Uptick in Food Price Inflation

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 Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Carl Ndukwe The timeless aphorism says that health is wealth yet one of the biggest challenges facing Nigeria since independence has been the country’s inability to guarantee affordable and universal health care to its citizens. Little wonder we are consistently ranked in the comity of poor nations. Access to healthcare is not only important, it is fundamental to all areas of social development, from combating poverty to achieving a high standard of living. In May 2017, the Nigeria Academy of Pharmacy in partnership with the Pharmaceutical Society of Nigeria organized a symposium in Lagos, tagged Health of the Nation

By Modupe Gbadeyanka As a fall out of the 14th Summit of Heads of State and Governments of the Lake Chad Basin Commission of April, 2016 to save Chad of drying up, the Lake Chad Basin Commission and the POWERCHINA International Group Limited have signed a Memorandum of Understanding (MoU) to actualize the transfer of water from the Congo Basin to Lake Chad Basin. At the signing ceremony recently held in Abuja, the Minister of Water Resources who is also the Chairman of Ministers of the Commission, Engr Suleiman Adamu, stated that what the POWERCHINA Corporation has done is to

By Aduragbemi Omiyale Insurance companies operating in Nigeria will struggle with lower profitability indices in the 2022 financial year, a pan-African credit rating agency, Agusto & Co. Limited, has predicted. This will be caused by inflation and higher claims from the violence that led to the destruction of public and private properties during the #EndSARS protest of October 2020. During the year, insurance firms and other businesses had to shut down because of the restriction of movement put in place by the federal government to contain the spread of COVID-19. The lockdown negatively impacted insurance products distribution, especially with the

By Modupe Gbadeyanka Ogun State Governor, Mr Ibikunle Amosun, has assured workers in the state of his government’s determination to meet its commitment and obligation to them towards their improved welfare. He said this at the state’s 2017 Public Service Day Lecture, with the topic, Stress Management and Keeping Healthy, held at the June 12, Cultural Centre, Kuto, Abeokuta. Mr Amosun said he was not oblivious of the fact that a productive civil service is deserving of a whole range of emolument, such as salaries, running costs, leave bonus and promotion, promising to do more as soon as the finances

By Adedapo Adesanya Following the recent xenophobic attacks on Nigerians and other Africans in South Africa, the Socio-Economic Rights and Accountability Project (SERAP) has asked the African Commission on Human and Peoples’ Rights to sue to South Africa and seek $10 billion for victims of the attacks in the country. In an open letter dated September 6 and addressed to Soyata Maiga, chairperson of the commission, Kolawole Oluwadare, SERAP Deputy Director, said the attacks were a violation on the rights of Nigerians and other Africans. Oluwadare further urged the commission to make it clear to the South African authorities that

By Adedapo Adesanya The Brent crude neared $49 per barrel on Wednesday after it gained 12 cents or 0.25 per cent to trade at $48.96 per barrel despite a massive crude oil inventory build in the United States. According to the Energy Information Administration (EIA), the US recorded an inventory rise of 15.189 million barrels for the week to December 4, after a modest draw of 700,000 barrels estimated for the previous week. But despite this development, the price of the US oil benchmark, the West Texas Intermediate (WTI) crude, moved up by 0.04 per cent or 2 cents to

By FBNQuest Research The narrative on agriculture is gradually changing, and the sector has the potential to become the economy’s new backbone. Over the past four years, agriculture has posted uninterrupted quarterly growth, with crop production emerging as the leading contributor to the sector. Oil palm, a cash crop, falls within this segment. Last week, we visited an oil palm plantation in Benin spanning 33,000 hectares, with an estimated 160 palm trees per hectare. The derivatives from this cash crop are numerous; they include cooking oil, cosmetic products, personal hygiene products and industrial products (such as lubricants and paint) as

By Modupe Gbadeyanka On Thursday, January 27, 2022, some Fidelity Bank customers had the opportunity to win millions of Naira in the month’s draw of the lender’s Get Alert in Millions savings promo, season 5 (GAIM 5). It was gathered that no fewer than 10 customers of the financial institution became N1 million richer. They were from several branches across the six geo-political zones of Nigeria and presented with their prizes at an event held at Fidelity Bank, Awolowo Road, Ikoyi, Lagos. One of the winners, Stanley Okpoto, who could not hide his joy, said, “I am more than happy