Economy
N208 million Stolen With Forged Signatures From The Labour Ministry’s Empowerment Initiative .
According to the Senator Matthew Urhoghide-led Senate Committee on Public Accounts, the programme was organized in all the six zones of the Federation in 2021 with N35 million for each zone, apart from South-East where N32 million was voted for.....KINDLY READ THE FULL STORY HERE▶
And the fund used for the programme was drawn from Service Wide Vote (SWV).
The SWV has become subject of investigation by the Senate Public Accounts due to failure to subject the expenditure to the scrutiny of Auditor General of the Federation Office before expenditure.
During the presenting of the lists of participants to Senate Public Accounts Committee, the members observed the few persons signed for participants to collect their stipends in the six geo-political zones as the Ministry failed to make available the phone numbers of participants of the skill acquisition programme.
In his remarks, Senator Urhoghide who wondered how the officials paid millions of naira via cash for programme instead of bank transfers, however observed that the character of the signatures in participants list made it look the same and not a single person used his name as a signature.
The Committee members who noted that the Ministry would have used E-payment to pay the participants of training programme, said, “The signatures can’t stand forensic test if we subject to the forensic test.”
On his part, Urhoghide said, “The money ought to have been paid straight into the accounts. You see one person signing for many people. There is clear violation of E-payment.”
However, the Permanent Secretary of the Ministry, Ms Kachollom S. Dajua and officials from the ministry failed to give convincing explanation to the Committee, arguing that due process was followed in paying the participants at the zonal Skill Acquisition Training.
The Ministry collected N2.3 billion from the Service Wide Vote from 2017 to 2021 out of which N1.146 billion was meant for Capital while N1.162 billion was suppose to be for recurrent.
The Federal Government of Nigeria has called on International Oil Companies (IOCs) to increase their investments in the country’s oil and gas sector, emphasizing the favorable investment climate created by the nation’s fiscal policies.....KINDLY READ THE FULL STORY HERE▶
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, made the appeal during the Cross Industry Group (CIG) meeting in Florence, Italy, organized by IOCs operating in Nigeria. The meeting aimed to address challenges, expectations, and strategies to enhance Nigeria’s contribution to regional energy needs across Sub-Saharan Africa.
In a statement released by his Special Adviser, Nneamaka Okafor, the minister highlighted that the President Bola Tinubu administration had implemented investment-friendly policies, including incentives for deep water investments. Lokpobiri stressed that while IOCs face challenges related to engineering, procurement, and construction (EPC) contractors, these obstacles can be overcome if IOCs make strong, strategic investment decisions.
“The ball is in the court of the IOCs and other operators to make the investment decisions that will drive increased production and sustainability in the sector,” the minister said, emphasizing the government’s role in creating an environment conducive to investment.
Furthermore, Lokpobiri called for support from IOCs for local refining efforts, noting the government’s push to bring more refineries online, which will require a steady supply of crude oil. He also reiterated the government’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to ensure that idle assets are developed or redistributed to willing investors.
The minister’s remarks also encouraged collaborative measures such as resource sharing and farm-outs, particularly for underutilized assets, to promote production. He warned that the government would reclaim assets that remained underdeveloped for decades.
In response, Osagie Osunbor, Chairman of the Oil Producers Trade Section (OPTS), praised the minister for engaging directly with industry players and affirmed the government’s commitment to creating a favorable investment environment.
The Federal Government remains steadfast in fostering a thriving oil and gas industry and expects IOCs to match this commitment by making tangible investment decisions that will contribute to Nigeria’s energy security and economic growth.
The black market exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) for today, March 31, 2025, has been released.....KINDLY READ THE FULL STORY HERE▶
According to reliable sources at the Bureau De Change (BDC), the exchange rate at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX, shows that traders are buying dollars at ₦1,560 and selling at ₦1,580 as of Sunday, March 30, 2025.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market rates. Instead, the CBN advises individuals who wish to engage in forex transactions to approach their respective commercial banks.
For comparison, the official CBN rate for the dollar today shows a highest rate of ₦1,542 and a lowest rate of ₦1,520. However, exchange rates may vary depending on the provider or location.
Foreign exchange rates in the black market often differ from the official rates set by the CBN, influenced by factors such as demand and availability. As a result, forex traders and individuals looking to convert dollars to naira are advised to verify rates before making transactions.
Stay informed with the latest updates on the dollar to naira exchange rate and other economic news.
Black Market Dollar To Naira Rate Hits New High – See Today’s Rates March 1, 2025Looking for the latest Dollar to Naira exchange rate at the black market (parallel market)? Check out the rates for March 1, 2025, below.....KINDLY READ THE FULL STORY HERE▶
As of Friday, February 28, 2025, Bureau De Change (BDC) sources confirm the following exchange rates at the Lagos Parallel Market:
- Buying Rate: ₦1,495 per $1
- Selling Rate: ₦1,505 per $1
The Central Bank of Nigeria (CBN) has set the official exchange rates as follows:
- Highest Rate: ₦1,504 per $1
- Lowest Rate: ₦1,490 per $1
⚠️ Note: The CBN does not recognize black market transactions and advises individuals to conduct foreign exchange transactions through official banking channels.
Important: Exchange rates fluctuate and may vary from what is listed in this report. Always confirm from your forex dealer before making any transactions.
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