FG Inaugurates Bank of Agriculture Board

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

As Africa’s population is projected to grow at the fastest rate worldwide through the end of the 21st century, according to research corroborated by multiple sources, including the World Bank, the Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr Oscar Onyema, has said that blended finance can solve many of the challenges that the continent faces. In an interview with CNBC Africa, Onyema, responding to a question on how NGX Group could participate in the mobilisation of financial capital on the continent, said that the company, post-demutualisation from the Nigerian Stock Exchange, is focused on leveraging its position

By Juan Visser With the unabating advancement in technology and science globally today, it has become increasingly important to encourage young learners to study Science, Technology, Engineering, and Mathematics (STEM) subjects. In recent times, STEM has received considerable attention in Nigeria, primarily owing to the employment gap in this field and the need to expedite and meet the technological developments of the modern time. However, despite so much emphasis being placed on its importance, the adoption of STEM education does face some challenges, including a gap between the number of girls and boys studying these subjects in secondary school. Data

By Adedapo Adesanya Oil prices marked another positive closing last week, pushed by indications of economic recovery in the world’s largest crude producer, the United States, amidst rising coronavirus cases and a fear of a weakening demand for the commodity. The international benchmark, Brent Crude, settled at $43.14 per barrel, while the US West Texas Intermediate (WTI) crude finished at $40.65 per barrel last Friday ahead of the American Independence Day holiday over the weekend. However, gains were capped and there was careful approach by traders ahead of a long holiday weekend as a resurgence in the US coronavirus infections

By Adedapo Adesanya Nigeria has withdrawn its membership from the Maritime Organization for West and Central Africa (MOWCA) over alleged electoral malpractice from the body. In a press release, the Director of Press and Public Relations, Ministry of Transportation, Mr Eric Orjiekwe, disclosed that the development was a result of “gang-up” and breach of the constitution by member countries against the election of the Nigerian candidate and Director, Maritime Services of the ministry, Mr Paul Adaliku. The ministry claimed electoral fraud by member states on the election of the Secretary-General of the maritime body in Kinshasa, Democratic Republic of Congo.

By Dipo Olowookere Shareholders of a leading food and agro-allied company in the country, Flour Mills of Nigeria Plc, have approved the N9.23 billion dividend payout at N2.25k per ordinary share. The cash reward was ratified by the company’s investors at the 63rd Annual General Meeting (AGM) on Thursday, November 9, 2023, in Lagos However, they appealed to the board of the organisation to consider increasing the dividend payout in the future, noting that the recent performance of the company showed it could pay more dividends. While airing their views at the gathering, attended by key stakeholders of the firm,

By Dipo Olowookere A luxury denim brand known as True Religion has partnered with leading football outfit, Manchester United of England, to launch a range of premium club branded denim wear. A first for the club, the new global partnership with the iconic American denim brand will see a range of men’s and women’s co-branded styles go on sale beginning from October 26, 2018 in the club’s Megastore as well as online via United Direct and truereligion.com and eu.truereligion.com. The exclusive collection features jeans, shirts and jackets, including a highly desirable limited edition denim jacket embroidered with the club’s crest.

By Dipo Olowookere The board of NEM Insurance Plc is seeking regulatory approval for its proposed share reconstruction, a notice from the Nigerian Exchange (NGX) Plc has confirmed. Ms Lilian Dako, who signed the disclosure on behalf of the Head of Listings Regulation Department at the NGX, said the underwriting firm filed its application through its stockbroker, Apel Asset Limited. NEM Insurance intends to redenominate the nominal value of its stocks from 50 kobo to N1 and then turn every two shares of 50 kobo into one share of N1.00 each. At the moment, the total authorised shares of the

By Ahmed Rahma Students of the Lagos State University (LASU) have asked Governor Babajide Sanwo-Olu to reduce their tuition fee to N25,000. Last week, the state government announced the reduction of the fee to N57,000 from N67,000, but the students have rejected this gesture, demand a reversal to the old rate. The students, who spoke under the auspices of the Students Union Government (SUG), urged the government and the management of the school to consider the peaceful environment enjoyed so far and take a step to adhere to their appeals. “The leadership of the Lagos State University Students’ Union Government