Filling Stations Slash Petrol Pump Price As Naira Appreciates to 7-Month High Against US Dollar

Some filling stations have decided to adjust their petrol pump prices downwards amid the appreciation of the naira against the US dollar.

This development could potentially lead to reduced transportation costs and alleviate inflationary pressures on households.

The Nigerian currency is currently exchanging against the dollar at its highest level in the last seven months

The pump price of Premium Motor Spirit, also known as petrol, has dropped from N640 and N660 per litre, which it sold a few weeks ago, to N620 per litre in some locations in Lagos state as naira appreciates significantly against the US dollar. Also, Legit.ng's visits to some Nigerian National Petroleum Company Limited stations show the product is sold to motorists for around N580 per litre.

Although NNPCL has not officially announced new petrol prices in the country, the adjustments noticed in some filling stations in Lagos are a sign of good news to come amid the high cost of living.

Speaking on the development, Kunle Ademola, a fuel station manager in Lagos where petrol is sold at N620 per litre, explained that the depot price of petrol reduced the reason for the reduction from N650 to N620.

"For days, we have been closed and have just received our supply. Although other stations around us sell at N650, we are able to offer it at a cheaper rate because we just got a new supply which is less than what we paid previously."

Naira and fuel price.

In an earlier interview, Chinedu Okoronkwo, the former president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained to Legit. ng the relationship between the performance of the Naira and the fuel price.

Okoronkwo had explained:

"Nigerians are aware that there is no more subsidy, and we have gotten into a new season where the market fundamentals are the ones playing the major role.

"As long as the dollar keeps rising in the foreign exchange market, the price of fuel in the country will continue to skyrocket and it is also in the reverse when naira get stronger."

Naira to dollar exchange rate

On Monday, April 15, 2024, the Naira closed at N1,136.04/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) foreign exchange (FX) market segment.

The new exchange rate represents a 0.6% or N6.34 value increase for naira compared to Friday’s closing rate of N1,142.38/$1.

Similarly, on the black market, the Naira appreciated further to N1,000 a dollar, the highest level in seven months.

Dangote refinery crashes diesel price

Earlier, Legit.ng reported that the pump price of diesel has dropped from N1,700 per litre, which it sold a few weeks ago, to about N1,350 per litre in some locations in Nigeria following the product's sale by Dangote Petroleum Refinery.

Findings show that the $20 billion, 650,000 bpd-capacity refinery began pumping diesel to the domestic market on Wednesday, March 27, 2023.

Since it began selling diesel, the company reportedly sold at least one million litres from the refinery to each registered marketer.

Bayer Leverkusen win Bundesliga for first time in 119-year history after beating Werder Bremen 5-0

For the first time in their 119-year history, Bayer Leverkusen are champions of Germany. A 5-0 thrashing of Werder Bremen on Sunday wrapped up the title on Matchday 29 as the undefeated, ultra-impressive team of Xabi Alonso scored four times in the second half. Victor Boniface scored the opener from the spot in the 25th minute while Granit Xhaka grabbed his goal in the 60th minute before star Florian Wirtz scored a hat trick in the final 22 minutes of the game.

No more "Neverkusen"

The title is the first Bundesliga win for a club who had previously held the record for most second-place finishes without lifting the crown. That in no small part played into their brandishing as Neverkusen, a club who for many in Germany and beyond were defined by a 2001-02 season where they contrived to finish second to Bayern Munich in the final weeks of the season before losing in the finals of the DfB Pokal and Champions League. A first domestic league title will make a welcome addition to a trophy cabinet that so far comprises just two senior honors, the 1988 UEFA Cup and the 1993 German Cup.

By the end of the season, Xabi Alonso could well have doubled the list of major honors at the Bay Arena. His side are strong favorites to win May's cup final against second-tier Kaiserslautern, they are also among the front runners to win the Europa League.

Leverkusen's win ends Bayern's 11-year reign at the top of the Bundesliga, a feat most would have thought unimaginable at the end of a summer which saw Thomas Tuchel's side strengthened by the additions of Min-Jae Kim and, most notably, Harry Kane, whose remarkable goalscoring season was not even enough to keep his side in the hunt for top spot. Even if Germany's footballing superpower were to be toppled there was no guarantee it would be Leverkusen to do it. In his first senior job, Alonso had dragged them up from the relegation zone since his appointment in December 2022, but Leverkusen were strong outsiders to win the title at the start of his first full season, priced at +4000 with bookmakers.

Even when CBS Sports spent several days inside the Leverkusen setup in November, serious talk of a title charge was off limits. "The challenge now is not up against Bayern, it's against what we can do," said Alonso. He was right. His side kept winning, such that it did not really matter that the competition were putting up spectacular goalscoring numbers. Leverkusen pulled decisively clear at the top with a 3-0 win over Bayern in February, a tactical triumph for Alonso that only served to heighten demand for him around the world.

When the announcement came from Saberner Strassed in February that Tuchel would be leaving at the end of the season it came with the suspicion that Bayern were trying to position themselves at the head of the queue for Alonso's services next summer. Another of his former clubs, Liverpool, were also on the hunt for their Jurgen Klopp successor. Then came the most remarkable turn in Leverkusen's season.

More than just a one-hit wonder

This wasn't going to be another Monaco, Ajax or even the Leverkusen of 2002, stripped for parts by Bayern and the rest of Europe's monied elite. Instead, on March 29, Alonso announced he would be staying for the 2024-25 season. "At this moment I feel this is the right place for me to be to develop as a coach," he said. "I am a young coach, but I have to feel it, and right now I feel that this is the right place."

