The price of de-stoned local rice has dropped marginally by six and 10 per cent in Enugu markets, causing many residents to shift patronage to the brand.

The dealers in the commodity attributed the positive development to the harvest season for local rice.

A popular Ogbete Main Market trader, Rose Nwakwo, said that a 50-kg bag now goes for N78,000 as against N84,000 in November.

Another dealer at Garki Market, Enugu, Chidi Orji, said that a five-litre paint container goes for N6,500 as opposed to N7,500.

Mr Orji urged the residents to buy as much as possible before the price would increase again.

Most rice retailers and hawkers selling in cups and bushels are currently stockpiling the commodity.

Eunice Madu, a grain seller in Mayor Market, said she was only stocking bags of the brand for the yuletide.

“I must confess we are selling out almost all our available bags of de-stoned local rice, popularly known as ‘Abakaliki rice’, ahead of the yuletide.
“Most people are turning to it due to its price drop and improved processing and de-stoning qualities,” she said.

Meanwhile, a buyer, Edwin Okoh, expressed joy over the price drop, saying that his salary could get him more than 50kg of the brand for his family.

“It is a thing of joy that the price has gone down to some extent, at least I can get more than a bag for me and my extended family during this yuletide,” he said.

The Central Bank of Nigeria has imposed a daily withdrawal limit of N100,000 on Nigerians using the point-of-sale service to withdraw cash. The bank also restricted PoS to cash-out of N1.2 million daily.

The latest CBN directive, a repeat of its draconian 2022 policy during a nationwide cash scarcity, is worsening the plight of millions of Nigerians who need cash daily to buy food and everyday necessities.

Across Nigeria, banks’ ATMs are often empty, subjecting millions of Nigerians to pay a higher charge to obtain a small amount of cash from PoS agents.

The CBN issued the current cash-limit directive on Tuesday in a circular titled ‘Cash-out limits for agent banking transactions’.

“All principals of agents are to comply with the following directives immediately: i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.

“Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” stated the apex bank’s memo.

The Federal Executive Council (FEC) has approved €161.33 million for the Siemens power project and N1.7 billion for the purchase of an office complex for the Nigeria Electricity Liability Management Company (NEMCO).

The approvals were announced by the Minister of Power, Adebayo Adelabu, yesterday after the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu at the State House, Abuja.

The Siemens project, part of the Presidential Power Initiative, focuses on upgrading Nigeria’s transmission infrastructure.

Adelabu explained that Phase One involves the engineering, procurement, construction, and financing of upgrades to 14 existing substations and the construction of 21 new ones nationwide.

As part of the initial rollout, five key substations have been identified for upgrades.

These include the Onitsha 330/132 KV substation under the Enugu Electricity Distribution Company, the Offa 132/33 KV substation under the Ibadan Electricity Distribution Company, the Abeokuta 330/132 KV substation, the Ayede 330/132 KV substation, and the Sokoto 132/33 KV substation.

Adelabu said the project builds on the successful completion of the pilot phase and aims to resolve transmission bottlenecks that have long plagued Nigeria’s power sector.

“This initiative will stabilize and expand the transmission segment of the power sector value chain in the near future,” he said.

He noted that the approval aligns with recent discussions between President Tinubu and German President Frank-Walter Steinmeier, aimed at fast-tracking the Siemens initiative to boost Nigeria’s power supply.

In a separate approval, the FEC also sanctioned the N1.7 billion purchase of an office complex for NEMCO in Abuja’s Wuse 1 District. The purchase cost includes a 7.5% Value Added Tax.

Established under the 2005 Electric Power Sector Reform Act, NEMCO is tasked with managing legacy liabilities in the power sector.

Adelabu explained that the acquisition of the office complex was necessary to address rising rental costs and accommodate the company’s growing workforce.

“NEMCO currently occupies the facility, and outright purchase will ensure operational stability while supporting its expanded mandate,” he said.

Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi yesterday said in collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), intercepted over 695,000 liters of smuggled Premium Motor Spirit (PMS) petrol.

He said the interception was as a result of fighting against economic saboteurs who ventured into smuggling and diversion of petroleum products.

Adeniyi made the revelation while drawing global attention to the transformative role of NCS in safeguarding Nigeria’s borders at the 18th Africa Security Watch Conference in Doha, Qatar.

