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Naira Appreciates Exchanges N740.08 to Dollar

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The Naira on Wednesday maintained momentum as it appreciated against the dollar, exchanging at N740.08, at the Investors and Exporters window.

The local currency gained 6.49 per cent when compared with N791.42, which it exchanged for the dollar on Tuesday.

The open indicative rate closed at N782.42 to the dollar on Wednesday.

A spot exchange rate of N800 to the dollar was the highest rate recorded within the day’s trading before it settled at N740.08.

The naira sold for as low as N730 to the dollar within the day’s trading.

A total of 153.28 million dollars was traded at the investors and exporters window on Wednesday.

Coup: ECOWAS Delegates Pres. Talon To Visit Niger

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The Economic Community of West African States (ECOWAS) says President Patrice Talon of Benin Republic will head to Niamey, the capital of Niger, to address a hostage situation involving President Mohamed Bazoum.

President Bola Tinubu, in his capacity as the Chairman of the Authority of Heads of State and Government, revealed this after a meeting with the Benin President at the Presidential Villa.

Speaking to journalists, Tinubu condemned any attempt to seize power and undermine constitutional authority in Niger Republic, while reiterating his commitment to work with other ECOWAS leaders to promote stability and peace in the West African region.

President Tinubu Says Ecowas Capable of Funding to Combat Terrorism

The meeting was held in the wake of reports that Bazoum was being held by disgruntled members of the elite Presidential Guard, who in turn were given an ultimatum by the army, according to a source close to the West African country’s leader.

This meeting is a prompt response from ECOWAS to condemn the attempted coup calling on the plotters to release Bazoum immediately without any condition.

Strike: We’re Working to Address Issues, FG Appeals to NLC

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The federal government has appealed to the Nigeria Labour Congress, NLC to shelve its planned strike scheduled to start next Wednesday, saying it was doing everything possible to address issues raised by the labour movement on the removal of fuel subsidy.

The appeal came against the backdrop of the strike notice announced by the labour movement giving the federal government a 7-day ultimatum to address what it described as anti-people policies or face industrial action.

Speaking after the Steering Committee meeting on Palliatives, the Special Adviser to the President on Energy, Olu Verheijen pleaded with labour to give the federal government more time to look into its grievances, rather than embark on industrial action.

She explained that the government was yet to roll out palliatives because it did not want to make mistakes, adding that the meeting with organised labour was productive.

However, the labour unions said they would still embark on the planned strike and mass protests should the government fail to meet its demands.

Recall that the NLC in a communique at the end of its Central Working Committee, CWC, meeting held Tuesday, July 25, at Labour House, Abuja, also demanded the immediate inauguration of the Presidential Steering Committee as agreed in their earlier engagements.

NGX Decline by 0.46% Amidst Profit Taking in 24 stocks

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Nigerian stock market on Wednesday declined admits profit taking in 24 stocks.

The All Share Index dropped by 0.46% to close at 65,687.16 points from the previous close of 65,991.02 points.

The Market Capitalisation declined by N189 billion to close at N35.746 trillion from the previous close of N35.935 trillion.

An aggregate of 500 million units of shares were traded in 7,345 deals, valued at N7.1 billion.

The Market Breadth closed positive as 32 equities emerged as gainers against 24 equities that declined in their share prices.

Percentage Gainers

COURTVILLE, NCR and SEPLAT led other gainers with 10.00% growth each to close at N0.66, N3.96 and N1,693.60 from the previous close of N0.60, N3.60 and N1,539.30 respectively.

FTN Cocoa, JAPAULGOLD and Livestock Feeds among other gainers also grew their share prices by 9.92%, 9.90% and 9.90% respectively.

Percentage Losers

UNILEVER and CADBURY led other price decliners as they shed 10.00% each of their share prices to close at N15.75 and N15.30 from the previous close of N17.50 and N17.00 respectively.

MULTIVERSE and OMATEK among other price decliners also shed their share prices by 9.97% and 9.62% respectively.

Volume Drivers

UBA traded about 58 million units of its shares in 477 deals, valued at N871 million.

ACCESSCORP traded about 55 million units of its shares in 397 deals, valued at N991 million.

FBNH traded about 28 million units of its shares in 381 deals, valued at N590.5 million.

