SEC Postpones Q1 Capital Market Committee Meeting

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere Implementation of the second phase of an innovative solar-powered streetlight project called Light-Up Kwara (LUK) by the Kwara State government has commenced. Already covered by the project is the Kulende Estate Junction – Maraba, stretching through FCMB Muritala road, while that of Surulere to Oja-Oba route is ongoing. Other routes to be covered under the second phase to include General Roundabout – Oja-Oba, Offa Garage – Unity roundabout, Michael Imodu – Offa Garage, Geri Alimi – CAILS and other roundabouts within the Metropolis. Also to be covered are Emir’s road – Post Office, Balogun Fulani – Gambari,

By Adedapo Adesanya The new Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Mr Haitham Al Ghais, has said the group is not to blame for soaring inflation, pointing the finger instead at chronic underinvestment in the oil and gas industry. In an interview with CNBC’s Hadley Gamble, he said, “OPEC is not behind this price increase.” “There are other factors beyond OPEC that are really behind the spike we have seen in gas [and] in oil. And again, I think in a nutshell, for me, it is underinvestment — chronic underinvestment,” he added. “This is the harsh

By Adedapo Adesanya The Naira appreciated against the Dollar at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market on Thursday, May 28, 2020. The appreciation was boosted by liquidity at the forex market as sales from the Central Bank of Nigeria (CBN) begin to circulate and ease the pressure on the domestic currency. Data obtained by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON) indicated that at the Lagos BDC market, the Naira was strengthened against the greenback by N4 yesterday to trade at N452/$1 compared with N456/$1 it traded previously.

By Nneka Okumazie Should this be called life or should it be called hardship? The attainment of struggles constancy – makes life, for many, of rough difficulty. Usually, it is assumed that rejection is an event, but there are those in rejection permanence – exempted from peace, health, love, luck, etc. What kind of disadvantage is it, having no business with certain situations, but becoming its casualty? What sense does it make, that misunderstanding or assumptive philosophy causes certain individuals to insist recklessly on the wrong, heedless of its cataclysmic ink? The last few centuries were, for humans, of accelerated

By Modupe Gbadeyanka As part of efforts to bolster their activities towards ensuring health commodities are available to patients and reduce incidences of wastages and expiries at health facilities, the Federal Ministry of Health, through the Nigeria Supply Chain Integration Project (NSCIP) of the National Product Supply Chain Management Programme (NPSCMP), has provide state of the art equipment to Logistics Management Coordination Units (LMCUs) in all states of the federation. It was gathered equipment distributed to the state LMCUs were power generating sets, work stations, desktops computers, laptops, printers, photocopiers, scanners, projectors, print papers and metal shelves. In his brief

By Dipo Olowookere A Civil Society Organisation (CSO) in Kwara State, Elites Network for Sustainable Development (ENetSuD), has called on the state government to prioritize funding of the state-owned schools and declare a state of emergency in the educational sector. The group described most of the public schools in the state as a caricature of their old setting. In a press statement signed by its Coordinator, Dr Alagbonsi Abdullateef, and made available to journalists, ENetSuD noted that funding of education across the state has been grossly inadequate. As part of ENetSuD obligation to bringing the state government’s attention to areas

By Kestér Kenn Klomegâh Building on post-Soviet relations with Africa, Russia has been struggling with strategies on how to establish economic footprints, promote investment and deepen cooperation in Africa. Despite the road map adopted at the end of the first Russia-Africa summit held in October 2019, little has been achieved since then. In late September, the Regional Chamber of Commerce and Industry welcomed the participants to another round of conferences under the theme “Russia-Africa: Prospects for Cooperation” held in St. Petersburg. That gathering featuring a few interesting Russian enterprises was part of a series of steps to brainstorm and discuss

By Modupe Gbadeyanka No fewer than 16 persons have been murdered by gunmen suspected to be herdsmen in three communities in the Gwer West Local Government Area of Benue State. The fresh attack reportedly happened in the early hours of Saturday, causing many inhabitants of the affected communities to flee to safety. It was reported that the attackers, who were allegedly dressed in military uniforms, shot sporadically at the villagers, wreaking havoc on the people. Chairman of Gwer West Local Government, Mr Francis Ayagan, who confirmed the attack, stated that, “Sixteen people were killed by militia herders in Tse Tuma,