NELMCO: President Tinubu Appoints New MD/CEO, ED

President Bola Ahmed Tinubu approved the appointment of Mrs. Mojoyinoluwa Dekalu-Thomas as the new Managing Director (MD) and Chief Executive Officer (CEO) of the Nigeria Electricity Liability Management Company (NELMCO) for a tenure of four years. She served as the acting MD/CEO since the term of the pioneer MD/CEO, Mr Adebayo Fagbemi expired on May 8, 2023.

Absorb Illegal Refineries Operators in National Grid-IPMAN Urge Minister

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the newly sworn-in Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri to encourage the Federal Government to absorb operators of the illegal refineries into the national grid.

NBS: Nigeria’s Unemployment Rate Dropped To 4.1%

The National Bureau of Statistics (NBS) disclosed that the country’s unemployment rate dropped from 5.3 percent to 4.1% in the first quarter (Q1) of 2023. The Bureau made this known in a statement issued on Thursday, stating that new methodology was used to for the latest unemployment report.

BDCs: CBN Issues New Guidelines For Forex Sale

The Central Bank of Nigeria (CBN) has issued new guidelines for the sale of Foreign Exchange (Forex) by Bureau De Change (BDCs) operators across the country. This development is coming about 2 years after the suspended CBN Governor, Godwin Emefiele placed a ban of the sale of forex to that sector of the market, alleging that BDC operators were money laundering agents and were also subverting the cashless policy of the CBN.

Prepaid Meters: NERC Advises Update Before November 2024

The Nigerian Electricity Regulatory Commission (NERC) has advised users of prepaid meters to update their meters for free before November next year. The Commission disclosed this development in a post issued on its official X (formerly known as Twitter) on Tuesday.

Fire Destroys Goods In Ibadan Market

Fire outbreak destroyed millions of valuables at the Ogunpa Labaowo market in Agbokojo, Ibadan, Oyo State on Friday. Valuables such as concrete mixers, mattresses, and equipment for automobile repairs, were among the goods gutted by the fire.

Treasury Management Registrar Caution FG against Naira Re-denomination

The registrar of the Chartered Institute of Treasury Management, Olumide Adedoyin, has cautioned President Bola Tinubu’s government on the alleged plan to re-denominate the naira, saying it would threaten economic stability.
Adedoyin said this in a statement in Abuja on Tuesday against the backdrop of an alleged plan to re-denominate the naira. He said a strategic focus on government Investment for economic stability rather than currency re-denomination would suffice. According to him, re-denomination may provide a temporary solution to the exchange rate fluctuation, but it does not address the root causes of the volatility.

CBN Launches Forex Price Verification System Portal

The Central Bank of Nigeria (CBN) has launched a foreign exchange (forex) price verification system portal designed for importers to have access to forex. The apex bank made this known in a statement issued on Thursday, stating that it takes effect from August 31, 2023 and a price verification report from the portal is now mandatory for all Form M requests.

FG Plans To Lift 133m Nigerians Out Of Poverty-Betta Edu

The new Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu has disclosed that the Federal Government (FG) is committed to lifting 133 million Nigerians out of poverty. She made this known on Monday at a meeting with heads of agencies under the ministry, after the swearing-in ceremony of newly appointed ministers.

Naira Stabilisation: NNPCL Secures $3Bn Loan

The Nigerian National Petroleum Company Limited (NNPCL) announced it has secured a $3 billion Emergency Crude Repayment Loan from the African Export-Import Bank (AFREXIMBANK) to assist the Federal Government with its ongoing monetary policy reforms aimed at the stabilizing the Naira at the exchange rate market. The company made this known on its official X (formerly Twitter) page, stating that a commitment letter and Term Sheet was jointly signed at the Bank’s Headquarters in Cairo, Egypt by the Group Chief Executive Officer of NNPCL, Mele Kolo Kyari and the Executive Vice President of AFREXIMBANK, George Elimbi.