Naira Depreciates to N410.67/$1 at I&E as Cryptos Fall

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 Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The federal government has lamented the debt of $4 billion owed to the Niger Delta Development Commission (NDDC) by international oil companies (IOCs). This was made known by the Minister of Niger Delta Affairs, Mr Godswill Akpabio, on Thursday at the weekly ministerial press briefing organised by the Presidential Communications Team at the State House, Abuja. He explained that statutorily, the IOCs were required to provide 3 per cent of their annual budgets to the commission as their contribution to its funding, but none of the IOCs had paid so far. He said, “All the international oil

By Adedapo Adesanya President Muhammadu Buhari has suspended the acting chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu. The anti-graft agency boss had reportedly been arrested on Monday by agents of the Department of State Security (DSS) and was whisked away to face the Presidential Advisory Committee Against Corruption (PACAC) over allegations of corruption, a panel led Mr Ayo Salami, retired president of the appeal court. Business Post had reported on Monday that Mr Magu was arrested at the Wuse II office of the EFCC in order to prevent him from damaging documents meant for the

By Adedapo Adesanya  Despite an escalation brought by Libya’s oilfields blockage on Monday, oil prices fell on Tuesday as a deadly virus in China sparked fears of an economic slowdown. Prices had appreciated on Monday when supporters of military commander, Khalifa Haftar, closed a pipeline connecting Libya’s largest oilfields which led to a stop in oil production. As at Tuesday night, the Brent crude was trading down by 66 cents or 1.01 percent to trade at $64.54 per barrel, while the US West Texas Intermediate crude shed 29 cents or 0.5 percent to settle at $58.29 per barrel. China’s National

By Modupe Gbadeyanka On Wednesday, December 14, 2016, Stanbic IBTC Bank launched its first self-service digital branch at a ceremony held in Lagos. The flagship digital branch hopes to deliver the transformational power of digital technology to drive optimal financial services in Nigeria. Tucked inside the Maryland Mall, right in the heart of Lagos, the branch’s processes and systems are completely digitalized and equipped with tablets, touch screens, electronic banking devices and new digital technologies set up in designated self-service and private areas to enable customers conduct financial transactions seamlessly while enjoying a delightful banking experience. Among other facilities available

By Modupe Gbadeyanka Embattled Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday paid a courtesy visit to President Muhammadu Buhari. Last week, Mr Buhari reappointed the nation’s chief banker for another term of five years. The President sent a letter to the Senate on Thursday, seeking the red chamber’s confirmation of the respected banker. On Sunday, an online news platform published an audio indicating that the CBN chief was panicking about an issue. The online platform claimed what was being discussed was an alleged cover up for a N500 billion business gone bad, but the

By Modupe Gbadeyanka Investing in African Mining Indaba has announced Investec and RBC Capital Markets as supporters of the 2017 Investment Discovery Forum. It said the partnership will attract new investors and mining companies as well as provide unique programming that centres around roundtable discussions on current mining trends. With participation from these organisations, the Investment Discovery Forum establishes the building blocks for future growth of the conference, growing investor and mining company participation and focusing on the core of Mining Indaba – investment into African mining. “We are very excited about the partnership between the Investment Discovery Forum and

By Modupe Gbadeyanka A meeting of the board of directors of Diamond Bank Plc has been fixed for Thursday, October 19, 2017 in Lagos. During the meeting, the board of the financial institution will, among other things, consider and approve the firm’s unaudited financial statements for the period ended September 30, 2017. A statement signed by the Company Secretary/Legal Adviser, Uzoma Uja, and sent to the Nigerian Stock Exchange (NSE) said, “This is to inform the Nigerian Stock Exchange (NSE) that a meeting of the board of directors of Diamond Bank Plc has been scheduled to hold on Thursday, October

By Dipo Olowookere A partnership aimed to empower parents of children living with developmental challenges has been entered into between Promasidor Nigeria Limited and Children’s Development Centre (CDC). The scheme tagged, ‘We Too Can Grow’ takes off with a grant from Promasidor, manufacturers of Cowbell Milk, Top Tea, Onga seasoning and other quality food products. Five groups in Lagos and Ogun States, where the programme is taking off, have already signed up for the facility being disbursed through cooperatives. Special Adviser to Lagos State Governor on Social Development, Mrs Joyce Onafowokan, said at the launch that the state government would