Falling Naira: EFCC Goes After Forex Traders in Abuja

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The Asset Management Corporation of Nigeria (AMCON) has confiscated an asset belonging to Dr John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over a debt worth N1.3 billion. The debt recovery body took over the asset of the company following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos. According to a statement issued by Mr Jude Nwauzor, the Head of Corporate Communications Department at AMCON, the property was seized over the weekend. He said this was in compliance with the enforcement order on the asset located at Plot 12,

By Dipo Olowookere In line with the spirit of Valentine, one of the biggest e-commerce websites in Nigeria, KiliMall, has commenced its 2017 Valentine campaign tagged #ShareYourLove. The campaign is an ideal avenue for couples to express their love and affection with each other in the season. It commenced on January 28, 2017. To participate, couples will have to share their audio/visual contents professing their love for each other via the Kilimall social media channels. This is a viable avenue for the Nigeria couple to share their love. Also, in the spirit of love, Kilimall is offering a 50 percent

By Modupe Gbadeyanka In what is called a ‘Gas Revolution,’ and following the renewed interactive engagements of the Federal Government with oil-producing communities in several states in the Niger Delta region, a plan to put in place a gas industrial park that is valued at about $20B through a Public-Private Partnership model is now in process. Tagged the Gas Revolution Industrial Park (GRIP), Ogidigben, and envisaged to be a regional hub for all gas-based industries, the project will cover 2700 hectares with fertilizer, methanol, petrochemicals, & aluminium plants located in the park that has already been designated as a Tax

By Dipo Olowookere Governorship aspirant under the aegis of the Peoples’ Democratic Party (PDP), Mr Soalabo West, has assured the people of Rivers State that his approach to governance will be totally different from the style of the incumbent Governor, Mr Nyesom Wike. The aspiring Governor gave this assurance during a radio show on Nigeria Info 92.3 FM. According to the politician, “My style of governance will surely be different from that of Governor Wike. I am a social democrat; therefore, I will be guided by the principles of equity, justice and fairness. All 23 local government areas will benefit

By Modupe Gbadeyanka No fewer than two persons are feared to be dead in an early morning inferno caused by a gas explosion in the Magodo area of Lagos State. The incident, which occurred on Monday morning, precisely took place at the Second Coming Gas Plant located on CMD Road, Magodo. Many people were reported to have been injured following the fire purportedly spreading to other properties in the neighbourhood. Second Coming Gas Plant is a popular gas station in the neighbourhood, which is a highbrow residential area. The fire was said to have resulted from a gas leakage from

By Aduragbemi Omiyale One of the things that help the economy of any nation is the provision of credit facilities to the different sectors and for many years, it has been one issue. This was why the Central Bank of Nigeria (CBN) when worried that financial institutions were not carrying out their core function of lending to entrepreneurs, it mandated banks operating in the country to ensure their loan to deposit (LDR) is not below 65 per cent. This was contained in a circular, BSD/DIR/GEN/LAB/12/070, to banks dated January 7, 2020, on the regulatory measures to improve lending to the

By Modupe Gbadeyanka The construction of a first-of-its-kind waste gas to power plant that will generate 25MW of electricity is being planned in the Atuabo area of Ghana by General Electric and Marinus Energy. The pilot project is to capture Isopentane gas and use it as a fuel source for generating electricity in the country. The Atuabo Waste to Power Independent Power Project (Atuabo) will be the first TM2500 power plant in Sub-Saharan Africa to use Isopentane gas as a fuel source and will run on GE’s latest TM2500 gas turbines. This Isopentane gas would otherwise have been flared. “Not

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange plunged by 2.2 per cent on Wednesday, April 20 as negative price movements from 11 Plc and FrieslandCampina WAMCO Nigeria Plc dragged the bourse down for a consecutive trading session. At the midweek session, the energy company, 11 Plc, lost 11.1 per cent or N20.8 drop to sell at N187.20 per unit compared with the preceding day’s N208.00 per unit, while Friesland declined by 8.2 per cent or N14.95 to settle at N182.80 per share in contrast to the previous closing price of N197.75 per share. The losses suffered by the