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SERAP Drags FG To ECOWAS Court Over Illegal Oil Pipelines

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The Socio-Economic Rights and Accountability Project has filed a lawsuit against the government of the President, Muhammadu Buhari , over “the failure to probe the operations of illegal oil pipelines between 2001 and 2022, to name and prosecute those suspected to be involved, and to recover proceeds of crime.” The suit was filed by SERAP, Chief Eric Dooh, (who is suing for himself as a leader of the Goi Community in Gokana Local Government Area of Rivers State, and on behalf of the Goi Community), and 15 other concerned Nigerians.

Abuja-Kaduna Rail Services Resumes Operations Nov 28

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The Abuja-Kaduna rail services are set to resume operations on Monday, 28 November 2022 with skeletal train schedules. According to an internal memo, the first train will depart Abuja by 9:45 am while the second train will leave by 3:30 pm. Similarly, the first train will leave the Kaduna train station by 8:00 am while the second train will depart in the afternoon at 2 o’clock.

Ponmo Consumption: FG Plans Ban To Revive Leather Industry

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In a bid to revive Nigeria’s leather industry, the Federal Government (FG) has announced its plan to ban the consumption of animal skin, locally known as ponmo in the country. This was disclosed by Muhammad Yakubu, the Director-General (DG) of the Nigerian Institute of Leather and Science Technology (NILEST), who stated that ponmo consumption had no nutritional value, adding that it should be stopped in order to revive the industry and boost the country’s economy.

President Buhari Unveils Redesigned Naira Notes

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President Muhammadu Buhari has unveiled the redesigned 200, 500 and 1000 Naira notes in a brief ceremony held at the Council Chambers, State House in Abuja, shortly before the commencement of this week’s Federal Executive Council (FEC) meeting. Present for the unveiling ceremony includes the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; Minister of State Finance, Budget and National Planning, Clement Agba; Managing Director of Nigerian Security, Printing and Minting, Ahmed Halilu; amongst other top government officials.

CBN Increases MPR To 16.5% To Tackle Inflation

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The Central Bank of Nigeria has increased the Monetary Policy Rate from 15.5 percent to 16.5 percent in other to control inflation and ease pressure on the naira, making it the fourth consecutive increase this year. This was revealed by the CBN governor Godwin Emefiele at the end of the Monetary Policy Committee Meeting held in the nation’s capital on 22nd November 2022. Mr. Emefiele said the decision to raise the rate was a unanimous one as all 11 members of the MPC voted in favor of an increase.
He said the decision was made tame inflationary pressure which was expected to rise due to end-of-year spending as well as election-related spending.

President Buhari Flags-Off Oil Mining Project

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President Muhammadu Buhari and relevant stakeholders flagged off the Kolmani Integrated Development Project (KIPRO) located on the boundary of Bauchi and Gombe States, the first official crude oil drilling site in the Northern region of the country. The President performed the official-ground breaking ceremony of the Kolmani Oil Prospecting Lease (OPL) 809 and 810 at the Kolmani River II Oil Well.

President Buhari To Unveil New Naira Notes Wednesday – CBN Governor

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The Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele, revealed that President Muhammadu Buhari will unveil the newly redesigned naira notes tomorrow Wednesday, November 23, 2022. Emefiele, announced said this on Tuesday while fielding questions from journalist at the monetary policy committee (MPC) meeting in Abuja. Recall that Emefiele had announced in October that the apex bank would issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022. However, he has disclosed that CBN won’t wait till December anymore for the unveiling of the new notes.

CBN, AMCON Announce Sale Of Polaris Bank To SClI

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The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). This is happening even as the House of Representatives on Wednesday gave the go for the sale of Polaris Bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval. The House had last week directed the CBN to suspend the planned sale of Polaris Bank. The Chairman, House of Representatives Ad-hoc Committee on the probe of the sale of Polaris Bank, Hon Henry Nwawuba, yesterday said at a briefing with reporters that investigations had shown there was nothing wrong with the process. Adding that there had been compliance with the process.

Anticipate More Flooding NiMet Warns Nigerians

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The Nigerian Meteorological Agency (NiMet) and the Nigeria Hydrological Services Agency (NISHA) have revealed that there is more chance of more states in the North Central, South East, and South West experiencing floods in the coming days. This was disclosed by both the Director- General of NiMet, Prof. Mansur Bako Matazu, and the Director-General of NIHSA, Mr. Clement Nze during the opening ceremony on the Hydro-metrological status and outlook system (Hydro SOS) workshop in the nation's capital on the 11th October 2022. While speaking on the current flood impact the DG noted that the flood is a result of rainfall and has gotten to its peak, flooding as a result of opening dams and other water-holding facilities would affect the aforementioned states.

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