AMCON Ordered To Pay Capital Oil N26.5b

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Adedapo Adesanya President Bola Tinubu on Wednesday departed Abuja for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit which takes place from December 1 —2, 2023, with the theme Unite, Act, and Deliver. According to the presidential spokesman, Mr Ajuri Ngelale, the President will be using the platform to advocate for funding as well as technical support to tackle the array of climate problems facing the country. He said Mr Tinubu was “mindful of the severe impact of climate change on Nigeria, such as desertification, flooding, erosion, drought, and national security risks arising therefrom, will maximise

A scheme to promote and ensure the adoption of gender sensitive and responsive approaches towards engendering plans and programmes, in such a way that men and women have equal access and control of productive resources and facilities to bridge gender gaps have been launched by federal government. The initiative known as the National Gender Policy in Agriculture was inaugurated by the Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono. According to him, the document will provide a policy direction for the different roles of women and men in agriculture for development and gender equality in access to resources

By Dipo Olowookere The nine commercial banks barred from trading in the foreign exchange market by the Central Bank of Nigeria (CBN) have been re-admitted into the market. The CBN had placed a ban on nine banks operating in Nigeria last week for failing to remit about$ 2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the federal government. But less than 24 hours later, one of the affected banks, UBA Plc, was reinstated after it sorted out its issue with the apex bank. Announcing the lifting of the embargo on Wednesday

By Modupe Gbadeyanka The Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has shown that Nigeria’s private sector activities further improved in May 2023 after being impacted by the cash crisis that rocked the economy in the first quarter of the year. The decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 currency notes plunged the nation into crisis, as it was viewed as a political witch-hunt against President Bola Tinubu by some powerful persons in the administration of the immediate past President, Mr Muhammadu Buhari. The action affected many businesses, which could not operate

A commitment of about $210 million has been channelled to small and micro businesses to address an urgent need from local communities following the spread of COVID-19. The funding package was provided by the Visa Foundation and it comes in two phases. The first is $10 million designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, while the second is a five-year strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. The funds will be disbursed to beneficiaries in each

By Adedapo Adesanya  The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, March 9, 2020. According to data sourced by Business Post from the FMDQ Foreign Exchange portal, the local currency closed the day dropping 46 kobo or 0.13 percent to N366.71/$1 after appreciating to N366.25/$1 last Friday. However, the transaction value at the market segment reduced by 42.34 percent or $146.60 million to $199.61 million from $346.21 million/ At the interbank market, the official exchange rate of the Central Bank of Nigeria (CBN) against the American currency

By Kester Kenn Klomegah Russia and South Africa have recently stepped up efforts towards finalizing “the most significant issues” relating to the 10th edition of BRICS Summit scheduled to take place from 25-27 July in Johannesburg, South Africa. According to official documents, BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group, founded in June 2006 at the St. Petersburg International Economic Forum (SPIEF), first known as BRIC prior to inclusion of South Africa in 2009. It has yearly rotating chairmanship among its five members. After Jacob Zuma’s resignation in

By Dipo Olowookere Future Market Insights (FMI) has announced the release of its report titled ‘Car Rental Market: Global Industry Analysis and Opportunity Assessment 2015-2025.’ According to the report, the global car rental market, valued at $87.8 billion in 2014, is anticipated to reach $176.2 billion by 2025, expanding at a CAGR of 6.6 percent between 2015 and 2025. The global car rental market is driven by rising global tourism industry, surge in public awareness about car rental services, easy booking via online services, introduction of new business concepts, increasing number of Internet users and rise in international tourist arrivals.

By Dipo Olowookere One of the owners of popular entertainment outfit, Made Men Music Group, Mr Ubi Franklin, has disclosed that he once warned his partner, Iyanya Onoyom Mbuk, of telling lies against him or have his career destroyed. In an interview with The Native Magazine, Ubi said he planning a legal action against the singer concerning unpalatable things he said about him. “Already, everything he said is a lie. A lot of the things he said are lies. So, there is a legal document that is going to be sent to him soon for him to retract everything he