cocoa
Nigeria’s inflation drops to 17.93 percent
The Consumer Price Index (CPI) which measures inflation dropped to 17.93 per cent (year-on-year) in May compared to 18.12 per cent in the preceding month, according to the National Bureau of Statistics (NBS). The 0.19 per cent decline in the headline index, makes it the second consecutive month that the rate had sustained its downward trajectory after 18 months of inflationary pressures on the economy. According to the CPI figures for May which was released by the statistical agency Tuesday, food inflation dropped to 22.28 per cent from 22.72 per cent in April. Price moderation was recorded in bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables. On month-on-month basis, the food sub-index declined to 1.05 per cent in May ...
Nigerian government approves N9.2 billion premium for civil servants’ life insurance
The Federal Executive Council (FEC) has approved the sum of N9.2billion as premium to insurance companies that will manage the group life insurance for federal civil servants in the country. Minister of Information and Culture Lai Mohammed revealed this when he briefed State House correspondents on the outcome of the Council meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday. He said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907. “This premium is for a perio...
Edwin Clark cautions against agitation for Nigeria’s break-up
YouTube An elder statesman and former Minister of Information, Chief Edwin Clark, has cautioned against calls for secession in some parts of the country. Clark told journalists in Abuja yesterday that the calls for secession in some quarters are not the solution to the country’s problems. The South-south leader explained that he did not believe in Nigeria’s break-up in spite of rising insecurity and economic challenges in the country. Clark argued that instead of breaking up Nigeria and beating war drums, efforts should be made to develop workable strategies to solve the problem of insecurity and other challenges making lives unbearable for Nigerians. “Nigeria will remain one. Some of us do not believe in the call for secession. Where do we go to? Who are we leaving the country for? Who ow...
Cross River agency chief calls for legislation to back labour migration
The director-general, Cross River Migration Control Agency, Prince Michael Nku Abuo, has called for enactment of a legislation to back labour migration in order to engender national development. Abuo made the call at the Cross River State Migration Summit held in Calabar, the state capital on Saturday. The DG, who also represented the state governor, Prof. Ben Ayade, at the summit, pointed out that several solutions by both federal and state governments have been given to address the issue of unemployment in order to curb the challenge, but the way forward is to tackle the menace was through labour migration. According to him, Cross River Migration Control Agency was exploring and advancing for opportunities for citizens of the State who are at home and in the Diaspora under a work study p...
Police nab five for stealing N55 million cocoa export consignment
The Nigeria Police Force, NPF, has arrested five persons, Lawal Abiola; Afeez Rasaq; Akeem Gbolahan; Idowu Jelili and Safiriyu Oyebanji over alleged involvement in the stealing of a 40-foot container of Cocoa worth N55 million meant for export to the United States of America, USA. The five suspects were alleged to have connived to steal the consignment that was contracted to one Kolawale Idowu of No. 3 Olawumi Academic Zone, Ibadan, on December 17, 2020. The Police report noted that the police involvement was as a result of a complaint on December 31, 2020, at about 1800hrs by Princewill Etonu, of No 5, Araba, behind Modern Linda House, Agbara, Ogun State and Adueyusi Gabriel of AMA Ventures, adding that since the incident the suspect refused to pick his call hence the case was reported. O...
Okomu Oil Palm wants central bank to review anchor borrowers programme
Okomu Oil Palm Company Plc. wants a review of CBN’s Anchor Borrowers Programme (ABP) to accommodate more farmers and to shore up the nation’s foreign earnings from agriculture. The ABP is targeted at smallholder farmers engaged in the production of rice, maize, wheat and cash crops like oil palm, cocoa and rubber, among others. Speaking with newsmen on Monday in Benin, Okomu Oil’s Managing Director, Dr Graham Hefer, noted that cash crop farmers were yet to fully benefit from the programme. He said food crop farmers had an edge because they could cultivate, harvest, sell and repay their loans within the specified one year period. “It is easy for farmers engaged in annual crops to meet their targets. “This doesn’t happen with cash crops because in the first three years of oil palm production...
One dead, three injured as cocoa house elevator crashes in Ibadan
A middle aged man was Wednesday confirmed dead after an elevator crashed at the Cocoa House building in Ibadan, the Oyo State capital. Newsmen learnt that three other people were also injured when the elevator at the high rise building in the ancient city crashed. The Cocoa House was said to have been built with proceeds from cocoa by the then government of late Chief Obafemi Awolowo, who was the Premier of the Western Region. The building as at now is being managed by the Odua Investment Company Limited, which is owned by the six states of the South-west. It was gathered that the elevator was being repaired Wednesday before it crashed and fell on people working on it. The Head of Corporate Affairs, Odua Investment Company Limited, Mr. Victor Ayetoro, while confirming the death of one pers...
Naira weakens to lowest in three years
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
