ogododo:





…Lack of hedge exposes foreign investors
The Nigerian naira on Thursday fell to N1,400 against the US dollar on the black market, following renewed demand pressure in the foreign exchange (FX) market.

With the current exchange rate, the naira has lost 19.64 percent in two weeks when compared to N1,125 per dollar quoted on April 12, 2023 on the parallel market, popularly called the black market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to N1,308.52 per dollar on Wednesday.


Compared to the level on April 12, 2024, the naira has weakened by 12.69 percent from N1,142.38 per dollar in the last two weeks, according to data from the FMDQ Securities Exchange.

Lack of hedge exposes foreign investors
The naira has retreated this week as dollar liquidity dips on the back of the exit of some foreign portfolio investors who have been spooked by the Israel-Hamas war and a stronger dollar.


“There’s a lack of hdege- no NDFs and no ETDs- so FPIs are exposed to the Israel-Hamas war and with a statement of no intention to intervene by the CBN, they are selling their fixed income securities to take out their capital,” a source familiar with the matter told BusinessDay.


“The market needs exchange rate hedging products to manage volatility,” the source said.

On Monday, the Central Bank of Nigeria (CBN) approved the allocation of $15.83 million to 1,583 Bureau De Change (BDC) Operators.


The CBN in a letter to BDCs announced the allocation of $10,000 to Bureau De Change operators across the country. The allocation comes at a rate of N1,021 per US dollar, aimed at stabilizing the foreign exchange market and ensuring accessibility of foreign currency to eligible end users.

According to a letter released by the CBN to the President Association of Bureau De Change Operators of Nigeria, all eligible BDCs are directed to initiate payments of the Naira deposit to specified CBN Naira Deposit Account Numbers starting from Monday, April 22, 2024. Upon submission of confirmation of payment and necessary documentation, the CBN will disburse foreign exchange at the respective CBN branches.


The directive emphasizes that BDCs are obligated to sell the allocated foreign currency to eligible end users at a spread not exceeding 1.5 percent above the purchase price. This measure aims to ensure transparency and fair pricing in the foreign exchange market, thereby benefiting both BDC operators and end users.

Hassan Mahmud, director of the trade and exchange department at the CBN, reiterated the importance of BDCs adhering to the rules and conditions outlined in previous communications and operational guidelines.

“The latest move by the CBN reflects ongoing efforts to stabilize the foreign exchange market, promote transparency, and facilitate access to foreign currency for businesses and individuals in Nigeria. The allocation of $10,000 to BDC operators is expected to have a positive impact on the economy, particularly in facilitating international trade and investment,” BDC operator said.


https://businessday.ng/news/article/naira-retreats-to-1400-on-renewed-demand-pressure

jmoore:


https://techcabal.com/2024/04/24/exclusive-kenyan-officials-deny-arrest-of-binance-anjarwalla/

The telecommunications companies operating in Nigeria notably Glo, MTN, Airtel and 9Mobile are asking the federal government to facilitate constructive dialogue in the industry.

According to the telcos, the current price control mechanism is not in tandem with the economic realities, thus seeking the government’s intervention in order to address pricing challenges.

The four telecommunications giants said they were the only ones that have not reviewed their prices which threaten the industry’s sustainability and possibly erodes investors’ confidence.

They made this known in a joint statement by the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and Association of Telecommunication Companies of Nigeria (ATCON) on Thursday.

According to the statement signed by ALTON Chairman, Mr Gbenga Adebayo, and ATCON President, Mr Tony Emoekpere, there has not been a general service pricing framework upward in the past 11 years.

They attributed the non-increment to regulatory constraints despite the adverse economic hardship.

They said: “For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.

“Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last 11 years, primarily due to regulatory constraints.

“Government needs to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.”

The telcos also expressed concerns on the worsening security challenges affecting the productivity of the services provided, urging the federal government come up with measures to tackle the menace.

“Telecom infrastructure undisputedly plays a pivotal role in Nigeria’s national security and socioeconomic growth, especially as the country currently contends with multiple security challenges that require urgent and immediate actions in response to these threats.

