The Nigerians in Diaspora Organisation, Europe (NIDO-Europe), Italy Chapter, have disclosed that about 1.5 million out of its 3 million registered members in Italy are affected by the scarcity of Nigerian passports. According to NAN, this was disclosed by the Chairman of NIDO-Europe, Italy Chapter, Mr George Omo-Iduhon, during an interview on Monday while reflecting on the activities of NIDOE in Europe and Italy. Omo-Iduhon said there are more Nigerians in Italy than in other European countries and the registered Nigerians according to database are 3 million asides undocumented ones. He said, “One of the major problems faced by Nigerians…
Author: Temitope Nlewemchi
The Securities and Exchange Commission (SEC) has laid out a warning to the public over the activities of FinAfrica Investment Ltd and Poyoyo Investment, stating that the companies have not been approved by the Commission and operate as Ponzi schemes. The SEC made this known in a circular by the management of the SEC and published on the commission’s website on Tuesday afternoon. The Commission also added that the business operation style of the companies is also not authorized by the SEC. The SEC said, ”The attention of SEC has been drawn to the activities of an illegal operator, FinAfrica…
The Katsina State Government has officially established plans to lift the ban on telecommunication services in the 7 remaining affected local government areas before January 2022. This is coming barely 2 weeks after the state government ordered the restoration of telecommunication services in some local governments in the state which had been heavily affected by banditry and terrorism. According to NAN, this was made known by the Governor of Katsina State, Bello Masari, during a chat with journalists on Tuesday in Katsina, where he urged residents to do their best to protect their areas from bandit attacks. Masari, who was…
Oando Plc has notified the exchange and investors of the company of the appointment and resignation of some members of the Board of Directors at the company. According to the disclosure signed by the company’s secretary, Ayotola Jagun, and filed with the Nigerian Exchange Limited, Mrs Ronke Sokefun and Mrs. Nana Fatima have both been appointed as Independent Non-Executive Directors. The appointments of the directors are scheduled to take effect from December 23, 2021. This is following the resignation of Alhaji Bukar Goni Aji as a Non-Executive Director of the Company and Mr. Muntari Zubairu as an Executive Director of…
Nigeria recorded a transaction value of $1.1 billion in trades on the Investors and Exporters Window (I&E) where forex is sold officially. This is according to data on the FMDQOTC. Trading values on the I&E window has increased in recent weeks as the CBN continues to struggle to meet surging demand for forex by corporates rushing to fulfill year end obligations. When compared to the same period in 2020 about $531 million dollars were recorded as official trades on the I&E window. A total of $3.9 billion has been sold month to date December 2021 compared to $3.3 billion…
The Federal Competition and Consumer Protection Commission (FCCPC) has established that the joint committee that was created by the Federal Government to tackle violation of consumer rights and unfair practices in the money lending industry will shut down illegal businesses at the commencement of its enforcement. The joint committee is made up of representatives from FCCPC, the CBN, the Economic and Financial Crimes Commission (EFCC), National Information Technology Development Agency (NITDA) and the National Human Rights Commission (NHRC). According to NAN, this disclosure was made by the Chief Executive Officer of FCCPC, Mr Babatunde Irukera, during an interview on Sunday…
The normal plan is to become a billionaire and remain a billionaire but for some billionaires, 2021 became the year they lost a good amount of their fortunes. While the top five billionaires have seen their fortunes expand even more rapidly in 2021, the same cannot be said of some others who have had to deal with huge net worth declines. From January 2021 through to the month of December, their collective losses amount to about $152 billion. Of the ten billionaires to have had the most losses in 2021, six of them are Chinese. This may be as a result of…
The Nigeria Civil Aviation Authority (NCAA) has shut down the main switch centre of Globacom Limited at Wuse 2, Abuja due to the non-payment of N4.7 billion debt. The NCAA Director-General, Capt. Musa Nuhu, shut the switch centre, under the supervision of the Minister of Aviation, Sen. Hadi Sirika. Nuhu told newsmen after locking up the tower that the facility would be switched off until the outstanding debt was paid. He said the company had paid only N500 million out of the N5.2 billion it was owing, pointing out that the outstanding debt was N4.7 billion. According to him, all…
The Nigerian Ports Authority (NPA) has confirmed the appointment of seven new General Managers, including Ibrahim Nasiru, who was the Assistant General Manager, Corporate and Strategic Communications. The Acting Managing Director, Muhammed Bello-Koko, made this known in a statement signed by the new General Manager, Corporate & Strategic Communications, Nasiru, in Lagos on Thursday. According to Nasiru, the appointments take immediate effect. He said that 10 Assistant General Managers were also appointed. “The new appointment is in line with the management’s commitment to employees’ motivation and service excellence. “The new General Managers include Moltok Josephine Adar, formerly the Assistant General…
The Board of Seplat Energy Plc has announced the termination of the appointment of Austin Avuru as a Non-Executive Director effective December 22, 2021. The Director, Legal/Company Secretary of Seplat, Edith Onwuchekwa, made this known in a notice on Thursday. The notice was posted on the website of the Nigerian Exchange Limited. According to the notice, the termination of the appointment was due to breaches of the company’s corporate governance policies and Avuru’s fiduciary duties. The notice explained that the board had called for Avuru’s resignation as a Director of Seplat Energy. It added: “In line with Seplat Energy’s Memorandum…