Crucial to that sense is the belief that he has a team ready to develop alongside him. That will mean keeping the core of the squad together. There may be a sale in the vein of Moussa Diaby's $64.5 million move to Aston Villa; Jeremie Frimpong has consistently been linked with big clubs in England and the rest of Europe and sources around the game believe he could be one of the more likely to depart. However, that deal part-funded the acquisition of first-team lynchpins Granit Xhaka, Alejandro Grimaldo, Jonas Hoffman and Victor Boniface, so one sale ought not to inspire fear in the Leverkusen ranks.

Crucially, some of the most significant figures in the Leverkusen ranks are intent on staying with Alonso. Florian Wirtz, perhaps Europe's outstanding young creator, is set to stay for next season. Given the more cautious outlook for Premier League expenditure this summer, the prospects of keeping young talent such as Boniface, Piero Hincapie and Exequiel Palacios are also rosier.

The good times, then, may not be over for the German champions.

dahmie2013:
Congratulations...

sbibi:
Watch how fast the process will be. Unlike the other national ID card. Hope it will be free though

The Saudi Arabia, on Monday, said the crescent of Shawwal has not been sighted, indicating that the fasting will continue on Tuesday.

It also added that the Eid-El-Fitr would hold on Wednesday, April 10 to mark the beginning of the new Islamic month.

This disclosure was made on Haramin’s official Facebook page, an official platform for the Muslim community across the world.

“The crescent moon was not sighted in Saudi Arabia. Therefore, Eid Al Fitr will be celebrated on Wednesday, 10th April 2024.

“May Allāh allow us to utilise the remaining moments of this blessed month to engage in that which pleases Him, may He accept our siyām, qiyām & a’māl & may He allow us to witness many more Ramadāns in good health. Āmīn,” it wrote.

However, Nigerian Muslims are expected to wait for the announcement of the Sultan of Sokoto and President General of the Supreme Council for Islamic Affairs, Sa’ad Abubakar, later in the day.

The PUNCH reports that the Sultan on Sunday called on Muslims across the nation to look out for the new moon marking the beginning of Shawwal 1445 AH.

In a statement by the Chairman of the Advisory Committee on Religious Affairs of the Sultanate Council in Sokoto, Sambo Wali, he urged individuals who spot the new moon to promptly inform the relevant authorities.

“Muslims are therefore requested to start looking for the new moon of Shawwal 1445AH on Monday and report its sighting to the nearest district or village head for onward communication to His Eminence, Alhaji Muhammad Sa’ad Abubakar, CFR, , the Sultan of Sokoto,” the statement reads.

The United Kingdom government has increased the general salary threshold for those arriving in the UK on a Skilled Worker visa from £26,200 to £38,700.

According to the Home Secretary, James Cleverly said the minimum wage increased by 48 per cent to cut migration and put British workers first in force.

Changes that are now in force will slash migration and prevent the undercutting of British workers by employers looking to recruit cheap labour from overseas.

In the statement issued on its website on Thursday, the UK businesses are now required to pay overseas workers coming to the UK on a Skilled Worker visa significantly more,.

It said the government is to clamp down on the price of foreign labour and continues to deliver on its commitment to drive down net migration.

The UK government said this increase will help ensure the UK’s immigration system focuses on recruiting high-skilled workers, helping to grow the UK economy while bringing overall numbers down.

The government is clear that no sector should be permanently reliant on immigration, so today, the shortage occupation list has also been abolished, with employers no longer able to pay migrants less than UK workers in shortage occupations.

A new immigration salary list (ISL) has been created, following advice from the expert and independent Migration Advisory Committee (MAC).

Roles on the list will only be included where they are skilled and in shortage, and if it is sensible to include them considering the efforts being made by sectors to invest in the resident workforce.

Inclusion on the list must not serve to reduce pay and undermine the recruitment of British workers. Employers are encouraged to invest in training, upskilling, and hiring domestic workers first.

It comes as the government takes decisive action to support British people into work, in one of the biggest employment interventions in a generation, through its £2.5 billion Back to Work plan.

This will help break down barriers to work for over a million people who are long-term unemployed, long-term sick, or disabled.

Home Secretary James Cleverly said: “It’s time to turn off the taps and end the flow of cheap workers from abroad.

“Mass migration is unsustainable and it’s simply not fair. It undercuts the wages of hard-working people who are just trying to make ends meet.

“We are refocusing our immigration system to prioritise the brightest and best who have the skills our economy needs, while reducing overall numbers.

“I promised the British people an immigration system that serves their interests, and to bring numbers down – these tough measures deliver on that commitment. Employers must also play their part and put British workers first.”

While recounting the previous reforms to reduce migration, the UK said, “In January, the government ended the ability of nearly all postgraduate students to bring dependants to the UK.

“A drastic fall in student dependant applications is expected this year, with early indications already of this downward trend.

“Last month, reforms to restrict care workers from bringing family members came into force. An estimated 120,000 dependants accompanied 100,000 workers on the route in the year ending September 2023, who would now not be able to come.

“Care providers are also now required to register with the Care Quality Commission, the industry regulator, if they are sponsoring migrant care workers.

“This follows clear evidence that care workers have been offered visas under false pretences, having been recruited for jobs that don’t exist or being paid far below the minimum wage required for their work.

“The Home Secretary has also commissioned a review of the Graduate route for international students to prevent abuse, protect the integrity and quality of UK higher education, and ensure it works in the best interests of the UK.”

