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BREAKING: Buhari receives first made-in-Nigeria phone

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Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has presented the first made-in-Nigeria mobile handset, ITF Mobile, to President Muihammadu Buhari.

The presentation was made during the FEC meeting at the State House, Abuja.

Adebayo said it was produced by the Electrical/Electronics Technology Department of the Industrial Training Fund’s (ITF) Model Skills Training Centre, using locally sourced components.

He said 12 indigenous mobile cell phones were produced by the Model Skills Training Centre of the Industrial Training Fund, an agency under Ministry of Industry Trade and Investment.

“It gives me great pleasure, Mr President, to present you with one of the phones,” Adebayo said.

Also before the start of the FEC meeting, Buhari presided over the swearing-in ceremony of a commissioner each for the National Population Commission (NPC) and the Federal Civil Service Commission (FCSC).

Those sworn-in are Wakil Bukar as commissioner of the FCSC and Mohammed Dattijo Usman as commissioner of the NPC.

Bukar is to replace the FCSC commissioner from Bauchi State while Usman replaces the NPC commissioner from Niger State.

Representatives from the two States died recently.

President Buhari is presiding over the FEC meeting at the conference room of the First Lady’s office.

 

Those attending the meeting physically are the Vice President, Professor Yemi Osinbajo (SAN); Secretary to the Government of the Federation (SGF), Boss Mustapha; and Chief of Staff to the President, Professor Ibrahim Gambari.

Others are Ministers of Information and Culture, Lai Mohammed; Finance, Zainab Ahmed; Justice, Abubakar Malami; and Industry, Trade and investment, Niyi Adebayo.

The Head of Service of the Federation, Dr. Folasade Yemi-Esan and other ministers joined virtually in the weekly cabinet meeting from their various offices in Abuja

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Naira trades at N1,415/$ on parallel market

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Naira trades at N1,415/$ on parallel market

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.

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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.

Naira trades at N1,415/$ on parallel market

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CBN extends suspension of cash deposit charges by bank customers

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CBN extends suspension of cash deposit charges by bank customers

The Central Bank of Nigeria (CBN) has directed commercial banks to extend suspension of charges on cash deposit until September 30 this year.
This directive was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.

Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.
The new circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

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Fuel: Independent marketers introduce new pump price

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Fuel: Independent marketers introduce new pump price

New reports indicate a surge in fuel pump prices across the nation, with both major and independent marketers adjusting their rates.

Investigations conducted in Abuja and Lagos reveal a significant disparity in petrol prices between stations owned by major and independent marketers.

Major marketers are keeping their prices relatively steady, whereas independent operators have increased their rates by 20 to 30%.

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Presently, major marketers are vending at an average of ₦605 per litre, while independent marketers are setting prices at around ₦730 per litre.

Independent marketers attribute the price hike to a breakdown in the system of the Nigerian National Petroleum Company Limited (NNPCL), pointing to advantageous Business-to-Business transactions benefiting major marketers.

They clarify that independent marketers no longer have direct access to imported petroleum products at depot prices.

Further investigations indicate that while petrol is available at stations throughout Lagos, prices have not decreased.

A motorist, Olatunde, disclosed purchasing petrol for ₦850 per litre at a station along the Iju-Ishaga area of Lagos, despite the absence of queues. He noted this as a significant increase compared to the previous ₦630 per litre.

Fuel: Independent marketers introduce new pump price

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