The Naira faced depreciation in the parallel market on Friday, sliding to N1,520 per dollar from N1,515 per dollar the previous day. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency appreciated to N1,482.81 per dollar, marking a positive trend. Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased from N1,485.66 per dollar to N1,482.81 per dollar, indicating a notable appreciation of N2.85 for the naira. Throughout the day, the market experienced fluctuations, reaching an intraday high of N1,511 per dollar and a low of N1,400 per dollar, resulting in a significant variance of N111…
Author: Temitope N.
Okomu Oil Palm Plc Managing Director, Graham Hefer, revealed in an interview with the News Agency of Nigeria (NAN) that the company halted its rubber plantation operations in 2023 due to insecurity and attacks on its facilities. He emphasized the need for assistance from both the Federal Government and Edo State Government to address the banditry disrupting their operations. Hefer underscored the significance of rubber production for the company’s operations, citing it as a major source of foreign exchange earnings. However, he lamented the production losses incurred due to insecurity, highlighting that attacks compelled them to cease rubber farming, consequently…
Exploring the landscape of post-study opportunities, there are nine countries that stand out for their provision of post-graduation work opportunities and straightforward pathways to permanent residency (PR). By delving into these prime PR-friendly destinations and following actionable steps, international students can efficiently navigate towards permanent residency, ensuring a seamless transition from academic life to a thriving career abroad. These countries offer not just a chance to settle but also to flourish, allowing students to fulfill their aspirations while staying in their dream destinations. Canada Canada boasts a streamlined PR pathway through its well-established immigration system, notably the Canadian Experience Class…
The Nigeria Employers’ Consultative Association (NECA) has stated that the private sector cannot meet the Nigerian Labour Congress (NLC)’s demand for a minimum wage of N500,000 this year or in the foreseeable future, given Nigeria’s economic challenges. NECA reiterated its commitment to the previously proposed N57,000 minimum wage, which represents a substantial 90% increase. Mr. Adewale-Smatt Oyerinde, NECA’s Director-General, highlighted the ongoing economic difficulties faced by the private sector, including rising interest rates, escalating logistics costs, increasing energy tariffs, and excessive taxes and fees. Oyerinde emphasized that the prevailing N30,000 minimum wage was already straining businesses, with many experiencing losses…
The Kogi State Governorship Election Petition Tribunal, sitting in Abuja, upheld Usman Ododo as the legitimate Governor of Kogi State in its ruling on Monday. The tribunal dismissed the petition filed by the Social Democratic Party (SDP) and its candidate, Murtala Ajaka. Presided over by Justice Ado Birnin-Kudu, the three-member tribunal panel affirmed Ododo’s victory, rejecting the SDP’s challenge to the election results. The Independent National Electoral Commission (INEC) had previously declared Ododo, the candidate of the All Progressive Congress (APC), as the winner of the November 11, 2023, Kogi State Governorship Election. Ododo secured 446,237 votes, surpassing his closest…
The Bank of Industry (BOI) has extended the application deadline for the Rural Area Program for Investment and Development (RAPID) for Micro Small and Medium Enterprises (MSMEs) and Community groups in rural areas to June 12. In a post on its official handle, the bank announced the extension to allow entrepreneurs more time to apply for the loan. “The application deadline for the RAPID initiative has been extended to June 12, 2024, allowing all interested entrepreneurs the opportunity to participate,” the statement reads. The RAPID funding program offers loans of up to N10 million to MSMEs in rural areas at…
In Canada, transitioning from Temporary Resident (TR) to Permanent Resident (PR) status opens up numerous opportunities for stability, benefits, and integration into Canadian society. With eight distinct pathways available, navigating the journey requires understanding the intricacies of each immigration program. Temporary Residency (TR) encompasses individuals in Canada for a limited duration, such as students, temporary workers, or visitors. These individuals must adhere to specific conditions regarding their stay, work or study, and access to social benefits. On the other hand, Permanent Residency (PR) grants individuals the right to reside and work in Canada indefinitely, with access to various social benefits…
FBN Holdings Plc, a leading financial institution, has announced a dividend payout of N14.35 billion for the year ended December 2023, equating to 40 kobo per share for its shareholders. This decision comes after the company released its full-year 2023 financial results following a period of regulatory delays. Despite paying the same dividend amount in 2022, FBN Holdings saw no growth in dividends for 2023. With its current share price at N20, the dividend yield stands at a modest 2%. Comparatively, other major banks like UBA, GTCO, Access Corporation, and Zenith Bank declared higher dividends per share. The announcement of…
The Nigerian Safety Investigation Bureau (NSIB) has initiated an investigation into the recent derailment of a train coach on the Abuja-Kaduna corridor at Jeremy Station, occurring on Sunday morning. According to Mrs. Bimbo Oladeji, NSIB’s Director of Consumer Public Affairs and Consumer Protection, a team has been dispatched to the site for a comprehensive investigation. “NSIB is aware of the derailment of an Abuja-bound train from Kaduna which occurred halfway into the journey at Jere. A team has been deployed to the site of the incident,” stated the announcement. Despite the incident, the Nigerian Railway Corporation (NRC) assured that all…
Federal Capital Territory (FCT) Minister, Nyesom Wike, has announced that President Tinubu will inaugurate the Abuja Light rail on Monday, with commercial operations commencing the next day, offering a two-month free ride service to all commuters. Wike disclosed this information during a ministerial press briefing reviewing the 12-month performance of President Tinubu’s administration in Abuja. He emphasized that the earlier commissioning was for the building, whereas Monday’s event will mark the commencement of full commercial operations. “This is part of President Tinubu’s renewed hope agenda for the residents of the FCT and its environs,” Wike stated. “For those who are…
