The Nigerian currency, the naira, slumped again on the second day of trading this week against the American dollar on Tuesday, July 23, 2024.
The domestic currency shed N48 to trade at N1,548/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,500/$1 it traded on Monday July 22, 2024.
The intra-day high and low recorded during the day were N1,610/$1 and N1,470/$1 respectively, representing a lean spread of N140$1.
READ ALSO:Naira sheds N30 to trade N1,596/$1 at official window
The naira also slumped against the dollar at the parallel section of the FX market as the local currency shed N20 against the dollar to trade N1,590|$1, as against the rate of N1,570/$1 it traded the previous trading day.
The naira also shed N10 against the British Pound to trade at N2,060£1 as against the previous trading day’s rate of N2,050£1 representing a loss of N10 for the local currency.
The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.
The naira also lost N50 against the Euro to trade at ₦1,700/€1 as against the previous trading day’s rate of ₦1,650/€1.
By: Babajide Okeowo
The post Naira slumps again, trades N1,590/$1 at black market appeared first on Latest Nigeria News | Top Stories from TVN.
Naira slumps again, trades N1,590/$1 at black market
Come and invest in Gabon, President Nguema tells Dangote
The President of Dangote Industries Limited, Aliko Dangote, has been invited by President Brice Nguema of Gabon to invest in cement and fertiliser production in the country.
According to a statement on Tuesday by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser, at a time the Nigerian government is accusing him of plans to monopolise the oil sector in the country.
“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote, to invest in cement and fertiliser production in Gabon.
“The president urged Dangote to explore potential investment opportunities in the country’s cement and fertiliser sectors, specifically urea and phosphate production,” the Dangote Group stated
According to the statement, Dangote had talks with Nguema and other top government officials during the visit.
“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertiliser plants, which are vital for the country’s infrastructure development and agricultural productivity.
“President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments.
“He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity,” the statement added.
Dangote had underscored his company’s dedication to fostering economic development in the continent.
He emphasised that investing in Gabon’s cement and fertiliser sectors aligns with Dangote Industries’ strategic vision of expanding its footprint and supporting sustainable development across Africa.
We expressed excitement about the opportunity to invest in Gabon, saying the goal was to contribute to the country’s economic diversification and industrialisation efforts.
“By leveraging our expertise in cement and fertiliser production, we aim to support Gabon’s infrastructure and agricultural sectors,” the richest man in Africa noted.
Dangote Group said the visit signifies a significant step towards deepening economic ties between Nigeria and Gabon.
The company said as Dangote Industries continues to explore and finalise investment opportunities, both nations anticipate mutual benefits that would propel economic progress and regional integration.
The statement added, “The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture.
“This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.
“In the coming months, further discussions and assessments will be conducted to finalise the investment plans. The collaboration between Dangote Industries and the Gabonese government holds promise for a robust partnership that will significantly impact Gabon’s economic landscape.”
Recall that Dangote recently said the company would no longer invest in steel to avoid being tagged a monopolists.
This came after the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, that the diesel produced by the Dangote refinery had higher sulphur content than imported ones, a claim Dangote described as an attempt to demarket his refinery.
Ahmed also said the country would continue to import fuel to stop the Dangote monopoly.
Plane crashes on takeoff in Nepal with 19 aboard
A passenger plane carrying 19 people crashed during takeoff in Nepal’s capital Kathmandu on Wednesday morning, with fire crews working to douse the flaming wreckage.
The Saurya Airlines plane crashed at around 11:15 am (0530 GMT), Nepal’s military said in a statement.
“Rescue work is going on” with the army’s quick response team lending assistance, the statement added.
Further details were “still being confirmed”, Kathmandu airport general manager Jagannath Niroula told AFP.
The Kathmandu Post newspaper said 19 people including air crew were aboard the flight.
News portal Khabarhub reported that the airplane had caught fire after skidding on the runway and was “releasing a significant plume of smoke”.
The plane was en route to Pokhara, an important tourism hub in the Himalayan republic.
Saurya Airlines exclusively flies Bombardier CRJ 200 jets, according to its website.
Nepal’s air industry has boomed in recent years, carrying goods and people between hard-to-reach areas as well as foreign trekkers and climbers.
But it has been plagued by poor safety due to insufficient training and maintenance.
The European Union has banned all Nepali carriers from its airspace over safety concerns.
Nepal’s woeful record on aviation safety has been compounded by its treacherous geography.
The Himalayan country has some of the world’s trickiest runways to land on, flanked by snow-capped peaks with approaches that pose a challenge even for accomplished pilots.
