The Nigerian Exchange Market kicked off the week on a high note, recording a substantial profit of N323 billion. This positive development saw the equity capitalization climb to N56.452 trillion on Monday, up from N56.128 trillion last Friday. The All-Share Index (ASI) mirrored this growth, rising from 99,222.33 to 99,793.71. Market Dynamics: -Market Breadth: Showed a positive trend with 29 stocks advancing, 10 declining, and 79 remaining unchanged across 8,657 deals. Leading Gainers: – FLOUR MILL: Increased by 10% to close at N41.80 from N38.00. – TOTAL: Rose by 9.98%, ending at N353.60 from N321.50. – ACCESSCORP: Grew by 9.86%…
Author: Editor Francis
In a major crackdown on human trafficking, 10 Nigerian girls aged between 15 and 18 years old have been rescued from a prostitution ring operating in Ghana. The girls, eight from Imo State and two from Plateau State, were lured into Ghana under the guise of being offered “sales girl” jobs. The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, personally visited Ghana and met with the rescued victims. She strongly condemned the act of human trafficking and praised the efforts of the Nigerians in Diaspora Organisation (NIDO) in Ghana, led by Calistus Elozieuwa, for conducting the rescue…
The Federal Government has announced that Wednesday, June 12, will be observed as a public holiday to celebrate this year’s Democracy Day. Olubunmi Tunji-Ojo, the Minister of Interior, made the declaration on behalf of the Federal Government. He extended his congratulations to Nigerians in light of the occasion. In a statement signed by Permanent Secretary Aishetu Ndayako and released on Tuesday, the minister remarked, “As we mark another Democracy Day in the history of our dear country, let us all reflect on the efforts of our founding fathers and ensure that Nigeria remains a united, secured, peaceful, and indivisible entity.”…
Organized labour has announced plans for an emergency meeting to determine their next course of action after the national minimum wage tripartite committee submitted its report to President Bola Ahmed Tinubu. This was disclosed by Benson Upah, spokesperson for the Nigeria Labour Congress (NLC), in an exclusive telephone interview with DAILY POST on Monday. Upah indicated that the outcome of the meeting would decide if organized labour will resume its strike action in the near future. “The appropriate organs of the two unions will meet, and once they do, whatever decision they make will be communicated to the public,” he…
The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into the alleged mismanagement of N423 billion by former Kaduna State Governor Nasir El-Rufai and several key members of his administration. The probe follows revelations by the Kaduna State House of Assembly’s Ad-Hoc Committee, which uncovered significant financial irregularities during El-Rufai’s tenure from May 29, 2015, to May 29, 2023. El-Rufai, along with former finance commissioners, accountants-general, and heads of key state agencies such as the Kaduna State Internal Revenue Service (KADIRS) and the Kaduna Market Development and Management Company Ltd, will soon be summoned for questioning. The investigation…
President Bola Ahmed Tinubu has appointed DIG Hashimu Argungu (retd) as the new chairman of the Police Service Commission (PSC), replacing Solomon Arase. The announcement was made by presidential spokesman Ajuri Ngelale in a statement released on Monday. In addition to Argungu’s appointment, Chief Onyemuche Nnamani has been appointed as Secretary of the commission, and DIG Taiwo Lakanu (retd) has been appointed as a member. “These appointments are subject to confirmation by the Senate,” Ngelale stated. He also noted that additional members of the Police Service Commission would be appointed in the near future.
In its June 2024 meeting, the Federation Accounts Allocation Committee (FAAC) allocated N1.143 trillion among the Federal Government, States, and Local Government Councils. The meeting was chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy. According to FAAC’s communiqué, the total distributable revenue consisted of N157.183 billion from statutory revenue, N463.425 billion from Value Added Tax (VAT), N15.146 billion from the Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Rate Difference. For May 2024, the total revenue available was N2.324 trillion. After deductions for collection costs amounting to N76.647 billion and transfers, interventions, and…
The Central Bank of Nigeria (CBN) has firmly denied allegations that it is considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks. This clarification comes amid growing concerns about the stability of some Nigerian banks following the license revocation of Heritage Bank Plc. Hakama Sidi Ali, the acting director of the Corporate Communications Department of the CBN, released a statement on Monday, assuring the public of the safety of their deposits and the overall resilience of the banking system. “The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds,” stated Mrs. Sidi…
A group of 35 lawmakers, known as the Reformers, has put forward significant amendments to the 1999 Constitution, proposing a single six-year tenure for the President and state governors. This sweeping reform also includes the creation of two vice-presidential positions to represent the southern and northern regions of Nigeria. Among their key proposals, the Reformers advocate for rotating the Presidency among the six geopolitical zones and holding all elections simultaneously. Addressing journalists at the National Assembly on Monday, the group’s leader, Ikenga Ugochinyere, revealed that they have drafted 50 proposed amendments, with six bills already introduced on the House floor.…
The Organized Labour has firmly rejected any proposed minimum wage of N62,000 or N100,000, labeling these amounts as “starvation wages” for Nigerian workers. Instead, they demand a minimum wage of N250,000, as presented at the last meeting of the Tripartite Committee on Minimum Wage. This position was reiterated on Monday by Chris Onyeka, Assistant General Secretary of the Nigeria Labour Congress (NLC), during an appearance on Channels Television’s The Morning Brief show. Onyeka emphasized that the one-week grace period given to the Federal Government on Tuesday, June 4, 2024, will expire at midnight on Tuesday, June 11, 2024. Onyeka warned…
The ongoing negotiations between the Federal Government and Organized Labour regarding a new minimum wage are expected to conclude today, as leaders from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) await President Bola Tinubu’s response to their N250,000 proposal. Last Friday, the Tripartite Committee on National Minimum Wage wrapped up its meetings, where the Federal Government and the Organized Private Sector agreed on N62,000, while Labour pushed for N250,000. The Nigeria Governors Forum, however, stated that any minimum wage exceeding N60,000 would be unsustainable. Labour leaders, who requested anonymity due to security concerns, confirmed they were…
In 2023, the European Union (EU) accrued €3.4 million from the rejection of Schengen visa applications submitted by Nigerian citizens, according to a report by Nairametrics. Schengen visa statistics indicate that globally, the EU governments amassed €130 million from rejected visa applications, with 90% of these costs borne by African and Asian countries, as reported by EUobserver.com. African nations, in particular, face significant impact from visa rejections, with rejection rates for countries like Ghana, Senegal, and Nigeria reaching as high as 40-50%. The figures exclude additional costs such as missed opportunities for business and leisure travel, and expenses incurred for…