After a gruelling, nerve-racking legal tussle that lasted the whole of six years and a whopping $11.5bn at stake, Nigeria, Monday in far away United Kingdom secured a landmark judgement against the controversial shell company, Process & Industry Development (P&ID) Limited.
Justice Robin Knowles of the Business and Property Court in his 140-page judgment held that P&ID obtained its multi-billion-dollar arbitration award against Nigeria by fraud. READ MORE
2. Supreme Court Reserves Judgment In Atiku’s Appeal, Dismisses APM’s Appeal
The Supreme Court has reserved judgment in the petition by the presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, seeking to void the victory of President Bola Ahmed Tinubu at the February 25, 2023 presidential election.
Justice John Inyang Okoro, who led a 7-man panel of Justices of the Court in Monday’s proceedings, announced reservation of the final judgment after taking arguments from lawyers in the matter. READ MORE
3. Naira Speculators Days Over As FG is set to Digitise FX Transactions-Wale Edun
In no time, the federal government has concluded plans to automate the entire transactions across foreign exchange market. This move aims to curb extensive arbitrage activities and take measures against speculators who are impacting the value of the national currency, the naira. READ MORE
4 Nigeria’s Petrol Daily Consumption Reduces by 33.58%- NMDPRA
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), says the country’s domestic consumption for petrol has significantly dropped from 66.7 million liters, before the deregulation, to 44.3 million liters per day. READ MORE
5. Money Supply Increased by 1.94% to N66.42 in September – CBN
Nigeria’s money supply has increased to N66.42 trillion in the month of September 2023, a marginal growth of about 1.94 per cent from N65.15 trillion in August 2023 , Central Bank of Nigeria (CBN) has disclosed.
The figures come from the latest data released by the CBN as captured in its money and credit statistics.These figures are derived from the most recent information published by the CBN, as documented in its monetary and credit statistics. READ MORE
6. Lagos Govt Shuts Alaba International Market
The Lagos State Government has sealed the Alaba International Market over poor waste disposal practices among others.
The Commissioner for Environment, Tokunbo Wahab, disclosed this on Monday on social media platform, X.
This is according to the Lagos State Commissioner for Environment Tokunbo Wahab who tweeted this early Monday. READ MORE
7 Student Loan Scheme Takes Off in January 2024 – Tinubu
President Bola Tinubu on Monday assured Nigerians that the era of industrial crisis in the nation’s academic environment has come to an end as his government’s Students Loans Scheme takes off in January 2024.
The president made this disclosure while speaking at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), in Abuja. READ MORE
8 .UN Raises Alarm, Says Displaced Gazans Returning To North Despite Risks
The United Nations has warned that some displaced Palestinians who fled their homes in the north of Gaza are starting to return because of the dire situation in the south.
The Matrix reports that Israel had last week warned 1.1 million residents of Gaza City and other northern areas to leave for their own safety. READ MORE
9. No Tax Clearance Certificate, No Business In Abuja-Wike
The Federal Capital Territory (FCT) Minister, Mr. Nyesom Wike, has ordered that Tax Clearance Certificate (TCC) verification be done before conducting business in the FCT.At a press conference in Abuja on Monday, Mr. Chinedum Elechi, the Mandate Secretary, Economic Planning, Revenue Generation, and Public Private Partnership Secretariat, FCT Administration (FCTA), disclosed this.
“I am here today to announce that the Minister of the FCT has approved the implementation of Section 85 of Personal Income Tax Act (PITA) and Section 31 of the FCT Internal Revenue Service Act, 2015. READ MORE
10. FG Generates $2bn Investments in Renewable Energy Sector
The Federal Government announced that it has successfully secured over $2 billion in investments within the renewable energy sector over the past decade.
This achievement underscores the government’s commitment to fostering sustainable, eco-friendly energy sources.
To make these strides, the government established strategic partnerships with esteemed institutions such as the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and the Japan International Cooperation Agency.
This collaborative effort has been instrumental in securing the funds and expertise needed to bolster the growth and development of the renewable energy sector, thus contributing significantly to the nation’s or the relevant country’s clean energy transition. READ MORE
