Author: New Daily Prime

Ukrainian President Volodymyr Zelensky has made a significant shift in his stance on the ongoing war with Russia, stating that he is willing to temporarily cede territory to Russia in exchange for NATO protection over Ukraine’s remaining territory. In an interview with Sky News on Friday, November 29, Zelensky explained that his country could consider giving up land under Russian control for a ceasefire agreement, provided NATO member countries, such as the United States, Britain, and France, extend security guarantees over the territories Ukraine still holds. “If we want to stop the hot stage of the war, we should take…

The Nigerian Electricity Regulatory Commission (NERC) says the cumulative electricity subsidy for 2024 will increase to N2.4 trillion. The Commissioner of Planning, Research, and Strategy of the NERC, Dr Yusuf Alli, disclosed this at the PricewaterhouseCoopers’ (PwC) annual power and utilities roundtable, held in Lagos on Thursday, November 28, with the theme, ‘Reigniting Hope in Nigeria’s Electric Power Sector.’ Alli attributed the increase in the subsidy figures to challenges with foreign exchange and adjustments to tariffs. He said, “As of November, the subsidy amount stood at N1.9 trillion, but with current trends, the monthly subsidy for electricity is expected to reach…

Edo State Governor, Mr. Monday Okpebholo, has approved a new initiative that guarantees automatic employment for first-class graduates from both Nigerian and foreign universities into the state’s Civil and Public Service. This move is part of efforts to enhance the quality of manpower within the state’s workforce. The announcement was made by the state’s Head of Service, Anthony Okungbowa, who issued a statement on Friday, November 29, detailing the Graduate Development Programme. According to Okungbowa, the programme aims to integrate top-tier graduates into the state’s civil service to drive effective and efficient service delivery. Okungbowa explained that the Governor’s decision…

The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions over the ongoing cash scarcity at Automated Teller Machines (ATMs) across the country. CBN Governor, Olayemi Cardoso, announced that penalties would be imposed on erring banks and other financial players during his address at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria on Friday. Recent reports have highlighted a significant shortage of cash, both at ATMs and over-the-counter services, leading to inconvenience for ordinary Nigerians. The CBN has acknowledged the challenges and stated that it is taking measures to address the…

Gimba Ya’u, the former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), has been arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for his alleged involvement in the diversion of $65 million. Ya’u, who is also an in-law to former President Muhammadu Buhari, appeared in court alongside Bola Ogunsola, a former director at FMBN, and Tarry Rufus, the managing director of T-Brend Fortunes Nigeria Limited. The trio faced charges before Justice James Omotosho of the Federal High Court in Abuja on Tuesday, November 26, 2024. The funds in question were earmarked for the…

In an exciting development, global markets are witnessing a surge in unicorns—companies valued at $1 billion or more—and Nigeria is no exception. Among the latest to join this prestigious group is Moniepoint, a leading Nigerian fintech, which recently attained unicorn status following a successful $110 million Series C funding round. This brings the total number of unicorns in Africa to eight, with Moniepoint joining the ranks of high-profile tech giants like Interswitch, Opay, Flutterwave, Wave, Andela, Chipper, and MNT-Halan. The rise of these multi-billion-dollar companies is not limited to the fintech sector. The Nigerian Stock Exchange (NGX) is also home…

Professor Emmanuel Osodeke, President of the Academic Staff Union of Universities (ASUU), has voiced significant concerns over the growing trend of first-class degrees being awarded by private universities in Nigeria. Speaking at a recent event in honour of Professor Andy Egwunyenga, the outgoing Vice-Chancellor of Delta State University (DELSU), Osodeke highlighted the implications of this development for the integrity of Nigeria’s higher education system. The ceremony, which marked the conclusion of Professor Egwunyenga’s tenure at DELSU, was held on the university’s campus in Abraka, located in Ethiope East Local Government Area, Delta State. In his address, Osodeke noted that while…

“Up NEPA” is a Nigerian expression passed down generations, succinctly capturing the irony of erratic electricity supply in an energy-rich country.If you hear the phrase anywhere in Africa’s most populous nation, it can only mean one thing — that the familiar torment of a power outage has ended, at least for the time being.This acronym for the defunct National Electric Power Authority found its way into a 2024 documentary of the same name by director-screenwriter Ishaya Bako that chronicles the history of electricity in the West African country and the tribulations of 200 million people trying to make peace with…

Governor Francis Nwifuru of Ebonyi State has announced the suspension of the state Commissioner for Health, Dr. Moses Ekuma, for a period of three months, citing his lack of capacity to manage the ministry effectively. Nwifuru made the announcement on Wednesday, November 27, during a citizens’ engagement forum for the 2025 budget proposal in Abakaliki. The governor expressed concern over the state of the health ministry, which he described as “sick,” despite the presence of qualified personnel. He emphasized that individuals in positions of authority must be accountable and responsible in their duties. “When one is in a position of…

The Russian Army on Thursday, November 28, intensified its assault on Ukraine’s energy infrastructure, forcing emergency power outages across the country as temperatures plummeted. The strikes mark a significant escalation in Russia’s ongoing campaign against Ukraine’s energy grid, which has been a key target since Russia’s invasion in February 2022. Ukraine’s Energy Minister, German Galushchenko, confirmed that the country’s energy sector was under a “massive enemy attack,” with the strikes affecting power facilities nationwide. Following a nationwide air alert for incoming missiles, Ukraine’s Air Force reported a barrage of Russian cruise missiles and attack drones aimed at several major cities,…