Latest Npower News Today: Npower Salary Update and Npower Latest News on Permanency
The Federal Government continues to engage private businesses and organisations on the absorption of exited batch A and batch B of the Npower program.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, disclosed this in Abuja.
On continuity and sustenance, the Federal Government allocated N420 billion to Npower and other social investment programmes in the 2021 proposed budget before the National Assembly.
President Muhammadu Buhari also made mention of it in his last speech regarding the #EndSARS protest.
Buhari said, “In furtherance of our inclusiveness agenda, the sum of N420 billion has been provided to sustain the Social Investment Programmes, while N20 billion has also been set aside for the family homes and our Social Housing Programme.”
Speaking on unpaid exited Npower beneficiaries of batches A and B, the minister said “the ministry has directed that opportunity be given to the affected beneficiaries to verify and re-validate their eligibility so that qualified beneficiaries can be paid for their participation in the N-Power Programme.
“Beneficiaries are hereby directed to report to their State Focal Persons immediately with their bank account details including bank statements from March 2020 to date, NYSC Discharge Certificates, birth certificates and other related screening documents.
“The deadline for verification is October 13, 2020. Beneficiaries who fail to attend the verification exercise will forfeit their stipends.”
The fresh verification has now closed, however, the list of the successful candidates for Batch C would be announced soon according to the minister while the Federal Government continues to work on permanent placement for exited Npower beneficiaries.
On fake Npower news flying across social media, Rhoda Ishaku Iliya, the Deputy Director Information of the ministry, said the attention of the ministry has been drawn to series of fake news trending on social media.
She said “the attention of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development has been drawn to the fake news trending on social media that President Muhammadu Buhari will broadcast to the nation the absorption of N-Power Volunteers Batch A, into the Federal Civil Service,” the statement reads.
“The Ministry is hereby calling on the public to disregard the message and consider it as fake news. Any information on N-Power or the National Social Investment Programme will be issued through the appropriate Federal Government channels.”
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions