Decline
President Buhari: Nigerian government to implement policies that will tackle Niger Delta challenges
President Muhammadu Buhari has expressed his administration’s desire to implement genuine policies that would help in tackling problems affecting the Niger Delta region to make life more meaningful to the people. Buhari gave the assurance during the commissioning and handing over of the erosion control and road improvement works in Owo Local Government to the Ondo State Government. The president, who was represented by the Minister of State, Ministry of Niger Delta Affairs, Sen. Omotayo Alasoadura, noted that the erosion control of flooded area/road project was one of the ecological intervention projects approved and executed by the federal government through the Ecological Fund Office, in the Office of the Secretary to the Government of the Federation (OSGF), for the good people of Owo an...
Total targets more renewable electricity, LNG production by 2030
Total Companies in Nigeria has unveiled its corporate vision in line with the change of the Total Group to TotalEnergies. The organisation aims to produce more renewable electricity and Liquefied Natural Gas (LNG) by 2030. The oil major also outlined its broad energy lineup that includes oil, gas, electricity, hydrogen, biomass, wind and solar. TotalEnergies is committing $60 billion to investment in renewable energy in the next 10 years, with 10 per cent of that investment expected to come to Nigeria. Speaking at a virtual parley with journalists, the Executive General Manager, Total Country Services, Mrs. Bunmi Popoola-Mordi, highlighted steps that would help in adapting the new name, logo and visual identity of the company. THISDAY had reported that the shareholders of Total Group, had ...
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...
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 ...
Group wants more women in governance
The Women Political Participation Technical Working Group (WPP-TWG) has called for the review of the 1999 Constitution to accommodate more women in government. The position by the group was presented during the House of Representatives Committee on Constitution Amendment organised by the National Assembly in Uyo, the Akwa Ibom state capital. Making the disclosure was Mrs. Glory Ekaso, Director, National Issues/Welfare, WPP-TWG, who briefed newsmen in Uyo on Thursday to intimate the public on the women’s position as presented during the just-concluded Constitution amendment committee meetings. Ekaso said the WPP-TWG comprised 26 women’s groups across the country with a common mission to ensure equitable representation in government. She said that women political representation in the 2019 e...
Super League: UEFA begins disciplinary proceedings against Barca, Real Madrid, Juventus
UEFA have announced that disciplinary proceedings have been opened against Barcelona, Real Madrid and Juventus for a potential violation of their legal framework. The decision comes following an investigation conducted by UEFA Ethics and Disciplinary Inspectors in connection with the so-called Super League project, and further information will be made available in due course, according to their statement. The three are the last men standing in the Super League project. Initially there was 12 clubs involved; Atletico Madrid, Milan, Inter, Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur were part of a shoddy launch. The six English clubs left first, with Atletico, Milan and Inter following shortly after. Madrid’s Florentino Perez and Juventus’ Andrea Agn...
ASCAB: Kaduna governor sacked over 60,000 workers in six years
Human rights lawyer, Mr. Femi Falana (SAN), and the Alliance on Surviving COVID-19 and Beyond say Kaduna State Governor, Nasir el-Rufai, has sacked over 60,000 workers since he took office in May 2015. They, therefore, endorsed the five-day strike across Kaduna State which will begin on Monday. ASCAB in a statement on Sunday called on all NLC affiliates and supporters to join the “essential strike” adding that a “firm action is needed to reverse the massive attacks on jobs and poverty induced insecurity in Kaduna State.” Falana said the economy of Kaduna was traditionally built around textile factories and the public sector but in the decade before the administration of el-Rufai, the last four major textile factories were closed with many of the workers not receiving any terminal benefits ...
World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
Bayelsa councillor rejects fundraising after building bridge with funds meant for official car
A Bayelsa State councillor, Onem Miracle Tyna, has rejected offers of a GoFundMe or any other fundraising campaign planned on her behalf by members of the public. Of recent, it came to public notice that the 31-year-old female councillor in the Ogbia Local Government Area of Bayelsa State had used money meant for the purchase of her official car to underwrite the construction of a concrete motorable bridge which links over four communities in her ward. She had done this despite the discouragement from people who warned her of the monetary expense of such an undertaking. Photos of the bridge, before and after construction, had gone viral and members of the public hailed Tyna for her selfless service. The public commendation also reportedly drew the attention of Bayelsa State Governor, Duoye...
CBN governor seeks PPP model to improve healthcare infrastructure
Bloomberg The Central Bank of Nigeria (CBN) has urged stakeholders in the public and private sectors to collaborate to build a more healthy and robust healthcare infrastructure in Nigeria. The CBN Governor, Mr Godwin Emefiele, made the call at a movie launch titled: “UNMASKED”, a feature documentary on leadership, trust and the COVID-19 pandemic in Nigeria. The movie was produced and directed by Mr Femi Odugbemi, a Nigerian documentary filmmaker, and co-produced by Ms Kadaria Ahmed, a renowned journalist, media entrepreneur and television host, on Friday in Lagos. According to Emefiele, addressing the public health crisis along with the downturn in the economy required strong coordination. He said the measures and interventions put in place by the CBN and private sector to improve governme...
Adidas frustrated with Manchester United over sharp decline in shirt sales
Adidas are growing disgruntled with Manchester United after a downturn in shirt sales, according to the Daily Mail. With the deal that Man United agreed with Adidas worth in the region of £78M-a-year, as per the Daily Mail, you’d expect that it would be a relationship the club would try to keep healthy. However, the report claims that Adidas were frustrated with the Red Devils for their failure to brief them on plans for their involvement in the proposed European Super League. There is now also further discontent, with Adidas wary of Man United’s decline in shirt sales. The Daily Mail claim that shirt sales have fallen 100,000 over the last two years. It’s not exactly clear why that would be the case. You could argue it’s as a result of United’s decrease in quality on the field, or it coul...
Zimbabwe street vendors reel under virus curbs
For years, Zimbabwean single mother Spiwe Tembo would sell buns on the streets of central Harare, earning enough to feed her three children. But her fortunes have dived. Since authorities banned street hawkers a year ago as part of a raft of measures to limit the spread of Covid-19, she plays cat-and-mouse with the police who comb the streets to rid them of vendors. “Things are tough,” the 34-year-old said, waving a packet of large buns to potential customers on a busy street in a part of Harare that locals call “Third World” because it is always teeming. She said: “We get arrested by municipal and national police. Almost daily I pay bribes to police officers to avoid getting arrested.” On the days she doesn’t have any cash, the inevitable happens and she is arrested and her wares seized. ...
