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The naira has depreciated by 38.9 percent against the United States dollar at the official I&E window of the Central Bank of Nigeria in the past three months. Data obtained from the FMDQ Securities Exchange revealed that the local currency fell from N745.19/$ on October 3, 2023, to N1035.12/$ as of January 3, 2024. While the naira depreciated from 471/dollar to about 700/dollar at the official market shortly after the […]
Technology experts have stated that remote work has the potential to reduce unemployment in the country. According to the Chief Executive Officer of Alluvium, Taiwo Ojo, remote work will not only create employment opportunities but will also unlock the potential of the African continent. He added that Nigeria could break into a large technological market by adapting and adopting cloud-centric architecture. The Alluvium boss spoke at the 2023 Cloud Connect, […]
Nigeria is not earning enough revenue to support its developmental needs, the International Monetary Fund has disclosed. According to the IMF, the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to support the country’s social safety nets, development spending, and protect its vulnerable households. The Director of the IMF’s Communications Department, Julie Kozak, revealed this during a press briefing on Thirsday. Responding […]
The Pension Fund Administrators have recorded N7.98tn profit from investing contributions made by workers into their Retirement Savings Accounts under the Contributory Pension Scheme, according to a new report.
The Dangote Petroleum Refinery is set to start producing Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel in January 2024, while the production of Premium Motor Spirit, popularly called petrol, is being delayed by the supply of crude oil in installments. It was gathered on Sunday that the facility would require a minimum of six million barrels of crude oil to kick-start the full production of […]
The Lagos State High Court sitting in Ikeja has sentenced cashier, Tunde Abdulramon, to five years’ imprisonment for his employer’s N64,420,900 to marry a new wife and also for opening the same kind of his employer’s business for his new wife. Justice Raliat Adebiyi who handed down the sentence also ordered the convict to make restitution by returning all the properties he bought while in his employer’s establishment and also […]
Africa’s richest man, Aliko Dangote, has said his refinery has secured a licence to refine more than 300,000 barrels of Nigerian crude per day and will begin to process gasoline soon. “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” Dangote said in an interview in Riyadh on the sidelines of the Saudi-Nigeria business roundtable, according to Bloomberg. “We’re more than […]
The Peoples Democratic Party and the Labour Party on Sunday cried foul as Governor Hope Uzodimma, the candidate of the All Progressives Congress, was declared the winner of Saturday’s governorship poll in Imo State by the Independent National Electoral Commission. The electoral body affirmed Uzodimma’s re-election, having won in all the 27 local government areas of the state. The governor clinched a second term in office after scoring a total […]
A Niger Delta rights activist, Ozobo Austin, has called on President Bola Tinubu to appropriate the $150m Gen. Sani Abacha loot to boost critical infrastructures in the Niger Delta region, saying “the money is part of the Niger Delta oil funds being stolen by Abacha.” Ozobo, in a statement on Wednesday, maintained that “no region but the Niger Delta should benefit from the money, and it would amount to injustice […]
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