Cloned Nigerian Anchor

Author: Doris Israel Ijeoma

  • $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena

    $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena

    A Federal High Court in Port Harcourt has ordered the detention of crude oil cargo on the FPSO vessel Tamara Tokoni, owned by General Hydrocarbons Limited, a company linked to Nduka Obaigbena, chairman of THISDAY and ARISE Media Group. 

    The legal case involves a debt recovery dispute between General Hydrocarbons and First Bank, led by businessman Femi Otedola.  

    (L-R): Obaigbena, Otedola

    The court, presided over by Justice E.A. Obile, issued the ruling on January 9, directing the Nigerian Navy and other agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Ports Authority (NPA), to ensure the detention of the vessel and its cargo.

    READ ALSO: Reps Demand 2024 Budget Breakdown, Audited Accounts of TETFund

     The order will remain in effect until General Hydrocarbons provides a guarantee of $19.7 million, along with interest and legal costs, from a first-class Nigerian bank.  

    First Bank alleged that General Hydrocarbons owes $225.8 million due to missed repayment deadlines on credit facilities extended to the company. 

    The financial institution also claimed that Obaigbena and his family members, who hold key positions in the company, used the loans to amass significant debt without fulfilling repayment obligations.  

    In a prior development, the Federal High Court in Lagos froze the accounts and assets of Obaigbena, his company, and family members involved in General Hydrocarbons. The bank justified this move as necessary to recover outstanding debts.  

    READ ALSO: UNILAG Awards First Class Degrees to 76 Females, 30 Males

    General Hydrocarbons, through its legal representatives, has criticized the court orders as an abuse of the judicial process.

     The company alleged that First Bank violated an earlier court ruling permitting it to access funding for oil and mining lease operations.

     According to the company, the bank failed to disburse funds on time, disrupting oil exploration activities under their loan agreement.  

    The dispute has raised concerns about the management of financial agreements in the oil and gas sector. 

    The case has been adjourned to February 9, 2025, for further proceedings, leaving the fate of the detained crude oil cargo uncertain.  

  • Abia Increases Salaries of Traditional Rulers  

    Abia Increases Salaries of Traditional Rulers  

    The Abia State Government has approved an increase in the monthly payments for traditional rulers in the state. 

    Traditional leaders will now receive between N250,000 and N350,000, with an extra N100,000 added for members of the Traditional Rulers Council at the state and local levels.  

    This decision was announced on Monday by the Commissioner for Information, Okey Kanu, following a State Executive Council meeting in Umuahia.

    READ ALSO: PSC Sacks two erring officers, punish others

     He said the government aims to honor traditional rulers and promote the state’s culture.  

    Additionally, the government is working on updating its 30-year development plan to address current economic conditions.

     A State Economic Team will soon be inaugurated to handle the re-basing process, which involves adjusting the economy’s base year to reflect updated prices.  

    READ ALSO: Peter Obi and Tinubu’s, APC’s morbid line

    The government has also revamped its Harmonized Taskforce to enforce rules against street trading and driving against traffic. 

    These actions are intended to protect the state’s roads and prevent accidents caused by one-way driving.  

    In education, Abia has begun implementing its Out-of-School Policy as schools reopen after the holidays. 

    A special taskforce has been set up to ensure children return to school, with a goal of eliminating out-of-school children across the state.  

  • PSC sacks two erring officers, punishes 6 others

    PSC sacks two erring officers, punishes 6 others

    The Police Service Commission (PSC) has dismissed two Assistant Superintendents of Police for misconduct and corruption, among other offenses.

     This decision came during the commission’s recent meeting at its headquarters in Jabi, Abuja.  

    In addition, six other officers faced disciplinary action, with their ranks reduced. These included two Superintendents demoted to Deputy Superintendents, one Deputy Superintendent lowered to Assistant Superintendent, and three Assistant Superintendents reduced to Inspectors.  

    READ ALSO: Good governance is required to end terrorism – CDS

    The PSC also reprimanded 10 senior officers for unauthorized disclosure of secrets and other misconduct. Nine others received formal warnings, while one Deputy Commissioner was exonerated after an investigation.  

    The meeting also approved several promotions within the police force. 