Subsidy Removal: Ogun Okays N10, 000 Cash Palliative

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Ogun State Governor, Dapo Abiodun has revealed the state government will begin the distribution of a cash palliative of N10,000 to public servants in the state to cushion the impact of the removal of fuel subsidy, with effect from July.

Abiodun disclosed this in an interview, monitored by our correspondent on Tuesday evening.

The governor noted that the palliative will last for three months and was done in consultation with relevant bodies.

He said, “Paying special allowances is nothing novel or new to the system. It’s just that in this instance, we have designed this alongside the members of our labor unions. We just didn’t wake up one morning and arbitrarily chose to pay them N10,000.

“We sat down with TUC, JNC, and NLC weeks ago. After several meetings, we agreed that N10,000 across board from levels 1–17 will create that immediate relief to civil servants and pensioners that have to move every day.

“This amount will be paid over the next three months in the first instance, because we’ve identified the fact that we need to have an immediate intervention, then an immediate to medium-term intervention, and a long-term intervention.”

“It’s our hope that at the expiration of the first three months, our medium-term intervention plans will have begun to unfold. So we can begin to take out the N10,000 cash palliative. The idea is that this will not be pensionable and, as such, will continue to be regarded as an allowance as against their basic salary and other emoluments.”

Abiodun also noted that there will be about 280,000 direct and indirect beneficiaries of the cash palliatives, and he expects the private sector to follow suit.

He said, “What we aim to do is to immediately begin this intervention, believing that the private sector will also begin to follow suit because, as you know, we cannot intervene by this means with the private sector because they don’t work for us.

“However, we have other provisions in that our list that we rolled out yesterday that will affect as many of those who are not in public service as possible,” he added.

Meanwhile, the governor confirmed that plans to convert buses from diesel to CNG have started.
“The conversion is not restricted to state-owned mass transit buses alone and will extend to privately owned minibuses across the state at the expense of the government,” he said.

NLC President Speaks On Nationwide Stike

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The National President of Nigeria Labour Congress, Joe Ajaero has said the proposed nationwide strike cannot be worse than it is today.

Ajaero while fielding questions virtually on Channels Television’s ‘ Politics Today’ insisted that the proposed strike was not initiated by the Labour Union but by ordinary Nigerians feeling the heat of the hardship.

NLC To Embark On Nationwide Strike August 2

Asked if the proposed strike would not deepen the already harsh situation since the removal of subsidy, Ajaero said, “It cannot be worse than it is today. The impact we are talking about, is it on the commodity or on the people? What we are resisting, what we are fighting against is the impact on the people. It is so much. Every government policy in a nation is aimed at benefiting people in the nation, but in our state, naira is gone, economy is gone, foodstuff gone, transportation you can’t move, so how does it worsen the situation?

“It is rather a move to rescue Nigeria, to see if the government can show a level of empathy for people to survive. “

Asked how extensive the strike would be, he added; “The proposed protest is not by Nigeria Labour Congress, it is by Nigerians. Market women, farmers have been beseeching our offices to say we should communicate it to the government. This is going to be a protest with all the issues raised, with all Nigerians coming out. When you look at the fact that the little money made for palliative, is now being used to finance the National Assembly while people are suffering. Such policy is obviously harsh on the Nigerian people.”

Imo Govt Hails Inclusion in $700m World Bank Programme

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The Imo State government has expressed gratitude to the World Bank on its inclusion in the $700 million Sustainable Urban Rural Water Supply Sanitation Hygiene (SURWASH) programme.

The bank included seven states in the programme (Imo, Delta, Ekiti, Gombe, Katsina, Kaduna and Plateau). In a statement, on Tuesday , the Special Adviser to the governor on Public Enlightenment, Eze Ugochukwu, expressed confidence that the project would be safely executed and managed in the state, commending the World Bank for including the state. The statement disclosed that the Federal Government had received the funds on behalf of benefitting states.

The SURWASH Programme National Coordinator, Abdulhamid Gwaram, had, during a meeting of Environmental and Social Safeguard, on Monday, in Abuja, urged benefitting states and implementing agencies to demonstrate commitment towards driving the programme successfully.

