Author: Temitope Nlewemchi

A former Deputy Governor of the Central Bank of Nigeria, Tunde Lemo, has stated why foreign investors would rather go for Ghana as an investment destination over Nigeria. Lemo, who is also the Chairman of the Federal Roads Maintenance Agency (FERMA), established that infrastructure decay, insecurity, poor ease of doing business, amongst other factors are the reasons foreign investors opt for Ghana and not Nigeria. This was disclosed by Lemo, while featuring on a Channel’s Television programme, Business Morning, on Monday. Lemo said, “Our infrastructure is in decay, it is very seriously impacted negatively. Look at the textile industry for…

The Lagos State Governor, Babajide Sanwo-Olu has issued for a 42% revenue share to states from the Federation Account. This was made known by the Governor on Monday at the two-day South-West Zonal public hearing on the Review of Allocation formula by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). The Governor also established that the increased formula would drive states to handle their finances, as the present model only gives states 26.72%, while the FG takes 52.68%, citing that the model needs to be reviewed. Governor Sanwo-Olu said, “Nigerian fiscal federalism should be adjusted to develop more expenditure…

The leadership of the National Association of Resident Doctors (NARD) has put an end to its 2-month old nationwide industrial action. The recent movement by the striking resident doctors is coming after several negotiations with relevant stakeholders due to the strike action embarked upon over irregular payment of salaries, unfavourable condition of service, among other issues. This was made known by the President of NARD, Godiya Ishaya, who acknowledged that the resident doctors have officially called off the strike with effect from 8am on Wednesday. Ishaya said that the decision to call off the strike was made in an emergency…

It was disclosed by the officials in Niger state that Boko Haram terrorists are rapidly expanding operations in the state, which will give the terrorist group even more access to the nation’s capital, as Niger State shares boundaries with the Federal Capital Territory. This was disclosed in a report by Reuters on Sunday, after interviews with Suleiman Chukuba, Chairman of Shiroro local government area in Niger state, which borders Abuja. Chukwuba warned that the local government is currently being overrun by Boko Haram fighters, stating that they are now in 8 of its 25 wards. Shiroro local government has an…

It was earlier disclosed that the Board of Directors of The World Bank has confirmed a $400 million credit for Nigeria as additional financing from the International Development Association (IDA) to provide financing for safe and effective COVID-19 vaccine acquisition and deployment in the country. This was made known by The World Bank via a statement issued and signed by its Senior External Affairs Officer, Mansir Nasir on Friday. Shubham Chaudhuri, World Bank Country Director for Nigeria, said, “As the Nigerian Government continues to tackle the effect of a third wave of the global pandemic, it is crucial it continues…

President Muhammadu Buhari has again spoken loudly that the Federal Government remains ready to met out punishments against secessionist agitators and their sponsors who threaten national security and life of the citizens. It was also disclosed that the Federal Government has already fished out high-profile financiers of these agitators, of which a serving member of the National Assembly is a part of. President Buhari vowed that his administration will arrest and prosecute those who he said incite violence with their words and action and insisted that the unity of the country is non-negotiable. President Buhari in his words said, “The…

President Muhammadu Buhari has disclosed that food prices hike is due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for selfish reasons. This was disclosed by the President during his nationwide broadcast to mark Nigeria’s 61st Independence Anniversary on Friday, 1st of October 2021 in Abuja. Buhari stated obviously that the Federal Government had made plans to stop disruptive and unpatriotic hoarding activities, as well as ensure that food prices are affordable for Nigerians. President Buhari expressed regrets that despite significant private sector investments in almost all areas of the agriculture value-chain, food…

This is according to data provided from various FAAC reports, released by the National Bureau of Statistics (NBS) and compiled by Nairametrics Research. Lagos, Kano, and Oyo States were the highest recipients during the period under review, jointly accounting for 25.6% of the total gross VAT allocations to the entire states. According to data from the NBS, the Federal Inland Revenue Service (FIRS) on behalf of the federal government generated a sum of N3.82 trillion as VAT between 2018 and 2020. Nigeria’s VAT revenue has continued to record significant increases in recent times since the federal government increased the rate…

LAN which stands for the Lagos Angel Network has appointed a new Board of Governors to oversee the organization’s operations, which will kick start October 1, 2021. The new board, led by Kola Aina, General Partner at Ventures Platform, has been saddled with repositioning the organization with a drive on recruiting and educating local angel investors, as well as championing early-stage investing advocacy in Nigeria. Other members of the Board of Governors are Biola Alabi, founder, Biola Alabi Media, who will sit as Deputy Chair of the BoG; Yemi Keri, co-founder, Rising Tide Africa; Olumide Soyombo, co-founder, Voltron Capital; Iyin…

