Kwara, 16 Local Councils Receive N5.3bn as March Federal Allocation

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Modupe Gbadeyanka About N206 million has been distributed to 92 pensioners as gratuities from the Oyo State government in fulfilment of the promise to the Nigeria Union of Pensioners (NUP), Oyo State Chapter, by Governor Seyi Makinde. At an interactive session with the pensioners’ group on Monday in Ibadan, the Commissioner for Establishments and Training, Mr Adeniyi Adebisi, said the beneficiaries comprised state, local government and primary school retirees. The Commissioner explained that there is need for synergy and cooperation between the NUP and the ministry to make life better for pensioners, as efforts are being made to review

By Modupe Gbadeyanka Speaker of the House of Representatives, Mr Femi Gbajabiamila, has said when the parliament resumes next year, the presidential decline of assent to the Electoral Act (Repeal and Re-Enactment) Bill, 2021 would be discussed. Mr Gbajabiamila said this on Tuesday when the lower chamber of the National Assembly held its last plenary for 2021. President Muhammadu Buhari had refused to sign the electoral bill into law, citing the cost of conducting direct primary elections, security challenges and possible manipulation of electoral processes by political actors as reasons. After reading a letter from Mr Buhari on why he

By Dipo Olowookere The management of Okomu Oil Palm Company Plc has reacted to an allegation made against it by a group known as Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN), alleging that the company had been “parading” a Roundtable on Sustainable Palm Oil(RSPO) certificate. In a statement signed by its Managing Director, Mr GD Hefer, the Benin-City, Edo State-based agro firm categorically denied “this allegation and dismiss this assertion as false, defamatory and without foundation.” Okomu Oil tasked the NGO to “immediately furnish the requisite proof that the company had been doing so or face the consequences.”

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has reacted to comments made by a senior lawyer, Mr Olisa Agbakoba, over the agency’s investigation into the finances of the Kogi State government. In a statement issued on Monday, the commission said it never violated any law to beam its searchlight on how the state government has been spending public funds. According to Agbakoba, EFCC not only disregards the rule of law but has no business inquiring into how the Kogi State Government spends its funds. But the EFCC said it takes great exception at the “indecorous and utterly

By Dipo Olowookere In a bid to reposition the capital market so that it can continue to positively contribute to the economy and as well restore confidence of investors, Federal Government has reconstituted the Investment and Securities Tribunal (IST). The tribunal was put back together in Abuja on Tuesday by the Minister of Finance, Mrs Kemi Adeosun. The reconstituted 10-man tribunal has Siaka Isaiah Idoko as the Chairman. According to the Minister, the tribunal will strive hard to bring back the confidence of the capital market operators as well as the investing public, which might have been dampened by the

By Adedapo Adesanya The announcement of a new Managing Director of First Bank of Nigeria Limited by the board on Wednesday has incurred the wrath of the Central Bank of Nigeria (CBN). A letter dated April 28, 2021, signed by the Director in charge of Banking Supervision at the CBN, Mr Haruna Mustafa, disclosed that the appointment was without the approval of the regulatory agency of the banking industry in Nigeria. Yesterday, First Bank elevated its Deputy Managing Director, Mr Gbenga Shobo, to the position of the MD of the flagship arm of FBN Holdings Plc. In a statement issued

By Emmanuel Otori In conjunction with the IMF/World Bank annual meetings, forecasts released at the July World Economic Outlook in 2022 projected Nigeria’s inflation to fall to 17% and an increase in its Gross Domestic Product GDP by 3.4% in 2022 and 3.2% in 2023. Reprojected in October’s World Economic Outlook, Nigeria’s GDP is projected to drop to 3.2% in 2023, with a difference of 0.2% in the July 2022 projection. The IMF estimates that by 2023, Nigeria’s inflation will have decreased to 17% from a projected 19%. According to the African Development Bank Group (AFDB), growth will slow, averaging

By Modupe Gbadeyanka All is now set for the burial of the former General Secretary of the National Union of Air Transport Employees (NUATE), Comrade Abdul Kareem Motajo. The late labour leader died on April 20, 2020, in Cuba but the global lockdown led to the delay in the shipment of his remains back to Nigeria. With the ease in the restriction of movements, his corpse will arrive in Nigeria this week ahead of the Thursday, February 11, 2021, burial fixed by his family. In a statement issued by the deceased’s son, Mr Adebowale Motajo, it was stated that the