Finance

A deepening crisis has gripped Nigeria's power sector as wholesale gas producers abruptly halted the supply of natural gas to power generation companies (GenCos) due to a staggering accumulation of unpaid debts. This drastic measure has plunged the nation into widespread blackouts, exacerbating the already precarious electricity situation and raising concerns about the stability of the energy sector. The alarming development came to light through an exclusive interview with Dr. Joy Ogaji, the Chief Executive Officer of the Association of Power Generation Companies (APGC). She revealed that gas producers took the unprecedented step of suspending gas supply after receiving instructions from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The NMDPRA reportedly cited the escalating debt owed by GenCos as the reason for their directive, ordering gas producers to cease deliveries until further notice. This situation has thrown the […]

A British Columbia woman who accidentally sent over $1,600 in online banking payments to a company with a name resembling her telecom provider has won a refund through a small claims court decision. Georgina Selina Pomeroy, a Telus customer, mistakenly directed 20 payments totaling $1,615 to Telair Communications (now Sipstack Inc.) between November 2022 and April 2023. The confusion arose from the similarity between the names "Telus" and "Telair." When Pomeroy realized her error, she contacted her bank, TD Bank, which attempted to recover the funds from Sipstack. While Sipstack acknowledged and refunded one mistaken payment of $295, it denied receiving any other payments. However, Pomeroy provided evidence to the B.C. Civil Resolution Tribunal, including a spreadsheet detailing the payments and letters from TD Bank confirming the transactions and Sipstack's account number. Tribunal member Kate Campbell ruled in favor of […]

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a substantial Abuja property valued at N2.2 billion, allegedly linked to former Central Bank of Nigeria Governor Godwin Emefiele. Court documents reveal the property, spanning 150,500 square metres in Lokogoma District, comprises 753 duplexes and apartments, marking the anti-graft agency's largest single recovery since its 2003 establishment. Key details of the investigation include: Property recovered following December 2, 2024 court ruling Located in Cadastral Zone C09, Plot 109 Allegedly acquired through kickback schemes and illegal fund transfers Purchased using three separate companies linked to Emefiele The EFCC alleges Emefiele engaged in "monumental fraud" by negotiating kickbacks in foreign exchange allocations and receiving illicit payments from contractors during his tenure. Currently facing three separate prosecutions, Emefiele is charged with multiple offenses including procurement fraud, signature forgery, and financial misconduct […]

A recent Kenya National Bureau of Statistics (KNBS) report unveils a significant shift in Kenya's employment landscape, highlighting remarkable growth in women's high-income employment. In 2023, an impressive 14,268 women joined the high-earning bracket of over Ksh100,000, compared to just 1,256 men. Despite this surge, men still dominate the top-earning segment, with 247,571 men versus 139,847 women currently in this pay category. The four-year trend from 2019 to 2023 shows 30,520 women entering the high-earners club, while 61,026 men achieved similar status. The total formal sector employment stands at 3,138,182, with men representing 1,871,034 and women 1,267,148 employees. Detailed earnings breakdown reveals: Between Ksh50,000-Ksh99,999: 908,004 men and 518,242 women Between Ksh30,000-Ksh49,999: 557,166 men and 455,334 women Between Ksh25,000-Ksh29,999: 55,049 men and 36,060 women Notably, women experienced significant gains, with 58,171 additional women joining the Ksh50,000-Ksh99,999 bracket compared to 2022. World […]

US President-elect Donald Trump has threatened to impose 100% tariffs on BRICS nations if they create a rival currency to the US dollar. "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," Trump wrote on social media on Saturday. The BRICS alliance includes China, Russia, Brazil, India, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Trump demanded a commitment from these countries that they would not create a new currency to replace the US dollar, warning they would face complete tariffs and lose access to the US market. "They can go find another sucker," he stated. During the US election, Trump campaigned on implementing widespread tariffs. Leading politicians in Brazil and Russia have discussed creating a BRICS currency to reduce the US dollar's global trade […]

The Nigerian House of Representatives has launched an investigation into allegations that the Nigerian National Petroleum Company Limited (NNPCL) withheld N8.48 trillion in claimed fuel subsidies. The House Committees on Finance and Petroleum (Upstream and Downstream) have been tasked with verifying the total amount of unremitted revenue from petrol sales by the NNPC between 2020 and 2023. This investigation comes amidst the House's approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), key documents outlining the country's fiscal policy and expenditure plans. The MTEF/FSP, recently transmitted to the National Assembly by President Bola Tinubu, sets the oil benchmark for 2025 at $75 per barrel, with oil production projected at 2.06 million barrels per day. The exchange rate is pegged at N1,400 per dollar, and the projected GDP growth rate is 6.4% per annum. During the […]