- Buhari appoints Muhammad as Senior Citizens Centre board chair, Habib is new NEMA DG
President Muhammadu Buhari has approved the take-off of the National Senior Citizens Centre and the constitution of a 12-member board. The Centre was passed into law as the National Senior Citizens Centre Act, 2017 to cater for the needs of senior citizens (70 and above) in the country. Buhari appointed AVM M. A. Muhammad (rtd) as the Board Chairman; Dr Emem Omokaro as the Director-General. To read more, click HERE
- FX turnover rises by 0.72% driven by increase in derivatives
Total foreign exchange turnover in the Spot, Forwards and Futures markets, for the week-ended May 28, 2021, declined by 0.72 percent ($8.97m) to $1,250.97 million, from $1,242.00 million reported for the week-ended May 21, 2021. The week-on-week (WoW) increase in turnover was driven by the 57.35% ($128.13m) increase in FX derivatives turnover. To Read more, click HERE
- FG To Open Bid On Highway Development June 1
The Ministry of Works and Housing has disclosed that it will officially open the bid for Value Added Concession under the Highway Development and Management Initiative (HDMI) on 01, June 2021. The Minister, Babatunde Fashola had in December 2020, received the Certificate of Compliance for the Outline Business Case followed by the official launching of the initiative’s E-portal in March this year. To read more, click HERE
- Renewable Energy: US Institute Wants Nigeria To Adopt Auction, PBR
The Renewable and Sustainable Energy Institute (RASEI), University of Colorado, Boulder (CU) United States has encouraged Nigeria to adopt techniques like auction and Performance-based Regulations (PBR) to cut-down the cost of renewables and enhance patronage. Associate director of energy, policy and analysis at RASEI, Mr Jeffrey Logan hinted this while briefing newsmen in Colorado yesterday at the ongoing Virtual Reporting Tour (VRT) on “Combatting the Climate Crisis Through US Innovation”, organised by Washington Foreign Press Centre (FPC), an arm of the US Department of State in collaboration with Meridian International Center. To read more, click HERE
- Stockbrokers rake in N127 million in NGX Shares
Since The Nigerian Stock Exchange (NSE) received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively, Nigerian stockbroking firms have received 6 million units of NGX shares which represents ₦127 million at the current market price of ₦21.17. To read more, click HERE
- Insurance Stocks Defy Bearish Trading at Stock Market
Investors in Regency Assurance Plc, Consolidated Hallmark Insurance Plc and Royal Exchange Plc experienced growth in their investments last week despite the domination of trading by the bears at the stock market. Although the Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) declined for the second consecutive week due to bearish trading, the three stocks fetched their holders significant gains. To read more, click HERE
- Stakeholders Push for 30% Growth in Cloud Hosting By 2024
Worried about the low volume of local cloud hosting among the 11 local data centres in the country, industry stakeholders have suggested new measures through which Nigeria could achieve 30 per cent growth in local cloud hosting by 2024. The stakeholders who spoke at the recent cloud technology forum, organised in Lagos by the Nigerian Information Technology Reporters’ Association (NITRA), expressed concern that the economy may continue to loose huge revenue, when organisations and government agencies bypass local cloud data hosting companies, to host their data abroad, despite the fact that such data was generated locally in Nigeria. To read more, click HERE
- ‘PVB Bill to Boost R&D in Agric Sector’
The National Agricultural Seeds Advocacy Group (NASAG) has said the effective implementation of the Plant Variety Bill (PVB) will enhance research and development in the agribusiness sector. According to them, the law would enable farmers access wide varieties of improved plant varieties that would result from the breeding programmes that would be protected under the law. To read more, click HERE
- ‘$500m Investment Underway in Ogun’
The paper industry in Ogun State is about to get a big boost as the Dahua Paper Company Nigeria Limited, Owiwi in Ewekoro Local Government Area of the State says it is set to invest $500 million on tree plantation for paper production in the state. A working Partner in the company, Prince Bayo Ikujenyo made this known when the State Commissioner for Industry, Trade Investment, Mrs. Kikelomo Longe, and her team visited the company stating that the project which would be a 10,000 hectare tree plantation is segmented into the cultivation of 2,500 hectares of trees annually for four years. To read more, click HERE
- Bears dominance stretches as GTBank, BUA Cement drive losses
Investment analysts have said that the bears dominance in the domestic equities market will continue this week even as Flour Mills of Nigeria Plc, Guaranty Trust Bank and BUA Cement Plc drove the 0.18 percent loss recorded last week. They posited that the market lacks a positive development at the moment to pull it out of the red zone after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained interest rate at 11.5 percent. To read more, click HERE