It was explained that the repairs will be done in phases for minimal inconvenience to motorists, adding that the Ijora-bound lane will be closed to  vehicles during the first phase, while the Apapa-bound lane would be subsequently shut for the second phase. Analysing the traffic diversion plan, the Commissioner disclosed that motorists heading towards the Ijora axis will be diverted into a counter-flow on the Apapa-bound lane and vice versa when the Apapa-bound lane is closed for repairs, to reduce traffic gridlock during the course of the project. Oladeinde further stated that the officers of the State’s Traffic Management Agency, LASTMA,…

In a written communication, president buhari  asked the Senate to replace the nomination of Sarki Auwalu as the Chief Executive Officer of the newly formed Nigerian Midstream and Downstream Petroleum Regulatory Authority Board with that of Farouk Ahmed. Auwalu, who is the current Director/Chief Executive Officer of the soon be scrapped Department of Petroleum Resources (DPR), was nominated alongside 3 other members as board members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority on September 28, 2021, and awaiting Senate’s confirmation. The request is contained in a letter dated September 28, 2021, sent by President Buhari and read during…

The Court of Appeal in Abuja has just approved the request of the Lagos State Government to be added in the suit challenging the collection of Value Added Tax (VAT) of states. In the resumed hearing of the case on Thursday, the court also ordered all processes filed, to be served on the Attorney General of Lagos State after which the  case was then adjourned to October 7 and will be heard at the Appellate Court in Port Harcourt. Remember that on September 10, a 3-man panel of Justices of the Court of Appeal in Abuja approved Lagos to seek…

It was disclosed in the early hours of the day that the Nigeria Extractive Industries Transparency Initiative (NEITI) has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission, and the Nigerian Financial Intelligence Unit (NFIU) to recover the N2.66 trillion from 77 oil and gas companies. This was made known formally by NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, on Tuesday, in Abuja. The NEITI chief established that the agency was strengthening and equipping the powers and functions of NEITI through an amendment of the NEITI Law enacted since…

The Kaduna State government has established that is has plans to shut down telecommunication services in some parts of the state as part of the security measures to tackle the security challenges going on in the state. This was made known shortly after the government shut down all telecommunication activities in Zamfara state to fight banditry and other forms of insecurity in the state, according to ChannelsTV. This was disclosed by the Governor of Kaduna State, Nasir El-Rufai,’ during a media chat with some local radio stations in the state on Wednesday. El-Rufai said that the planned shutdown of telecommunication…

It was made known that the Federal Government has granted the introduction of 14 days paternity leave for public servants. This approval which was done at the federal Executive Council (FEC) meeting, is to allow fathers to properly bond with newborn babies or foster or adopted children. This was established by the Head of Service of the Federation, Folashade Yemi-Esan, while briefing State House correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. Yemi-Esan also said that the annual leave would henceforth be calculated based on working days instead of…

The Nigerian Investment Promotion Commission (NIPC) has come out on top out of 213 Ministries Department and Agencies (MDAs) ranking on access to Freedom of Information (FIO). This was made known in a report by the Public and Private Development Center (PPDC), on Tuesday in Abuja, which indicated that NIPC emerged winner with 68.5 points, according to NAN. Other MDA’s that finished in the top 5 include the Bureau of Public Service Reforms (BPSR) which came 2nd with 60.5 points; National Orientation Agency came 3rd with 51 points, Nigerian Export Promotion Council (NEPC) came 4th with 48.5 points and Accident…

The Corporate Affairs Commission (CAC) on Wednesday, announced that it has successfully finalized the incorporation of Nigerian National Petroleum Company (NNPC) Limited in accordance with the provisions of the Petroleum Industry Act (PIA), 2021 which was signed into law by President Muhammadu Buhari on August 16. This was established shortly after President Buhari ordered the incorporation of NNPC Limited in his capacity as the substantive Minister of Petroleum. Specifically, Section 53(1) of the Petroleum Industry Act 2021, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within 6 months of the enactment of the…

The Federal High Court, Abuja has discontinued the Economic and Financial Crimes Commission (EFCC) from retrying former Abia Governor, Senator Orji Uzor Kalu. The court has put an end to the reopening the trial of Kalu on the N7.1 billion money laundering charge brought against him by the EFCC. According to the News Agency of Nigeria, the order was given by Justice Inyang Ekwo while delivering judgment in an application filed by the former governor seeking an order of the court prohibiting the EFCC from retrying him on a charge for which he had already been tried and convicted. In…

President Muhammadu Buhari has approved operating licenses to 159 companies, communities and institutions of higher learning to operate radio and television stations. This was made known by a statement issued by the Director-General, National Broadcasting Commission (NBC), Malam Balarabe Ilelah, on Tuesday in Abuja, according to the News Agency of Nigeria. The commission was established by the NBC ACT, Cap. N11, Laws of the Federation 2004 with the mandate to regulate and control broadcasting in Nigeria. Today, there are a total of 625 functional broadcast stations in Nigeria.’’ The NBC boss said that the newly-approved licenses were the Federal Polytechnic…

The anticipated digital currency website of the Central Bank of Nigeria, eNaira, has come up live on the internet. The eNaira website welcomes m a message which reads, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. There are several benefits from a central bank-issued digital…