There was panic in the Ikotun area of Lagos State on Friday following the leakage of a pipeline belonging to the Nigerian National Petroleum Corporation. Residents said they noticed the leakage around 06 am on Friday. According to them, the situation led to confusion and fear in the area. It was learnt that occupants of nearby buildings rushed out of their houses while some immediately offloaded their belongings. “We have immediately called Lagos State emergency line when the situation happened. We were scared and hope that this does not lead to a fire outbreak. “Some people are parking their belongings…
Author: Temitope N.
Kano Electricity Distribution Company (KEDCO) has sought the understanding of its numerous customers towards the payment of electricity bills for services rendered to them. Dr. Jamil Isyaku Gwamna, the Managing Director and Chief Executive Officer of KEDCO made this appeal on Friday while chatting with journalists on the current challenges of the company. According to the boss, the attitude of customers within the northern axis of power distribution is not healthy for the development of the power sector. He stated that in modern times, customers do not wait to be forced or cajoled to pay their bills for services they…
The Independent Petroleum Marketers Association of Nigeria, IPMAN, in Imo State on Friday suspended its strike after a meeting with the state government. The suspension of the strike was announced in a release issued in Owerri, the state capital. It was signed on behalf of the Association of Imo Petroleum Marketers and Dealers by Sir Chimodo Martin. The statement reads: “It is no longer news that Association of Imo Petroleum Marketers and Dealers embarked on industrial action since Wednesday, 25th August 2021. “The Association has made its sufferings in the hands of some Government agencies known to the public through…
The tourism industry in Nigeria lost 770,000 jobs as a result of the outbreak of the COVID-19 pandemic and its effect across the country, the World Travel and Tourism Council said on Monday. It disclosed this through the Nigerian Economic Summit Group, adding that about $4.5tn was lost by the industry globally due to the impact of the deadly virus. Regional Director, WTC, Andrew Brown, stated this in a statement that was made available to our correspondent in Abuja by the NESG on the group’s recent forum that focused on the development of Nigeria’s tourism and hospitality sectors. In his…
Nigerian Exchange Group (NGX) The Nigerian Exchange Limited (NGX) reversed previous gains to close on a negative note yesterday, causing the All-Share Index (ASI) to plunge by 0.03 per cent. The bearish performance was buoyed by investors’ profit-taking sentiment across major sectors. Specifically, the ASI dropped by 10.68 points, representing a decrease of 0.03 per cent, to close at 39,449.82 points. Similarly, the overall market capitalisation lost N6 billion to close at N20.554 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO),…
The Nigerian Medical Association in Plateau State on Thursday expressed deep concern over what it described as the increasing population of the hospitals’ emergency wards and mortuaries by victims of attacks and killings in various communities in Plateau State. It was learnt on Thursday that following the attacks, the striking resident doctors at the Jos University Teaching Hospital have recalled their members “on compassionate” ground to enable them to attend to emergencies occasioned by the crisis in the state. In a statement issued on Thursday, the NMA lamented the security situation in the state, saying that a situation where people…
The risk of rare blood clotting after receiving COVID-19 vaccines is far lower than from the virus, a large-scale study by researchers from the University of Oxford found Friday. Fears over rare cases of clotting conditions have prompted some countries to rule out or limit the rollout of the Oxford-developed AstraZeneca jab, with the UK recommending that healthy people under 40 get alternative vaccines. The study published in the BMJ medical journal examined data on almost 30 million people in England first vaccinated between December and April. It found a very small increased risk of some clotting conditions that could…
Having had to postpone for a year, Food & Beverage West Africa will return on September 1st as the region’s premier F&B trade event. Food & Beverage West Africa, the largest F&B trade show across sub-Saharan Africa, will return to Lagos in a little over one weeks’ time. Running from Wednesday 1st to Friday 3rd September at the Landmark Centre, Food & Beverage West Africa has more than 100 exhibitors from over four continents taking part. This is the event’s much-awaited third edition and is the first post-COVID exhibition for the experienced hosts, BtoB Events Ltd, Nigeria’s largest exhibition organisers.…
In an effort to stem incidences of business failures in the corporate polity, H. Michael & Co. founded by Dr. Adeyinka Hassan in commemoration of its 10th anniversary has put together a conference tagged: Corporate Governance and Enterprise Development conference. The convener, Dr. Hassan, is a notable Corporate Governance Practitioner and a frontline advocate of Corporate Governance. Corporate Executives, Chairman, Polaris Bank Limited, Muhammed Ahmad, will be chairing the event with Mrs. Oluyemisi Edun, MD/CEO First City Monument Bank Limited as Guest Speaker, while Professor Sunday Owolabi, the immediate past Deputy Vice Chancellor of Babcock University would be giving the…
Shareholders of Total Plc have unanimously endorsed the firm’s resolution to change its identity to TotalEnegies, even as the company moves to anchor its business on a broad energy company strategy. At the company’s extraordinary yearly general meeting held in Lagos, the shareholders expressed optimism that the name change would boost the firm’s profitability and increase shareholders’ value. Specifically, the Founder of Independence Shareholders Association of Nigeria, Sunny Nwosu urged the management to ensure that every segment of the business contributes to the overall growth of the company. He also stressed the need for the company to stay ahead of…
