Author: Chronicle Editor

e The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of 482.6 million dollars in the first trading day after the Democracy Day celebrations. A statement issued by its Acting Director, Corporate Communications, Mr Isaac Okorafor in Abuja said that this was part of measures to underline its determination to guard the international value of the naira. Okorafor said that a breakdown of the intervention indicates that the retail Secondary Market Intervention Sales (SMIS) was allocated 285.7 million dollars, while the 100 million dollar was offered in the Wholesale SMIS auction window. The…

Bournemouth have signed keeper Asmir Begovic from Premier League champions Chelsea for an undisclosed fee. The 29-year-old Bosnia-Herzegovina player has signed a “long-term deal” with the Cherries 10 years after signing for them on loan when they were in League One. Begovic made 17 league starts in two seasons at Stamford Bridge – but just two as Chelsea won the league. “I am coming into an important part of my career,” he said. Begovic, who joined Chelsea on a four-year deal from Stoke City in July 2015, added: “I want to show people what I am capable of. “Being part…

Major Southeast cities were grounded yesterday — no thanks to a sit-at-home order by two pro-Biafra groups to commemorate the 50th anniversary of the declaration of the stillborn republic. Indigenous People of Biafra (IPOB) and a faction of the Movement for Actualisation of Sovereign State of Biafra (MASSOB) declared May 30 “for sit-at-home”. They also said they wanted to remember those who died in the 30-month Nigerian civil war, which ended in January 1970. Markets, schools, government and private offices were shut in Awka, Onitsha, Aba, Umuahia and Enugu. The action was partially successful in Abakaliki, Bayelsa and parts of…

The Central Bank of Nigeria (CBN) on Tuesday sustained its intervention in the inter-bank segment of the foreign exchange (forex) market by injecting a total of $482.6 million into the market. This, the bank said underlined its determination to protect the value of the naira. A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window. In addition, the Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA),…

The Acting President Yemi Osinbajo on Tuesday inaugurated the Presidential Industrial Policy and Competitiveness Advisory Council at the Presidential Villa, Abuja. He charged the Council to develop policies that would make the Nigerian economy more competitive. The industrial council was set up to boost partnership between the government and the private sector. The Federal Executive Council gave the approval for the establishment of the council during its meeting held on March 15. Osinbajo said Nigeria would not industrialize without the collaboration of the public and private sectors. He said: “The public sector, by itself, cannot do business and simply cannot…

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market, ThisDay reports. In their continuing efforts to stabilise the oil market, 14 OPEC member countries and 10 participating non-OPEC producing countries, led by Russia, extended their production adjustments, which originally started January 1, 2017, for a further period of nine months, beginning July 1, 2017. Despite attempts by the cartel to reduce the excess inventory in the market to boost prices, Reuters reported that in the Permian Basin…

A former governor of Cross River State, Donald Duke, on Tuesday declared that he wants to be Nigeria’s President. The ex-governor spoke at a programme, “The Nigerian Symposium for Emerging Leaders,” held in Lagos. Duke said though he once aspired to the position but did not emerge the candidate of the Peoples Democratic Party, PDP, he would still contest for the highest office in the country at the appropriate time. He further explained that it was because of his preference for the presidential seat that he did not vie for any federal legislative seat after serving out his terms as…

An Upper Area Court, in Gudu, Abuja, on Tuesday, remanded 50-year-old Ahmed Echodo in Keffi Prison, Nasarawa State, for allegedly giving false information which was said to have misled the police to raid the official Guest House of the Deputy Senate President, Ike Ekweremadu, in Maitama, Abuja. The police were said to have executed a search warrant on the property on Friday, May 27 based on the alleged false information given by Echodo. After the defendant pleaded not guilty to a First Information Report on Tuesday, the presiding Chief Upper Area Court judge, Umar Kagarko, directed that he (defendant) be…

Tragedy struck in the ancient city of Kano on Monday when a newly wedded woman set her husband and herself ablaze in Kano over alleged infidelity. The woman was said to have lit a petrol keg in their No 54 Middle Road residence in the Sabon Gari area of the city, which exploded, engulfing herself and the husband. The husband, who did not die on the spot, was rushed to a nearby hospital for medical attention where later died, after suffering severe burns from the fire. It was learnt that the woman, accused her husband of infidelity, shortly after she…

In line with its commitment to promote the African culture and deepen its African footprints, the United Bank for Africa (UBA) Plc, has joined the world to celebrate the 2017 Africa Day across the 19 African countries of operations with the theme: ‘Africa, the new Frontier.’ Africa Day is dedicated to celebrating the diversity of the African continent, as well as to highlight the cultural and economic potential that exists on the continent. UBA staff celebrated the day in grand style as they dressed to work in a display of the best of Africa’s rich attire. At the bank’s head…