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The leader of Nnamdi Kanu’s legal team, Ifeanyi Ejiofor, has stated that the a former Attorney-General and Commissioner for Justice in Imo State, Chukwuma Machukwu-Ume (SAN), would only be joining them to contest the proscription of the Indigenous People of Biafra (IPOB).

Recall that one of Kanu’s lawyers, Aloy Ejimakor, had on Monday evening announced the addition of Machukwu-Ume to the IPOB’s leader legal team.

But in a statement titled: “Clarification of information on the legal team of Onyendu Mazi Nnamdi Kanu Re: Inclusion of Chief Chukwuma Machukwu Ume (SAN)”, Ejiofor said Mike Ozekhome remains the only Senior Advocate of Nigeria defending Kanu against treason charges before Justice Binta Nyako of a Federal High Court in Abuja.

He said, “My attention has been called tonight to the information making the rounds that Chief Chukwuma Machukwu Ume, SAN, has been included in the legal team defending our indefatigable client, Onyendu Mazi Nnamdi Kanu, in the 15 counts amended charge preferred against him at the Federal High Court, Abuja. This information has generated effusive commentary of a diverse nature making it expedient for me to say a few words by way of clarification.

“Firstly, I say straight away that the information, in actual fact, is misinformation. No SAN, apart from Chief Mike Ozekhome (SAN), is in the legal team defending Onyendu in the aforesaid pending criminal matter.

“Secondly, Chief Chukwuma Machukwu Ume (SAN), on the instruction of Onyendu, was introduced into the already existing IPOB legal team, ably headed by my good self, to prosecute the pending appeal challenging the Proscription of IPOB. The said appeal is pending at the Court of Appeal, Abuja Division. This appeal and the 15-count Amended Charge pending at the Federal High Court, Abuja, are entirely two different cases.

“Thirdly, any instruction to engage any lawyer whatsoever to join in the legal team representing either Onyendu or IPOB in cases pending in court must come from Onyendu himself and not from any other person whatsoever. Onyendu has been particularly enthused by and appreciative of the quality of advocacy demonstrated by Chief Mike Ozekhome, (SAN), in the conduct of proceedings at the Federal High Court. He has implicit confidence in the present formidable legal team defending him. Accordingly, he has no need whatsoever to tinker with the idea or consider the possibility of engaging another senior lawyer in his defence, presently or in the foreseeable future.

“However, in the unlikely event of such future engagement, information to that effect must proceed either from my good self or from the revered and respected learned silk.

“Finally, I urge Umuchineke and the general public to take particular note of the above clarification and be properly guided. Thank you all, Umuchineke, and remain blessed.”

This article was originally published on Nigeria News

The National Bureau of Statistics has said the average prices of bread and rice in the country have been recording significant increases in the past five years.

Naija News reports that the bureau made this known on Monday in a report that shows the year-on-year analysis of the average prices from January 2017 to January 2022.

According to NBS shows data, bread (unsliced, 500g) and rice (agric-sold loose rice) recorded 42 per cent and 48 per cent price hikes, respectively.

As of January 2017, the average price of a loaf of bread (unsliced, 500g) was N270. It however increased to N384 by January 2022.

There was also an increase in the price of sliced bread (500g) from N303 as of January 2017 to N419 as of January 2022.

The average cost of 1kg of rice (agric-sold loose rice) was N324 as of January 2017. It, however, increased to N481 by January 2022.

There was also an increase in the price of locally sold loose rice, medium-grained rice, and imported high quality sold loose rice (1kg each) from N286, N312, and N402 as of January 2017 to N430, N477, and N579 as of January 2022, respectively.

This was despite the drop in recorded overall inflation from 18.72 per cent as of January 2017 to 15.60 per cent as of January 2022.

However, the 15.60 per cent was still higher than the 13 per cent inflation target of the Federal Government for 2022.

The Federal Government has projected an inflation rate of 13 per cent in its key projections and assumptions for the 2022 budget.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had disclosed this during her presentation of this year’s approved budget recently.

This article was originally published on Nigeria News

Award-winning Nigerian singer, Davido has threatened a troll who attacked him for using the photo of his son, Ifeanyi, with claims that the kid belongs to his signee, Perruzzi.

