Oil crash: NNPC may halt Oil production

Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation, NNPC has declared. On Tuesday, Brent, against which Nigeria’s crude oil is priced, fell by $6.34 to $19.23 per barrel amid demand collapse caused by reduced economic activities. Nigeria… Read More »

Italy begins antibody tests for coronavirus immunity

Italy began conducting antibody tests in the northern region of Lombardy on Thursday, seeking information about coronavirus immunity to help guide authorities as they reopen the long locked-down country. Lombardy, the region hardest-hit by the coronavirus crisis in Europe’s worst-affected country, is betting that the science about “herd immunity” derived from the blood tests will… Read More »

EU releases €1.2 million for Coronavirus fight in Nigeria

The United Nations, UN this Tuesday announced that it has received 1.2 million euros from the European Union, EU for the provision of lifesaving preparedness and response activities for COVID-19 in Nigeria. The humanitarian funding received will further the UN’S covid-19 response in Nigeria, by engaging with communities on how to best protect themselves from… Read More »

Tobacco lobbyists trying to manipulate COVID-19 policy making – WHO

As the COVID-19 pandemic persists, tobacco manufacturers appear to be facing a tough time globally. The World Health Organization (WHO) and health experts have started vigorous campaigns against tobacco and nicotine smoking. The WHO, in a message shared via Twitter, disclosed that tobacco lobbyists tried to manipulate the COVID-19 policy making. According to the health… Read More »

Naira crashes to lowest at parallel market since 2017

The continuous fall in crude oil prices and pressure on the foreign exchange market have continued to depress further the possibility of halting the downward slide of the naira in the parallel market. The Naira dropped to N425 to a dollar, its lowest level in the parallel market since 2017, information from Abokimallamfx has revealed.… Read More »

28 dead, with 91 new covid-19 cases confirmed by Nigeria

91 new confirmed coronavirus cases have been recorded in Nigeria, bringing the total number of infections in the country to 873. The Nigeria Centre for Disease Control made this known via its Twitter handle on Wednesday. The NCDC also announced that fatalities from coronavirus-related complications have increased to 28. READ ALSO: Governors agree 2 weeks… Read More »

Governors agree to 2 weeks national Coronavirus lockdown

The 36 State Governors have recommended a national Coronavirus  lockdown over the next 2 weeks to mitigate the spread of Coronavirus. The unanimous decision was reached at the 6th teleconference meeting of the Nigeria Governors’ Forum on Wednesday. The Governors said the inter-state lockdown has become necessary following consistent rise of those infected and the… Read More »

UK coronavirus death toll passes 18,000 as 665 more die

THE UK coronavirus death toll has risen to 18,002 after 665 more people died in England. Patients were aged between 26 and 102 years old, NHS England confirmed today. It brings the total number of coronavirus deaths in hospitals across England to 16,272. Of them, 26 patients (aged between 48 and 95) had no underlying… Read More »

CBN’s N50bn COVID-19 fund disbursement begins Thursday

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday. The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in… Read More »

We’ll pay Nigerian Airways workers soon, FG promises again

The Federal Government on Monday pledged that it would soon pay former workers of the defunct Nigeria Airways Limited. The Minister of Aviation, Hadi Sirika, who made the pledge in Abuja during the daily briefings on updates on COVID-19, said the names of those who had not been paid were currently being compiled. He said… Read More »

US state, Missouri sues China over coronavirus

The US state of Missouri on Tuesday sued China’s leadership over the COVID-19 coronavirus, seeking damages over what it described as deliberate deception and insufficient action to stop the pandemic. The first-of-a-kind state lawsuit comes amid calls in Congress to punish China and a campaign by President Donald Trump to focus on Beijing’s role, amid… Read More »

Germany confirmed coronavirus cases rise by 2,237 to 145,694

Germany’s confirmed coronavirus cases increased by 2,237 to 145,694, data from the Robert Koch Institute (RKI) for infectious diseases showed on Wednesday, marking a second consecutive day of new infections accelerating. The reported death toll rose by 281 to 4,879, the tally showed.   Source: Reuters

Nigerian inflation rate accelerates to 23 months high

The Nigerian inflation rate accelerated to 12.26 per cent in March, which is the higher 23 months; the latest data released by the National Bureau of Statistics (NBS) on Tuesday has shown. The inflation rate is the measurement of changes in prices of commodities in place within a particular period, especially within a year. Panic… Read More »

Anti-Malaria drug a potential treatment for COVID-19 shows no benefit, more deaths

An anti-malaria drug repeatedly touted by President Donald Trump as a “game-changer” in the coronavirus pandemic didn’t work on patients recently treated by the Department of Veterans Affairs. There were more deaths among those patients who were given the drug, hydroxychloroquine, than patients who received standard care, researchers found. Hydroxychloroquine had no effect on whether… Read More »