The Nigeria Export Processing Zones Authority (NEPZA) is working with the Borno State Government to revive the comatose Banki Border Free Trade Zone in the state, the Managing Director, Adesoji Adesugba, has disclosed. Recall that the Banki Border Free Zone was given an operating licence in 2000 and subsequently renewed in September 2011 to grant it right to manufacturing and warehousing. But, it went into comatose following the taking over of the place by insurgency. “We know that the trade zone is yet to settle the outstanding operational fees put at over N246.93 million covering the year 2011to 2021. We…
… Eterna announces shareholders’ divestment from firm As price gains outweighed losses, transactions on the equities sector of the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, causing market capitalisation to increase by N15 billion. Yesterday, the market capitalisation of listed equities increased by N15 billion to N20.568 trillion from N20.533 trillion reported the previous day. The All Share Index (ASI) which measures the performance of quoted companies appreciated by 27.36 basis points to 39477.18 points from 39449.82 points reported yesterday. Investors traded 186.326 million shares valued at N1.793 billion in 3595 deals against 198.331 million shares worth N1.056…
•Commission seeks more spectrum frequency from NFMC, tasks states on Row Investments in Fourth Generation (4G) in Nigeria and Africa dropped by seven per cent in 2020, the International Telecommunications Union (ITU) has said. This is even as the Nigerian Communications Commission (NCC) has again assured on the country’s readiness to deploy 5G technologies. The drop in 4G technologies in Africa, according to ITU, was as a result of COVID-19 pandemic, which ravaged and still ravaging the world. It noted that the pandemic has further created huge gap in bridging the globe’s digital divide. The ITU, in its latest report,…
The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State chapter has suggested the restructuring of existing systems for tax expansion to improve the nation’s domestic revenue and tackle debt. The institute stated that Nigeria’s financing requirements need improved domestic revenue collection. Branch Chairman, CIBN, Peter Ashade, said this at the institute’s yearly general meeting. He stressed the importance of a solid financial sector to achieve growth and development, adding that the banking industry plays an important role in implementing economic policies. Noting that financial institutions were integral parts of any economy, he said seamless functioning of the banks was…
Electricity Distribution Companies (DisCos), yesterday, denied influencing the suspension of eligible customer policy, which allows direct connection of electricity consumers from generation plants without the utility companies. While infrastructure bottlenecks delayed the dispatch of generated electricity, the Nigerian Electricity Regulatory Commission (NERC) had in 2017, introduced the eligible customers policy but abruptly ended it earlier this month in the face of poor electricity supply in the country. The Association of the Nigerian Electricity Distributors (ANED) yesterday, insisted that they have no hand in the abrupt termination of the policy. Executive Director, Research & Advocacy at ANED, Sunday Oduntan, said the…
YouTube said on Wednesday that it has removed more than one million videos with “dangerous coronavirus misinformation” since the start of the COVID-19 pandemic. The statement by the Google-owned video platform comes as social media platforms are under fire from political leaders for failing to stem the spread of false and harmful misinformation and disinformation about the virus and other topics. YouTube said in a blog post it relies on “expert consensus from health organisations,” including the US Centers for Disease Control and the World Health Organisation but noted that, in some cases, “misinformation is less clear-cut” as new facts…
The National Association of Itsekiri Graduates (NAIG) Worldwide has given Chevron Nigeria Limited (CNL) a 28-day ultimatum to commence the reclassification of Itsekiri graduates under its Vocational Training Programmes (VTP 5 and 6) and Operational Training Programme (OTP 2). NAIG’s President and General Secretary, Mr. Ben Eburajolo and Mr Esiategiwa Mino respectively, at a press conference in Warri, Delta State, threatened that the association would shut down operations of the multinational oil company in their communities should it failed to respond accordingly. They said the reclassification of the affected graduates should be backdated, noting that they have completed the on-the-job…
The Federal Government has announced that production of airplanes in Nigeria will commence before President Muhammadu Buhari leaves office. Aviation Minister Hadi Sirika gave the hint when he paid an inspection visit to the Magnus Aircraft Industry in Pogany, Hungary. “If we venture with them, we may start with assembling plant and later manufacturing”, James Odaudu, the ministry’s spokesman quoted him in a statement. Sirika said the Magnus aircraft is lightweight, good for military training, has an aerobatic manoeuvre and made of high-strength composite materials. The plane, he added, uses normal car petrol and outperforms any training aircraft of its…
A tax appeal tribunal (TAT) sitting in Lagos has ordered Multichoice Nigeria Limited to deposit 50 percent of the disputed N1.8 trillion tax with the Federal Inland Revenue Service (FIRS). Abdullahi Ismaila Ahmad, FIRS spokesperson, made this known in a statement on Wednesday. Multichoice is the owner of the satellite televisions, DStv and Gotv – popular subscription-based platforms in Nigeria In July, the FIRS had appointed some commercial banks as agents to recover N1.8 trillion from accounts of MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA). Muhammad Nami, FIRS chairman, had said the decision to appoint the banks as…
Nigeria flares an excess of 700 million standard cubic feet (SCF) of gas per day from 178 flare sites, which translates to Nigeria losing approximately $10 billion of revenue yearly, equating to $2,00 per MMBtu, due to its inability to capture and commercialise flared gas in the country. If flared gas is properly harnessed, Nigeria can produce 600,000 MT of LPG per year and generate 2.5 GW of power from new and existing Independent Power Plants to power the economy. Considering that electricity generation from the grid is largely thermal-based, which means that about 80 per cent of the power…