The Naira on Friday depreciated against the dollar at the Investors and Exporters window, exchanging at N431.50. The figure represented an increase of 0.35 per cent, compared with N430 it exchanged for the dollar on Thursday.
The open indicative rate closed at N429.10 to the dollar on Friday.
An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N431.50. The Naira sold for as low as N418 to the dollar within the day’s trading.
A total of 93.54 million dollars was traded at the official Investors and Exporters window on Friday.
The National Film and Video Censors Board (NFVCB) says there is the need to review the law backing the board and movie censorship fee in Nigeria.
Alhaji Adedayo Thomas, the NFVCB Executive Secretary, made this known at a stakeholders’ forum in Lagos on Friday.
Thomas said that the NFVCB laws should be reviewed to further professionalise the creative industry, position it to be self regulated and reduce government involvement.
“We want to work on reviewing our laws which has not been tampered with for over 20 years and this will be done soon,” he said.
The executive secretary said that the review was necessary in view of the recent notification from the Ghana Film Authority (GFA), stating that Nigerian filmmakers should always get permission before shooting movies in the country.
He, therefore, stressed that Nigeria needed to create laws that would permit e foreigners to get necessary permission before shooting movies within the country.
He noted that the board would love the creative industry to be self regulated to reduce the involvement of government.
”It has come to our notice that as an actor, movie producer, director, cinematographer, script writer and all operators in the creative space, you cannot shoot your movies in Ghana without permission from the GFA.
“A letter was sent from Ghana to all embassies and to the Minister of foreign Affairs who sent it to the Minister of Information and was passed to me.
“We need to work more on being self regulated.
“It has become necessary for every genuine operator in the creative industry to belong to a professional guild or association just as we have been advocating for long,” he said.
Peace Ayiam-Osigwe, President, Association of Movie Producers said that the creative industry had contributed immensely to the Gross Domestic Product of the country over the years.
Anyiam-Osigwe said that the association should be given some time to consult with its members on the proposed increment in movie censorship fee.
Also, Mr Ahmad Sarari, National President, Motion Picture Practitioners Association of Nigeria, advised NFVCB to design different percentages for movie distributors, producers and exhibitors.
Another stakeholder, Mr Solomon Arusi, the National Secretary, Association of Movie Practitioners Incorporation, said that the board should focus on regulating the distribution of films which were the main problem confronting the industry.
Arusi added that the film making industry was capable of attracting over 1.6 trillion annually if the problem of film distribution was tackled.
The Nigerian Exchange Ltd., (NGX) recorded another positive performance on Friday, with a gain of N84.65 billion market capitalisation closed at N26,994 trillion from N26,909 trillion on Thursday.
Also, the All-Share Index (ASI) increased by 156.03 points or 0.31 per cent to close at 50,045.83 from 49,889.80 trillion recorded on Thursday.
The upturn was due to gains recorded in large and medium capitalised stocks, amongst which are: Zenith Bank, Stanbic Bank, Nigerian Breweries and MTN Nigeria Communications (MTNN).
The market closed positive as 21 stocks gained relative to nine losers.
FCMB Group recorded the highest gain of 9.06 per cent to close at N3.49 per share.
Stanbic Bank followed with 6.45 per cent to close at N33, while Etranszact rose by six per cent to close at N2.65 per share.
Transcorp rose by 4.76 per cent to close at N1.10, while NPF Microfinance appreciated by 4.52 per cent to close at N1.62 per share.
Courtville Business Solutions gained by 4.17 per cent to close at 50k per share.
On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.50 per cent to close at N1.62 per share.
Eterna followed with 9.17 per cent to close at N5.45, while NCR shed 9.09 per cent to close at N3 per share.
Japaul Gold and Ventures lost 7.50 per cent to close at 37k, while Ecobank Transnational Incorporated shed 7.20 per cent to close at N11.60 per share.
However, the total volume traded decreased to 240. 02 million units valued at N2,68 billion and exchanged in 3,435 deals.
This was in contrast with 229.12 million shares worth N1.75 billion traded in 3,575 deals on Thursday.
Transactions in the shares of Sterling Bank topped the activity chart with 93.7 million shares valued at N136.01 million.
Fidelity Bank followed with 28.77 million shares valued at N97.1 million.
Fidson Healthcare followed with 13.85 million shares worth N130.38 million, while Guaranty Trust Holding traded 13.04 million shares valued at N258.52 million.
HE Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, launched the historic Central African Pipeline System (CAPS) during the second day of MSGBC Oil, Gas & Power 2022 (https://bit.ly/3a4fuRb) .
With the aim of establishing a regional energy commodity market based on the creation of hubs and pipeline systems, CAPS marks an important milestone for producing and non-producing African countries, serving as a launching pad for the creation of an African market.
sustainable and interconnected.
