Nigerian News Summaries

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The Punch Jan 10, 2025

Nigeria's General Hydrocarbons' Accounts Frozen Over $225m Debt Dispute with First Bank

General Hydrocarbons' accounts have been frozen by the Federal High Court in Lagos amid a $225m debt dispute with First Bank, according to a Mareva injunction granted against all commercial banks and financial institutions operating in Nigeria. The order restricts banks from releasing money or assets until the dispute is resolved.

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The Punch Jan 10, 2025

Defected Reps Evade Court Papers, Labour Party Laments Difficulty Serving Warrants

Six defected Labour Party representatives are evading court papers as they switch allegiance to the ruling All Progressives Congress, causing the party significant inconvenience. The Labour Party is facing difficulty serving legal documents on the defecting lawmakers.

The Punch Jan 10, 2025

Nigerian Government Spends 47% of Budget on Debt Servicing in First Nine Months of 2024.

Debt servicing has taken up 47% of Nigeria's total government expenditure in the first nine months of 2024, according to the Central Bank of Nigeria.

The Punch Jan 10, 2025

Minister threatens to terminate road construction contract over massive delay and lack of progress.

Nigeria's Minister of Works, David Umahi, has threatened to terminate a road construction contract with Reynolds Construction Company over significant delays in the project. The East-West Road, Section III (Eleme Junction – Onne Junction) project has been plagued by delays.