Business

Edo Community Kicks Over Relocation Of Aerodrome By Edo Govt

Published

3 years ago

January 2, 2022

Okpella community in Etsako East Local Government Area of Edo State is poised for war with the State Government over alleged relocation of the proposed airport project in Edo North Senatorial district of the state.

The community spokesman, Chief Richard David, in a press conference on Sunday, stated that there was already a plan by BUA and Dangote to build an aerodrome in the area, calling on the state government to support the project instead of getting approval for another airport in Etsako West.

David stated that BUA and Dangote were planning to build the aerodrome in Okpella because of their huge investment in the area which has propelled development in the community

The community also expressed surprise that a letter from the Federal Mjinistry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.

He said they had expected something to be done to correct the anomalies by the FMA but unfortunately nothing was done.

He lamented that despite the immense contribution of Okpella to the economic sustenance of Edo, the community remains the most marginalized in infrastructural consideration.

He said, “It was a thing of joy to the people when the BUA group hinted that it had started the process of setting up an aerodrome in Okpella for which appropriate modalities of location of suitable site, soil tests and payment of compensation to crop owners had been completed.

“We had expected the government to back this process instead of initiating a fresh move for another airport and erroneously mentioning Okpella as the site.

“We had also expected that the government will commit resources to set up auxiliary infrastructure like access road to and fro the aerodrome, supply of water, improved power supply and others.

“To our surprise, a letter from the federal ministry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.

“We had expected something to be done to correct this but nothing was done. This action of the FMA, the silence of the Etsako East Council and the body language of the State Government have angered our youths and generality of the community.

“We are sure that the same investors trying to build the airstrip will be used to source for funds for this proposed airport by the state government. But we demand that the investors be allowed to continue with the ongoing project in Okpella.

“We have been appealing to and pacifying our youths, who have been visibly restive and suspicious of government action on this project.

“But if the project is stopped and taken to another place, we cannot quaranteed the peaceful coexistence between the investors and the community unless Okpella ceases to be their host community.”

Related Topics:#Edo govt Okpella Community

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Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

2 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.