During the trial at the Lagos High Court Sitting in Ikeja, the second prosecution witness, former Director of Information Technology of the Central Bank of Nigeria, John Ayoh, alleged that former CBN governor Godwin Emefiele accepted bribes before awarding contracts. Ayoh made this assertion on Monday, April 29, before Justice Rahman Oshodi. Under the guidance…
Governor Godwin Obaseki of Edo State has given his approval for a new minimum wage of N70,000 for civil servants in the state. The governor disclosed this while inaugurating the new Labour House in Edo state on April 29. The implementation of the new wage is set to commence on May 1st, 2024. Additionally, Governor…
Amidst the escalating fuel scarcity in certain areas of the country, black market vendors in the Sokoto metropolis are capitalizing on the situation by selling a liter of petrol for prices ranging between N2,000 and N2,500. Concerned residents who voiced their frustrations to Channels Television appealed to the government for urgent intervention to alleviate the…
In response to a runway excursion incident involving Dana Air, which occurred at the Murtala Muhammed International Airport in Lagos, the Ministry of Aviation and Aerospace Development has directed the Nigerian Civil Aviation Authority (NCAA) to suspend the airline pending comprehensive audits on its fleet. The ministry’s Permanent Secretary, Dr. Emmanuel Meribole, issued a letter…
Data from the FMDQ securities exchange revealed that on Monday, April 22, the value of the naira depreciated against the United States dollar to N1,234 at the official foreign exchange market. This exchange rate signifies a decline of N65 or 5.26 percent from the rate of N1,169.99/$1 recorded on Friday, April 19. Earlier in the…
Foreign portfolio investment (FPI) inflows into Nigeria’s stock market surged by 167.8 percent Year-on-Year (YoY) to N118.92 billion in February 2024 from N44.52 billion in the same period of 2023. This increase was fueled by enhanced liquidity in the foreign exchange (FX) market, following reforms by the Central Bank of Nigeria (CBN). According to the…
Minister of Finance and coordinating minister of the economy, Wale Edun, has revealed that Nigeria has successfully obtained a $2.25 billion loan from the World Bank, featuring a remarkably low interest rate of 1%. Addressing attendees at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun announced…
The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its determination to combat price fixing by businesses. In a statement shared on its official X handle on Sunday, April 14, the FCCPC underscored its commitment to safeguarding consumers’ interests and ensuring fair market practices, particularly regarding pricing. “While the commission cannot directly control prices,…
On Friday, April 12, the Naira witnessed a significant appreciation at the official market, reaching N1,142.38 against the dollar. The improvement in the Naira’s value was evident from data obtained from the official trading platform of the FMDQ Exchange. The platform, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market, indicated that the Naira gained…
According to the latest Monthly Oil Market Report for April 2024 from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a decline in its crude oil production for the second consecutive month this year, dropping to 1.231 million barrels per day in March. OPEC’s report, which obtained crude oil production details directly from Nigeria,…