It added, “The Migration Advisory Committee (MAC) will review the demand for the Graduate route, through which a total of 213,250 visas have been granted since it was established, to ensure it is fit for purpose and focused on attracting the best and brightest to the UK.

“On 11 April, the first step in an incremental increase to the minimum income required for Family visas will come into force. By early 2025, this will have reached £38,700, helping to ensure dependants brought to the UK are supported financially.

“The government’s plan to tackle illegal migration is also working, with small boat crossings down by around a third last year. Illegal migration is an international challenge the government is tackling on all fronts, including working with international partners and clamping down on the criminal gangs with stepped-up enforcement.”

Omokri explained that Naira would improve against the US dollar when the Dangote refinery begins operations.

He suggested that fuel importation might stop when Dangote refinery begins operation in Nigeria.

Posting on X, the former presidential aide wrote: “If you bet against the Naira because of the evil ₦2000 to $1 prophecy, just face it that you have lost the money you intended to make by economically exploiting Nigeria.

“But if you wait until Dangote Refinery starts selling every petroleum product needed in Nigeria, including Premium Motor Spirit, Diesel and Aviation Jet A1 fuel, you will lose even more.

“Once Nigeria stops importing fuel, the Naira will rise even more dramatically.

“Count your losses. Convert your Dollar to Naira now or prepare to holler by May 2024, when Dangote Refinery will flood the market with inexpensive petroleum products. #GrowNairaBuyNaija”

The petrol products are diesel and aviation jet fuel, sources revealed this to Reuters on Tuesday.

Abubakar Maigandi, the head of the Independent Petroleum Marketers Association of Nigeria, said that local oil marketers set the price at N1,225 ($0.96) per litre for diesel after securing a bulk purchase agreement, prior to adding their mark-up.

The association’s members control about 150,000 retail stations across Nigeria, Maigandi said.

Miles300:
In 2005, we went to celebrate a friend who was doing his birthday, as we dey knock for gate after we just arrived , na so police van stop ask us why we dey bang gate , we explain ,dem say make we enter van ,I ask the officer unto wetin , the idiot say na we dey constitute nuisance for the community , community wey we no dey even live inside oo... we try to shalaye until baba cock gun say make we enter van... we compile ooo , na so dem begin pick people up one by one as we dey drive go station , dem stop carry passenger and conductor wey dey argue about change, person wey dey escort him babe go bus stop ,dem stop carry dat one too inside van... before u know van full dem begin ask us to lap ourselves ...last last na celebrant papa come bail us out 3k each of us wey be 4...

Super Eagles striker, Victor Osimhen, is the highest-paid footballer in Serie A with his recent Napoli contract and bonuses seeing him rise above Juventus forward in the Italian topflight earnings chart, PUNCH Sports Extra reports.

Osimhen, who joined Napoli from Lille in 2020, signed a new contract in December that earns him a monthly salary of £1.29m, almost doubling his previous earnings.

Paris Saint-Germain forward, Kylian Mbappe, is the best-paid player with an eye watering monthly take home of £5.15 million.

Osimhen’s new salary was a reward for his performance in the 2022/23 season where he inspired Napoli to a first Serie A title in 33 years and he also capped it off with the league topscorer award after scoring 26 league goals.

Napoli reportedly refused an offer of more than €200m for Osimhen from a team in Saudi Arabia last summer. The 25-year-old was signed from Lille in 2020 for a fee of around €75m and the Nigeria international has gone on to establish himself as one of the most exciting strikers in the world.

But who are the top earners in each of Europe’s top five leagues? PUNCH Sports Extra has taken a deep dive into the figures to find that out. All figures presented are taken from Capology (salary website on each player in the world)

Manchester City’s Kevin De Bruyne is the highest earner in the Premier League earning a £400,000 weekly wage while in La Liga, Frenkie De Jong tops with a £615,682 wage.

Just arriving in the Bayern this summer, Harry Kane is the highest earner in the German topflight with a wage of £410,455 per week. Osimhen is the highest earner in Serie A with £253,005 per week while Mbappe is the highest earner in the French Ligue 1 and also in Europe’s top five leagues with a £1,182,110 weekly wage.

Serie A top five earners

Highest Earner – Victor Osimhen

Osimhen, who joined Napoli from Lille in 2020, signed a new contract in December that earns him a weekly wage of £253,005 almost doubling his previous earnings.

Juventus’ talisman Dusan Vlahovic takes the second spot in the Italian top flight. When the Old Lady secured his services from Fiorentina, the Serb was seen as Cristiano Ronaldo’s long-term replacement. Perhaps still yet to live up to the lofty standards set by the aforementioned Portuguese great, having registered 35 goals and a further eight assists for his current employers.

His fellow Juventus teammates Wojciech Szczesny (£197,675) and Alex Sandro (£182,406) both make the top five Serie A earners, too, and one of the league’s most underrated assets Hakan Calhanoglu, who pockets £182,406, per week.

Premier League top five earners

Highest Earner – Kevin De Bruyne

All you need to do is take Kevin De Bruyne out of Pep Guardiola’s starting line-up and you’ll see how important he is to everything they muster going forward. After failing to stamp his authority at Stamford Bridge earlier in his career, the pale-faced Belgian tipped up to the Etihad Stadium – and eyebrows were raised.

He has done everything in his power, however, to silence the critics. A midfield magician capable of picking out a marauding forward, most notably Erling Haaland, on a sixpence. He may earn £400,000 per week, but given the creativity-inspired exploits that he shows in all but every outing, he is worth every penny in the eyes of the Manchester City hierarchy. It’s pretty hard to argue against the idea that he should earn more than his peers.

