The Lagos State Government has announced its plan to demolish illegal structures along the rail tracks in the Agege corridor. Beggars and traders are advised to vacate the area before the scheduled demolition. This decision was communicated by Mr Afolabi Ayantayo, the Lagos State Commissioner for Establishments, Training, and Pension following a meeting involving the Agege Local Government council, state government representatives, and community members held on Sunday to address the impending demolition. Ayantayo observed that reports had been received concerning numerous criminal activities occurring along the rail corridor. He mentioned that shanties were serving as hideouts for criminals who…
Author: Temitope N.
The founding Managing Partner and Deputy CEO at Purple Real Estate Company, Mr Obinna Onunkwo, has said that the multifaceted challenges and opportunities within the real estate sector call for strategic policy interventions, innovative financial products, and technological adoption to harness its full potential. He noted this during Nairametrics’ recently held Real Estate Outlook event themed: “How to Succeed in Nigeria’s Real Estate in 2024 – Challenges and Opportunities in a High-Cost Environment”. Onunkwo stressed how the significance of the real estate sector in economic dynamics and policy considerations, indicating that when combined with construction, it stands as the fourth-largest sector. Speaking,…
Peter Obi, the Labour Party’s candidate in the 2023 general election, has demanded a comprehensive review of the 2024 budget in light of the recent scandal involving a purported N3.7 trillion padding by the Senate. In a statement on Monday, the former Anambra State governor said that the National Assembly needs to begin an immediate reassessment of the budget, given its early stage of execution, to facilitate the urgent redirection of funds to vital sectors. Obi pointed out that Nigeria is dealing with a range of critical challenges in education, healthcare, economic, and power sectors, necessitating immediate attention and budget…
The International Labour Organization (ILO) has revealed that forced labour in the private economy generates $236 billion in illegal profits annually. This disclosure is contained in a new report titled, ‘Profits and Poverty: The economics of forced labour’, by ILO from Geneva and can be seen on its website. It stated that the total amount of illegal profits from forced labour has risen by $64 billion (37%) since 2014, a dramatic increase that has been fuelled by both a growth in the number of people forced into labour, as well as higher profits generated from the exploitation of victims. The…
The House of Representatives on Tuesday urged all companies in Nigeria to inscribe “Made in Nigeria” on all domestic goods to boost local content patronage in the country. The lawmakers asked the Federal Ministry of Industry, Trade and Investment to prevail on the Manufacturers Association of Nigeria (MAN) to make sure that the directive is complied with. The House resolution was based on a motion by Hon. Joseph Nwobasi (APGA, Ebonyi). The lawmaker said at plenary that while Nigeria is endowed with human and natural resources to support and propel a self-sustaining and production-based economy, numerous industrial activities in Nigeria…
The Senate has approved the 2024 Statutory Budget for the Federal Capital Territory (FCT), amounting to N1.282 trillion- an increase of N135 billion from the figure initially proposed by the Ministry of FCT. This approval came following the review of the combined report from the Senate and House of Representatives Committees on FCT during the Tuesday plenary session. Sen. Ibrahim Bomai, the Chairman of the senate committee on FCT presented the report, noting the initial proposal of N1.15 trillion for the FCT’s 2024 budget. During deliberation on the report, Bomai mentioned that the committee recommended a budget of N1.28 trillion,…
The Nigeria Labour Congress (NLC), in partnership with the International Labour Organisation (ILO), has conducted training for trade union workers to enhance the role of trade unions in labour migration. The training was focused on gender mainstreaming to safeguard migrant workers in Nigeria. According to Nairametrics, the workshop, spanning three days was aimed at sensitizing migrant recruitment advisors. The NLC General Secretary Mr. Emmanuel Ugboaja stated that the program was beneficial for female migrants to promote decent work. What they said NLC Head of Youth and Women Mrs. Rita Goyit, who represented Ugboaja, highlighted the training’s goals, focusing on raising awareness and…
On Wednesday, President Bola Ahmed Tinubu asked the Senate to pass his proposed bill on new judicial officers’ remuneration so they can access fringe benefits among other allowances. The Senate President Godswill Akpabio disclosed Tinubu’s request at plenary while reading out his letter to lawmakers. Tinubu stated that judicial officers needed an improved welfare package. The letter reads,” “Transmission of judicial office holders’ salaries and allowances bill, 2024. “ In accordance with the provisions of section 58, sub-section two of the 1999 constitution of the Federal Republic of Nigeria as amended. “I forward herein, the judicial office holders, salaries, and…
The Federal Government and a non-governmental organization have created a strategic collaboration to create employment opportunities for youths in priority sectors. This was announced by the Minister of Youth Development, Dr. Jamila Bio-Ibrahim, during a courtesy visit by Mr. Abraham Ndambuki, the Grants, Finance, and Risk Management Officer of the NGO, in Abuja The primary goal of the fund is to catalyze enterprise expansion, amplify efforts, and maintain the establishment of dignified and rewarding employment opportunities for young Nigerians. The ministry is focusing on priority sectors such as Agriculture, Climate Adaption, Digital Economy, Blue-economy, Mining, and Renewable Energy so as…
The House of Representatives has passed a bill for an upward review of the salaries, allowances, and fringe benefits of judicial office holders in the country, with the Chief Justice of Nigeria expected to earn at least N5.39 million as total monthly basic salary and regular allowances. The bill which passed through the Third Reading in the lower chamber on Wednesday, seeks to amend Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc) Act, No. 6, 2002 (as amended) by deleting Section 2(b), Part II of the Schedule to the Act and any other provisions relating to Judicial…
