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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...
Dangote Cement completes issuance of N50 billion bond programme
Dangote Cement Plc has announced the successful issuance of N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme. In a statement on Tuesday, the cement producer said the bonds were issued on May 26, 2021 at coupon rates of 11.25 percent, 12.50 percent and 13.50 percent for the three, five and seven-year tranches respectively. The bonds will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange. Dangote Cement said that the proceeds of the bond issuance will be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements. “Aside from this first issuance of a traditional bond under the new Multi-Instruments Programme, Dangote Cement has registered a programme ena...
ITF chief: President Buhari providing quality leadership skills
Industrial Training Fund The Director General of Industrial Training Fund (ITF), Joseph Ari, said President Muhammadu Buhari has provided quality leadership through Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo and his counterpart, Amb. Mariam Yalwaji Katagum which has unleashed innovations and creativity of various agencies under their control. Ari in a press statement signed by Director, Public Affairs Department, Suleyol Fred Chagu, in Jos on Friday after the formal presentation of the ITF Mobile Android GSM smart phone to President Muhammadu Buhari at the Presidential Villa, Abuja, credited the achievement to the inspirational leadership and support to the Ministers. He said the ITF mobile phone, which was comparable in quality to any other brand of Android...
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...
Eden Hazard says he will be ready in time for Euros
Eden Hazard is still having “some thigh problems” after missing much of Real Madrid’s season but “will be there when the Euros start”, he told a video press conference on Monday. The midfielder said he was “not yet at 100 percent” but added that “physically I still have to prepare myself and I obviously hope to be ready for the first game on 12 June.” Belgium, one of the favourites for the title, start Euro 2020 on June 12 against Russia in a group that also includes Denmark and Finland. Hazard arrived at the national training centre at Tubize on Monday, at the same time as most of his team-mates and, as captain, was the first to speak at the press conference. “I missed the last game with Real because of a little discomfort in my thigh. Since then I have been able to rest for a week and me...
Iran bans cryptocurrency mining for four months
Iran is temporarily banning cryptocurrency mining after some of the country’s major cities experienced repeated blackouts. President Hassan Rouhani said that the ban would last until September 22nd. The country has experienced summer blackouts in years past, and while the current round of outages is mostly being blamed on a drought that’s affecting the country’s ability to generate hydroelectric power, it seems that the Iranian government is eager to cut down on any aggravating factors. Power-hungry cryptocurrency mining operations, for instance. According to the BBC, Iran operates a program where Bitcoin miners must register with with the government, pay extra for electricity, and sell their coins to the central bank. President Rouhani stated that the legal mining operations in the countr...
Tyson Fury: I will still fight Anthony Joshua this year
Tyson Fury has insisted that he still intends to fight Anthony Joshua this year despite committing to a trilogy fight against Deontay Wilder in July. Only last weekend, Fury announced that his much-anticipated heavyweight showdown with Joshua would take place in Saudi Arabia in August. Soon afterwards, however, Wilder won an arbitration hearing which ruled that Fury was contractually obliged to fight him for a third time. Fury’s first bout against Wilder came in December 2018 and ended in a controversial draw. In the rematch last year, the self-styled Gypsy King stopped his opponent in round seven to win the WBC heavyweight and Ring magazine titles. A planned trilogy fight was initially postponed by the coronavirus pandemic, before disputes over the rescheduling saw Fury declare that he’d ...
Novak Djokovic beats Alejandro Fokina to reach Italian Open quarter-finals
World number one Novak Djokovic swept into the Italian Open quarter-finals on Thursday with a straight sets wins over Alejandro Davidovich Fokina in front of spectators who were allowed to watch in the Foro Italico for the first time. The five-time Rome champion won through 6-2, 6-1 in 1hr 10min against the 48th-ranked Spaniard with the venue filled to 25 per cent of capacity. “It was not good, it was great. I missed the crowd,” said the 33-year-old Serb. “It was nice to see them back.” After losing his opening service game, Djokovic powered back with five breaks of serve, outclassing his rival, despite a late fightback, to seal the win on his sixth match point. “He started well, but I managed to break back straight away and establish the control and consistency. “I thought I played at lea...
Senator Buhari: Nigeria needs restructuring, not secession
National Insight Sen. Abdulfatai Buhari (APC – Oyo North) says Nigeria needs restructuring to resolve its myriads of problems, not secession. Buhari who disclose this to newsmen in Ibadan on Wednesday said that secession would only lead to “war within war.” Newsmen report that Buhari is the Chairman, Senate Committee on Land Transport. “I don’t believe in secession; restructuring, I believe in it so much. “Yoruba Presidency I am 100 percent, I believe in what is called rotational, it’s just fairness. “If you say democracy is a game of number, I agree, but there is what is called a situation for the right place and where you find yourself. “Secession does not bring peace, but war within war,’’ he said. The lawmaker, who expressed strong support for restructuring, added that a better Nigeria...
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), ...
Federal pensioners pull out of pensions union
The crisis among pensioners on Sunday got messier as Federal Civil Service Pensioners (FCSP) finally opted out of the Nigeria Union of Pensioners (NUP) over alleged denial of the branch’s rights and privileges. Members of FCSP also premised their decision on “illegal and unconstitutional” appointment of a caretaker committee by the NUP at its April National Delegates Conference held in Abuja. FCSP announced it was pulling out from NUP in a communique issued at the end of the emergency NEC meeting of the union which was held at Labour House by its national chairman, Omezi Sunday. Sunday explained that opting out became necessary over the lingering trade dispute between the FCSP and the NUP. According to him, the protracted impasse is occasioned by the blatant refusal of the NUP to give a co...
Edinson Cavani offered £50K pay rise to stay at Manchester United
Manchester United plan to keep Edinson Cavani at Old Trafford for the 2021-22 season by offering the striker a wage increase of £50,000, according to reports. The Uruguayan has cemented himself as Ole Gunnar Solskjaer’s first-choice striker during the second half of the 2020-21 campaign, playing a pivotal goalscoring role both domestically and in Europe – most notably in the Europa League semi-final tie with AS Roma, against whom he scored four goals over two legs. United do not have the option to extend the 12-month deal Cavani signed last summer, and it has been generally assumed the 34-year-old would return to South America this summer. However, Cavani can choose to add another year to his current deal, and according to The Sun, United plan to give the 34-year-old extra incentive to rem...
