Author: Festus Adeloye

The senator representing Kano South Sumaila Kawu has accused ex-President Olusegun Obasanjo of introducing corruption to the National Assembly. Obasanjo last week accused the lawmakers of fixing their salaries and allowances amid the biting economic hardship in Nigeria. But Kawu, who has been in the news recently over his comment about what the federal lawmakers receive, faulted Obasanjo’s remark. “When you are talking about corruption, it is Obasanjo who introduced corruption into the National Assembly,” Senator Kawu said on Thursday’s edition of Channels Television’s The Morning Brief. The Chairman of the Senate Committee on Sport doubled down on his claims.…

The recent decrease in the stock prices of the Dangote Group, which includes Dangote Sugar Refinery and NASCON Allied Industries, has been attributed to foreign exchange losses and the Securities and Exchange Commission’s decision to reject their merger request. Analysts suggested that the ongoing inflationary pressures and forex volatility have worsened these challenges. The depreciation of the naira has increased the cost of importing raw materials, further squeezing profit margins. From May to August 2024, Dangote Sugar Refinery’s stock plummeted by 18.67 per cent from N45.00 to N36.60, on the back of disruptions in the supply chain and volatile sugar…

National oil company, the Nigerian National Petroleum Company Limited, said it has uncovered and confiscated products from 63 illegal refineries in the past week. A documentary by the company on Wednesday, said in the past week, 19 illegal pipeline connections and 63 illegal refineries were uncovered in the Niger Delta. The company announced the development amidst fresh concerns over the delay in the commencement of operations by the Port Harcourt Refinery as earlier announced. The Port Harcourt Refining Company, a refinery under the management of the company in Rivers State, had again failed to commence operations after about six postponements.…

M&M’s and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant. The all-cash transaction would value Kellanova — which is behind snacks such as Pringles and Pop-Tarts — at $35.9 billion, including debt. “In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future,” said Mars chief executive Poul Weihrauch in a statement. The announcement comes as consumers feel the squeeze from rising costs of living,…

The man featured in a viral video, in which his wife reportedly tore up his passport upon their return to Nigeria, has clarified that the entire incident was staged as a skit. In a recent video shared on the family’s Instagram page, the man could be seen in the company of his children begging Nigerians to forgive him and understand. According to him, what his wife tore was not a passport, adding that as a Nigerian, he cannot go against the laws of the country. He said, “What my wife tore is not passport, she never tore my passport, she…

The Nigeria Customs Service (NCS), on Wednesday, announced President Bola Tinubu’s approval for the implementation of a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items.  Customs spokesman Abdullahi Maiwada said in a statement said the presidential approval was communicated through the Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun. This policy is effective from 15th July 2024 and will remain in force until 31st December 2024, Maiwada added. He said the move would alleviate hardship faced by Nigerians due to high prices of essential food items. “However, it…

The Minister Of State for Defence, Bello Matawalle, on Wednesday, said the Armed Forces of Nigeria requires 200 million rounds of ammunition annually for its operations. This, he said, cost the government at least $2 per ammunition. Matawalle also blamed past governments for the nation’s failure to achieve self-sufficiency in defence production. The minister disclosed this during the signing of a memorandum of understanding between the Ministry of Defense, Defence Industries Corporations of Nigeria, and the National Agency for Science and Engineering on the establishment of an ammunition production factory in Nigeria. He assured the president that before the end…

The European Union has announced it will donate 215,000 doses of vaccines to Africa in a significant move to combat the ongoing Mpox outbreak on the continent. According to a statement on Wednesday, EU said the donation includes 175,420 doses of the Modified Vaccinia Ankara-Bavarian Nordic Mpox vaccine, with an additional 40,000 doses contributed directly by the pharmaceutical company Bavarian Nordic. The MVA-BN vaccine, a non-replicating smallpox vaccine, is the only Mpox vaccine approved in the EU and is authorised for use in individuals aged 18 and older. The Africa Centres for Disease Control and Prevention will oversee the distribution…

Real Madrid midfielder Eduardo Camavinga will miss the start of the season after the Spanish club confirmed Wednesday he suffered a knee ligament sprain. Spanish reports suggest the France international will be sidelined for up to seven weeks, potentially missing Madrid’s first matches in the Champions League in September and October. “After tests conducted today our player Eduardo Camavinga has been diagnosed with a ligament sprain in his left knee,” said Madrid in a statement. Camavinga suffered the injury on Tuesday during a training session when he slipped and collided with team-mate Aurelien Tchouameni. Madrid midfielder Toni Kroos retired from…

Following the nationwide protest that turned violent in Kano State, the state government has confirmed that thugs stormed and severely damaged the premises of the Kano State High Court, carting away crucial documents related to corruption charges against the former governor of Kano State, Abdullahi Umar Ganduje. Kano State Governor, Abba Kabir Yusuf, confirmed this to journalists when he paid a visit to the court for an on-the-spot assessment of the damages. He was accompanied by the Attorney General and Commissioner of Justice, Haruna Isah Dederi, the Chief Registrar of the High Court, Abdullahi Ado Bayero, and other high-ranking judiciary…