This came after a Twitter user, Mista_Mdee via the Microblogging platform, Twitter attacked the singer with claims that his kid belongs to former crew member, Perruzzi.

Mista_Mdee wrote; “Using Peruzzi’s child as an Album cover doesn’t guarantee success. Low-key e don stain that little boy white with that disaster, he called an album.”

Reacting to the comment, Davido called the troll a dead man, adding that he leaves his innocent kid out of his hate.

The singer wrote; “Dead man walking! You don carry your hate for me to my child!! Innocent child. Brother YOU DO THIS ONE, Oya na. Says all you want about Davido but do not mention my children.”

See post below;

Reacting to the singer’s comment, a fan named Sakpo noted that if anything happens to the Man who attacked the singer and kid,  they would hold the him responsible for it, and the singer acknowledged the comment by saying ‘NAH Me Make AM’

See post below;

This article was originally published on Nigeria News

The Lagos State Police Command has arrested Pearl Chidinma Ogbolu, popularly known as Erelu Okin over her controversial party in the state.

Recall that she distributed kegs of petrol as souvenirs at the event which was held in Havilah Events Centre in Oniru, Victoria Island, on March 4.

The spokesman of the command, Adekunle Ajisebutu, in a statement released on Tuesday disclosed that Ogbolu was charged to court on Monday.

Ogbolu was arraigned on a four-count charge of conduct likely to cause a breach of peace, endangering human life by distributing combustible matter in a public gathering.

Other charges levelled against her include, intent to do harm to another, unlawful storage and containerising petroleum product without a permit.

It was gathered that Ogbolu was brought before the Special Offences (Mobile) Court of Lagos State at Oshodi under Ikeja Magisterial District.

The spokesman, however, did not reveal if Ogbolu pleaded guilty to the charges levelled against her or not

The Commissioner of Police in the state, Abiodun Alabi had ordered her arrest after the event centre was sealed.

He took the opportunity to enhance his commitment to protect lives and property in the state and warned citizens against acts capable of endangering human lives.

This article was originally published on Nigeria News

Chukwuma Machukwu Ume (SAN) is expected to join the already-existing legal team of the banned Indigenous People of Biafra (IPOB), POLITICS NIGERIA understands. While many thought the inclusion of the senior lawyer into IPOB’s defence team, was in respect of the 15-count amended charge preferred against IPOB leader, Nnamdi Kanu, at the Federal High Court, …

The article was originally published on Politics Nigeria.

Custodian Investment has reported a surge in revenue to the tune of N85.7 billion.

This is despite recording a 21% drop in its annual profit as shown in the company’s audited financials issued on Monday.

The investment firm’s turnover had leapt from N75.1 billion to N85.7 billion, courtesy of an increase in gross premium written from its life insurance unit.

General and life insurance accounts for the bulk of the business of Custodian Investment, whose operations also span trusteeship, real estate and pension.

While the recent reports showed a revenue jump of 14.2 per cent for 2021, the company recorded a deceleration in post-tax profit by as much as more than one-fifth.

Custodian Investment’s group-wide assets under management are above $1.1 billion, a report on the firm’s website confirmed.

Its Operating expenses rose 17.4 per cent to N52.6 billion driven by higher spending on gross claims and increased underwriting expenses. That weighed on the bottom line, forcing profit before tax to fall 10 per cent to N12.3 billion.

After-tax profit stood at N10.1 billion, 20.8 per cent weaker than the figure recorded a year earlier.

The Company had in August last year reported the completion of a mandatory takeover offer of UPDC PLC, a loss-making spin-off of UACN, having entered a binding pact a year earlier for initial acquisition of 51 per cent of UPDC.

It confirmed that the board is proposing a final dividend of N0.40 per unit payable on April 8 provided that shareholders endorse the cash reward plan at the forthcoming annual general meeting.

This is after it had paid an interim dividend of N0.10 per share, bringing the total for 2021 to N0.50. That compares with the N0.55 paid for the financial year 2021.

“Shareholders are kindly requested to update their records and advise Meristem Registrars and Probate Services Limited of their updated records and relevant bank accounts for the payment of their dividends,” the company said.

