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…
Author: Temitope Nlewemchi
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…
The National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme across the 36 states of the federation and the Federal Capital Territory (FCT). The endorsement was made during the 140th meeting of the National Executive Council, chaired by Vice President Kashim Shettima, according to a statement by Stanley Nkwocha, the Vice President’s spokesperson. During the virtual 140th meeting, Vice President Shettima instructed state governors to nominate representatives for each geopolitical zone at the zonal level, as well as appoint focal persons to spearhead the programme’s implementation in their respective states. …
The Nigeria Customs Service (NCS) has suspended the 25% penalty that had previously been imposed in addition to import duty on improperly imported vehicles. This disclosure is contained in a statement signed by the National Public Relations Officer of NCS, Abdullahi Maiwada, on Friday, March 22, 2024, who said the action is based on the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The Minister had earlier initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles. Maiwada said the…
Canada is set to implement limits on the influx of temporary residents for the first time ever in order to decrease the proportion of temporary residents to 5% of the population, down from the current 6.2%. Immigration Minister Marc Miller made this announcement on Thursday stating that these limits will be gradually reduced over the next three years, starting with the first cap to be set in September. Nairmetrics learnt that the restrictions will affect international students, foreign workers, and asylum claimants. Earlier, Minister Miller previously addressed the need to revise immigration targets in response to affordability and housing challenges, adding…
The Nigerian Army has officially commenced its programme to convert petrol-fueled operational vehicles to eco-friendly Compressed Natural Gas (CNG), in alignment with the Federal Government’s Presidential Compressed Natural Gas Initiative (PCNGI). Speaking at the Nigerian Army Fleet Auto Switch kick-off, Lieutenant General Taoreed Lagbaja, the Chief of Army Staff, represented by the Chief of Logistics (Army), Major General Erema Akerejola, emphasized the army’s vital role in the initiative due to its extensive fleet and operational needs. This development was announced in a statement by Onyema Nwachukwu, the Director of Army Public Relations, published on the official Nigerian Army X account…
The Nigeria Customs Service has officially declared that individuals possessing a valid Joint Tax Board (JTB) Tax Identification Number (TIN) will now have the opportunity to register for participation in auctions through the newly enhanced e-auction portal. This announcement was disseminated through a post on the verified Nigeria Customs Service (NCS) X account on Thursday. This is to inform the general public that applicants with Joint Tax Board (JTB) Tax Identification Number (TIN) can now register to participate in the auction,” the post read. Initially, when the e-auction portal was introduced in January, only individuals with a valid FIRS Tax Identification Number (TIN),…
The Minister of Power, Adebayo Adelabu, has explained how a private company reportedly held on to N32bn paid into its account in 2003 for the supply of three million prepaid metres. According to a statement by the minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, on Wednesday, the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the supply of three million meters to distribution companies in the country, within three years. The statement indicated that to kick start the project, a revolving metering loan of N32bn was released…
There are concerns among Nigerians that further increases in electricity tariffs could worsen their economic situation, although the government and operators have consistently called for cost-reflective tariffs, write DARE OLAWIN As it happened with fuel subsidy, the government and major players in the power sector have all agreed on the need to allow customers to pay for the electricity they consume. To them, electricity is no more a service, but a commodity that must be fully paid for by whoever is ready to buy it. While those in the government have been clamouring for an end to the electricity subsidy…
FBN Holdings has appointed the former Chief Executive Officer of Europe, Middle East, Africa and Americas of Standard Chartered Plc, Viswanathan Shankar, and former banker, Olusola Adeeyo, as independent non-executive director and a non-executive director, respectively. In a notice filed with the Nigerian Exchange Limited, the financial institution revealed that it also appointed three new directors for the board of its banking subsidiary, FirstBank. This marks the first set of changes on the board as billionaire businessman, Femi Otedola, took over the reins as chairman of the HoldCo in January. The company also announced Remilekan Odunlami as non-executive director for…
The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This recommendation was contained in the communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently. The association advocated the establishment of an assurance community of information security, internal audit, internal control/systems control, compliance, and risk management departments by banks to collaborate regularly, share insights and monitor cybersecurity-related initiatives and projects. The week-long event with the theme ‘The Role of the Internal Auditor in Promoting Stability in the…
After three days of bearish trading, the Nigerian Exchange gained N74bn on Thursday. The equity market had lost N469bn in three days on the back of sell-offs. The All-Share Index climbed by 0.13 per cent to 104,387.47 points, while market capitalisation rose to N59.02tn, improving the bourse’s year-to-date return to 39.6 per cent. Market activity surged, as volume rose by 12.78 per cent to 336.82 billion units and the value of transactions appreciated by 35.74 per cent to N9.29bn, while total deals were up by 6.57 per cent to 8,790. The exchange recorded more losers (29) than gainers (22), though…