TO stem the tide of falling naira in the foreign exchange market, Central Bank of Nigeria (CBN) Tuesday intervened in the wholesale segment and other sectors of the market to the tune of $210 million. He also said the financial regulator was further buoyed by recent gains in the foreign exchange sector, which had seen the country’s reserves soar closer to the $50 billion mark. Speaking further, Okorafor said the country’s reserves continued to enjoy accretion, adding that the present reserve’s status at the Bank meant that the CBN was capable of sustaining foreign exchange liquidity in the system. ALSO READ: CBN backs Crownrise Finance’s N1bn bondTuesday’s intervention came as one United States Dollar (US$1) exchanged for N361 in the Bureau De Change (BDC) segment of the market. It will be recalled that the apex bank in its last interventions on Friday injected $396.18million into the Retail Secondary Market Intervention Sales (SMIS).
April 25, 2018 07:07 UTC
No fewer than 8,000 whistle blowers were recorded by the Federal Government in the last one year, the Presidential Advisory Committee against Corruption (PACAC), has said. Executive Secretary of PACAC, Prof. Bolaji Owasonoye, told the Correspondent of the News Agency of Nigeria (NAN) in New York that the whistle blower’s policy had succeeded resoundingly. Owasonoye also explained that a whistle blower might not get up to five per cent of the recovered loot, if the amount is very huge. “That’s why the whole whistle blower arrangement, all the law enforcement agencies are part of it and investigations can take a little while,” he said. According to him, there is no controversy as to the payment to the whistle blower for the recovery of the 43 million dollars cash in Lagos.
April 25, 2018 07:07 UTC
The management of Eko Electricity Distribution Company (EKEDC) has stated that no fewer than 15 residents of Victoria Garden City (VGC), in Lagos are to be prosecuted for their involvement in energy theft through meter by-pass. Making this disclosure in Lagos was the MD/CEO of Eko Disco, Mr Adeoye Fadeyibi during a chat newsmen. Fadeyibi disclosed that the whole of VGC estate used to be billed together as one customer under one meter with a single bill, but following agitations by residents for individual metering and billing system, the company installed individual meters for all residents of the estate few months ago. He further disclosed that the war on energy theft was yielding result as more and more culprits were being brought to book. Concluding, he said with time majority of the company’s customers would get to know that there is no hiding place for energy thieves within the company’s network.
April 25, 2018 06:33 UTC
Oluwole Ige writes about the matters arising since the declaration of Senator Ademola Adeleke on the platform of the Peoples Democratic Party (PDP) for the governorship position of Osun State. Ademola, who has become famous in the nation’s political circle with his marveling choreographic skills, earning him the sobriquet of a dancing senator, currently represents Osun West in the red chamber of the National Assembly and he is also the younger brother to late Senator Isiaka Adeleke, who was the first executive governor of Osun State. In the APC, the current Speaker, Honourable Najeem Salaam, a native of Ejigbo who is a governorship aspirant is from Osun West, ditto for the incumbent Secretary to the Osun State Government (SSG), Alhaji Moshood Adeoti, an indigene of Iwo town and few others. Premising his position on gauging peoples’ feelings, he averred “out of 27 years of existence of Osun, the West had only been there ( governorship position) for just 22 months. Presenting Adeleke’s letter, Olayiwola posited that the lawmaker had decided to obey the clarion calls from major stakeholders in the PDP, party members in Osun and generality of the people, who are not even in the PDP to contest the September, 22 governorship election in Osun State.
April 25, 2018 06:11 UTC
Trouble started immediately after the Speaker, Yakubu Dogara, read out the president’s communication on the money approximately put at about N151,394,421,355.00. Kingsley Chinda (Rivers-PDP), while raising a point of order, said President Buhari’s action was tantamount to anticipatory approval since the National Assembly was yet to appropriate such money in the 2018 budget. Sunday Karibi (Kogi-PDP), who spoke in support of Madaki, insisted on punitive measures against President Buhari over the purchase of the warplanes without appropriation by the National Assembly. Sergious Ose Ogun (Edo:-PDP) also pushed for the impeachment of Buhari since anticipatory approval was used as a basis for the impeachment of the late former Senate President, Chuka Okadigbo. But Kayode Oladele (Ogun- APC), Munir Agundi (Kano -APC) and Yakubu Balogun (Lagos-APC) argued that the anticipatory approval was not unlawful since it was necessitated by the exigency to tackle the security challenges in the country.
April 25, 2018 04:41 UTC
Suspected herdsmen yesterday attacked Ayar Mbalom community in Gwer-East Local Government Area of Benue State, killing 19 persons, including two priests of the Catholic Diocese of Makurdi. Father Moses Iorapuu, who confirmed the incident, named the priests killed in the attack as Rev. The Federal Government and the security agencies should look at this as insurgency and must be treated as such,” he said. In a reaction, President Muhammadu Buhari described as vile and satanic the killing of the worshippers and the priests. We noticed negligence of the security agencies because they came after the damage has been done and very too late.”
April 25, 2018 04:30 UTC
Continue playing Tinubu to Obasanjo, IBB: Stop writing ‘bad belle letters' You may also like Watch again Tinubu to Obasanjo, IBB: Stop writing ‘bad belle letters' You may also likeHe said: “We are here to talk about the congress, we want to appoint ward congress, local government congress and delegates. We have observed that this is the fourth year APC was established. We fought for the congress in Abuja and we got it. To all of you, I want to appeal to you, those who want progress must want it for a reason. He has been rejected in Surulere and we are not going to accept him.
