Governor Okezie Ikpeazu of Abia State has advised the federal government to provide adequate resources on the policing of the country’s borders. The Governor who disclosed this at the Government House, Umuahia when he received in audience from the house committee on Army led by the chairman, Hon Rimamnde Shawulu, said there is need for the country to step up intelligence about criminals by properly equipping the police and other security agencies. According to him, the country requires a holistic programme on intelligence, stating that Nigeria cannot make headway economically except the issue of security is adequately addressed. He stated…
Author: Pride Team
Tiger Brands said the risk of higher inflation will place pressure on South African consumers as the nation’s biggest food producer is raising prices to try to offset cost pressures following record corn prices. Headline earnings per share from continuing operations, which exclude one-time items, were R9.78 ($0.62) in the six months ended March 31 from R9.75 a year earlier, the Johannesburg-based company said in a statement. Tiger sold its unprofitable Nigerian business to Dangote Industries with effect from February 25, treating this as a discontinued operation. The interim dividend rose 7 percent to R3.63 a share. The weak rand…
All is now set for the maiden edition of the Financial Literacy Excellence Awards, FILEX, under the auspices of one of Nigeria’s foremost Non-Governmental Organizations, the Development Initiatives Network, DIN. The Executive Director of DIN and Convener of the FILEX Awards, Dr. Bola Fajemirokun has said that the Award ceremony promises to be a very memorable event which will go down in the annals of history as a reference point for the advocacy for financial literacy in the country. She made this known at a media parley with journalists in Lagos while fielding questions on the Award Ceremony which is…
The ad hoc Committee on Crude Oil Theft Prevention and Control of the National Economic Council (NEC) has categorically stated that government do not have adequate operational vessels to patrol and secure the network of pipelines in the Niger Delta. At the end of the 67th meeting of NEC in Abuja, the Deputy Governor of Bayelsa State, Admiral John Jonah Atuama (rtd), said the committee also discovered that massive unemployment among youths in the Niger Delta region had contributed to the rising incidence of oil theft and vandalism of oil company facilities in the region. Atuama said that he reported…
The Federal Government says it has to take painful decisions and make tough adjustments because Nigeria is broke. The Minister of Information, Alhaji Lai Mohammed, said while briefing journalists after Federal Executive Council meeting that the decision to increase the pump price of Premium Motor Spirit from N86 to N145 per liter was one of those decisions. The minister likened Nigeria’s situation to a case of a person, who got a pay cut and had to adjust to the current reality in terms of his spending. The minister said, “The current problem is not really about subsidy removal. It is…
The Manufacturers Association of Nigeria (MAN) has inaugurated its large corporation group. According to the Association, The strategic group will amongst other things come up with policy recommendation that will lead to a conducive economic and social climate for the operation and development for large-scale industries in Nigeria. Speaking at the inauguration ceremony, in Lagos, the president of MAN, Frank Jacobs said one of the most crucial tasks before the large corporation group is the facilitation effective linkage between small/medium scale industries and large scale industries in the production and supply value chain. Jacobs said linkage is critical in the task of…
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…
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,”…