Helios Investment Partners has made it known that it has made sale of its investment in GB Foods Africa after almost 5 years of maintaining its shareholding in the enterprise. This was made known to the public in a press release published on the company’s official website on September 21, 2021. According to the press release, Helios Investment Partners completed the sale of its 49% stake in GB Foods Africa to its partner and co-shareholder, GB Foods SA. The statement read that the exit “demonstrated the strong buyer appetite for the kinds of market-leading companies we develop over the course…
Author: Temitope N.
This is was brought to our knowledge through a press release from the Debt Management Office (DMO). “The Order book peaked at $12.2 billion, which enabled the Federal Government to raise $1 billion more than the $3 billion it initially announced,” they said. Bids were collected from Europe, America and Asia with collaboration from local investors. The government had set up a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings. The notice set September. 28 for the bond settlement, which will be among the London and…
The former Managing Director, Ogun State Property Investment Corporation (OPIC), Babajide Odusolu, has described the allegation brought against him on financial unaccountability by the State’s House of Assembly as untrue. Me Odusolu made this known this at a press briefing in Lagos on Tuesday. He stated that the accounting processes, policies, and standards of the agency are predefined, and that there is no money missing, adding that a formal forensic audit will confirm and back up his claim. At the appearance before the committee, the DFA of OPIC explained OPIC’s accounting procedure to the committee. We fully demonstrated that such…
Mr Nasir El-Rufai who is the Governor of kaduna state has warned that if Nigeria does not look into proper investments in education, nutrition, health and security, the insecurity situation in the country will get out of hand. The Governor, representing the North West zone at the Human Capital Development Council meeting, complained about the increased rate of out-of-school children and poverty in the region, at a validation meeting for Nigeria’s Human Capital Development (HCD) Communications action plan at the State House Banquet Hall, Abuja on Tuesday. He said, “This is why I must pay compliments to the vice president…
The Indigenous People of Biafra (IPOB), has boldly come out to declare a one-month sit-at-home protest in the eastern part of the country if its leader, Nnamdi Kanu, is not brought to court on October 21. The decision from IPOB follows information received by the group about an alleged plot by the Department of State Service (DSS) not to produce Kanu in court on October 21 as part of the plan to continue to incarcerate him. This disclosure is was made in a statement issued by the Media and Publicity Secretary of the secessionist group, Emma Powerful, on Wednesday in…
Jobberman which is identified as a job placement firm, has announced its commitment for Better Work initiative, as part of its longstanding partnership with the Mastercard Foundation. The employer-centred initiative is directed towards the radically bolster recruitment in Nigeria, with the eyed goal on driving female hires and providing integrated end-to-end support on the easy to use online jobs platform. According to the statement, the initiative, which will be targeted mainly at both large corporations and SMEs in Lagos, Abuja, Kano and Kaduna, will be able to capitalise on access to over 182,000 pre-vetted jobseekers between the age of…
JP Morgan publicly stated that Nigeria’s economy is expected to grow less than analysts estimate, projecting the economy to only grow by 1.5% this year. This was disclosed by JPMorgan Chase Bank NA analysts including Gbolahan Taiwo and Ayomide Mejabi in an email aired by Bloomberg on Wednesday afternoon. The report included JP Morgan saying that Nigeria’s economy is likely to expand by 1.5% in 2021. They mentioned that the “continued lack of foreign-exchange liquidity, underlying economic weakness, an soon to come third wave of Covid-19 infections and a slow rollout of vaccines will likely slow the recovery process.” JP…
The Lagos State Government has given out a stop-work-order as it commenced total enforcement and halting of operations against indiscriminate activities and unauthorized shoreline extensions along Lagos Waterfront. The action goes in line with serious concerns brought up by the state government over the illegal operations of developers in those specific areas which have resulted in imminent violation of the Physical Planning laws of the state. This was disclosed by the Lagos State Commissioner for Waterfront Infrastructure Development, Arc. Ahmed Kabiru Abdullahi, who said that the Ministry has issued Stop-Work-Order notices to illegal operators of reclamation and unapproved shoreline extension…
The Federal Government has announced that it is moving towards the recovery of £200 million of Nigeria’s assets stashed in the United States, as it embarks on a massive recovery of assets owned to the country. The movement is part of the federal government’s plan instituted at recovering public funds stashed in various foreign bank accounts across the globe. This was disclosed by the Attorney General of the Federation (AGF) and the Minister of Justice, Abubakar Malami, while speaking on the sidelines of the United Nations General Assembly in New York. Malami, during his interaction, spoke about Nigeria’s fight against…
The Central Bank of Nigeria (CBN) has disbursed N41.06 billion to ten (10) DisCos, for the distribution and installation of 759,748 meters of electricity. This was disclosed in the “CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 138 OF THE 281ST MONETARY POLICY COMMITTEE MEETING” which was held on Thursday, 16th and Friday, 17th, September 2021. The apex bank has always shown its commitment to support the Nigeria energy sector, promote the National Mass Metering Programme (NMMP) and the Federal Government’s Auto-Gas Conversion Programme. CBN said, “Under the National Mass Metering Programme (NMMP), N41.06 billion has been disbursed to ten (10) DisCos,…
The Central Bank of Nigeria (CBN) has dismissed calls for the resignation of its Governor, Godwin Emefiele, amid naira exchange rate concerns. Mr Osita Nwanisobi, Director of Corporate Communications, Central Bank of Nigeria, dismissed calls for the Governor of the CBN to resign on Monday evening in Abuja, according to The Nation. Some parties that may have been dissatisfied with the apex bank’s foreign currency strategy have demanded for Emefiele’s resignation. The CBN’s spokesman, on the other hand, has rejected it, insisting that the calls were based on selfish agenda fueled by greed.
