Business
Buhari returns Obadiah Nkom as DG MCO, appoints AbdulHakeem Abdullateef NDIC chair
President Muhammadu Buhari has approved the appointment of Engr. Obadiah Simon Nkom as Director General of the Nigeria Mining Cadastre Office for a second and final term of four years.
A former Lagos State commissioner, Dr AbdulHakeem Abdullateef, was also named chairman of reconstituted board of the Nigeria Deposit Insurance Corporation.
The reappointment of Obadiah will take effect from 12th January 2023.
He was first appointed on January 12, 2019 for an initial period of four years.
Under the leadership of Nkom in the past four years, the Nigeria Mining Cadastre Office was said to have recorded an 86% increase in revenue generation, raking in over N8.9 billion between 2019 and 2021 compared to N4.8 billion generated in the corresponding period of 2016 – 2018. This also accounts for about 50% of the contribution of the Ministry of Mines and Steel Development to the economy.
His recently-unveiled reforms in the automation of the Mining Cadastre system have revolutionalized online and real-time mineral title administration and management.
It is also to the credit of Obadiah during his first term that the Nigeria Mining Cadastre Office was named the best agency of the Federal Government in the category of Digital Innovation Awards for the year 2022 under the auspices of the Nigeria Internet Registration Association (NIRA), for adding value to the activities of the Cadastre Office.
Also, Buhari has approved the reconstitution of the board of the Nigeria Deposit Insurance Corporation.
He has also approved the appointment of some new members and the reappointment of some existing members to the board.
A statement on Monday signed by the Special Adviser, Media & Communications to the Minister of Finance, Budget and National Planning, Yunusa Abdullahi, disclosed this.
The statement said the new appointments and reappointments had become necessary to avoid any vacuum.
The new appointees are Dr. Abdulhakeem Abdullateef, (Chairman) from Southwest zone; Prof. Osita Ogbu, from Southeast Zone; Umar Jibrin from Northcentral zone; Mohammed Haruna from Northeast zone; Yasmin Dalhatu from Northwest zone; Simon Ogie from Southsouth zone; Abimbola Olashore Southwest zone.
Those representing their institutions on the NDIC board are Director of Home Finance, Muhammed Ali, member (Rep of Federal Ministry of Finance, Budget and National Planning); Director Banking Supervision Department, Haruna Mustapha, member (Rep of Central Bank of Nigeria).
The reappointed members are Managing Director, Bello Hassan; Executive Director Operations, Mustapha Ibrahim; and Executive Director Corporate Services, Mrs Emily Osuji.
Abdullateef, a lawyer, previously served as member, Lagos State House of Assembly Oshodi/Isolo Constituency II, before he was appointed Special Adviser to the Lagos State Governor on Political and Legislative Powers, then later as commissioner for Home Affairs, Lagos State Government.
The NDIC operates a four-year semester system for its board, and the last appointment was made on December 9, 2018.
The statement read, “The appointment of the existing members of the board whose four-year became effective on 9th December, 2018 expired on 9th December, 2022. It is noteworthy that irrespective of the tenure of the appointment, NDIC operates a semester system for its board. Therefore, the board stands dissolved at the end of the tenure of first appointment.
“The board has five other members whose membership is by virtue of institutional or office representation in line with the provision of Section 5 (2 c and d) of the NDIC, Act, 2006.
“It becomes imperative to reconstitute the governing board the NDIC to avoid vacuum, ensure smooth operations of the corporation and ultimately boost the confidence of stakeholders and clients within the financial and banking sectors of the nation’s economy.
“In the light of this, the new governing board is reconstituted through the appointment of five new members including the chairman to form a new board of directors to oversee the affairs of the corporation for the next four years.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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