Unemployment: 35% of Nigerians May Slip into Poverty – NESG

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

By Adedapo Adesanya The Nigerian government has outlined its priorities for the upcoming 28th Conference of Parties (COP) in Dubai, the United Arab Emirates (UAE). Speaking to journalists at a pre-COP workshop organised by the National Council on Climate Change (NCCC), the Director General of the council, Mr Salisu Dahiru, said the country has a number of issues dear to its economy and journey towards climate resilience that it hopes to achieve at COP28. COP 28 is the United Nations Climate Change Conference taking place from November 30 to December 12. COP takes place every year and is the world’s

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

By Aduragbemi Omiyale In order to encourage low-income earners and retail investors to imbibe a savings culture, the Nigerian Exchange (NGX) Limited is organising a webinar on FGN savings bonds on Thursday, May 25, 2023. Recall that some years ago, the Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), launched a retail investment programme, the FGN Savings Bond, to help enhance the savings culture among Nigerians while providing all citizens, irrespective of income level, an opportunity to contribute to national development; as well as the comparatively​ favourable returns available in the capital market. FGN Savings

By Modupe Gbadeyanka Lagos-based human rights lawyer, Mr Mike Ozekhome (SAN) has had his account with GTBank frozen by a Federal High Court sitting in Lagos. Justice Abdulaziz Anka, on Tuesday, ordered that the N75 million belonging to the lawyer and domiciled with GTBank be temporarily forfeited for at least four months. This ruling came after the Economic and Financial Crimes Commission (EFCC) claimed the money is suspected to be proceeds of crime. It was alleged that the N75 million was deposited into the account of the prominent lawyer on December 15, 2016. In arguing the application, which was filed

By Adedapo Adesanya Three securities helped the NASD Over-the-Counter OTC Securities Exchange close in the positive territory in the 46th week of trading this year. Last week, the unlisted securities market appreciated by 0.94 per cent, raising the NASD Unlisted Security Index (NSI) by 6.73 points to 726.04 points from 719.31 points it closed the preceding week. The positive performance also increased the market capitalisation of the OTC bourse by N4.95 billion, closing at N533.3 billion compared with N528.38 billion it ended a week earlier. Business Post reports that the three securities responsible for the growth achieved at the exchange

By Adedapo Adesanya  President Muhammadu Buhari has said that the ongoing re-organisation at the presidency was aimed at enhancing service delivery to Nigerians. Mr Buhari said this via a statement issued by one of his spokespersons, Mr Garba Shehu, in Abuja on Saturday. The statement noted that the President, while fielding questions from State House Correspondents, shortly after his arrival at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja from London on Friday night, said, ”It is unfortunate that the recent disengagement of some political appointees from the presidency had been given ‘ethnic and political interpretations.” “They said

By Adedapo Adesanya The Naira depreciated against the United States Dollar in the first trading session of the week, its first major decline across the foreign exchange (FX) market segments since the Central Bank of Nigeria (CBN) commenced the clearance of forex backlogs last week. In the official market, which is the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency lost 4.2 per cent or N32.88 against the greenback to settle at N809.02/$1 compared with last Friday’s rate of N776.14/$1. The domestic currency suffered the loss as the supply of FX to the spot market went down by 11.3

By Adedapo Adesanya The United Kingdom government has reiterated promises to boost investment in sustainable industries in Nigeria and other African countries, with such plans to support the Nigerian e-mobility platform and electric vehicle assembler, MAX Nigeria. This was the point of call as the UK Foreign Secretary, Mr James Cleverly, visited the company, which has gained support from the UK government-funded Manufacturing Africa programme. MAX has raised $31 million to ramp up the assembly of electric two- and three-wheelers, and with the visit, the e-mobility firm is now gearing up for a third capital raise to fund its expansion

By Dipo Olowookere Chairman of the Senate Committee on Local and Foreign Debts, Mr Clifford Ordia, has accused 10 Ministries, Departments and Agencies (MDAs) of the federal government of failing to appear before the panel to defend what they intend to get from the almost $30 billion loan request of President Muhammadu Buhari. The President had sent a letter to the upper chamber of the National Assembly (NASS) to seek its approval for a borrowing from external sources of up to $29.96 billion. He had informed the parliament that this was part of the 2016-2018 borrowing plan of his administration.

By Investors Hub Asian stocks turned in a mixed performance on Monday as investors waited for progress in talks to end the U.S. government shut down that began at midnight on Friday after the Senate failed to reach agreement over a short-term funding bill. Investors also kept an eye on political developments in Europe after Germany’s Social Democrats voted to enter coalition talks with Chancellor Angela Merkel’s government and French President Emmanuel Macron said it would be possible for Britain to secure a bespoke trade deal if the U.K. accepts certain “preconditions”. China’s Shanghai Composite index rose 13.50 points or