Diageo, the maker of Johnny Walker, has announced plans to trial paper packaging for its Irish cream liquor, Baileys. The company will partner with P A Consulting to produce the paper packaging, which is made from moulded cellulose-fibre pulp, layered with an inner plastic liner, and sealed with foil. Baileys will initiate the trial with 2,000 bottles using this innovative packaging. The new paper format will debut at Spain’s ‘Time Out Festival’ in Barcelona, where attendees will have the opportunity to experience the mini 80ml bottles. Diageo reports that these aluminium bottles are five times lighter than traditional glass Baileys…
Microsoft SA and South Africa’s Department of Trade, Industry and Competition (DTIC) have entered into an agreement to inject over 1.3 billion rands ($70 million) into small and medium enterprises (SMEs) in the country. This investment aims to boost both the tech and non-tech sectors and prepare them for the advancement of Artificial Intelligence (AI). The agreement, signed by Microsoft SA and the DTIC, outlines a commitment to develop black-owned SMEs over the next 10 years, calculated based on the company’s estimated turnover during that period. Kalane Rampai, Managing Director of Microsoft SA, emphasized the importance of preparing South Africa…
Nigeria’s Vice President Kashim Shettima has announced that President Bola Tinubu’s administration has secured investments valued at over $20 billion for the country. Shettima highlighted these achievements during his speech at the 2024 Vanguard Economic Discourse, held at the Civic Centre in Victoria Island, Lagos, on Thursday. Represented by his Special Adviser on Economic Affairs, Tope Fasua, Vice President Shettima detailed several key potential investments secured under President Tinubu’s administration. These include $14 billion from India and $250 million from the Netherlands. Additionally, he mentioned a significant investment of $500 million for lithium development in Nasarawa State and another $500…
The management of Landmark Beach has announced its intention to seek compensation from the Federal Government following the demolition of its properties, estimated at N42 billion in total. In a statement signed by the Landmark Group management, the company noted that the demolished properties included supporting buildings and infrastructure crucial to the Landmark ecosystem. This action has resulted in a significant loss, with nearly half of the company’s revenue affected. “We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings, and the loss of nearly half our Company revenue,” the…
Nvidia Corp’s co-founder Jensen Huang has surpassed each member of Walmart’s founding Walton family in terms of personal wealth, highlighting the rising dominance of tech titans. Following Nvidia’s impressive performance in the latest quarter, Huang’s net worth surged to $91.3 billion, placing him at the 17th spot on the Bloomberg Billionaires Index. The bulk of Huang’s wealth, nearly $91 billion, is tied up in Nvidia stock, which saw a 9.3% increase driven by an optimistic sales forecast. This surge underscores Nvidia’s position as a primary beneficiary of the booming artificial intelligence sector, where spending is increasing rapidly. Huang now surpasses…
The Lagos State Government has announced the disbursement of over N63 billion in pension benefits to 19,814 retirees over the past five years. This was revealed by the Lagos State Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, during the Y2024 Press Briefing at the Bagauda Kaltho Press Centre, Alausa, commemorating the first year of Governor Babajide Sanwo-Olu’s second term in office. Detailed in a statement on the Lagos State official website, this announcement underscores the administration’s commitment to retirees’ welfare. “The Administration of Governor Babajide Sanwo-Olu has paid over N63 billion as pension benefits to 19,814 retirees of the…
The Federal Government has announced that home delivery of passports will begin in June, eliminating the need for Nigerians to visit immigration offices to obtain their passports. This development was revealed by the Minister of Interior, Olubunmi Tunji-Ojo, during an inspection of the electronic gates at the Nnamdi Azikiwe International Airport’s new terminal on Friday, May 24, 2024, in Abuja. Tunji-Ojo clarified that the home delivery service would not cover all locations initially to prevent system overload and potential damage. The Nigerian Immigration Service (NIS) will roll out the home delivery service in Lagos, Port Harcourt, Kano, and Abuja. For…
The Central Bank of Nigeria (CBN) has announced a 150 basis points increase in the interest rate, raising the Monetary Policy Rate (MPR) from 24.75 percent to 26.25 percent. This decision, reached during the bank’s Monetary Policy Committee (MPC) meeting held on the 20th and 21st of May 2024, marks the third consecutive hike aimed at addressing the country’s surging inflation rate, which stood at 33.69% in April 2024. CBN Governor Yemi Cardoso, who also chairs the MPC, stated, “The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 295th meeting… to review recent economic and…
The Central Bank of Nigeria (CBN) has identified “seasonal demands” as a key factor contributing to the recent instability observed in the foreign exchange market, according to CBN Governor, Olayemi Cardoso, speaking at the 295th Monetary Policy Committee (MPC) meeting held in Abuja. This statement came as the MPC raised the interest rate from 24.75 percent to 26.25 percent. “Members further observe the recent volatility in the foreign exchange market attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” Cardoso stated. The Nigerian currency has witnessed significant fluctuations over…
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will recommence the enrolment of new customers “in another couple of months.” CBN Governor, Olayemi Cardoso, made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 percent to 26.25 percent. Cardoso mentioned that the CBN has been in discussions with many operators to enhance their operations and address issues such as money laundering and illicit flows. Remedial measures have been proposed to strengthen customer…