Connect with us

Business

2023 presidency: Court restrains CBN, INEC from stopping Emefiele

Published

on

A high court sitting in the Kwale division of Delta State has granted an order restraining the Board of Central Bank of Nigeria and Independent National Electoral Commission from stopping the CBN governor, Godwin Emiefele, from seeking an elective post.

Emefiele had gone to the court to obtain a Court order to enable him to stay in office while contesting for the Presidency.
The application was filed on May 5, 2022, and the judgement was granted on Thursday, May 12.
Justice DC Maidoh in a judgement secretly delivered on May 5 granted the order and adjourned the case to May 25.
“In the circumstances, in line with order 39 rule 3 of our rules, this motion is hereby granted. The motion on notice is accordingly adjourned to 25/5/2022 for hearing,” the judge said.
The Punch reported from court documents as stating, “The court upon reading through the motion papers and hearing C.N. Ofiah Esq. for the claimants/applicants ordered as follows: I have read the processes in this suit, the applicant has complied with order 39 of our rules.
Olawepo-Hashim withdraws from presidential race
“Applicants also deposed to an affidavit of urgency. From the processes before this court, I find that the said application at this stage has merit pending the hearing and determination of the motion on notice.
“In the circumstances, in line with order 39 rule 3 of our rules, this motion is hereby granted. The motion on notice is accordingly adjourned to 25/5/2022 for hearing.
The applicant is to enter undertaking if the order sought ought not to have been made.”

Business

Nigeria’s oil revenue not enough to cover petrol import costs – Finance minister

Published

on

Nigeria’s revenue being generated from its low oil production cannot cover the cost of imported petrol, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.

She stated this on Thursday in an interview with Reuters on the sideline of the World Economic Forum (WEF) in Davos.

She said the Federal Government hopes that oil production will average 1.6 million barrels per day (bpd) this year.

In the first quarter of 2022, Nigeria’s oil production averaged 1.5 million bpd.

The minister said, “We are not seeing the revenues that we had planned for. When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”

This year, the FG had budgeted 1.8 million bpd of production, but frequent crude theft and attacks on pipelines continue to affect the nation’s wealth.

In April, it asked the national assembly to drop the projected production volume to 1.60 million barrels per day.

Despite higher oil prices due to the Russia-Ukraine war, under-recovery costs, also known as petrol subsidy, continue to erode gains.

Nigeria has spent about N1 trillion on petrol import shortfall in the last four months and will spend up to N4 trillion this year. This has also dwindled the federation revenue — just as the Nigerian National Petroleum Company (NNPC) Limited has been unable to remit any amount to the government purse this year.

On the recent hike of the monetary policy rate by the Central Bank of Nigeria (CBN), the minister said the move was necessary due to policy adjustments by the US Federal Reserve and central banks in Europe.

Continue Reading

Aviation

No plane crashed in Lagos – FAAN, NEMA

Published

on

Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.

 

Continue Reading

Business

FG targets 1.4mbpd domestic refining before 2027

Published

on

Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

Continue Reading

Trending