Buhari Seeks NASS Approval To Borrow $30b

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Oremade Oyedeji The Nigerian ecosystem is still often referred to as poor and is characterised by weak government institutions and weak civil societies. Poor people tend to have weaker or sometimes no access to public institutions and the services they provide. Have you had a reason to deal with the Nigeria Police for example, where the complainants are asked to pay for petitioning, or asked to fund the police officer to do their jobs or even asked to pay for fuelling or provide your own vehicle (complainant) for an operation or make an arrest? It is that bad. There

By Adedapo Adesanya  The value of the Naira to the Dollar at the official exchange rate window of the Central Bank of Nigeria (CBN) also known as the interbank segment depreciated on Wednesday, February 19, 2020. According to data sourced by Business Post on the FMDQ platform, the Naira, which has traded flat at N306.95/$1 since last week, fell yesterday 5 kobo or 0.02 percent against the American dollar to close at N307/$1. However, it was a different case with the local currency against the greenback at the Investors and Exporters (I&E) segment of the market during the session as

By Modupe Gbadeyanka Minister of State for Agriculture and Rural Development, Mr Heineken Lokpkobiri, has disclosed that the Federal Government was improving aquaculture in order to create economic wealth and job opportunities across the country. Mr Lokpobiri made this known when he attended a high level meeting of key leaders and Ministers of Fisheries and Global Seafood Sectors in Iceland. The concept of the meeting in Iceland is to further enhance the blue Bio-economy, with the aim of optimizing economic use of our oceans and aquatic resources. The theme of the meeting was ‘Promoting the Blue Bio-economy, making best use

By Modupe Gbadeyanka The federal government has said it will make the sum of N75 billion available to young entrepreneurs in the country so as to help them grow their businesses and be economically independent. This information was revealed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, when she addressed newsmen in Kaduna State on Saturday. A statement issued on Sunday by the Minister’s Special Adviser of Media and Communications, Mr Yunusa Tanko Abdullahi, disclosed that this money would be disbursed over a period of three years. The Minister noted that the N75 billion entrepreneurship support

By Dipo Olowookere The ratings of three banks in Nigeria have been downgraded Fitch Ratings amid fears that their operations would be negatively impacted by a further devaluation of the Naira. A statement issued by the agency said the banks and others in the country will face material pressures from a weaker operating environment over the next few months given the price of crude oil and the impact of the COVID-19 pandemic on individuals and businesses. The downgraded lenders are Zenith Bank, Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA). Their ratings were lowered to Long-Term Issuer Default

By Nneka Okumazie Assuming the amount of power [possible] in any organisation, or group is 100 per cent. Those in position have a share, as well as others and factors too. When the leaders apply certain pressure, they may be under the effect of possible loss of power or keeping the balance. In some countries, the president has a lot of power, but there are other officials, offices, agencies, corporations, etc. that also hold power. There is a lot of power with information service – the press and in recent times, social media. There is also power with currency, high-value

By Modupe Gbadeyanka Authorities of the Nigeria Police Force (NPF) have said only eight Commissioners of Police will be deployed to the September 2018 governorship election in Osun State, contrary to reports that 30 CPs have been earmarked for the exercise. Spokesman of the NPF, Acting DCP Jimoh Moshood, in a statement issued in Abuja on Sunday, disclosed that the eight CPs would ensure the safety of lives and properties in the state during the September 22 poll. “The Force wishes to categorically state that the Inspector General of Police (IGP) Ibrahim K. Idris, during a one day Seminar on

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has warned that a huge number of companies in the oil and gas sector will soon begin to leave Nigeria.  The Deputy Director and Head of Upstream Division at DPR, Mr Enorense Amadasu, said at a stakeholders’ workshop in Lagos on Thursday this will occur as a result of some oilfields reaching the end of their shelf lives due to lack or inadequate maintenance. He said in the next 10 years, most of these oil fields will become obselete, forcing operators to abandon them. Mr Amadasu expressed concerns over the low