News
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Government to sell Abuja, Ibadan, Benin, Kaduna, Kano DisCos
The Federal Government said it will sell off the five electricity Distribution Companies (DisCos) as blackout persists. Minister of Power Adebayo Adelabu stated this on Monday, April 22. He said banks and the Asset Management Company (AMCON), which have been managing these DisCos, having taken over because of the failure of the…
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Foreign investment in stock market rises 168% to N118.92bn
Foreign portfolio investment, FPI, into the stock market rose by 167.8 percent, Year-on-Year (YoY), to N118.92 billion in February 2024 from N44.52 billion in the corresponding period in 2023 buoyed by improved liquidity in the foreign exchange (FX) market following reforms by the Central Bank of Nigeria, CBN. The Nigerian Exchange…
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Naira depreciates to N1,250/$ in parallel market
The Naira, yesterday, depreciated to N1,250 per dollar in the parallel market, from N1,140 per dollar on Thursday.Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per dollar Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99…
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Naira rebound: Rice falls to N67,000 in Lagos, Abuja, cheaper at borders
Following the recent rebound of the naira against the dollar, the price of a 50 kilogramme bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024. In communities close to the borders, our correspondents gathered that the staple…
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Ondo APC Primary: Aiyedatiwa extends olive branch to Akinfolarin, Oke, Jimoh others
Governor Lucky Aiyedatiwa of Ondo state has extended an olive branch to his 15 co- contestants in the last Saturday’s governorship primary election in the state. Aiyedatiwa in his acceptance speech after the chairman of the governorship primary election committee and Kogi state governor,Ahmed Ododo declared his winner of the primary election,…
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FG SECURES FRESH $2.25 BILLION LOAN FROM WORLD BANK
FG secures fresh $2.25 billion loan from World Bank The federal government is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB). The Minister of Finance, Wale Edun, disclosed this during a press briefing at the…
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Appeal Court hears EFCC appeal against Yahaya Bello’s arrest today
The Court of Appeal in Abuja will today (Monday) hear the appeal lodged by the Economic and Financial Crimes Commission against the order of a Kogi State High Court which restrained the anti-graft agency from arresting the immediate-past governor of Kogi State, Yahaya Bello. The Kogi court, in a ruling…
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Bracing for this year’s floods
In February this year, heads of relevant federal agencies such as the Ministry of Aviation and Aerospace Development, Nigerian Meteorological Agency, NIMET, and the National Emergency Management Agency, NEMA, gathered in Abuja and issued the Season Climate Prediction, SCP, or weather outlook for the year and their possible implications for…
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Kwara shuts abattoir to probe poisonous meat allegation
The Kwara State government, on Sunday, ordered the temporary shutdown of the abattoir at Mandate Market in Ilorin, Ilorin West Local Government Area following the alleged sale of poisonous cow meat in the market. The government, in a statement by the Ministry of Environment, also ordered the immediate general cleaning…
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N’Central demands APC chairmanship, ward faction suspends Ganduje
A faction of the All Progressives Congress in the Ganduje Ward of the Dawakin Tofa Local Government Area of Kano State on Sunday suspended the party’s National Chairman, Dr Abdullahi Ganduje. This came to the fore on Sunday as stakeholders of the APC in the North-Central, at a press conference…