NIMC Claims Card Issuance Not Suspended

By Bliss Okperan The early morning fire that gutted a part of the Supreme Court complex in Abuja has been blamed on an electrical malfunction. The Director of Information of the apex court, Mr Festus Akande, said this on Monday morning when he appeared on Arise Television’s breakfast programme, The Morning Show. According to him, preliminary investigation showed that the fire was triggered by an electrical fault, playing down rumours that the Supreme Court was attacked by arsonists. Attention is on the apex court over the outcome of the presidential election held on Saturday, February 15, 2023. The Appeal Court

By Adedapo Adesanya President Bola Tinubu has promised fresh growth and job reforms in the coming months after he removed fuel subsidies and directed the float of the Naira to unify the exchange rate. The Nigerian president made this known during his first address at the 78th United Nations General Assembly in New York, the US, after he took over the helm of office from Mr Muhammadu Buhari in May. He said, “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first

By Bliss Okperan A news report filtering in indicates that a part of the Supreme Court complex in Abuja has been gutted by fire. The incident, according to what Business Post gathered, happened on Monday morning. It was said that offices of three justices were affected by the inferno, whose cause is yet unknown at the time of filing this report. Details later…

By Adedapo Adesanya An initiative to boost youth employment and shore up Nigeria’s foreign exchange (FX) earnings has been introduced by the Nigerian government. The scheme, the National Talent Export Programme (NATEP), was unveiled over the weekend at the Microsoft Office in New York, United States of America by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite. She said the programme would position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico and The Philippines. Mrs Uzoka-Anite noted that NATEP is a key national initiative that will serve as a

By Dipo Olowookere It has been revealed that no fewer than 15 bilateral agreements are expected to be signed between Nigeria and Morocco. Addressing State House correspondents in Abuja on Friday, Minister of Foreign Affairs, Mr Geoffrey Onyeama, disclosed that the deals would cover various fields. He said the move was to foster a cordial relationship between the West African nation and the North African country. According to him, Nigeria and the Kingdom of Morocco have a lot to benefits from each other in the area of commerce. Mr Onyeama noted that President Muhammadu Buhari and the Moroccan King, Mohammed

By Dipo Olowookere Heritage Bank has resumed the sale of foreign exchange (forex) to small medium enterprises (SMEs) and parents wishing to pay school fees for their wards. This followed the resumption of the provision of over $100 million per week to all commercial banks by the Central Bank of Nigeria (CBN). The sale of FX to SMEs is to enable busines owners to make essential imports needed to revamp economic activities across the country, which was locked down for over a month. Also, as part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s

By Dipo Olowookere The local currency traded mixed against the United States Dollar at the various segments of the foreign exchange (forex) market this week. Specifically, at the close of the trading week, the NGN/USD exchange rate, according to Cowry Asset, remained unchanged at both the Bureau De Change (BDC) segment and the parallel market to close at N359/$ and N362/$ respectively. This was as the Central Bank of Nigeria (CBN) continued with its weekly intervention of which the sum of $210 million was injected by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS). A

By Adedapo Adesanya Nigeria will get about 25,000 tonnes of wheat from warring Ukraine, with the federal government designating Port Harcourt as the target location for the grains. The Minister of Agriculture and Rural Development, Mr Mohammed Abubakar, disclosed this on Wednesday during a briefing after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari at the State House in Abuja. Mr Abubakar revealed that the Rivers State capital had been selected as the hub for the 25,000 metric tonnes of wheat expected from Ukraine, as Russia also extends its supply of grains to the country through a

By Dipo Olowookere Activities on the floor of the Nigerian Stock Exchange (NSE) started on a positive note on Monday after the market recorded a 0.60 percent growth at the close of transactions. The mopping up of some stocks in the banking, insurance, industrial goods and consumer goods sectors by investors boosted the All-Share Index (ASI) by 158.97 points to 26,695.18 points and the market capitalisation by N76.7 billion to N12.885 trillion. According to data from the NSE, the volume of equities transacted increased by 9.77 percent to 170.5 million from 155.4 million, while the value of trades rose by

By Dipo Olowookere An alumnus of the Advanced Management Program of Harvard Business School, Mr Wale Oyedeji, has been appointed to the board of Stanbic IBTC Bank Plc. Mr Oyedeji is joining the board of the financial institution as an independent non-executive director following the receipt of all required regulatory approvals. A statement from the lender disclosed that the appointment of the Bachelor of Science degree holder in Agricultural Economics from the University of Ibadan is with effect from Tuesday, September 8, 2020. He served as Managing Director of Guaranty Trust Bank (GTBank) UK between 2008 and 2011 and was

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slumped by 0.64 per cent on Tuesday, August 15, affected by a weakening in the health of three admitted stocks on the trading platform. FrieslandCampina Wamco Nigeria Plc led the price loser after it shed N1.91 to sell at N74.03 per unit versus Monday’s closing price of N75.94 per unit. Central Securities Clearing System (CSCS) Plc depreciated by 50 Kobo to sell at N17.00 per share compared with the previous day’s N17.50 per share, and Food Concepts Plc made a 3 Kobo loss to close at 96 Kobo per share, in

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has released its Manufacturing Purchasing Manager’s Index (PMI) for the month of September. According to the data released by the apex bank, the manufacturing PMI stood at 56.2 index points, indicating expansion in the manufacturing sector for the 18th consecutive month, however, at a slower rate when compared to the index in the previous month. It was disclosed that of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: Electrical equipment; Printing & related support activities; Transportation equipment; non-metallic mineral products; Chemical & pharmaceutical products;