The Lagos State Government is set to commission its massive housing scheme at Sangotedo in Eti-Osa Local Government as it has highlighted its commitment to the completion of the 2 phases of the scheme. The first and second phases of the massive housing scheme at Sangotedo are expected to be completed in 2021 and 2022 respectively. The assurance was given by Governor Sanwo-Olu, during an inspection visit to the site, where he said that the completion of the massive housing scheme, which comprised of 1,188 flats in two phases, is one of his administration’s goals for the transformation of…
The money is said to be compensation for exemplary and aggravated damages against the activist during the invasion of his house by the Department of State Service (DSS) and also the destruction of properties. Justice Ladiran Akintola of Oyo State High Court declared that the raid conducted by the DSS on Igboho’s residence was illegal, describing it as arbitrary aggression and prejudice against the activist. In his response, one of Igboho’s lawyers, Pelumi Olajengbesi said the adjudication process would build the confidence of Nigerians in the judiciary. He said, “This is succour and an assurance that Nigerians can return to…
The black liquid has published its fourth straight weekly gain. This can be linked to the impact of unexpected supply shortages from the three-week-old Hurricane Ida, despite a risk-off sentiment across markets on Friday that weighed partially on crude prices. The U.S benchmark, New York-traded West Texas Intermediate (WTI), settled on Friday at $71.97 per barrel. However, the benchmark closed the week bullish by 3% regardless of Friday’s decline. The global benchmark for oil, London-traded Brent crude oil futures finished Friday’s official trade at $75.34, down 0.4% for the day. However, for the week, the Brent futures gained about 3%…
Nigeria needs to have open and plain procedures on cross border trade and make it easy to comply with by all kinds and sizes of enterprises involved in trading across borders. This was disclosed by the Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona in an exclusive interview with The Punch. She said. “We need to have players in the cross border informal sector transit to the formal sector, we need to have clear procedures on cross border trade and make it easy to comply with by all kinds and sizes of enterprises involved in trading across…
According to the published GDP report released of recent by the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. Year to date, real GDP grew 2.7% in 2021 compared to -2.18% for the first half of 2020. However, quarter on quarter, real GDP contracted at 0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter largely due to…
The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a one-million-dollar grant for the modernization of Africa’s aging hydropower fleet. According to an AfDB statement, modernizing hydropower stations provides a chance to boost generation capacity at a low cost, with short lead times and minimal environmental impact. The grant would also be used to map and evaluate the rehabilitation needs of African hydropower facilities, according to the statement. It would also help to get two pilot facilities’ modernization projects to a bankable stage. The move is expected to add 200 megawatts of generation capacity, 150 jobs, and…
Global Citizen said it is collaborating with the Lagos State Government to set up a limited-capacity event to honour Nigerians who are fighting the COVID-19 outbreak on the front lines. Ahmed, the finance minister said, “Women continue to bear a disproportionate burden of the COVID-19 pandemic – on the frontlines, in various sectors, and in their homes. Every woman and girl should be guaranteed safety in their respective homes, schools, communities, and places of work. “This is a shared responsibility and through Global Citizen Live, we are calling on key stakeholders across private and public sectors to join hands in…
The Governor of ondo state, Rotimi Akeredolu, has insisted that the bid by some interests to amend the Value Added Tax (VAT) in line to favour the Federal Government against other tiers of government will definitely fail. This is coming a day after the Governor presided over a southern governors meeting in Enugu in which they reaffirmed their commitment to fiscal federalism and expressed their support for the position that state governments have been empowered to collect VAT. In his reaction to the ongoing debate, Akeredolu believes that the issue of collection of VAT by state governments has been settled…
The Central Bank of Nigeria (CBN) has stated that it would no longer allocate foreign exchange to currency traders who in turn sell it to criminals and terrorists to buy weapons that are used inflict hurt on Nigerians. This is as the apex bank has laid to rest the idea of resuming sales of dollars to Bureau De Change (BDCs) Operators. Emefiele had said that the CBN is determined to put an end to the activities of illegal Forex traders adding that the apex bank remains the only national bank in the world that sells dollars to BDCs from the…