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…
Author: Temitope N.
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…
Vice President, Prof. Yemi Osinbajo, has come out to say that the local production of vehicles in Nigeria will further make cars affordable to many Nigerians. Osinbajo on a tour of the stand of Kia Nigeria at the Chartered Institute of Bankers of Nigeria (CIBN) 14th yearly banking and finance conference, highlighted the significant role the company is playing in the drive towards economic diversification and Nigeria’s industrialisation through the made-in-Nigeria Kia cars. Also, chairman, consultative committee of the conference and Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said the localisation of car production among other manufacturing plants in…
This has been revealed that through a platform invented by Nigeria Communication Satellite (NigComSat) Limited, the country saved over N8 billion in capital flights. Though, still silent about cost and modalities the new satellite acquisitions will take, the Managing Director/Chief Executive Officer, NigComSat, Dr. Abimbola Alale, who disclosed this, stressed that Nigeria will acquire more satellites between now and 2025, “with the NigComSat-2 (High Throughput Satellite) due for launch in 2023, while NigComSat-3 will be launched in 2025.” Alale revealed this in Lagos, yesterday at the Stakeholders’ Forum 2021 with the theme: “NigComSat: The Present and the Future,” organized by…
The World Bank Group on Thursday have stated that it has stopped the publishing of its Doing Business report after 18 years – the first edition was published in 2003. The doing business index measured regulations directly affecting the ease of doing businesses in 190 countries. World Bank said it reached the decision to discontinue the report after “internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff.” Devex reported on Thursday that an independent investigation document found that Kristalina Georgieva, who served as the bank’s chief executive officer from…
Specifically, at the close of trading yesterday, the All-Share Index (ASI) depreciated by 57.03 absolute points, representing a decrease of 0.15 per cent to 38,911.31 points. Similarly, the market capitalisation lost N30 billion to close at N20.273 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks especially Eterna, Lafarge Africa, International Breweries, Honeywell Flour Mills and Guaranty Trust Holding Company (GTCO). Analysts at Afrinvest Limited said: “In the final trading session, we expect profit-taking sentiments to be extended in the absence of any positive catalyst.” Market breadth closed negative, recording 17 losers and…
Oil tycoon, Prince Arthur Eze has advised the Federal government to give more opportunities to local outfits like the Nigerian Security Printing and Minting Corporation (NSPMC) to print election ballot papers. Eze further urged the government to allow NSPMC to also print sensitive security documents, certificates, local, state, and Federal Government revenue and treasury receipts, passports, and others, since it has the capacity to do so. He spoke during a private visit to President Mohammadu Buhari on Tuesday night at the Presidential Villa, Abuja. Continuing, Eze lauded the Federal Government for facilitating infrastructural development in the South-East, particularly the second…
Food index, a closely watched index, which measures the rate of change in the prices of food items in the country, dropped to 20.3 per cent in August 2021, compared to 21.03 per cent recorded in the previous month. According to the report, the rise in the food index was caused by increases recorded in the price of bread cereals, milk, cheese and egg, oil and fats as well as tea and cocoa. However, the reality in the markets is different. For instance as at July 2021, 50 kg of beans worth N40, 000 while as at August 2021, it…
Spokesperson for the Ministry of Labour and Employment, Charles Akpan, who disclosed this yesterday in Abuja, explained that the meeting will begin from 2:00 p.m. at the minister’s conference room, federal secretariat in the Federal Capital Territory (FCT). Minister of Labour and Productivity, Dr. Chris Ngige, his Health counterpart, Dr. Osagie Ehanire, are leading the negotiations. JOHESU has given the Federal Government a 15-day ultimatum to implement the terms of agreement it had with the unions or face a massive industrial action. This came after the Nigerian Medical Association (NMA) and its affiliates issued a 21-day deadline to the government…
Bill and Melinda Gates who are the co-chairs of the Foundation, Bill and Melinda Gates have said that long-term investments in health and economies must be made by various governments to propel recovery efforts and get the world back on track to meet the development goals. They noted that while 90 per cent of advanced economies will regain pre-pandemic per capita income levels by next year, only a third of low and middle-income economies are expected to do so. According to them, an additional 31 million people were pushed into extreme poverty in 2020 as a result of Covid-19 compared…
The committee, according to the President, is charged with the responsibility of developing and implementing a Health Sector Reform programme for Nigeria in collaboration with state governments and the Federal Capital Territory (FCT) administration in the next six months. To make sure that the committee meets its mandate, stakeholders are setting agenda for the project aimed at throwing up the various anomalies bedeviling the country’s health sector and drawing a roadmap for the sector. A consultant obstetrician and gynecologist and medical director, Optimal Specialist Hospital, Surulere Lagos, Dr. Ugochukwu Chukwunenye, told The Guardian: “The problems of the health sector cannot…
The Federal Government has encouraged insurance companies in Nigeria to surf the huge opportunities in African Continental Free Trade Area (AfCFTA) for market enlargement and improvement and economic stability. Vice President Yemi Osinbajo, who addressed the insurance industry leaders at the just-concluded investiture of Tope Smart as the 47th African Insurance Organisation (AIO), stated that more trade in goods would translate to more underwriting businesses. Osinbajo stressed that brokers, in particular, should expect a boom as trade facilitation services rise, but that companies that already have market presence in other African countries, even if by collaboration, would benefit more. “The…
The National Insurance Commission (NAICOM) has emphasized the need for regulatory restructuring to address the issues in African insurance markets. The Commissioner for Insurance, Sunday Thomas, declared at the 47th African Insurance Organisation (AIO) in Lagos last week that “the time for change has come in the regulatory challenges in the African insurance markets. “The regulators do not make laws; they are given laws to implement. So, they have limitations in that area. Of course, largely there has to be a lot of collaboration between the regulator and the regulated entities to foster the transformation that we all desire. “l…