This was contained in a press statement the National Public Relations Officer, Chief Superintendent of Customs Abdullahi Maiwada issued yesterday.

The statement shared a comprehensive account of the Service’s achievements in balancing security enforcement with trade facilitation.

In his keynote address titled “Protecting National Security Through Effective Border Control: The Nigeria Customs Example,” Adeniyi emphasised the vital role of border management in national security, describing borders as more than just geographical boundaries.

According to him, borders are critical gateways that determine a nation’s capacity to protect its citizens, safeguard its economy, and foster security.

The CGC highlighted how the NCS, empowered by the Nigeria Customs Act 2023, has successfully redefined its operational priorities to address emerging threats, enhance efficiency, and improve collaboration.

Adeniyi noted that the Nigeria Customs Act 2023 represents a legislative milestone that has repositioned the NCS to thrive in a dynamic environment.

He also reflected on the significant strides made in 2024, which marked a year of unparalleled achievements for the Service, adding “Under my leadership, the NCS generated a record-breaking ₦5.1 trillion in revenue, a feat that underscores the agency’s innovative use of technology and improved compliance frameworks.”

“We have equally strengthened partnerships with both domestic and international stakeholders. The CGC noted that this achievement was not merely about numbers but also reflected the efficiency and resilience of the Customs workforce,” he said.

Adeniyi, however, described how, through intelligence-led operations, the NCS has intercepted several arms shipments, including 844 rifles and 112,500 rounds of live ammunition in Onne Seaport.

“These efforts have significantly disrupted the proliferation of small arms and light weapons, which remain a persistent threat to national security. Additionally, the NCS’s collaboration with the National Drug Law Enforcement Agency (NDLEA) led to so many interceptions of illicit drugs.” CGC Adeniyi said.

He also brought attention to the Service’s role in combating wildlife trafficking, detailing how officers intercepted 4,200 kilograms of pangolin scales and ivory, underscoring the NCS’s dedication to biodiversity conservation and international compliance.

The CGC revealed that the use of geospatial technologies, such as satellite feeds and geo-mapping, has enhanced the Service’s surveillance and enforcement capabilities, ensuring that these operations are not only effective but sustainable.

In addition, a Gala/Award Night convened as part of the African Security Watch Conference held on Thursday 12 December 2024, in Doha, Qatar, the NCS clinched the coveted ‘Best National Security Service in West, East, and Central Africa 2023/2024’ award. The CGC also shared the spotlight, receiving recognition for his exemplary leadership and contributions to the organization’s achievements.

These accolades recognise the Service’s outstanding performance in fortifying Nigeria’s borders, enhancing trade facilitation, and curbing transnational crimes through innovative enforcement strategies and technological advancements.

Swedish company OSE System AB, the owner of the OurEcolution brand, has announced a Foreign Direct Investment (FDI) of $275 million in sustainable building materials production.

The investment will support the construction of 10 plants across various locations in Nigeria and enhance the country’s waste-to-wealth housing initiatives.

This development was disclosed by Mr. Rotimi George, Board Chairman of Ekopanely Nigeria Limited, during the unveiling of a new building material that uses rice straw as a key component.

The pilot building is situated at GORA Farms in Karu Local Government Area, Nasarawa State.

Subsequent projects will be executed in collaboration with rice-producing state governments, with support from the World Bank.

The National Agency for Science and Engineering Infrastructure (NASENI) has acquired the model plant franchise on behalf of the Federal Government, further cementing Nigeria’s public-private partnership (PPP) efforts in delivering affordable housing via sustainable methods.

Ekopanely Nigeria Limited, which has been engaged in research and development since its incorporation in 2011, is spearheading this initiative.

The company has adopted the Build and Operate Franchise (BOF) system to establish manufacturing plants across selected locations in Nigeria.

Four production lines will be installed at each plant during the initial phase, with plans to scale up to 20 production lines over the implementation timeframe.

The BOF model ensures franchisees are shielded from operational and managerial responsibilities.

Franchisees are only required to provide suitable plant locations and contribute counterpart investment capital, receiving a share of the profit after tax and other economic benefits.

The innovative building materials utilise rice straw, converting agricultural waste into valuable construction inputs.

The initiative aligns with Nigeria’s quest for sustainable development and economic diversification.

