Nigeria’s Foreign Reserves Gain $202m in 4 Days to Hit $47.6b

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya Crude oil edged lower on Thursday as investors took profits after two days of gains spurred by tightening supply amid an expected recovery in demand. Data showed that the Brent crude lost 96 cents or 0.81 per cent to trade at $83.86 per barrel, while the United States West Texas Intermediate (WTI) crude fell by $1.40 or 1.16 per cent to sell at $81.48 per barrel. Prices soared more than 50 per cent in 2021 and some analysts expect the rally to continue, forecasting that low production capacity and limited investment could lift crude up to $100

By Adedapo Adesanya The announcement of fresh sanctions on Iran by the United States on Thursday jerked the price of the Brent crude futures higher by $1.30 or 1.1 per cent to $119.81 per barrel with the West Texas Intermediate (WTI) crude futures leaping by $2.27 or 2 per cent to $117.58 a barrel. With no nuclear deal with Iran in sight, the United States Treasury slapped additional sanctions on companies based in Iran, China and the United Arab Emirates (UAE) for enabling the export of Iran’s petrochemicals. On Thursday, the US Department of the Treasury’s Office of Foreign Assets

By Modupe Gbadeyanka One of the top stars in the Yoruba film industry, Aisha Abimbola, otherwise known as Omoge Campus, has died. The actress reportedly gave up the ghost while battling with the dreadful breast cancer at a hospital in Canada. According to reports, the 46-year-old actress died on Tuesday night. The unfortunate incident has thrown the movie industry into another round of mourning. Not too long ago, a friend of the late actress, Moji Olaiya, also died in Canada after childbirth.  

By Modupe Gbadeyanka A Federal High Court sitting in Owerri, Imo State, has been urged by the Central Bank of Nigeria (CBN) not to make absolute the temporary garnishee order it granted six chiefs representing the Ogoni community, compelling it (CBN) to pay the sum of N122.53 billion on behalf of First Bank of Nigeria Limited (First Bank). According to ThisDay, CBN’s lead counsel, Professor Fabian Ajogwu (SAN), while responding to a new suit filed by the judgment creditors (Ogoni chiefs) seeking to commit First Bank, its chairman, Mrs Ibukun Awosika, and Managing Director, Dr Sola Adeduntan, to prison for

By Modupe Gbadeyanka The resignation of three key officers of Conoil Plc has raised questions in some quarters as the company battle poor financial performance. In a letter dated October 23, 2017, and sent to the Nigerian Stock Exchange (NSE), the oil firm said its Managing Director, Mr Sanjay Mathur, an Indian, was resigning from his position. The company also said its Executive Director in charge of Finance, Mr Bamidele Ogunnaike; and the Financial Controller, Mr Abdulateef Ijaiya, has also left the company. Though no reason was given by the firm for these actions, it only said vacancies created by

By Modupe Gbadeyanka The immediate past Commissioner for Health, Mr Akin Abayomi, and his Information and Strategy counterpart, Mr Gbenga Omotosho, have been rejected by the Lagos State House of Assembly. Governor Babajide Sanwo-Olu had sent a list of 39 commissioner-nominees to the Lagos parliament for confirmation. However, the state legislative arm of government screened and confirmed 22 persons and rejected 17 others, including the immediate past Commissioner for Education, Mrs Folashade Adefisayo. A statement from the Lagos Assembly on Wednesday said the Speaker of the House, Mr Mudashiru Obasa, who presided over the day’s sitting, said the confirmation followed

By Modupe Gbadeyanka In preparation of the reopening of schools in the state this month, the Lagos Government has organised a training programme for administrators of educational institutions. The two-day capacity building workshop was on post-COVID-19 and classroom management for the school administrators and was put together by the Lagos State Universal Basic Education Board (LASUBEB). The programme, which was supported by the Universal Basic Education Commission (UBEC), had school managers, administrators, guidance counsellors and teachers in attendance. According to the Executive Chairman of LASUBEB, Mr Wahab Alawiye-King, the training was designed to further reinforce COVID-19 guidelines and regulations, psycho-social

By Modupe Gbadeyanka A N494 million ($1.2 million) co-investment grant to boost the productivity, incomes and resilience of maize and soybean smallholder farmers in Kaduna State has been given to Tomato Jos Farming and Processing Limited. The Nigerian firm received the grant from the USAID-funded West Africa Trade and Investment Hub (Trade Hub) for the training of 4,000 smallholder farmers who will work as outgrowers (also known as contract farmers) with Tomato Jos. According to the deal, 60 per cent of the beneficiaries will be women and at least 40 per cent youth. They will be taught modern farming techniques