Business
Dangote: Middle East crisis might take us back to ‘Work from home’ COVID era
In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week.
The President of the Dangote Group, Aliko Dangote, has expressed concerns about the ongoing Middle East crisis taking many countries back to the COVID19 era’s work from home.
Dangote stated this on Monday, after a meeting with President Bola Ahmed Tinubu at his residence in Lagos.
While expressing concern about the economic impact of oil price uncertainty, Africa’s Richest man noted that Nigeria and other African countries might be forced to start working from home, just like the COVID19 era.
Dangote called for prayers and international intervention to end the conflict which has affected the price of fuel and other energy sources in the country.
He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.
It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.
Dangote explained that the crisis would hit hardest at ordinary Africans operating small businesses, “People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.
Business
CBN admits it opened domiciliary accounts for PFIPC agency
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
File photo : PFIPC agency DG, Adeniyi Adeyemi
The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.
“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.11
GREAT BRITISH POUND (GBP) ₦1,857.35
EURO (EUR) ₦1,575.95
SWISS FRANC (CHF) ₦1,705. 31
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.94
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.49
SOUTH AFRICAN RAND (ZAR) ₦83.69
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422
GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.18
GREAT BRITISH POUND (GBP) ₦1,854.42
EURO (EUR) ₦1,577.00
SWISS FRANC (CHF) ₦1,707.94
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.57
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.48
SOUTH AFRICAN RAND (ZAR) ₦83.29
CBN admits it opened domiciliary accounts for PFIPC agency
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