Players in Manchester clubs dominate the top five highest earners in the English topflight as Erling Haaland earning £375,000 per week and £19.5m per year comes second to teammate in Man City De Bruyne who makes £20.8m per year. Liverpool’s Mohamed Salah is third in the list earning £350,000 per week.

Manchester United players round out the top five with Casemiro and Raphael Varane earning £350,000 per week and £340,000 respectively.

La Liga top five earners

Highest Earner – Frenkie De Jong

Perennially linked to Premier League outfit Manchester United, Frenkie De Jong – who worked under Red Devils chief Erik ten Hag at Ajax – has forged a wonderful career, all while earning a pretty penny. Ten Hag could get a second bite at the cherry, given Barcelona are mulling over whether to sell the Dutchman, but any would-be buyer will have to get the chequebook out to work out how to pay his wages worth £615,682 per week.

De Jong was one of the most sought-after midfielders in world football after being an integral part of Ajax’s run to the Champions League semi-finals in 2018 and opted for the basking sun of Catalonia. He’s been a mainstay in the centre of the park for them ever since – but could up and leave in search of a new challenge this summer.

Behind De Jong is teammate Robert Lewandowski who earns £444,605 per week and a wage total of £23.1m yearly.

Real Madrid trio Toni Kroos, David Alaba and Luka Modric complete the top fove with £400,276, £369,409 and £359,230 earned per week respectively.

Bundesliga top five earners

Highest Earner – Harry Kane

The long-awaited replacement for Robert Lewandowski, Tottenham Hotspur and England’s all-time top goalscorer, Harry Kane, has hit the ground running at Bayern Munich. Having notched 31 goals in his opening 27 domestic appearances under Thomas Tuchel, it’s safe to say that the large sum of money spent on his signature has paid dividends, as is the £410,455 paid into his bank account every week.

A well-rounded striker, who has shown his ability to drop deep, score countless goals and link play with the midfield bank of Bayern, Kane has emerged as one of the best British-born exports to ply their trade overseas. His teammates Manuel Neuer (£344,782), Thomas Muller (£336,573), Leroy Sane (£328,364) and Joshua Kimmich (£320,155) follow as the Bundesliga’s top five earners.

Ligue 1 top five earners

Highest Earner – Kylian Mbappe

Who else other than Paris Saint-Germain ace Kylian Mbappe? The French forward, 25, has been a constant thorn in Ligue 1 defences since emerging from Monaco’s youth set-up in 2016. A permanent move to the country’s biggest club came to fruition in 2018 and he has been on red-hot form since.

After reportedly choosing to join Real Madrid in the summer, it will leave the door ajar for Ousmane Dembele – another PSG star – to become the division’s highest-paid player as he currently sits second earning £328,364.

Expectedly, it is Luis Enrique’s side who boast the top five highest earners in France’s top flight with Lucas Hernandez (£311,946), Marquinhos (£275,826) and Milan Skriniar (£268,602) earning the big bucks at Parc des Princes.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, yesterday supervised the signing of a Memorandum of Understanding (MoU) between the ministry and Lab Four for channeling of 50,000 full-time Business Process Outsourcing (BPO) jobs to the country.

The minister said jobs generated through partnership could attract about $1.2 billion annually into the Nigerian economy over the next three years, through remuneration to the employed persons as well as unlock about $60 million to develop the BPO ecosystem through direct support to the individual BPOs.

Essentially, the MoU would be executed by the National Talent Export Programme (NATEP), which was launched on the sidelines of the 2023 edition of the United Nations General Assembly to connect Nigerians to employment opportunities outside the country through two channels – physical talent export and BPO.

Uzoka-Anite said through NATEP, Nigeria could honourably export its talents in a mutually beneficial and reputation preserving way, significantly reducing illegal migration.

NATEP is also positioning the country as an outsourcing destination of choice as it catalyses the growth and development of the micro, mini and mega BPO ecosystems and industries in the country.

Speaking at the ceremony, the minister said NATEP would ride on some strategic advantages of the Nigerian market that position the country as a service export and outsourcing destination of choice.

She identified some of these advantages to include strategic location and time zone, highly skilled workforce, cost-effective services, robust digital infrastructure, language and cultural compatibility, government support and stability and data privacy and security, among others.

She explained that by 2030, about 85 million jobs will remain unfilled globally due to skill shortages resulting in a loss of $8.5 trillion.

Uzoka-Anite said Nigeria, with a large, youthful and skillful population could take advantage of this in a way that can significantly benefit our economy.

While commending the partnership, the minister said the move was in line with President Bola Tinubu’s 8-point agenda on job creation, adding that it remained a crucial solution towards addressing the problem of insecurity in the country.

The minister, who also launched the NATEP Strategy document, said, “The federal Government’s message through the launch of National Talent Export Programme is clear; Nigeria is ready to become a global hub for talent exports and business process outsourcing. We have the vision and commitment and we seek the partnership and trust of Nigerians and the global community as we embark on this mutually beneficial journey.”

She noted that the services industry had been a top player in the economy, consistently providing over 50 per cent of GDP over the last 10 years, averaging 51.96 per cent between 2012 and 2022, adding that the government remained committed to strengthening the industry and using it as a catalyst for job creation.

According to her, the global talent-sourcing industry was valued at $620.381 billion in 2020 and is forecasted to reach $904.948 billion by 2027.

She said with a youthful population and about three million graduates from higher educational institutions joining the workforce each year, Nigeria has the potential to provide high-quality talent for the global service export and outsourcing industry.

