News
Cultists kill 11 in Ogun to mark anniversary
No fewer than 11 persons have been killed by suspected cult members in Igode and Fakale communities in the Sagamu Local Government Area of Ogun State.
Four persons were also injured while houses and cars were vandalised in the attack that lasted for about 10 hours. Punch
Makarfi, Sheriff initiate peace moves
The end may be in sight for the lingering crisis in the leadership of Peoples Democratic Party, PDP, as factional leaders of the party, Senator Ali Modu Sheriff and Senator Ahmed Makarfi, have commenced negotiations on how to engender peace.
The immediate past national vice chairman of the Party, PDP, for South-South, Dr. Cairo Ojougboh, who disclosed this at a press conference in Abuja, said the Sheriff’s camp had made its terms for truce known to the Makarfi group through an ‘intermediary.’ Vanguard
Dallas Shooting: 5 Police Officers Killed during Protests
Shooters killed five officers during protests against police in downtown Dallas, marking the deadliest single attack on law enforcement since September 11, 2001. Gunshots rang out Thursday night during demonstrations against the fatal shootings of two African-American men by police in Louisiana and Minnesota. This Day
For First Time in 15 Years, NNPC Reports Monthly Profit of N274m
After ten months under the stewardship of Dr. Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), the state-run oil firm finally turned the corner, reporting an operating profit of N273.74 million for the month of May and reversing the losses of N35 billion made by NNPC over the last 15 years. This Day
Business News
Nigeria loses N138b to public holidays
The three-day public holiday declared by the Federal Government in an economy inching closer to recession, will cost the country N138 billion by the time activities resume today. Guardian
Foreign airlines lose N67bn to new forex policy
The over 25 foreign airlines flying into Nigeria have lost a combined sum of $240m (N67.2bn) following the adoption of a new foreign exchange policy by the Central Bank of Nigeria, investigations by our correspondent have revealed.
The International Air Transport Association, the global trade body for about 260 airlines, had in May put the unremitted ticket sales proceeds in Nigeria by international airlines at $600m.
However, the movement of the CBN’s interbank exchange rate from N197 per dollar to over N280 per dollar, following the adoption of the new forex policy, has made the foreign airlines to lose at least 40 per cent of the $600m. Punch
NCAA Authorises Domestic Airlines to Increase Airfares
The Nigeria Civil Aviation Authority (NCAA) has directed domestic airlines to increase the fares payable on air tickets to ensure safe and efficient services to air travelers.
Specifically, the NCAA, which is the regulatory body for aviation in Nigeria, urged the airlines to make sure that airfares are in tandem with cost of operation, factoring in the high prices of aviation fuel, charges and other expenses incurred by providing service to passengers. This Day
Hope dims for mortgage-backed homeownership as PMBs loans decline 31.8%
Hope is fading gradually and steadily for Nigerians looking to become home owners through mortgage, as loans and advances from primary mortgage banks (PMBs) have declined, limiting access through that window considerably.
The Nigeria Deposit Insurance Corporation (NDIC) says loans and advances extended by these PMBs declined by a steep 31.87 percent to N168.96 billion in 2015. Business Day
Naira rises to 364/£1 but Nigerians can barely buy or sell
The naira is currently trading at 364 to the British pound but Nigerians can barely buy or sell.
The local currency, which traded at 376 to the pound on Monday, became stronger on Wednesday, following Brexit pains in one of the world’s largest economies, UK.
The British currency fell as low as £1/$1.28 on Wednesday following uncertainties in the overall economy of the UK, after its decision to leave the European Union. The Cable
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.