President Bola Tinubu has signed into law the North-West Development Commission (Establishment) Bill of 2024, and the South-East Development Commission (Establishment) Bill of 2023. This announcement was made in a statement released on Wednesday by Ajuri Ngelale, Senior Special Adviser to the President on Media and Publicity. According to the statement, these bills are designed to accelerate development across Nigeria’s geo-political zones. “President Bola Tinubu has signed into law bills to accelerate development across geo-political zones in the country. “The President has assented to the North-West Development Commission (Establishment) Bill, 2024, and the South-East Development Commission (Establishment) Bill, 2023,” the statement…
Author: Temitope N.
Disney and Pixar’s “Inside Out 2” has outdone itself in animated cinema releases, grossing over $1.46 billion in box office sales since its release last month, establishing itself as the highest-grossing animated film of all time. According to global box office records, the animated movie directed by Kelsey Mann has now surpassed Barbie which grossed $1.4 4 billion. This newly recorded ticket sales follows after, “Inside Out 2” spent six weeks in theatres. This total includes $861 million from international markets and $601 million domestically in the United States. As of the last update by the Nigerian box office in…
The Consul-General of South Africa to Nigeria, Prof. Bobby Moroe, has said Nigerians wishing to visit the country will now get their visas within seven days against the initial six-month period of processing. The envoy made this known to journalists at the July Breakfast Meeting sponsored by South Africa Airways with the theme “Diplomatic Relations Between South Africa and Nigeria-Prospects and Challenges’, held in Lagos recently. According to Moroe, the new fast-tracked arrangement is with a proviso that applicants attach the photocopies of their travel passports to their applications while waiting for a call to bring in the same document…
A supermarket chain brand, FoodCo, has begun a school support programme to assist vulnerable school children in its host communities. A statement made available to TheInfoStideNewsOnline on Saturday noted that the first phase of the program was targeted at Ibadan, the Oyo State capital where the company has its origins. It also noted that beneficiary schools were Methodist Primary School, Bodija and St. James Basic School, Oke Ado, where educational kits including school bags and writing materials were distributed to the pupils. The Head of Innovation, Growth and Transformation, Funmi Aiyepeku, stated that the support drive was in line with…
The Council for the Regulation of Engineering in Nigeria has expressed concern over the incessant building collapse in the country, stating that Nigeria cannot investigate such incidents. The President of COREN, Professor Sadiq Abubakar, made this known during a press briefing in Abuja recently. According to him, building collapse is not peculiar to Nigeria, but the country’s inability to investigate and prosecute those responsible is a major challenge. “We can’t investigate building collapse in Nigeria. We don’t have the expertise, the equipment, and the resources to do so,” he said. Abubakar attributed the frequent building collapse to several factors, including…
The Rotary District 9112 has announced plans to address coastal erosion by planting 10,000 seedlings of coconut in the 2024–2025 Rotary year. The move, according to Rotary District 9112, is aimed at achieving its vision of a safer and cleaner environment by planting 10,000 seedlings of coconut, mango, and other related crops that have economic, health and environmental benefits. Speaking at a recent press briefing to announce the 2024/2025 Rotary tree planting coastal restoration initiative scheduled to be held on July 21, in Lagos, the Chair of the Tree Planting Committee, Rotary District 9112, Rotarian Gboyega Bada, stated that the…
The Federal Government, on Friday, announced that the first National Agricultural Land Development Authority Institute of Agribusiness and Entrepreneurship would begin operations in September this year. It said the institute would be established in the six geopolitical zones of Nigeria, adding that the first Institute of Agribusiness and Entrepreneurship would begin activities in Aba, Abia State, in the next two months. The Executive Secretary of NALDA, Paul Ikonne, who disclosed this to journalists in Abuja, explained that the establishment of the institute was to support the growth and development of agribusiness in Nigeria by transforming agriculture into a modern and…
The Board of Directors of Emerging Markets Telecommunication Services Limited, trading as 9mobile, has refuted reports suggesting that a court ordered the company to pay a N55bn debt to Keystone Bank. In a statement obtained on Saturday, the telecommunications company clarified that it was not a party to any legal suit or court order related to the debt. The legal dispute involves only its minority shareholder, Teleology Nigeria Limited. “Our attention has been drawn to a wave of syndicated media publications dated Friday, July 19, 2024, with the same misleading headline: ‘Court orders 9mobile to pay N55bn debt to Keystone…
Local airlines have attributed the skyrocketing airfares to foreign exchange volatility and the soaring inflation in the country. The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, told Sunday PUNCH that the current economic challenges in the country were taking toll on the aviation sector. “It is an economic issue. We have little naira chasing forex, and it is because of the economy that is stagnant and not growing as fast. “Many people are shunning travelling by air. So, there is a limit to which you can increase your fares to be able to reflect your cost. Because if you increase…
The Minister of Works, David Umahi, has clarified the reason behind the Federal Government’s decision to stop funding all ongoing projects at the same time. According to Umahi, the decision was made due to a large disparity between the increase in contract costs or project costs and the available funding. In a briefing with journalists in Abuja recently, the minister, stated, “We have been in this war with our contractors since September 2023. We are aware that the contractors and no stakeholders in this country have not reported to us about the crisis. “Our position has been that it is…
