Month: September 2020

Thailand exporters lose N385.2bn rice market in Nigeria

Stella Okofi

  Thailand exporters have lost 1.2million tonnes of rice valued at N385.2billion ($819.6million) in Nigerian market following import restrictions by the government. The Central Bank of Nigeria (CBN)’s import restriction has boosted local production by 11.2per cent or 600,000 tonnes from 4.8million to 5.4million tonnes in one year. Last month, Thai Rice Exporters Association (TREA), which has also shifted to Benin, Cameroon, South Africa and Angola markets, raised the price of the grain from $678 in August to $683 per tonnes in September, 2020. Data from the United States Department…

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UBA: USA CEO, Yomi-Ajayi, appointed to US EXIM’s sub-Saharan Africa Advisory Committee

Dorothy Ewah

Sola Yomi-Ajayi, the CEO of the United Bank for Africa (UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on sub-Saharan Africa for 2020/2021. Established by the US Congress, the sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in sub-Saharan Africa. The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative…

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Nigerian porn producer arrested for shooting movie near shrine

Admin

  Popular Nigerian pornstar, Tobiloba Jolaosho better known as KingTblackHOC has been arrested by the Osun State Police Command for allegedly recording a ‘sex movie’ inside the Osun Osogbo Grove. TBlak, who allegedly dressed like an Osun devotee with a completely naked woman, shot a ‘sex movie’ at Osun grove in July this year and shared the clip on social media. The Police Public Relations Officer for Osun Command, Yemisi Opalola, confirmed Jolaosho’s arrest. She explained that he was detained based on a complaint by a member of Traditional Religion…

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OPEC sees steeper oil demand drop as virus remains challenging

Admin

World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.     World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.   World oil demand…

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Health workers begin nationwide strike

Admin

  Health workers under the aegis of the Joint Health Sector Unions (JOHESU) are to begin a nationwide strike from midnight on Sunday. The strike is over Federal Government’s inability to meet their demands. The JOHESU President, Mr Josiah Biobelemoye, made this known in a letter addressed to the Minister of Labour and Productivity, Dr Chris Ngige, and made available to newsmen on Sunday in Abuja. The News Agency of Nigeria (NAN) reports that the workers had issued a notice to the government, saying that it would embark on a…

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COVID-19: Heritage Bank, FAMO provide succor for 300 teachers

Dorothy Ewah

  Heritage Bank Plc in partnership with Honourable Fatima Mohammed (FAMO) foundation has provided succor to over 300 affected private school teachers and small medium enterprises (SMEs). The gesture is part of efforts to cushion the effect of COVID-19. A statement issued at the weekend said in alleviating the challenges, Heritage Bank and its partner supported over 300 private school teachers and small businesses as palliatives in 15 local governments; including five major markets in Ojokoro Local Council Development Area of Ifako Ijaiye, in Lagos State. Speaking at the event,…

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Stocks: Banks post N92bn gain in August

Funke Adeko

Investors in banks quoted on the main board of the nation’s stock market reported a cumulative gain of about N92 billion during the month of August 2020 following fair earning results released by most lenders despite COVID-19 ravaging the country. Checks revealed that the stocks recorded a gain of N92 billion or 4.67 per cent to close at N2.063 trillion in market capitalisation on the last trading day of August 31, as against the opening figure of N1.971 trillion at the beginning of trading on August 1. Market watchers believe…

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Investment migration: Wealthy Nigerians boost $3bn industry with traffic to Caribbean Island

Oladipupo Johnson

The decline in standard of living and an unimpressive return on investment prospect in Nigeria has again been accentuated by a report that wealthy Nigerians have started buying their way into the citizenship of St. Lucia, a small island in the Caribbean. According to the report by Quartz Africa, the office of Citizenship by Investment Program (CIP) of St. Lucia, which had no application from Africa in the last five years of its operation, has suddenly been invaded by Nigerians with the intention of relocating their families to the tiny…

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Benefit management: Evaluating regulators’ path to sanity

Stella Ofiko

To contain the unhealthy competition between pension fund managers and life insurance providers as regards management of retirees’ benefits, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) recently took the bold step to address issues therein that are propelling friction in that regard.   Long before now, there existed a silent motor park type struggle for passengers between the pension fund managers as represented by Pension Fund Administrators (PFAs) and life insurance providers in the way they prospect clients for pension management. The clamour was all about…

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Group: Importation dampening our morale

Dorothy Ewah

  Nigeria Young Farmers Network (NYFN) has described the Federal Government’s decision to partially import maize and other banned crops as capable of dampening the efforts of mobilizing young people to engage in the agricultural sector in a rapidly dwindling economy.     It said that youth apathy towards agriculture was a major challenge the body is working hard to reverse, adding that anything short of full support to achieve that will be counter productive for the nation.     Director General/ National Coordinator of (NYFN), Promise Amahah, expressed the…

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