The weather can also change quickly in the mountains, creating treacherous flying conditions.
Nepal’s last major commercial flight accident was in January 2023, when a Yeti Airlines service crashed while landing at Pokhara, killing all 72 aboard.
That accident was Nepal’s deadliest since 1992, when all 167 people aboard a Pakistan International Airlines plane died when it crashed on approach to Kathmandu airport.
Earlier that year a Thai Airways aircraft had crashed near the same airport, killing 113 people.
Authorities have yet to release the identity of those aboard.
AFP
Hardship: We don’t support protest – Lagos students
Students of tertiary institutions in Lagos State have disclosed their stand on the planned nationwide protests expected to commence on August 1.
TVN reports that Nigerians, particularly youths, have vowed to stage mass protests across the country beginning from August 1 to August 10 to draw the attention of the government to the plight of citizens.
According to the organizers, the protesters are expected to converge at state government houses across the country and the National Assembly complex in the Federal Capital Territory, Abuja, to express their anger over the hardship in Nigeria.
However, Mr Alimi Lekan-Idris, President, National Association of Lagos State Students, NULASS, said on Tuesday that the students will not join the protest.
Addressing journalists at a press conference held at the Lagos State University Teaching Hospital College of Medicine, Ikeja, Mr Alimi urged Nigerian youths to embrace dialogue.
He said, “It is crucial that we remember the importance of peace and stability and use dialogue to achieve our collective goals.
”Given these significant contributions and progress we have witnessed, we wish to state that we are not in support of any protest against the government of Lagos State”.
Hardship: We don’t support protest – Lagos students
UK blues icon John Mayall dies at 90
John Mayall, the British blues pioneer whose 1960s music collective the Bluesbreakers helped usher in a fertile period of rock and brought guitarists like Eric Clapton to prominence, has died at 90, his family said Tuesday.
Mayall, a singer and multi-instrumentalist who was dubbed “the godfather of British blues,” and whose open-door arrangement saw some of the greats in the genre hone their craft with him and his band, “passed away peacefully in his California home” on Monday, according to a statement posted on his Facebook page.
It did not state a cause of death.
“Health issues that forced John to end his epic touring career have finally led to peace for one of this world’s greatest road warriors,” it said. “John Mayall gave us 90 years of tireless efforts to educate, inspire and entertain.”
Mayall’s influence on 1960s rock and beyond is enormous. Members of the Bluesbreakers eventually went on to join or form groups including Cream, Fleetwood Mac, the Rolling Stones and many more.
At age 30, Mayall moved to London from northern England in 1963. Sensing revolution in the air, he gave up his profession as a graphic designer to embrace a career in blues, the musical style born in Black America.
He teamed up with a series of young guitarists including Clapton, Peter Green, later of Fleetwood Mac, and Mick Taylor who helped form the Rolling Stones.
In the Bluesbreakers’ debut album in 1966, “Blues Breakers With Eric Clapton,” John Mayall enthralled music aficionados with a melding of soulful rock and gutsy, guitar-driven American blues featuring covers of tunes by Robert Johnson, Otis Rush and Ray Charles.
The blues music he was playing in British venues was “a novelty for white England,” he told AFP in 1997.
That album was a hit, catapulting Clapton to stardom and bringing a wave of popularity to a more raw and personal blues music.
Mayall moved to California in 1968 and toured America extensively in 1972.
He recorded a number of landmark albums in the 1960s including “Crusade,” “A Hard Road,” and “Blues From Laurel Canyon.” Dozens more followed in the 1970s and up to his latest, “The Sun Is Shining Down,” in 2022.
Mayall was awarded an OBE, an Officer of the Order of the British Empire, in 2005.
AFP
FG releases over N438bn to 34 states, FCT
The Federal Government has released over N438 billion in reimbursement to 34 states and the Federal Capital Territory, under the Nigeria Community Action for Resilience and Economic Stimulus programme.
The Information and Communication Officer of the Federal CARES Support Unit, Suleiman Odapu, stated this in a statement on Tuesday in Abuja.
Odapu quoted the National Coordinator of NG-CARES Programme, Dr Abdulkarim Obaje, as saying this, explaining that the funds were disbursed based on the results achieved by the states and FCT during the third Independent Verification Agency assessment carried out in January 2024.
He stated that from the earned results, Zamfara, Nasarawa, and Plateau states emerged as the first three earnings with N49bn, N27bn and N26bn, respectively.
Obaje, however, said that Kaduna and Anambra States did not present results for verification during the exercise.
