Business

Naira Devalues to N700/$1 as Dollar Demand Rises
Economy, Finance, News, Nigeria

Naira Devalues to N700/$1 as Dollar Demand Rises

The value of the Naira has continued to fall and has now hit N700 to $1 in the parallel market as the demand for the foreign currency persists. As of last week, Naira was valued at N630 to $1 and has maintained a value of N620 to $1 before the further devaluation. Abudul Hassan, who is a Lagos-based Bureaux De Change (BDC) operator said the devaluation of the naira to the dollar is a result of the demand for the dollar in the parallel market, so therefore the Central Bank of Nigeria (CBN) finds it difficult to meet the demand at the official market. “Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, people are quoting sale price at N710/$1 but actual transactions are settled around N700/$1. We expect the...
Bakers on The Verge of a Nationwide Strike
Cost of Living, Economy, Nigeria

Bakers on The Verge of a Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria threaten to stop their services across the country from henceforth. The association's reasons are the hike in the price of bakery materials, the cost of diesel, and other related issues which affect their services. The union had threatened to embark on a strike as of the 25th of June for the same reasons. Abuja’s Union Chairman of AMBCN, Ishaq Adbulrahehem, disclosed that the new development is a result of the increase in the price of bakery materials such as flour, sugar and other baking ingredients. He said: “We are withdrawing our services nationwide. We expect government’s response so that we can review whatever we are doing. The high cost of ingredients, rate at which we are buying diesel – which is N880 per litre ...
OPEC Secretary-General Muhammad Barkindo Just Confirmed Dead
Africa, Breaking News, News, Nigeria, Petroleum

OPEC Secretary-General Muhammad Barkindo Just Confirmed Dead

Organization of Petroleum Exporting Countries (OPEC) secretary-general, Muhammad Barkindo has reportedly been confirmed dead. Mele Kyari, the Group Managing Director(GMD) of the Nigerian National Petroleum Company ( NNPC) broke the news via his Twitter page on Wednesday morning. He confirmed that Muhammad Barkindo died on Tuesday at about 11 pm. see also: NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General The Group Managing Director of NNPC tweeted “We lost our esteemed Dr. Muhammad Sanusi Barkindo. He died at about 11 pm yesterday, 5th July 2022". He also noted that the burial arrangements of the late 63-year-old would be disclosed soon. “Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC, and the global en...
I have no interest in holding any board position in FBN Holdings, First Bank – Femi Otedola
News, Nigeria

I have no interest in holding any board position in FBN Holdings, First Bank – Femi Otedola

The Chairman of Geregu Energy Group and billionaire businessman, Mr Femi Otedola has debunked speculations that he his interested in holding any board position in FBN Holdings, First Bank or any of their subsidiaries. Otedola was recently invited by the Save the Children to join the prestigious group of its Vice Presidents, in recognition of his philanthropic efforts to better the lives of children in Nigeria. Save the Children is the second largest charity in the world after UNICEF and has Princess Anne as Patron since 2017 after serving as President since 1970. In a brief chat with Mr Otedola was asked about his next steps after becoming the single largest shareholder of FBNHOLDINGS. He said he did not acquire the bank’s shares because he wanted to be chairman of the bank. ...
Gov Umahi Threatens To Sack Workers, Seize Shops Of Traders Who Sit-at-home
Biafra, News, Nigeria

Gov Umahi Threatens To Sack Workers, Seize Shops Of Traders Who Sit-at-home

Governor David Umahi of Ebonyi State has directed the immediate seizure of shops whose owners obey the sit-at-home order by the Indigenous People of Biafra on Monday. The governor also ordered the immediate sacking of civil servants who fail to show up at work on Monday, and called on security chiefs in the South-East zone to deploy security officers to the streets to avert the breakdown of law and order. IPOB had reviewed its sit-at-home order in the South-East, saying it will only be observed on days their leader, Nnamdi Kanu will appear in court. Initially, the directive was that the sit-at-down, tagged Ghost Monday, would be observed every Monday. Read Also: South-East Govs, Elite Can’t Decide Igbo’s Fate, IPOB Replies Umahi IPOB’s spokesperson, Emma Powerful, said the r...
Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra
Economy, News, Nigeria

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

Vice President Yemi Osinbajo on Tuesday inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle Ezunaka Village in Anambra. In a speech at the event, Mr. Osinbajo described the complex as a “one-stop-shop digital leather and industrial hub”. He said the complex had the capacity to produce shoes that would compare favourably with those produced in Europe. According to the vice president, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria He said the Federal Government was fully committed to improving commercial and economic environment and willing to complete all its ongoing projects in the South-East. The complex was jointly equipped by the federal government in conjunction with Anambra...
Loans: FG Increases Borrowing Limit to N61tn
Finance, News, Nigeria

Loans: FG Increases Borrowing Limit to N61tn

The Federal Government has expanded the country’s borrowing limit to N61tn paving the way for the increment of the current N33.11tn debt portfolio. The new limit as contained in a document, Medium Term Debt Strategy shows that Nigeria has hiked its borrowing limit from 25 per cent of the Gross Domestic Product to 40 per cent of the GDP. This development follows on the heels of Senate approval of new $8.33bn and €490m loans from external sources. As of December 31, 2020, the National Bureau of Statistics put the country’s GDP at N152.32tn. Thus, forty per cent of the current GDP is N60.93tn. Twenty-five per cent of the current GDP is N38.08tn, an amount which the nation may have surpassed in debt given that there are loans which the nation has already secured but are not include...
FEC Awards N309.9bn Road Contracts to Dangote
Finance, News, Nigeria

FEC Awards N309.9bn Road Contracts to Dangote

The Federal Executive Council, FEC, has ratified the award of construction of five roads amounting to 274.9 km at the cost of N309.9bn to Dangote Industries as part of a tax credit. Babatunde Fashola, Minister of Works and Housing, said this in a chat with State House correspondents after the FEC meeting presided over by President Muhammadu Buhari on Wednesday. According to the minister, the road contract would be the largest implemented on concrete in the country. He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Cred...
TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living
Finance, News, Nigeria

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

The Trade union Congress, TUC, has faulted the Federal Government over the spike in the cost of goods and services across the country, saying it has negated the benefits of the National Minimum Wage, which some states have yet to implement. The union also condemned the spate of external borrowings, advising the government to harness the country’s natural endowments, advising the government to avoid mortgaging the future of Nigeria. Mohammad Yunusa, National Treasurer of TUC, and President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, disclosed this in an interview with journalists in Abuja, shortly after the Central Working Committee meeting on Saturday. Yunusa also noted that members of the association condemned in strong terms ...
Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari
Ghana, News, Nigeria, Trade

Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari

The Ghana Union of Traders Association has reacted to the ministerial delegation sent by President Muhammadu Buhari of Nigeria to Ghana in a bid to resolve the rift between Ghana and Nigeria traders, describing it as needless. Dr Joseph Obeng, the President of the Association said the country is only ensuring enforcement of its laws and would not soft pedal. Obeng disclosed this in an interview with GhanaWeb. He said, "Their coming here is needless. Their speaker came to Ghana and understood that Ghana is not doing anything badly against their citizens and only enforcing its laws. We will not relent on the pressure we are giving to the government to enforce the laws that are made for the people of Ghana." Obeng further accused the Nigerian government of not respecting the trade...