Headlines news for the day – First Ideas Limited

Headlines news for the day


More pain for Nigeria as villagers besiege 300,000bpd pipeline

A siege by irate villagers on a major crude oil pipeline in Bodo community, Rivers State, has opened a new dimension in the debate over the worrying level of oil theft in the Niger Delta, where as much as 300,000 barrels of oil is stolen daily, sources have confirmed to BusinessDay.

Nigeria not ready for local crude refining – Modular refinery promoters

Nigeria and its national oil company, Nigerian National Petroleum Company Limited (NNPC), are not ready for the rash of modular oil refineries seeking to fill the massive void in local supply of petroleum products, according to investigations by BusinessDay.

Fighting ASUU for the soul of public universities

After giving the Federal Government of Nigeria 14-month strike notice (December 2020 – February 14, 2021), the Academic Staff Union of Universities (ASUU) asked its members to stop teaching to force government to fund public universities and sign a renegotiated agreement.

Can Obi make Labour a governing party in Nigeria as it is worldwide?

Labour Party is a recognisable brand name for social democratic parties all over the world. Since the British Labour Party was founded in 1900, forming its first government in 1924, Labour parties have been established political parties across the world, becoming the…

Nigeria’s subsidy bill of $16bn surges to double total spending of all 36 states

Full year estimate for petrol subsidy payment for 2022 will hit nearly sixteen billion dollars or double the total expenditure budget of all the thirty-six states in 2021 according to leading economist Bismarck Rewane. Last year, all the 36 states spent the equivalent of $9.8bn, half what the nation will spend this year to…

ASUU heads to Industrial Court to defend strike action

Chris Piwuna, the vice-president of the Academic Staff Union of Universities (ASUU) has confirmed that the union will be in court on Monday, September 12, 2022 to defend the suit filed against it by the federal government. Piwuna made this known to journalists on Sunday, September 11 when he revealed that ASUU…

Protect human rights defenders or stop fundraising in their name

Around 6.50pm on October 20, 2020, Catherine Udeh’s entire life changed forever. Using her platform as a well known DJ during the #EndSARS protest of October 2020, Catherine, aka DJ Switch had become something of a rallying point. The part of the story that is well known is that she live streamed the event…

ASUU: Private varsities experience surge in students’ transfer as strike lingers

The establishment of public universities in Nigeria can be traced back to the 1940s when the University College, Ibadan, was established. From the 1940s to date, we have witnessed the establishment of 170 universities, according to Statista. Of these 170 universities, 79 are private, 43 are federal, and 48 are…

Stocks lose N37bn as week opens

Nigeria’s equities market opened this new week on a negative note as investors sold insurance, banking and industrial stocks amid mild bargain in consumer goods stocks. The market decreased by 0.14 percent or N37billion at the close of trading on Monday September 12, pushing this year’s positive return lower to…



President Buhari Inaugurates Committee on National Economy

 President Muhammadu Buhari has inaugurated a Presidential Committee on the National Economy. The committee is expected to bring together all policymakers responsible for the economy, against the backdrop of disruptions caused by Covid-19, complications from the Russia-Ukraine conflict, and the decline in our oil production. Source Proshare Read More

US-China Renewable Energy Battles: Understanding the Logic, Opportunities and Pitfalls

 – The two largest economies in the world, the United States (U.S.) and China, are leading the charge to fight global warming. The two countries are responsible for the most significant carbon emissions globally. Still, to understand the issues at stake, analysts believe it is necessary to build a timeline of climate change and the effort to combat it. Source Proshare Read More

CBN: We Injected $7.6bn Into FX Market In Five Months To Stabilise Naira

 The Central Bank of Nigeria (CBN) says it injected $7.6 billion into the economy in five months through foreign exchange sales to authorised dealers. Source The Cable Read More

FG Loses 13.21m-Barrels Oil Worth N603.64bn In 2022

 Nigeria lost about 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August this year, an analysis of the monthly reports of the country’s crude oil and condensate production showed. Source Punch Read More

BUA Cement H1 2022 Results: Operating Profit Sees Growth of 53.86% on Equity Jump of 31.52%

 – BUA Cement’s H1 2022 results defied macroeconomic constraints caused by rising energy costs and currency devaluation. The cement maker reported notable growth in its profit and a -11.57% decline in gearing. BUA’s Capital structure showed reduced operational stress with a +31.52% rise in Equity. Source Proshare Read More

Committee Hails NEPZA on Projects Execution at Economic Zones

– The Joint Projects Monitoring Committee, which comprised of officials from the Ministry of Industry, Trade and Investment and the Nigeria Export Processing Zones Authority (NEPZA) has expressed satisfaction over the level of progress so far recorded on the 112 approved projects for the authority. Source ThisDay Read More

Oil Prices Drop Amid China COVID Curbs, Possible Rate Hikes

– Oil prices fell on Monday with the global fuel demand outlook overshadowed by COVID-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe. Source Reuters Read More

Nigeria, Others to Benefit From $2 Billion OPEC Fund

 Nigeria and other African countries may benefit from donor-assisted funding by the OPEC Fund for International Development (OFID), The Nation had learnt. Source The Nation Read More

Portal To Track Real Owners of Oil, Other Coys Ready Soon – NEITI

– The federal government will soon launch a national database portal on the real owners of companies in the petroleum industry as well as other sectors towards promoting transparency and to curb illegal financing. Source Daily Trust Read More

Nigeria Leading in Africa as Global Bitcoin Trade Hit $3 Trillion

– Despite economic losses from cryptocurrency trade and caution by financial experts, global trade in the Bitcoin industry has hit $3 trillion. Source Guardian Read More

The U.S. Consulate General Hosts Seminar for Cybersecurity Professionals

– The U.S. Commercial Service hosted a seminar attended by Consul General Will Stevens that connected cybersecurity professionals in the Nigerian banking, telecoms and FinTech sectors to the services and opportunities provided by the American software company SAS. Source Tech Economy Read More

 How Adoption of Digital Technology, Can Spur Non-Interest Banking in Nigeria

 Adopting digital technology solutions has enormous potential to spur non-interest banking in Nigeria. Dr. AbdulFathi Saleh Al-Hussaini, Founder, Fathi-Tech Solutions, made this point while providing his perspective on “How Islamic Fintech Firms are Leveraging Digital Financial Assets.” Source WebTV Read More


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