Headline

States To Lose N19bn In Oil, Gas Revenues In 2022 – World Bank

Published

3 years ago

June 22, 2022

Editor

The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states.

The Washington-based bank said this in its Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.

According to the lending bank, the declining revenue from the federation level had put many states in a precarious fiscal position.

The bank warned that many states would be unable to meet up with their expenditures, adding that there was an increase in debt servicing expenditures of States.

The report read in part, “With net oil and gas revenues stagnating, most states will not be able to achieve their intended levels of expenditures in 2022.

“In addition, debt servicing expenditures at the state level are also mounting due to a decline in gross statutory account revenue transfers from the federation account allocation committee, which comprises oil and non-value added tax, non-oil revenues.”

The bank further said that the expected higher VAT collection or improvements in independently generated revenues would not compensate for the lower transfers from the Federation Accounts Allocation Committee in 2022.

The financial institution also warned that there would be a 2.7 per cent decline in FAAC transfers in 2022 when compared to 2021, adding that this decline would push states to borrow more and slash discretionary expenditure.

“Stagnating net oil revenues will significantly affect the fiscal situation at the state level. State governments are projected to collectively receive 2.7 per cent fewer revenues than in 2021, as federal transfers are estimated to decline by 10 per cent against 2020 levels.

“Lower transfers will cause state governments to incur debt or drastically slash discretionary expenditure. Although states receive the majority of VAT revenues, VAT increases would not make up for the loss of net oil revenues.

“As a result, in 2022, the average state in Nigeria will lose N18.8bn in oil and gas revenues, while optimistic projections place average gains from VAT and the electronic money transfer Levy at N7.1bn per state, and average increases in each state’s independent revenues at N6.7bn. As a result, the average state can expect to lose N5bn in revenue in 2022,” the report stated.

The PUNCH reported that the Nigerian National Petroleum Company Limited might deduct over N1tn in the next six months from the Federation Accounts Allocation Committee, following the decision of the Federal Government to continue subsidising Premium Motor Spirit, popularly called petrol.

Figures obtained from the oil firm on its subsidy deductions in 2021 indicated that the amount deducted monthly from FAAC by the NNPC was higher during the periods of higher crude oil prices.

This was also confirmed by economists, who explained that the higher the international price of crude oil, the higher the amount to be deducted by the NNPC from FAAC.

“Of course, the NNPC will spend more on subsidies this year because crude oil price has been increasing and the higher the price of crude, the higher the amount to be spent on subsidy,” the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said.

He added, “In fact, about N2.5tn might be spent on subsidy this year, meaning that about half of that amount could be spent in six months and this means hard times for states because the funds will be deducted from FAAC as usual.

“Some states would struggle to pay salaries, especially states that are heavily dependent on federal allocation. Some may have to lay off some of their work force. Many will struggle to meet their financial obligations as sub-nationals.”

A political economist and former presidential candidate, Prof Pat Utomi, urged states to create an environment for wealth creation rather than depend solely on the federal allocation.

He said, “States must focus more on creating the environment for wealth creation. If you go back to the late 50s and early 60s, most of the developments that took place in Nigeria are from the subnational governments. They collected the revenues, and send 50 per cent of it to the centre but the military ruined all of that.

PUNCH

Headline

US Reality Star, Rolling Ray, Dies At 28

Published

44 minutes ago

September 5, 2025

Editor

Reality TV star, Raymond Harper, popularly known as Rolling Ray, has died at the age of 28.

His mother confirmed the news to TMZ, while his home network, Zeus, also announced his passing.

In a tribute on Instagram, Zeus Network described him as “gone way too soon,” praising his impact on their productions, including Bobby I Love You, Purr and The Conversation.

“Gone way too soon. #RestInPeace to the BIG hearted, most Raw, & Real FRIEND & #Zeus Star #RaymondHarper aka @iamrollingray. Your Laughter, Light, & Loving Spirit will Live on FOREVER,” the network wrote.

Rolling Ray first gained attention in 2018 after appearing on MTV’s Catfish: Trolls before going viral in 2019 with his appearance on Divorce Court. He built a strong social media presence, amassing over 449,000 Instagram followers and a growing TikTok audience.

He is also widely credited with popularising the catchphrase “purr,” now used globally as a slang expression of excitement and approval.

Born with spinal muscular atrophy (SMA) type 3, a genetic condition that weakens muscles over time, doctors once predicted he would not live past 14. However, Ray defied expectations and went on to live a full life.

Reflecting on his journey in a 2023 interview, he said:

“At first, they said I was going to die at 14 years old. The doctor was wrong. Science changed, and doctors are not always right. God is good.”

Headline

6 CEOs Fired Over Secret Affairs

Published

2 hours ago

September 5, 2025

Editor

Chief Executive Officers (CEOs) are expected to be professional, have boundaries and uphold ethical leadership. This is because, in most cases, one must have climbed up many ladders to become a CEO.

And if not careful, those years of experience can fade away in a single stand.

This is because some companies have policies that forbid workers from having a romantic affair with each other.

And if found culpable. The punishments are not novel. Some CEOs have been fired over secret affairs that failed to align with their companies’ principles hence.

Here are the CEOs fired over secret affairs:

1. Laurent Freixe
Laurent Freixe was the former CEO of Nestle. He was fired on 2 September 2025 after an investigation revealed that he was having an affair with his subordinate.

