A court has jailed a Boko Haram militant involved in the 2014 kidnapping of the Chibok girls. Haruna Yahaya, 35, is the first member of the group to be sentenced for playing a part in the mass abduction. The former trader, who confessed to his role in taking the 276 schoolgirls, argued he was made to act under duress. But judges sitting at a court in Kanji, who are hearing the cases of more than 1,000 suspected Boko Haram militants, dismissed his excuse. Justice Ministry
- Junior oil minister, Emmanuel Ibe Kachikwu, said he was “not ruffled” by the recent oil price decline and OPEC member nations needed to focus on their production costs. “OPEC needs to just focus on itself and focus on what it needs to do and forget what is happening in shale … Every OPEC producer must work hard to be a least-cost producer,” he said. Oil prices were trading at $64.40 per barrel on Thursday, just over 9 percent below the highs this
- Annual inflation in Nigeria slowed for the 12th month in a row in January to 15.13 percent, compared with 15.37 percent in December, the NBS said on Wednesday. A separate food price index showed inflation at 18.92 percent in January, compared with 19.42 percent in December. “The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese … meat, potatoes and other tubers,” the NBS said
- OPEC Secretary-General Mohammad Barkindo told CNBC on Tuesday he has President Vladimir Putin’s word that Russia will not flood the oil markets. Barkindo told CNBC: “I have had and received assurances both from (Energy Minister) Alexander Novak and President Putin that they would remain committed to the OPEC/non-OPEC collaboration under the declaration of cooperation.” Barkindo also said recent falls in the oil and stock markets were “just a blip”.
- Nigerian stocks shed 1.5 percent on Monday in late trades to drop to one month low as investors sold off shares from the relatively liquid banking sector. The NSE, hit by a global risk-off sentiment, fell for the sixth straight day to 42,633 points, a level last seen in January. Investors have been closing local positions on concern that rising global inflation would lead to higher interest rates in developed economies and draw capital away from emerging markets.
- The Presidency said Boko Haram freed 13 hostages Saturday after authorities negotiated their release with the Islamist militants. Three of the hostages were lecturers from the University of Maiduguri who were abducted while on an oil exploration trip in Magumeri, Borno in July 2017. The other 10 were women police officers kidnapped in a raid on a convoy the previous month. “Their release followed a series of negotiations as directed by President (Muhammadu)
The Zinox Group has concluded the acquisition of e-commerce giant, Konga, in a move that is expected to alter the e-commerce landscape in Nigeria. ThisDay quotes an industry source, as saying that the transaction had been approved by the SEC. The move marks a bold return for Zinox to an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the country’s lack of an e-payment infrastructure when it was launched 12 years ago.
- The NNPC said it will import two cargoes of gasoline per day for the rest of February in order to eradicate fuel queues. Each cargo will include 50 million litres, roughly 35,000 tonnes, to “increase supply and replenish strategic reserves”, the NNPC said in a statement. The company added it had 324 million litres of petrol on land and 432 million litres in marine storage, which it said was enough for 22 days of supply. The NNPC has worked fervently to increase
- Nigeria plans to redeem ₦762.5 billion ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government, Finance Minister Kemi Adeosun said on Wednesday. Africa’s largest economy expects to save ₦64 billion each year after it refinances the local bills with the dollar debt, she told reporters following a cabinet meeting in Abuja. In January, the head of the debt office said the
- President Muhammadu Buhari has signed an executive order aimed at boosting the domestic production of goods and creating Nigerian jobs in science, technology and engineering. The Presidency said the order related to the planning and execution of projects related to science, engineering and technology, as well as national security. The President “ordered that all ‘procuring authorities shall give preference to Nigerian companies and firms in the award of contracts,