Osinbajo Swears In Onnoghen As Chief Justice Of Nigeria
Acting President Yemi Osinbajo has sworn in Walter Onnoghen as the 17th Chief Justice of Nigeria. The swearing-in ceremony was conducted Tuesday inside the council chambers of Aso Rock presidential villa, Abuja. Mr. Onnoghen, a native of Cross River state, was first appointed by President Muhammadu Buhari as acting CJN on November 10, 2016 after the retirement of former CJN, Mahmoud Mohammed. Mr. Osinbajo returned his name to the Nigerian Senate for confirmation as substantive CJN on February 8. The Senate screened and confirmed him on March 1.
Nigeria Records Increase Of 6.5% External Trade In 2016
The National Bureau of Statistics (NBS) said the value of the total trade at the end of 2016 was N17. 35 billion. The NBS said that the figure was 6.5 percent higher than the value recorded in 2015. The bureau announced this in a report on “Merchandise Trade Intensity Index/Re-exports for fourth quarter’’, released in Abuja. The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28 billion. “The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.
OPEC: Oil Deal Exceeding Expectations
The Organisation of Petroleum Exporting Countries (OPEC) says the historic oil deal sealed in December is yielding more results that expected. The Vienna-based oil cartel, said some countries party to the deal are cutting production levels below the points agreed at the December accord. In its first bulletin for 2017, OPEC said 24 countries have joined in turning a new page in the oil history of the world. Quoting Alexander Novak, minister of energy of the Russian Federation, OPEC said “the results we are observing … are exceeding our expectations. In fact, many countries are going beyond what has been agreed in December in working strongly to the letter in the spirit of the ‘Declaration’.”
Universal Insurance Posts N7 Billion Shareholders Funds
The Universal Insurance Plc has disclosed the growth of its shareholders’ funds up to N7 billion and the company’s solvency margin increasing to N5 billion. The Company’s Managing Director, Mr. Ben Ujoatuonu, who disclosed these, assured that with financial standing, the company is posed to meet its obligations to the clients and the insurance sector apex regulatory body, the National Insurance Commission (NAICOM). Against the backdrop of reports suggesting financial difficulty by the company, Mr. Ujoatuonu said that the NAICOM has overseen the company’s financial report like other operating firms without raising any issue.
Economic Recovery Plan Hinged On Science, Technology, Innovation
The Nigerian Economic Recovery and Growth Plan (ERGP) will be driven by Science, Technology and Innovation, with the youths being targeted to deliver the plan, the Minister of Budget and National Planning Minister, Senator Udoma Udo Udoma, has disclosed. Senator Udoma, while receiving the Country Representative of United Nations International Children’s Emergency Fund (UNICEF), Mohammed Malick Fall, in Abuja at the weekend, said government is working strategically to address the economic challenges of the country with appropriate attention focused on young people, who are the source of the country’s economic strength.
Currency Markets In Wait-and-see Mode
The Aussie is outperforming its major peers early Tuesday after the Reserve Bank of Australia held interest rates steady at 1.5%. This move was widely anticipated and many market participants deemed the statement as boring with no fresh signals provided on the future path of interest rates, however, the minor tweaks were enough to send AUD higher. Governor Philip Lowe seemed to rule out the idea of pulling interest rates lower, although inflation remained well below the 2-3% target at 1.5%. The improved conditions in business and consumer confidence along with higher commodity prices are viewed as positive signs of future inflation, which indicates that the easing cycle is currently in the rear-view mirror.
New immigration policy: FG Issues Travel Advisory To US-bound Nigerians
Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, has advised Nigerians who have no compelling or urgent reason to travel to the US to postpone their travel plans until the new administration’s policy on immigration was clear. Dabiri-Erewa, in a statement by her Special Assisatant on Media, Mr. Abdurrahman Balogun, said the warning became imperative due to series of reports received by her office.
Oil Firm Investors Seek Speedy Hearing At Supreme Court
Over 13,000 investors of the Nospecto Oil and Gas Limited, have called for a speedy hearing of their suit at the Supreme Court. Speaking under the umbrella of Nospecto Investors Forum, the group called on the Acting President of Nigeria, Prof. Yemi Osinbajo, the Chief Justice of Nigeria (CJN), Walter Onnoghen, and the Presidential Advisory Committee against Corruption headed by Prof Itse Sagay (SAN) to direct Supreme Court to hear their matter expeditiously.
Abuja Airport Shuts Down Tonight For N5.8b Runway Repair
The Federal Government yesterday officially announced the temporary closure of the Nnamdi Azikiwe International Airport (NAIA), Abuja, for six-week rehabilitation work on its runway. It was learnt that the repair exercise and logistics would cost N5.8bilion. The announcement was made jointly by the Minister of Information and Culture, Lai Mohammed, his counterparts in Transportation, Rotimi Amaechi and Aviation, Hadi Sirika, yesterday to put an end to weeks of speculations, debates and apprehension on a likely postponement of the closure date given the state of preparedness at the Kaduna Airport.