This article was originally published on Nigeria News

The beginning of a new week saw investors at the Nigerian capital market loss ₦4.7 billion following the crash in equity capitalization by 0.0 per cent.

Investment on Monday dropped from ₦25.566 trillion posted last week to ₦25.561 trillion after eight hours of trading.

The All-Share Index was down by 8.81 basis points to close at 47,428.67, slightly lower than the 47,437.48 recorded last week.

Investors at the stock market traded 1.28 billion shares valued at ₦7.91 billion in 4,735 deals on Monday.

This topped the 1.15 million shares worth ₦7.02 billion that exchanged hands in 3,928 deals last Friday.

The gainers’ chart was led by RT Briscoe, closing with a 9.59 per cent gain to settle at ₦0.80kobo from ₦0.73kobo per share.

Ecobank gained ₦0.80kobo to rise from ₦11 per share to ₦11.80kobo.

Prestige share was up by 6.52 per cent to move from ₦0.46kobo to ₦0.49kobo per share.

Niger Insurance’s share appreciated by 4.55 per cent to move from ₦0.22kobo to ₦0.23kobo per share.

Mutual Benefit gained 3.85 per cent to end trading with ₦0.27kobo from ₦0.26kobo per share.

Eterna topped the losers’ chart, shedding ₦0.56kobo to drop from ₦5.60kobo to ₦5.04 per share.

CWG’s share dropped by ₦0.11kobo to end trading at ₦0.99kobo from ₦1.10kobo per share.

Royal Exchange’s share was down from ₦1.21kobo to ₦1.09 per share after losing ₦0.12kobo during trading.

Veritas Kapital lost 8.70 per cent to end trading with ₦0.21kobo from ₦0.23kobo per share.

SCOA completed the list after shedding ₦0.23kobo from its market price to drop from ₦2.83kobo to ₦2.60kobo per share.

FCMB led the day’s equities with 1.02 billion shares valued at ₦3.83 billion.

Fidelity Bank followed with 38.13 million shares valued at ₦108.87 million.

Zenith Bank traded 28.46 million shares worth ₦768.12 million.

Transcorp sold 20.99 million shares worth ₦23.79 million, while GTCO traded 17.01 million valued at ₦455.38 million.

This article was originally published on Nigeria News

The General Overseer of Living Faith Church, Bishop David Oyedepo, has revealed the three important factors for student to attain an high-level achievement life.

The Chancellor, Covenant University, Ota, Ogun State, noted that the persons you meet, the books you read and the places you visit or pass through are factors to attain success in one’s life.

Oyedepo gave the advice during the 20th matriculation of the Covenant University which saw a total of 1,804 undergraduate and 120 postgraduate students.

He said: “Finally, may I share this thought with you as drawn from an international speaker, Van Crouch, referring to three important factors that contribute to one’s success in life; the Persons you meet, the Books you read and the Places you visit or pass through. I believe that studying at Covenant University, meeting with our distinguished faculty, interacting with co-students and passing through this incubating ground will certainly be a memorable adventure not to be forgotten in many years to come.”

He added, “You are absolutely responsible for the outcome of your life. It takes high-level discipline to make high-level achievements. We are raising a new generation of leaders who will redeem the battered image of the black race and restore her lost glory as this trained army of reformers begins to build the old waste, repair the wasted cities and raise the desolation of many generations.”

Also speaking, the Pro-Chancellor, Bishop David Abioye, advised the students to imbibe discpline which will not only assist them academical but in other endeavours of life.

On his own part, Vice-Chancellor of CU, Prof. Abiodun Adebayo, advised the students to take advantage of the world-class learning experiences and opportunities in CU.

This article was originally published on Nigeria News

The National Chairman of the Peoples Democratic Party (PDP), Senator Iyorchia Ayu, has mocked the All Progressives Congress (APC), over its leadership crisis.

Ayu stated that the reason the ruling party is embroiled in a leadership tussle is that the APC is a contraction hurriedly put together to wrestle power from the PDP.

The PDP chairman made this known on Monday night at the national caucus meeting of the party held in Abuja, the nation’s capital.

