Kwara-based Firm Wins Scaling up Nutrition Pitch Competition

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

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 Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya The National Identity Management Commission (NIMC) has announced plans to license more agents across the country for National Identification Number (NIN) enrollment. This was disclosed in statement signed by the acting Director General of NIMC, Mrs Abisoye Coker-Odusote, on Monday, inviting organisations, including Limited Liability Companies (LLCs), startup companies, Small and Medium Enterprises (SMEs), Civil Society Organizations (CSOs), and Non-Governmental Organizations (NGOs) with proven track records of successful performance in a similar capacity to indicate their interest in the provision of data collection and issuance of the NIN. The commission said Nigerian representatives of its development partners

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fired blank on Thursday, November 19 despite tradin activities on its platform. The situation brought an end to the winning streak on the bourse after opening the trading week on a positive note. The next day, it was extended and at the midweek session, the unlisted securities market kept the positive momentum until yesterday, when the exchange closed in the flat territory. Consequently, the market capitalisation remained intact at N547.46 billion, while the NASD Unlisted Security Index (NSI) equally made no movement from 736.53 points it ended the previous day. However,

Federal Government has directed the Corporate Affairs Commission (CAC) to extend by three months, the 50 percent discount given to MSMEs for the registration of their businesses. Vice President, Mr Yemi Osinbajo, who gave this directive at the first quarter MSMEs stakeholder meeting held at the Presidential Villa, explained that the extension was spurred by the successes recorded in the earlier window. In October 2018, CAC announced the reduction of the cost of business name registration from N10,000 to N5,000 to help to bring as many MSMEs to formalize their businesses. The exercise was earlier extended till March 31, 2019

By Adedapo Adesanya  The value of Naira to the American Dollar moved in different directions at the various segments of the foreign exchange (forex) market on Friday, February 7, 2020. At the Bureaux De Change (BDCs) segment of the market, the local currency also traded mixed, depreciating in Lagos by 30 kobo to close at N358.30k in contrast to the previous rate, N358/$1. Against the Pound Sterling, the domestic currency lost N2 to sell at N474/£1 versus N472/£1 it was exchanged on Thursday, while it further dropped 50 kobo against the Euro to trade at N396/€1 against N395.50/€1 it traded

By Modupe Gbadeyanka About N11.01 trillion was borrowed by deposit money banks (DMBs) from the Central Bank of Nigeria (CBN) for urgent short-term needs in 2022 compared with the N13.01 trillion taken in 2021 for the same purpose, according to The Guardian. This showed a decline of 15.3 per cent year-on-year in the CBN short-term loans taken by the lenders through the Special Lending Facility (SLF) as they worried less about liquidity in the year. Business Post reports that last year, as part of efforts to control rising inflation, the CBN increased the cash reserve ratio (CRR), which is the

By Adedapo Adesanya The Senate Committee on Public Accounts has begun the investigation of N14.7 billion proceeds of privatisation of the defunct Power Holding Company of Nigeria (PHCN) allegedly hidden in commercial banks by the Bureau of Public Enterprise (BPE). The committee is acting on an audit query in the ‘Auditor-General for the Federation’s Annual Report on Non-Compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year Ended 31st December 2019.’ The Acting Auditor-General of the Federation, Mr Adolphus Aghughu, had presented the report to the Clerk of the National Assembly, Mr

By Modupe Gbadeyanka The Nigerian Content Development and Monitoring Board (NCDMB) has promised to stop operators in the oil and gas industry from importing personal protective clothing otherwise called coveralls as there exist sufficient local production capacity. NCDMB described the importation of items like coverall as a negation of the tenets of the Nigerian Content Act. Speaking last Thursday at the commissioning of Kay Global Garment Factory in Warri, Delta State, the Executive Secretary of NCDMB, Engr. Simbi Wabote, promised to “ensure that players in the oil and gas industry stop immediate importation of coveralls. We will clamp down on

By Adedapo Adesanya Oil prices returned to the positive territory on Monday as a result of by supply restrictions reports from Iraq and Libya. It was reported that Iraq, a top oil giant, was planning to cut production, while reports also emanated from Libya that a pay dispute has caused disruptions in the production of the commodity. These reports offered more support to the price of crude oil at the global market yesterday as the Brent crude futures rose by 48 cents or 0.87 per cent to trade at $55.87 per barrel, while the West Texas Intermediate (WTI) crude futures