Author: Aishat Olalere

Abia State Governor Alex Otti has pushed for more cashew production as a way to generate foreign revenue and strengthen Nigeria’s economy. The Governor who spoke in Enugu at the 2024 National Cashew Day/Conference, insisted that agriculture which cashew is an integral part of, “is one of the essential lubricants in the engine that will propel Nigeria into the much anticipated economic growth and development “. According to him, both cashew and the agricultural sector generally “potentially hold the magic wand that will transform the economy of Nigeria and sub saharan Africa “. Otti who was represented by his Special…

On Thursday, 25 January, The Kano state Fire Service rescued a 37-year-old Saifillahi Rabiu, who allegedly attempted to commit suicide over a failed deal. This was disclosed in a statement issued in Kano and made available to newsmen by the Public Relations Officer (PRO) of Fire service, Alhaji Saminu Abdullahi. Abdullahi stated that the incident happened on Thursday morning at State Road, Tarauni Local Government Area of Kano. “We received a distress call at about 10:07 a.m. from the Ministry of Works and Housing, Kano state, about a suicide attempt by hanging on a tree.” “On receiving the information, we…

At least 253 commercial motorcycles, known as Okadas, were seized by the Lagos state taskforce on Thursday due to infractions of traffic laws along the Oshodi-Apapa Expressway and Mile-2 axis in Lagos. The okada riders were raided for operating on State highways and restricted routes after several warnings by relevant authorities. The Chairman of the Agency, Chief Superintendent of Police, CSP, Shola Jejeloye, described Apapa-Oshodi Expressway as a take off point for okada operators who violate Lagos State traffic laws by operating on that particular highway where okada operations have been banned outrightly. The extensive exercise which took place along…

The strong demand and traders hoarding of available dollars leads to the currency fall in Naira to N1,410 at the parallel market. This represents 3.29% or N45.00 weaker than N1,365 recorded at the close of trading on Wednesday. The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges It also indicated a 15.19 percent depreciation year-on-year when compared to N1,200 at the beginning of the month. A trader called Aliu said Some people are hoarding the dollars waiting for when the demand will be…

The Economic and Financial Crimes Commission is investigating at least $347bn allocated to companies in Nigeria between January 2014 and June 2023. This came as fresh findings show that the anti-graft agency has extended its forex allocation probe to include some foreign firms operating in Nigeria. The data was contained in the sectoral utilisation of the CBN’s forex data. Sectoral utilisation of foreign exchange also reveals how foreign exchange is allocated and used across different sectors or industries of the economy. However, the Central Bank of Nigeria on Wednesday revealed that local and foreign companies in Nigeria got at least $347.49…

Rasheed Bolarinwa, Head of Corporate Communications at Polaris Bank, has been reelected as the President of the Association of Corporate Affairs Managers of Banks. This was announced on Wednesday after the ACAMB held its elections and annual general meeting in Lagos. Bolarinwa is the incumbent president of the association, having been elected for a first tenure of two years in 2022. After the swearing-in of new executives, Rasheed Bolarinwa thanked members of the association for giving him another opportunity to serve. He appreciated the immediate past executives and promised to consolidate on the gains and explore new frontiers to take…

The Nigerian Railway Corporation generated a total sum of N4.19 billion as revenue earned from sales of tickets to passengers, cargo, and other services in the first nine months of 2023. This was made known by the National Bureau of Statistics in its latest rail transportation data for the third quarter of 2023 released on Wednesday. There was a 7 percent increase of N290 million when compared to the n3.90 billion generated in the first nine months of 2022. According to report, NRC generated N34.17 million on receipts and N 181.27 million on Goods and cargo, which makes it total…

NEM Insurance Plc, a general insurance company, has appointed Idowu Semowo as its new executive director of finance and investment. Idowu Semomo was appointed on Seotember 11, 2023 and get announced in a statement on Monday. “The board and management of NEM Insurance Plc are confident in Semowo’s wealth of knowledge and experience.” “Semowo’s illustrious career spans over thirty years in the financial industry encompassing experiences in auditing, banking and stock broking having worked with the Universal Trust bank, Magnum and NBC International Bank Limited and Kinley Securities Limited,” the statement said. It added that he has over the years, served in pivotal…

Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has described the NesGas 50,000 Metric Tonnes (MT) Liquefied Petroleum Gas (LPG) depot as loaded with the prospects of bridging Nigeria’s growing energy demands, mitigating the environmental impact associated with traditional dirty fuels, creating massive employment opportunities for citizens while also boosting the overall growth of the economy. He stated this while performing the groundbreaking ceremony for the project sited at the Oil and Gas Free Trade Zone, Onne, Rivers State He said “The private sector’s dedication to investing in infrastructure that will facilitate the storage, delivery, and consumption of clean…

KPDM, Kwara Progressive Development Movement, a non- governmental organization has denounced the continuous stay in office of the Transition Implementation Committee (TIC) chairmen of the 16 local government area of Kwara State. KPDM, called on President Bola Tinubu to intervene and save the local government areas in the state from destruction. The group described the TIC contraption as illegal and unconstitutional. Alhaji Mohammed Alhassan, The Group National Coordinator, made the submissions in Ilorin while speaking with journalists on the state of local government administration in the state. Alhassan, who allegedly raised the alarm over alleged financial recklessness on some of…