She said, “As a country, we have a significant value proposition for regional and global markets for the export of services. We will actively target Greenfield and Brownfield job opportunities in the United States, Canada, Europe, Asia, among others.

“We will also take advantage of the African Continental Free Trade Agreement to access the African market.

The minister said as part of the strategy towards achieving the agenda for job creation, the ministry had initiated the NATEP for Nigeria, which targets to create one million jobs for Nigerians over five years, adding that the president had endorsed the programme and approved its launch on the sidelines of the United Nations General Assembly (UNGA) 2023 in New York, United States of America.

However, National Coordinator, NATEP, Dr. Femi Adeluyi, said the MoU will explore opportunities in telesales, customer service, virtual administrative assistant, marketing/social media assistant and tech/cybersecurity.

He said NATEP has had extensive meetings with stakeholders as well as forged strategic partnerships with the Cybersecurity Institute at Lab Four.

Cybersecurity Institute at Lab Four is an accredited, non-traditional training provider based in Memphis, United States of America with over 15 years of experience helping people start and advance their careers in the Information Technology (IT) and Cybersecurity fields.

Their remote work platform is a marketplace focused on connecting skilled professionals in the world to remote work opportunities in the West.

He said, “They are democratising BPO for small and medium-sized Western employers who want to leverage these opportunities to grow, while simultaneously providing opportunities for economic growth and liquidity in developing countries.”

Representative of the United States Embassy in Abuja, Mr. John Dunham, described the initiative as a “game-changer for Nigeria”.

He said, “The most valuable resource that Nigeria has is the talents of its population. The most exciting part of that is the rapid growth of IT entrepreneurs and experts in this country particularly among young people.

“And I am proud to see the US play its role to encourage the growth of the sector. It would be a game-changer for Nigeria; it is a leader in Africa in IT development. It does provide a lot of hope and excitement for a prosperous future in Nigeria.”

Fourth Mainland Bridge in Lagos, Nigeria, will become Africa's second-longest bridge when it opens in 2027.

A new bridge planned to span almost 24 miles costing £2.3bn with eight lanes and three toll booths is set to be built in Africa.

Fourth Mainland Bridge in Lagos, Nigeria, will become the continent's second-longest bridge when it opens in 2027, with authorities hoping it will ease congestion on the Third Mainland Bridge which was built in 1990.

It will be built by the CCECC-CRCCIG consortium, led by the China Civil Engineering Construction Corporation, with each carriageway made up of four lanes taking traffic from Lagos Island across the Lagos Lagoon to Ikorodu.

The Chinese group beat out six other bidders to get the contract for the project. Government officials had hoped to have the bridge up and running by 2019, but the project saw a number of delays and work is still yet to begin.

When construction finally does begin, it is thought some 800 homes will need to be demolished to make way for the bridge, a significantly lower amount than the 4,000 originally proposed by the Nigerian government.

Construction companies are planning to align the bridge with eight existing roads including the Lagos-Ibadan Expressway and Igbogbo-Lagos road.

Once it is complete, drivers will be able to nip across it at high speed with a speed limit of 75mph in place.

Bayobab Group, a subsidiary of MTN Group, has announced the successful restoration of its services following subsea cable disruptions.

The telecom operator disclosed this in a statement on Tuesday.

It said that despite the challenges occasioned by the cable disruptions, its subsidiary demonstrated its capabilities by swiftly recovering over 3 Terabits per second (Tbps) of capacity across its footprint.

The statement reads, “As of March 19, 2024, Bayobab Group, a subsidiary of MTN Group, has successfully restored its operations, recovering over 3 Terabits per second (Tbps) of capacity across our footprint.

“Although the recent subsea cable disruptions on 14 March 2024 presented challenges, we have demonstrated our capabilities to maintain a resilient network and efficiently reroute traffic.

“Throughout this challenging period, we prioritised the restoration of services by swiftly activating new cables to increase inter-connectivity and establish alternative routes, thereby bolstering our network resilience.

“This approach solidifies our commitment to prioritising network reliability and our dedication to connecting Africa and our customers as quickly as possible, marking the final stretch toward connecting all our valued customers.

“Bayobab’s ecosystem facilitates secure and scalable global traffic within Africa and the rest of the world serving 19 MTN markets, third-party Mobile Network Operators, Technology corporations and other Telecoms Service Providers,” the company stated.

Recall on Thursday, cuts to the undersea cable supplying broadband Internet connectivity to Nigeria and countries in the West African sub-region forced many banks, financial institutions, telecom companies, and allied firms to scale down their operations.

On Monday, the Nigerian Communications Commission announced in a statement that services had been restored to approximately 90 per cent of their peak utilisation capacities.

The statement reads, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90 per cent of their peak utilization capacities.”

Niger State Governor, Umaru Bago, has held a meeting with a delegation from the China Railway Corporation in Minna, the state capital.

His Special Adviser on Digital Communications, Abdullberqy Ebbo, disclosed this in a statement posted on his X handle on Tuesday.

According to Ebbo, during the meeting, they discussed working out a partnership to establish a railway network that would span the state’s three geopolitical zones as well as Abuja.

The statement read, “Niger State Governor, Umaru Bago, hosted a delegation from the China Railway Corporation in Minna, Niger State.

“The corporation, renowned for constructing China’s extensive railway network, discussed working out a partnership to establish a railway network across three geopolitical zones in the state and Abuja.

