Business
CBN’s Cardoso Assures Nigeria ‘ll Get Out of Economic Woes
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed optimism that despite all the difficulties, there is light at the end of the tunnel, “As long as the country can sustain a positive trajectory, Nigeria will get out of its economic woes and the foreign exchange market will begin to moderate itself.”
Csrdoso expressed this conviction during the opening ceremony of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN) with the theme, “Synod on Synodality: Areas of Concern for the Church in Nigeria.”
The banker blamed the high inflation rate in the country on so much liquidity in the market, and noted that as a result of some of the recent efforts of the CBN, over the course of the last week, about $1.8 billion came into the markets.
The CBN Governor said that in another week, the Apex Bank will have the Monetary Policy Committee meeting, where very critical decisions will be made to continue making the economy more investor-friendly.
He also said that an attempt to merge the outside rates with the official rates and the black market rate has been made, and that the difference between the two is now significantly lower.
Cardoso said, “There is a positive outlook on that. The positive outlook comes from the fact that a series of reforms have been made by the Federal Government and the Central Bank, which are now paying off in such a way that international investors are coming back in again.”
The President of CBCN, Archbishop Lucius Ugorji, said the country is experiencing the worst times, especially in the areas of security and the economy during the administration of President Bola Tinubu.
He stated that the reform agenda of the Federal Government has worsened the plight of Nigerians, with the withdrawal of fuel subsidies and the unification of the foreign exchange market, leading to a sharp increase in the pump price of petroleum products and a steep decline in the value of the Naira.
He said as the government demands additional sacrifice from the struggling masses, there should be a drastic cut in the cost of governance at all levels, adding that on the contrary, top government officials live by the sweat, toil and tears of the poor as they continue spending huge public funds on ostentatious and luxurious lifestyles and seem incapable of feeling compassion for the poor.
Every day, outrageous and spine-chilling stories are told in the media about different public servants who have stolen staggering amounts of money from public coffers in a country where millions of citizens live in deep and debilitating poverty.
“We cannot easily overlook the sordid roles of many fraudulent politicians and Bank Executives in fleecing the whole nation and destroying our national economy through the dirty game of corruption, causing untold hardship and untimely deaths across the nation,” said Archbishop Ugorji.
Business
NAICOM Hands Over African Alliance Insurance to New Board, Management team
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
The National Insurance Commission (NAICOM), has handed over the operations of African Alliance Insurance plc to a new Board of Directors and a new management team.
The new board is chaired by Rear Admiral Anthony Odogba Isa while the management team is led by Mr. Abayomi Olakunle Ogunkeye as the Managing Director.
The new board was nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention commenced by NAICOM in the company in October 2024.
The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.
NAICOM had in October 2024, intervened in African Alliance Insurance after it faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholders confidence.
To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence.
Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.
According to him, a major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation.
The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
He emphasised the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.
He further directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records as well as reinforce transparency and accountability.
Source : ThisDay
Business
Naira Exchange Rates To Foreign currencies Tuesday June 16
CBN Official Rates
US DOLLAR (USD) ₦1,356.27
GREAT BRITISH POUND (GBP) ₦1,808.86
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,356.27
GREAT BRITISH POUND (GBP) ₦1,808.86
EURO (EUR) ₦1,575. 85
SWISS FRANC (CHF) ₦1,790. 46
JAPANESE YEN (JPN) ₦8.47
CHINESE YUAN (CNY) ₦200.72
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,861. 95
SAUDI RIYAL (SAR) ₦361.42
SOUTH AFRICAN RAND (ZAR) ₦83.90
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,393 Sell ₦1,400
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1,185 Sell ₦1, 605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell ₦22,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
Dangote unveils plans for largest free trade zone in Ondo
On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda.. .
President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.
According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.
Dangote disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday.
Dangote stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.
The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.
He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.
Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.
He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.
On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.
Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.
He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.
Source: The Guardian
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