Nigeria’s Inflation Beats Expectations, Spikes by 21.82% in January

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.”

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 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 value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Dipo Olowookere No fewer than 100 teachers have been posted to Oyo State by the federal government to boost the quality of the education in the south-west state. The educators were transferred to Oyo State through the Federal Teachers Scheme (FTS) facilitated by the Universal Basic Education Commission (UBEC). Business Post reports that the 100 teachers sent to the state were among the 3700 candidates who met the cut off marks of the FTS examinations conducted across the country last month. Recall that in November, about 14,729 candidates sat for the 2020/2021 FTS exam for teachers simultaneously in 74

By Adedapo Adesanya As part of the plans to curb the spread of loan shark activities in the country, the Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 digital money lenders in Nigeria. From the cache of companies, the commission stated that only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval. The agency disclosed this in an update on its ongoing registration of digital money lenders in the country. Nigerians have been the target of unlicensed loan apps, otherwise known as loan sharks., which has brought disgrace

By Dipo Olowookere President Bola Tinubu has announced the removal of the fuel subsidy from July 1, 2023, emphasising that his government will not provide funds to subsidise the product. He announced this on Monday during his inaugural speech as the 16th President of Nigeria at Eagle Square, Abuja. Mr Tinubu said he is taking this decision because the 2023 budget has not provided for the payment of fuel subsidy from the second half of the year. In the 2023 Appropriation Act signed into law by former President Muhammadu Buhari, the provision was only for January 1 to June 30.

By Dipo Olowookere Makers of the popular Maggi seasoning, Nestle, have revealed plans reduce the salt content in the product in order to make it appealing to more people. Also, the company will fortify some of its ingredients to meet more cooking standards and make the commodity healthier for consumers. These changes, according to a statement issued by the Business Executive Officer Culinary for Nestlé Central and West Africa, Mr Dominique Allier, would be targeted at consumers at the Nestlé’s Central and West Africa Region (CWAR). Mr Allier explained that the reduction in the salt content of Maggi will contribute

By Adedapo Adesanya The rapidly spreading Monkeypox outbreak can be stopped, the World Health Organisation (WHO) said on Tuesday, “with the right strategies in the right groups”. However, there is no time as “we all need to pull together to make that happen”, warned Dr Rosamund Lewis, WHO Technical Lead on Monkeypox, during a regular press briefing at the world health authority headquarters in Geneva, Switzerland. This is coming after WHO’s Director-General, Mr Tedros Adhanom Ghebreyesus, declared the spread of the virus to be a public health emergency of international concern (PHEIC), the organization’s highest level of alert. “Through this,

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday, July 1, 2020, conducted the first primary market auction of treasury bills for the second half of 2020. At the PMA, the apex bank offered for sale T-bills worth N88.9 billion across the usual three maturities of 91-day, 182-day and 364-day bills. However, results of the exercise showed that investors bombarded the CBN with subscriptions valued at N330.7 billion, indicating 372.0 percent oversubscription. According to the breakdown of the PMA, N10.0 billion worth of the 91-day instrument was offered for sale, while N20.0 billion of the 182-day tenor was

By Dipo Olowookere No fewer 36 students have qualified for semi-final of 2016 Cowbellpedia Secondary Schools Mathematics Television Quiz Show. The preliminary rounds ended last weekend and the 36 semi-finalists will have to jostle for the 12 slots in the finals of both Junior and senior categories. Out of the 47,000 candidates that participated in the Stage 1 written examination of the competition, only 108 qualified for the Stage 2, a Television Quiz Show which started on July 31st, 2016. This was made up of 71 males (66%) and 37 females (34%). Out of the 36 semi-finalists, there are 17

By Adedapo Adesanya The Lagos State government, in partnership with Oando Clean Energy Limited, have taken delivery of electric mass transit buses to kick off a sustainable road transport system in the state. According to a statement provided by Oando, this is in furtherance of a 2022 Memorandum of Understanding it signed with Lagos Metropolitan Area Transport Authority (LAMATA) to enable the successful deployment of an Electric Vehicle Infrastructure Ecosystem, which include electric buses, charging stations, and other supporting infrastructure, in the state. It stated that the MoU was signed to bridge the gap in the state’s current mass transit