FG Reveals Strategy to Restructure, Modernise NIPOST

By Adedapo Adesanya The federal government has announced that only 422 of the total 1,411 Nigerian delegates at the ongoing COP28 were funded with taxpayers’ money. This clarification followed the outrage over the size of Nigeria at the conference in Dubai, the United Arab Emirates (UAE). The Minister of Information, Mr Mohammed Idris, disclosed this in a statement on Monday evening amidst concerns by Nigerians about the large number of the country’s delegates at the climate change conference in Dubai. Business Post had reported that Nigeria was joint third with China behind the UAE and Brazil among all the countries

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 Adedapo Adesanya The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the regulatory framework for energy transition, decarbonisation, and carbon monetization for upstream operations in Nigeria. The Commission Chief Executive, Mr Gbenga Komolafe, unveiled the regulatory framework at COP28 in Dubai, the United Arab Emirates (UAE) themed Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition.  Mr Komolafe noted that the regulatory framework has Natural Gas shift, zero routine gas flaring and methane abatement, carbon market development, and upstream operations efficiency as its key pillars. Others include technology and innovation, incentive mechanisms, collaboration, and risk management. According

By Adedapo Adesanya  PricewaterhouseCooper (PwC) Nigeria has commended the country’s move towards fixing its copious electricity challenges with the Electricity Act 2023 and proposed key amendments that will ensure the issues are faced head-on, At the 14th edition of its Annual Power and Utilities Roundtable, with the theme The Electricity Act 2023: Powering Nigeria, the Partner and Energy, Utilities and Resources Leader at PwC Nigeria, Mr Pedro Omontuemhen, noted that, “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.”

By Dipo Olowookere The International Monetary Fund (IMF) on Monday announced the downward review of growth forecast for Nigeria’s economy in 2020. In a press statement obtained by Business Post today, the global lender said it was cutting the forecast to 2 percent “to reflect the impact of lower international oil prices.” IMF warned that under current policies of the local authorities, “the outlook is challenging,” noting that, “High fiscal deficits are complicating monetary policy.” It further said, “Weak non-oil revenue mobilisation led to further deterioration of the fiscal deficit, which was mostly financed by Central Bank of Nigeria (CBN)

By Modupe Gbadeyanka Police personnel and other law enforcement agents deployed for the Saturday governorship election in Ondo State have been advised to be above board. This warning was given by the Inspector-General of Police, Mr Mohammed Adamu, in a statement issued by the spokesman of the police, Mr Frank Mba, on Wednesday. The police chief said securities operatives should not be found acting contrary to their oaths of office or in aid of illicit electoral practices, warning that anyone caught would be “strictly and personally held liable with dire legal consequences.” Mr Adamu assured residents of Ondo State that

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the new week in the negative territory with a 038 per cent decline on Monday. The loss followed the negative price movements in three securities – FrieslandCampina WAMCO Nigeria Plc, Food Concepts Plc and Nigerian Exchange Group Plc. This weakened the market capitalisation of the bourse to fall yesterday by N2.41 billion to close at N636.34 in contrast to N638.75 billion it quoted last Friday. Also, the NASD Unlisted Security Index (NSI) went down during the session by 2.78 basis points to end the day at 732.12 points as against

By Modupe Gbadeyanka The International Monetary Fund (IMF) has predicted that Nigeria will experience a 0.8 percent growth in its economy in the year 2017. This affirms the earlier forecast made by the World Bank last week that the country’s Gross Domestic Product (GDP) will grow by 1 percent in the same year under review. Nigeria was hit with its worst recession in 2016, with inflation rising above 18 percent in the year. But the latest forecasts by the two leading global financial institutions affirming that Nigeria will get out of recession this year will come as a sigh of

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday as traders look ahead to the Federal Reserve?s monetary policy announcement. Upward momentum may contribute to early strength among stocks, although trading activity is likely to be somewhat subdued ahead of the Fed?s announcement. The Fed is scheduled to announce its monetary policy decision at 2 pm ET, followed by Fed Chairman Jerome Powell?s press conference at 2:30 pm ET. While the Fed is widely expected to raise interest rates by a quarter point, traders are likely to pay close attention to the accompanying

By Dipo Olowookere Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania and the Democratic Republic of the Congo, Smile Telecoms, has announced the appointments of Mr Ahmad Farroukh as its Group Chief Executive Officer and Ms Irene Charnley as Deputy Chairman, respectively, effective June 1, 2019. Mr Farroukh, who currently serves as Smile’s Group Executive Director Operations, is a seasoned and experienced telecoms executive with a distinguished record of commercial and operational success. His vast experience extends to executive management positions at Investcom Holdings and the MTN Group (where he served as CEO of MTN Nigeria, MTN South Africa

By Aduragbemi Omiyale The trio of Mastercard, TPG and QIA has increased their investments in Airtel Money to $500 million, Airtel Africa Plc, the parent company of the business, has confirmed. The three firms in their second tranche of investments pumped $125 million into the business, a notice filed to the Nigerian Exchange (NGX) Limited disclosed. Airtel Africa, as part of efforts to raise funds to reduce its debts and expand its operations, opted to offload a minority stake in the mobile money venture. Mastercard, TPG and QIA showed interest and agreed to invest in the venture. Earlier in the

By Adedapo Adesanya The federal government has clarified that the Nigerian Maritime Administration and Safety Agency (NIMASA) mandate is not to generate revenue but to act as a regulator of maritime safety and security. This was made known by the Minister of Transportation, Mr Rotimi Amaechi, at the final session of the 5-day National Council on Transportation (NCT) in Kano. A statement issued by the ministry’s Director of Press and Public Relations, Mr Eric Ojiekwe, on Saturday quoted the Minister as saying that, “People put NIMASA under pressure that they must make money; make money for what, NIMASA actually is