Economy
Amaechi Promises FEC Approval of Ibadan Dry Port
By Adedapo Adesanya
The Minister of Transportation, Mr Rotimi Amaechi, has promised to seek the approval of the Federal Executive Council (FEC) for the commencement of Ibadan Dry Port before the end of May.
Mr Amaechi, who is also aspiring to take over from President Muhammadu Buhari in 2023 on the platform of the ruling All Progressives Congress (APC), made the pledge when he visited the Olubadan of Ibadanland, Oba Olalekan Balogun, at his Alarere Palace, Ibadan, Oyo State.
The Minister was responding to Senator Kola Balogun’s request for the completion of the Ibadan Inland Dry Port, explaining that all the bottlenecks surrounding the delay of the project have been resolved.
Mr Amaechi assured the Olubadan that the project would commence operation once approved by FEC, adding that a railway station would be named after an Ibadan indigene.
The APC presidential aspirant said he possessed all that would take him to make Nigeria better if given the opportunity to become the next president.
Mr Amaechi said he was a detribalised Nigerian, adding that as a firm believer in the Nigerian project, his cabinet as the Governor in Rivers State had a sizable number of non-indigenes.
“Two Permanent Secretaries were non-natives of Rivers State to demonstrate my detribalised nature.
“I don’t belong to any geopolitical bloc as far as my presidential ambition is concerned.
“I’m not Hausa/Fulani candidate, I’m not Yoruba candidate, I’m not Igbo candidate and I’m not even the Kalabari candidate, but a Nigeria candidate,” he said.
He also promised to perform if allowed to govern Nigeria, recalling how he turned things around in Rivers State and made it a safe haven for both people and businesses.
“Whoever is conversant with Rivers State will attest to it that the place witnessed a turnaround during my tenure and this was made possible by creating an alternative to criminality.
“Whatever you do, if people are not engaged toward ministering to their welfare, crime will thrive,” he said.
Responding, the monarch lauded Mr Amaechi for being a detribalised Nigerian, saying that the Minister shares the same attribute with him on the oneness of Nigeria.
The Olubadan said that the Minister has demonstrated the capacity to wedge the country together and told him to feel free to knock at the palace’s door any time.
He, thereafter, harped on the unity of the country, saying that, irrespective of language, tribe or religion, “we are all brothers and sisters.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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