The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has assured the apex bank’s collaboration with the National Agriculture Land Development Authority (NALDA) to develop integrated farms across the country, provide affordable and accessible finance to farmers in rural communities in addition to providing jobs for the teeming population. Emefiele noted that NALDA, an integrated farm estate, is expected to serve as an agricultural hub for inhabitants with its wide range of facilities to support farming, processing and packaging plants, storage, clinics, residential area, school, training centres among other facilities. He spoke recently at the inauguration of the…
Author: Temitope N.
Despite the fresh concerns posed by the new wave of COVID-19 pandemic, air travellers have bemoaned frustration posed by various travel rules, testing requirements, and excessive test costs. The travellers, in a new survey conducted by the body of international airlines, showed a higher preference for, and confidence in mask-wearing protocols. This is coming amid anxiety that countries may begin to impose fresh border closure and lockdown to safeguard citizens from raging delta variant. The variant is now the dominant strain worldwide and surging rapidly, even in countries with high vaccination rates. For instance, new coronavirus infections in the United…
After many deliberations, the Nigerian Customs Service (NCS) has finally begun the implementation of zero surcharges on imported commercial aircraft and spares parts used by local airlines. The Airline Operators of Nigeria (AON), yesterday, confirmed the removal of mandatory seven per cent charges that airlines have erstwhile paid. It was a hard-fought battle that dated back to 2016. Though the Ministry of Aviation had rallied against the charges as part of measures to support local airlines, the Ministry of Finance and NCS had continued to impose the charges on operators. The Guardian learned the matter reached its peak recently at…
Selling above $75 dollar per barrel earlier this week, Nigeria’s Bonny Light crude yesterday, dropped to $68 per barrel on the backdrop of rising inventory by the American Petroleum Institute (API). With a record $7 slide in less than two days, API had reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw to under 50 million barrels. This follows a recent agreement by the Organisation of Oil Exporting Countries (OPEC) and its alliance to boost production monthly by 400, 000 barrels per day. While Nigeria had set…
FMDQ Securities Exchange has admitted the listing of the NSP-SPV PowerCorp Plc ₦6.33 billion fixed rate series 2 senior unsecured green bonds under the ₦50.00 billion-bond issuance programme to its platform. According to the company, the proceeds from this issuance will be used to fund the development of the 15MW Pre-Phase 1 Solar Project and the transmission evacuation infrastructure for NSP PowerCorp Plc’s solar project, to further fuel the development of power in Nigeria. Executive Vice Chairman/Chief Executive Officer, North South Power Company Limited, Olubunmi Peters said the transaction reinforces the company’s belief and commitment towards promoting clean energy generation…
This year’s festival of the ram (as the Eid-el Kabir is otherwise called) for Muslims all over the world, should hopefully serve as a refresher for Nigerians, from series of bad occurrences that they have had to contend with in the last one year. At least, they have two days to play with as public holidays, even though they may turn out to be two dull days. For one, most families have been touched by one tragedy or the other from which they are still reeling. And two, there has been a sharp drop in standard and condition of living…
Telecommunications firm, Globacom, has congratulated Muslim ummah in Nigeria as they join other faithful round the world to celebrate Eid El Kabir Festival. Globacom, in a goodwill message issued yesterday, rejoiced with the Muslim Ummah and admonished them to “use the occasion to continue to promote peaceful co-existence and live up to the tenets of their faith through acts of charity and obedience to the injunctions of the Holy Quran.” The company encouraged them to employ the occasion of the festival to pray for peace, unity and development of the nation and internalise the complete teachings of Prophet Mohammed (SAW)…
ARM Pensions Limited has hit the N1 trillion mark in Assets Under Management (AUM), a significant milestone for any Pension Fund Administrator (PFA) in the Nigerian market. This is as ARM continues to make a huge mark in terms of returns on the funds under its management, particularly RSA (Retirement Savings Account) FUND II and FUND III, where it is at the top of the latter in the market, accounting for why many RSA holders continue to flock her doors since the opening of Pension. Transfer Window. The National Pension Commission (PenCom) officially announced the opening of the Transfer Window…
After four years of rift, the Securities and Exchange Commission (SEC) yesterday, announced that it has entered into a settlement with Oando Plc in the interest of the shareholders of the company and the capital market. This was contained in a circular released and signed by the management of the commission yesterday. According to the circular, the company has reached a settlement with the commission on the following terms amongst which are the immediate withdrawal of all legal actions filed by the company and all affected directors; payment of all monetary penalties stipulated in the commission’s letter of May 31,…
Ahead of the half-year (H1) earnings season, price gains in 22 stocks lifted transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as market capitalisation increased by N3 billion. At the closed of trading yesterday, the All-Share Index (ASI) increased by 5.47 absolute points, representing a gain of 0.01 per cent, to close at 37,952.65 points. Similarly, the market capitalisation rose by N3 billion to close at N19.774 trillion. The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Eterna, Cutix, Vitafoam Nigeria and United Capital. Analysts at United…
