Nigerian Newspapers: Top 10 Business Stories Set Off Your Thursday

Top 10 Stories From Nigerian Newspapers Today, 24th May 2023

1 year ago
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Here are the top 10 stories from Nigerian daily newspapers for today, 24th May 2023 on Politics, business, entertainment and economy.

1. Court Merges Obi, Atiku, APM’s Presidential Election Petitions For Hearing May 30

The Presidential Election Petition Court (PEPC) has merged the petitions filed by Atiku Abubakar of the PDP, Peter Obi of the Labour Party and the Allied Peoples Movement (APM) seeking to nullify the outcome of the 2023 presidential election.

The court took the decision to consolidate the petitions during its sitting on Tuesday in Abuja, despite objections by the President-elect, Asiwaju Bola Tinubu, and the ruling All Progressives Congress (APC).

Upon concluding the pre-hearing session that started last two weeks, the court scheduled May 30 for all the petitioners to open their case, beginning with the LP candidate Mr Peter Obi. Read more

2. Second Niger Bridge Commissioned, Named After Buhari

President Muhammadu Buhari on Tuesday formally commissioned the Second Niger Bridge linking Delta and Anambra States. Governors and some stakeholders of the South-East named the bridge after Buhari, whose administration saw the completion of the project.

The construction of the 1.6 km long bridge that crossed the Niger River formally began in 2016 and completed in 2022. Read more

 

3. NNPC Begins Crude Oil Drilling Campaign in Borno

The Nigerian National Petroleum Company Limited (NNPC) on Tuesday formally began oil drilling campaign at the Wadi-B located in Jere Local Government of Borno State.

This is almost three decades after the national oil company withdrew from the site due to the discovery at the time that the oil deposit was not in commercial quantity.

Speaking on Tuesday, during the flag-off of the oil drilling campaign, the NNPC GMD, Mele Kyari, said the company is optimistic that the drilling exercise would help in its efforts to bring prosperity to the people through the elimination of energy poverty which is threatening Africa’s biggest economy.

NNPC had stopped the oil drilling in Wadi-B in 1995 because what was discovered during the period was not in commercial quantity.

4. CBN Revokes Licenses of 132 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks in the country, alongside four primary mortgage banks and three finance companies.

This was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday.

According to the Gazette, the licences of the financial institutions were revoked because they have for a continuous period of six months, ceased to carry on the type of business for which their licences were granted in Nigeria. Read more

5. May 29: Biden Announces 9-man Delegation for Tinubu’s Inauguration

The United States President, Joe Biden, has announced a 9-man team to attend the inauguration of Nigeria’s President-elect, Bola Ahmed Tinubu, in Abuja, Nigeria, on 29 May.

According to the announcement released on Monday, the 9-man delegation will be led by Marcia Fudge, who is the 18th Secretary of the United States Department of Housing and Urban Development.

 

6. UK Bars Nigerian Students, Others from travelling with Family             

The United Kingdom has released a new policy which states that Nigerians and other foreign nationals on study visa to the country will no longer be able to bring in their family members.

The new immigration policy released on Tuesday, will take effect from January 2024.

The British Home Secretary, Suella Braverman, had earlier proposed a number of policies for immigrant students, part of which is that foreign students will be banned from bringing dependants to the country with them unless they are on postgraduate research programmes. Under her plan also, foreign students will no longer be able to switch out of the student route into work routes for staying in the UK before their studies have been completed.

7. Seun Kuti Released on Bail

Afrobeat music star, Seun Kuti has been released on bail after eight days of detention in the Lagos State Criminal Investigation Department, Panti Yaba. Read more

8. Tinubu’s Govt Faces Multiple Industrial Crises, NLC Predicts

The Nigeria Labour Congress President, Joe Ajaero, has predicted that the incoming government will face several industrial crises due to the failure of the previous government to fulfill agreements they entered into with the various groups.

The NLC president, who expressed “pity” for the incoming Tinubu administration, said there are several inconclusive industrial challenges left unattended to by the outgoing regime of President Muhammadu Buhari.

9. Import Bill On Manufactured Goods Falls 18.4% to N2.45trn

The value of manufactured goods imported into the country fell to N2.448 trillion in the fourth quarter ended 31 December 2022, as the government tightens the noose on the importation of certain items into the country.

This represents an 18.43 percent Year-on-Year (YoY) decline compared to N3.001 trillion recorded in the corresponding period in 2021 and 45.6 percent of total imports (N5.363 trillion) during the period.

10. Oando, LAMATA Kick Off Electric Vehicles’ Operation in Lagos

Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of the company, in partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) has formally commenced the operations of its electric mass transit buses in Lagos.

The two parties on Tuesday, had a ceremony at the Lagos Bus Services Limited (LBSL) Head Office, Ilupeju, Lagos to mark the formal commencement of the operations.

They stated that the initiative was aimed at transitioning the Lagos State public transport system through the development of a pathway to a carbon-free mobility ecosystem within the state.


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