By Tony Obiechina, Abuja The Securities and Exchange Commission has exposed new rules on Shariah Advisory Services for non-interest capital market products and services. According to the SEC, Shariah governance is crucial considering that compliance with Shariah rules and principles is important in Non-interest Capital Market operations/transactions. “The provision of the rules is in line with local and international best practices. The regulatory organization in the Nigerian Financial System such as CBN, NAICOM had issued such guidelines to provide clear and good Shariah governance in their respective sectors. “Making the Shariah Advisory service a registrable function in the market will…
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By Tony Obiechina, Abuja Following the devastating effects of the the Russia-Ukraine war on the Nigerian economy, the Federal government has directed the Development Bank of Nigeria (DBN) to provide affordable financing to a wider cross- section of the country’s Small and Medium Scale Enterprises (MSMEs). The Minister of Finance Budget, and National Planning, Mrs Zainab Ahmed gave the directive while declaring open on behalf of the Vice-president, Yemi Osinbajo the 3rd Annual Lecture Series of the Bank with the theme: “Thriving in the Face of Domestic and Global Disruptions”, in Abuja on Thursday. Ahmed said DBN’s intervention has become…
By Tony Obiechina, Abuja The Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Adeyemi Adeniran has pledged his organization’s preparedness to contribute to providing government with relevant information in tackling insecurity challenge in the country. Prince Adeyemi Adeniran gave the assurance at the Opening of the 45th Annual Statistical Conference of the Nigerian Statistical Association (NSA) on Thursday in Keffi, Nasarawa State. The Theme of the conference which attracted participants from across the country is ” SECURITY CHALLENGES IN NIGERIA AND ASSOCIATED CONSEQUENCES: ” Adeniran said the security situation in the country will improve…
Nigeria LNG Limited (NLNG) has said it remains committed to supply 100% of all its Liquified Petroleum Gas (LPG) production (butane and propane) to the Nigerian domestic market despite feedgas and market challenges. NLNG’s Managing Director/Chief Executive Officer, Dr. Philip Mshelbila, made the statement today at the Nigerian Association of LPG Marketers (NALPGAM) 35th Annual General Meeting in Port Harcourt, Rivers State. He stated that there were challenges which have slowed the utilisation of LPG in the country, which include the inability of the market to completely absorb NLNG’s propane production, leading to its sparse export of propane to avoid tank-top…
President Muhammadu Buhari has welcomed the initiative undertaken by the National Peace Committee to commit all political actors to issue-based campaigns devoid of incitement, personal insults and attacks. In a video-message to the signing of the 2023 election Peace Accord by the presidential candidates, organised by the National Peace Committee, on Thursday in Abuja, the President warned that the rise of fake news and misinformation have continued to pose a significant threat to democracy in Nigeria. The President said fake news and misinformation have shifted focus away from issue-based campaigns to amplifying the potential for personal attacks, insults and incitements.…
The National Drug Law Enforcement Agency (NDLEA) has urged the Independent National Electoral Commission (INEC) to caution political parties against use of illicit drugs during campaigns. Mrs Mositi Mathias, Head of NDLEA Drug Demand Reduction Unit, Adamawa Command, gave the advice at a workshop organised by the National Orientation Agency (NOA) for its staff, on Thursday in Yola. The News Agency of Nigeria NAN reports the workshop was on “War Against Drug Abuse: regulations and guidelines for the conduct of 2023 general elections’’. Mathias said that this would prevent political thugs from disenfranchising the electorate through violent conduct. “There should…
The Lebanese parliament on Thursday failed to elect a new president for Lebanon to replace incumbent President Michel Aoun when his term ends on Oct. 31. The first round of voting was attended by 122 parliament members, with 36 votes for Michel Mouawad, 11 for Salim Edde, 63 blank votes, and 12 uncounted votes. A second round didn’t take place because the session lost the quorum. Parliamentary speaker Nabih Berri said he would call for another session once a consensus is reached on a presidential candidate. Lebanon has been suffering from an unprecedented financial crisis. And the election of a…
Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6 per cent to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group said. One source from the Organisation of the Petroleum Exporting Countries (OPEC) said a cut looks likely…
The National Examinations Council (NECO), said over 70 per cent of candidates who sat for the 2022 Senior Secondary Certificate Examinations (SSCE) internal made credit in mathematics and English language. The Registrar and Chief Executive Officer of NECO, Prof. Dantani Wushishi, said this while announcing the results at its headquarters in Minna on Thursday. According to him, the examinations have been adjudged by many stakeholders to be hugely successful in recent years. Wushishi said that the results were released exactly 45 days after the examinations were taken. The registrar said that certificates for 2022 SSCE (Internal) would be ready three…
Nigerian political economist, Prof. Kingsley Moghalu has cautioned the National Assembly against passage of a bill to remove the Central Bank of Nigeria (CBN) Governor as Chairman of the bank’s Board of Directors. Moghalu, a former Deputy Governor of the CBN in a statement in Lagos on Thursday, said such step to remove the power of the board to fix the bank’s budget and set the salaries of its staff was completely wrongheaded and should be dropped. The News Agency of Nigeria (NAN) recalls that the bill which sought to remove the governor of Nigeria’s apex bank, CBN, as chairman of its…