari, over failure to publish the names of those indicted in the alleged misappropriation of over N6 trillion expended in Niger Delta Development Commission, NDDC, between 2000 and 2019, as...
More Hardship As NUPENG Threatens Nationwide Strike - aljazirahnews
BY CYRIL OGAR Nigeria may experience fuel scarcity following the threat issued on Monday by the Nigeria Union of Petroleum and Natural Gas, NUPENG. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif It has given the federal government a two-week strike notice, raising the possibility of fuel scarcity across the country in the coming weeks.
Stallion Launches Buy-now-pay-in-2022 Sales Promo For Nissan Almera - aljazirahnews
By Cyril Ogar, Abuja Stallion NMN Limited, Nigeria’s exclusive representative of Nissan brand, has rolled out an offer that enables Nigerian auto buyers to acquire a brand new NISSAN ALMERA with an option to pay in installments from 2022.
Regulatory Costs, Inflation Push Banks’ Operating Expenses To N874bn - aljazirahnews
By Marim Sanni Nine commercial banks in Nigeria recorded an aggregate operating expense of N874.8bn in the first half of the year. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif This figure indicates an increase of N51.9bn from the total OPEX of N822.9bn recorded in the corresponding period of 2020. The banks are United Bank for Africa, Access Bank, First Bank Holdings, GTBank, Zenith Bank, Fidelity Bank, Sterling Bank, Union Bank and First City Monument Bank.
FG Calls For Infrastructural Investment Through PPP, Modernisation Of Airports - aljazirahnews
By Cyril Ogar, The Minister of Aviation, Sen. Hadi Sirika, has canvassed for Public- Private Partnership (PPP) to standardise and modernise airports in the country. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif Sirika made this plea during his presentation in a zoom meeting on a theme “Nigerian Airport Concession Strategy. “The Federal Government had earlier proposed a 20 to 30-year concession tenure for four major airports billed for private ownership.
NLNG To Supply 1.1m Tonnes Of Gas To Domestic Market - aljazirahnews
By Cyril Ogar The Nigeria Liquefied Natural Gas limited (NLNG) has concluded the Execution of Sales and purchase Agreements (SPAs) to supply 1.1 million tonnes per annum to boost domestic gas supply in the country. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif The Managing Director of the company, Mr Tony Attah, made this known at a press conference on the Sales and purchase Agreements at the ongoing 4th Nigeria International Petroleum Summit (NIPS) in Abuja.
NLNG Supplied 370,000MT To LPG Market In 2020 - Official - aljazirahnews
By Cyril Ogar The Nigeria Liquefied Natural Gas (NLNG) Ltd supplied about 370,000 metric tonnes (MT) of Liquefied Petroleum Gas (LPG) to the domestic market in 2020. https://aljazirahnews.com/wp-content/uploads/2021/06/cbn-keep-the-naira-clean.gif Mr Tony Attah, Managing Director, NLNG, made the disclosure during a panel session at the ongoing 2021 Nigeria International Petroleum Summit (NIPS) on Tuesday in Abuja.
Seven Killed As Robbers Attack Banks In Osun State - aljazirahnews
By Cyril Ogar Osun State Police Command has confirmed investigation which said over seven people, including two police officers and two constabularies, lost their lives during attack on First Bank and Access Bank at Apomu and Ikire communities by suspected armed robbers. A statement by the command’s spokesperson, Yemisi Opalola, said some armed robbers numbering 35 at about 6.10pm on Wednesday attacked two commercial banks in Ikire and Apomu.
Reactions Trail Ayade’s Defection To APC - aljazirahnews
By Cyril Ogar Governor Ben Ayade of Cross Rivers State has dumped the Peoples Democratic Party (PDP) for the ruling All Progressives Congress (APC). Governor Ayade announced his decision on Thursday morning in a meeting with six APC governors who visited him at the Government House. The governors who visited Ayade include Governors of Kebbi, Imo, Yobe, Plateau, Jigawa, and Ekiti State.
Accuite Fuel Scarcity Hits Abuja, As Black Market Operators Sell For N500 - aljazirahnews
…NNPC clears air on new ex-depot price for petrol By Cyril Ogar Barely 24 hours after the Federal Government announced that by June fuel subsidy will be removed from all petroleum products, massive fuel scarcity has hit Abuja, the Federal Capital Territory. AljazirahNigeria reports that this development has led to massive fuel queues along Abuja major roads as black market operators sell a litre of fuel for N500.
Secondus Shuns 18 LG Chairmen Led Odey, Eba In Abuja - aljazirahnews
By Cyril Ogar National Chairman of PDP, Uche Secondus yesterday shun a delegation of 18 Local Government Chairmen from Cross River State, led by Stephen Odey and Alphonsus Eba to the Party’s Headquarters in Abuja. Our source at Wadata House told our correspondent that the National Chairman on been briefed of their visit, left the office in a hurry.
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