“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Rotary Club of Omole Golden installs Alih new president
![](https://newstrends.ng/wp-content/uploads/2020/11/Rotary-omole-scaled.jpg)
By Dada Jackson
It was an atmosphere of goodwill and funfare at the 17th installation of the president and induction of board members of the Rotary Club of Omole Golden in Lagos.
The ceremony witnessed the installation of Rotarian Alih Hassan Ogwu as the 17th President of the Club for 2020/2021, taking over the leadership from Rotarian Babajinmi Ajibola.
Allih who is a multiple Paul Harris fellow and a recipient of the Rotary Youth Leadership Award joined the Omole Rotary Club in 2014 and has served the club in various capacities including the Vice President in 2017/2018 Rotary year.
As a Corporate Member of the Nigerian Institute of Building (NIOB) and a registered builder with Council of Registered Builders of Nigeria (CORBON), Rotarian Alih is currently the Managing Director of Blarkcave Nigeria Limited, a Building and Civil Engineering Company in Lagos.
In his acceptance speech, the new President acknowledged the share dedication and commitment of past Presidents of the club, stating that their labour for humanity will remain memorial.
“The Presidency of our club has passed through the hands of men and women who through dedication and selflessness have kept the club alive. Without them there will be no Omole Golden”, he said.
He said though the year has thrown at human race an unprecedented challenge, Rotary is proud of the feat achieved so far and as people of action and volunteers they will do more to bridge the gap between all the negative things that tend to retard human progress.
While maintaining that the club will continue to build on the foundation laid by its leaders, the President revealed that within the Rotary year, the club has executed several projects in line with the Club’s 6 focus areas some of which were carried out with international partners in conjunction with Rotary 9110.
According to him, one of the projects that is dear to the heart of Rotary Club of Omole is the completion of neonatal clinic at Ifako Ijaiye General Hospital because it has to do with giving people the opportunity to live again. Our commitment with international partners through the global grant to ensure high-tech modern equipment are provided for the centre will give premature babies the opportunity to survive.
“We want to do more on water sanitation, we want to do more on in economic development and empowerment of our people, we want to do more in basic education and literacy, we want to do more on maternal and child health, we want to do more on in peace and conflict prevention, we want to do more in all areas of rotary focus”, Rotarian Alih disclosed.
Speaking on the theme of the year “Rotary opening doors of opportunities”, Rotarian Alih explained that the theme means an opportunity for Rotarians to step up humanitarian works by scanning through the needs of communities and in little ways offer a helping hand to bring relief to most of their needs.
“To those that need our help, the theme will mean different thing based on their need. To parent of a premature baby, it will be an open door to survival and to those who need portable drinking water, it will be an opportunity for a running tap in their community. I hereby call on men and women of high integrity and humanitarian spirit to join the Club”, he stated.
Earlier in his address, the Outgoing President of Rotary Club of Omole Golden, Rotarian Babajinmi Ajibola explained that the club has been able to connect the world in spite of the numerous challenges that faces humanity in recent times.
He pointed out that some of the significant project which the Club were able to execute in the past year include the donation of ICT lab at Ojodu Grammar School, donation of water borehole to Yakoyo Community, donation of a phototherapy machine along with incubator to Ifako Ijaiye General Hospital, peace and conflict resolution in partner with Area F Police Command and Micro Credit empowerment for 15 persons.
“Having connected the world in our year, let me specially welcome you all to the a new dawn of “Rotary Opens Opportunities” as we continue to support our philanthropic mission”, he stated.
The Chairman of the occasion, the Executive Director, Business Development and Operations, Global Accelerex Ltd, Mr. Olukayode Ariyo described the theme of the year as a symbolism of the present reality of the new normal.
According to him, this theme strengthens the ideals of the noble organisation by creating opportunities for a better world and uplifting the hope of the common people in the society.
“We must continue to use our strength for global support in creating changes needed in our community. fighting diseases, projecting peace and conflict resolution, improving education and literacy and above all, building bridges for socio-economic development.
The Executive Secretary, Lagos State Employment Trust Fund (LSETF), Mrs. Teju Abisoye who spoke on the recovery programmes of the Lagos State Government for SMEs affirmed that government has activated a bouquet of recovery program to cushion the effect of the pandemic on SMEs across the State.
While highlighting several collaborative efforts which Government has instituted to support SMEs in order to survive the climate, the Executive Secretary revealed that the SMEs are a critical engine for the State economy and the recovery process entails providing access to affordable finance at a single-digit interest rate, enhancing capacity building, fostering market linkages and leveraging business expansion opportunities for SMEs.
“Our economic responses to the COVID-19 pandemic have included an array of measures to help people and businesses. The overreaching goal is to provide SMEs with critical support in the immediate term and offer them affordable access to financing”, she added.
Teju emphasised that business owners particularly SMEs should take advantage of these array of intervention programmes like the N5 billion post-COVID-19 economic recovery support for MSMEs, the LSETF W-Initiative, the five billion naira support fund for 2,000 low-cost private schools in the state, and visit the LSETF website to apply.
The occasion which witnessed the presentation of award to the General Manager, Lagos State Public Works Corporation (LSPWC), Engr. Olufemi Daramola for his outstanding and selfless contribution to the service of humanity, also saw the launching of the Club’s project and induction of new members to the club.
The occasion was graced by the District Governor, represented by his Assistant, Mr. Okechukwu Uche-Ukah, Past Presidents of the Club and Rotarians across District 9110.
Business
Dangote Refinery can sell petrol to any marketer – NNPC
![](https://newstrends.ng/wp-content/uploads/2023/12/Dangote-Refinery-Welcomes-First-Crude-Oil-Shipment-scaled.jpg)
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
![](https://newstrends.ng/wp-content/uploads/2021/07/dollars.jpg)
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
![](https://newstrends.ng/wp-content/uploads/2023/06/Naira-back-market-dollar-to-naira-scaled.jpg)
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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