SERAP Tasks Tinubu to Suspend Pensions for Wike, Umahi, Others

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has reiterated that his ministry would work with state governors to harness mineral resources for maximum socio-economic development of the country as the federal government seeks to explore all alternative revenue sources away from oil and borrowing. Mr Alake gave this assurance when the Governor of Nasarawa State, Mr Abdullahi Sule, paid him a courtesy visit in his office at the ministry’s headquarters in Abuja on Thursday. He noted that the ministry was determined and committed to harnessing the nation’s mineral resources, emphasising that Nasarawa State and other

By Adedapo Adesanya Twenty-two oil and gas companies have been selected as successful bidders for the gas flare commercialisation programme of the Nigerian Upstream Petroleum Regulatory Commission ((NUPRC). The 2022 Nigerian Gas Flare Commercialization Programme (NGFCP) auction process was for 49 Flare Sites put forward by the agency under the erstwhile administration of Mr Muhammadu Buhari. The immediate past government in December 2016 launched NGFCP to involve third-party investors or off-takers in harnessing gas released as a by-product of oil production, a crucial part of the seven big wins of the administration for the oil and gas sector. Launched by

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 Adedapo Adesanya President Bola Tinubu has approved the establishment of a presidential committee headed by the former governor of Kano State, Mr Abdullahi Ganduje, to reform Nigeria’s livestock industry and provide long-term solutions to recurring clashes between herders and farmers in the country. The President announced the establishment of the committee on Thursday in Abuja, following the submission of a report from the National Conference on Livestock Reforms and Mitigation of Associated Conflicts in Nigeria. The President explained that the committee is expected to collaborate with the Federal Ministry of Agriculture and Food Security and propose recommendations aimed at

By Modupe Gbadeyanka The unaudited first quarter of 2017 financial results recently released by Wema Bank Plc has shown that the company is starting off the year on a very strong momentum. In the result showed that the lender recorded 68 percent growth in its Profit After Tax (PAT) at N720 million largely driven by a 27.69 percent and 78.79 percent in interest and non-interest income. Also, the banks’ Profit Before Tax (PAT) stood at N850 million as at March 31, 2017, in contrast to N510 million in the corresponding period of 2016. Furthermore, its gross earnings improved by 34.89

By Investors Hub Asian stocks closed broadly higher on Monday after data showed the U.S. economy created more jobs than expected last month and the U.K. reached a divorce deal with the European Union, setting stage to move on to future trade talks post-Brexit. Regional gains remained somewhat muted outside China and Hong Kong as investors waited for cues from key policy meetings of the Federal Reserve, Bank of England, the European Central Bank and the Swiss National Bank due this week. Chinese stocks rallied, led by consumer staple and healthcare companies, after media reports indicated the government is in

By Modupe Gbadeyanka The Group Managing Director of United Bank for Africa (UBA) Plc, Mr Kennedy Uzoka, has assured shareholders and stakeholders of the bank that the prudent management practices, which have made the lender to churn out good results, would be sustained. Mr Uzoka said this while commenting on the first quarter results of the company for the period ended March 31, 2020, where the financial institution recorded double-digit improvement across its major income lines. The bank chief said he was happy with UBA’s performance in the first three months of this year despite the challenging business environment. “We

By Dipo Olowookere The balance left in the Excess Crude Account (ECA) of Nigeria as at Monday, January 20, 20120 was $321.4 million, Business Post has gathered. Last week, the National Economic Council (NEC) held a meeting in Abuja, which was presided over by Vice President Yemi Osinbajo. The council comprises Governors of the 36 states of the federation, the FCT Minister and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. At the gathering, NEC was informed of the amount left in the ECA and other special accounts of the federation, including the stabilization account, which stood

By Investors Hub Asian stocks rose on Monday as strong U.S. jobs data helped investors shrug off renewed concerns over an escalating U.S.-China trade dispute. U.S. jobs increased more than expected in June but slowing wage growth helped reduce the probability of another Fed rate hike for September. China’s Shanghai Composite Index spiked 68.28 points or 2.5 percent to 2,815.51 after the U.S. punitive tariffs on Chinese goods kicked in and Beijing retaliated with equivalent measures. The yuan also rebounded ahead of trade data due later this week. Hong Kong’s Hang Seng Index rallied 372.88 points or 1.3 percent to

Dipo Olowookere Last month, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, announced at a media briefing that he would likely force deposit money banks in the country to increase their minimum capital base from its present level within the next five years. The last recapitalisation of the banking sector was in 2004 under the leadership of Mr Charles Soludo as CBN Governor. During the exercise, the central bank raised the capital base from N2 billion to N25 billion and for those who could not meet this requirement on their own, they had to merge with others

By Investors Hub European stocks have moved modestly lower on Tuesday as German investor confidence data disappointed and the Trump-Kim summit ended with the signing of a joint statement that gave few details on how the goals set by both sides would be achieved. While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.2 percent and the U.K.?s FTSE 100 Index is down by 0.3 percent. British American Tobacco is marginally lower in London after releasing its first-half trading statement. AstraZeneca has also moved to the downside. The British pharmaceutical

By Morne van der Merwe and Wildu du Plessis The Coronavirus (COVID-19) has resulted in mass production shutdowns and supply chain disruptions due to port closures in China, causing global ripple effects across all economic sectors in a rare “twin supply-demand shock”. With South Africa having just reported its first cases of COVID-19, Africa is beginning to feel its full impact and plans to control and manage the humanitarian challenges of the virus are underway across the continent. Economically, the effects have already been felt – demand for Africa’s raw materials and commodities in China has declined and Africa’s access