“Attacks on cell towers, fibre optic cables, and other critical assets disrupt telecommunications services and result in significant financial losses for operators. We urge the government to prioritise the security of telecommunications infrastructure and collaborate with law enforcement agencies to enhance protection measures and combat vandalism and sabotage effectively.

“The industry also requires substantial investments in network expansion, maintenance, and technology upgrades,” they said.

Melagros:
COMRADES, 2023 election the worst election in the history of Nigeria. If I were tinubu I will resign in order maintain my integrity

Kosiso12:


Here are pictures from the incident:

Source : https://politicsnigeria.com/breaking-dana-aircraft-skids-off-lagos-airport-runway-photos/

Sensiblemann:
Hi, I saw your missed calls! What is it again?

The embattled immediate past Governor of Kogi State, Alhaji Yahaya Bello said he was ready to appear before the Federal High Court in Abuja to answer to the 19-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him.

Though Bello was absent for his arraignment, he briefed a team of lawyers who addressed the court on his behalf on Tuesday.

A member of his legal team, Mr. Adeola Adedipe, SAN, told the court that his client would have made himself available for the proceedings, but was afraid that he would be arrested.

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe, SAN, submitted.

Consequently, he urged the court to set aside the exparte order of arrest it earlier issued against the former governor.

Adedipe, SAN, contended that as at the time the order of arrest was made, the charge had not been served on his client as required by the law.

He noted that it was only at the resumed proceedings on Tuesday that the court okayed substituted service of the charge on the defendant, through his lawyer.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning.

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

Besides, the ex-governor maintained that the EFCC is an illegal organization.

According to him, the Federal Government did not consult the 36 States of the federation before it enacted the EFCC Act through the National Assembly.

He argued that section 12 of the 1999 Constitution, as amended, required the various Houses of Assembly of states to ratify the Act before it could become operative.

“This is a very serious matter that borders on the constitution and the tenets of federalism. It has to be resolved because as it stands, the EFCC is an illegal organization,” Bello’s lawyer added.

However, EFCC’s lawyer, Mr. Kemi Pinheiro, SAN, urged the court to refuse the application, insisting that the warrant of arrest should not be set aside until the defendant makes himself available for his trial.

“The defendant cannot stay in hiding and be filing numerous applications. He cannot ask for the arrest order to be vacated until and when the defendant is present in court for his arraignment. He cannot be heard on that applied application.

“The main issue should be ascertaining the whereabouts of the defendant. All these applications he is filing are nothing but dilatory tactics intended to delay his arraignment and frustrate the proceedings.

“If he wants the order of arrest to be discharged, let him come here and make the application.

“Our position is that the defendant should be denied the right of being heard, until he is physically present before this court.”

EFCC’s lawyer further argued that inline with section 396 of ACJA, 2015, the court could not effectively assume jurisdiction to decide any application or objection in the matter, until the defendant is arraigned.

The anti-graft agency said it would not execute the arrest warrant if counsel to the defendant undertake to ensure his presence on the next adjourned date.

“If he gives an undertaking that his client will be in court on the next date, I can assure him that the arrest warrant will not be executed.

“If he gives that assurance, as the prosecution, I will personally apply for the warrant to discharged,” EFCC’s lawyer, Pinheiro, SAN, added.

EFCC told the court that the Supreme Court had since settled the issue of its legality.

“The charge before this court is not against a state or House of Assembly, but against an individual who is said to have laundered public funds.

“It is against an individual who is said to have taken public funds to buy houses in Lagos, Maitama and also transfered funds to his accounts abroad,” EFCC added.

Jlow2:
South Africa with 50m people re generating above 20k megawatts, egypt is 50k mega megawatts, Nigeria is still below 3000 and they re building highway from Lagos to Calabar with 15trillion just loot away the money, Nigeria is just a shame of a country, why not repair the existing road with a fraction of that money, electricity will seriously drive the economy of this nation, many industries, factories small and medium scale enterprises have collapsed due to lack of electricity , the companies and factories still existing run losses because of high cost of diesel and low patronages because of how expensive things have become, it shall never be well with apc band of demons

Minister of Power, Mr Adebayo Adelabu, says the Federal Government plans to increase power generation from 4000 Megawatts to 6000 by the end of 2024 to boost electricity.

