The Nigerian Ports Authority has explained that it charges operators in dollars because shipping is an international business and the dollar is the globally recognised currency. The acting General Manager of Corporate and Strategic Communications of NPA, Mrs Sarah Ballah, explained recently in a chat with The PUNCH. In a bid to reduce the pressure on the naira, the Economic and Financial Crimes Commission had raised a 7,000-man special task force across its 14 zonal commands to clamp down on private organisations collecting dollars as a means of payment in the country. The spokesperson for the anti-graft agency, Dele Oyewale,…
Author: Ajibola Oluwasegun
Herbert Wigwe, the group chief executive officer of Access Holdings Plc, was involved in a helicopter crash in the United States, on Friday, TheCable understands. Wigwe, his wife and son were in the helicopter when it crashed in California near the Nevada border, as well as Abimbola Ogunbanjo, the former group chairman of Nigerian Exchange Group Plc (NGX Group). Six passengers were onboard, however, no survivors found so far. #TheCableIndex
The Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC) have sent a notice of a 14-day national strike to the federal government. The unions said that the 16-point agreement that was reached on October 2, 2023, between them and the federal government, has not been implemented. The national leadership of the TUC and NLC expressed sadness that the government appears indifferent to the widespread suffering and adversity in the nation, despite their attempts to maintain industrial peace. The unions in a statement said: “The October 2nd agreement was focused on addressing the massive suffering and…
To alleviate the strain on the local currency, the EFCC has formed a specialized team comprising 7,000 individuals across its 14 zonal commands. This team aims to take decisive action against individuals involved in illegal activities pertaining to the trade of dollars. The EFCC has extended invitations to private universities and other tertiary institutions that accept foreign currencies, instead of the Nigerian naira, for a briefing. During the briefing, these institutions were educated about the importance of recognizing the naira as the only legal tender in Nigeria. In a statement on Wednesday in Abuja, Dele Oyewale, who speaks on behalf…
The Nigerian sports community was yesterday thrown into a mourning mood as a prominent Sports journalist Kayode Tijani, is dead. Tijani died yesterday at the Lagos State University Teaching Hospital (LASUTH), Ikeja after a protracted illness. Tijani’s death was confirmed by his sister, Dr. Ganiyat Tijani-Adenle, a senior lecturer at the Lagos State University (LASU) Dr Tijani-Adenle told The Nation that his Janazah (burial) will hold today (Thursday) at Atan Cemetery (Muslim Side), Yaba, Lagos by 2pm. The 55-year-old Tijani is survived by a widow and children. The late Tijani was the Chief Executive Officer of SportsXclusive and Sports Focus…
The Presidency has said that the presence of Vice President Kashim Shettima, at the Stade de la Paix in Bouaké, Côte d’Ivoire, served as a significant source of inspiration to the Super Eagles in their qualification for the finals of Africa Cup of Nations. The Super Eagles of Nigeria secured their place in the final of the TotalEnergies CAF Africa Cup of Nations after a thrilling victory over South Africa in the semi-final. The match, held at the Stade de la Paix in Bouaké, Côte d’Ivoire, saw Nigeria overcome their opponents on penalties after extra time. Their performance throughout the…
President Bola Tinubu has directed the Special Presidential Committee on Emergency Food Intervention to immediately step into the worsening food security crisis in the country and stem the tide. Minister of Information and National Orientation, Mohammed Idris, who disclosed this to journalists at the State House, Abuja, on Tuesday after the Committee’s meeting, also gave assurances that there is no food shortage in the country. He also informed government had discovered an alleged sabotage in food pricing by some elements whom he said were hiding behind Naira’s depreciation in the foreign exchange market to escalate pricing. The committee’s meeting held…
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has said that the increase in exchange rate between the naira and dollar is due to the increase in Nigerian students who study abroad and medical trips embarked on by Nigerians. Cardoso stated this during the ongoing sectoral debate put together by the House of Representatives on Tuesday in Abuja. According to him, the high cost of living still remains a concern adding that the CBN is working to bring lasting solutions and to bring down the inflation to 21.4 percent through improved agricultural productivity. “Volume on transactions…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that Foreign Portfolio Investors want the country to carry out policy reforms to enable them to bring in their funds. Cardoso said this on Monday during an interview on Arise TV, where he addressed concerns about the recent volatility in the currency market. The latest report on capital importation from the National Bureau of Statistics showed that in Q3 2023, capital importation into Nigeria stood at $654.65m, lower than $1.16bn recorded in Q3 2022, indicating a decline of 43.55 per cent. In comparison to the preceding quarter, capital…
Minister of Finance and Coordinating Minster of the Economy, Mr. Olawale Edun, yesterday, said the rising prices of food and commodities in the country had become increasingly worrisome for the federal government. Says situation caused by demand, supply forces,Government looking forward to good harvest that will reduce prices. The minister spoke in Abuja during a bilateral meeting with a visiting German delegation, led by that country’s Minister of Economic Cooperation and Development (BMZ), Ms Svenja Shulze. Edun’s comments came as protests rocked Niger State yesterday, as some youths and women resented what they perceived as mass purchase of food items…