Business

Buhari Directs Contributors To Remit All Outstanding Funds Owed NDDC

Published

4 years ago

December 30, 2021

President Muhammadu Buhari has directed all contributors of the Niger Delta Development Commission (NDDC) to remit all outstanding funds owed the Commission to enable it pursue its mandate of developing the Niger Delta region.

President Buhari gave the order in Uyo, Akwa Ibom State capital, while commissioning the ultra modern 1050-bed space hostel built by NDDC and donated to University of Uyo.

He stated: “I want to use the opportunity of this commissioning to direct all statutory contributors to the NDDC to remit all outstanding funds to the Commission, because the Management has shown that it can manage its affairs with prudence, transparency and accountability.”

According to figures released by NDDC, the Federal Government and oil companies owe the Commission N1.9 trillion and $4billion (about N2.2 trillion), respectively, according to the NDDC Establishment Act 2000.

President Buhari stated that “the forensic audit, which was completed a few months ago, is achieving one of its core objectives.

He added: “That objective is to rebuild NDDC into an agency that is well equipped and better placed to facilitate sustainable regional development.”

He said that NDDC “should be given all necessary support it deserves from stakeholders and commended the Commission’s management, led by its interim administrator, Dr. Efiong Akwa, for a job well done.”

In his welcome address, Interim Administrator, NDDC, Dr. Effiong Akwa assured that there is a new spirit in the NDDC “permeating the Commission’s affairs and how it approaches its mandate of sustainable regional development.”

He stated: “It is a spirit, the New NDDC spirit, inspired by President Muhammadu Buhari and fuelled by the Honourable Minister of Niger Delta Affairs, Senator Godswill Akpabio, which compels greater enthusiasm that we can deliver on our collective promise to the Niger Delta region and our people.”

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

1 day ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

1 day ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.