The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23. With gradual stability, notwithstanding the uncertainty in the market, analysts were hoping that the rally, which was heading to $80 per barrel would become a reality until the price nosedived. Although Nigeria’s Bonny Light maintained its competitive edge, standing at about $75.23, Brent suffered more than 5.19 per cent loss,…
The National Insurance Commission (NAICOM) has revealed plans to sanction insurance operators that fail to implement the corporate governance guidelines in the country. The Commissioner for Insurance, Sunday Thomas, at a workshop in Lagos, said the absence of sound corporate governance structure in some insurance companies has been the cause of the industry’s abysmal performance. Thomas said: “The corporate governance guidelines that became effective last month would change the way companies, especially underwriting firms, are being run in the country. Companies don’t fail on their own. Instead, people make companies fail. Companies don’t die, companies are killed and the death…
Following its expulsion from the Nigerian Insurers Association (NIA), Standard Alliance Insurance Plc has demanded N10 billion from the body as damages to its reputation, resulting from malicious publications by the association. The underwriting firm stated this in a letter addressed to NIA and dated Monday, July 5, 2021. The letter signed by its lawyer, Ebun-Olu Adegboruwa (SAN), and addressed to the Director-General of NIA, Mrs. Yetunde Ilori, alleged circumvention of the right to fair hearing as guaranteed by the 1999 Constitution. It stated that there was nothing in the association’s constitution or within professional ethics in the insurance industry…
The global economy, in the past year, buckled under the burden of the coronavirus pandemic. From Europe to America, the numbers have been in the red, tail spinning the national economies to chaos. This left governments with the additional burden of sourcing additional resources to survive. While individuals groaned under the rising burden of jobs and income losses that have been intensified by the pandemic, the telecommunication and banking sectors have remained afloat, posting profits and breaking new grounds. Understandably, the pandemic holds an opportunity for telecommunication operators who have been saddled with the responsibility of bringing physically distant relations,…
The Lagos State Government has said that 287 of its retirees have received the sum of N1 billion in their retirement savings accounts (RSA). This was disclosed at the 86th bond presentation ceremony in Lagos by the Director-General, Lagos State Pension Commission, Babalola Obilana. He said the gesture was in fulfillment of the government’s agenda to provide succor to pensioners. While reiterating the commitment of the state government to the welfare of its retirees, he said it would remain consistent in the implementation of the contributory pension scheme in line with the provisions of the state’s amended pension law. Obilana…
Air Peace has officially deployed its brand new Embraer 195-E2 airplanes for scheduled flight operations. The three ultramodern 124-seat capacity jets, delivered in the first half of 2021, commenced service on Monday amidst fanfare and excitement. In an official statement, spokesperson of Air Peace, Mr. Stanley Olisa, stated that the airline is delighted to finally commission into service the brand new Embraer aircraft, adding that the acquisition of the aircraft is a testament to Air Peace’s commitment to giving the flying public world-class flights. Olisa said “Air Peace cares so much about the comfort of its customers and that explains…
The National Bureau of Statistics (NBS) says Benue, Abia and Cross River states paid highest for premium motor spirit (PMS), better known as petrol, at an average price of N175.22 in June 2021. This is contained in NBS report, titled: ‘Premium motor spirit (petrol) price watch (June 2021)’, released during the weekend. According to the report, petrol decreased by 1.46 percent to N165.61 in June from N168.06 in May, however, this represents an increase of 28.49 percent compared to the corresponding period in 2020. “States with the highest average price of premium motor spirit (petrol) were Benue (N183.29), Abia (N171.88)…
Vice President Yemi Osinbajo has stressed the need to drive more inclusive trade initiatives and expand intra-regional trade in the ECOWAS sub-region going by the opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement. Osinbajo spoke at the weekend in Abuja at the inaugural gala of the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (TPO) Network. According to him, the TPO Network, established with the support of the International Trade Centre (ITC), is an initiative of the ECOWAS, trade promotion organisations in the ECOWAS community. He added that the network needs to present a trustworthy…
The security challenge in Nigeria has continued to be a concern to many citizens. The situation appears to be worsening. Fingers are pointing to weak governance strategy as a major drawback at confronting the monster. The House of Representatives recently held a Security Summit that drew important personalities from all walks of life. Deliberations were made and promises were also made on implementation of whatever recommendations that would come from the summit. Last week, the leadership of the House, led by Speaker Femi Gbajabiamila submitted the Report to President Muhammadu Buhari for possible implementation. Only last week, there were terrible…
Indications have emerged that the Bayelsa Government has not given up on its Oil Mining Lease (OML 46) licence which was revoked by the Department of Petroleum Resources (DPR). Newsmen report that Bayelsa Oil Company reapplied for the licence during the last bidding exercise conducted by the DPR. The bid was, however, unsuccessful. NAN recalls that the licence for OML 46 asset, located within onshore swamps in the state, was won by the Bayelsa Government in 2013 through a bidding process conducted by the DPR. Meanwhile, the DPR on April 6, 2020 announced the revocation of 11 of the 13…