Markets
OPEC: Gas is vital to Nigeria’s future
The Organisation of Petroleum Exporting Countries (OPEC) says gas remains vital to Nigeria’s future in the global oil and gas sector. The OPEC Secretary General, Mohammad Barkindo, disclosed this on Monday in Abuja, at the pre-summit conference on “Decade of Gas”. He said that the move of the country to develop its huge gas deposit was a step in the right direction. “Gas is vital to Nigeria’s future, as is oil, and both will be fuels of choice globally for the foreseeable future and instrumental in facilitating the energy transition,” he said. The secretary-general said that the ‘Decade of Gas’ from 2021 to 2030 was likely to place Nigeria at the forefront of the vital global industry. Barkindo commended President Muhammadu Buhari’s effort as Head of Nigeria’s Delegation to OPEC, in the or...
Commodities trading: SEC issues new rules on warehousing, collateral management
File Photo In a bid to ensure a vibrant commodities trading ecosystem, which would in turn boost foreign exchange earnings for the country, the Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management, among others. According to the rules, every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the SEC, while the commission shall maintain a register of all registered warehouses to be published on its website. The new rules also provide that any warehouse applying for registration shall submit proof of ownership or registered-lease deed or rent agreement, alongside a disclaimer from the owner of the warehouse/property providing waiver of ownership regarding commodities stored in such ...
WTO chief: ‘Safe Schools Initiative’ to stop abduction of students
The Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, on Wednesday expressed hope that the ‘Safe Schools Initiative’ will help stop the incessant abduction of students across Nigeria. Nigerian women on Wednesday came out en masse to welcome Okonjo-Iweala in her first homecoming since she became the director-general of WTO, during a visit to the Ministry of Women Affairs in Abuja. Addressing the crowd which included Senators and members of the National Assembly, former Ministers, wives of former governors, women in the Armed Forces, women societies, female political aspirants, Civil Society Organisations, as well as students, Okonjo-Iweala expressed deep concern about the incessant abduction of girls and boys in schools. The WTO boss who noted that it is shamef...
Brazil federal prosecutor appeals decision to annul Lula da Silva’s convictions
The office of Brazil’s prosecutor general on Friday appealed a Supreme Court judge’s ruling earlier this week that annulled the criminal convictions of former leftist President Luiz Inacio Lula da Silva. If successful, the appeal could close the door on the popular politician running in next year’s presidential election, which had become a reality after Monday’s surprise decision by Justice Edson Fachin. Two opinion polls published on Friday, the first since Lula’s convictions were annulled, showed that President Jair Bolsonaro is still favored to win the 2022 election but his advantage has shrunk, and one said 61% do not approve of his handling of the pandemic that has taken 270,000 lives. The survey for Exame business news magazine by pollster Ideia found that Bolsonaro would win a run-o...
Price of garri soars in Enugu
ArewaLife Price of cassava flakes popularly called garri and regularly consumed by Nigerians have continued to increase in Enugu State, according to newsmen. NAN correspondent, who conducted a market survey in Enugu on Friday, reported that the price of the staple food has increased by 20 per cent between January and March, 2021. NAN reports that a 4.5 liter bucket of the food item now sells for between N1,100 and N1,400 as against between N900 and N1,000 sold in January, depending on the type. A visit to some markets in the state capital showed that a 4.5 liter paint bucket of white garri sold for N900 in January now went for between N1,100 and N1200. At the Ogbete, Garki and New Markets, a paint bucket of white garri is sold for N1,100 while the yellow garri of the same bucket goes for N...
NIOB, PSN, 28 others seek more roles for Nigerian professionals
Pool Photo Nigerian Institute of Building (NIOB), Pharmaceutical Society of Nigeria (PSN) as well as 28 other bodies under the umbrella of the Association of Professional Bodies of Nigeria (APBN) have called for more patronage of indigenous professionals. Speaking during the Board Meeting of the Association, president of APBN, Surveyor Akin Oyegbola said it has been proven that Nigerian professionals can hold their own anywhere in the world. The NIOB which is the professional body for Builders in Nigeria as part of its roles act as body which the Government or other official or unofficial authorities or organisations in Nigeria can seek advice, assistance or the expression of views on any subjects of concern or interest, to the Building profession in Nigeria. Oyegbola also said the APBN wi...
Report: Many Delta residents not aware of ongoing council poll
Some residents of Asaba and its and environs on Saturday said they that they were not aware of the local government poll taking place across Delta State, according to a report by newsmen. Agnes Afam, a business centre operator, said, “I never knew today is election. I only came out to discover that today election.” Sunday Ugwu, a carpenter who lives on Ibusa Road, said that he was not aware that there was an election, and as such, would not go to vote. Others have also complained that their polling units were far from their homes and would not participate in the election as a result. Okechukwu Onu told newsmen that he lived around ULO Ibusa Road and his polling unit was at the College of Education, Asaba, a distance he considered too far. “I advise the people in charge of elections to brin...
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...
Niger bandits promise to release captives, seek deradicalisation
Armed bandits terrorising some local government areas and communities in Niger State have promised to release all the kidnapped victims in their captivity. This followed a ‘mediation parley’ between a popular Islamic cleric, Sheikh Ahmad Abubakar Gumi, and the criminals. Notorious kidnapping warlords such as Dogon Gida, Kachalla and others, it was gathered, attended the reconciliation forum with Gumi. They expressed willingness to be part of any de-radicalisation exercise or programme that the government will unveil for their repentant ‘boys’. “The meeting took place at an isolated area inside a forest in the state, yesterday,” a security source reliably disclosed. The bandits, he said, told Gumi that they were tired of the atrocities and killing of innocent persons. “They are not happy th...
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...
Official: Akwa Ibom teachers to face sack over truancy, laxity
Akwa Ibom state Government has stated its determination and readiness to henceforth disengage any teacher under its employ displaying acts of truancy and academic laxity. Chairman of the State Secondary Education Board (SSEB), Dr Ekaette Ebong Okon, who made this known weekend while interacting with newsmen in Uyo, said government has discovered that secondary school teachers posted to rural areas always abandon their work for farming and trading activities. Dr. Ebong who did not particularly mention the schools involved, described the development where some teachers do not work for and still receive monthly salaries as unfortunate. Her words, “We have to persuade teachers in our schools to do their work. I am not afraid to tell you that most people who take up government jobs as teachers ...
Coronavirus: Nigeria now at tipping point – PTF
The Federal Government, yesterday, took stock of its response to the COVID-19 pandemic vis-a-vis the attitude of Nigerians to embracing safety precautions, and concluded that the country was now at a tipping point. This came as government announced its decision to establish oxygen plants in all states of the federation as part of measures to resolve the “oxygen crisis” that had engulfed some of the isolation and treatment centres in the country. Meanwhile, Edo State has recorded 28 new cases of coronavirus, bringing the total number of confirmed cases in the state to 270, as the state government cautions residents to abide by the precautionary health and safety guidelines. Vanguard, meanwhile, gathered that former vice-chancellor of the University of Lagos, Prof. Oyewusi Ibidapo-Obe and th...
