Banks
Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
IPOB sit-at-home records success in Onitsha
The sit-at-home protest ordered by the Indigenous People of Biafra, IPOB, and the Movement for the Actualization of the Sovereign State of Biafra, MASSOB, recorded total compliance and success with all the residents of Onitsha and Nnewi and business outfits complying with the directive. All business activities were shot down, all markets were under lock and key public and private Secondary and Primary Schools were shot down, government offices and banks were also not opened for business as they were under lock and key, Petrol and Gas filling stations were also not opened for business as streets and roads shops and artisans in both Onitsha and Nnewi shut for the day business when Vanguard moved round the cities. All the roads leading into and exit of Onitsha, the commercial city, and those ...
Lagos registers over 400 money lenders, vaccinates 2,500 intending pilgrims
Lagos State Government has disclosed that it has registered over 400 money lenders in the last two years, just as it noted that it has also vaccinated over 2,500 intending pilgrims for the next hajj. Making this disclosure at a ministerial press briefing to commemorate the second year in office of the state Governor, Babajide Sanwo-Olu, at the Press Centre in Ikeja yesterday, the state Commissioner for Home Affairs, Prince Anofiu Elegushi, stated that the ministry is in partnership with the Money lending sector in a way that most of such organisations are mandated to register with the ministry for the coordination of their activities. According to him, “In return, the ministry has registered, profiled and monitored the viability of such companies to ensure that while the money lenders are ...
Kaduna paralysed as NLC begins warning strike
Activities in Kaduna State have been paralysed as the five-day warning strike directed by the Nigeria Labour Congress (NLC) over irregular sacking of civil servants began on Monday. Checks revealed that schools, banks and other business premises had been closed. The National Union of Banks, Insurance and Finance Institutions Employees had directed its members to withdraw banking and insurance services in Kaduna state from Monday 17. The Zonal State Secretary of the union, Mr Adamu Danladi explained that the directive followed the NLC’s warning strike in response to what he described as Gov. El-Rufai’s “anti-workers policies”. He said that the withdrawal of services would continue until otherwise directed by the congress. Also, while some schools were closed, others were open but only a few...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
Bodies of coronavirus victims among those dumped in India’s Ganges – document
Bodies of COVID-19 victims have been found dumped in some Indian rivers, a state government said in a letter seen by Reuters, the first official acknowledgement of an alarming practice it said may stem from poverty and fear of the disease in villages. Images of corpses drifting down the Ganges river, which Hindus consider holy, have shocked a nation reeling under the world’s worst surge in infections. Although media have linked the recent increase in the numbers of such bodies to the pandemic, the northern state of Uttar Pradesh, home to 240 million people, has until now not publicly revealed the cause of the deaths. “The administration has information that bodies of those who have succumbed to COVID-19 or any other disease are being thrown into rivers instead of being disposed of as per p...
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
VP Osinbajo: Nigerian government democratising broadband connectivity
It’s the first in sub-Saharan Africa and one of the three such cutting-edge facilities on the continent, with top prime global certifications for smart card manufacturing and it is based in Lagos, Vice President Yemi Osinbajo, SAN, relished yesterday afternoon while touring SecureID company’s premises, and affirmed Nigeria’s extremely bright economic future, which he said cannot be aborted despite current challenges. According to him, “the economic future of our nation is extremely bright. Yes, we have challenges today and they may look daunting. But let me assure you that these issues will be resolved. The march of this nation to its manifest destiny as Africa’s leading economic power will not be aborted. We are more than able to overcome.” An impressed Prof. Osinbajo said the Buhari Admi...
Two killed as robbers attack bullion van in Ondo
Two persons were on Thursday feared dead at Elemosho Village along Akure-Ondo expressway in Ondo East Local Government Area of Ondo State when armed robbers attacked a bullion van on the road. An eyewitness said the robbers waylaid and attacked the billion van belonging to one the commercial banks. The bullion van according to the source was heading towards Akure, the state capital. It was gathered that the robbers made away with an undisclosed sum of money, while some people were also injured. The eyewitness said, in the operation which lasted for about 20 minutes, the robbers shot three people and ran away into the bush . On hearing the sporadic gunshots, the villagers were said to have abandoned their houses and ran into the bush for safety . Th eyewitness said, “the robbers came to the...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Mozambique army claims militants killed in battle
Mozambique’s military said on Sunday a “significant” number of militants had been killed during a battle over a key northern town and gas hub captured by the Islamic State (ISIS) last month. Palma was seized by the jihadists during coordinated attacks on 24 March, in what was seen as the biggest escalation of the insurgency ravaging the north of the African nation since 2017. The true death toll is not yet known, but thousands were displaced from the town of some 75 000 and the French energy giant Total suspended operations at its multibillion-dollar plant. On Sunday, the army escorted officials and journalists through the ravaged town, claiming a “significant” number of militants had been killed, and that they had now secured the surrounding area. Commander Chongo Vidigal, leading the mil...