Geo-cost farmers and contributors to the National Housing Fund (NHF), primarily federal, state, and local government employees, will benefit from mortgage loans designed to make housing affordable.

Mr. George noted the importance of collaboration between state governments and the organised private sector, the largest employers of labor and contributors to the NHF scheme.

This synergy, he said, will expedite the delivery of affordable housing as envisioned under the National Affordable Housing Development Act.

“This project is a win-win opportunity for state governments,” George stated.

“Instead of direct cash benefits, state governments participating as franchisees will receive building materials to support their social housing initiatives, ensuring the benefits of this investment remain within their jurisdictions.”

Ekopanely has partnered with NASENI and rice-producing state governments to bring this vision to life.

The World Bank’s involvement further strengthens the project’s sustainability and scalability. The initial capital investment at each plant will not only create jobs but also drive significant revenue for participating states and franchisees through increased production output.

With Nigeria’s housing deficit requiring innovative solutions, the OSE System AB initiative represents a vital step toward leveraging technology and sustainable practices to meet the growing demand for affordable homes.

Dangote Refinery and Neptune Oil jointly announced the first-ever export of Premium Motor Spirit, PMS, from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

The 650,000 barrels per day refinery disclosed this in a statement on Wednesday.

Dangote Refinery said that the feat is the result of a strategic collaboration between the two companies, underscoring their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demands.

Reacting, Aliko Dangote, President and CEO of the Dangote Group, noted that the export of PMS to Cameroon is a tangible demonstration of the group’s vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.

On his part, Antoine Ndzengue, Director and Owner of Neptune Oil, emphasised that the partnership with Dangote Refinery marks a turning point for Cameroon by becoming the first importer of petroleum products from this world-class refinery.

“We are bolstering our country’s energy security and supporting local

economic development. This initial supply, executed without international

intermediaries, reflects our commitment to serving our markets independently and efficiently,” he stated.

This comes months after Dangote Petrol hit the Nigerian market on September 15, 2024.

Bitcoin has shattered the $100,000 milestone, riding a wave of investor confidence sparked by U.S. president-elect Donald Trump’s pro-crypto pivot.

The world’s largest cryptocurrency surged as high as $103,800 on Thursday, marking a 50 per cent rise since Trump’s November election win.

The rally intensified after Trump nominated crypto advocate, Paul Atkins, to lead the Securities and Exchange Commission (SEC), signaling a shift toward a more favorable regulatory environment.

Atkins’ appointment, along with Trump’s pledge to make the U.S. “the bitcoin superpower of the world,” has electrified the market.

“Bitcoin reaching $100k is an incredible milestone for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we will never stop building.”

Trump’s crypto-friendly administration has also tapped Howard Lutnick for the Commerce Department and Elon Musk to co-lead the “Department of Government Efficiency,” humorously dubbed “DOGE” after the popular cryptocurrency Dogecoin, which has soared 150 per cent since election day.

According to Financial Times on Thursday, this surge marks a stark contrast to the sector’s downturn two years ago, when the collapse of FTX and regulatory crackdowns sent Bitcoin plummeting to $16,000.

Now, institutional money is flowing in, with BlackRock’s Bitcoin ETF alone managing $45 billion in assets.

Cameron Winklevoss, co-founder of Gemini, summed up the sentiment: “This bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”

With $4.4 billion pouring into crypto ETFs since November, and companies like MicroStrategy planning to raise $42 billion for further Bitcoin investments, analysts predict a “golden era” for digital assets under the incoming administration.

Zenith Bank Plc has been named the ‘Bank of the Year, Nigeria’ at The Banker’s Bank of the Year Awards 2024 held in London on Wednesday.

In a statement on Wednesday, the lender stated that the award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, was in recognition of its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.

The Banker’s ‘Bank of the Year’ recognition is among the most coveted and widely regarded awards in the banking industry.

Speaking on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Adaora Umeoji, said, “We are delighted and honoured to have been recognised as the Bank of the Year, Nigeria in The Banker’s Bank of the Year Awards 2024. This award is a testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.

“It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy. We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s number one bank.”

Umeoji also hailed the founder/chairman of Zenith Bank Plc, Jim Ovia, for his visionary role in laying the foundation for a reputable, dominant and globally recognised financial institution known for innovation, superior performance, and the creation of premium value for all stakeholders.