Adelabu said this in Abuja on Monday when the members of the Senate Committee on Power visited the Ministry.

The minister said the Federal Government plans to achieve 6000 megawatts of power using the hydro and solar plants to increase supply of electricity to households and businesses.

He said it was unfortunate that the highest electricity currently generated is only 5800 megawatts.

Chinese Chamber of Commerce In Nigeria Breaks Silence On Abuja Supermarket
Naira Spraying: Bobrisky appeals jail term, seeks fine

“The infrastructure is lying there, without adequate maintenance, the turbines are getting rust.

”With proper investment in place, we can generate 6000 megawatts before the end of 2024,” he said.

The minister also said that the Federal Government would transform the Electricity Distribution Companies, (DisCos).

According to him, if they don’t perform, the entire power sector is not performing.

“We are putting pressure on the Nigerian Electricity Regulatory Commission (NERC) to ensure that the DisCos sit up and if they have to withdraw their licenses for not performing, why not?

“We are unbundling the DisCos along state lines as some of them are too big for efficiency and effectiveness.

“Some of them are serving so many states, so we are rearranging and restricting the DisCos along state lines so that each state government will know the distribution company responsible for their states,” he said.

The minister said it was time the federal and state governments started exercising their rights in the management and operations of the power sector.

“We have left it for the private sector for too long and they have messed it up.

“We also plan to franchise the DisCos, so that we can have smaller DisCos that are ready to invest,” he said. (NAN)

Dapromzy333:


https://platinumtimes.ng/breaking-aiyedatiwa-emerges-winner-of-ondo-governorship-primary-election/

ogododo:
The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December.

This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life better for Nigerians through the Renewed Hope Agenda.

Fubara noted that, in doing so, the Woji-Aleto-Alesa-Refinery Road, now 70 per cent completed, was being constructed to provide a bypass to easily access the Port Harcourt Refinery and take off traffic from the East-West Road.

He made the remark when members of the Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries, led by their Chairman, Senator Ifeanyi Ubah, paid him a courtesy visit at the Government House in Port Harcourt on Friday.


This was contained in a statement issued in Port Harcourt on Saturday by the Chief Press Secretary to the Governor, Nelson Chukwudi.

The governor said the purpose of governance was to make life easy for the people. He expressed delight that the Senate Committee’s investigation would make life easy and meaningful for Nigerians.

The statement read, “We, as a state, before the commencement of the rehabilitation job, had a contribution that we wanted to make to support the work at the refinery because of the deplorable state of the East-West Road.


“There is a road: Woji-Aleto-Alesa Refinery Road. We are almost completing the bridge. It’s about 70 per cent completed. We are doing almost the last part of it. With that road, it will help to decongest and reduce the trouble commuters face along the East-West Road while providing easy access, straight to the refinery.

“So, you can see that our government is working in line, supporting the Administration of President Bola Tinubu to give our people hope and assurance that things will soon get better.”

It added, “And it is this role that you are playing, genuinely. With the support of this state government, that is the only way we can achieve the purpose of governance for everyone.

“The purpose of governance is to make life easy for the people. I am happy that your investigation would make life easy for the people,” the governor explained.

Fubara pointed to the derivable benefits when the refinery is eventually revamped and becomes operational, both to the Federal Government and host, Rivers State.

He added, “When the refinery restarts production, there will be petroleum products available locally. The issue of importation will go down.

“We will now make an impact, the economy will grow, and internally generated revenue will increase. More projects will be executed in this state. You can see that it’s a chain effect thing. So, I want to thank you. ”


Fubara reiterated the obvious, saying: “We might be a state, as being presented that we have issues. But we don’t have any issues. Our eyes are on the ball to deliver for our people.

“Even in the face of this deliberate distraction, we will not fail our people because, in the end, it is the impact we make on our people that counts.”


Nigeria aims to boost trade, investment with G-24
He warned that anybody who disrespects a man in authority either for his age or status, such person could succeed but temporarily because such insults would boomerang, coming with greater, bigger pain.