With 11 member countries, CAPS comprises three multinational pipeline systems.
The first is the Central North Pipeline System, which links Cameroon, the Central African Republic and Chad; the second, the Center-West Pipeline System, which links Equatorial Guinea, Gabon and the Republic of the Congo; and the third, the Center-South Pipeline System, links Angola, the Democratic Republic of the Congo, Rwanda and Burundi.
Through the creation of a series of hubs in Central Africa, the establishment of interconnecting pipeline systems that have the capacity to transport a number of different products, the region will be able to establish and benefit from an internal African market.
“The goal of this is to create areas where we can transport, store and distribute: hubs.
These centers will guarantee the transport and distribution of energy so that all countries can benefit.
How are we going to do that?
You create terminals in all those countries.
At those hubs, you have terminals where you can receive oil, gas, and LNG.
All you have to do is connect those hubs so they can distribute to landlocked countries.
You get the gas; You burn gas in a power plant and export electricity.
If you design a refinery with installation pipelines, ship it regionally to where they need it, all of our refineries will be profitable.
If you only think about your own market, you will never be profitable”, said HE Minister Lima. CAPS is starting in the same way as the international systems in Europe, the United States and China.
With regional collaboration as the backbone, the system aims at the widespread distribution of energy from producing to non-producing countries.
"This is not a dream; is what Europe is doing.
In Africa, you see trucks because the pipeline system has not been developed.
You need to make a pipeline for gas, oil, chemicals, and many different things.
The countries that most need these resources are the landlocked countries”, continued HE Minister Lima. What makes the system unique and very attractive to potential investors is that the investment is distributed throughout the system.
Instead of relying on a single funder, the system allows many investors to isolate and concentrate their investments, reaping the rewards while African citizens benefit.
“This is a lot of money; governments sign, investors go to the center.
The only thing the investor is doing is investing in the plant.
The hub is a mechanism for them to make an investment, from there it is placed on the grid and benefits everyone.
Investors who want to concentrate their investment will not have to invest in the entire infrastructure.
This is a regional project that will be able to ensure that any change of government can last.
You will be able to deliver products to any of those centers.” The host governments are expected to sign the memorandum of understanding (MoU) for the project next week, with the initiative being led by the African Petroleum Producers Organization (APPO).
According to HE Minister Lima, “the APPO is going to lead this initiative and all the governments are already, in principle, in agreement.
How do you coordinate?
We focus on collaboration.
We have a central bank that takes care of the monetary aspect.
There will be three different entities: one responsible for the gas pipeline, one responsible for energy and one responsible for refining.
This project is for 11 member countries of which 99% have given the green light”.
As a number of large-scale oil and gas projects come online in the coming years, CAPS will be critical in ensuring that the African continent benefits from its own resources.
With a focus on eradicating energy poverty, the system is expected to accelerate energy access, industrialization and multi-sector growth, while setting Africa on its own path to a clean energy future.
Russia has halted gas deliveries to Germany via a key pipeline for an indefinite period after saying Friday it had found problems in a key piece of equipment, a development that will worsen Europe’s energy crisis.
Russian gas giant Gazprom said Friday that the Nord Stream pipeline due to reopen at the weekend would remain shut until a turbine is repaired.
In a statement, Gazprom indicated it had discovered “oil leaks” in a turbine during a planned three-day maintenance operation.
Gazprom added that “until it is repaired… the transport of gas via Nord Stream is completely suspended”.
Resumption of deliveries via the pipeline which runs from near St Petersburg to Germany under the Baltic Sea had been due to resume on Saturday.
Gazprom said it had discovered the problems while carrying out maintenance with representatives of Siemens, which manufactured the turbine in a compressor station that pushes gas through the pipeline.
On its Telegram page, it published a picture of cables covered in a brown liquid.
Earlier in the day, the Kremlin warned the future operation of the Nord Stream pipeline, one of Gazprom’s major supply routes, was at risk due to a lack of spare parts.
“There are no technical reserves, only one turbine is working,” Kremlin spokesman Dmitry Peskov told reporters.
“So the reliability of the operation, of the whole system, is at risk,” he said, adding that it was “not through the fault” of Russian energy giant Gazprom.
Following the imposition of economic sanctions over the Kremlin’s invasion of Ukraine, Russia has reduced or halted supplies to different European nations, causing energy prices to soar.
The Kremlin has blamed the reduction of supplies via Nord Stream on European sanctions which it says have blocked the return of a Siemens turbine that had been undergoing repairs in Canada.
Germany, which is where the turbine is located now, has said Moscow is blocking the return of the critical piece of equipment.
Berlin has previously accused Moscow of using energy as a weapon.
