Author: Aishat Olalere

The Federal Government has ceased operation of an illegal gold mine site in Yagba East Local Government Area (LGA) of Kogi State. This is part of the Federal Government’s commitment to combat illegal mining and reposition the sector to boost Nigeria’s economic profile. The Minister of Solid Minerals Development, Dr Dele Alake, stated this in a statement. Minister’s Special Assistant on Media, Segun Tomori on Friday in Abuja, stated that the operation was carried out by the Mining marshals in Iyeh Odogbe, Isanlu community of Yagba East LGA. Tomori said the operation involved dislodging illegal miners whose activities had prevented…

United Capital Plc, on Thursday, reported a 10% increase in the company market value. The increase was driven by an announcement made by the company on the plan to pay interim and bonus dividend to shareholders. United Capital told the Nigeria Exchange in a regulatory filing to pay dividend of ₦0.90 per 50 Kobo ordinary shares. It will be subjected to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on July 31, 2024. According to data from the Nigerian Exchange, “United Capital (Ticker: UCAP)…

Ministry of Housing and Urban Development have tabled a request for an increase in budget allocation of housing to ₦500 billion. This was disclosed by the Chairman of the HoR Committee on Housing, Hon. Abdulmumin Jubrin during the committee’s oversight function to the Ministry on Thursday in Abuja. Jubrin said increasing the budget to ₦500 billion would enable the ministry to deliver more houses to Nigerian. He added that it would also reduce the rate of housing deficit in Nigeria. He said the plan is to increase the unit of housing per year from 10,000 , 20,000 housing to 50,000…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has announced plans to extend its monetary policy tightening stance to tame the rising inflation. This was stated in the foreword of a recently published CBN’s debut outlook titled: “Macroeconomic Outlook: Price Discovery for Economic Stabilisation.” Cardoso said the outlook for the Nigerian economy indicates broad resilience, with continued growth, expected moderation of inflation, and greater exchange rate stability. It was stated that to mitigate some of the risks and address existing imbalances, it is imperative to intensify monetary tightening to subdue inflation risk, sustain reforms to strengthen the…

Sterling Bank Limited has associated with the Lagos State Government to launch ‘Ìlera Èkó’ Healthcare Booth. This was done in partnership with Lagos State Health Management Agency. Stelling bank disclosed this in a statement at the lunch on Tuesday. It disclosed that the initiative was launched by Governor of Lagos State, Babajide Sanwo-Olu. The Chief Executive Officer of Sterling Bank, Abubakar Suleiman, represented by the Bank’s Head of Government Fulfilment, Adewale Adebowale, expressed the bank’s continued commitment to its HEART strategy, which has seen the bank make extensive investments in the health, education, agriculture, renewable energy, and transportation sectors across…

The secondary market turnover month – on- month (MoM) dropped by 31.82 percent in June and increased by 30.77 percent on Year-on-Year (YoY). This was reported by FMDQ Securities Exchange in its financial markets monthly report for June 2024. “It also shows that Foreign Exchange (FX) and Money Market (MM) transactions dominated secondary market activity, jointly accounting for 72.83percent of the total secondary market turnover in June 2024.” Total spot market turnover for all products traded in the secondary market in June 2024 was N25.95trillion, representing a MoM decrease of 35.16percent (N14.07trillion) from May 2024 figures. “The financial markets monthly…

Federal Government of Nigeria has been urged by its citizens to take urgent steps to provide solution for the current economic hardship in the country. Some Federal Capital Territory residents on Thursday pleaded to the Government to address the high cost of goods and services. According to the National Bureau of Statistics (NBS), the latest inflation rate in Nigeria surged to 34.19 percentage in June. “According to the report on a year-on-year basis, the headline inflation rate in June 2024 was 11.40 per cent higher than the rate recorded in June 2023 at 22.79 per cent. Harrison Ikani, a tailor,…

Kano State Executive Council has approved the release of ₦29 billion for the execution of capital projects in the state. The projects were tendered by the State Governor, Abba Yusuf, and was approved at the Executive Council meeting. The Council approved ₦7.7 billion for the continuation of dualisation of 5 kilometre roads across the 44 local government areas of the state. The sum of ₦239 million was also approved for the construction of three rural roads at Ja’en Makera-Salanta Gudduba- Unguwar Baizangon Guliya and Fagoje-Kwanar Zuwo in Gwale, Ajingi and Kiru/Madobi LGAs. Sanusi Dawakin-Tofa, Director-General, Media and Publicity, enlightened this…

President Bola Ahmed Tinubu has directed Chief of Defence Staff (CDS), General Christopher Musa, to eliminate oil theft and vandalism in the Niger Delta region as soon as possible. This was disclosed by the Group Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari on Tuesday. Kyari said this has been a pressing issue to the country because it has been occurring over time. According to him, it is stopping the country from boosting its oil production. The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, disclosed that the country lost $1.84bn…

Oil prices dropped midweek over uncertain demand and supply outlook in the global commodity market. International benchmark Brent crude traded at $83.56 per barrel dropped by 0.2% from the closing price of $83.73 per barrel in the previous trading session. Brent had crossed $87 per barrel earlier last week before price retreated over the weekend. The American benchmark West Texas Intermediate (WTI) traded at $79.60 per barrel at the same time, a 0.1% fall from the previous session that closed at $79.71 per barrel. China’s weak economic data suggest that demand could be low. However, there is expectation that demand…