President Bola Tinubu has declared a three-month suspension of government-funded overseas travel for ministers, heads of agencies, and other government officials. The prohibition is set to commence on April 1, 2024, and will initially last for a period of three months This was contained in a letter from March 12, 2024, signed by Femi Gbajabiamila, the Chief of Staff to the president, and sent to George Akume, the Secretary to the Government of the Federation. According to the letter, the purpose of the ban was to cut down on governance expenses. What the president said The letter indicating the ban…
President Tinubu has urged the National Assembly to be restrained in calling the leaders of ministries, departments, and agencies (MDAs) to appear before parliamentary committees, emphasizing that these officials should be allowed to perform their duties. The president made this statement during the Ramadan fast-breaking event on Wednesday in Abuja. He said to the Speaker of the House Tajudeen Abbas and other lawmakers that while oversight is important for transparency and accountability in governance, there should be caution in over-summoning officials which could disrupt operations and affect services to citizens. Consequently, he advised the lawmakers to exercise discretion in their…
The head of the International Monetary Fund (IMF), Kristalina Georgieva, paid a visit to Ghana where she stated that the West African country should make sure that debt relief deals it negotiates with its Eurobond creditors do not undermine the country’s effort to recover from its economic crisis. According to Reuters, the IMF boss met with the Ghanaian president, Nana Akufo-Addo, in a private meeting earlier in the week as Ghana battles to recover from its worst economic crisis in a generation. Ghana defaulted on most of its external debt in December 2022 and in January 2024 it reached a deal…
The Society for Corporate Governance Nigeria has revealed that female representation on corporate boards in Nigeria experienced a 2.5% growth on average over the past four years. This statistic was unveiled during the roundtable event held in Lagos, Nigeria, commemorating the 2024 International Women’s Day (IWD) celebration. Speaking at the event, Mrs. Chioma Mordi, Managing Director of Society, represented by the Head of Business and Strategy, Olumide Olaleye, highlighted the findings of a recent research study conducted by the Society in collaboration with the NGX. The study indicated on average an approximate 2.5 percentage increase in female representation on the…
Senegal is set to hold its delayed Presidential elections on Sunday amid a tense political atmosphere caused by the failure of President Macky Sall to postpone the vote and the release of two key opposition figures from prison. According to the Associated Press, the delayed elections have sparked violent protests testing one of West Africa’s most stable democracies. Opposition leader Ousmane Sonko was released from prison last week sparking wild jubilations in the streets of Dakar and adding to the excitement of the much-anticipated elections. Alioune Tine, the founder of Afrikajom, a Senegalese think tank, said that Sunday’s election has a…
The Lagos State Government has taken into custody and publicly identified six suspects involved in the extortion of traders and residents for the utilization of a pedestrian bridge in Yaba. Tokunbo Wahab, the Commissioner for Environment and Water Resources in the state, announced this information through his X account on Thursday. According to Wahab, the arrest of the suspects was a direct response to their actions being exposed in a viral video. The identities of the suspects, who were reported to have charged a N100 fee for each pedestrian carrying luggage, were not revealed. Recommended reading: LASG to clear illegal structures…
The Ogun State Government closed Food Agro and Allied Industries Limited, a malted sorghum producer in Ijako, Sango-Ota, for significant environmental violations and non-compliance with regulations. The closure was officially announced through a statement on the Ogun State Waste Management Authority’s official Twitter account on Thursday. The post detailed the closure of the company aligned with the state government’s continuous efforts to protect the welfare and well-being of its residents from the detrimental effects of environmental violations. “In its continued efforts at shielding its residents from harmful effects of environmental infractions which will impact on their welfare and well-being, the Ogun…
Apollo Global Management has made a substantial $11 billion offer to acquire Paramount Global’s studios. Wall Street Journal first disclosed this on Wednesday.The bid arrives amidst Paramount Global contemplating another offers from Skydance Media and RedBird Capital Partners, further intensifying the competition for the entertainment company’s assets. The proposed deal by Apollo entails Paramount Global’s film and television studios, which notably produced blockbuster hits like “Mission: Impossible–Dead Reckoning” and “Killers of the Flower Moon” last year, to be separated from the rest of the business. Notably, the amount offered significantly surpasses Paramount Global’s market capitalization, which stood at $7.7 billion…
Dele Alake, the Minister of Solid Minerals Development, has officially launched the inaugural group of Mining Marshals Corps, aimed at tackling the issue of unauthorized mining activities. The Mining Marshals were formally presented in Abuja on Thursday. Alake mentioned that the mining marshals have been selected from the Nigerian Security and Civil Defence Corps (NSCDC). Alake added that the mining marshals have been selected from the Nigerian Security and Civil Defence Corps (NSCDC). He stated that the NSCDC, being a countrywide paramilitary organization, is set to position its units nationwide. “On assumption of office, we announced the seven-point agenda as…
Nyesom Wike, the Minister of the Federal Capital Territory, has approved the disbursement of N280.3 million in scholarships for 13,946 underprivileged students across all educational levels in the FCT. This announcement was made by Dr. Danlami Hayyo, Mandate Secretary of the Education Secretariat for the FCT Administration, in Gwagwalada on Thursday, at the event marking the rapid rehabilitation of 19 public schools across the Federal Capital Territory. The ceremony was held at the School of the Gifted in the Gwagwalada Area Council, within the Federal Capital Territory. According to Hayyo, the financial allocation was set aside for indigent students, both new enrollees…