Zenith Bank has earned numerous awards in recent times.

The bank was recognised as the number one bank in Nigeria by Tier-1 capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. It was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

In November, Zenith Bank opened its Paris Branch following the granting of the final approval by the French regulator, the Autorité de Contrôle Prudentiel et de Résolution.

According to the lender, this is part of its global expansion strategy and commitment to serving clients wherever their businesses are around the world.

Over 2,000 abandoned mining pits in the country are expected to be revived under a Memorandum of Understanding (MoU) between Nigeria and France.

Minister of Solid Minerals Development Dele Alake stated this at the weekend.

The MoU was signed during President Bola Ahmed Tinubu’s State visit to France.

In a statement by his Senior Special Assistant on Media Segun Tomori, Alake explained that the agreement would open new opportunities for the remediation of the abandoned mining pits.

The minister added that the MoU had boosted President Tinubu’s efforts at repositioning the country’s solid minerals sector for international competitiveness.

He stated that both countries agreed to develop joint projects to promote and diversify the sector’s value chain for both countries.

The minister added that the two countries identified critical minerals such as copper, lithium, nickel and cobalt as rare earth elements that are essential for clean energy technologies.

The key component of the MOU, according to the statement, is the promotion of sustainable mining activities by executing projects and programmes that reduce the environmental impact of mining.

It also includes the establishment of joint extractive and processing projects through co-financing by public and private entities to diversify and secure the supply of critical minerals and decarbonise energy projects critical to the value chain.

Under the MoU, both countries agreed to collaborate on research, training, and Franco-Nigerian student exchanges for knowledge and skills transfer.

Alake signed for Nigeria while the Inter-Ministerial delegate for Critical Ores and Metals of France, Benjamin Gallezot signed on behalf of his country.

Both nations agreed to adopt international best practices in the execution of projects conceptualised to improve the conditions of the local populace affected by mining whilst placing a premium on transparency.

Through regular bilateral and multilateral training, seminars and events, administrators of institutions in the critical metals sector are expected to improve their capacity to manage the sector’s value chain.

Alake promised that the ministry would leverage the partnership to open up the mining sector to French investors.

The Lagos State Government, through the Commissioner for Environment and Water Resources, Tokunbo Wahab, has reiterated that it has no plans to ban sachet water in the state.

Wahab stated this in a statement posted on his X handle on Sunday in response to a viral video circulating on social media. The video showed individuals bursting packs of sachet water in factories and on buses, sparking rumours of a government ban.

Dismissing claims that the operatives in the video were state government enforcement officers, Wahab clarified that the Governor Babajide Sanwo-Olu-led administration remains focused on addressing plastic waste through sustainable and inclusive measures.

This was outlined in the ministry’s release following an Engagement Workshop held on 3 October 2024.

The commissioner’s tweets read, “My attention has been drawn to a viral video showing some individuals bursting sachet water packs at factories and on buses. I wish to categorically state that these individuals are not enforcement officers from any Lagos State Government agency or the Lagos State Ministry of Environment and Water Resources.

“Upon investigation, it was confirmed that the individuals in question are enforcement officers from the National Agency for Food and Drug Administration and Control. Their actions are part of an enforcement exercise targeting sachet water that does not comply with NAFDAC regulations and is in the interest of public health and safety.

“It is important to emphasise that Lagos State has not banned sachet water and does not have plans to do so. Our focus remains on effective plastic waste management. As part of our commitment, we are implementing mandatory Extended Producer Responsibility (EPR) for producers of polyethylene terephthalate (PET), sachets, and carrier bags of no less than 40 microns.

“To further support this initiative, the Lagos State Government, in collaboration with Producers and Producer Responsibility Organisations (PROs), is establishing a Plastic Waste Management Fund. This fund will be financed by contributions from producers and major importers and will be jointly managed to address the growing challenges of plastic waste in the state.”

The commissioner urged the public to disregard any misinformation suggesting a ban on sachet water in Lagos.

In mid-October 2024, the state government clarified that the ban on single-use plastics and Styrofoam, set to take effect in January 2025, will not include sachet water and PET bottles.

The Lagos State Emergency Management Agency said fire has gutted the underbridge market at Ebute Ero area of the state.

