FG Okays N54b for Pension Arrears

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 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 The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere FCMB Group Plc has announced the retirement of Dr Jonathan Long from the board of the company following several years of meritorious service. The financial group made this known in a statement issued today after the board accepted his retirement through a written resolution dated April 11, 2018. Dr Long was appointed Chairman of FCMB Group Plc in 2013, but retired from the position on Thursday, March 8, 2018, according to the statement. In the statement signed by the Company Secretary, Mrs Olufunmilayo Adedibu, FCMB said it has appointed Mr Oladipupo Jadesimi to succeed Dr Long as

By Modupe Gbadeyanka Minister of Communications, Mr Adebayo Shittu, has launched programme of action plan on restructuring and modernising NIPOST and Strategic Plan Document Vision 2020. Mr Shittu explained that the idea was to tackle the challenges before NIPOST which was as a result of major developments in ICT and modern means of communications; and to take advantages of this, effort would be made to create a socially, relevant economically viable and internationally  respectable post-driven entity. He stated this during the launching of programme of action on restructuring and modernizing NIPOST and Strategic Plan Document-Vision 2020, adding that the first

By Dipo Olowookere The management of Ecobank Nigeria Limited is planning to design a fully digitized loan platform aimed to allow its customers to have easy access to credit facilities. This was confirmed by the outgoing Managing Director of the financial institution, Mr Patrick Akinwuntan, while commenting on the award won by the bank at the Middle East & Africa (MEA) Retail Banking Innovation Awards organized by Digital Bankers. Mr Akinwuntan stated that this loan platform and the expansion of its agency banking network are a few of the key mandates the organisation intends to fulfil in the nearest future.

By Modupe Gbadeyanka The Academic Staff Union of Universities (ASUU) has been urged to consider the plight of students and suspend the ongoing strike. Speaking at the 19th National Productivity Day in Abuja on Thursday, President Muhammadu Buhari said efforts are being made to resolve the lingering issues between the union and the federal government. ASUU had earlier embarked upon a two-month warning to force the government to honour the agreement signed in 2009 but after nothing was done, it extended the industrial action for another three months. At the conferment of the National Productivity Order of Merit Award (NPOM)

By Adedapo Adesanya The Nigeria Customs Service (NCS) has announced the seizure of 31 arms of various types from two Tin-Can and Port and Multi-Purpose Terminals (PTML) ports in Lagos. This was disclosed by the newly appointed Comptroller-General of the Customs, Mr Adewale Adeniyi, who stated that two suspects were arrested and were currently in the custody of the agency. According to him, the seizure happened on Monday. He said earlier this month (July 5), during a joint operation with the Police, the Department of State Security (DSS), the National Drug Law Enforcement and Administration (NDLEA), and the Customs Intelligence

By Modupe Gbadeyanka From Friday, October 9, 2020, movie lovers will have the opportunity to see a new flick, Rise of the Saints at cinemas across the country. The new feature-length film was produced by Grand Redemption Platform and co-produced by Accelerate TV. The flick was originally scheduled for release on April 17, 2020, but due to the COVID-19 pandemic and the lockdown measures put in place by the federal government, the release was pushed forward. Rise of the Saints featured veterans in the Nigerian movie industry fondly called Nollywood like Rachel Oniga, Tina Mba, Peter Fatomilola, and Deyemi Okonlawon

By Aduragbemi Omiyale The bond investors involved in the N25 billion CERPAC SPV securitization of DLM Capital Group have been repaid a total of N20.161 billion. The CERPAC N25 billion Securitization Programme is a five-year bond issuance created in May 2017 when Continental Transfert Technique Limited sponsored the incorporation of the special purpose vehicle to raise funds in connection with the funding program for the purchase of current and future receivables accruing to the seller from the sale of the Combined Expatriate Residence Permit and Alien Cards (CERPAC Cards) in Nigeria. CERPAC Receivables Funding SPV is unique in the sense

By Dipo Olowookere Activities resumed yesterday at the secondary market for treasury bills with investors cherry-picking on attractive rates on the short end of the curve (Nov – Jan). Also, market players maintained a risk off stance to maturities on the longer end in anticipation of a further OMO auction by the Central Bank of Nigeria (CBN) later this week. Generally, Business Post reports that the market was dominated by bullish sentiment with the average yields depreciating at the close of business on Monday by 0.27 percent to close at 13.73 percent. Specifically, the yields on the 1-month went down