The announcement by Gazprom comes the same day as the G7 nations said they would work to quickly implement a price cap on Russian oil exports, a move which would starve the Kremlin of critical revenue for its war effort.
Gazprom also announced the suspension of gas supplies to France’s main provider Engie from Thursday after it failed to pay for all deliveries made in July.– ‘Much better position’ –As winter approaches, European nations have been seeking to completely fill their gas reserves, secure alternative supplies, and put into place plans to reduce consumption.
A long-term halt to Russian gas supplies would complicate efforts by some nations to avoid shortages and rationing, however.
Germany said Friday its gas supplies were secure despite the halt to deliveries via Nord Stream.
“The situation on the gas market is tense, but the security of supply is guaranteed,” a spokeswoman for the economy ministry said in a statement.
The spokeswoman did not comment on the “substance” of Gazprom’s announcement earlier Friday but said Germany had “already seen Russia’s unreliability in the past few weeks”.
German officials have in recent times struck a more positive tone about the coming winter.
Before the latest shutdown, Chancellor Olaf Scholz said Germany was now “in a much better position” in terms of energy security, having achieved its gas storage targets far sooner than expected.
Europe as a whole has also been pushing ahead with filling its gas storage tanks, while fears over throttled supplies have driven companies to slash their energy usage.
Germany’s industry consumed 21.
3 percent less gas in July than the average for the month from 2018 to 2021, said the Federal Network Agency.
Agency chief Klaus Mueller has said such pre-emptive action “could save Germany from a gas emergency this winter”.
Europe as a bloc meanwhile has been preparing to take emergency action to reform the electricity market in order to bring galloping prices under control.
Fear of shortages of natural gas has driven futures contracts for electricity in France and Germany to record levels.
European consumers are also bracing for huge power bills as utilities pass on their higher energy costs.
Alhaji Idris Abiola-Ajimobi, the All Progressives Congress (APC), the Oyo State House of Assembly candidate, has commended his co-contestants for withdrawing their suit against his candidature.
Abiola-Ajimobi, son of the late Gov. Abiola Ajimobi, gave the commendation in a statement signed by his Media Aide, Lateef Alade, on Friday in Ibadan.
The News Agency of Nigeria reports that Abiola-Ajimobi had won the party’s primaries on May 26 to contest the Ibadan South-West II State Constituency seat in the 2023 general elections.
The duo of Michael Famurewa and Olawale Ayilara, contesting the Assembly primaries against Abiola-Ajimobi, had approached the court over outcomes of the primaries.
NAN reports that the court had struck out the case challenging Abiola-Ajimobi’s candidature, following withdrawal of the suit in his honour, by Famurewa and Ayilara.
Abiola-Ajimobi said that the plaintiffs had demonstrated high level maturity and loyalty to the party by their actions of withdrawing the suit instituted against his candidature.
He appreciated his co-contestants and the party leaders for their intervention, which led to amicable resolution of the issue.
Abiola-Ajimobi assured all members of the party, including his co-contestants, of quality representation, promising to justify the confidence reposed in him.
“I assure our leaders, co-contestants, constituents and other members of the party that I will justify the confidence reposed in me through quality representation,” he said.
The All Progressives Congress (APC) on Friday felicitated its vice presidential candidate for 2023,Sen. Kashim Shettima ,on his 56th birth anniversary.
The party,in a statement issued by Mr Felix Morka,its National Publicity Secretary in Abuja ,described Shettima as a bridge builder and a patriot.
It said Shettima, through his progressive politics, had made friends across all the country's geo-political and religious divides.
According to the party, the former two-term governor of Borno, is a key asset needed for the important task of achieving a harmonious and prosperous Nigeria.
"As a former governor, senator and banker, Shettima’s administrative and professional accomplishments have set him apart.
"He is eminently capable and ready for the job of running mate to our presidential candidate, Asiwaju Bola Ahmed Tinubu in the upcoming 2023 general elections, "As he marks his 56th birthday anniversary, we pray that God grants Sen. Shettima wisdom and many more healthy years in service of our country and humanity,"it said
The National Women Leader of the Labour Party (LP), Mrs Dudu Manuga, on Friday urged women to take the 2023 general elections seriously and be involved to give hope to their children.
Manuga who stated this at a Stakeholders’ Meeting with LP women leaders and aspirants in Lagos State, said women must take ownership of the 2023 elections for the sake of their children’s future.
She urged women to network, mobilise and canvass votes for the party’s presidential candidate, Mr Peter Obi and other candidates of the Labour Party.
“God has raised us (women) for a time like this and to change the narratives.
We must chat a way forward in 2023. We can make things better.
It is not about us but about our children.
“No woman at a time like this is useless.
We must do all we can to change things.
