DBN Plans Training Programme for Entrepreneurs

By Bliss Okperan The Minister of FCT, Mr Nyesom Wike, has been advised to extend an olive branch to the Governor of Rivers State, Mr Siminialayi Fubara. The Minister, who handed over the reins of Rivers State to Mr Fubara, has been at loggerheads with his successor. A few weeks ago, some lawmakers of the Rivers State House of Assembly loyal to Mr Wike attempted to impeach the Governor, but President Bola Tinubu quickly intervened and doused the tension. However, all is still not well with both parties, with the Minister granting an interview last week to accuse his ‘political

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Modupe Gbadeyanka Popular Nigerian actor, Jim Iyke, has added colour and glamour to the ‘Resume or Resign’ protest led by famous entertainer, Charles Oputa, otherwise known as Charly Boy. Also joining the daily sit-out initiative is Aisha Yesufu of the famous Bring Back Our Girls (BBOG) campaign calling for the return of the kidnapped Chibok schoolgirls in 2014. Yesterday, Charly Boy fainted after police fired teargas at the protesters calling for the resignation of President Muhammadu Buhari if he fails to resume to work. Mr Buhari left the shores of the country on May 7, 2017 to London to

By Adedapo Adesanya The International Monetary Fund (IMF) has confirmed Bulgarian economist, Kristalina Georgieva, as its new head and managing director. She succeeds Christine Lagarde, who resigned to become the head of the European Central Bank (ECB). Ms Georgieva was previously the second in command at the World Bank after she was put forward as Europe’s sole candidate, becoming the first person from an emerging economy to lead the organization since its establishment in 1944. After her appointment, she said, “It is a huge responsibility to be at the helm of the IMF at a time when global economic growth

By Dipo Olowookere There was a drop in the overnight rate on Wednesday as the Central Bank of Nigeria (CBN) sold a total of N119.94 billion worth treasury bills at the primary market. Business Post reports that the overnight rate, at the close of business yesterday, fell to 11.33 percent, while the open buy back (OBB) rate declined to 10.17 percent from 12.17 percent recorded the previous day. This was as a result of the surplus liquidity in the system, currently estimated at N80 billion. At the market on Wednesday, the apex bank sold a total of N6 billion of

By Dipo Olowookere A Nigerian actor, Mr Adebayo Faleti, has been reported dead after spending 86 years on the face of the earth. The veteran actor breathed his last in the early hours of Sunday, July 23, 2017, at the University College Hospital, Ibadan, Oyo State. Mr Faleti, a notable broadcaster in Nigeria, acted in several movies including Afonja, and was a pioneer staff of the first television station in Nigeria, Western Nigeria Television (WNTV). He famously translated Nigeria’s national anthem from English to Yoruba and worked as a teacher at Ife Odan, located near Ejibo Town. The deceased was

By Adedapo Adesanya PennyTree, a gamified digital lifestyle platform, has launched an Exclusive Associate Program for young people to help tackle the issues of unemployment and unemployability in Nigeria. According to the company, Chairman of the Presidential Economic Advisory Council and recently appointed Chief Economic Adviser to the President (CEAP), Mr Doyin Salami, had projected Nigeria’s unemployment rate to hit 40 per cent by the end of 2021. However, using this experimental financial inclusion and behavioural learning programme, it will help participants to increase their chances at employment as well as help impact the needed qualities and skills. The course

By Dipo Olowookere Treasury bills yields further depreciated on Monday as the Central Bank of Nigeria (CBN) failed to conduct an Open Market Operations (OMO). According to analysts at Zedcrest Research, this forced market players to re-invest excess cash flows mostly at the short end of the curve. Also, investors remained cautious on the mid to long end, with interests in those segments mostly client driven. “We remain wary of a further uptick in rates ahead of the forthcoming PMA, with a likely resumption in OMO auctions by the CBN expected to pressure rates higher in the interim. Meanwhile, the

By Dipo Olowookere The Nigerian Stock Exchange (NSE) was brutally dealt with on Monday by the deadly coronavirus codenamed COVID-19 by the World Health Organisation (WHO). At the first trading day of the week, the stock market lost 1.53 percent, dragging the index to the 25,000 threshold and expanding the year-to-date loss to 3.82 percent. Business Post reports the poor performance of the market led to the 399.89 points lost by the All-Share Index (ASI), which dropped to 25,816.57 points from 26,216.46 points. It further caused the market capitalisation to reduce by N208 billion to N13.449 trillion from N13.658 trillion

By Modupe Gbadeyanka Following the withdrawal of his case filed at the Federal High Court in Abuja, which sought to challenge his Senate re-election loss, candidate of the All Progressives Congress (APC) for the Akwa Ibom North West Senatorial District in the February 23 exercise, Mr Godswill Akpabio, and his party, have approached the Election Tribunal, sitting in Uyo, the Akwa Ibom State capital, to kick-start the legal processes that would lead to the validation of his victory at the poll. Mr Akpabio is seeking to upturn the victory of Mr Christopher Ekpenyong and the Peoples Democratic Party (PDP), based