According to Ayu, the ruling party will continue to disintegrate starting with the confusion with its chairman, while the opposition party is back to winning ways.

He said: “As the electoral act was signed and INEC came up with their own timetable, NWC has been working round the clock because there are timelines that we must make sure that we keep.

“I believe the other party doesn’t exist because there are two to three chairmen, we don’t even know who among them will sign any document that they will submit to INEC.

“But in our case, we are very much on course and this meeting is for us to look at our own timetable and guidelines. We are determined that we will keep strictly to the guideline despite the short time that is available to us.

“We hope that the other party will continue to disintegrate. We have always told Nigerians that APC is a contraction and not a political party. We believe sincerely that Nigerians are waiting for PDP to give us victory so that we will correct the damages APC has done to this country.”

This article was originally published on Nigeria News

The Governor of Imo State, Hope Uzodinma has pleaded with his predecessor, Rochas Okorocha for forgiveness.

Uzodinma on Monday described the former Governor of the state as his brother who is occupying the seat he left in the Senate.

The Imo State Governor while speaking during an interview on Channels TV further stated that he does not have anything against Okorocha.

According to Uzodinma, all he is asking for is forgiveness from Okorocha and anybody that he might have wronged.

He said, “Okorocha is my brother. He is occupying the seat I left in the Senate. I have nothing personal against him.

“All I’m asking is even if I have done anything that does not go down well with him or anybody, forgive and forget. Let us come together to work for our people.”

Uzodinma and Okorocha have experienced a frosty relationship since the emergence of the Imo State Governor in the 2019 general elections.

This article was originally published on Nigeria News

A video has emerged where the former Governor of Ekiti State, Ayodele Fayose predicted that the Governor of Edo State, Godwin Obaseki will fight Nyesom Wike.

Fayose in an interview in 2020 noted that Obaseki will fight Wike and some others when he wins re-election with PDP, after he was thrown out of the All Progressives Congress by Adams Oshiomhole.

According to Fayose, he was sure the former APC Chairman, Oshiomole is a bad man but he is afraid Governor Obaseki would betray those who supported him against Oshiomhole.

The PDP chieftain called on Nigerians not to forget that he said these words and they should pray that Obaseki will not allow them to play the trending video.

Fayose had said:

“I won’t be surprised Obaseki will win this election because Oshiomhole is a very bad man, but if he wins this election I won’t be surprised if he turns his back on the likes of my friend Wike and all that.

“They are fighting tooth and nail for him but you should remember that I said it and I pray that Obaseki will not allow us to play this video. Because (for) those in the PDP now, he must keep his agreement with them, he must keep the agreement with them because they kept the party for his coming.”

A rift, however, started last week after Wike condemned the Deputy Governor of Edo State, Philip Shaibu for threatening to leave the PDP.

Shaibu in his statement had claimed that his principal and other APC members who joined PDP were not welcomed in the party.

He further stated that Obaseki and his supporters might dump the ruling party if PDP continues to treat them like pariahs.

Wike in his reaction to the statement of Shaibu said he has no right to threaten PDP because he and his principal begged for a PDP ticket after they were booted out by APC.

The Rivers State Governor said, “And he lost his local government when we were in Edo, he lost. And he would come out on television to threaten the party that there are alternatives, look at the deputy governor, it’s unfortunate.”

“It’s very unfortunate for our party, a deputy governor is wearing khaki, look at it, I’ve never seen a thing like this in my life, who is his father?”

Obaseki in support of his Deputy told Wike that his state is not Rivers, hence Wike should stop parading himself like he owns PDP.

The Rivers State Governor in a quick response described Obaseki as a serial betrayal.

Watch the video where Fayose predicted the rift between Obaseki and Wike below:

[video width="640" height="352" mp4="https://www.naijanews.com/wp-content/uploads/2022/03/dMWsNAxC-NJJYg60.mp4"][/video]

This article was originally published on Nigeria News

The Peoples Democratic Party (PDP) has announced the postponement of its National Executive Council (NEC) meeting.

Naija News reports that the meeting originally scheduled to hold today has been postponed to Wednesday, March 16.