Nigerians have called out the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority, Farouk Ahmed, for saying the diesel produced by the $20bn Dangote refinery is inferior to the ones imported into the country. It appears Ahmed incurred the wrath of Nigerians, who accused him of trying to demarket the refinery owned by Africa’s richest man, Aliko Dangote. It was reported earlier that Ahmed had told the Dangote refinery that the Federal Government would not stop the importation of petroleum products, saying Nigeria cannot depend on one refinery to feed the nation. The agency also said the diesel…
The Nigerian equity market was in the green zone last week, as investors gained N512bn. The market capitalization and All-Share Index soared by up 0.87 per cent and 0.86 per cent to close the week at N56.929tn and 100,539.40, respectively. The price of 37 stocks increased over the week, surpassing the price of 34 stocks from the week before. 34 stocks saw a price decline from 38 in the previous week, while 80 stocks saw no change from 82 in the previous week. Investors traded a total of 2.827 billion shares worth N42.366bn in 44,277 deals this week on the…
The Nigerian Economic Summit Group has said that the implementation of the new economic plans of the Federation Government and Executive Orders were critical to growth in the second half of the year. The Chief Executive Officer of the NESG, Dr Tayo Aduloju, stated that on Friday at a press briefing ahead of the think tank’s 30th-anniversary celebration. Noting that the NESG had adopted a ‘cautiously optimistic’ outlook on the Nigerian economy, Aduoju said, “Our general posture at the NESG is that we are cautiously optimistic. This is coming from direct engagement. It is not hope. Hope is not a…
A leading fintech company, OPay, has unveiled enhanced security features to protect the funds of customers. In a statement issued on Sunday, the mobile money platform said the innovations were in tandem with its desire to provide peace of mind for the users of their platform. OPay is a mobile money operator licensed by the Central Bank of Nigeria and it recently revealed that its users’ deposits were protected by the Nigeria Deposit Insurance Corporation, the same as the traditional banks, offering a double layer of protection for users’ hard-earned money against unforeseen circumstances. On the new security features, the…
A tech-centred real estate organisation, Hybrid Landtech, has launched a direct Certificate of Occupancy Project in Epe Real Estate In a statement, the firm said that the real estate market in the Epe and Ibeju-Lekki axis had continued to shape up as one of the most in-demand on the entire continent, fuelled by major private and public investments. He stated that with recent demolitions across the state for the Lagos to Calabar Coastal Highway and waterway channels, a new development in Epe was making waves in the local real estate market. It remarked, “The Certificate of Occupancy (C-of-O) is a…
The Abuja Electricity Distribution Company has appointed Mr Chijioke Okwuokenye as its acting managing director/chief executive officer. A statement by the AEDC spokesperson, Adefisayo Akinsanya, noted that the appointment, which took immediate effect, was part of the transformation agenda of the company. He stated that it would see Okwuokenye drive the positioning of AEDC as a foremost, customer-focused electricity distribution company in the Nigerian power sector. Before his appointment, he had served as the company’s chief operating officer, overseeing strategic support units and embedded generation projects of the company. The firm stated that he had brought to the role, a…
In the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine, Zenith Bank Plc has maintained its leadership by Tier-1 capital for the fifteenth year in a row. According to the report published in the July 2024 edition of Banker Magazine, Zenith Bank Plc ranked as the 565th bank globally with a Tier-1 capital of $2.01bn. The UK-based publication stated that Zenith Bank’s ranking was on account of its continued financial strength and stability. It noted that Zenith Bank’s ranking meant ratio boosts, and investor and depositor confidence, which indicated the bank was well-capitalised and financially stable. The…
Tech giant, Google continues to find ways to put AI into everything it does as it launched a series of advanced features for its Play Store, aimed at encouraging users to explore and engage with content beyond just downloading apps. The company stated that this is an approach to enhancing user experience on the Play Store through advanced AI technology. By offering more personalized, engaging, and efficient ways to discover and interact with content, Google aims to set a new standard in app store user engagement. Announcing the new features via a statement released on Wednesday, Google said: “Our latest…
Fidelity Pension Managers recently published its 2023 audited accounts, providing a summary overview of its financial health and fund performance. This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders. Financial Highlights Total Revenue: Total revenue for the company rose 23% to N2.59 billion in 2023, up from N2.1 billion in 2022. From the reports, this increase is attributed majorly to higher fee income generated from the pension funds it has under management. Profit After Tax (PAT): PAT rose 26% to N666 million, up on the…
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, marking a 188% year-on-year improvement from the N3.6 billion posted in the corresponding period in 2023. This was disclosed in the group’s unaudited financial statements for the first half of 2024. In the first half of 2024, Transcorp Hotel posted a revenue of N29.7 billion, marking a 61% YoY growth from the N18.5 billion revenue posted in H1 2023. It also recorded a 169% YoY growth in its net profit, as it recorded a net profit of N6.6 billion, in contrast with N2.5 billion…