    These included elevating 11 Commissioners to Assistant Inspectors General, 16 Deputy Commissioners to Commissioners, and over 2,300 other officers to higher ranks.  

    The PSC chairman, DIG Hashimu Argungu, emphasized the need for discipline among officers to ensure effective law enforcement. The decisions have been communicated to the Inspector General of Police for implementation.

  • Joseph Aoun Elected Lebanon’s New President

    Joseph Aoun Elected Lebanon’s New President

    Lebanon’s political deadlock has ended with the election of Army Chief Joseph Aoun as the new president. 

    This decision came after multiple attempts to fill the vacancy left by former President Michel Aoun, who served until October 2022. 

    Political negotiations, often hindered by the split between Lebanon’s Western and Iran-aligned factions, had failed for nearly two years.

    The breakthrough in the election followed a ceasefire agreement brokered by the United States, ending the November 2024 conflict between Hezbollah and Israel. 

    READ ALSO: Fintiri Appoints Seven New Traditional Rulers in Adamawa

    This ceasefire played a crucial role in shifting Lebanon’s political landscape, with Joseph Aoun’s leadership playing a vital role in the implementation of the ceasefire terms. 

    His position was further solidified as the army was deployed to Hezbollah-controlled regions in southern Lebanon.

    Aoun’s election has garnered support from both Saudi Arabia and the United States, signaling their growing influence in Lebanon’s political scene. 

    As a Maronite Christian, his ascension to the presidency aligns with Lebanon’s confessional power-sharing structure, marking a new chapter for the country after a prolonged leadership vacuum.

  • Tinubu Hosts Wang Yi, Chinese Foreign Minister in Abuja

    Tinubu Hosts Wang Yi, Chinese Foreign Minister in Abuja

     

    President Bola Ahmed Tinubu is hosting China’s Foreign Affairs Minister, Wang Yi, at the Presidential Villa in Abuja. 

    The visit, part of Wang’s two-day mission to Nigeria, builds on commitments made during the 2024 Forum on China-Africa Cooperation (FOCAC) Summit in Beijing.  

    Discussions are focused on strengthening partnerships in areas such as the economy, politics, and energy. The session also involves Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar. 

    The ministers are expected to address the media after their private talks.  

    Wang Yi was welcomed at the Nnamdi Azikiwe International Airport by Dunoma Umar Ahmed, the permanent secretary of the Ministry of Foreign Affairs. 

    This meeting underscores the deepening ties between Nigeria and China.

  • Cross River Commissioner for Tourism Passes Away

    Cross River Commissioner for Tourism Passes Away

    Robert Ewa, the Commissioner for Tourism, Arts, and Culture in Cross River State, has died. 

    He passed away on Wednesday evening at Arubah Specialist Hospital in Calabar, the state capital.  

    Earlier in the day, Ewa attended the state executive council meeting led by Governor Bassey Otu.

     Following the news of his death, members of the council and the governor’s aides gathered at the hospital to support his family.  

    Ewa’s career included roles as Secretary and Chairman of Boki Local Government Council, Special Adviser on Community Relations, and Secretary of the Anti-Deforestation Task Force.

  • Morka Cries Out Over Death Threats After Controversial Remarks on Obi

    Morka Cries Out Over Death Threats After Controversial Remarks on Obi

    Like a hunter that is now been hunted, All Progressives Party Spokesman, Felix Morka, after an incendiary remark that was allegedly aimed at inciting the public against Mr. Peter Obi, a leading opposing figure, is now crying foul after his comments backfired at him.

    A distraught Morka, appeared on Arise TV this morning to cry that he and his family have been threatened with death following his recent comments about Peter Obi.

     Morka’s remarks, made during an interview on Arise Television, were reportedly misconstrued by Obi as threatening. 

    Morka revealed that he had documented over 400 threats, including around 200 specific death threats, many with graphic descriptions of harm.

    Morka denied making any statement that could be seen as threatening to Obi, insisting that the threats were issued by individuals acting on their own, Punch reports.

     He assured that he would submit the threats to law enforcement for investigation. 

    The controversy stemmed from Morka’s criticism of Obi’s comments about President Bola Tinubu’s government, where he suggested that Obi “deserved whatever came his way.” 

    This led to strong reactions, with figures like Atiku Abubakar calling for an apology from the APC and the Labour Party demanding action against Morka.

