Buhari removes Bala Usman as NPA MD, appoints replacement
  • Buhari removes Bala Usman as NPA MD, appoints replacement

President Muhammadu Buhari has approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority (NPA). To read more, click HERE

  • CBN extends naira-4-dollar deadline to boost remittances

The Central Bank of Nigeria has extended indefinitely its ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021. It disclosed this on Thursday in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public, titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances’. To read more, click HERE

  • Lagos Commodities Exchange to begin gold trading

The Lagos Commodities and Futures Exchange is set to begin gold trading with the admission of Dukia Gold‘s diversified financial instruments, backed by gold as the underlying asset. Dukia Gold said the instruments, which would be in form of exchange traded notes, commercial papers and other gold-backed securities, would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserves and create jobs across the metal production value chain. To read more, click HERE

  • Stock market closes lower, sheds N167bn

Trading on the floor of Nigerian Stock Exchange Thursday sustained volatility during the day, closing lower by N167 billion on a higher traded volume. Market capitalisation of listed equities declined by 0.81 per cent to N20.470 trillion from N20.637 trillion reported the previous day. To read more, click HERE

  • Moody’s places FBN on review for downgrade after CBN sacked board

Ratings agency Moody’s said it has placed First Bank of Nigeria (FBN) Plc on review for downgrade after the central bank sacked the board of the lender and its parent and appointed new directors. “The review will focus primarily on an assessment of evolving governance considerations at First Bank, specifically corporate governance developments,” Moody’s said in a statement. To read more, click HERE

  • N600bn Lekki Deep Sea Port Nears 50% Completion

The effort by Nigeria to have a new seaport with better facilities is gathering momentum as the Core of Main Breakwater at the Lekki Deep Sea Port has been completed and construction 50 per cent completed. The Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Du Ruogang, disclosed this recently, during the first quarterly monitoring visit by the Federal Ministry of Transportation to the project site in Lagos. To read more, click HERE

  • NPA, NBS Seal Deal on Data Collection Agreement on Ports’ Operations

The Nigerian Ports Authority (NPA) and the National Bureau of Statistics (NBS) have entered into an agreement on data collection on ports’ operations. The two government agencies signed the Memorandum of Understanding (MoU) in Abuja.

The Statistician-General of the Federation, Yemi Kale, who spoke after the ceremony described the ports as major channels of both import and export cargoes, adding that the ports remain critical to the development of the nation’s transport sector. To read more, click HERE

  • As NSC Moves to Abolish Container Deposit

Eromosele Abiodun writes that the move to abolish container deposit will reduce losses due to illegal charges imposed on importers by multinational shipping companies. Nigerian ports are said to be among the most expensive place to do business in the world.  Aside from the cost of doing business, there are multiple challenges that have left observers’ wonder how a people can descend to a level that defy human reasoning. To read more, click HERE

  • NGX sustains sliding profile as capitalisation plunges further by N167b

The Nigerian Exchange Limited (NGX) extended bearish sentiment to three consecutive trading sessions yesterday, as more highly capitalised stocks depreciated in price. This resulted to a further slide in market capitalisation by N167 billion. The All-Share Index (ASI) decreased by 319.08 absolute points, representing a drop of 0.81 per cent to close at 39,114.73 points while the overall market capitalisation value lost N167 billion to close at N20.470 trillion. To read more, click HERE

  • NBS, NEPZA partner on export, import data sharing

The National Bureau of Statistics (NBS) and the Nigeria Export Processing Zones Authority (NEPZA) have agreed to share data on import and export points for analysis on the contributions of the Free Trade Zone Scheme to the national economy. The two agencies have put in place a technical committee to drive the process hoping the collaboration will ensure proper decision-making. To read more, click HERE