Royal Dutch Shell on Wednesday established that it has declared “force majeure” on exports of Nigerian Forcados crude oil after a malfunctioning barge obstructed tanker path. According to Reuters, Shell Petroleum Development Company in a statement said the action came into effect on Monday at 12:00 mid-day. “Efforts were underway to restore access,” it added. Force majeure is a situation that makes the performance of a contractual obligation impossible for a party due to an event beyond their control. The oil and gas sector accounts for almost 90 per cent of Nigeria’s foreign exchange supply and approximately 10 per cent…
The exchange rate between the naira and the US dollar closed at N415.1/$1 at the official Investors and Exporters (I&E) window. Naira closed flat against the US dollar on Wednesday to close at N415.1/$1 the same as recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of 33.5% to $215.29 million from $323.56 million recorded in the previous trading session. On the other hand, naira gained against the US dollar on Wednesday to close at N571/$1, from an average of N575/$1 recorded in the previous day. Nigeria’s foreign reserve reduced by 0.02%…
Thursday, 23rd December 2021: The exchange rate between the naira and the US dollar finalizes at N414.73/$1 at the official Investors and Exporters (I&E) window. Naira appreciated against the US dollar on Thursday to close at N414.73/$1, representing a 0.09% gain when compared to N415.1/$1 recorded in the previous trading session. This is despite the significant fall in the volume of forex turnover at the official window. FX turnover dropped by 49.9% on Thursday to $107.92 million. On the other hand, naira fell marginally against the US dollar on Thursday at the parallel market to close at N572/$1, from…
The exchange rate between the naira and the US dollar closed at N415.1/$1 at the official Investors and Exporters (I&E) window. Naira depreciated by 0.07% against the US dollar on Tuesday to close at N415.1/$1 compared to N414.8/$1 recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of 10.2% to $323.56 million from $360.18 million recorded in the previous trading session. On the other hand, naira depreciated against the US dollar on Tuesday to close at N575/$1, from an average of N573/$1 recorded in the previous day. This is according to information…
The Nigeria Sovereign Investment Authority (NSIA) has established that it is joining forces with the Rural Electrification Agency (REA) to invest an initial sum of N10 billion to provide over 200,000 solar power for homes under the ‘Solar Power Naija’ programme. The Solar Power Naija programme, which is part of the current administration’s Economic Sustainability Plan (ESP) is to be supervised directly by Vice President Yemi Osinbajo. According to NAN, this disclosure is contained in a statement issued by the Communication Officer of NSIA, Mr Titilope Olubiyi, on Thursday, December 23, 2021, in Abuja. The NSIA said the fund would…
The Federal Government and the Nigeria National Petroleum Corporation (NNPC) Ltd on Tuesday signed a Memorandum of Understanding (MoU) of N621 billion to fund the construction of critical road infrastructure across the country. According to NAN, the MoU on tax credit was signed in Abuja by the Minister of Works and Housing, Babatunde Fashola, on behalf of the Federal Government; the Chief Finance Officer of NNPC, represented by the General Manager International Energy Relations, Mr Garba Hadejia; and the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Muhammed Nami. The MoU on tax credit was to actualise the Executive…
The Ogun State government has raised revenue of N29.75billion in the first ten months of 2021. This disclosed by Mr Olugbenga Olaleye, the Chairman of the Ogun Internal Revenue Service (OGIRS) during the budget defence proposal at the Ogun House of Assembly Committee on Finance and Appropriation, according to NAN. The tax chief also proposed revenue of N56.3billion the same period next year. OGIRS Chairman, Mr Olugbenga Olaleye revealed that generated revenue for the first ten months was N29.75 billion, and proposed to generate the sum of N56.3 billion as revenue in 2022. He added that revenue resources for the…
The Nigerian Government met with the German Financing Advisory Unit in a bid to speed up funding required for the $1.9 billion Kano–Maradi railway. This disclosure was made by the office of the Minister of Transportation, Rotimi Amaechi, after he met with the financing advisory unit at the Nigerian Embassy, Berlin, according to NAN. The Minister’s office in a statement stated that the meeting was held with representatives of KfW-IPEX bank of Germany, who are serving as advisory in partnership with the African Finance Corporation for the Kano-Maradi rail project to secure funding for the project. Amaechi said the Export…
The Nigerian Government has officially established that it would replace its National Identification Number (NIN) with a suite of digital Tokens. This was made known by the Minister of Communications and Digital Economy, Isa Pantami at the stakeholders’ workshop on the National Identification Number (NIN) Tokenization Solution organised by the National Identity Management Commission (NIMC) in Abuja. FG says the strategy was implemented to ensure privacy protection of individuals during verification transactions and to reduce redundancies during retrieval, usage, transfer, and storage of NIN. They revealed the tokenisation solution would protect personal identifiable information of the users, stating that the…
President Muhammadu Buhari has officially launched Nigeria’s National Development Plan 2021-2025. The President launched the plan as the document was presented before the commencement of the virtual meeting of the Federal Executive Council (FEC) held at the Presidential Villa, Abuja, on Wednesday, according to the News Agency of Nigeria. The new plan will succeed the Economic Recovery and Growth Plan (ERGP 2017-2020) Accompanied by several members of his cabinet including the Vice-President Yemi Osinbajo; Secretary to Government of the Federation, Boss Mustapha; Gov. Atiku Bagudu of Kebbi State and as Minister of Finance, Budget and National Planning, Dr Zainab Ahmed,…