The agency’s Permanent Secretary, Dr Olufemi Oke-Osanyintolu, confirmed this in a statement on Saturday in Lagos.

Mr Oke-Osanyintolu said LASEMA received a distress call at about 22.20hrs.

He said, “Following distress calls via the 767 and 112 toll-free emergency lines at 2220hrs, LASEMA activated its emergency response teams from Lekki, Cappa and the Command and Control Centre, Alausa, Ikeja. On arrival at the incident scene by 22.55hrs, it was discovered that multiple buildings used as shops for sales of car spare parts were found engulfed by fire. The immediate or remote causes of the fire incident were yet to be ascertained.’’

He added that no casualties or injuries were recorded at the incident scene.

“Property and goods worth hundreds of millions of naira were destroyed by the inferno,” he said.

He added that the agency alongside some responders such as the Lagos State Fire and Rescue Service, and the Federal Fire Service were at the scene to prevent the fire from escalating to adjoining buildings.

He noted, “The law enforcement agencies present at the incident scene also activated crowd measures to ensure all-round safety at the incident scene. Frantic efforts are ongoing to completely extinguish the fire. Dampening down has commenced to stamp out the remaining pockets of fire. Salvaging of valuable property in the recovered shops is ongoing and recovery operation still ongoing.’’

The federal government of Nigeria has entered into a €300 million development partnership with France to advance key sectors of the economy, including healthcare, transportation, renewable energy, and sustainable agriculture.

The agreement, signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and France’s Minister of Economy, Finance, and Industry, Mr. Antoine Armand, alongside the French Development Agency (AFD), shows a shared vision for economic growth and sustainable development.

The partnership, sealed in France, includes two critical agreements aimed at driving President Bola Ahmed Tinubu’s Renewed Hope Agenda. Speaking at the signing ceremony, Mr. Edun noted the broader significance of the collaboration.

“This partnership goes beyond financial support. It is about building robust, sustainable systems that foster development and empower Nigerians. It reflects the confidence of international partners in the progress of Nigeria’s economic reforms,” he stated.

The agreements include a Letter of Intent co-signed by Edun and Armand, and a dedicated AFD commitment to fund initiatives that address Nigeria’s critical development needs.

The agreements prioritize investments in the following sectors: Urban Infrastructure and Transportation Networks designed to enhance connectivity and mobility across Nigeria

Others are Healthcare Systems to strengthen service delivery to improve access and outcomes; Renewable Energy to support Nigeria’s energy transition and expanding access to sustainable energy solutions.

There is also Sustainable Agriculture and Food Security initiative to boost agricultural value chains and ensuring food security and education, with a STEM Focus to promote science, technology, engineering, and mathematics to drive innovation and human capital development.

AFD’s CEO, Rémi Rioux, gave the assurance of the agency’s long-term commitment to Nigeria’s development, aligning with the government’s Renewed Hope Agenda. AFD pledged to support projects in energy access, agro-logistics hubs, MSME financing, and sustainable urban infrastructure. These initiatives are expected to foster job creation, improve livelihoods, and stimulate economic growth.

The agency also noted the importance of efficient project implementation to maximize the impact of these investments.

The partnership reflects the growing strength of Nigeria-France relations, emphasizing mutual commitment to sustainable development. The agreements guarantee AFD’s continued support for Nigeria’s transformative projects, fostering shared prosperity.

The United States Consulate in Lagos has celebrated the growing impact of the American Business Council on Nigeria-US bilateral trade, revealing an increase in trade volumes from $10bn to $11.3bn over the past year.

US Consul-General, Will Stevens, during a Thanksgiving event hosted in partnership with the ABC in Lagos, said, “We’ve done so much to build and grow our relationship from increases in bilateral trade, which I mentioned, from a little bit over $10bn of bilateral trade to $11.3bn in the last year.”

Stevens lauded the contributions of US companies and the mission’s initiatives in Nigeria, stating “Tonight, we’re celebrating Thanksgiving with the American Business Council and so many of our partners across Nigeria. It’s a time to come together and acknowledge the incredible work by US companies, the mission, and local communities to strengthen Nigeria.”

Stevens highlighted initiatives such as EducationUSA, which invests in the next generation of Nigerian students pursuing education in the US, and a network of 27 American Spaces that foster cultural and educational exchange.

