President Bola Tinubu has denounced the heinous actions of kidnappers nationwide, asserting that those engaged in these vile acts should be considered terrorists. The President made this statement on Tuesday during a Ramadan dinner attended by members of the Federal judiciary, including the Chief Justice of Nigeria, Justice Olukayode Ariwoola. Asserting the government’s intent to eradicate banditry, the President called out child kidnappers as cowards, lacking the ability to stand up to the Nigerian Armed Forces’ might. “We must treat kidnappers as terrorists. They are cowardly. They have been degraded. They look for soft targets. They go to schools and…
Author: Temitope N.
In the turbulent waters of today’s business landscape, the resilience of a company’s board of directors is often tested by unforeseen crises. From global pandemics to economic downturns, the ability to navigate these storms with agility and foresight is paramount. Experts concede that optimising crisis management and business continuity planning helps to fortify board resilience. With the right strategic insights, boards can steer their organisations through adversity and emerge stronger on the other side. According to PWC in its publication, “The Critical Role of Internal Audit – Business Continuity and Crisis Management,” August 2, 2023, “business continuity refers to a company’s ability…
Chocolate prices are about to get steeper as Cocoa prices soared past the milestone of $10,000 per metric ton. The increase in cocoa futures, which have already doubled in value this year, is primarily attributed to poor crops in key West African cocoa-producing regions, setting the stage for a potential third consecutive annual supply deficit. The industry grapples with the aftermath of meagre returns to cocoa farmers, heightening apprehensions about sourcing adequate beans. Beyond physical supply shortages, financial market pressures intensify as traders hedge against physical holdings, grappling with margin calls on losses from derivatives. The relentless rally propelled cocoa…
The Cross River Government has announced its intention to investigate the 213% rise in the state’s workforce, which skyrocketed from approximately 18,000 to a staggering 56,358 over an eight-year period. Dr. Innocent Eteng, the state Head of Service, revealed this during a press conference in Calabar, stressing Governor Bassey Otu’s concerns regarding the escalating financial burden associated with the burgeoning payroll. Eteng stated the imperative of scrutinizing the workforce’s composition, describing it as “currently bloated by several infractions” and attributing it to the mounting challenges in funding essential projects. With a breakdown indicating 14,328 staff in the State Universal Basic Education Board…
Operatives from the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC) have taken into custody five individuals allegedly involved in illegal mining activities. The arrests were made following the interception of three truckloads of assorted solid minerals suspected to have been mined without the requisite licenses. The detained individuals include three truck drivers and two truck boys. Their apprehension, carried out along Maraba Road in Ilorin, Kwara State, and Ogbomosho, Oyo State, between March 21st and 22nd, 2024, was facilitated by credible intelligence and surveillance operations. The suspects were found transporting solid minerals, believed to be marble…
The Lagos State Government has arrested 73 individuals for crossing highways without using the provided pedestrian bridges and for misusing pedestrian bridges as accommodation and engaging in other illegal activities. The announcement was made by Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, on Tuesday, March 26, 2024, and is available on his official X (formerly known as Twitter) account. In his post, Wahab stated that the Lagos State Environmental Sanitation Corps (LAGESCO) enforced the directive by arresting pedestrians who crossed highways in the state without using pedestrian bridges. “A total of 73 persons were arrested earlier today by…
The Nigerian Financial Intelligence Unit (NFIU) has disclosed that the Indigenous Peoples of Biafra (IPOB) raised over $160,000 through monthly dues and crowdfunding efforts. This finding is part of the revelations in the NFIU’s “Counter Terrorism Financial Newsletter,” which highlights the sophisticated financial network of the IPOB, linked to 54 individuals around the globe. IPOB has 27 registered entities globally A detailed investigation by the NFIU into the financial operations of the IPOB revealed that diaspora affiliates of the group are spread across 22 countries. The report identified 27 entities globally registered under the group’s name, with the highest number…
The Managing Director of the North-East Development Commission (NEDC), Mr Mohammed Alkali, has stated that the commission needs around $80 billion to implement its master plan for the North-east region. He said this during a meeting in Abuja on Tuesday with the Federation Accounts Allocation Committee (FAAC) Postmortem Sub-Committee, led by Chairman Mr Kabir Mashi, Alkali expressed these financial requirements. The NEDC’s leader highlighted that a significant obstacle to the smooth execution of their master plan is the lack of sufficient funding. He noted that the implementation of the North-east Stabilisation and Development Masterplan (NESDMP) has been ongoing since June…
The Lagos state government has announced the correction of a six-year-old basic salary error in the pay of civil servants across the state. This was announced on the official Lagos state government’s handle on X. According to the post, the adjustment will reflect in the March 2024 salary of civil servants across the state. The adjusted salary impacted aspects such as housing and transportation allowances and had been ongoing for six years in the Public Service. Governor Babajide Sanwo-Olu is receiving praise for the amendment. Employees are commending his dedication to their well-being. After comprehensive negotiations between the Staff Union…
President Bola Tinubu has offered scholarships to the children of the 17 soldiers who were murdered in the Okuama community, Bomadi LGA in Delta state. The president also granted posthumous national honours to the soldiers who lost their lives. Tinubu disclosed this in a speech on Wednesday while attending the burial of the late soldiers at the military cemetery in Abuja. He referred to the deceased soldiers as “patriots, brave and noble men,” emphasizing that they died protecting and defending Nigeria against various threats, and assured that their sacrifices would be commemorated and respected for generations. “The four gallant Officers…
