Author: straightnewsng.com

Central Bank of Nigeria, Wednesday, auctioned its maiden Chinese Yuan worth N3.6 billion at Naira 49-51 per Yuan. The auction is part of efforts to encourage the use of an alternative trading currency to the US dollar, as Nigeria is one of the largest importers of Chinese goods in Africa. Chief Economist with Vetiva Capital Management says the move will strengthen naira and eliminate multiple exchange rate. The development, which came few days after the official take-off of foreign exchange intervention with the foreign denomination, was executed alongside the usual interbank retail Secondary Market Intervention Sales worth $340.5 million. The…

The popular CNN anchor and correspondent, Isha Sesay says she is leaving the media organisation after putting in 13 years due to its obsession with Donald Trump to the exclusion of other issues. The British-born Sierra Leonean announced her departure from CNN via Twitter, giving her reasons for doing so in an interview with What We See magazine. ‘WESTERN MEDIA TOO TRUMP-FOCUSED’ Citing the western media’s “obsession with Trump,” the journalist said she would rather spend her time on things that are important. “It’s all so Trump-focused. He sucked all of the oxygen out of the room. The media is…

The impeachment process initiated against Governor Samuel Ortom took a new dimension as Makurdi High Court, Wednesday, restrained the eight members of the Benue State Assembly from continuing with the process. The court also restrained the affected lawmakers from sitting and upheld their suspension pending the determination of the Motion on Notice. Eight members of the state Assembly led by Terkibir Ikyange, the impeached Speaker, had, on Monday, begun impeachment process against the governor. Ruling on the application on orders restraining the eight members from sitting, presiding judge, Justice Theresa Igoche, also restrained the Chief Judge of Benue State from…

The All Progressives Congress (APC) has continued to witness political somersaults following a gale of defections rocking the ruling party. Senate President, Bukola Saraki has formally announced his departure from the country’s All Progressives Congress (APC). Also, Abdulfatah Ahmed, the Kwara State Governor, made a similar announcement at about the same time. Bolaji Abdullahi, National Publicity Secretary of the All Progressives Congress (APC) has equally dumped to join Saraki in PDP. Mr Saraki made his announcement on his official social media handles. “I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the…

Petroleum Technology Development Fund, PTDF, Monday, said it has cut down the number of partner universities in the United Kingdom from 60 to 15. The agency said it also suspended requests for extension in scholarship programmes beyond the stipulated period. Speaking at the 2018/2019 PTDF Overseas Scholarship Scheme for MSc and Ph.D scholars under the United Kingdom Strategic Partnership in Abuja, Mr. Aliyu Gusau, Executive Secretary of the PTDF, stated that henceforth, scholars must endeavour to complete their programmes within the stipulated time. According to him, the Fund will no more condone any form of extension, except in ‘extenuating circumstances.’…

As part of the Federal Government commitments to support the growth in the Micro, Small and Medium Enterprises, MSME, 36 finalists have been selected for national MSME awards expected to hold in Abuja on August 2. A statement by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, office of the Vice President, in Abuja Monday, explained that the 36 finalists were selected from businesses across the country. Akande further said that the selection process started on July 3, 2018, adding that the 36 finalists comprised three MSMEs in each of the 12 award categories designed for…

The Senate President, Dr. Bukola Saraki, and former governor of Nasarawa State, Senator Abdullahi Adamu, Monday, traded barbs as both described themselves as mischievous, compulsive liars. While Saraki lambasted Senator Adamu, APC, Nasarawa West, describing him as a latter-day supporter of President Muhammadu Buhari, Adamu alleged that the Senate president plotted to succeed the President when he (Presient Buhari) was sick and undergoing treatment in London. Saraki, who vowed to expose Senator Adamu on unpalatable stories he told him about President Buhari in Morocco last year, said Adamu’s sudden support for Buhari came after men of the Economic and Financial…

Speaker of the House of Representatives, Yakubu Dogara, said Monday that there was need for Nigerians to get value from the N123 billion Nigerian Electricity Market Stabilisation Fund, NEMSF, provided by the Federal Government as subsidy to operators in the sector. Dogara stated this at the public hearing held by the House Ad-hoc committee set up to interface with the Nigerian Electricity Regulatory Commission, NERC, on the Multi-Year Tariff Order, MYTO. The speaker explained that the investigative hearing became necessary in order to critically examine and re-assess all inputs and assumptions in the Multi-Year Tariff-Order, MYTO, system in the electricity…

The Chairman of Reformed All Progressives Congress, R-APC, Buba Galadima, has said the cosy relationship between President Muhammadu Buhari and the national leader of the All Progressives Congress, Asiwaju Bola Tinubu, was an afterthought. In a tell-all account in the current edition of The Interview magazine, Galadima said he was principally responsible for the alliance between the Congress for Progressive Change, CPC, and the Action Congress of Nigeria, ACN, against Buhari’s wishes. Buhari and Tinubu were the leaders of CPC and ACN, two of the five legacy parties that formed the APC in 2014. Galadima said, “Buhari was the one…

Oando Plc recorded N8.5 billion profit in the first half of 2018 (H1’18), the company’s seventh quarter consecutive profit. The company’s profits swelled as oil prices increased. An analysis of Oando’s financials shows that the company’s turnover grew by 11 percent to N297.3 billion from N267 billion (H1 2017); gross profit increased by 53 percent to N51 billion compared to N33.4 billion (H1 2017); and profit-after-tax increased by 86 percent to N8.5 billion compared to N4.6 billion (H1 2017). In its upstream business, Oando recorded a net profit of N27.1 billion ($75.2 million) compared with N16.3 billion ($53.2 million) in the comparative…