Top News Update 11/07/2017
1. OPEC may ask Nigeria, Libya to cut output
2. NASD recorded 121% rise in trade for 2016
3. Floods: Govt to build retention pond for rainwater
4. Dangote donates N50m to victims of Ife clash
5. Only 3m Nigerians have insurance policies, says Adeosun
6. UNESCO Denies Releasing $230,000, N25 Million for Ekpe, Nyoro
7. UNILAG Generates N5m From Waste Recycling
OPEC May Ask Nigeria, Libya To Cut Output
Nigeria and Libya may be asked to cap their crude oil output soon in an effort to help re-balance the market, the Kuwait Oil Minister, Issam Almarzooq, said on Wednesday. The two countries have boosted oil production since they were exempted from the global cuts led by the Organisation of Petroleum Exporting Countries and other producers. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Bloomberg quoted Almarzooq as saying on the sidelines of an energy conference in Istanbul.
NASD Recorded 121% Rise In Trade For 2016
The NASD Plc said the number of trades executed on NASD over-the-counter market rose by 121 per cent in 2016. Despite numerous challenges that characterised the country’s economic landscape, the Exchange said investors continued to respond to the opportunity to trade their shares in unlisted securities on the platform, as observed in the continued expansion of trades executed. The Chairman, Board of Directors, NASD, Olutola Mobolurin, said this at the company’s Annual General Meeting held in Lagos. He said the activity was partly driven by a 33 per cent increase in the number of admitted securities, 25 per cent increase in authorised traders, and 12 per cent increase in participating institutions.
Floods: Govt To Build Retention Pond For Rainwater
As the residents of Ajah, Lekki, Victoria Island and Ikoyi in Lagos State continue to count their losses following the Saturday flooding of the areas, the state government has said it is building a retention pond to assist in containing flooding in the state. The Commissioner for the Environment, Dr Babatunde Adejare, stated this on Monday. Adejare said a retention pond was currently being built at the Sangotedo area of Lagos State as a form of rainfall harvesting to serve as a reservoir for storm water at the peak of the rainy season for onward release into the Okota River after the rains subsided.
Dangote Donates N50m To Victims Of Ife Clash
Africa’s richest man, Alhaji Aliko Dangote has donated money and equipment worth over N50m to victims of the March 8 clash between Hausa and Yoruba persons in Ile-Ife. The Managing Director of Dangote Foundation, Mrs. Suera Yusuf, who represented Dangote said this during the presentation of cheques to the victims at the palace of the Ooni of Ife, Oba Adeyeye Ogunwusi in Ile-Ife. The beneficiaries are drawn from Hausa and Yoruba communities, who suffered losses during the clash. The Emir of Kano, Sanusi Lamido, who was at the presentation of the cheques said he called Dangote to assist the victims after he and the Ooni visited the scene of the clash to assess the level of destruction.
Only 3m Nigerians Have Insurance Policies, Says Adeosun
The Minister of Finance, Mrs kemi Adeosun, on Monday said that only three million out of 180 million Nigerians possessed insurance policies to protect themselves from uncertainties. Adeosun, who made the disclosure at the ongoing 2017 National Insurance Conference (NIC) in Abuja, noted that insurance was playing critical roles in the economy. The theme of the three-day conference is: “Nigeria Open for Business.’’ She said that total insurance premiums grew from N75 billion in 2005 to over N300 billion in 2016 and contributed approximately 0.7 per cent to the Gross Domestic Product. She said that the figure was less than the African average of 3.3 per cent and the global average of seven per cent.
UNESCO Denies Releasing $230,000, N25 Million For Ekpe, Nyoro
The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has denied the rumour making the rounds that it has released the sums of $320,000 and N25 million for the enlisting of Ekpe and Nyoro cultural practices in Cross River State on the organisation’s World Heritage map. National Professional Officer for Culture, UNESCO Regional Office, Mr. Ifeanyi Ajaegbo, cleared the air when he visited the Obong of Calabar, Edidem Ekpo Okon Abasi-Otu V, and members of the Etuboms Traditional Rulers Council, and other palace chiefs Monday.
UNILAG Generates N5m From Waste Recycling
The Senior Environmental Engineer, University of Lagos, Mrs Sade Nubi, said the institution through its recycling initiative realised about N5m from waste generated by the university community. Nubi, on Monday at the ongoing Africa Cleanup conference in Cape Coast, Ghana, ssaid that the university generates about 32.2 tons of waste monthly from its 97,000 population including visitors. “We try to make sure that the school environment is clean, we make sure that we sensitise people to know that we can create wealth from waste.