This was made known by the PDP’s National Publicity Secretary, Debo Ologunagba.

Speaking to newsmen on Monday night, Ologunagba said: “The National Caucus meeting is adjourned to continue on Wednesday. The Board of Trustees (BoT) Meeting and NEC meeting will now be held on Wednesday, March 16.”

It was gathered that the NEC meeting was reportedly postponed over the timetable and schedule of activities for the 2023 elections and the manifesto drafting committee.

This article was originally published on Nigeria News

The Muhammadu Buhari-led Federal Government summoned an emergency stakeholders meeting in the power sector over the low electricity generation.

Naija News reports that this is coming after the latest collapse of the collapse of the National power grid on Monday morning.

Recall that no fewer than eight states including Lagos experienced blackouts, the Eko Electricity Distribution Company confirmed.

The states affected include Lagos, Enugu, Kaduna, Abia, Anambra, Ebonyi, Enugu, and the Imo States, among others.

While the issue persists, EEDC in a terse text to its customers on Monday said that the system collapse occurred on the national grid at 10:40 am.

It said that the system collapse affected supply in Abia, Anambra, Ebonyi, Enugu, and the Imo States.

Kaduna Electricity Distribution Company had also confirmed the grid collapse to its customers, assuring that power would soon be restored.

Following the embarrassing collapse for the second time in 2022, the Minister of Power, Abubakar Aliyu, summoned an emergency meeting to find a solution to the epileptic power supply across the country.

Sources at the power ministry told The PUNCH that the minister invited participants in the sector to the meeting to address the latest concern about the collapse of the grid.

Aliyu is reported to have told stakeholders to work together to stabilise electricity and shun the ongoing blame game among industry experts.

The meeting, which was held at the conference hall of the Federal Ministry of Power had in attendance delegation from power generation companies, TCN, Nigerian Bulk Electricity Trading and Niger Delta Power Holding Company.

Others include officials from the Nigerian National Petroleum Company Limited, Shell, among other players in the power value chain.

“This meeting was summoned to address the current electricity situation in the country which we see and are not happy about. We must find a solution so that Nigerians will have electricity. I want us to have the patience to talk to each other, not blaming each other,” the minister reportedly stated

This article was originally published on Nigeria News

The Muhammadu Buhari-led Federal Government summoned an emergency stakeholders meeting in the power sector over the low electricity generation.

Naija News reports that this is coming after the latest collapse of the collapse of the National power grid on Monday morning.

Recall that no fewer than eight states including Lagos experienced blackouts, the Eko Electricity Distribution Company confirmed.

The states affected include Lagos, Enugu, Kaduna, Abia, Anambra, Ebonyi, Enugu, and the Imo States, among others.

While the issue persists, EEDC in a terse text to its customers on Monday said that the system collapse occurred on the national grid at 10:40 am.

It said that the system collapse affected supply in Abia, Anambra, Ebonyi, Enugu, and the Imo States.

Kaduna Electricity Distribution Company had also confirmed the grid collapse to its customers, assuring that power would soon be restored.

Following the embarrassing collapse for the second time in 2022, the Minister of Power, Abubakar Aliyu, summoned an emergency meeting to find a solution to the epileptic power supply across the country.

Sources at the power ministry told The PUNCH that the minister invited participants in the sector to the meeting to address the latest concern about the collapse of the grid.

Aliyu is reported to have told stakeholders to work together to stabilise electricity and shun the ongoing blame game among industry experts.

The meeting, which was held at the conference hall of the Federal Ministry of Power had in attendance delegation from power generation companies, TCN, Nigerian Bulk Electricity Trading and Niger Delta Power Holding Company.

Others include officials from the Nigerian National Petroleum Company Limited, Shell, among other players in the power value chain.

“This meeting was summoned to address the current electricity situation in the country which we see and are not happy about. We must find a solution so that Nigerians will have electricity. I want us to have the patience to talk to each other, not blaming each other,” the minister reportedly stated

This article was originally published on Nigeria News

Naija News looks at the top happenings making headlines on the front pages of Nigeria’s national newspapers today Tuesday, March, 15th 2022.

