Posts

Naira loses further at black market

Naira fell against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Friday, data from the FMDQ Security Exchange where forex is officially traded showed. Also, the currency weakened at the parallel market. Naira closed at N410.00 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday. The domestic currency experienced an intraday high of N390.00 and a low of N412.20, before closing at N410.00 on Friday. The depreciation of the local unit occured as turnover dipped by 66.75 per cent, with $63.88 million recorded as against the $192.11 million posted on Thursday. Also, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency fell. According to the data posted, the currency closed at N485.00, a N3.00 or 0.62 per cent depreciation from N482, which it exchanged hand...
Read more

BILLIONAIRE WATCHOba Otudeko’s stakes in Firstbank and Honeywell are worth over N10 billion

The stakes of Dr Obafoluke Otudeko, the founder and chairman of Honeywell Group, in Honeywell Flour Mills and First Bank, are currently worth about N10.3 billion. The successful businessman who was ranked 46th in Forbes’ 2014  Africa’s Richest  issue – with an estimated net worth valued at $550 million – is the single majority shareholder of FBN Holdings Plc and Honeywell Flour Mills Nigeria Plc, considering his direct and indirect stakes in the companies. Otudeko holds a total indirect stake in excess of 532 million in  Firstbank , coupled with a direct stake of about 6 million units, bringing his total stakes to about 538 million units of the issued ordinary shares of the bank.
Read more

No arms fund missing under my stewardship, says Buratai

Tukur Buratai, former chief of army staff, has denied embezzling funds meant for the procurement of military equipment.AdvertisementIn an interview with BBC Hausa on Friday, Babagana Monguno, national security adviser, had said the federal government doesn’t know how the funds approved for the purchase of military equipment were disbursed.“We don’t know where the money went to. The president has given out some money for equipment but they are yet to arrive,” Monguno had said.In a statement issued later on Friday, Monguno clarified his position in the interview, adding that he didn’t accuse the service chiefs of misappropriation of funds.AdvertisementReacting on behalf of the former army chief in a statement on Friday, Osuagwu Ugochukwu, Buratai’s lawyer, said whoever is interested in the details of the disbursement should channel such concerns to the ministry of defence.“My attention has been drawn to an interview granted BBC by National Security Adviser (NSA), RTD Major General Babaga...
Read more

Nigerian govt apologises, rejects petrol price hike by PPPRA

Image
Minister State for Petroleum Resources, Timipreye Sylva [PHOTO CREDIT: @@HETimipreSylva] " data-medium-file="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?fit=493%2C349&ssl=1" data-large-file="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?fit=680%2C481&ssl=1" data-src="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?resize=680%2C481&ssl=1" data-srcset="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?w=680&ssl=1 680w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?resize=493%2C349&ssl=1 493w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?resize=120%2C86&ssl=1 120w" data-sizes="auto...
Read more

National Governments Keen to Use Blockchain Technology

Image
A number of national governments worldwide has shown interest in using  blockchain technology  to improve various government processes. The coronavirus pandemic has shown these countries that using blockchain technology is advantageous for many industries, especially those that deal with huge data. National Implementation on a Global Level As Australia is confronted by a recession, the  Senate  reported that financial and regulatory companies should adopt blockchain technology in order to become more aggressive in the global market. “As Australia faces its first recession in 30 years, it’s clear we need more jobs and the only way to do that is to embrace technology and become globally competitive. It is my hope this interim report can be seen as a series of quick wins: new jobs and more choice,”  Senator Andrew Bragg , the chair of the Aussie Senate’s Select Committee on Financial Technology and Regulatory Technology, stated. Just last month, news came out that ...
Read more