Author: Adejuyigbe Francis

The Naira depreciated against the US Dollar in the official market (Nigerian Autonomous Foreign Exchange Market), the parallel market, and the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market on Wednesday, November 8 as the inflow of forex gradually shrinks after the Central Bank of Nigeria (CBN) cleared the country’s backlogs of matured FX futures contracts. The domestic currency lost N4.80 or 0.6 per cent against the Dollar in the spot market yesterday to close at N874.71/$1 compared with the previous day’s rate of N869.91/$1, amid an improvement in the supply of forex into the market. The value of…

In line with President Bola Ahmed Tinubu’s commitment to address food security in Nigeria, the Federal Government, through the Federal Ministry of Water Resources and Sanitation, has launched the 2023 Dry Season Irrigated Farming initiative through the Benin Owena River Basin Development Authority. The Honourable Minister of Water Resources and Sanitation, Engr. Prof. Joseph Terlumun Utsev, FNSE, FNICE, FNIWE, made this announcement during his visit to the River Basin Development Authority in Benin City on Wednesday November 8, 2023. The Honourable Minister revealed that, as part of the ongoing assessment tour of Agencies and projects under the Federal Ministry of…

The Nigeria Police Force has clarified that it has not withdrawn police escorts from VIPs who are legally and statutorily entitled to police escorts. In a statement released on Thursday in the wake of reports that earlier suggested that the Inspector General of Police, IGP Kayode Egbetokun, ordered that escorts be withdrawn from VIPs in the buildup to off-cycle elections, the police explained that withdrawing police escorts from VIPs would be unsafe and counterproductive. The police explained that the objective of withdrawing security details from Nigerians who were not statutorily entitled to police escort was to reassign the personnel to…

President Bola Ahmed Tinubu on Thursday morning arrived in Riyadh, Saudi Arabia, to attend Saudi-Africa Summit holding tomorrow, Friday. In the summit, President Tinubu will underscore Nigeria’s commitment to attracting more Foreign Direct Investment and expanding business partnerships, strongly reinforced by his administration’s ongoing domestic economic reforms. Also, discussions at the first Saudi-Africa Summit will revolve around supporting joint actions, enhancing political coordination, addressing regional security threats, and facilitating economic transformation through research and the local development of new energy solutions, all while bolstering cross-sectoral investment cooperation. The President was accompanied by the Minister of Foreign Affairs, Amb Yusuf Tuggar; Minister of…

President Bola Tinubu shelves plan to increase electricity tariff and instead proposed nationwide power consumption subsidies, revealed Adebayo Adelabu, the Minister of Power. Adelabu announced the government’s intent to scrutinise the five-year licence extension granted to privatised power distribution and generation companies, which would have expired on October 31, 2023. Speaking at a press conference held in Abuja on Wednesday, the minister used the opportunity to read out the riot act, promising to dismiss any underperforming chief executives within the ministry. He said, “The power sector is an industry that is very sensitive to any leader. You cannot jump overnight…

Russia-Ukraine crisis takes its toll on Nigeria’s crude, affects inflow into international markets, says NNPC Ltd. The Nigerian National Petroleum Company Limited (NNPC Ltd.) has provided insight into how the lingering conflict between Russia and Ukraine has impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc. Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited, said in a panel presentation at the Argus European Crude Conference in London, that in addition to the substantial price shocks impacting commodity…

Manchester United’s faltering season suffered another significant blow as Marcus Rashford’s red card contributed to a dramatic, qualification-damaging Champions League defeat by FC Copenhagen. In a wild and wonderful contest in the Danish capital, United showed guile and grit for periods and twice looked to have claimed a crucial win before succumbing late on to a goal from 17-year-old substitute Roony Bardghji. They were cruising midway through the first half thanks to Rasmus Hojlund’s double against his hometown club – both close-range finishes from a striker knowing exactly where he needed to be and when. But the game turned in…

A mature and composed Arsenal side took another step towards the knock-out stages of the Champions League as they breezed to a 2-0 victory over Sevilla. The Gunners, who enjoyed 68% possession in the first-half, were on top from the off at the Emirates Stadium, with Kai Havertz guilty of missing an early sitter from close range. A number of other chances from inside the box were wasted as the hosts were guilty of not hitting the target, but they eventually made their dominance count when Leandro Trossard converted from close range after good work by Jorginho and Bukayo Saka.…

Real Madrid booked their place in the knockout stages of the UEFA Champions League with a 3-0 victory over Braga. With Napoli dropping points at home, the door was ajar for Real Madrid to open up daylight at the top of Group C. The match did not play out without alarm for Real, as Andriy Lunin saved a penalty from Alvaro Djalo after Cristian Borja had been hauled down in the box by Lucas Vazquez. Brahim Diaz eased Real nerves when tucking home following an excellent run and cross from Rodrygo. Real doubled their lead on 58 minutes when Vinicius…

Olaf Scholz, the German chancellor, expressed concerns over the increasing number of Nigerians seeking asylum in his country, adding that about 14,000 Nigerians living in Germany risk deportation. Scholz said this during a meeting with President Bola Tinubu in Abuja on Tuesday. He attributed it to the spike in the number of Nigerians seeking asylum, with a great number of them without identification cards. The German chancellor noted that approximately 12,500 Nigerians are in a condition of tolerance in Germany as a result of the Nigerian government’s reluctance to admit people without the necessary identity documents. “The current spike in…

The peace accord meeting organised by the National Peace Committee in Owerri, the capital of Imo State, ahead of the November 11 gubernatorial election in the state saw several notable candidates absent. Notably, Governor Hope Uzodimma, the All Progressives Congress (APC) candidate, as well as Athan Achonu of the Labour Party, Tony Ejiogu of the All Progressives Grand Alliance (APGA), and Ben Odunze of the New Nigeria Peoples Party (NNPP), were all conspicuously missing. Samuel Anyanwu, the Peoples Democratic Party (PDP) candidate, arrived but left after realising that the major political parties’ candidates were not in attendance. Uzodimma, Achonu, and…

Ahead of the November 11 gubernatorial election in Bayelsa State, political parties and their governorship candidates, on Wednesday, signed a peace accord pledging to ensure a peaceful and violence free election. The Bayelsa State Governor and Flagbearer of Peoples Democratic Party, PDP, the candidate of All Progressives Congress,APC, and fourteen others attended tge ceremony at Lady Diama Memorial event centre, Yenagoa, the state capital. The event was facilitated by the National Peace Committee, in conjunction with Kukah Centre. The Catholic Bishop of Sokoto Diocese, Bishop Matthew Kukah, who presided over the peace forum, enjoined the people of the state to…