Naira strengthens by 0.29% to N385.00/$ at Investors’ forex market

Activity picked up for the Naira on Tuesday at the Investors and Exporters (I&E) foreign exchange window, although trade volumes continue to remain dismal. The Naira appreciated by 0.29% to close N1.13k stronger at N385.00/$ at the I&E Forex segment. It opened at N385.71, traded high at N400.00 and eventually closed at N385.00, representing a… Read More »

Nigeria confirms 117 new Coronavirus cases -NCDC

The Nigeria Centre for Disease Control, NCDC has confirmed 117 new Coronavirus cases in the country. The new coronavirus cases are in lagos-59, fct-29, kano-14, borno-6, katsina-4 and ogun-3. With the new infections, the total number of confirmed Coronavirus cases in Nigeria jumps to 782. Meanwhile, 9 Coronavirus patients have been discharged with 3 new… Read More »

Visa Launches ‘ Visa Secure ’ to Aide Online User Experience

Visa Inc, the world leader in digital payments, introduced Visa Secure (previously known as Verified by Visa), an updated program to help make online payments more secure. Available across the Central and Eastern Europe, Middle East and Africa (CEMEA) region, Visa Secure provides rules and policies merchants and issuing banks have to follow to authenticate… Read More »

Insurers to Refund Airlines Premium over Flight Cancellations

With the cancellation of local and international flight operations to check the spread of the COVID-19 pandemic, aviation insurers are beginning to count their losses. This is because aviation insurers would have to cough up part of the premium paid to them by airlines operators at the end of the pandemic in accordance with aviation… Read More »

NCDC confirms 38 new coronavirus cases in Nigeria

Nigeria Centre for Disease Control (NCDC) has announced 38 new cases of coronavirus in the country. The agency gave the update on Twitter, Monday night. Kano State recorded the highest number of cases. NCDC gave the breakdown as: “23 in Kano, 5 in Gombe, 3 in Kaduna, 2 in Borno, 2 in Abia, 1 in… Read More »

FG extends airports closure by two weeks

The Federal Government has extended the closure of airports across the country by another two weeks beginning from April 23, 2020. Minister of Aviation, Hadi Sirika, announced this via a tweet on his verified Twitter handle on Monday. READ ALSO: Insurers to Refund Airlines Premium over Flight Cancellations He said the extension was due to… Read More »

Virgin Atlantic may fold without state help – Branson

British tycoon Richard Branson has warned that his part-owned airline Virgin Atlantic will collapse unless it receives financial aid from the UK government to weather the coronavirus crisis. READ ALSO: Insurers to Refund Airlines Premium over Flight Cancellations “We will do everything we can to keep the airline going but we will need government support… Read More »

African countries to collect $510bn from World Bank

Zainab Ahmed, the Minister of Finance, Budget and National Planning, recently disclosed that the World Bank has plans to commit a total of $510billion to boost Nigeria and other African countries’ economy within the next three years. READ ALSO: Oil price collapses below zero $ first time in history The minister spoke on behalf of… Read More »

Oil price collapses below zero $ first time in history

Global price of crude oil on Monday, collapse to below zero dollar in a key segment of U.S. oil trading in historic slump. The price on the futures contract for West Texas crude that is due to expire Tuesday, according to Bloomberg, fell into negative territory — minus $37.63 a barrel. That’s right, sellers were… Read More »

ASSBIFI kicks against any plan to sack bank workers

THE Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has kicked against any plan by any commercial banks to sack bank workers because of COVID-19 pandemic in Nigeria. Speaking with The Nation, its National President, Comrade Oyinkansola Olasanoye warned that any bank that sacks workers will face the repercussion. READ ALSO: African… Read More »

Drop in fuel imports from West Africa hit European refiners

The drop in fuel imports by Nigeria and other countries in West Africa on the back of economic slowdown are taking a toll on refiners in Europe, the Organisation of Petroleum Exporting Countries has said. European refineries currently supply a large portion of petroleum products consumed in the country and other West African countries. Nigeria,… Read More »

NPA extends demurrage free period to April 26

Following its directive to terminal operators to suspend all applicable storage fees on consignments (demurrage) for 21 days effective March 23, the Nigerian Ports Authority has directed that additional 14 days be added to the demurrage-free period. Subsequently, the agency has directed that demurrage payment on consignment be suspended for 14 days effective from April… Read More »

African countries including Nigeria need $114bn to fight COVID-19, says IMF

African countries including Nigeria need an estimated $114bn to fund the campaign against the outbreak of the coronavirus disease on the continent. This was disclosed in a statement posted on the website of the International Monetary Fund on Sunday. The statement was issued after a meeting of African leaders, bilateral partners and multilateral institutions, which… Read More »