Month: April 2024

Gadget prices start to fall as naira pares losses

The prices of gadgets have begun to fall on the back of the naira’s recent gains against the dollar and other major currencies, according to a market survey by BusinessDay. Nigeria’s currency has rallied in recent weeks after falling to record lows in January and February. It closed at N1,255.07/$ on Thursday at the Nigerian […]

Navy Arrests 5, Intercepts 65,000 Litres Of Diesel In Lagos

The Nigerian Navy Ship (NNS) BEECROFT, on Wednesday, announced the discovery of an illegal fuel depot with 65,000 litres worth N500 million in Lagos.NNS, in a statement by the Base Information Officer, Lieutenant Hussein Ibrahim, said the leader of the syndicate, Ahmed Ariyo, alongside 4 other persons were arrested in a private apartment at 3 […]

NERC: Electricity Tariff Increase Would Reduce Grid Collapses, Enhance Supply

About 24 hours after raising the electricity tariff for premium customers by over 230 per cent, Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Musiliu Oseni, yesterday, defended the decision, stressing that it will bolster electricity supply nationwide. Oseni insisted that the move will help reduce incidence of national grid collapses as well […]

N1.9bn fraud: Protesters ask Lagos Assembly to suspend Eti-Osa East LCDA boss

A group of protesters stormed Lagos House of Assembly with placards seeking the suspension of Mr John Ogundare, the chairman of Eti-Osa East Local Council Development Area (LCDA) over alleged misappropriation of N1.9billion. The leader of the protesters, identified as Mr Segun Williams said Ogundare was indicted by an investigative report of the local government’s […]

Tariff Hike: DisCos returning consumers to Band A following discrepancy

At the backdrop of a huge discrepancy between the number of feeders covered as Band A customers by electricity distribution companies (DisCos) and what was approved by the Nigeria Electricity Regulation Commission (NERC) the DisCos are now making moves to return some of the consumers to Band A to charge the new tariff. Vanguard learnt […]

Petrol queues return as subsidy backlog stifles supply

Motorists in some parts of Lagos faced a resurgence of petrol queues on Thursday as the Nigerian National Petroleum Company Ltd (NNPC) struggled to meet national demand due to a backlog of unpaid subsidies. The NNPC Ltd, which is the sole importer of petrol into the country, has been reliant on government subsidies to keep […]

Two bag 450-hour community service for drug dealing in Lagos

The Federal High Court in Lagos on Wednesday convicted and sentenced a 45-year-old businesswoman, Josephine Okpai, to 200 hours of community service for unlawful dealing in 1.3kg of cannabis sativa. Also sentenced was a 44-year-old fashion designer, Waheed Olayiwola, who bagged 250 hours of community service for selling 145kg of hard drugs. While pleading for […]

Manufacturers, labour fume over 240% electricity tariff hike for Band A customers

In a move sparking immediate backlash, the Nigerian government, through the Nigerian Electricity Regulatory Commission (NERC), announced a significant increase in electricity tariffs for Band A customers. This category, representing roughly 15% of the nation’s power users and promised up to 20 hours of daily supply, will now pay N225 per kilowatt-hour (kWh), a staggering 240% jump from […]

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