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Business News

Here’s why FG is engaging Malaysian based consultants for N458m

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Power: VP Osinbajo to lead reform group, Emefiele, El-Rufai are members

The Federal Executive Council (FEC) has approved the hiring of a consulting firm based in Malaysia with the aim of conducting a study that will aid the implementation of the present administration’s Economic Recovery and Growth Plan.

Minister of Budget and National Planning, Senator Udo Udoma, disclosed this to State House correspondents at the end of a meeting of the Council presided over by Vice-President Yemi Osinbajo in Abuja.

Udoma put the cost of the approved consultancy job at N458m.

Why Engaging Experts

The minister explained that the duties of the consultant was to identify relevant stakeholders in private and public sectors for the implementation of ERGP, saying the study will be conducted on agriculture, transportation, power, gas and processing.

According to the Udoma,  “the Federal Executive Council approved a memorandum that was brought by the Ministry of Budget and National Planning to retain some consultants to help us to conduct some pilot labs.

‘This is part of our implementation strategy for the economic recovery and growth plan and so we intend to conduct three labs. One in agriculture and transportation, one in power and gas and one in manufacturing and processing.

“The key objectives of the labs are as follows. One to identify all relevant key stakeholders from the public and private sector that are crucial in the delivery and implementation of the ERGP initiative so as to create ownership early on  in the development process.

“We will review and re-evaluate the ERGP and sectoral plans against set targets and progress and will include identifying gaps in the current eco system and the key success factors.

Senator Udoma explained that the consultancy is scheduled to cover about three months or  a minimum of 13 weeks.

 

Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics.He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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