He said, “We have things like EducationUSA, how the U.S. mission invests in the next generation of students in the United States. We have our network of 27 American spaces represented here.

“We have companies from across Nigeria and wherever you see US companies invested, you see them investing not just in business and trade, but investing in the people that they work with and the people that work for them, but also the communities where they work.”

Stevens hailed US companies for their commitment to Nigeria, emphasising their efforts to uplift local communities, noting “Wherever you see US companies invested, you see them investing not just in business and trade, but in the people and communities where they work.”

Stevens, who announced the end of his tenure in Nigeria, reflected on his career, remarking “It has been the honour of my life to spend the last two and a half years living in Nigeria and working with the amazing people here. Our bilateral relationship has seen remarkable growth, from increased trade to high-level engagements like the Binational Commission meeting in April.”

He expressed pride in being part of this progress and reaffirmed his commitment to advancing Nigeria-US relations, declaring “I’m looking forward to going to Washington and coming back, working on Nigeria issues from Washington.”

The CEO and Executive Secretary of the ABC, Margaret Olele, emphasised the Council’s role as the voice of American businesses in Nigeria and its efforts to foster trade and investment between the two countries.

“We represent over 91 US companies in Nigeria and work closely with the US mission to strengthen various sectors of the country,” Olele said.

She pointed to the Council’s focus on social impact as a cornerstone of its operations, noting “US companies are not here for a sprint but for a long race. You’ll see us in various sectors building capacity and providing value.”

Olele highlighted a recent collaboration with the United States Agency for International Development and a Silicon Valley-based start-up university to train Nigerian youths in digital solutions through cybersecurity hackathons.

Actress and filmmaker Funke Akindele has officially launched her real estate development, marking a major milestone in her career.

Sharing a video on Instagram, Akindele showcased the stunning project, which features a beautifully designed garden inspired by her popular series. She expressed her pride and excitement in realizing her dream of creating a world-class development.

The project is equipped with top-tier infrastructure, including meticulously landscaped homes with flowers and pools, offering a luxurious living experience.

“I’m excited to share a transformative chapter of my life! After years of hard work, I’ve turned my dream of owning a real estate development with world class infrastructure into reality. From the drainage system, the tarred roads, top notch security and uninterrupted power supply, beautified by flowers and pools in every home. I proudly present Jenifa Gardens, a place where dreams come true. This real estate venture embodies the belief that everyone deserves a home that reflects their style and personality..”, she wrote.

On Monday, the naira depreciated at the official market, trading at N1,690.37 against the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the naira lost N38.12.

This represents a 2.3 per cent loss compared to the November 15 trading date when it exchanged at N1,652.25 a dollar.

Also, the daily turnover was reduced to $173.14 million on Monday, down from $296.63 million recorded on Friday.

At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,699.00 and N1,633.52 against the dollar.

On Friday, the naira slightly depreciated at the official market, trading at N1,652.25 against the dollar. Data from the official trading platform of the FMDQ Exchange revealed that the naira lost N2.05.

This represents a 0.12 per cent loss compared to Thursday’s trading, when it exchanged at N1,650.20 to a dollar. However, the daily turnover increased to $296.63 million on Friday, up from the $214.73 million recorded on Thursday.

At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,699.00 and N1,620.00 against the dollar.

The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project.

This was disclosed in the banks’ recently released FY2024 Sanctions System Annual Report.

The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s integrity.

“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.”

In a move to recover the fund, the World Bank engaged with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist.

As a recommendation, the Central Bank of Nigeria has asked to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.

There are indications of a looming debt crisis as Nigeria’s external debt may rise to $45.1 billion by the end of 2024, with the Federal Government planning to secure additional external funding.

This follows a report from the Debt Management Office (DMO), which revealed that the country’s external debt stock increased by $780 million in the second quarter of 2024, growing from $42.12 billion in March to $42.9 billion by June 2024.

Last Thursday, the Federal Executive Council (FEC) approved a $2.2 billion external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.

Speaking on the fresh borrowing plan, the Minister of Finance, Wale Edun, during a briefing after the FEC meeting, stated that it comprises Eurobond and Sukuk offerings, valued at $1.7 billion and $500 million, respectively.

He added that Nigeria’s ability to access the international capital market indicates acceptance and support for President Bola Ahmed Tinubu’s economic reforms.

