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Odu’a Group To Begin Oil Exploration

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The Chairman, Odu’a Group, Bimbo Ashiru, said on Tuesday that it was planning to partner with the governments of the six South West states on power generation and distribution to improve power generation and distribution in the region.

Ashiru also said the group would soon begin oil exploration and production as part of efforts to boost the potentials of the group, reposition it and as well sustain the legacies of the founding fathers.

The Odu’a boss, who spoke in Ado Ekiti during a visit to Ekiti State Governor, Biodun Oyebanji, also assured that the board and management were working round the clock to revive the group’s investments and establishments which had been abandoned.

He said that the decision to partner the South West governments on power followed President Bola Tinubu’s signing of Electricity Law, which authorised states, companies and individuals to generate, transmit and distribute electricity.

This, he said, was to boost electricity supply to the South West and by extension, enhance the commercial activities in the region.

Ashiru said, “Odu’a won the marginal field OML 95 on Ondo State. That is one of the things we are working on.”

According to him, the group had entered into partnership with an oil company for deeper and marginal exploration and production of oil with the aim of boosting fuel supply in the country.

He said, “We are here to let you know what we are doing. Our focus is to be the engine room of the business in the Southwest. We are here to support Ekiti State. Thank you, Mr Governor for approving the Certificate of Occupancy of our land in Oke Ako.

 

“We have taken all the complaints made by the governor. We are going to work on them. In the next few years, Odu’a presence will be felt here in Ekiti State.”

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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Inflation To Fall In 2024 — CBN

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The Central Bank of Nigeria’s governor Yemi Cardoso expects headline inflation to fall to 21.4 per cent in 2024.

The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”

 

According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.

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