The national coordinator expressed the hope that all 36 States and FCT would participate in the fourth IVA exercise scheduled for Sept. 2024.
“This huge reimbursement is aimed at supporting the state governments and the FCT in addressing the pressing challenges of multidimensional poverty.
“It will also enable them to deepen efforts at improving the livelihoods and resilience of the poor and vulnerable segment of the population,” he said.
Obaje further stated that the resources were targeted at social intervention programmes in the States and FCT.
He expressed confidence that the resources would be deployed generously to bring succour and meaningful improvement to the lives of many poor and underserved Nigerians.
Obaje thanked the federal government, particularly the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, for the initiative and sterling leadership provided to the programme.
This, according to him, enabled state governors and the Minister of FCT to invest heavily in NG-CARES.
He specially commended the the FCT minister, Mr Nyesom Wike, governors and staff of NG-CARES nationwide for the successes recorded so far under the programme.
The NG-CARES programme is designed to mitigate the negative impact of the socioeconomic shocks occasioned by the COVID-19 pandemic.
It also aimed at addressing other shocks through the provision of grants and basic social infrastructure services in poor communities.
The funds are channelled towards various projects, including; social safety nets, food security, and small business support, adding that efforts were being made to ensure that the assistance reaches the most indigent and vulnerable Nigerians.
The programme, which started in 2021, will close by Dec. 2024.
NAN
FG partners China on local production
The Federal Government said it is set to localise the production of renewable technologies through partnership with China-based Sinoma International Engineering Company.
This formed the crux of discussions between Nigeria’s Special Presidential Envoy on Climate Action, Ajuri Ngelale, and the Executive Management of Sinoma International Engineering Company at its Beijing headquarters on Tuesday.
In a brief made available to State House correspondents on Tuesday, Ngelale said the discussions harped on the importance of localised production to reduce reliance on imports and promote economic growth.
The meeting, attended by Sinoma’s Board Chairman, Mr. Yin Zhisong, and President, Mr. Zhu Bing, covered various areas of mutual interest, including decarbonisation of mining practices, ecological support and restoration.
Ngelale hailed Sinoma’s expertise in decarbonisation of mining practices, ecological support, and restoration, as well as automation of manufacturing processes for carbon capture, utilization, and storage, wind blades, and other technologies.
The brief read, “On Tuesday, I held substantive discussions with the Executive Management of Sinoma International Engineering Company at their Beijing headquarters in the presence of the Board Chairman, Mr. Yin Zhisong, and the Company’s President, Mr. Zhu Bing.
“We covered a wide range of important areas of mutual interest, going into significant depth on each of the agenda items. The expertise Sinoma has developed in the decarbonization of mining practices with full ecological support and restoration, as well as the cross-cutting automation of several manufacturing processes for CCUS (carbon capture, utilisation and storage), wind blades, and other very important technologies — the production of which Nigeria is now moving swiftly to localize (assembly to end-to-end) — is awe-inspiring and a testament to what innovative, dogged and determined leadership can yield.
“A very productive and consequential engagement today with more to follow in the days ahead.”
Ngelale said Tuesday’s talks will boost Nigeria’s renewable energy sector, create jobs and reduce greenhouse gas emissions, aligning with the country’s climate action goals.
LG Autonomy: Osun Assembly begins amendment of OSSIEC laws
Osun State House of Assembly, has commenced the process of amending the Osun State Independent Electoral Commission and Local Government creation and Administration law.
The move by the Assembly is coming following the recent judgment by the Supreme Court granting financial autonomy to the 774 local governments in Nigeria.
According to the Speaker, Adewale Egbedun during plenary on Tuesday, the bills slated for amendments include the Osun State Independent Electoral Commission (Amendment No 1) Bill, 2024, and the Osun State Local Government Areas (Creation and Administration) (Harmonised) Bill, 2024.
Egbedun maintained that it was imperative that the Assembly delved into the amendments.
This, he insisted, was to ensure that its legislative framework aligned with the new legal landscape.
He said, “I trust that each one of us is well-informed about the recent landmark ruling delivered by the Supreme Court, which has authorized financial independence for the 774 Local Governments across Nigeria.
“This significant judgement has brought about the nullification of certain existing laws that were in place.
“In light of this development, I am urging this Honorable House that we promptly initiate the process of amending the current Osun State Local Government Areas (Creation and Administration) Laws, as well as the Osun State Independent Electoral Commission Law.
“To facilitate this crucial process, I am proposing two new bills for consideration: (i) Osun State Independent Electoral Commission (Amendment No 1) Bill, 2024, and Osun State Local Government Areas (Creation and Administration) (Harmonised) Bill, 2024.
