Ishaku Vows to Revive Dead Industries in Taraba

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Aduragbemi Omiyale The Chief Financial Officer of Prestige Assurance Plc, Mr Emmanuel Oluwadare, says the company is now well-positioned to maintain value delivery to all its stakeholders in the next five years. Mr Oluwadare said this when he spoke at the Facts Behind the Figures platform of Nigerian Exchange (NGX) Limited on Tuesday, November 2, 2021. According to him, the successful raising of capital by the firm through a rights issue offering, which put the paid-up share capital of the company in excess of N6.6 billion, “seriously enhanced the brand’s acceptability by the insuring public in Nigeria.” He said

By Dipo Olowookere Chairman of MTN Group, Mr Mcebisi Jonas, has disclosed that the telecommunications giant will take nothing less than $1.6 billion from its operations in Nigeria to strengthen its network and systems. Mr Jonas, during a visit to President Muhammadu Buhari at the State House in Abuja on Tuesday, said the leading GSM network provider was interested in boosting the nation’s economy through various investments. “We are fully aligned with the strategic agenda of government, and are committed to strengthening the digital economy of the country,” Mr Jonas informed his host. He explained that the visit along with

By Modupe Gbadeyanka The acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has reaffirmed the commitment of her agency to frustrate operations of illegal fund managers in the country. Ms Uduk, who spoke at the weekend in Abuja, said the enforcement department of the commission has intensified efforts to close these Ponzi schemes and prosecute the promoters. Represented by the Head, office of the Chief Economist, Mr Okechukwu Umeano, the acting DG noted that the, “Commission continues to create awareness through various media to educate investors about these schemes and urge people to avoid putting

By Adedapo Adesanya The Naira appreciated by 14 kobo or 0.04 percent at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, June 10. The domestic currency, which was previously sold at N387.08/$1 at the market window, was traded yesterday at N386.94/$1. The strengthening of the Nigerian currency happened despite the pressure on it yesterday as a result of an increased demand for forex from customers. During the midweek trading session, transactions valued at $62.28 million were recorded at the investors’ segment compared with the $31.81 million achieved on Tuesday, indicating a 96 percent or

By Dipo Olowookere Ethiopian Airlines is regarded by many as pride of Africa because of its growth and successes in the aviation industry. However, those things that have made the airline operator a darling of many are at risk because of some elements working with the company. In fact, those who have experienced these horrible incidents have now had to ask if Ethiopian Airlines is now breeding thieves. Here is an account of a top Nigerian journalist, ‘Fisayo Soyombo, with Ethiopian Airlines some days ago: In life, never say never. Nothing, really, is finite. On Tuesday November 14, I was

By Modupe Gbadeyanka The Senator representing Osun Central constituency of Osun State at the National Assembly, Mr Olusola Adeyeye, has accused one of the airline operators in the country, Arik Air, of putting the lives of Nigerians at risk. The lawmaker said the company was allegedly doing this by not servicing its airplanes properly. Speaking on the floor of the Senate on Wednesday, Mr Adeyeye claimed on three different occasions, he boarded Arik Air with faulty air conditioning system. He further accused the airline and others of operating on substandard maintenance. Citing Order 43, Senator Adeyeye cites Order 43 on

By Modupe Gbadeyanka Individuals willing to have knowledge of best practices and tools needed to effectively manage projects from ideation to execution can now register for a free online course introduced by Project Management Institute (PMI). PMI is the world’s leading association for project professionals and changemakers and through its KICKOFF programme, it hopes to equip participants with the best global practices in the field. Much of the working world revolves around projects, which have become more complex than ever due to global Megatrends, including COVID-19, climate change, and more. The need for changemakers, regardless of industry or position level,

By Ahmed Rahma The House of Representatives has approved N199.2 billion as 2020 statutory budget for the Federal Capital Territory Administration (FCTA). The budget was passed on Wednesday sequel to the consideration of the report presented by the House Committee on FCT at the plenary presided over by the Speaker of Rep. Femi Gbajabiamila, in Abuja. According to the Chairman of the committee, Mr Abdullahi Garba, while presenting the report, the budget covers the expenditure for January 1 and ending when the 2021 FCT Statutory Appropriation Act comes into effect. Lawmakers had earlier on Tuesday completed the clause-by-clause consideration of