The collapse of Baltimore’s Francis Scott Key Bridge is posing a significant threat to the intricacies of the global supply chain, particularly automobile imports which could have telling effects on Nigeria. In the immediate aftermath of the incident, the United States Ports Authority announced the closure of the Port of Baltimore, a pivotal maritime hub. The accident, which precipitated the tragic presumption of death for six construction workers, unfolded as they succumbed to the icy waters below during what started as a routine workday. Why the Port is critical The Port of Baltimore, links cities such as Washington, D.C., Philadelphia,…
The Lagos State Ministry of Finance has released the Land Use Charge bill for 2024 to all property and business owners in the state and has incentivized early payment. Owners who settle their Land Use Charge within 30 days of receiving the bill will be granted a 15% discount. This development was announced in a statement on the Lagos State Government’s official Facebook page on Wednesday. “The Lagos State Government, through the Ministry of Finance, has announced the release of the Year 2024 Land Use Charge (LUC) bills to all residents and property owners in the State. “Property owners and…
The Government of Ontario, a province in Canada has said that its allocation of international study permits will prioritize postsecondary educational programs at public institutions. This was stated in a news release by Ontario’s news agency. Nairametrics learns that the aim of this is to better equip graduates for high-demand jobs that align with Ontario’s labour market requirements. This means that career colleges, which are usually probate schools, will not get any study permit applications from international students. The announcement follows a decision by Immigration, Refugees, and Citizenship Canada (IRCC) earlier this year to impose a limit on the issuance of study permits to…
Kenya has resolved an oil importation row with its neighbour Uganda finally allowing the East African country to import petroleum products through its port of Mombasa. According to Reuters, the above information was relayed by Kenya’s Energy minister while speaking to a Business Daily newspaper on Thursday. The oil importation row has caused diplomatic problems for the two countries with Uganda seeking an alternative to Kenya’s ports. Landlocked Uganda considered using Tanzanian Ports to import its petroleum products ending decades of seamless collaboration between Uganda and Kenya in the sphere of Oil importation. This was before Kenya made the move to…
The Federal Airports Authority of Nigeria (FAAN), on Thursday, closed the KFC facility at Murtala Muhammed International Airport in Lagos due to allegations of discriminatory treatment towards a physically challenged passenger with reduced mobility who attempted to use the facility. According to a statement by Mrs. Obiageli Orah, Director of Public Affairs and Consumer Protection at FAAN, the closure is in compliance with Lagos State law concerning People with Special Needs. “In line with Lagos State law on People with Special Needs , Part C , section 55 of General Provisions on Discrimination which states that ,”A person shall not…
Uganda’s tourism sector recorded a 48.5 percent growth to reach $1.025 billion last year according to the 2024 Tourism and Trends Statistics report. According to the East African, Uganda’s tourism sector is expected to recover to its Pre Covid 19 levels after the sector witnessed an 83.4 percent rebound supported by tourist arrivals. The authorities attribute the increase in both numbers and revenue to tourists arriving from within Africa and also foreign tourists from the United States, United Kingdom, and India. In the last three years, Uganda has expanded its marketing efforts to southern and western Africa. Ugandan Airways has also…
Sam Bankman-Fried, co-founder of FTX, has been handed a 25-year prison sentence for his role in the collapse of the cryptocurrency exchange, culminating a high-profile case that has rocked the crypto industry. As part of the sentencing, Judge Kaplan ordered Bankman-Fried to forfeit more than $11 billion, showing the magnitude of the financial damage caused by his actions. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan following Bankman-Fried’s conviction on seven offenses, including fraud and conspiracy. The judge also expressed concern about the potential for Bankman-Fried to engage in further misconduct in the future,…
The Federal Competition and Consumer Protection Commission (FCCPC) conducted a targeted enforcement operation at the Garki Modern Market in Abuja on Wednesday, March 27, 2024, in a move to uphold consumer rights and combat deceptive practices. This operation aligns with the Commission’s mandate under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically focusing on Sections 17(l)(s), 116(2), 124, 125, 138, and 155. The FCPC bust The operation aimed to verify the accuracy of weight claims on 25kg and 50kg bags of rice. The investigation uncovered discrepancies between the stated weight claims and the actual content, indicative of deceptive…
The Debt Management Office (DMO) has disclosed a significant escalation in the country’s public debt, which soared by 10.7% to N97.34 trillion in the fourth quarter of 2023, from N87.91 trillion recorded in the previous quarter. This surge in debt levels was primarily attributed to new domestic borrowing initiatives undertaken by the Federal Government, aimed at partially financing the deficit outlined in the 2024 Appropriation Act, alongside disbursements from both multilateral and bilateral lenders. The DMO’s revelation came through a press statement released on Friday, which meticulously outlined the composition and reasons behind the uptick in the national debt figure. …
There has been a notable surge in the prices of essential food items across various markets in Lagos State in the past two weeks. Notably, a carton of Minimie noodles has soared by 102.6%, jumping from N4,350 to N8,800. Similarly, a large bag of melon seeds now commands a price of N270,000, up from N220,000 at the beginning of March. Another example is the Bonita Slim Pasta pack, which has seen a price hike of N200, rising from N995 to N1,195 in the same period. Despite a strengthening national currency against the US dollar, the upward trajectory of major food…