“I am aware that this is not the actual number of members of this committee. You are more than this. I am also aware that the senator representing, unfortunately, my senatorial district didn’t want you to come here.

“But because you are men of integrity: the real ones who have integrity; you decided to come and do what is right. God will bless you.

“What you are doing is the right thing. Politics is a business of interest. Your worst enemy today can become your best friend tomorrow. It’s a business of interest. But the interest of the people should come first.

“Unfortunately, some people think it has to do with life or death. That is one mistake everybody makes when you take this business outside of the normal principles and rules.


“Our government has no business with politics of bitterness because we have the interest of our people at heart. We take their well-being as our priority because that is why they gave us the mandate to govern them.

“So, their interest, which is the interest of the State, comes first in our scheme of things.”

He reminded the Senators of the peaceful nature and hospitality of the state and its people and urged them to feel free to interact with the state for the mutual benefit of all stakeholders.

In his presentation, Ubah (representing Anambra South Senatorial District), said they were at Warri Refinery on Thursday and had come to Port Harcourt to investigate the work that has been done and assess the level of preparedness of both the old and new Port Harcourt Refinery to recommence operations.

He stated, “We will recall that the old Port Harcourt Refinery was the first refinery in Nigeria built in 1965 and the second one in 1989. And for so long now, they have not been in active operations.

“And with the Renewed Hope Agenda of Mr. President, and also the desire of Nigerians and our determination; the Senate led by our President, Senator Godswill Akpabio, we had a resolution in the Senate to look at it and make sure that Nigeria’s refineries are working so that we shouldn’t be depending on importation of petroleum products.

“And that is one of the reasons that we are here, as well to look into the contract and investigate the level of compliance vis-a-vis the contract specifications.”


Continuing, Ubah said, “We are pleased to note that what we saw is most encouraging as the refinery upgrade and full rehabilitation is almost at 90 per cent completed.

“We are confident that the refinery will soon be operational before the end of the year. ”

Recall that the issue of the commencement of operation at the Port Harcourt Refinery has been a ding-dong affair, as the Federal Government and the NEPAL have given conflicting dates.

https://punchng.com/p-harcourt-refinery-to-begin-operation-before-year-end-senate-committee/?utm_source=telegram&utm_medium=social

AcadaWriter:
Ariwo gen everywhere., inverters are tired

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.

With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.

Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.

Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302bn, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.


According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.

But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.

A statement issued on Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.


“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”

Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.

“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off,” she stated.

Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.


She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.

Stringent adherence to quality, she said, will boost consumer confidence and attract investment.

The minister assured all that the government will continue to encourage increased investment in research and development, adding that, Innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.


On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.

By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification

In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.

He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”

He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing [quote]industry to new heights of success.

The statement added, “The government’s charge [quote]underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.

“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.” the statement noted.

ogododo:
The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.


States to get N5.5tn FAAC allocations in 2024
This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

Details later…

https://punchng.com/breaking-fg-states-lgs-share-n1-123tn-in-march/

nlfpmod:

helinues:


Average Nigerians are not serious about this electricity issue.

Light wey no dey stable before we were born, yet still dey wait for am without getting alternatives

Oya now, Up Nepa

helinues:


Change your area and move to better area wey dey get light regularly..

Disco office no dey for NL

dre11:

A former Chief of Defence Staff, General Theophilus Y. Danjuma, (rtd), says that Nigeria’s security challenges have made the country become a laughing stock and…




https://dailytrust.com/insecurity-nigeria-is-a-disgrace-to-the-world-gen-t-y-danjuma/

Nlfpmod

helinues:
Na how many times una wan ask this question?

LocalFARMERS:
This is the moment Soldiers fighting Bandist were ambushed. This incident took place in the North West.



May God protect our Gallant Soldiers.


https://www.youtube.com/watch?v=JyUMrFcTWfk

Islie:
The suspension “centred around the current non-operational status of Dangote Rice Limited” by the Securities and Exchange Commission (SEC), Nascon Allied Industries said.




https://www.premiumtimesng.com/news/headlines/687348-dangotes-bid-to-merge-sugar-salt-rice-businesses-hits-brick-wall.html