With the additional borrowing plan of $2.2 billion, the country’s external debt is projected to reach $45.1 billion by the end of 2024.

However, the borrowing plans come at a time when Nigeria spent $3.58 billion servicing its foreign debt in the first nine months of 2024, a 39.77 percent increase from the $2.56 billion spent during the same period in 2023, according to data from the Central Bank of Nigeria.

Recall that the DMO reported in October 2024 that Nigeria’s total debt stock had risen to N134.3 trillion by the end of June 2024.

Reacting to the rising debt profile, the Director of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, criticized the increasing debt burden, citing insufficient revenue capacity and ongoing infrastructural deficits as major concerns.

The Nigeria Labour Congress has accused Dangote Group and oil marketers of ganging up to rip Nigerians off in the Premium Motor Spirit (Petrol) pricing.

NLC disclosed this in a communiqué on Sunday after its National Executive Council Meeting held on Friday.

The Union noted that the current price of petrol, which stood between N1060 and N1,200 per litre, is higher than the market value.

According to the NLC, the high petrol price in Nigeria is an indication of the prevalence of cost padding and abnormal margins in the country’s oil and gas sector at the detriment of Nigerians.

The Union called on the Nigerian government to immediately activate the Port Harcourt refinery takeoff and other government-owned refineries.

“The NEC-in-session noted with increasing dismay the shenanigans around the appropriate pricing of petrol (PMS) in Nigeria.

“It was observed that there may be a gang-up against Nigerians by fat cats in the industry as the current price of the product
is significantly higher than the real market price.

“Padding of costs and abnormal margins seems to be the order of the day considering the revelations from the
ongoing controversy between Marketers and Dangote Group.

“It is entirely possible that Nigerian workers and masses are being ripped off by those who control the levers of economic power in Nigeria, which explains why the domestic public refineries may not immediately be allowed to come on stream.

“NLC demands appropriate pricing of petrol and calls for the public domestic refineries in PH, Warri, and Kaduna to quickly come back on stream to break up the monopolistic stranglehold the big players have on the industry,” NLC stated.

Recall that in the past days, Petroleum marketers and Dangote Refinery have been enmeshed in controversy over petrol pricing.

Dangote Group had announced that its petrol was sold at N960 and N990 per litre.

However, Petroleum Marketers had insisted that imported petrol is cheaper than Dangote Petrol.

But Dangote Refinery accused petrol marketers of importing cheap and substandard fuel, which was denied.

Recent data from the Major Energies Marketers Association showed that the landing cost of imported petrol stood at N971 per liter.

Japan stepped into the foreign exchange market on July 11 and 12 this year, spending a total of ¥5.53 trillion (about $36 billion) to prop up the yen.

This is after it had weakened to around a 38-year low against the U.S. dollar, the Finance Ministry said on Friday.

According to the ministry’s quarterly data, Japanese authorities spent ¥3.17 trillion on July 11 and 2.37 trillion on July 12 in the dollar-selling and yen-buying operation.

This is bringing the total spent on currency interventions this year to ¥15.32 trillion.

The Finance Ministry had previously revealed it spent the amount during the period from June 27 through July 29 without releasing daily breakdowns.

The data confirmed the belief that Japanese authorities had intervened in the currency market.

Over those two days in July, the yen rebounded to as high as 157.30 against the U.S. dollar from as low as 161.76.

On April 29, when the U.S. currency briefly climbed to ¥160.24, its highest level in 34 years, the Japanese government and the Bank of Japan spent some ¥9.8 trillion at the end of April.

Early May slowed the yen’s rapid fall, official data showed. ($1 dollar equals ¥152.96 Japanese).

The Naira recorded its first appreciation against the dollar at the foreign exchange market since Friday last week as FX supply increased.

FMDQ data showed that the Naira strengthened to N1,601.20 per dollar on Thursday from N1,654.09 exchanged on Wednesday.

This represents a significant N52.89 gain against the dollar compared to the N1,654.09 exchange rate the previous day.

Meanwhile, at the black market, the Naira dropped to N1,735 per dollar on Thursday from N1,730 traded on Wednesday.

The development comes as FX transaction turnover increased to $230.99 million on Thursday from $136.68 million the previous day.

Since Monday this week, the Naira had dropped at least N52 per dollar at the official market.