Thursday, March 28, 2024
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OUR LATEST POSTS

Naira falls against dollar by 0.7%

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The Naira experienced a slight depreciation at the official market, trading at N1,309.39 to a dollar on Thursday. Data from the official trading platform of the FMDQ revealed that the Naira lost N8.96 or 0.69 per cent, compared to the previous day’s rate of N1,300.43 against the dollar. However, the total turnover increased to $857.78 million on Thursday, up from $416.10 million recorded on Wednesday. Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,392 and N1,250 against the dollar. 

Ex-NBA Publicity Secretary in court for allegedly stealing stabiliser

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Douglas Ogbankwa, a former Publicity Secretary of the Nigerian Bar Association (NBA),  on Thursday appeared in a Benin High Court for allegedly stealing a stabiliser. Ogbankwa is charged with conspiracy to commit felony, forcible entry, wilful damage, theft, forceful ejection as well as aiding and abetting forceful ejection. The prosecution said Ogbankwa and others,  at large,  in January, 2023 at 2nd Ugbor road, GRA Benin within judicial Division did damage door keys belonging to Ms Sandra Palmer-Kelvin. The prosecutor also alleged that Ogbankwa stole one stabiliser belonging to Palmer-Kelvin and also forcefully ejected her from her matrimonial home The offence,  is punishable under sections 412, 56(1), 353, 294(1)of the Criminal Law of Edo state 2022 and also section 14(3) of violence against persons Prohibition law of Edo state 2021. Earlier, when the case was mentioned one of counsel to defendant, Mr Emmanuel Usoh, appealed to the court to give his client more time to resolve the issues. The prosecution counsel, Mr Orobosa Okunbor, however, did not oppose the  application. Justice Ede Ikponmwonba subsequently adjourned the case until July 6,  for report of  settlement.

Sanwo-Olu’s Chief of Staff withdraws suit against Gani Adams, restates commitment...

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Chief of Staff to Governor Babajide Sanwo-Olu of Lagos State, Mr. Tayo Ayinde, on Wednesday, withdrew the legal action against the Aareonakakanfo of Yorubaland, Iba Gani Abiodun Ige Adams. Ayinde's new move was contained in a letter by his lawyer, Mr.Adeyinka Olumide-Fusika (SAN), stating the reasons for the action. He said: "Kindly assure your client that my client appreciates the fact that the public office he holds and his conduct in it is liable to scrutiny and criticisms by any and every member of the public that feels ill-served by any act or commission or omission by him in that office. "While he will not hold anyone in grudge for exercising that right, it is his reasonable expectation that anyone doing so abides by truth, fairness and paramountcy of public interest". Reacting to the development, the Aareonakakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, in another letter by his lawyer dated March 27, Oluwole Kehinde, said Ayinde's decision to drop his claim against Iba Gani Adams was well - noted and valued. Ayinde and Iba Adams had been enmeshed in a legal squabble over a controversial audio voice note allegedly released to the media by the Yoruba nation self-acclaimed activist, Sunday Adeyemo, also known as Igboho, which according to Adams had been distorted in order to tarnish his image.

Alake: Nigeria has no business importing Bitumen

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*Inaugurates two high-powered committees for Bitumen Development “With an estimated reserve of 42 billion barrels of Bitumen and the second largest deposit in the world, Nigeria has no business importing Bitumen, we should be a major net exporter to the rest of the world and we have no choice but to make this a reality” The Minister of Solid Minerals Development, Dr. Dele Alake, with those words, charged 18 winners of the first round of Bitumen blocks bidding process to roll up their sleeves and work hard to develop Nigeria’s Bitumen deposits. Speaking during a meeting with the concessionaires, Alake urged them to live up to expectations by complying with the terms of engagement and relevant sections of the mining act whilst taking cognisance of the host communities and seeking their cooperation. “ We want to know for instance as you move forward, how much of taxes you are paying, the royalties you are remitting, the local value addition that you are putting in place, the local employment generation or the multiplier effect and then the impact on your host communities. I will advise that you endeavour to engage your host communities and get their buy-in through Corporate Social Responsibility (CSR) and other efforts you can make to ensure seamless operations which will culminate in maximum beneficiation for you as investors, the communities and government”, the Minister added. Alake, whilst hinting at another round of bidding, urged the first round winners to post superlative performance, which will serve as encouragement to prospective investors. The Minister promised the support of the Federal Government for the Bitumen investors, stating that their success holds immense potential for economic growth and prosperity, heralding diversification of the economy. In his remarks, the Director-General of the Mining Cadastral Office (MCO), Engr. Obadiah Nkom, revealed that there have been...

Tinubu appoints Usman Bello as Chairman, Code of Conduct Bureau

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President Bola Tinubu has approved the appointment of Dr. Abdullahi Usman Bello as the Chairman of the Code of Conduct Bureau (CCB), pending confirmation by the Nigerian Senate. Dr. Bello is a consummate professional with more than 25 years of work experience in consulting, banking, law enforcement, financial services, and academia. The President anticipates that the new Chairman, upon confirmation by the Senate, will lead the Bureau with utmost integrity toward the realisation of its mandate of maintaining high standards of public morality in the conduct of government business and ensuring that the actions and behaviour of public officers conform to the highest standards of morality and accountability. Chief Ajuri Ngelale Special Adviser to the President (Media & Publicity) March 28, 2024

Eko DisCo crisis deepens as Otubu issues disclaimer on Egeregor’s...

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The Chairman of Eko Electricity Distribution Company (Eko DisCo), Mr. Dere Otubu, has issued a disclaimer on a publication made by a board member, Babor Egeregor. In a statement, Otubu said: "The attention of the Board of Directors has been drawn to the recent statements online and print media from Mr. Babor Egeregor, supposedly acting on behalf of the Board. "This is to state that the Board of Eko Electricity Distribution Plc (“EKEDP”) did not and has not authorised Mr. Babor Egeregor to issue any statement or press release on its behalf. We therefore urge the general public to regard all communications from him as his personal views and does not represent the position of the Board of "EKEDP". The Board of "EKEDP" hereby reaffirms that only communications and press releases signed by the Chairman, acting on behalf of the Board is authentic and represents the position of the company on any matter. "We kindly urge media houses to be wary about publishing statements from unconfirmed sources or unauthorised persons which may be aimed at misleading the public. Please be guided accordingly" Earlier, Otubu had reacted to media reports insinuating that former CEO, Dr. Tinuade Sanda, was still in charge. Otubu's reaction, contained in a letter to Mrs. Momoh and the entire staff, on Thursday, March 28, was sequel to a statement by the Director/Chairman, Legal and Regulatory Committee of EKEDC, Babor Egeregor, that removal of Sanda as MD/CEO and replacement with Momoh was not in sync with the directive of the Nigeria Electricity Regulatory Commission (NERC). Egeregor said the directive by NERC only covered those that were fingered in the allegations of fraud and negligence. "However, in his letter to members of staff on Wednesday, entitled "Recent Management Changes at Eko DisCo, the Board Chairman, stated: "Following my earlier message to you...