This action by Freixe violates the code of business conduct of the company. His case was investigated and chaired by Paul Bulcke and Pablo Isla alongside other independent counsel.

In Freire’s place, Nestle appointed Philipp Navratil as the new chief executive officer.

2. Alan Shaw
Alan Shaw is an American business executive. He was the president and chief executive officer (CEO) of Norfolk Southern Corporation, a provider of rail transport services.

His tenure which lasted two years, ended on 11 September 2024, after he was found guilty of having an affair with Nabanita Nag, the company’s executive vice president corporate affairs, chief legal officer and corporate secretary, effective.

Shaw, whose tenure was described as “turbulent”, was replaced by Mark George, the former CFO of the company.

3. Ashley Buchanan
Ashley Buchanan was dismissed in May 2025 as the head of Kohl (a retail company) months after his appointment.

After a thorough investigation, the company discovered that Buchanan was in a romantic relationship with a woman called Chandra Holt, the founder of Incredibrew, a coffee business.

Ashley made her do business with Kohl; unknown to the management they were lovers until it was unraveled.

4. Steve Easterbrook
Steve Easterbrook was the former CEO fired from an American fast food company, McDonalds.

He was appointed in March 2015 but his appointment was terminated on 1 November 2019 by the board of directors after Steve was found guilty of having a romantic affair with an employee — a violation of the company’s policies.

5. Nadine Ahn
Nadine Ahn is an experienced and expert in banking, capital markets, corporate development and strategy.

She was the chief financial officer of Royal Bank of Canada. Unfortunately, Ahn was dismissed for having a romantic relationship with one of her subordinates. She was caught hugging and kissing Ken Mason as they exited the elevator of the Royal York Hotel, Canada.

6. Andy Byron
Andy Byron, a seasoned software executive, was the chief executive officer (CEO) of Astronomer, a private company focused on building reliable data products and power data-driven applications.

Bryony became famous after being caught on camera caressing (which actually went viral on social media) Kristin Cabot, the company’s HR officer during a concert.

Bryony was compelled to resign or better put: fired.
(TRIBUNE)

Headline

Daniel Levy Makes Shock Decision To Quit As Spurs Chairman

Published

20 hours ago

September 4, 2025

Editor

Daniel Levy stepped down as Tottenham executive chairman in a shock move on Thursday after a controversial reign lasting nearly 25 years.

Levy was the driving force behind Tottenham’s £1.2 billion ($1.6 billion) stadium and state of the art training centre.

But the 63-year-old was a polarising figure among Tottenham fans, with numerous protests against him during difficult spell for the Premier League team.

Levy, who was the longest-serving chairman in the Premier League, had come under fire more than ever over the last few seasons.

A series of failed managerial appointments and the club’s transfer policy infuriated supporters and turned up the heat on Levy, who was accused of caring more about the club’s financial profits than success on the pitch.

Tottenham endured their worst top-flight finish since 1976-77 last season, coming 17th before salvaging the campaign by winning the Europa League to qualify for the Champions League.

That success — which ended Tottenham’s 17-year trophy drought — was not enough to spare boss Ange Postecoglou from Levy’s wrath as the Australian was sacked after two turbulent seasons in charge.

Levy hired Thomas Frank from Brentford to replace Postecoglou in the last significant decision of his reign.

“I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level,” Levy said in a statement.

“More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.

“I wish to thank all the fans that have supported me over the years. It hasn’t always been an easy journey but significant progress has been made. I will continue to support this club passionately.”

Vinai Venkatesham was hired as Tottenham’s chief executive officer in April, while Peter Charrington joined the board in March and will step into the newly created role of Non-Executive Chairman.

– ‘A new era of leadership’ –

“I am very honoured to become Non-Executive Chairman of this extraordinary Club and, on behalf of the Board, I would like to thank Daniel and his family for their commitment and loyalty to the Club over so many years,” Charrington said.

“This is a new era of leadership for the club, on and off the pitch. I do recognise there has been a lot of change in recent months as we put in place new foundations for the future.

“We are now fully focused on stability and empowering our talented people across the Club, led by Vinai and his executive team.”

Since Levy took the reins in 2001, Tottenham had won just two trophies, with the 2008 League Cup followed by the long wait that ended with last season’s Europa League final victory over Manchester United.

Levy became renowned for his ruthless sacking of managers as the likes of Jose Mourinho, Antonio Conte, Mauricio Pochettino and Nuno Espirito Santo were dismissed.

Tottenham’s best period under Levy came during Pochettino’s spell.

The Argentine led Tottenham to three successive top three finishes in the Premier League and reached the 2019 Champions League final.

Even Pochettino couldn’t escape Levy’s axe, but the spotlight eventually turned on the chairman.

Tottenham fans were furious as their side spluttering badly last season and a difficult summer transfer window, which saw the club miss out on Morgan Gibbs-White and Eberechi Eze only increased the pressure on Levy.

One banner displayed last season at Levy’s pride and joy — the gleaming 62,000-capacity stadium that opened in 2019 — summed up the divisive nature of his reign.

“24 years, 16 managers, 1 trophy – time for change” it said.

While Tottenham eventually added a trophy to that meagre haul in the Levy era, the disillusioned supporters have finally got their wish.

There will be no changes to the ownership or shareholder structure of the club following Levy’s departure.