  • Kanu Requests New Judge, Opposes Resumption of Trial

    Kanu Requests New Judge, Opposes Resumption of Trial

    Nnamdi Kanu, leader of the Indigenous People of Biafra, remains firm in his objection to the resumption of his trial, citing a lack of trust in Justice Binta Nyako. 

    He insisted that the judge should step aside, despite the Federal Government’s push for proceedings to continue under her oversight.

    The case has faced multiple twists since Kanu’s re-arrest and extradition from Kenya in 2021. Initially handled by Justice Nyako since 2015, the trial saw her step down in September 2024 after Kanu challenged her impartiality.

     However, the Chief Judge of the Federal High Court reassigned the case back to her, stating her long-standing familiarity with it. 

    Kanu’s legal team contends that Justice Nyako’s decision to recuse herself still stands, making the Federal Government’s push for trial resumption improper. 

    Meanwhile, government lawyers argue that her recusal was not formalized by the required legal process and demand a trial date.  

    READ ALSO: Tinubu Visits Enugu for Project Commissioning Today

    The prolonged legal battle, involving allegations of treason and terrorism, has kept Kanu in custody under the Department of State Services, with repeated bail applications denied.

     The dispute over the judge’s role further delays proceedings, leaving the case in a state of uncertainty.

  • Bauchi Governor Re-appoints Sacked Commissioners as Advisers  

    Bauchi Governor Re-appoints Sacked Commissioners as Advisers  

    Just two days after being sacked, Bauchi State Governor, Bala Mohammed has re-appointed three former commissioners as special advisers in a reshuffled cabinet.  

    The appointments, which took effect immediately, were detailed in an official statement issued on Tuesday. 

    The changes appear aimed at utilizing the expertise of the former commissioners in new capacities to drive state development.  

    Among the appointees are Abdulhameed Bununu, who transitions from Commissioner for Internal Security and Home Affairs to Special Adviser on Multilateral Coordination and Regional Integration.

     Usman Danturaki, previously overseeing Information and Communication, will now focus on Labour Matters and the Contributory Pension Scheme.

     Madugu Yalams, the former Agriculture Commissioner, assumes the role of Special Adviser on Technical and Vocational Education.  

    Governor Mohammed emphasized the need for the appointees to focus on delivering impactful results in their new roles, aiming to improve the lives of Bauchi residents.  

    Earlier in the day, the governor announced a cabinet reshuffle, which included the dismissal of five commissioners, citing the need to enhance governance and service delivery across the state.

  • Overhaul Power Sector to Unlock Nigeria’s Economic Growth in 2025 – Rewane

    Overhaul Power Sector to Unlock Nigeria’s Economic Growth in 2025 – Rewane

    Bismarck Rewane, the renowned economist and CEO of Financial Derivatives Company Limited, has emphasized the need for power sector reforms as a critical factor in achieving Nigeria’s proposed 4.6% economic growth rate in the 2025 budget.

    In an interview, Rewane shared his economic outlook for 2025, explaining his projection of 25% inflation, despite hopes for a significantly lower rate.

     According to Rewane, inflation will persist due to factors such as slow GDP growth and the mismatch between money supply and goods production. However, he also suggested that inflation would ease gradually throughout the year, though it is unlikely to dip below 25%.

    “Inflation is beginning to moderate and will continue to decelerate, but it’s unlikely to meet the optimistic 15% target set in the 2025 budget,” Rewane stated. He predicts that inflation will decrease from 34.6% to 25% within a year, with a monthly easing rate of around 0.8%.

    Addressing the monetary environment, Rewane noted that a reduction in inflation could lead to a corresponding drop in the Monetary Policy Rate (MPR), potentially making the financial landscape more conducive for economic growth.

    Rewane also projected a Naira exchange rate of N1,550/$, based on the expectation that Nigeria’s economy would move closer to dynamic equilibrium.

     This would reduce the misalignment between the official and parallel exchange rates, as well as between interest rates and inflation.

    However, the economist emphasized that without significant reforms in the power sector, Nigeria’s growth targets would remain out of reach. 

    Rewane underlined that resolving power sector challenges is vital for spurring productivity and ultimately ensuring the country’s economic expansion in the year ahead.