African Alliance to Host NCRIB South-South Area Committee, Rewards Journalist

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

The federal government has expressed its readiness to intensify efforts toward Nigeria’s 3.14 million hectares of irrigation systems to boost food production in the country. Minister of Water Resources and Sanitation,  Mr Joseph Terlumun Utsev, disclosed this at the ongoing 5-day National Workshop of the Nigerian National Committee on Irrigation and Drainage (NINCID ) themed The Role of Irrigation and Drainage Practices for Food Security in Nigeria in Kano. The Minister who gave this assurance also reiterated that the government is committed to ensuring adequate water supply to homes,  industries, and for agriculture purposes nationwide. The Minister, who was represented

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

By Bliss Okperan The Nasarawa State House of Assembly has announced its election of Danladi Jatau, representing Kokona West Constituency, as the new Speaker. The state parliament also disclosed on Friday that it now has a new Deputy Speaker, who is Mohammed Oyanki, the lawmaker representing Doma North Constituency. The election of the two principal officers of the legislative arm of the state followed the sacking of its former Speaker, Mr Ibrahim Abdullahi, by the Appeal Court sitting in Abuja on Tuesday. While the new Speaker is a member of the All Progressives Congress (APC), his deputy is a member

By Modupe Gbadeyanka The International Monetary Fund (IMF) has warned that Nigeria’s economic outlook for 2018 still remains challenging. The global lender made this observation at the end of its visit to the country this week. From June 27 to July 9, 2018, an IMF staff team led by the Senior Resident Representative and Mission Chief for Nigeria, Mr Amine Mati, visited Nigeria, where they held “productive discussions with senior government and central bank officials.” The team also met with representatives of the banking system, the private sector, civil society, and international development partners. In a statement issued at the

By FBNQuest Research Although Nigeria’s economy has emerged from its technical recession, its macro challenges have not dissipated. As such, a cautiously optimistic approach has been adopted by banks on lending. The CBN’s Quarterly Statistical Bulletin for Q2 2017 shows total private sector credit by banks’ contracting by –0.5% q/q and expanding by just 1.1% y/y. The slowdown in loan growth is partly due to banks’ preference for the elevated yields well in excess of 20% for longer tenors that were recently available on the NTB market. However, those yields have started to dip in response to the CBN’s signal

By Ashemiriogwa Emmanuel A Nigerian lending and business financing platform, Payhippo, has been accepted into Y Combinator’s Summer 2021 cohort, gaining access to a $125,000 seed fund and other networking and mentorship opportunities. The one-year-old Small and Medium Enterprise (SME) co-founded by Mr Zach Bijesse (Cheif executive officer – CEO), Ms Chioma Okotcha (Cheif Operating Officer – COO), and Mr Uche Nnadi (Cheif Technology Officer – CTO) will be joining 167 startups across the globe to participate at the Y Combinator’s Summer 2021 batch. The American seed funding accelerator, Y Combinator, offers seed funding for startups twice every year (winter

By Investors Hub Asian stocks ended on a mixed note Thursday as lingering trade war fears and a public holiday in the U.S. discouraged traders from taking long positions ahead of the July 6th deadline when the U.S. administration is due to slap tariffs on $34 billion worth of Chinese goods. The minutes from the Federal Reserve’s June meeting, due out later in the day, and Friday’s U.S. jobs report were also on investors’ radar. Chinese shares fell sharply as tariff worries overshadowed positive economic data. China’s private sector expanded at the fastest pace in four months in June on

By Dipo Olowookere The key performance indicators of the Nigerian Exchange (NGX) Limited further depreciated by 0.35 per cent on Friday as investors intensified their profit-taking sentiment. A total of 15 equities depreciated in price during the session as 14 stocks gained points, indicating a weak investor sentiment and a negative market breadth. The loss was mainly driven by industrial goods and energy sectors, which fell by 0.32 per cent and 0.15 per cent respectively, while the banking, insurance and consumer goods counters appreciated by 0.23 per cent, 0.13 per cent and 0.06 per cent apiece. When the market closed

By Aduragbemi Omiyale In order to deepen the interest of students in the capital market, the Nigerian Exchange (NGX) Limited is considering working with the management of the University of Lagos (UNILAG) to design courses for capital market-related degrees. This disclosure was made by the chief executive of the bourse, Mr Temi Popoola, during a digital closing gong ceremony to commemorate the 26th Nigeria University Games Association (NUGA) hosted by the higher institution. At the event held on Tuesday, March 15, 2022, Mr Popoola expressed the organisation’s interest in grooming the next generation of capital market players. “We are eager

By Adedapo Adesanya   The Nigerian Bar Association (NBA) has weighed into the decision of the federal government to ban social media, Twitter, calling it a move to strip Nigerians of their right to freely express their constitutionally guaranteed opinions. In a series of tweets, the President of the body, Mr Olumide Akpata, noted that the NBA has noted with great concern the extraordinary decision of the Muhammadu Buhari-led administration to suspend the operations of Twitter in Nigeria. He noted that the decision calling on the Nigerian Communications Commission (NCC) to immediately commence the process of licensing all OTT and

By Adedapo Adesanya It was a bad day for the Nigerian Naira in the official foreign exchange (FX) market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Thursday, as it depreciated against the US Dollar. This occurred ahead of plans by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to share the bank’s policy direction and economic outlook for the first time since his Senate confirmation more than two months ago later on Friday. After two postponements of critical rates meetings, it is widely speculated that Mr Cardoso will share his direction at the Chartered Institute