April 25, 2018 04:07 UTC
The action, he added, infuriated the NDLEA officers, one of which the source said hit the late Koro-toe in the head with a machete and he died on the spot. Efforts to get comments from the NDLEA spokesman, Mr. Jonah Achema, were futile as his mobile phone was switched off. Also, when contacted, the Police Public Relations Officer (PPRO) of the Lagos State command, SP Chike Oti, promised to call back in an hour. A call to his mobile phone at the expiration of his pledge went unanswered as at press time. The incident was captured on camera and posted on social media, which has since gone viral.
April 25, 2018 04:07 UTC
Hence I said human sexuality should not be trivialized and hypocritically treated on the social media. It is incredible that the panel investigating Monica Osagie versus Richard Akindele could conclude and submit report when the plaintiff, Osagie, failed to appear before it. Let us prevent the social media virus from killing Nigerian universities; they would say it is trending; it has gone viral, and things like that. We cannot do it with students resorting to the social media. The public should know what led to Akindele giving condition of five times of sexual meeting.
The Minister stated this during the validation workshop for new United Nations Industrial Development Organization (UNIDO) Country Programme for Inclusive and Sustainable Industrial Development in Nigeria 2018 – 2022, in Abuja. Aisha Abubarkar, who was represented by the Permanent Secretary,Federal Ministry of Industry, Trade and Investment, Edet.S. Apkan, noted that the new Country Programme Document had already identified major areas of intervention which would help the country to develop and grow its industrial sector. She said: “The government and people of Nigeria are grateful to UNIDO for collaborating with other development partners, state and non-state actors, including the private sector in the country during the implementation of the UNIDO’s 2013-2016, which was later extended to June 2018. “The new UNIDO Country Programme for Inclusive and Sustainable Industrial Development in Nigeria (2018-2022) has defined in clear terms projects and programmes to be embarked upon by Nigeria and UNIDO for inclusive and sustainable industrial development in line with the current economic realities of the country.
The provisions of the almighty Section 43 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) on impeachment might be invoked! What elicited the excitement of the security chiefs about a bill that what yet to be submitted to the National Assembly let alone considered and passed by that body? Or were convinced beyond doubt that the National Assembly would simply rubber-stamp what the President had APPROVED? In any event, the National Assembly must be involved in the appropriation of public funds. One wonders why the U.S. $1 billion request was not included in the Appropriation Bill sent by Mr. President to the National Assembly about five months ago.
The fence of the property, which is located at Ocean View Estate, Ogombo, near Abraham Adesanya estate, was said to have been demolished without court order or legal process. Isiaka Ibrahim-Ogundare on behalf of the family hinted that they had approached the Lagos State High Court for an order of interim injunction to stop further trespass or altering of their property. Ibrahim-Ogundare said: “There is an area called Ocean View Estate in Ogombo, near Abraham Adesanya Estate, where the Edunjobi-Ogundare family has two plots of land by inheritance as a land-owning family. “Later, some people came to our property to demolish our fence with the aid of some soldiers. These armed men supervised the demolition without any court order or legal process and we were even threatened to be brutalized with firearms.
Specifically, some of the stakeholders under the aegis of American Business Council (ABC) stated that potential investors seeking opportunities in the Nigerian market have raised concerns about the risks their brands may be exposed to in a weak regulatory environment. Olele explained that while government have been fairly responsive to the needs of the companies in the FMCG sector, there are other challenges that should be addressed for optimum growth and economic impact to be realised. On her part, the Marketing Manager, Kimberly-Clark sub-Saharan Africa, Oluwakemi Saliu, reiterated the need for government to support the growth of the FMCG sector considering the rising number of consumers and demand for locally manufactured goods. “Local manufacturers are hard hit when parallel imports are allowed into the country for goods that can be produced locally. At Kimberly-Clark, we are responding to consumer needs by being diverse in our product offerings; by producing miniaturised items to cater to different market segments and by embarking of innovative marketing strategies that take into consideration the Nigerian market”, she added.
Continue playing Nigeria's strategy to reduce the unbanked population You may also like Watch again Nigeria's strategy to reduce the unbanked population You may also likeHowever, the other day, the British High Commissioner to Nigeria, Paul Arkwright, said the nation’s population growth could pose a security risk if it is unchecked. Although, he recognises that people talk about demographic dividend, the explosive growth in Nigeria’s population might turn out a demographic disaster. Furthermore, with a large population there is greater demand and supply in the economy, leading to large economies of scale. A large population, when properly managed or built as productive capital, is sure to be a source of security against external aggression. Britain especially has been a huge beneficiary of Nigeria’s human resource and it has a moral responsibility to assist the country further.
“Our troops on Sunday destroyed the insurgents’ camp, killed quite a number of them and rescued some persons.”On the destroyed explosives, the spokesman said: “Troops of 27 Task Force Brigade in conjunction with the Nigerian Air Force and Civilian Joint Task Force(CJTF) in the ongoing clearance operation destroyed another Boko Haram enclave. “During the operation, some members of the Boko Haram terrorists were neutralised while others fled following the superior fire power of the troops.”Read More: Troops destroy Boko Haram training camp in BornoHe added that five old women were rescued during the exercise. According to him, the troops also recovered a truck, gun vehicle, three motorcycles and a tricycle. Also yesterday, the Commissioner of Police, Damian Chukwu, said his men foiled another suicide attack on Bama initiated by three persons. His words: “Our men have foiled another suicide bombing attack on returnee residents of Bama on Monday, April 23, 2018 at about 10p.m.
April 25, 2018 03:45 UTC