“The meeting also delved into potential collaborations in various sectors, including agriculture, housing, and the construction of airline hangars and the Cango terminal at Bola Tinubu International Airport Minna.

“With plans to solidify the partnership, the delegation is set to draft a Concept Note and a memorandum of understanding (MoU) to establish a business relationship with the state.

“The ambitious project is anticipated to be funded through the China Exim Bank, marking a significant step towards improving transportation infrastructure and economic growth in Niger State.”

PUNCH reported in October 2023 that the Chinese government expressed its commitment to refinance and complete the Abuja-Kano and Port- Port-Harcourt-Maiduguri railway projects.

In February 2024, the Lagos State Governor, Babajide Sanwo-Olu, also had a meeting with the China Civil Engineering Construction Corporation in Beijing, China, to finalise plans on the state’s rail projects.

Forex turnover at the official foreign exchange market has increased to $11.43bn within over two months of trading following fresh reforms by the Central Bank of Nigeria, findings by the PUNCH have shown.

An analysis of reports and data of daily forex transactions recorded on the website of FMDQ Securities, a platform that publishes official foreign exchange trading in the country, indicated that the figure increased by 185.75 per cent or $7.43bn between January and March 15th through the Nigerian Autonomous Foreign Exchange by Deposit Money Banks.

Commercial banks, CBN and international oil firms are the major sellers of forex at NAFEM.

The improved liquidity at NAFEM followed a directive by the CBN on February 1, 2024, asking banks to sell their excess dollar stock to improve liquidity in the FX market within 24 hours.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.

Although, the naira fell to an all-time low of N1,850/$ at the parallel market, the move aimed at unifying the official and parallel market exchange rates was approved by economists and other stakeholders.

However, they challenged the CBN to clear FX backlogs estimated at over $5bn and fund FX demands at the official market. This, they said, would forestall a situation whereby the parallel market rate would move away from the official rate again.

A further breakdown of the dollar supply showed that the forex market recorded a $4bn turnover in January and increased by $3.3bn within two weeks (February 2 to 16) of implementing the new rules.

In the weeks that followed, the supply stabilised, recording $890.65m between February 19 and 23. This inflow increased to $953.02m in the week ending February 26 to March 1.

Between Monday, March 4 and 8, the market got a gain of $1.07bn as forex turnover but reduced to $848.14m last week (March 11 to 15).

Meanwhile, the naira is expected to stabilise further this week, following moderation in demand pressure, amid dollar supply decline.

On Monday, the naira appreciated marginally against the United States dollar to N1,572.86 at the official market from N1,602.43 recorded last week Friday.

The intraday high closed at N1,640/$ on Monday, lower than N1,615.50 per dollar on Friday on the spot. Also, the intraday low depreciated to N1,400 from N1,524.99 on Friday.

The daily FX market turnover also appreciated by 2.19 per cent to $140.45m on Monday compared to $137.43 million recorded on Friday.

The foreign exchange market ended last week on a positive note as the naira appreciated against the dollar across official and parallel markets.

Last week, the naira gained 0.95 per cent as the dollar was quoted at N1,602.75 on Friday, stronger than N1,617.96 quoted on Monday, the beginning of the trading week, at the official FX market, according to the data compiled from the FMDQ Securities Exchange.

At the parallel market, the local currency was sold between N1,600 and N1,610 depending on location on Monday. This was after it closed the trading week flat by 0.31 per cent to N1,605 on Friday as against N1,610 on Monday, data collated from different street traders and trading platforms showed.

Barring any last minute changes, at least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex…

Barring any last minute changes, at least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex bank this week. These directors, some of whom were initially redeployed to an arm of the bank, FSS 2020 under the Governor’s Directorate, whose office is located in the Maitama District of Abuja since 24th November 2023, and kept in a sort of pool to await “further directives”, are being asked to exit the CBN.

Knowledgeable sources within the bank indicate that some had already been served the disengagement letters since Friday, 15th March, 2024, but could not state clearly under what terms were those affected disengaged. “We don’t know whether they were given early retirement or their appointments were terminated outright”, said one of our sources.

Similarly, our sources could not confirm if those being served early retirement letters have been found guilty of any offences. The main reason for the sack of the affected officials, according to most of our sources, was “because they had worked very closely with the immediate past governor of the bank, Mr. Godwin Emefiele”.

The news of this planned sack has been widespread since Thursday last week. The decision, which is still being treated with confidentiality from the media, has raised great concern amongst staff of the CBN, who fear that it could be a prelude to more layoffs by the current management of the banking regulator.

Prior to this latest development, the apex bank had relocated no fewer than 150 staff of the Banking Supervision Department (BSD), which is one of the 29 departments of the bank to Lagos. The BSD is under the Financial System Stability Directorate of the CBN.

The relocation saga, it would be recalled, had generated heated controversy across the country, with many people of northern extraction alleging that it was an attempt to dislodge staff who are northerners from the institution.

But the CBN rebuffed those insinuations, insisting that it was part of a proper reorganisation of the bank, to ensure that the regular onsite examination of the 24 banks in the country were diligently carried out, since most of those national and regional banks are headquartered in Lagos. It also adduced as part of the reason for the relocation, the desire to de-congest the corporate headquarters of the bank.

It was widely alleged that many politicians had abused their privileges during the Buhari Administration to secure appointments for their children and relations in the CBN, resulting in redundancies, with many staff loitering in the headquarters of the bank since they had neither office accommodation nor chairs and desks on which to work.

Meanwhile, Daily Trust gathered from different sources over the weekend that some of the directors affected in the latest action of the current management of the CBN have threatened to challenge the decision, while others have said they will accept the sack as the CBN has become a ‘poisonous working environment.’

