IFAD Provides $60m to Improve Income, Food Security in Niger Delta

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By Precious Olisa Three persons have been confirmed dead due to the heavy downpour that happened in Genere, Rikkos, Bauchi Road and Eto-Baba communities of Jos North Local Government. It was said that the rain lasted for two days. The Zonal Coordinator of the National Emergency Management Agency (NEMA), Mr Eugene Nyenlong, who confirmed the incident, said his agency got a distress call that three persons had died as a result of the flood that occurred. “As I speak to you, we are moving to the scene with other stakeholders to have an on-the-spot assessment of the disaster and also

By Modupe Gbadeyanka A socio-political group known as Save Enugu Group has congratulated Governor Peter Mbah of Enugu State on his recent Supreme Court victory. The organisation described the victory as well-deserved, urging politicians in the state to join forces with the governor to move the state forward. Last Friday, the country’s apex court dismissed an appeal filed by the candidate of the All Progressives Congress (APC) in the governorship election in the state, Mr Uche Nnaji. The opposition party challenged the victory of Mr Mbah of the Peoples Democratic Party (PDP) in the March 18, 2023, gubernatorial poll, asking

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has revealed that a fire outbreak at the Kainji/Jebba line caused the national grid collapse that has resulted in the general power outage experienced all over the country. In a statement shared on X, formerly known as Twitter, he said the outbreak has been taken care of and called for calm as the issue is resolved. He wrote, “At 00:35Hrs this morning, a fire outbreak with an explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1

By Dipo Olowookere It was a bad day for investors in the Nigerian capital market as major market metrics finished in the negative territory at the close of transactions on Friday. Business Post reports that the Nigerian Stock Exchange (NSE) declined yesterday by 1.01 percent, closing the week without a rise in any of the trading session. Also, the Year-to-Date (YtD) gain reduced to 2.83 percent. The recent loses at the stock market despite the rise in crude oil prices at the international market is believed to be as a result of political happenings in the country. Next year, Nigerians

By Dipo Olowookere Trading activities on the floor of the NASD OTC Market turned bearish with the market closing 3.6 percent lower week-on-week. Business Post reports that the NASD USI closed last Friday at 685.61 points as against 711.44 points it finished the previous last Friday. Also, the total market capitalization went down by N20.19 billion to settle at N463.96 billion compared with N484.15 billion it ended in the last session. A look at the price movement chart showed that Friesland Campina Wamco Nigeria Plc emerged the biggest lower, shedding 8.16 percent to finish at N156 in contrast to N169.90

By Dipo Olowookere Stock market investors have been advised not to joke with market data if they hope to succeed in the capital market. Speakers at the 2nd edition of the Market Data Workshop organised by the Nigerian Stock Exchange (NSE) on Wednesday, October 4, 2017 at the Civic Centre, Lagos, noted that adequate knowledge of the market data helps investors in making sound investment decisions. At the event themed ‘Market Data: The Bedrock of Wealth Creation,’ the chief executive of the NSE, Mr Oscar Onyema, noted that the NSE Market Data workshop was designed to provide participants with more

By Adedapo Adesanya The local currency recorded a N2 or 0.32 per cent appreciation against the American Dollar on Thursday, June 23 at the Peer-to-Peer (P2P) segment of the foreign exchange, trading at N622/$1 at the close of business compared with the previous day’s value of N620/$1. The Naira also strengthened against the US Dollar at the Investors and Exporters (I&E) segment of the market yesterday by 33 kobo or 0.05 per cent. At the spot market, the exchange rate of the Naira to the greenback was N420.17/$1 in contrast to the N420.50/$1 it was traded in the previous session.

By Modupe Gbadeyanka Qatar’s Minister of Energy, Mr Saad al-Kaabi, on Monday said his country will withdraw from the Organisation of the Petroleum Exporting Countries (OPEC) from January 1, 2019. Qatar is one of smallest oil producers presently in OPEC, which boasts of 15 nations and was founded in 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna, Austria. At a news conference on Monday, Mr al-Kaabi noted that his nation’s exit from the oil cartel represents a “technical and strategic” and not linked to the 18-month political and economic boycott of Doha. Since 1961,

By Modupe Gbadeyanka Notable online publishing start-up firm in Nigeria, Publiseer, has spread its tentacles to the neighbouring West African country, Ghana. Explaining why the company decided to tap into the Ghanaian industry, co-founder of Publiseer, Mr Chidi Nwaogu, stated that, “Ghana has an amazing music industry that spreads across Africa and even the world. The book publishing industry in Ghana is also huge, and Publiseer wants to tap into this huge resource.” He said further that, “Ghana is a country with really intelligent and creative people, and it will be an honour having these amazing people use our platform

By Aduragbemi Omiyale End-to-end document management and secured software solutions provider, Secured Records Management Solutions (SRMS), has opened its second document archiving warehouse in Nigeria. The warehouse, which is located in Abuja, is positioned to improve its operations and deliver efficient services to customers in the region, the firm stated. The new warehouse is equipped with automated inventory software, built to safeguard documents, ensure compliance, and the productivity of workers. The warehouse is designed to store 34,000 boxes of documents, with a fire suppression system, live CCTV surveillance, and experienced personnel. The commissioning of the 700-square feet, state-of-the-art warehouse follows

By Dipo Olowookere Largest financial institution in the Middle East and Africa (MEA) region, QNB Group, has recorded a net profit of QAR10.8 billion ($3 billion) for the nine months ended September 30, 2018. According to the financial results of the lender, the rise in the net profit is a 6 percent increase when compared with the same period last year, despite the impact of the Turkish Lira devaluation. Total assets increased to QAR853 billion ($234 billion), up by 8 percent from September 2017. It was disclosed that the key driver of total assets growth was from loans and advances