Economy

Aug
31
2024
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By Ahmed Ture
Launched into Leadership: Belemaoil Appoints New CEO, CFO to Drive Transformation and Growth

Launched into Leadership: Belemaoil Appoints New CEO, CFO to Drive Transformation and Growth

Breaking, Economy, Nigeria
Indigenous global oil firm, Belemaoil Producing Limited, has announced the appointment of Ahmadu H. Sambo as its new Managing Director/Chief Executive Officer and Emmanuel O. Onos as its Chief Finance Officer. The appointments aim to drive the company's transformation and realize its shared vision. Sambo, a former Group General Manager (GGM) of Finances at NNPC, brings over 35 years of experience in the oil and gas industry. Onos, the new CFO, has over 35 years of experience in the financial space of the oil and gas industry. "The board is confident that under the leadership of the new MD/CEO, Belemaoil…
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Aug
26
2024
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By Ahmed Ture
Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Breaking, Economy, Nigeria
The Nigerian Naira suffered a significant decline, losing N72.58 against the US dollar in July 2024, according to the FMDQ financial market report. The foreign exchange turnover skyrocketed to $7.39 billion, representing a 10.02% increase from the previous month. In Naira terms, the FX turnover stood at N11.48 trillion, surpassing the N10.01 trillion traded in June. The Naira's depreciation led to an exchange rate volatility increase, with the local currency trading between N1,500.32 and N1,621.12 per dollar, compared to the previous month's range of N1,473.66 to N1,510.10 per dollar. Despite the Central Bank of Nigeria's efforts, the Naira's value against…
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Aug
26
2024
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By Ahmed Ture
Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Breaking, Economy, Nigeria, Opinion, Politics, ,
The President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Iwejuru Ugorji, has appealed to President Bola Tinubu to reassess his economic policies, citing the escalating hardship faced by Nigerians. Speaking at the 2024 Second Plenary Assembly of the CBCN in Auchi, Edo State, Ugorji emphasized that the current economic policies have caused more harm than good. Ugorji, also the Archbishop of Owerri, acknowledged that the socio-economic challenges facing the nation cannot be resolved by economic reforms alone. He advocated for a return to a regional system of government to combat corruption and address the nation's problems.…
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Aug
23
2024
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By Ahmed Ture
Bolt Takes Action to End ‘Taxi-War’ Between Nigeria and South Africa

Bolt Takes Action to End ‘Taxi-War’ Between Nigeria and South Africa

Africa, Breaking, Economy
Online taxi firm Bolt has restricted inter-country ride requests between Nigeria and South Africa due to a social media prank war between the two nations. The prank involved booking and canceling rides in the other country, wasting drivers' time, fuel, and money. Bolt identified and blocked users participating in this malicious game, which affected drivers in both countries. The company understands the impact on its driver-partners and has taken measures to prevent further disruptions. The prank war is believed to have started on social media, with users in both countries engaging in a long-standing tradition of trolling each other. However,…
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Aug
14
2024
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By Ahmed Ture
President Tinubu’s Wife Reaffirms Husband’s Deep Love For Nigerians

President Tinubu’s Wife Reaffirms Husband’s Deep Love For Nigerians

Breaking, Economy, Nigeria, Opinion, Politics
Nigeria's First Lady, Oluremi Tinubu, has reiterated her husband's dedication to the nation's well-being, despite the current economic difficulties. During a recent courtesy visit to Oba Rilwan Akiolu of Lagos, she conveyed President Bola Ahmed Tinubu's promise to tackle the country's challenges head-on. In a statement released by her Media Aide, Busola Kukoyi, the First Lady expressed her husband's love for Nigeria and its citizens, assuring that he will work tirelessly to address their concerns. Oba Akiolu, in his remarks, called for patience and prayer, emphasizing that "everything good needs prayers." This reassurance comes as Nigerians face significant economic challenges,…
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