Power generation on the national grid collapsed to zero megawatts around 10.40am on Monday, leading to widespread blackout across the country. The PUNCH reports that different power distri-bution companies alerted their customers about the grid collapse, stressing that it was what led to the outages.

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The Central Bank of Nigeria (CBN) has commenced a grand plan to wean deposit money banks (DMBs) off the historical risk and cost of cash management, a new document issued by the regulator has revealed, The Guardian reports.

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Governor Godwin Obaseki of Edo State and his counterpart in Rivers State, Nyesom Wike, both of the Peoples Democratic Party, PDP, are currently at daggers drawn over purported verbal attacks on the deputy governor of Edo State, Philip Shaibu by the latter for threatening to quit the party if their supporters were not integrated fully into the PDP, Vanguard reports.

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There is anxiety among Peoples Democratic Party (PDP) members over the zoning of the 2023 presidential ticket as organs of the party began a series of meetings last night, The Nation learnt.

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According to Daily Trust, Nigeria’s energy crisis on Monday took a multiple dimension as Agip announced a halt in oil export at its 25,000 barrels per day (bpd) Brass export terminal in Bayelsa

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The Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Limited, Mr Mele Kyari on Monday disclosed plans to grant licence to the Airline Operators Association of Nigeria (AOAN), to commence importation of Aviation Fuel otherwise called ATK, Nigerian TRIBUNE says.

Thank you for reading, that all for today, see you again tomorrow for a review of Nigerian newspapers.

This article was originally published on Nigeria News

Monday, 14 March 2022: This is the news about the Dollar to Naira rate at the official and black market exchange rate.

Read Naija News update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Monday, March 14, 2022, for $1 dollar to naira = ₦416.19/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦416.19/$1 on Monday 14th, after it closed at ₦416.50 to a $1 on Friday, 11th March 2022.

Naija News reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.

How much is a dollar to naira today in the black market?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N575 and sell at N580 on Monday, March 14th 2022, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦416.19/$1 on 14th March and closed at ₦416.50/$1. Showing a change of 0.00.

According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦414.00.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦410.00.

A spot exchange rate is the current price level in the market to directly exchange one currency for another, for delivery on the earliest possible value date.

NGX Releases 2021 Full Year Report, Pays N755m As Compensation

The Nigerian Exchange Group Plc (NGX) has released its 2021 full year report, stating that it paid N754.87 million as compensation to three of its Executive Directors.

In the report, the NGX said those that received the compensation include its Group Managing Director/Chief Executive Officer, Oscar Onyema; Chief Executive Officer, Temi Popoola and Chief Executive Officer (REGCO), Tinuade Awe.

The NGX said the amount paid to the three executive directors was a 78.41 percent increase from the N423.12 million compensation paid to them in 2020.

It stated that each of the executive directors took home an average of N251.6 million as compensation in the year under review.

This article was originally published on Nigeria News

This is the news about the Pounds to Naira rate at the official and black market exchange rate Today March 15 2022.

Read Naija News update on the official pounds rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much is Pounds To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday, 15th March, 2022, for £1 pound to naira = ₦542.0244/£1.

According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦542.0244/£1 on Tuesday 15th March, after it closed at ₦545.1138 to a £1 on Monday, 14th March 2022.

Naija News reports that a pound is bought at the official market at ₦541.3729 and sold for ₦542.676.

How much is exchange rate of Pounds to Naira in Black Market today?

The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦770 and sell for ₦783 on Tuesday, March 15th 2022, according to sources at Bureau De Change (BDC).

2,119 Mining Companies Owe FG ₦2.76bn Service Fees – NEITI

No less than 2,119 companies operating in Nigeria’s solid minerals industry owes the Federal Government N2.76bn service fees, according to Nigeria Extractive Industries Transparency Initiative.

The debts of the companies were revealed by NEITI in its latest report of the mining sector for the year 2020.

According to NEITI, the Federal Government earned N624.45bn from the industry in 13 years.

The agency in a statement released on Sunday disclosed the companies’ liabilities resulting from failure on the part of the 2,119 firms to pay statutory annual service fees for various mineral titles.

This article was originally published on Nigeria News