By KAYODE TOKEDE, Against its consistence appreciating streak in the last one week, the Naira, on Wednesday relapsed by 0.82 per cent at the unofficial market to close at N370 to a dollar against N367 closed on the first trading day of the week. The fall in Naira is coming on the heels of Central Bank of Nigeria (CBN) Inter-bank Foreign Exchange market injection to the tune of $413.5 million, as speculators continued to drive the parallel market rate. Also, at the official foreign exchange market, the local currency exchanged at N305.7 against a depreciated N305.65 sold on Monday compare to N305.55 traded last week, but gained against the pound at N388.9 and N342.6 respectively, against N400.93 and N352.06 sold respectively on Monday. But the Naira, on Wednesday retained strengthened rate against the Pound sterling, closing at N465, the same amount it has been trading since Monday, which is better than N470 exchanged...
RUTH TENE NATSA writes that the fact that the President Muhammadu Buhari- led administration has identified solid minerals as one of its key pillars of diversification is plausible just as government’s commitment to developing the once neglected sector has attracted the attention of West Africa and the global mining community. The three-day National Mining Summit which began on Tuesday, June 13 2017, and ended Thursday June 15, 2017, was a gathering of mining stakeholders spanning investors, financiers, miners, policymakers and marketers of mining equipment from Nigeria and across the West Africa region The summit, which could be identified as Nigeria’s greatest commitment to developing the solid minerals sector since its collapse in the seventies drew participants and key players from the region. At the opening ceremony,goodwill messages were delivered by the  president of the ECOWAS Commission, Mr Marcel Alain de Souza, high commissioner of Australia to Nigeria, Paul Lehman, minister of mineral...
While Nigerian electricity consumers continue to bear the burden of estimated billings, the sector regulator, NERC and distributing companies continue to use technical jargons to dribble consumers on directives concerning prepaid meters. FESTUS OKOROMADU, writes on the recent pronouncement by NERC on failure of DisCos to provide consumers with prepaid meters. The authenticity and unbiased position of a regulator like the Nigerian Electricity Regulatory Commission (NERC) was again call to questioning when it reversed itself on an earlier directive stopping electricity consumers from paying bills without the provision of pre-paid meters by the Distribution Companies (DisCos) operating across the country. The Commission for the first time won the heart of Nigerian electricity consumer when it  announced through a statement it posted on its website on June 9, 2017, that  ordered consumers not provided with prepaid meters as at March 1, 2017, to stop paying electricity bills based on estimated billing methodology. In...
The ongoing industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, against the management of Neconde petroleum is trying to weaken committed effort of the Asset Management Team put in place to turn the Oil Mining Lease, OML 42 into a prolific producing asset, writes CHIKA IZUORA. The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, last week issued a 72-hour ultimatum to the management of Neconde Energy Limited to recall sacked workers. The ultimatum is coming barely two weeks after the suspension of an industrial action embarked upon by PENGASSAN over alleged anti-labour practices and recalcitrance of the Neconde Energy Limited. The management of the company was accused by the Union for the sack of workers who participated in the industrial action. Decrying the development, PENGASSAN said it has  “issued a 72-hour ultimatum starting from Monday to Neconde management within which the five...
By ABAH ADAH, Abuja Acknowledging the fact that electricity consumers may have misconstrued a recent directive by the Nigerian Electricity Regulatory Commission (NERC) exempting hitherto unmetered maximum demand (MD) customers from paying bills, the Association of Nigerian Electricity Distributors (ANED) has appealed to residential (small demand) customers across the country to continue paying their estimated bills and not misconstrue the directive to include them. A statement issued by ANED on behalf of the 11 distribution companies (DisCos) yesterday in Abuja explained that the directive by NERC was targeted at some of the Maximum Demand (MD) customers that may not have been metered after the metering deadline for them which was originally 28th February, but extended to 1st March, 2017 at the request of the DisCos expired. The statement issued by the Head/CEO, Azu Obiaya dismissed the report in a section of the media that NERC stopped all unmetered electricity customers from paying...
The Central Bank of Nigeria (CBN) has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million, further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira. Giving a breakdown of the Bank’s latest round of intervention on Monday, June 12, 2017, the CBN Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, disclosed that the CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc. According to Okorafor, the Bank also yesterday released the figures for the auction sales in the retail window last week, totaling $260million. The CBN spokesperson said the...
By KAYODE TOKEDE, Lagos About 15 commercial banks operating in the country have reported N4.47 trillion in shareholders’ funds in 2016 attributed to their efforts at enhancing the quality and ensuring financial system stability. The said banks had reported N3.99trillion shareholders’ funds in the previous year, an increase of 11.7 per cent or N471 billion. The banks include Zenith Bank Plc, a Tier-1 commercial bank with the highest shareholders’ funds in the banking industry. It was followed by First Bank Holdings Plc and Eco Transnational Incorporated Plc. LEADERSIP investigations showed that most of the Tier-1 banks shareholders’ funds crossed the N300 billion mark while Union Bank of Nigeria and Diamond bank Plc, two Tier-2 with shareholders’ funds crossed the N200 billion threshold. The breakdown also revealed that Zenith Bank’s shareholders’ funds rose by 18.5 per cent to N704 billion in 2016 from N594.35 billion in 2015 while FBN Holdings reported 0.6 per cent...
By BUKOLA IDOWU, Lagos And MARK ITSIBOR, Abuja The Central Bank of Nigeria (CBN) yesterday announced that it has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million, further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira. Giving a breakdown of the Bank’s latest round of intervention yesterday, the CBN acting director, Corporate Communications, Mr. Isaac Okorafor said the sum of $100 million was offered to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc. According to Okorafor, the Bank also released the figures for the auction sales in the retail window last week, totaling $260million. He said the Bank was optimistic that...
By Ejike Ejike, Abuja The Minister of Transportation, Mr. Rotimi Chibuike Amaechi, said the ministry is in talks with the government of China ‎to establish a special university for Transportation. Amaech, who revealed this while briefing the Senate Committee on Local and Foreign Debts in Abuja, said the university is not part of the agreement with China for the rail project loan. He further explained that he had to request for a training university so that Nigerians can learn and manage the rail transport business on its own without calling for aids from the Chinese engineers all the time. The minister also explained that as part of plans, the federal government will be sending some students to China who will learn over there and come to lecture at the university when finally established; all cost to be handled by the Chinese government. Also, the minister defended the inclusion of the Eastern Corridor Rail Line...
Ben Ogbemudia,  Media Officer, Insurance FC of Benin, says the club has recruited five new players to fortify the team ahead of the Nigeria National League (NNL) second stanza. Ogbemudia told the News Agency of Nigeria (NAN) in Benin on Monday that the players were three strikers and two midfielders. He said the aim was to provide options to the coaching crew and boost the chances of the club playing in the elite division next season. The media officer said Insurance, which currently occupies the 7th position with 24 points, would approach the second stanza with a fresh vigour. “We are not leaving anything to chance which is why we have engaged more players to boost the squad. “Aside the fact that we have been getting the needed support from the government, we are also working to ensure the club is promoted to the elite league. “We have gotten a matching order from the state...