Author: Akintayo Adams

The Nigerian government have gotten $925 million from Afreximbank. The financial institution announced the disbursement of $925m under the syndicated $3.3 billion crude oil-backed prepayment facility organized by the Nigerian National Petroleum Company Limited. The development coincides with the Naira recording a marginal appreciation to ₦1481.49 against the dollar at the official foreign exchange market on Thursday. The latest Afreximbank’s accordion disbursement for Project Gazelle Funding Limited brings the total current funded facility size to $3.175 billion. The accordion arrangement by Afreximbank saw the raising of a combined total of $925 million from a consortium of crude oil off-taker lenders…

The Naira depreciated against the Dollar on Friday at the foreign exchange market. According to FMDQ data, the Naira depreciated to ₦1483.99 to Dollar on Friday from ₦1481.49 traded on Thursday. This represents an ₦2.5 depreciation. Similarly, at the parallel market, the Naira depreciated to ₦1,495 against the dollar on Friday from ₦1,485 on Thursday. The developments come despite the foreign exchange transaction turnover increasing to $269.27 million on Friday from $213.31 million on Thursday. Get instant and latest news updates via Our WhatsApp Community or Google News online channel.

The East African country of Uganda experienced a rare nationwide electricity blackout for the best part of Friday, according to the nation’s grid operator. The grid shutdown occured during the testing of a newly-completed, Chinese-built $1.5 billion 600 megawatt hydropower plant on the Nile river in the country’s north, Uganda Electricity Transmission Company Limited (UETCL) shared via a post on its official X handle. “Uganda Electricity Transmission Company Limited informs the general public that a national blackout has been registered following a load rejection test at the Karuma hydro power plant,” the post read. However, less than two hours later,…

Nigeria’s Inter-Bank Settlement System (NIBSS) is experiencing a downtime, causing delays in electronic transactions across financial institutions. The NIBSS instant payment platform which is currently down is an account-based, real-time electronic funds transfer (EFT) system. It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels. The downtime, now in its third day has frustrated Nigerians who have been left with complaints on the internet and on the streets. Financial technology firms (fintechs) have spent the past two days notifying customers of the disruption in transactions, and apologizing for the inconveniences it might have…

The Super Eagles of Nigeria played out a 1-1 draw with the Bafana Bafana of South Africa on Friday night. The result is their third consecutive 1-1 draw in the World Cup Qualifying Series. A win would have placed them first on the log but the team conceded first to be left chasing the game. Bafana Bafana attacker, Themba Zwane got the goal for South Africa when he stormed the box and fired past Stanley Nwabali. Finidi George’s men were level early in the second half, with Fisayo Dele-Bashiru scoring his first goal for Nigeria. The result leaves the Eagles…

The President Bola Ahmed Tinubu-led Federal Government has increased its offer of a new national minimum wage to ₦62,000. Meanwhile, the organised labour has reduced its demand from ₦494,000 to ₦250,000. The Punch reported that a source who is a member of the negotiating team revealed this in a discussion with newsmen. “After wasting our time, they finally came up with the offer of ₦62,000 which was backed by the private sector. Labour also reduced ours to ₦250,000. This is embarrassing,” the source disclosed. The demand for a better pay by the Workers has faced oppositions from those in government,…

Governor Hope Uzodinma of Imo State has said the Tripartite Committee on the minimum wage is close to a striking a deal with the Organized Labour. The Imo helmsman said the committee will soon agree on a new national minimum wage. He revealed this on Friday after the committee’s meeting. “We had a very fruitful deliberation and of course you know it is a technical subcommittee of a committee,” he said. “And at the level of the committee, we have reached near consensus and by the time we go to the plenary, we will have a complete agreement and maybe…

Governor Ademola Adeleke of Osun State has lauded his administration for surpassing the achievements of his predecessors. The Governor, who addressed retirees in the state at the presentation of bonds said his administration has set the benchmark in workers’ welfare. This was contained in a statement shared on the X handle of Osun State Government where the Osun supremo compared gratuities paid by previous administrations and the current one which he leads. “I invite us all to note that the administration of my two predecessors for 12 years paid Eleven billion, One Hundred and Fifty Five Million, Six Hundred and…

Nigeria Labour Congress (NLC) has responded to statements credited to the Secretary to the Government of the Federation, George Akume over the now-suspended nationwide strike and the demand for a national minimum wage. Akume had described the strike action as “treasonable felony and economic sabotage” before labeling Labour’s minimum wage demand as unrealistic. In a statement by its Head, Information and Public Affairs, Benson Upah, NLC said Akume’s utterance has exposed his personality to the citizens of Nigeria. “The Nigeria Labour Congress expresses its profound disappointment and strong condemnation of the recent comments made by the Secretary to the Government…

Governors of the 36 states of the Federation have rejected the ₦60,000 minimum wage proposed by the Federal Government. This was made known by the Director Media and Public Affairs of the Nigeria Governors’ Forum, NGF, Hajiya Halimah Salihu Ahmed on Friday. “The Nigeria Governors’ Forum (NGF) is in agreement that a new minimum wage is due. The Forum also sympathises with labour unions in their push for higher wages. “However, the Forum urges all parties to consider the fact that the minimum wage negotiations also involve consequential adjustments across all cadres, including pensioners. “The NGF cautions parties in this…