FG Okays N701b for Electricity Generation

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 Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

By Ahmed Rahma The Independent National Electoral Commission (INEC) on Friday explained its inability to create new electoral constituencies. The explanation was given in a statement issued in Abuja by the National Commissioner and Chairman of its Information and Voter Education Committee, Mr Festus Okoye. The electoral umpire, which said it was responding to recent reports regarding its responsibilities in the division, revision and adjustment of electoral constituency boundaries in Nigeria, noted that while the division of the country into electoral constituencies for Senate, House of Representatives and State Houses of Assembly was its responsibility, once they are established, subsequent

By Cowry Asset In the week under review, CBN sold Treasury Bills (T-Bills) worth N90.33 billion via Open Market Operations (OMO). However, NIBOR mostly moderated for all tenor buckets amid expectations of FAAC disbursements: NIBOR for overnight funds, 3 months and 6 months tenor buckets fell w-o-w to 26.05% (from 30.61%), 19.84% (from 19.89%) and 22.08% (from 22.41%) respectively while 1 month NIBOR rose to 17.99% (from 17.79%). Elsewhere, NITTY moved in mixed directions: yields on the 1 month and 6 months maturities increased to 14.69% (from 14.44%) and 19.03% (from 18.62%) respectively. However, yields on the 3 months and

By Modupe Gbadeyanka An Executive Director of Lafarge Africa Plc, Mrs Adepeju Adebajo, has resigned from her position to pick a job in the Governor Ibikunle Amosun administration. Mrs Adebajo was appointed by Mr Amosun as Commissioner for Agriculture in Ogun State and she is expected to use her experience to revamp the agricultural sector in the state. Announcing her resignation, Lafarge Africa Plc said it would miss the services of Mrs Adebajo, but wished her well in her new position. “The Board and Management congratulate Mrs Adebajo on her new appointment and call to service and are grateful to

By Adedapo Adesanya The Minister of State for Petroleum Resources, Mr Timipre Sylva, will lead investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26. With the Nigerian energy market on the precipice of another transformation on the back of diversification and market-driven policy implementation, the participation of Mr Sylva is key for securing new capital for Nigeria’s rapidly growing market while enabling new players and financiers to expand their footprint in one of Africa’s biggest oil-producing countries. Nigeria has emerged as one of the most attractive destinations for foreign investment, owing

By Dipo Olowookere The Federal Government has been called upon to consider privatising national refineries to make them fully functional and save money. This appeal was made by President of Manufacturers Association of Nigeria (MAN), Dr Frank Jacobs, in an interview with News Agency of Nigeria (NAN) on Thursday in Abuja. Dr Jacobs said privatising the refineries would also help boost the economic situation of the country, if fully functional. According to the NAN President, “Government should consider privatising the four national refineries to make them fully functional to save money for other purposes. “Proper deregulation of the downstream petroleum

By Modupe Gbadeyanka MultiChoice Nigeria, owners of DStv and GOtv pay TV services in Nigeria, has announced giving free subscription to its subscribers. In an e-mail notice to its customers on Saturday, MultiChoice Nigeria disclosed that it was offering its subscribers the opportunity to enjoy the ongoing Big Brother Naija (BBNaija) show for six days without payment. According to the notice titled ‘Enjoy #BBNaija without a subscription,’ the offer will commence from Sunday, February 11 to Friday, February 16, 2018. “You can get a taste of BBNaija for six days if you haven’t subscribed for over a month. Just switch

By Sodeinde Temidayo David From July 1, 2022, Nigerians may have to pay more to purchase a litre of premium motor spirit (PMS), commonly known as petrol, because the federal government intends to finally put a stop to the payment of fuel subsidy by the end of June 2022, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She made this disclosure on Tuesday at the Nigerian Economic Summit (NES#27) in Abuja. The current administration of President Muhammadu Buhari has stopped petrol subsidy a few times, only to re-introduce through the back door. This occurs mostly

By Adedapo Adesanya The Jos Electricity Distribution (JED) Plc has sustained efforts with its mass metering project with over 200,000 customers to be metered in its franchise states of Bauchi, Gombe, Benue and Plateau. Speaking, the distribution company’s Managing Director, Mr Hashim Ibrahim Bakori, said that JED scored high on its performance as it has been able to meter over 88,500 customers in it the franchise states in a project tagged phase zero earlier in the year. He said the 88,500 meters installed by Jos DisCo was not part of the initial 20,000 meters rolled out for customers previously. He