The militant group, the Niger Delta Avengers, has again attacked a crude oil pipeline belonging to Shell, this time in Batan, Warri South West Council Area of Delta State. The militants blew up the pipeline just after midnight on Monday. The new attack happened around Camp Three, few kilometres away from where the militants had attacked oil installations early this month.It took soldiers over five hours to locate the spot of the incident and confirm the attack. <li
In the last few minutes, the NBS has released its inflation figures for the month of June, 2016. Headline inflation year on year for June 2016 rose by 16.48 percent, and on a month on month basis by 1.7 percent in June from 2.8 percent in May. Headline inflation year on year was driven largely by imported goods, prices of energy and related items especially electricity & liquid/solid fuels. Food inflation year on year for June 2016 rose by 15.3 percent from
Yesterday there was a coup in Turkey, a nation that straddles Europe and Asia. After an initial period of confusion, it has become clear that the coup is failing.
Anatomy of the coup
At about 2300 local time (2000 WAT), reports filtered through that military jets were flying low over Ankara, Turkey’s capital, and the military headquarters was taken over, with the Chief of General Staff, Hulusi Akar taken hostage. Simultaneously, the two bridges that connect Europe
The Central Bank of Nigeria (CBN) has reassured bank customers that their deposits are safe. The regulator stated in strongest terms that speculations of distressed banks are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry. This is coming against the backdrop of its intervention at Skye Bank, explaining that the infusion of a new board and management at Skye Bank was a proactive regulatory action meant to
A new report by PwC Nigeria suggests that the country is set to become Africa’s next automotive hub. The report, which painted three possible growth scenarios, projects average GDP growth of 6.6 percent through 2020, 5.1 percent to 2030 and 5.4 percent to 2050. Growth in new car sales was assumed to run at twice GDP expansion on the basis of other large emerging markets such as Indonesia. The report predicts production of 4.16 million locally manufactured vehicles
The FG has said the ₦6.06 trillion budget for the fiscal year 2016 will only be partially implemented, citing the drastic fall in oil prices, as well as the persistent attacks on oil installations in the Niger Delta which has cut government earnings by 40 percent. Appearing before the joint Senate Committee on Ethics, Privileges and Public Petitions, and Appropriation and Finance, the SGF, Babachir David Lawal, blamed the decline on the activities of the
Finance minister Kemi Adeosun says the under-performance of the insurance sector costs the country a 0.5 percent increase in GDP annually. The minister who made the announcement at the National Insurance Conference said the issues responsible for the under-performance need to be addressed, “because a 0.33 percent increase in insurance penetration can result in a growth of 0.5 percent in GDP.” This increment could lead to the creation of at least 70,000
Nigeria’s economy will probably contract this year as energy shortages and the delayed budget weigh on output, according to the IMF. “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year,” Gene Leon, the fund’s resident representative in Nigeria, said. While the economy should look better in second half of the year, growth will probably not “be sufficiently fast, sufficiently rapid to be able to negate the outcome
The Buhari administration has come under intense scrutiny recently over the concentration of appointments in one region. SBM Intelligence has curated the appointments since May 2015 to separate the facts from the assumptions.
Editor’s note: An earlier version of this infographic stated that the number of appointments made by President Muhammadu Buhari since coming into office was 121. This figure is inaccurate
The Punch is reporting that should the ongoing strike embarked upon by PENGASSAN continue until Wednesday, most petrol depots in Apapa, Lagos, will run out of fuel stock. Following the start of the strike last Thursday, loading at Apapa depots, where many marketers get petroleum products to other states, has been reduced due to the absence of workers of the Petroleum Equalisation Fund Board. PEF personnel usually certify marketers’ trucks to enable them to