“Let us work collaboratively to enact laws that not only comply with the Supreme Court’s ruling but also promote good governance and effective administration at the local government level.
“Your dedication and expertise in this matter are highly valued, and I am confident that together, we can enact legislation that serves the best interests of our constituents and upholds the principles of democracy.”
LG Autonomy: Osun Assembly begins amendment of OSSIEC laws
Top 10 stories from across Nigerian Newspapers, Wednesday, July 24, 2024
Here are the top 10 stories making headlines across the country.
1. NNPC boss, Kyari, denies Dangote allegations, vows to punish staff involved in overseas petroleum plant
Mele Kyari, the Group Chairman of the Nigerian National Petroleum Corporation (NNPC), has strongly refuted allegations made by Aliko Dangote, President of the Dangote Group.Read more
2. Nigerian govt to pay minimum wage with N6.2tr supplementary budget
The Minister of Budget and National Planning, Atiku Bagudu, said on Tuesday the proposed N6.2 trillion supplementary budgetary would be used to pay the minimum wage.Read more
3. #EndBadGovernance protest politically motivated – Wike
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, claimed on Tuesday the planned protest against bad governance in the country was politically induced.Read more
4. Reps order reversal of electricity tariff hike for Band A customers
The House of Representatives on Tuesday ordered the immediate reversal of the tariff increase for Band A customers in the country.Read more
5. Nigerians have every right to protest —Atiku
Former Vice President Atiku Abubakar has lent his support to the planned EndBadGovernance protest which is scheduled to commence on August 1st to the 10th.Read more
READ ALSO:Top 10 stories from across Nigerian Newspapers, Monday, July 22, 2024
6. Akpabio apologizes to Sen. Akpoti-Uduaghan over ‘nightclub’ remark
Senate President Godswill Akpabio has issued a formal apology to Senator Natasha Akpoti-Uduaghan for remarks he made during last week’s plenary session, where he rebuked her and said the Senate is not a “nightclub.”Read more
7. Nigerian govt fines Meta, WhatsApp $220m for discriminatory practices
The Federal Competition and Consumer Protection Commission (FCCPC) has fined the United States-based social media platforms, Meta and WhatsApp $220 million for discriminatory practices and other offences.Read more
8. CBN hikes interest rates to record 26.75% to fight inflation
In a move aimed at curbing rising inflation, the Central Bank of Nigeria (CBN) has raised its benchmark interest rate, the Monetary Policy Rate (MPR), to a record high of 26.75%.Read more
9. Police rescues 10 pregnant women from baby factory, arrests operator
Police operatives in Akwa Ibom have rescued 10 pregnant women from a baby factory.Read more
10. South Korean billionaire arrested for alleged share price manipulation
The founder of the South Korean tech company, Kakao, was arrested on Tuesday for alleged manipulation of share prices.Read more
The post Top 10 stories from across Nigerian Newspapers, Wednesday, July 24, 2024 appeared first on Latest Nigeria News | Top Stories from TVN.
Help poor innocent detainees get justice – Otti urges lawyers
Abia State Governor, Alex Otti has lamented that many innocent people who are in detention have remained in the place without getting justice because of lack of money to get an attorney.
Governor Otti, who said this in Umuahia during an opening ceremony of a training program by Nigerian Institute of Chartered Arbitrators (NICARAB), said it was a pity that a lot of people were in detention without having the opportunity to visit the courtroom.
The Governor, represented by his Deputy, Ikechuckwu Emetu, said the training was necessary for everyone to make sure that those who were supposed to get justice got it in Abia.
He pointed out that lawyers should have empathy to defend innocent people who could not finance their ways to the courtroom, saying that there was a need for all stakeholders to promote the rule of law in democracy.
Otti used the opportunity to say that his administration inherited over 193 billion naira in debt from the immediate past administration
He advised lawyers to utilize the gains of the training in rescuing innocent persons languishing in various detention centres.
Earlier in her speech, the registrar and chief executive officer of NICARB, Mrs Shola Osodu John stated that the training was aimed at building up the capacity of the judiciary and helping the ministry of justice at ensuring smooth arbitration, among other related issues.
Earlier in her address, the SSA to the governor on legal matters, Mrs Cleopatra Nkolika Ubani stated that the 4-day training was aimed at building and enhancing the capacity of legal officers and judges in alternative dispute resolution as effective and more efficient avenue of decongesting the court and detention centres.
Help poor innocent detainees get justice – Otti urges lawyers