Speaking to Daily Trust, one of the affected directors who pleaded anonymity said: “We thank God for the time we spent, and the impact that we have made. I will not challenge it. Once my letter is handed to me tomorrow (today) I will gladly take a walk. Life goes on.”

Also, there are insinuations that the CBN governor is considering outsiders to replace some of the sacked directors, and one of the persons allegedly penciled down to take over as Director of Security is retired Assistant Inspector General (AIG) Hakeem Odumosu, who was one time commissioner of police in Lagos State. T

Some of the staff who spoke with our reporter accused the current leadership of the CBN of harbouring “a vindictive mindset” to punish all personnel that were quite close to Emefiele, while he held sway as chief executive of the bank.

How the move was hatched

Daily Trust gathered that the governor, upon assumption of office, immediately wanted to sack all the directors identified to be “quite close” to Emefiele.

However, that move was halted when he was advised against such action because those officers were not political appointees. “So, they could not be sacked at will, as was the case of the Acting Governor, Mr. Folashodun Shonubi, and all his deputies”, one of our sources said.

Sources disclosed further that since the new CBN governor could not sack the directors outright, he decided to transfer virtually all of them out of the headquarters in November 2023.

The FSS 2020 is often seen as a less prestigious posting within the CBN, and the redeployment of the eight directors has been likened to being sent to “Siberia.”

Among the directors transferred to the FSS 2020 on the 24th of November last year were Samuel Chukwuyem Okojere; Abdulmumin Abdulsalam Isa, PhD; Dr. Elizabeth AMos Kwaghe; Dr. Maureen Omolola Chukwurah; Mr. Arinze Stanley; while Mr. Philip Yila Yusuf was moved to that office since 26th October, 2023.

Daily Trust investigation revealed that in the latest transfers done by Cardoso, Dr. Mahmoud Hassan, formerly of the Monetary Policy Department, now heads the Trade and Exchange Department, and the former Director of Human Resources, who has been moved to Capacity Development.

Under Yila’s leadership, according to our sources, the Development Finance Department (DFD), which he held before his redeployment, played a crucial role in supporting businesses through increased access to finance for priority sectors under a variety of programmes such as the Anchor Borrowers’ Programme (ABP), the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and disbursement to households and small businesses during the outbreak of the COVID-19 pandemic, to cushion the impact of the consequent lockdown.

The current CBN Governor, Yemi Cardoso, has criticised these quasi-fiscal policies of his predecessor, Mr. Emefiele, saying that they resulted in N10 trillion being pumped into the economy through intervention programmes, an action he said was responsible for large money supply in the economy.

Questions over appropriateness of deployment to FSS

Some highly placed staff of the CBN have questioned the rationale behind the deployment of highly technical staff to a secretariat where they became redundant. There were also concerns about the replacement of personalities with the relevant competences and capacities with others who do not necessarily posses the cognate experiences to oversee the departments they have been redeployed to.

For instance, Dr. Maureen Omolola Chukwurah is a patient-oriented and resourceful medical executive with over 20 years of experience in developing and managing clinical staff. She is a physician with a solid academic background in General Medicine and specialty in Cardiology, according to our sources.

She spearheaded the setting up and accreditation of the CBN Isolation Centre and Molecular Laboratory and coordinated the management of all COVID-19 cases in the bank during the pandemic. Due to her efforts during this period, she received a management commendation letter for outstanding services during the COVID-19 pandemic, from the CBN.

In 2021, she became the Deputy Director, Preventative and Support Services Division, a position she held until she became the Director of the Medical Services Department in June 2023. On November 24, 2023, she was redeployed to the FSS 2020 Secretariat.

Also, Mr. Samuel Okojere was redeployed to the FSS 2020 Secretariat in November 2023. He was the Director of the Banking Services Department at the Central Bank of Nigeria,

Mr. Okojere has played significant roles in the establishment of the Nigerian Export-Import Bank (NEXIM) and the African Export-Import Bank (AFREXIM). He initiated the creation of the Infrastructure Finance Office, and Payment Systems Management Department in the Central Bank of Nigeria, among other laudable initiatives.

According to a senior insider, an almost retiring statistician with no cognate experience in Monetary Policy was assigned to the MPD.

“Dr Omolara Duke, who had been widely celebrated for repositioning the research department was moved to financial markets department and replaced by Mrs. Aderinola Shonekan, in a move that alarmed many staff members”, one of our sources said.

“Dr Adu, a medical doctor was removed from medicals and posted to capacity development department as administrator whereas Musa Jimoh, the bank’s payment system ‘whizkid’ was sent to the same department as a Director.”

More staff to relocate to Lagos

Daily Trust reliably learnt that nearly 100 staff of the Financial Policy Regulation Department under the Financial System Stability Directorate have also been placed on notice that they will be relocating to Lagos by 29th April, 2024.

CBN mum over action

When Daily Trust reached out to the Acting Head Corporate Communication of the CBN, Mrs Hakama Sidi-Ali on the alleged sack of the directors, and to confirm the rationale deployed by the management in taking the action, she neither answered repeated calls to her cell phone nor responded to series of messages sent to her by sms and WhatsApp.

Meanwhile, none of those affected by the latest action agreed to speak to our reporter on record.

Japa: UK universities battle financial shortage as foreign students from Nigeria, India reduce.

A number of the universities in the United Kingdom, UK, face bankruptcy as the numbers of international students from India and Nigeria – the most populous countries in Asia and Africa respectively – have declined.

