Tambuwal Approves N677m for LG Pensions, Ex Councillors

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 The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Kestér Kenn Klomegâh President Joe Biden has told 49 African leaders and heads of the African Union who assembled in Washington for the second US-Africa Leaders Summit that the United States is raising its relations and renewing a resonating commitment towards improving developments on the continent. In his speech, Biden referred to the fact that the United States is a reliable partner and offered $55 billion in commitment for investments over the next three years and more than $15 billion for private trade and investment partnerships. Biden said a new agreement with the African Continental Free Trade Area would

By Adedapo Adesanya  Prices of crude oil went down by more than 4 percent at the international market on Friday as a result of reports which fuelled doubt that the extension on production cut that is expected to be made at next week’s meeting of the Organization of Oil Exporting Countries (OPEC) may not follow through. As a result of this, major futures depreciated from gains gathered during the month of November. By implication, Brent crude, the international benchmark which traded up to $64 during the week, fell by 4.39 percent as it shed $2.78 to trade at $60.49 per

By Adedapo Adesanya It was a bad day for the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as it was dragged down by 0.18 per cent by the duo of Nigerian Exchange (NGX) Group Plc and Acorn Petroleum Plc. The NASD Unlisted Security Index (NSI), which closed on Monday at 737.94 points, depreciated during the session by 1.3 points to 736.64 points as a result of the losses reported by the two stocks. This also weakened the market capitalisation of the exchange by N1.13 billion to N633.29 billion from N637.40 billion it settled at the preceding session. At the market,

By Modupe Gbadeyanka Foremost industrialist, Mr Atedo Peterside, has resigned as Chairman of Stanbic IBTC Holdings Plc. The resignation of Mr Peterside was announced on Tuesday. However, this will take effect from March 31, 2017. Mr Peterside founded IBTC (then known as Investment Banking & Trust Company Limited) in February 1989 and was its pioneer Chief Executive Officer (CEO) until 2007, when the merger with Stanbic Bank Nigeria Limited was consummated to form Stanbic IBTC Bank Plc. He resigned as CEO and was appointed Chairman of the enlarged Stanbic IBTC Bank Plc on the same day in 2007 and later

By Ayomide Oriade “Every health professional in Nigeria is concerned about the second wave and the rate at which the virus is spreading in the country. It showed that people didn’t keep to required protocols despite the warnings. Our health system can’t handle an exponential increase, and the majority of Nigerians can’t afford the cost of private treatment. So, the sensible thing to do is wear your mask at all times. Wash and sanitize your hands. Avoid crowded places. The peculiarity of the virus is such that your own hygiene is not enough. You have to make sure your family

By Adedapo Adesanya The Joint Health Sector Unions (JOHESU) and the Assembly of Healthcare Professional Association have issued a fresh 15-day ultimatum to the federal government, vowing to commence an indefinite strike over outstanding welfare issues. In a letter addressed to the Minister of Labour and Employment, Mr Chris Ngige, and other relevant stakeholders on Saturday in Abuja, the National President of the union, Mr Biobelemonye Josiah, said the ultimatum was necessitated by the nonchalant attitude of the government to the plight of its members. According to Mr Josiah, the welfare issues include adjustment of Consolidated Health Salary Structure (CONHES)

By Modupe Gbadeyanka One of the leading oil and gas firms in Nigeria, Shell, says it is planning to invest about $25 billion in the country as well as other places it operates in this year. The investments, the company said, will come in new oil and gas projects. Shell operates in more than 70 countries across the world and it is one of the key leaders in those nations, though it has stiff competition from Total, Exxon Mobil, BP and Chevron. According to the Chief Executive Officer of Royal Dutch Shell Plc, Mr Ben van Beurden, the firm expects

By Adedapo Adesanya The Naira appreciated by N1 on the US Dollar at the parallel or black market segment of the foreign exchange market on Friday, March 26. According to data from AbokiFX, the local currency closed yesterday at N485/$1 in contrast to N486/$1 it was exchanged at the preceding session. Equally against the Euro, the domestic currency appreciated by N2 at the unregulated FX window to trade at N578/€1 compared to the previous rate of N580/€1 but closed flat against the Pound Sterling at N680/£1. However, it was a different scenario for the local currency at the Investors and