Author: Aishat Olalere

The National Drug Law Enforcement Agency said it intercepted and seized 207,976 kilogrammes of hard drugs between January 2023 and March 2024 across different seaports in the country. The National Drug Law Enforcement Agency (NDLEA) seized 207,976 kilogrammes of hard drugs within 13 month. The Director of Media and Advocacy of NDLEA, Mr Femi Babafemi, disclosed this in a statement on Sunday. Femi explained that these amount of drugs are seized from January 2023 to March 2024 in different seaports in Nigeria. He said in the 14 suspects were arrested in the first quarter of 2024 with 16.69kg of cocaine…

Head of state, Ministers, Government officials and renowned Captain of Industries attended the 31st African Export-Import Bank (AFREXIMBANK) Annual meeting. The Afreximbank annual meeting held at Nassau, the Bahamas. The theme of the Annual Meetings is “Owning our Destiny: Economic Prosperity on the Platform of Global Africa.” The meetings are holding from June 12 to June 15 and would be hosting no fewer than 2000 delegate. The three-day event is taking place jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF). The meeting would held in order to discuss the Economic prosperity of Africa. “The first day of the…

Nigeria’s crude oil production declined to 1.25 million barrels per day in May 2024. This was reported by the Organisation of Petroleum Exporting Countries (OPEC). OPEC received the data from direct communication which is from member countries and secondary communication, such as energy intelligence platforms. It was reported that the average daily output was 1.25 million barrels per day (bpd) in May which represents 2.34 per cent fall from 1.28 million bpd recorded in April. Despite the improvement in the fight against crude oil theft and pipeline vandalism there is still production decline in crude oil. “OPEC said the country…

The Chartered Institute of Bankers of Nigeria (CIBN) reassured Nigerians on the resilience of the Nigeria banking system. Prof. Pius Olanrewaju, President of CIBN stated this in a program in Lagos, The program to correct misinformation and fake news that licence of more banks would be revoked. Olanrewaju said the general public and bank customers should allay the fear of liquidation of banks and they should ignore all false and misleading information about revoking licenses of more banks. “The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN,…

Nigerian Investment Promotion Commission (NIPC) granted twelve new companies tax holidays in the first quarter of 2024. The companies were given the incentives in accordance to Pioneer Status Incentive (PSI) Initiative to encourage investment and stimulate economic growth. The companies include: The PSI scheme is a Nigerian government program that grants tax breaks and other incentives to companies operating in certain sectors of the economy. Get instant and latest news updates via Our WhatsApp Community or Google News online channel.

Federal Government has unveiled plans to increase the navigable waterways across the nation The waterways will be increased from three thousand kilometres to five thousand kilometres. The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola said this on Tuesday in Lokoja during his working visit to the National Inland Waterways Authority (NIWA) and the inauguration of landmark projects embarked upon by the management of the authority. “Increasing the Kilometres of the waterways will enhance the effectiveness and efficiency of navigation on waterways for the passage of goods and people,” he said. Oyetola said he is aware that of the…

Kedrus Acedemy, a TechEd startup and Finquest Finance, declared to train about 20,000 youths in data and artificial intelligence skills by 2030. Stella Justin, founder of Kedrus Acedemy, stated to partner in order to bring the aspiration to life and grow the importance of data and artificial skills in the digital age. She explained that over 100 million young Nigerians had no digital skills to take up good job opportunities that require such modern skills, while the International Monetary Fund said that AI would impact 40 percent of jobs. “Through the ‘Learn Now, Pay Later’ model, Kedrus Academy and Finquest…

Investors on the Nigeria Stock Exchange market experience ₦93 billion lose The lose is a 0.16 percent of the equity market. The equity market closes at ₦56.359 trillion while it opens at ₦56.452 trillion. The companies stocks that experience the loss include MTN Nigeria, Transnational Corporation, Ecobank Transnational Incorporated (ETI), Royal Exchange, Oando Plc, among others. The All-Share Index also went down by 0.16 or 163 points to settle at 99,630.51, in contrast to 99,793.71 recorded on Monday. “Consequently, the Year-To-Date (YTD) return fell to 33.24 per cent. However, market breadth closed positive with 29 leaders and 19 laggards. On…

The Federal Government has approved the sum of ₦25 billion for Government owned Universities, polytechnics and colleges. The fund is to upgrade laboratories and workshops in public universities, polytechnics and colleges of education (Technical). The Executive Secretary, Tertiary Education Trust Fund (TETFund), Sonny Echono, disclosed this at the inauguration of members of Technical Advisory Group (TAG) on Tuesday in Abuja. The event featured the inauguration of a 55-member committee of TETFund National Research Fund and Screening (NRFS&MC) and also the inauguration of 48 committee members of the Technical Advisory Group (TAG) of the Fund. A review of the three thematic…

The global economy should be stable at 2.6 percent in 2024, according to the World Bank. If it happens, it would mark the first of its kind in three years. However, the stabilisation will be below the recent historical standards of 3.1 percent average in the decade before COVID-19. This was stated by World Bank in the statement issued on Tuesday by the bank’s online media briefing centre on the world bank’s latest Global Economic Prospects report. It was also stated that the growth in low-income economies increase to five per cent in 2024 from 3.8 per cent in 2023.…