This might not be unconnected with UK policy that bans foreign students from bringing their dependants (that is spouses and children).

In 2023, data revealed that India and Nigeria had the highest numbers of immigrants to the UK with 253,000 and 141,000 respectively.

With the policy in place, which Prime Minister Rishi Sunak-led government implemented to cut migration, it is understood that Indians and Nigerians are looking to other destinations that provide education and accommodation for their families.

Meanwhile, the UK’s policy is taking its toll on the universities as they deal with financial crises, according to The Times, disclosing that about 15 universities currently considering cutting jobs, and courses this academic year.

The report said many more have announced cost-saving plans that could lead to redundancies or courses being scrapped to save tens of millions.

Aside from the decrease in the number of non-research degrees students barred from bringing their families to the UK, the Home Secretary, James Cleverly also suggested that visas which allow students to work in Britain for two or three years after graduation should be scrapped.

Currently, students face fewer teaching staff, lower quality, and fewer options as universities struggle to reduce costs in response to a reduction in the number of wealthy foreign students.

University authorities have therefore warned of “really difficult” cuts, such as stopping entire courses and laying off academic staff, as a loss of one-third of international students threatens to put several institutions into the red.

Also, The Times disclosed that Nigeria’s economic crises might have caused a collapse in applications to UK universities while Indian students are also being deterred as the government cracks down on visas.

Tuition rates have effectively been unchanged for more than a decade, and with most colleges now losing money on domestic students, they have offset their losses with international students who pay significantly more.

Over the last four years, numbers have increased by 60%, reaching 560,000.

However, early acceptance data predicts a 37% decline in overseas admissions in the coming fiscal year.

Data from Nigeria will be down 71% after a sevenfold increase in enrolments in four years saw the country overtake the entire EU with 33,000 students at British universities.

Bankruptcy in UK universities

Speaking about the crisis, the Executive Secretary of the Committee of University Chairs, John Rushforth said, “I’ve been in higher education for 30 years and senior leaders are more worried than I’ve ever seen them…bankruptcy is a realistic possibility for some institutions and universities are having to do really difficult things to stave that off. 

“Taking fewer British students is a last resort but if you’re making a loss on something people have to consider it. Everything has got to be looked at because the situation is so serious.

“Universities have to think hard about what they want to protect and make choices about divesting themselves of things that are not core to the institution. There will be less choice for students. A lot of institutions have introduced lots of modules so that students can pick and choose. That’s expensive, so it may be that you go back to more generic courses.  Fundamentally, either you have to increase income, or you reduce quality or volume.”

Universities to stop some courses

In the bid to discontinue some courses, humanities subjects and languages are bearing the weight of the losses.

The University of Kent has just disclosed plans to discontinue nine courses, including philosophy, contemporary languages, and comparative literature, while Aberdeen is scrapping single honors language degrees, and Winchester is discontinuing numerous humanities courses.

Oxford Brookes is dropping music and reducing its history department, while several other universities are planning unspecified cost cuts.

Impact of foreign students from Nigeria
Northumbria University, Newcastle is among those to have cited economic turmoil in Nigeria, whose currency has collapsed against the pound, for the need to make cuts in the face of a “very sudden reduction of the number of students” coming from the country. 

A spokesman for Northumbria University said, “The university’s financial position was very strong but the current financial outlook is weaker than anticipated.”

“This is a consequence of a combination of fixed home undergraduate fees, difficulties around recruitment of international students, and the ongoing impact of inflation.”

Corroborating the submission, Rachel Hewitt, chief executive of MillionPlus, the group for newer universities, said, “The economic crisis in Nigeria presents difficulties for any university seeking to recruit from that country.

"The existing tuition fee model coupled with high inflation has seen their income fall year on year, meaning institutions have to make difficult choices and do more with less.”

According to the report from The Times, she also blamed ministers, saying, “It is impossible to imagine the government going out of its way to make Britain less inviting to investment in almost any other sector and yet every negative headline and policy reform that makes Britain less attractive to international students damages both the higher education sector and UK plc.”

Nigerians may soon be importing yam for local consumption from China, the Permanent Secretary, Federal Ministry of Agriculture and Rural Development (FMARD), Ernest Umakihe, has said.

Umakihe stated this while speaking at a stakeholders workshop on repositioning yam as an export crop.

He lamented that despite accounting for 67% of global yam output, it was unfortunate that Nigeria is nowhere on the map of yam exporting countries.

He expressed concerns that with China delving into yam exportation, and considering Nigerians taste for imported goods, Chinese yam may soon be found in Nigerian kitchen if care is not taken, thereby pushing more Nigerians into the unemployment market and and reducing income of yam farmers.

Umakihe said Nigerian’s first attempt at exporting yam was by Nasarawa State Government in 2009 with 8.5 metric tonnes and within the same month another 66 metric tonnes were exported in two shipments, followed by Oyo State, but without success.
He also said that the Ministry’s attempt to revive yam export in 2017 was poorly handled.

“It was only in 2017 that the Federal Ministry of Agriculture under the leadership of Chief Audu Ogbeh, then Minister, Federal Ministry of Agriculture and Rural Development organised the first flag-off ceremony (of yam) with a batch of 72 tons to UK and USA. I believe these were done without proper planning before the execution. Aside the mentioned attempts, nothing much has been heard of the yam export from Nigeria,” he said.

Speaking on the theme of the workshop, ‘Prospects and Challenges of yam export in Nigeria’, he said it is the duty of Nigerians to find out what went wrong and how to address.