External Reserves in Nigeria Rise $587.8m in One Week

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 Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Dipo Olowookere The Osun State government has warned residents of the state, especially caterers and food vendors to desist from using a popular bleaching product, Hypo, to process gaari and fufu, both local food derived from cassava. The state government, at a press conference in Osogbo, the state capital on Wednesday, said the use of the bleaching product to process food was very dangerous to human health. At the briefing addressed by both the Special Adviser to the Governor on Public Health, Pharmacist Siji Olamiju, and the Commissioner for Information and Civic Orientation, Mrs Funke Egbemode, government said the

By Dipo Olowookere Crown Prince of Saudi Arabia, Mr Mohammed bin Salman, says the Kingdom will support extending the oil production cut agreement signed by members of the Organization of Petroleum Exporting Countries (OPEC). The oil cut deal was signed by OPEC members so as to balance global crude oil supply and demand, keeping prices stable. Speaking on Saturday in a statement, the Crown Prince said, “The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand.” Crown Prince Mohammed bin Salman also affirms that “the high demand for oil has

By Modupe Gbadeyanka The investment banking and asset management business of FBN Holdings Plc, FBNQuest, has reaffirmed its commitment to supporting its clients and stakeholders with wealth management solutions that move them towards their goals. The firm gave this reassurance when it recently launched a campaign themed Powered by People, aimed at reiterating its commitment to its clients by ensuring they are firmly integrated into their financial dreams and future. The Head of People and Knowledge Engagement at FBNQuest, Ms Lolade Sasore, explained that “the campaign stretches beyond advertising; it is part of a promise to create an added personalised

By Kester Kenn Klomegah In order to strengthen political dialogue and promote economic relations, Professor Robert Dussey, Minister of Foreign Affairs, African Integration and Togolese Abroad, held diplomatic talks on February 16, 2021, with his Russian counterpart Minister Sergey Lavrov in St. Petersburg. According to reports, Professor Dussey’s visit was on the invitation by Moscow, and came on exactly one year after their last meeting on February 15, 2020, in Munich, the third-largest city in Germany. After their closed-door discussion, Lavrov told the joint news conference that there is a mutual interest in intensifying and deepening the entire scope of

By Adedapo Adesanya The Nigeria Security and Civil Defence Corps (NSCDC) says it has returned the 50,000 litres of premium motor spirit (PMS) hitherto diverted to neighbouring Imo State back to the oil marketer who placed an order for it. Business Post had reported that the NSCDC in Rivers State arrested two suspects over attempted diversion of petroleum products to neighbouring states without an appropriate licence. “The anti-vandal border patrol team swung into action and impounded a blue and white colour 50,000 litres capacity truck with registration number Abia EZA 850 YF in the conveyance of PMS,” the defence corp

By Adedapo Adesanya The House of Representatives Ad-hoc Committee is investigating the failure of Federal Mass Transit schemes in the country since 1999 as lawmakers have decried the serial mismanagement of public funds in Urban Mass Transit Schemes without results. The Chairman of the Committee, Mr Afam Victor Ogene, in a statement in Abuja recently, warned that the committee will get to the root of the mismanagement of the funds that run into billions of Naira. The lawmaker expressed displeasure at the seeming reluctance of ministries and agencies to release documents relating to public funds expended on previous Mass Transit

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded on Monday by 0.78 per cent amid a weak investor sentiment caused by uncertainties in the macroeconomic environment. Buying interest in most of the sectors of the bourse lifted the stock market yesterday as traders keep an eye on the presidential election this weekend in Nigeria. Apart from the industrial goods space, which depreciated by 0.05 per cent, every other sector closed in the positive region at the close of transactions. The energy index appreciated by 0.86 per cent, the baking counter improved by 0.18 per cent, the insurance ecosystem went