Flour Mills to Revamp Power Generation Facilities

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

eToro is like a big global marketplace for people who want to trade. It has been around since 2007 and serves folks in over 140 countries. It’s great for both the pros who know their stuff and newcomers who are just starting out. They even have a practice account for beginners and ways for people to earn without doing much. Sometimes, though, things don’t work out, or people just change their minds. Traders Union has got you covered with a guide on how to close eToro account the right way. Comparing eToro account options eToro offers trading conditions that many

By Sodeinde Temidayo David The federal government has once again called on the private sector to provide support in vaccine production, even as it also lauded the efforts of the sector to support its response to COVID-19. The Vice President, Mr Yemi Osinbajo, represented by the Director-General of Nigeria Centre for Disease Control (NCDC), Dr Chikwe Ihekweazu, said this at the Guild of Medical Laboratory Directors’ 23rd National Conference and Annual General Meeting in Abuja, on Wednesday. He said, “We keep learning from our successes and challenges and strategising on ways for better preparedness for other emerging diseases. “The pandemic

By Dipo Olowookere To commemorate the International Day of Peace, in South Sudan, the United Nations’ Funds, Programmes and Agencies, and the peacekeeping mission organized a number of events across the country, in collaboration with the National Platform for Peace and Reconciliation (NPPR) and other non-governmental organisations; alongside the launch of the 100 days of peace activism; a platform for all voices calling for peace, healing, and reconciliation to unite and send powerful messages to leaders and calling for a peaceful resolution to the current crisis. In Juba, the official programme was held at the Nyakuron Cultural Centre, under the

By Adedapo Adesanya A double-barrelled problem of low demand and oversupply are set to plague the oil market this week again as Black April, the worst month for oil in 25 years, wraps up to welcome a fresh month that promises 10 percent cut off global crude production. The double problem of low demand and oil glut has caused prices of the commodity to fall at the market as the world is running out of places to store excess supplies of crude due to the coronavirus-induced plunge in demand. Last week saw one of the one of the most volatile

By Modupe Gbadeyanka The Chairman of Unique Motors, Prince Adesina Adebiyi, was on Wednesday, September 2, 2020, named the ECOWAS Youth Ambassador of Peace. His recognition by ECOWAS came as a result of his dedication to uplifting the economic productivity of Nigeria, both on a national and an international level. “In lieu of your great works in business and entrepreneurship contributions to the development and empowerment of young people we recognize your commendable works for humanity and as a philanthropist par excellence,” the organisers of the award said in a statement to the awardee. Also, from the office of the

Blockchain Technology is rapidly growing in different continents and many more people beginning to see the importance and relevance of cryptocurrency and blockchain technology in their different fields of life. Nations and companies are gradually adopting cryptocurrency in exchange for goods and services instead of fiat. However, the African continent seems to be lagging behind in the adoption of this upcoming technology resulting from the lack of political will to accept the risk of innovation (in Blockchain technology and cryptocurrency). This can further be perceived in the reluctance to adopt the use of cryptocurrency in day-to-day transactions. Though based in

By Adeniyi Ogunfowoke Digitization is the process of converting analogue signals or information of any form into a digital format that can be understood by computer systems or electronic devices. This information can be accessed by anyone anywhere. Like cancer, digitization is spreading throughout every industry you can think of in Nigeria. In this vigorous and rigorous digital march, the travel industry is not excluded as it has also embraced digitization. In spite of this, the Nigerian travel market is piggybacking existing infrastructures put in place by the government and telecommunication companies. For example, since the arrival of smartphones, implementation

By Dipo Olowookere An heir to the Samsung Empire, Mr Jay Y Lee, has been found guilty of a bribery allegation against him by a South Korean court. The court, on Friday, August 25, 2017, ruled that the Samsung chief should be put behind bars for five year. However, Mr Lee has denied any wrongdoing and his lawyers have vowed to appeal the judgement. Jay Y. Lee is the co-Vice Chairman of Samsung Electronics and was found guilty by the court of giving bribes to receive backing from the ousted South Korean President, Park Geun-hye. He was also convicted of