Buhari Tells Fulani Herdsmen to Remain in Southern Nigeria

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

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 Nigerian government has outlined its priorities for the upcoming 28th Conference of Parties (COP) in Dubai, the United Arab Emirates (UAE). Speaking to journalists at a pre-COP workshop organised by the National Council on Climate Change (NCCC), the Director General of the council, Mr Salisu Dahiru, said the country has a number of issues dear to its economy and journey towards climate resilience that it hopes to achieve at COP28. COP 28 is the United Nations Climate Change Conference taking place from November 30 to December 12. COP takes place every year and is the world’s

By Dipo Olowookere Senate President, Mr Bukola Saraki, on Saturday promised to intervene in the crisis rocking the country’s aviation sector, with the purported non-calibration of all 30 Instrument Landing Systems (ILS) and VHF Omnidirectional Ranges (VHFs) that are operational in the country. In his response to a social media user, Adamu Taiwo Haruna, who tweeted at the Senate President’s @BukolaSaraki handle saying “SP @bukolasaraki all 30 Instrument Landing Systems & VORs in Nigeria are all out of calibration. This is a serious safety issue Sir,” Saraki responded that he would personally take up the issues with the aviation minister,

By Dipo Olowookere Vice President Yemi Osinbajo has expressed confidence that though Nigeria Economy is presently facing structural challenges, the Buhari government is confident that Nigeria will return to positive growth very soon. He made this assurance on Tuesday September 27, 2015, at the Joint Nigeria-India Business Forum which was held sequel to the signing of Bi-lateral Agreement between the two countries, at Sheraton Hotel Abuja. He stressed that this will be possible because the Nigerian Government has responded by adopting policies that will boost economic activities and lay a long term growth. According to him, “Our vision is anchored

By Adedapo Adesanya The Chartered Institute of Stockbrokers (CIS) has inaugurated its office in the Federal Capital Territory (FCT), Abuja to expand capital market operations and properly serve Nigeria’s northern region. The CIS President and Chairman of Council, Mr Olatunde Amolegbe in a statement on Saturday said the northern office would serve as the focal point for expanding capital market activities of the institute in the region and beyond. “We are continuously striving to amplify and expand our services to our clients in the region while empowering them to meet their investment aspirations. ”The prompt inauguration of the office is

By Adedapo Adesanya The Nigeria Export Processing Zones (NEPZA) has said it will commence operation on a new template for free zone registration with effect from January 1, 2021, to improve ease of doing business. Mr Adesoji Adesugba, NEPZA’s Managing Director, said it would make the process of registering a free zone company more efficient and attractive for potential investors without compromising the integrity of the system. Mr Adesugba, in a statement by Mr Martins Odeh, Head, Corporate Communications, NEPZA, on Friday, said there were two plans outlined; one would be adopted immediately and the other to be implemented between

By Modupe Gbadeyanka The positive vibe brought into the nation’s stock market more than a week ago was halted last Friday when MTN Nigeria and Dangote Cement, the two market drivers, suffered losses at the market. However, at the close of business last week, the local bourse still finished 6.96 percent higher week-on-week. As investors prepare for this new week, analysts are of mixed views that the Nigerian Stock Exchange (NSE) will see a bit of bargain hunting and profit taking. According to analysts at Cowry Asset, “In the new week, we expect the local equities market to close marginally

By Dipo Olowookere The treasury bills market traded marginally bearish on Wednesday with yields expanding slightly higher by 0.05 percent. According to analysts at Zedcrest Research, there were some selloffs witnessed mostly on the Aug-Jan Maturities. “This came on the back of expectations for a renewed supply of OMO T-bills at an audition by the Central Bank of Nigeria (CBN) today,” Zedcrest Research said. “Yields consequently inched higher by 0.05 percent on average,” the first added. “We expect yields to be fairly stable today as the CBN is expected to conduct another auction to mop up inflows from about N293

By Modupe Gbadeyanka The management of Ikeja Electric Plc has announced carrying out rehabilitation and upgrade of its facilities across its coverage areas so as to give better services to its customers. This information was contained in a notice yesterday to customers of the Nigeria’s largest electricity distribution company. Ikeja Electric disclosed that the exercise will cause disruption in power supply, but assured that things should be back to normal “within the next couple of days,” apologising for the inconvenience caused by the upgrade. “Dear customer, in a bid to provide better quality service we have embarked on multiple projects