Market
WTO chief warns against Nigeria’s continued reliance on oil & gas
Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government. Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC). She urged the government to transit from oil and gas based economy to other non-oil sectors. She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries. She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector. “This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, ...
Police recover decomposing bodies of two missing children in Delta
Police have recovered decomposing remains of two missing children, Kelvin Izakpa (10) and Fega Izakpa (7) inside an abandoned car in Abraka community of Delta State. The children, sons of late Meshach Izakpa were staying with their mother before their disappearance. The Acting Public Relations Officer of the Command, DSP Bright Edafe, who confirmed the recovery said the corpses were found in an abandoned Honda car. The car with registration number AG 815 BKW was parked at the house of one Eniku Aghogho Tayo. Tayo has been arrested while the abandoned vehicle that has also been impounded. The Command also said it arrested two persons, Monday Ofomukoro and Prince Akpojaro, with 50 wraps and two unwrapped stones of illicit drugs suspected to be cocaine. They were arrested during a raid on bla...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
NAFDAC busts alleged illegal maize flour production facility in Yobe
The National Agency for Food and Drug Administration and Control (NAFDAC) says it has busted an alleged illegal maize flour production outfit in Potiskum town of Yobe. This is contained in a statement signed by Mr Nasiru Mato, Assistant Director, in charge of the North East Zonal office of the agency and issued in Abuja on Saturday. Mato said the facility which was using a single store space for processing of maize into flour came under regulatory scrutiny when a team of officials of the agency stormed the premises. He said the maize milling and packaging outfit was operating without adherence to set quality standards and good manufacturing practice.According to Mato, the operation is a gross violation of NAFDAC Act Cap No. 1 Laws of the Federation of Nigeria (2004), hence the sanction. He...
Cross River government demolishes over 200 illegal structures at Calabar market
The Cross River State Governnent on Sunday demolished over 200 illegal structures at the popular Ika Ika Oqua Market (Marian Market) along Marian road, Calabar Municipality Local Government Area of the state. Vanguard learned that most of the illegal structures owned by some traders not only obstruct vehicular movement but also constitutes huge nuisance because drainages have been blocked making the environment unhygienic. Speaking with newsmen on Sunday at the Ika Ika Oqua Market, the Commisioner for Environment, Hon Nfon Bassey, said the general clean up exercise was to make the market clean, hygienically excellent and safe as compared to markets of it’s kind. His words: “We are just doing a general clean up around the Ika Ika Oqua market. As you can see people have come to build shantie...
Oyo governor imposes curfew on Sasa over killings
Following the over 48 hours of killing and destruction of property at Sasa market, in Akinyele Local Government Area of Oyo State, Governor Seyi Makinde has imposed a curfew on the area. Sunday Vanguard also learnt that the governor has shut the market indefinitely. A statement by the Chief Press Secretary to Governor Seyi Makinde, Mr Taiwo Adisa, on Saturday, indicated that the governor gave the order to forestall breakdown of law and order in the area. The curfew is to run from 6 p.m. to 7 a.m. The statement warned residents of the affected area to go about their legitimate businesses peacefully, stating that anyone caught perpetrating violence will face the wrath of the law. The statement read: “His Excellency, Governor Seyi Makinde has directed the immediate closure of Shasha market in...
Sudan announces new cabinet with ex-rebels as ministers
Sudan’s Prime Minister Abdalla Hamdok announced Monday a new cabinet bringing in seven ex-rebel chiefs as ministers, following a peace deal in October aimed to end decades of war. Veteran rebel leader and economist Gibril Ibrahim, of the Justice and Equality Movement (JEM) – which played a major role in the Darfur conflict – was appointed as Sudan’s new finance minister. “We have reached consensus on over 25 ministries,” Hamdok said, during a press conference in Khartoum. “This line up aims to preserve this country from collapse… we know there will be challenges but we are certain that we will move forward.” Hamdok dissolved the previous cabinet on Sunday to make way for a more inclusive line up in government. Two ministers were selected from the military, with the remaining coming from th...
Research: Nigeria records nearly 30,000 tobacco smoking-related deaths
An Abuja-based Centre for the Study of Economies of Africa (CSEA) has reported that a research it conducted had revealed that 28,876 deaths related to tobacco smoking are recorded annually in Nigeria. Marco Castradori, a research associate with the CSEA, revealed this, on Monday, in Kano, at a report dissemination workshop on the health burden and economic cost of smoking in Nigeria. According to Mr Castradori, the number represents around 16 per cent of deaths from smoking-related diseases and above five per cent of all cases of deaths. “Among the disease analysed, nearly 737,366 events are expected each year, of which 127,859 representing 17 per cent are attributable to cigarette consumption. “In terms of costs, these conditions burden the Nigerian healthcare system with nearly N634 bill...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
Archbishop Sam Zuga: CBN lacks power to stop cryptocurrency
Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency. The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers. According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need bank account to operate or exist.” He wrote, ”RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN! This is is not news. It has been like this since the beginning of Cryptocurrency. But right n...
Liverpool complete loan deal for Schalke defender
Liverpool have completed the deadline-day signing of Ozan Kabak from Schalke, subject to international clearance. The 20-year-old defender will move to Anfield on loan until the end of the season, with the Reds having the option to make the move permanent in the summer for a fee of £18 million ($25m). Kabak, a Turkey international who moved to Schalke from Stuttgart in 2019, will be the first of two signings on a busy day on Merseyside. He will be joined by Preston centre-back Ben Davies, who finalised his switch earlier on Monday. Goal understands that Liverpool will pay an initial loan fee of around £1m ($1.4m) for Kabak, while the deal for Davies could be worth in excess of £1.6m, should all performance-related add-ons be triggered. The Reds had been insistent that it would be a quiet w...
