Tag: Business - Page 9 - African News Today

Breaking News: Naira Returns to 361 to a Dollar

22Feb

By admin1 Comment

Breaking News: Naira Returns to 361 to a Dollar

Google currency converter shows naira to dollar has now returned to 361 to a dollar. A few hours ago, Nigerians were shocked to see on Google currency converter that the exchange had dropped to 184 to a dollar and 240 to a pound. See Also: Breaking News: Dollar Exchanges $1 to N184 Though the official rate on CBN did not reflect any of these changes, there are speculations that some heavy transactions might have been done secretly by the government at 184 to a dollar to have triggered this. Following that argument, getting it back to the current rate will also require some heavy transactions. No official statement has however been made by the government on this brief anomaly.

Breaking News: Dollar Exchanges $1 to N184

22Feb

By admin6 Comments

Economy, News, Nigeria

Breaking News: Dollar Exchanges $1 to N184

In a shocking development, the exchange rate today dropped by half across board. Dollar to the Naira dropped from N360 to N184 while the Pound dropped from over N400 to N240. There is no clear indication of why this exchange rate is reflected on internation exchange rate calculators while the Central Bank website does not reflect these new exchange rate. This looks like a move meant to influence the on-going elections. It will be recalled that the Presidency had earlier lamented the amount of foreign currency in circulation in the country. With this drop in the exchange rate, the value of any foreign currency in circulation is automatically halved. We shall await further developments on this issue.

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

31Dec

By admin2 Comments

Corruption, News, Nigeria

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD Recently, a shocking story came out to public knowledge about how Keystone Bank and 9Mobile were acquired in controversial circumstances by the business interests of one Alhaji Isa Funtua, a close friend of President Muhammadu Buhari, via the instrumentality of Asset Management Corporation of Nigeria (AMCON). As the smoke raised by the scandalous story is still swirling in the air, with some public groups challenging the government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire. For starters, it is a confirmed fact that the son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON. Before him, the previous CEO, Chike Obi, was a fi...

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

26Dec

By adminNo Comments

News, Nigeria

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

Despite the fact that privatisation was necessary, the wicked 1999 Constitution actually planned its failure by bringing up agencies, controls and over Lordship that must kill it. So the federal government Electricity Power Sector Reform Act in 2005 (EPSRA 2005) which led to the creation of PHCN, NERC, NBET, NESI, and the unbundling of NEPA into 6 generation and 11 distribution companies. By 2013, NEPA had been privatised. The government did not privatise the Transmission Company of Nigeria (TCN); they held on to it. For easy understanding, TCN is the platform through which the GENCOs and DISCOs relate. The NERC controls them all. Was the privatisation necessary? Yes! Government has no business in business. And no more salaries overhead. Was the privatisation successful? Hell, no!...

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

29Nov

By Akanimo SampsonNo Comments

Economy, News, Nigeria

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

The unfolding political crisis in Akwa Ibom State, one of the big oil states in Southern Nigeria that has been relatively very peaceful till the advent of a seeming czarist regime in 2007, could trigger off some dangerous economic consequences for Nigeria if not contained urgently. Though what is playing out in the state is being stoked by a few political demi-gods masking as the face of the All Progressives Congress (APC), President Muhammadu Buhari’s party, the crisis has no ideological basis other than incurable personal greed for accumulation of the common patrimony. From 1999 when the current democracy came into, political gangsterism was alien to the peoples of Akwa Ibom. But a club and dagger politics was foisted on the state when Obong Victor Attah left office in 2007. The po...

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

15Nov

By Akanimo SampsonNo Comments

Economy, News, Nigeria, Security

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

Ahead of the 2019 general elections coming up in a matter of weeks, there are disturbing concerns in the Niger Delta, Nigeria's main oil and gas basin, as the restive circles are considering to return to the creeks to halt continued oil production if Abuja fails to play ball. Before now, President Muhammadu Buhari's administration was said to be locked in a backstage consultation with oil industry operators in the country on the new Petroleum Industry Governance Bill (PIGB) which the Legislative arm of the Federal Government passed and communicated to him for his signature. The outcome of the secret parley is not yet public. But, it will determine whether President Buhari will sign the bill into law. Presidential Villa insiders say there is a political mileage to be gained by the All...

