CBN Orders Banks To Sell Dollar To Hajj Pilgrims At N197

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

An Abuja-based Bureau de Change (BDC) operator and Managing Director of Transvex Investment Limited, Mr Auwal Abdulrahman, has been convicted by Justice D.Z. Senchi of a Federal Capital Territory (FCT) High Court, sitting in Jabi. The convict was sentenced to six months in prison with an option of N50,000 fine after pleading “guilty” to the one-count charge bordering on cheating and misappropriation brought against him by the Kaduna Zonal Office of the Economic and Financial Crimes Commission (EFCC). Mr Abdulrahman was jailed on Thursday, 04 July 2019, with the court further ordering him to forfeit a two-bed room bungalow located

By Adedapo Adesanya The National Insurance Commission (NAICOM) has disclosed that it was considering the idea of raising operating capital of micro-insurance businesses in Nigeria. This was made known by the Commissioner for Insurance, Mr Sunday Thomas, in an exclusive interview with NAIPCO Trumpet, a journal published by the National Association of Insurance and Pension Correspondents (NAIPCO). He noted that the amount of capital required for micro-insurance underwriting with respect to some of the sectors is looking unrealistic and that NAICOM may have to step in. In his words, “Micro-insurance is one of the areas we want to fast track

By Modupe Gbadeyanka Governor Kashim Shettima of Borno State has urged management of the Federal Government’s N-Power project to consider allotting extra 10,000 slots to the state. Explaining the reason for this, Mr Shettima said the devastating effects of various acts of terrorism carried out in the state over the years by members of Boko Haram made it necessary to give Borno State a special attention in order to make it recover faster. He also solicited same consideration for Yobe and Adamawa State, the two other worst hit states in the north east region. Citing examples of Chibok, Bama and

By Dipo Olowookere The current English Premier League (EPL) champions, Manchester City, have announced postponing their league match against West Ham United on Sunday evening. A statement from the blue side of Manchester in England said the game was shifted to another day because of extreme bad weather, specifically due to Storm Ciara. According to the short statement from the club’s official website, the decision to push the match forward was for the interest and safety of the supporters and members of staff of the club. “Due to extreme and escalating weather conditions and in the interests of supporter and

By Dipo Olowookere Malaria has remained a disease that has given the world too many worries despite the huge campaign and money in the fight against the menace. This year, as in the past, the World Malaria Day was held, but with the theme ‘Ready to Beat Malaria’, emphasising the readiness of stakeholders to bring the disease to its knees. Already, the WHO’s Global Technical Strategy for Malaria 2016-2030 aims to reduce malaria case incidence and malaria mortality rates by at least 90% on or before 2030. To achieve this, Kantar Nigeria and Non-Such HMO partnered to target more than

By Dipo Olowookere A new member has joined the board of directors of MRS Oil Nigeria Plc and she is Mrs Priscilla Ogwemoh. The company announced the appointment of Mrs Ogwemoh to the board last week in a statement to the Nigerian Stock Exchange (NSE). In the statement, it was disclosed that the appointment was approved by the board during its meeting held on Thursday, February 28, 2019. Mrs Ogwemoh, currently the Managing Partner of the law firm of Kevin Martin Ogwemoh Legal, is a graduate of Law and holds a Master Degree in Law. She is a fellow of

The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital of Accra. Daystar Power Ghana will be led by Olaedo Osoka (26), who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017. The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. Although electricity supply from the grid is relatively stable compared to neighbouring countries, it is prohibitively expensive and has

By Dipo Olowookere The Pharmaceutical Group of the Manufacturers Association of Nigeria (PMG–MAN) has commended the Standards Organisation of Nigeria (SON) for its role in attracting international recognition and acceptance for the local pharmaceutical industry. This commendation was given by the Chairman of the group, Pharmacist Oke Akpa who led a delegation of the MAN group to a courtesy visit on the Director General of SON, Mr Osita Aboloma in his office in Abuja recently. According to Pharmacist Akpa, the certification of many of the group’s member companies to the world acclaimed ISO Quality Management System Standards by SON has