UNICEF Generation Unlimited Initiative Targets 20 million Nigerians

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

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 Adedapo Adesanya Energy stakeholders have urged African countries, including Nigeria, the continent’s largest crude producer, to reject all anti-fossil fuel policies that may arise at discussions at the 28th Conference of Parties (COP28) in Dubai, the United Arab Emirates (UAE). They called on African countries to fiercely defend the role oil and gas play across the continent, adding that it has become clear that developed nations seem committed to phasing out fossil fuels, advocating for an anti-fossil fuel energy transition that does not take into account the needs of the developing world. For instance, the African Energy Chamber (AEC)

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

By Dipo Olowookere The Central Bank of Nigeria (CBN) auctioned its liquidity control tool to investors on Thursday via an Open Market Operations (OMO). The exercise was mainly for foreign portfolio investors. During the sale of the OMO bills, the apex bank offered for sale the debt instrument worth N330 billion in three different maturities; 96 days, 187 days and 362 days. Business Post reports that the central bank auctioned N50 billion worth of the 96-day bill, another N50 billion worth of the 187-day tenor and N230 billion worth of the 362-day bill. However, the bank had subscriptions valued at

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) for the third consecutive trading day closed positive following gains recorded by blue-chip stocks in the Oil & Gas and Consumer Goods sectors, which were enough to offset the losses posted by equities in the banking sector on Tuesday. The local bourse was heading for the red zone until the late hours of the trading day, when the bulls started to take control of the market. At the close of trading activities today, the Nigerian market settled in the green territory, appreciating by 0.22 percent to push the Year-to-Date (YtD) gain to

By Investors Hub Asian stocks closed broadly lower on Monday as investors awaited key data from the U.S. and China this week for clues on growth and the interest rate outlook. Traders also kept an eye on oil price movements ahead of a major meeting among oil producers on November 30th. Chinese stocks fell sharply on concerns over rising borrowing costs as Beijing stepped up a crackdown to fend off financial risks. The benchmark Shanghai Composite Index dropped 30.99 points or 0.9 percent to 3,322.83 amid bond market jitters, while Hong Kong’s Hang Seng Index fell 180.13 points or 0.6

By Adedapo Adesanya There are plans by the Nigeria Export Processing Zones Authority (NEPZA), the Oil and Gas Free Trade Zone Authority (OGFZA), as well as Nigeria Economic Zones Association (NEZA), and the Nigeria Customs Service (NCS) to remodel the administration and management of the country’s Free Trade Zones (FTZ) to strengthen their impact on the economy. These critical stakeholders agreed to remodel the operations when Mr Adesoji Adesugba MD/CEO of NEPZA, and his counterpart in OGFZA, Mr Tijjani Kaura, and Mr Toyin Elegbede, Executive-Secretary of NEZA, paid a working visit on the Acting Comptroller-General of Customs, Mr Bashir Adewale

By Dipo Olowookere The Nigerian government has promised to look into the 500 percent tariff it imposed on alcoholic beverages produced in the country. Minister of Labour and Employment, Mr Chris Ngige, made this promise in a statement signed yesterday by the Director of Press in the ministry, Mr Samuel Olowokere. Earlier this month, federal government announced a new excise duty on alcoholic beverages and tobacco, causing stakeholders in the sector to kick against the new policy. In the statement released yesterday by Mr Olowokere, the Minister explained that, “This (the review) will save the sector from imminent collapse and

By Adedapo Adesanya Nigeria’s West African neighbour, Cote d’Ivoire, may be the latest country in the African continent to get a Startup Act as the Ivorian government unveiled the framework designed to support the country’s most talented start-ups. The journey began in 2018, and after much deliberations, in August 2021, startup ecosystem players gathered in the capital Yamoussoukro to develop a local law fostering startups in the West African country. Two years later, the bill was approved by the Ivorian Council of Ministers, the country’s top executive decision-making body. The bill, among other things, establishes the terms of financing and

By Investors Hub The major U.S. index futures are pointing to a roughly flat open on Monday following the sell-off seen on Wall Street last week. Traders may look to pick up stocks at reduced levels, although concerns about the global economic outlook and skepticism about the potential for a long-term trade deal between the U.S. and China is likely to sap investors risk appetite. Overall trading activity may be somewhat subdued, with a lack of major U.S. economic data likely to keep some traders on the sidelines. The economic calendar remains relatively light throughout the week, although reports on

By Dipo Olowookere Minister of Interior, Mr Abdulrahman Bello Dambazau, has called on all well-meaning Nigerians not to allow themselves to be dragged into religious conflicts. He made this passionate appeal following insinuations that the criminal violence in Southern has some religious interpretations. He said there were people always looking for ways to further create division along religious or ethnic fault lines for their selfish interest, with the aim of creating instability in our internal security. Accordingly, the Minister posited that true religious leaders do not fan the embers of hate, but ensure that communities live in peace and harmony.