The first Prosecuting witness, PW1 for the Economic and Financial Crimes Commission (EFCC), Abubakar Kweido in the trial of a former Minister of Power, Saleh Mamman, has told a Federal High Court sitting in Abuja before Justice James Omotosho that the former minister allegedly used funds meant for the Mambilla project to purchase Abuja properties. The EFCC is prosecuting Mamman on a 12-count charge bordering on conspiracy to commit money laundering to the tune of N33,804,830,503.73. During Wednesday’s proceedings, Kweido, an operative of the EFCC while being led in evidence by prosecution counsel, Olumide Fusika, SAN said investigation activities showed…
Author: Abdoulaye Kay
The Caribbean countries say they would seek a partnership with the Dangote Group in cement and fertiliser production. The Prime Minister of Grenada, Dickon Mitchell, has praised the Dangote Petroleum Refinery and Petrochemicals as a key investment for the industrialization and development of Africa and other developing regions. During his tour of the Dangote complex in Lagos, Mitchell, who also serves as the chairman of the Caribbean Community (CARICOM), emphasized the need for investments that would reverse the trend of exporting raw materials and importing finished products. ALSO READ Beyond the Facade: Unveiling the Violence in Nigeria’s ‘Peaceful’ Presidential Elections…
Tanzania has proudly announced the completion of the Magufuli Bridge, the longest bridge in East Africa. This monumental infrastructure project, constructed for $300 million, is a testament to the nation’s commitment to enhancing connectivity and fostering economic growth in the region. The 3.2-kilometer bridge, formerly known as the Kigongo-Busisi Bridge, has been renamed in honour of the late President John Pombe Magufuli, whose leadership was marked by a focus on infrastructural development. This strategic infrastructure significantly reduces travel time across Lake Victoria, cutting the journey from approximately two hours to a mere four minutes. Such efficiency is expected to stimulate…
The Sokoto State Police Command has announced the arrest of 22 suspects in connection with criminal conspiracy, theft, mischief, and the receipt of stolen items. Mr. Ahmed Musa, the Commissioner of Police (CP) in the state, disclosed this while addressing journalists in Sokoto on Thursday. He stated that the arrests align with the police’s commitment to ensuring the safety of lives and property in the state. Musa revealed that two suspects were apprehended following a report from the Manager of SAMAG Engineering Company regarding the alleged theft of aluminium conductor wires in the Goronyo Local Government Area on Friday. “The…
Sterling Bank, a leading financial institution committed to empowering small and medium enterprises, has been honored with the prestigious MSME Bank of the Year award at the 2024 MSME Finance Awards. The Sterling Bank, commited to small businesses, was recognized at the annual MSME Finance Awards. The event, organized by Nairametrics and The Economic Forum Series, took place on Saturday 27th September at Civic Centre, Victoria Island, recognizing excellence in supporting Nigeria’s vibrant MSME sector. Mustapha Otaru, Chief Product Officer at Sterling Bank Ltd, expressed his enthusiasm: “This award is a testament to Sterling Bank’s unwavering commitment to empowering MSMEs.…
From November 1, 2024, vehicle owners will be expected to pay N21,000 and N15,000, respectively, to obtain a five-year and three-year driver’s licence, and number plate. The new rates followed a review recently approved by the Joint Tax Board (JTB). Also, a revised price to obtain a five-year and three-year driver’s licence for a motorcycle/tricycle will be N11,000 and N7,000 respectively. However, Olusegun Adesokan, the secretary of JTB, in a circular sighted by BusinessDay, stated that the approval for the increased rates was subject to the ability of the Federal Road Safety Corps to adequately educate and sensitise the public…
Nigerian Electricity Distribution Companies (DisCos) recorded the sum of N431.16 billion as revenues from customers in Q2 2024, reflecting a collection efficiency of 79.31%. This is contained in the quarterly report of the Nigerian Electricity Regulatory Commission (NERC) covering the second quarter of 2024. This performance, derived from a total billing of N543.64 billion, shows a modest increase of 0.20 percentage points compared to the previous quarter’s 79.11% efficiency. The rise in collection efficiency indicates an improvement in DisCos’ ability to recover billed revenues despite ongoing challenges in the power sector. In addition to revenue collections, the report shows that DisCos’ remittance to the upstream market players…
State governments participating in the Special Agro-Industrial Processing Zone (SAPZ) project have pledged their commitment to the speedy and effective implementation of the initiative. The states involved include Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory (FCT). The commitments were made during separate interviews with journalists at the SAPZ Phase 1 High-Level Implementation Acceleration Dialogue and States Steering/Technical Committee Workshop held on Wednesday in Abuja. SAPZ is an inclusive agro-industrialisation programme aimed at creating integrated, agriculturally focused platforms to drive private sector investment in value-added agro-processing. The project seeks to unlock opportunities in food security,…
Nigeria must enhance its crude oil production capacity and effectively manage supply to ensure adequate feedstock for domestic refineries, in order to transition from a net importer to a net exporter of petroleum products, according to Aliko Dangote, Chairman of Dangote Refinery and Petrochemicals Company Limited. Speaking during his keynote address at a summit organized by the Crude Oil Refinery Owners Association of Nigeria (CORAN) in Lagos, Dangote expressed concern over Africa’s dependency on petroleum imports, despite the continent’s abundant crude oil resources. He highlighted that Africa imports around 3 million barrels of petroleum products daily, which cost approximately $17…
Cameroon’s President Paul Biya, aged 91, has not been seen in public for weeks, sparking concerns about his health and the country’s future leadership. Biya, who has ruled Cameroon since 1982, is Africa’s second-longest-serving leader and the world’s longest-serving non-royal head of state. His long tenure has often raised questions about succession, given his advanced age and the increasing fragility of his appearances over recent years. Public speculation over Biya’s health has been fueled by the government’s continued silence regarding his absence. The last time Biya was seen publicly was at the China-Africa Summit in September, and since then, there…