Nigeria: Buhari Replaces Adeosun with a Northerner

15Sep

By adminNo Comments

Economy, News, Nigeria

Nigeria: Buhari Replaces Adeosun with a Northerner

Following the resignation of Nigeria's Finance Minister, Kemi Adeosun over the forgery of her NYSC exemption certificate, Buhari has replaced her with a Northerner, Mrs Zainab Shamshuna Ahmed. Read Also: Breaking News: Nigeria’s Finance Minister, Kemi Adeosun Resigns This is coming a few days after he replaced Matthew Seiyefa, a Southerner as the acting DSS boss with Yusuf Magaji Bichi, a Northerner who had to be recalled from retirement to fill the position. Read Also: Breaking News: Buhari Appoints Another Northerner to Head the DSS Prior to becoming the new Finance Minister, Zainab Shamshuna Ahmed was the Minister of State for Budget and National Planning. She has held several positions including Deputy General Manager in charge of Corporate Treasury, Chief Finance Officer ...

Africa: Africans Deserve to Know Details of Deals their Leaders Sign with China

7Sep

By adminNo Comments

Africa, Economy, Nigeria

Africa: Africans Deserve to Know Details of Deals their Leaders Sign with China

China's footprints are all over the African continent, signing deals with many countries. However, the finer details of China-Africa loans are often kept secret. There are concerns that African countries are mortgaging their natural resources as collateral for the loans. The China-Africa deals ought to be transparent, and the public has the right to scrutinise the agreements. The news of China taking over Sri Lanka’s port and 15000 hectares of land on a 99 year lease recently raised questions and debate on the African continent about the kind of agreements African presidents are signing with China. The deal which has raised eyebrows was signed between two state firms, Sri Lanka Ports Authority (SLPA) and China Merchants Port Holdings. The South African parliament, led by the minority...

Opinion: Chris Ngige Fights for Oppressive Multinational ExxonMobil Instead of Oppressed Nigerians Workers Femi Aribisala.

4Sep

By adminNo Comments

Economy, Justice, News, Nigeria

Opinion: Chris Ngige Fights for Oppressive Multinational ExxonMobil Instead of Oppressed Nigerians Workers Femi Aribisala.

The message Chris Ngige delivered to ExxonMobil loud and clear is that it does not have to be subject to Nigerian laws. It can operate here in Nigeria as a law unto itself. Last week, I complained that 860 Nigerian workers at ExxonMobil (Nigeria) are being treated like orphans in Nigeria; their home-country. They have fought this injustice with fortitude and resilience in the courts for 18 long years, during which 171 of them have died along the way (one more since last week). In court, ExxonMobil denied that the workers are its employees. It claimed instead that they are “SPY Police” in the attempt to circumvent its lawful commitments to them. The Nigerian workers, on the other hand, maintained they are directly employed by ExxonMobil and, therefore, should be treated as ExxonMobil ...

Opinion: ExxonMobil Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria – Femi Aribisala

28Aug

By adminNo Comments

Economy, Environment, Judiciary, News, Nigeria

Opinion: ExxonMobil Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria – Femi Aribisala

To Chris Ngige, Minister of Labour and Productivity. EXXONMOBIL Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria!! The message must be sent to ExxonMobil loud and clear that, as long as it is operating within the sovereignty of the Federal Republic of Nigeria, it must be subject to Nigerian laws. If you were to visit the Lagos headquarters of ExxonMobil (Nigeria) in Victoria Island, Lagos today, you would immediately notice that something strange is going on. You will find a number of people camped outside the building; sometimes chanting, sometimes dancing, sometimes shouting slogans. They are there 24/7; day and night. Surely, this is anomalous to the activities of an international oil company. You will also notice that there are placards hanging everywher...