President Bola Tinubu has approved a N10 billion grant to the National Broadcasting Commission (NBC) to drive Nigeria’s transition from analogue to digital broadcasting. This substantial financial injection is set to accelerate the Digital Switch-Over (DSO) project, a transformative initiative aimed at enhancing television programming, expanding nationwide access to TV services, and freeing up valuable spectrum for other technological uses. The announcement was made by the Director-General of NBC, Mr. Charles Ebuebu, during a joint news conference in Abuja on Thursday, where he was joined by the Executive Vice Chairman of the Nigeria Communications Commission (NCC), Dr. Aminu Maida. “Under…
Author: Temitope Nlewemchi
Botswana has discovered the world’s second-largest diamond, a 2,492-carat gem unearthed by Canadian mining company Lucara Diamond. Financial Times provided that the weighted diamond discovered, is the largest gem-quality find since the Cullinan diamond, discovered over a century ago and later incorporated into the British Crown Jewels. Reports provide that this discovery would ‘offer some relief to a sector impacted by the rise of lab-grown stones, as mining contributes about a quarter of Botswana’s GDP. A Discovery Of A Lifetime Former executive of De Beers and now head of mining companies in southern Africa, Clifford Elphick, described the discovery as…
On the early morning of August 1, 2024, a fire broke out at the Ladipo Baale Roundabout Plank Market in Orile-Iganmu, Lagos, razing property worth millions of naira. The blaze, which began around midnight, consumed three shops in the market before emergency responders were able to bring it under control. Dr. Femi Oke-Osanyitolu, Permanent Secretary of the Lagos State Emergency Management Agency (LASEMA), confirmed that no casualties were reported. According to initial investigations, the fire started from a pile of planks due to a power surge, which then spread rapidly to other sections of the market. While the fire caused…
Lagos residents turned out in large numbers to protest what they describe as “bad governance,” with demonstrations taking place at Ojota, Ikeja Underbridge and Lekki despite stern warnings from government officials and a heavy police presence, particularly at the Lekki Tollgate. Today, Thursday marks the start of a planned 10-day nationwide protest, with actions occurring across the country. The protest tagged #EndBadGovernanceinNigeria, gained virality through online campaigns and sparked concern among authorities, who feared a repeat of recent violent protests in Kenya that forced the government there to backtrack on new taxes. While major roads, including the Lagos-Ibadan Expressway, were largely deserted…
The Federal Competition and Consumer Protection Commission (FCCPC) has formally accused Coca-Cola Nigeria Ltd and the Nigerian Bottling Company (NBC) of misleading trade descriptions and unfair marketing tactics in their products Original Taste and Less Sugar. This was disclosed in a press statement signed by the commission’s management and posted on the official X handle of the organisation. According to the statement, the commission found Coca-Cola Nigeria and NBC in violation of section 116 of the FCCPC Act as well as section 124 1(a) of the Commission’s Establishment Act. The FCCPC noted that Coca-Cola Nigeria Ltd and NBC were guilty…
The Lagos State governor, Babajide Sanwo-Olu, has denied any involvement with individuals and handles promoting the hashtag #IgboMustGo on Twitter (now X), which calls for the evacuation of people from the Southeast from the State. The media aide to the governor, Gboyega Akosile, stated on Thursday that Sanwo-Olu and the Lagos State Government wish to distance themselves from such “reckless, divisive, and dangerous rhetoric.” He emphasized that Lagos remains home to every Nigerian citizen, regardless of their ethnic nationality. Akosile further mentioned that the governor is urging security agencies to promptly investigate the individuals behind the handle and bring them to justice. …
Protest actions in Nigeria from 2015 to the present have played a significant role in the country’s socio-political landscape, highlighting the citizens’ reactions to various government policies and national issues. This period under review has witnessed various protests, including the prominent #EndSARS movement against police brutality and demonstrations addressing economic policies and the cost-of-living crisis. The #EndSARS protests, which gained international attention in 2020, marked a crucial moment by underscoring issues of governance, human rights, and the urgent need for police reform. The authorities responded to these protests with a heavy hand, resulting in a tragic loss of lives and prompting questions about…
The House of Representatives’ Joint Committee on Petroleum Resources (Midstream and Downstream) has asked Nigerian stakeholders and oil companies to submit proposals highlighting how to address the influx of adulterated fuel products into Nigeria, among other issues. The call was made in a press release published on the committee’s Facebook page on Thursday, August 1. The proposals or memoranda are needed ahead of the lawmakers’ public hearing, following the committee’s forensic investigation into the challenges affecting the midstream and downstream petroleum sectors in Nigeria. Comprehensive Investigation into the Oil and Gas Sector It was previously reported the lawmakers saying that allegations of non-availability…
Business activities in Nigeria’s private sector contracted for the first time since November 2023 in July mainly due to a reduction in new orders and high prices limiting demand. The Stanbic Purchasing Managers’ Index (PMI) for July declined to 49.2, indicating a slowdown in business activities in the beginning month of the second half of the year. The report indicated that the recent decline in the private sector’s health was mainly due to the first reductions in output and new orders since November of the previous year. However, the rates of decline were modest. Anecdotal evidence pointed to the negative…
The Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC), Dr. Ahmed Audi, has condemned the spate of attacks on security personnel amid ongoing nationwide protests. The unrest, which began as peaceful demonstrations, has escalated into violent confrontations, resulting in significant damage to public and private property, as well as threats to the safety of security operatives. In a statement released by NSCDC spokesperson Babawale Afolabi on Friday, Audi voiced deep concern over the violence targeted at officers who were deployed to protect critical infrastructure and maintain order. “It is lamentable that there were attacks on security operatives…