“We must reach out, engage and mobilise.
We have to take ownership.
We must own the next election-the process, the election and the outcome.
We must protect our mandate at the polling units and the integrity of the Labour Party.
“It is not about us, it is about hundreds of thousands of women, youths and children outside, for a better Nigeria.
“Together, we can get Nigeria working,” Manuga, the Executive Director, Responsible Citizenship and Human Development Initiative, said.
She said that Obi remained a strong believer in women, recounting that Obi gave women juicy positions when he was governor of Anambra.
Manuga, an education and humanitarian expert, urged women leaders to go to the grassroots and mobilise women professionals.
“it is about us as women.
We must use the best way to get women at the grassroots, civil servants and professionals.
” In her remarks, Mrs Titi Oworu, Women Leader of LP in Lagos state who welcomed the party’s national women leader, described her as a mother and warrior.
Oworu said that women must rise up to change Nigeria and ensure a country that works with good education, economy, security and where business thrived.
“The only way we can change the numerous challenges facing the country is to ensure that Labour Party is enthroned in 2023,” she said.
Also commenting, Dr Folaseye Adebayo, the LP Deputy Women Leader on Strategy and Mobilisation, Lagos state, said that Nigeria and Nigerians had got to a critical situation that required a genuine Messiah like Obi. “We have seen someone that can give us hope.
This is a mission we must accomplish.
We know it is not going to be easy.
“We are going to mobilise, we are going to use door-to-door strategy in canvassing for votes when campaigns begin.
We are going to work together,” Adebayo said.
The News Agency of Nigeria reports that the event had in attendance, LP women leaders from various Local Government Areas of the state and some women aspirants.
The President of Confederation of African Volleyball (CAVB), Zone 3, Ali Yaro has called on Sub-Saharan African nations to prioritise the U-19 Africa Girls Nations Championship in order to develop the sport.
Yaro who made the call in an interview with the News Agency of Nigeria on Friday in Abuja, said that there was a need to develop the game in the continent.
The president said that it was unfortunate that only three countries in the continent would participate in the championship.
“Each country in the continent needs to work hard on their grassroots developmental programme for the development of the game.
“In a championship like this, the participation of each country on the continent was paramount.
I wish the countries present here goodluck and to put in their best,”he said.
Yaro commended the Nigeria Volleyball Federation (NVBF) for hosting the championship for the second consecutive time.
Also speaking, the president of NVBF, Musa Nimrod said that Nigeria’s strength lies in the age grade championship.
“Nigeria is laying a solid foundation for the young players to excel and play professional volleyball outside the country and in turn improve the standard of play,” he said.
The News Agency of Nigeria reports that Nigeria, Cameroon and Egypt are the countries participating at the 2022 U-19 Africa Girls Nations Championship.
NAN reports that Nigeria hosted the Championship for the first time in 2021 in Abuja.
It also reports that Nigeria will face their Cameroonian counterparts in the opening match at the Moshood Abiola National Stadium in Abuja on Friday at by 5 p.
Army Headquarters Garrison (AHQGar) on Friday in Abuja, concluded the 2022 Combat Proficiency Competition for its officers in the ranks of Captain and Lieutenant.
The competition, which commenced on Wednesday, involved weapon handling, obstacle crossing and map reading, aimed at improving their leadership quality, abilities, physical fitness and team spirit.
In his remarks, the Commander, Defence Headquarters Garrison, Maj.-Gen. Elias Attu, said the competition was part of the training activities of the Nigerian Army during the year.
Attu, who was a special guest of honour, said that training was essential to excellent leadership qualities, organisational abilities and esprit de corps amongst personnel.
He commended the teams for the display of competence, adding that the competition has achieved its objectives of fostering camaraderie among the participants and improved their leadership skills.
The commander implored the participants to pass on the knowledge gained from the competition to their subordinates in the various units, departments and establishments.
He said the competition was a testament to the commitment of the garrison towards tackling security challenges and ensure the safety and security of the citizens within the seat of power and its environ.
“We all know that training is key to the success of an armed forces and so for them to be successful in what they are doing, carrying out patrols day and night, they must be very fit.
“That is the essence of this proficiency competition.
It is for them to be proficient also in handling the weapons that they have been given and how they are going to administer men under them,” he said.
Attu also commended the garrison for another milestone achievement in implementing another major training event on the Nigerian Army Forecast of Event for the year.
He also thanked the Chief of Army Staff (COAS), Lt.-Gen. Faruk Yahaya for his drive at ensuring that every personnel acquired requisite training at all times to keep them combat ready.
At the end of the completion, Charlie Team (C) came top as the overall winner with 920 points while Bravo (B) Team came second with 820 points and Alpha Team (A) came third with 814 points.