He said: “They are supposed to be in the driver’s seat. That is what we are pushing them to do. We know there is a challenge of capacity. That’s what we are doing here today to expose them to issues of environmental safeguard and occupational health, as well as safety.”

According to Gwaram, the programme was part of social safeguard concerns towards ensuring that low-security risk areas were targeted, calling for awareness and understanding of the beneficial parts of the project.

He disclosed that the programme was tailored to provide six million Nigerians with basic safely managed drinking water services and improved support for 1.4 million others in improved access to sanitation services.
Gwaram also hinted that the project was geared towards developing improved WASH services in 2,000 schools and 500 communities in achieving the Open Defecation Free (ODF) project.

He admonished that the World Bank insists that all implementing partners must adhere to the environmental and safety standards.

Subsidy Removal: Gov. Fintiri Approves N10,000 For Workers, Pensioners

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Governor Ahmadu Umaru Fintiri of Adamawa State has approved N10,000 monthly subsidy allowances for workers and pensioners on the payroll of the state government for the period of six months.

The Chief of Staff Government House, Yola Dr Edgar Amos Sunday who is the chairman special committee on mitigating the effect of fuel subsidy removal revealed this while briefing newsmen in the government Yola Wednesday.

He said Governor Fintiri has all approved full implementation of national minimum wage for local government workers beginning from the salary of next month, August.

The State Governor, he said has also approved procurement of seventy trucks of maize and twenty trucks of rice for distribution to citizenry at subsidized rate.

The Chief of Staff added that the government will also purchase fifty trucks of fertilizer specifically for workers at subsidized rate.

He also revealed plans to purchase shuttling buses for conveyance of workers to the state secretariate and inter local governments transportation.

Doctor Amos said the measures were part of the recommendations submitted by the special committee constituted to cushion the effect of subsidy removal.

Contributing, the State Chairman Trade Union Congress (TUC) Comrade Dauda Adamu Aliyu assured that the organised labour will continue to protect the interest of workers.

NBA Slams DSS, Correctional Service, Calls Punishment For Officers

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Nigeria Bar Association NBA President, Yakubu Maikyau, in a statement on Wednesday, called on the two Federal agencies The DSS and The Correctional service to take immediate disciplinary measures against the officers involved in the “disgraceful conduct”.
Maikyau said the altercation between officers of the two government agencies on the premises of the Federal High Court in Lagos is a recipe for anarchy and chaos, adding that it was a “brazen disrespect for the sanctity of the court premises”.
On Tuesday, the secret police and prison officials caused a stir when they clashed on the court premises over the agency to take custody of the suspended and embattled apex bank chief after Justice Nicholas Oweibo admitted Emefiele to bail in the sum of the N20m.

The judge also ordered that Emefiele be remanded at the correctional centre pending the fulfillment of the bail conditions.
This was after Emefiele, 61, pleaded “not guilty” to the two counts of illegal possession of firearm and ammunition filed against him by the Federal Government. Emefiele, who was suspended by President Bola Tinubu on June 9, 2023 was arraigned over six weeks after his arrest and detention by the secret police.

Shortly after Emefiele’s arraignment and bail, DSS operatives strategically positioned their Hilux Pick Up van used in bring him to court, in a manner suggesting that they wanted to take him back to their detention centre but the suspended CBN governor holed up inside the courtroom with his lawyers.

NLC Threatens Nationwide Strike, Demands Reversal Of Petrol Price

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The Nigeria Labour Congress (NLC) has issued a seven-day ultimatum to the Tinubu-led administration to reverse “all anti-poor” people policies including the hike in the price of Premium Motor Spirit (PMS) known as petrol.
In a communique at the end of its Central Working Committee (CWC) meeting held on Tuesday, the labour union threatened to embark on a total and indefinite strike from Wednesday, August 2, 2023 should the Federal Government fail to do the needful.
The communique was co-signed by NLC President, Joe Ajaero; and the union’s General Secretary, Emmanuel Ugboaja.
The NLC said the Federal Government has shown enormous disdain and contempt for the Nigerian people and have declared a war of attrition on Nigerian workers and masses.
The labour union said since the President’s “subsidy is gone forever” speech on inauguration day on May 29, 2023, “the peace of mind of Nigerians has gone”.