PZ Cussons Not Quitting Nigeria–CEO

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Dipo Olowookere Nigeria’s Minister of Women Affairs, Mrs Aisha Alhassan, fondly called Mama Taraba, has resigned her appointment, becoming the third person to leave the cabinet of President Muhammadu Buhari this year. The first to resign as Minister this year was Mr Kayode Fayemi of Mines and Steel, who is now the Governor-elect of Ekiti State. The second was the Minister of Finance, Mrs Kemi Adeosun, who resigned as a result of a certificate scandal. Mama Taraba, the third to now leave, in a letter to the President, explained that she was forfeiting the position because she felt the

By Omoshola Deji In Athens, 510 BC, Cleisthenes instituted democracy to foster greater: accountability of institutions and leaders to citizens and the law. Today, the tenet is being flouted with impunity, especially in developing nations, where most of the heads of parliament are puppets of the president. Nigeria tops the list. While her legislature is failing in oversight and overlooking misconducts, that of the United States (US) prosecuted President Donald Trump and almost removed him from office. This piece evaluates the two countries legislative conduct, based on the proceedings of Trump’s impeachment trial. Process and History of US and Nigerian

By Adedapo Adesanya Nigeria’s premier credit rating agency, Agusto & Co. Limited, known for its credible presence in credit analysis globally, has scored United Bank for Africa (UBA) Plc with a rating of “Aa-”. The rating assigned to UBA, according to a statement, reflects the bank’s performance as underpinned by its good liability generation strategy and upheld by a strong brand franchise. Contributing to the score, the rating firm said, was the bank’s compilation of good liquidity profile, satisfactory asset quality given the operating terrain, as well as good capitalization for current business risks. UBA’s rating it is indicated would

By Adedapo Adesanya It went from good news to bad news for top listed oil types at the global crude oil market as prices fell from the previous day amidst looming tension in the political sphere. The West Texas International (WTI) Crude Oil dropped 1.66 percent or an equivalent of 94 Cents to trade at $56 per barrel on Wednesday. The Brent Crude also followed as it went down by 72 Cents or 1.13 percent to trade at $63 per barrel yesterday at the market. However, the OPEC Basket remained static at $64 per barrel. For the Nigerian Bonny Light,

By Dipo Olowookere The average yields of treasury bills at the secondary market went down on Wednesday by 0.05 percent to settle at 2.87 percent on the back of buying pressure witnessed at the session. It was observed that yields declined across most of the tenors monitored during the midweek trading day. An analysis of the day’s transactions showed that only the one-month maturity recorded a rise in yield. The bucket appreciated by 0.20 percent to 2.27 percent from 2.07 percent it closed on Tuesday. Yield on the three-month maturity fell by 0.25 percent to 2.15 percent to 2.40 percent,

By Adedapo Adesanya  Oil prices recorded gains on Thursday on the heels of the US-China trade war, which has continued to influence prospects for the global economy and global oil demand. Also, the continued Turkish offensive in Syria as a result of the pulling out of United States troops from the crisis-ridden country has raised tensions in the Middle-East. Business Post reports that for the second day running, Turkey’s military has continued with its operation in northern Syria to clear US-backed Kurdish forces away from its border. As at the time of filing this report on Thursday night, the international

By Dipo Olowookere Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has been invited by the Organisation for Economic Cooperation and Development to speak at the Platform for Collaboration on Tax Conference on Thursday, February 15, at the United Nations in New York. Also, the Minister would be in a panel at the meeting to discuss ‘Revenue Leakages: Illicit Financial Flows.’ The Platform for Collaboration on Tax (PCT) Conference, which will hold between February 14 and 16, 2018, is a collaborative initiative of the United Nations, Organisation for Economic Cooperation and Development (OECD), International Monetary Fund (IMF) and the World Bank

By Modupe Gbadeyanka The federal government has slammed some Nigerians criticising the military over the disappearance of a fighter jet belonging to the Nigerian Air Force (NAF). The Minister of Information and Culture, Mr Lai Mohammed, while addressing reporters on Tuesday, described the act as unpatriotic and “abhorrent.” According to him, this should be condemned because “no patriotic citizen will denigrate his or her country’s military for fighting to protect the nation’s territorial integrity and ensuring peace and security.” He said those who did this are not likely to be “trueborn Nigerians,” noting that the disappearance of the NAF aircraft