CENTRAL Bank of Nigeria (CBN) Governor Mr. Godwin Emefiele has said he will announce new forex policy that will make forex procurement flexible. The CBN Governor disclosed this yesterday in Abuja at the close of two-day deliberations by members of Monetary Policy Committee (MPC). While details of new forex policy are to be made public soon at yet to be disclosed date MPC members unanimously voted for retention of subsisting rates- the Monetary Policy Rates (MPR) Cash Reserves Requirement (CRR) and Liquidity ratio at 12 percent 22 percent and 30 percent respectively around asymmetric window at +200 and -500 basis…
Author: Pride Team
Petroleum marketers have assured that pump price of premium motor spirit (PMS) otherwise called petrol will drop very soon. This was said to allay fear of many Nigerians including the civil society groups that marketers may take advantage of deregulation and sell at above N135-N145 per litre being the price band approved by the government. Addressing journalists in Lagos on Tuesday, the Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Obafemi Olawore, stated that despite non-availability of foreign exchange at official exchange rate of N197 to $1, major marketers are relying on their upstream divisions to get dollars to finance…
Governor Adams Oshiomhole of Edo State has explained why he stood with the Federal Government on the new price of petrol, saying the fundamentals and economic indices are different from what they were a few years ago and it is the difficult pain Nigerians must undergo before reaping the gains. According to him, it doesn’t make economic sense for the government to spend more than half its earnings just on fuel subsidy to the detriment of other development programmes. Speaking at a special thanksgiving service organised by Apostle Charles Osazuwa, Senior Pastor and founder of Rock of Ages Christian Assembly…
The Federal University of Petroleum Resources, (FUPRE) Effurun, Delta State is the proud host of the latest Professorial Chair that has been established by The Shell Petroleum Development Company of Nigeria (SPDC) operated Joint Venture in support of learning and research in Nigerian universities. The Shell Professorial Chair at FUPRE is for Lightweight Automobile Engine Development, and will be staffed by a Professor who will sit in the Department of Mechanical Engineering, leading studies and research into the field for an initial period of four years. “The establishment of the Chair is an important development for the Nigerian automobile industry,”…
The Rivers State Chapter of the All Progressives Congress (APC) has given the State Chapter of the Peoples Democratic Party (PDP) 48 hours to retract and withdraw its statement purporting that the son of the Deputy Chairman of APC in Rivers, Peter Odike, was arrested by the Nigerian Army for killing and kidnapping. Rivers APC in a statement issued on Sunday in Port Harcourt by its Chairman, Dr. Davies Ibiamu Ikanya, described the claim as contained in a statement issued on Friday by Rivers PDP as “malicious, diabolical, disgusting and false”. “We wish to state, after due confirmation from all…
The Federal High Court sitting in Lagos in a landmark judgment has ordered former Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Federal Government to “provide information on the spending of the alleged missing N30 trillion which represents some accruable income to the Federal Government during the last four years of the Administration of former President Goodluck Jonathan.” Hon Justice Ibrahim Buba following a Freedom of Information suit number FHC/L/CS/196/2015 brought by Socio-Economic Rights and Accountability Project (SERAP) delivered the judgment last week. SERAP’s suit followed revelations by the former Governor of Central Bank of Nigeria (CBN), Charles Soludo, that…
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has vowed that the Agency under his leadership will take all necessary precaution to ensure that all national assets under its care are used for the benefit of all Nigerians. The DG said this while responding to questions from Reporters at the Nnamdi Azikiwe International Airport Abuja at the weekend on the Agency’s plans to safeguard the Cabotage Vessel Financing Fund (CVFF) from suffering the same fate as the Ship Building and Ship Acquisition Fund (SBSAF). Dr. Peterside explained that the current management was bent…
In line with global best practices, Sokoto government said it has established a Due Process Office that will ensure efficient and effective monitoring of all public contracts and other related duties for the overall interest of the people. Already, Governor Aminu Waziri Tambuwal has approved the appointment of Barrister Kabiru Haliru as the Executive Secretary of the new outfit. A statement issued in Sokoto by Tambuwal’s spokesman, Malam Imam Imam, said the outfit, known as Public Procurement and Price Intelligence Unit, will lead to efficient utilization of public resources by ensuring that such resources are effectively deployed and best value…
President of the Federal Republic of Nigeria, Muhammadu Buhari on Monday commissioned series of projects in Lagos State, just as he commended the achievements of the Governor Akinwunmi Ambode administration in one year. Buhari who was represented at the events by the Vice President, Professor Yemi Osinbajo, said Lagos under Governor Ambode has continued to maintain its leading role in delivering good governance to the people. Speaking at the commissioning of the Lagos State Emergency Management Agency (LASEMA) Response Unit in Cappa area of Oshodi, his first point of call, Osinbanjo described the facility as not only the first of…
Kogi State Governor, Alhaji Yahaya Bello, has reiterated his unalloyed determination to ensuring every inhabitant of Kogi State is well secured against the menaces of kidnapping, robbery and other social vices. The recent onslaught of social miscreants on the state is considered as a test of the will of the Governor to ensure a safe Kogi that will be home to all, assuring inhabitants of scaled up attempts by his administration to redress the worrisome situation. Governor Bello expressed shock at the rampant rate of kidnapping in the state, reiterating the readiness of his administration to wage war against those…