Author: New Daily Prime

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,…

The Inspector General of Police (IGP), Kayode Egbetokun, has launched a new emergency reporting and response application, VIGISCOPE, designed to enhance security in schools across Nigeria. The app, which aims to provide a swift and coordinated response in times of crisis, was introduced at the conclusion of a two-day seminar held from November 26 to 27, 2024, marking the inauguration of the Safe School Protection Squad. In a statement on Thursday, Ogun State Police Public Relations Officer, Omolola Odutola, explained that VIGISCOPE is an advanced alert system connected to a central base in Abuja. The app allows school authorities such…

The opposition Peoples Democratic Party (PDP) in Edo State has strongly condemned Governor Monday Okpebholo and his Commissioner for Health, Dr. Cyril Adam Oshiomhole, for their recent criticisms of the newly inaugurated Stella Obasanjo Hospital in Benin City. The hospital, named after former First Lady Stella Obasanjo, was inaugurated by former President Olusegun Obasanjo on November 6, 2024, at the close of Godwin Obaseki’s administration. The hospital, which underwent a major rebuild and expansion during Obaseki’s tenure, boasts a 270-bed capacity and is situated on Country Home Road, Off Sapele Road in Benin City. However, shortly after assuming office, Dr.…

The House of Representatives has passed a resolution to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Chief Executive Officers (CEOs) of commercial banks to propose solutions to the growing concerns surrounding the lack of documentation of Point of Sale (POS) users across the country. The resolution came after the adoption of a motion by John Okafor, the representative for Ehime/Mbano/Uboma/Obowo Federal Constituency in Imo State, during the plenary session of Wednesday, November 27. Okafor highlighted the mounting issues associated with the undocumented identities of POS users, which he argued have contributed to an…