Port users have urged the Federal Government to review the age limit for cars allowed for importation into the country, suggesting an increase from 13 to 15 years to help alleviate the suffering of Nigerians. In separate interviews with the News Agency of Nigeria (NAN) on Friday in Lagos, port operators urged the Federal Government to address various issues impacting business operations in the nation’s ports. Dr. Kayode Farinto, CEO of Wealthy Honey Investment Ltd., urged the Comptroller-General of Customs to publish the list of exempted items for imports. Farinto, a former executive of the Association of Licensed Customs Agents…
The Incorporated Trustees of the Association of Local Governments of Nigeria (ALGON) have accused State Commissioners for Finance of conspiring with governors to obstruct the direct payment of allocations from the federation account to the 774 local government councils’ accounts. This accusation was made in a letter addressed to the Chairman of the Forum of State Commissioners for Finance of Nigeria, dated July 30 and signed by Mike Ozekhome (SAN). ALGON has threatened to initiate contempt proceedings against the commissioners if they fail to comply with a Supreme Court order that approved the direct allocation of FAAC funds to the…
The Lagos State Government has entered a partnership agreement with the U.S.-based Project Management Institute (PMI) to improve project management practices across 45 Ministries, Departments, and Agencies (MDAs) in the state. Governor Babajide Sanwo-Olu supervised the signing of the Memorandum of Understanding (MoU) at the State House in Marina on Tuesday. The agreement aims to optimise resources and streamline the execution of the 1,830 ongoing capital projects in Lagos. This initiative is part of the state’s strategy to enhance efficiency, reduce risks, and improve the quality of life for residents through better project implementation. Governor Sanwo-Olu emphasized the timeliness of…
The U.S. Embassy in Abuja and the U.S. Consulate General in Lagos are set to transition to a new visa services provider, starting August 26, 2024. This is according to a notice on the U.S. Embassy website. This change will affect how nonimmigrant visa applications are handled, though current appointments remain valid. For interviews scheduled on or before August 16, 2024, no action is needed. Applicants can continue to access their accounts at ustraveldocs.com to review appointment details and contact customer service if needed. For Interviews scheduled between August 16 and August 26, 2024, applicants will lose access to their…
The National Pension Commission (PenCom) has announced the assumption of office by Omolola Oloworaran as the new Acting Director-General. According to a statement from the commission, her appointment follows the stipulations of Section 26 (1) of the Pension Reform Act 2014, pending her confirmation by the Senate. However, her appointment has sparked controversy, particularly concerning the requirement of 15 years of cognate experience in pension matters as mandated by the Pension Reform Act. What the statement says The statement from PenCom read: “The National Pension Commission (PenCom) hereby informs the public that the newly appointed Director-General of the Commission, Omolola…
Nigeria’s largest brewer by revenue, Nigerian Breweries Plc posted a pre-tax loss of N50.8 billion for the quarter ending June 30, 2023. It marks a marginal 0.7% year-on-year decline from the N50.4 billion pre-tax loss posted in Q2 2023. During the quarter, Nigerian Breweries posted a revenue of N251.8 billion, marking a 63% year-on-year growth from N154.1 billion posted in Q2 2023. The group posted a revenue of N479.8 billion in the first half of 2024, marking the highest revenue ever posted by a Nigerian brewer in six months. The revenue of H1 2024 was a 73% year-on-year growth from…
The Group CEO of FCMB Group, Ladi Balogun has stated that only about 10% of the bank’s foreign exchange gains recorded in 2023 are realized. He made the statement during his presentation at the group’s “Facts Behind the Offer” presentation which was held at the NGX premises on July 30. Balogun made the statement while referring to the 70% windfall tax which has been on the bank’s realized FX gains from 2023. He highlighted that the tax would not significantly impact the bank’s capital or its earnings. He said, “We do recognize that’s there a bill that is yet to…
The Chairman of FBN Holdings and acclaimed strongman of the financial and capital markets, Femi Otedola has thrown his weight behind the implementation of a windfall tax, emphasizing its importance in creating a more equitable economic environment. The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service. In a statement released to the press, Otedola highlighted the need for reforms in the Nigerian banking sector to enhance economic stability and integrity. “Windfall taxes, which are levies on companies or individuals who receive substantial, unexpected profits, ensure a fairer…
The Hollywood action-adventure “Deadpool and Wolverine” has surpassed box office expectations in Nigeria, grossing an impressive N165 million, including advanced screenings on Wednesday and Thursday. According to data analyzed by Nairametrics, the Marvel superhero film achieved a three-day weekend opening of N144.1 million only from July 26 to July 28, 2024. On its first day in Nigerian cinemas, the film raked in N41.6 million, followed by N51.6 million on Saturday, bringing its cumulative to N93.2 million by the end of the day. Initially, the Nigerian box office had projected a cumulative flash sale of N115 million. However, the film exceeded these expectations,…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede disclosed that its operatives are “re-strategizing” to prevent all forms of financial corruption attributed to Nigerians. Olukoyede made this statement on Monday as the Commission hosted the 1st International Criminal Police Organization (INTERPOL)/Japan International Cooperation Agency (JICA) Workshop at its Academy in Karu, Abuja. He provided assurance amid INTERPOL’s revelation at the event that dollars are illegally flowing out of Nigeria to other countries. Dollars laundered out of Nigeria — INTERPOL Declaring the four-day training workshop open, the INTERPOL Vice President for Africa, Garba Umar, highlighted that every…