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Exchange of RT Briscoe Nigeria Shares Resumes on NSE

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R.T. Briscoe Nigeria

By Dipo Olowookere

The embargo earlier placed on shares of R.T. Briscoe (Nigeria) Plc by the Nigerian Stock Exchange (NSE) has now been lifted.

The suspension was removed by the NSE on Wednesday, September 18, 2019 (today), paving way for the trading of the company’s stocks by investors at the stock market again.

The company was one of the 11 firms sanctioned with suspension for failing to submit their financial statements as required of them by the listing rules, under which they were first allowed to trade their shares on the NSE platform.

The regulator had through a circular dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 announced suspending R.T. Briscoe (Nigeria) Plc and the 10 others.

According to the NSE, its July 2019 action was for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), which provides that: ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.’

In a circular released today, the stock market regulatory agency said R.T. Briscoe (Nigeria) Plc, one of the 11 companies that were suspended on July 2, 2019, has now filed its audited financial statements for the year ended December 31, 2018 with the exchange.

It said in view of this, the embargo “placed on trading on the shares of R.T. Briscoe (Nigeria) Plc was lifted today, Wednesday, September 18, 2019.”

The NSE explained that this new action was in line with default filing rules, which provides that: ‘the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.

‘The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.’

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Man Cools Off in EFCC Custody Over Alleged $320,000 Vehicle Import Fraud

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Adegoke Oluwatobi Adams

By Modupe Gbadeyanka

A Nigerian-American identified as Mr Adegoke Oluwatobi Adams has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Ilorin, Kwara State, over his alleged link with cross-border vehicle import fraud of about $320,000 (approximately N434.88 million).

A statement from the EFCC disclosed that the suspect is being investigated for alleged criminal breach of trust and obtaining money by false pretence.

Preliminary investigations revealed that he allegedly belongs to a syndicate based in the United States that specialises in defrauding unsuspecting Nigerians under the guise of purchasing and importing vehicles from the US for them.

It was discovered that while residing in America, Mr Adams allegedly advertised and circulated photographs of a 2024 Mercedes-Benz G63 AMG to prospective buyers in Nigeria, promising to purchase and ship the luxury vehicle to them.

Findings revealed that two victims allegedly paid $320,000 for the vehicle. One of the victims, Ikechukwu Osita Ifeabunike, reportedly paid $145,000 through an intermediary, while another victim, Godson Azubuike Amans, allegedly paid $175,000 for the same vehicle.

Further investigation also uncovered a prior criminal record involving Mr Adams in the United States, allegedly related to the illegal acquisition of vehicles. In the long run, the suspect was arrested by operatives of the Ilorin Zonal Directorate of the EFCC upon his return to Nigeria.

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Warri–Itakpe Train Derailment Leaves Passengers With Injuries

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Warri-Itakpe train

By Aduragbemi Omiyale

A few passengers on a Warri-Itakpe train were feared to have died on Monday in a derailment, which affected at least four coaches. Some of the passengers were also said to have suffered some degree of injury.

This was confirmed by the Nigerian Railway Corporation (NRC) in a statement today.

The unfortunate incident involved the Warri–Itakpe Train Service (WITS), the agency stated, though it did not confirm the number of human casualties.

However, it noted that emergency response teams and relevant authorities were at the scene attending to the situation and providing necessary assistance.

“The Nigerian Railway Corporation (NRC) confirms that an incident involving the Warri–Itakpe Train Service (WITS) occurred today.

“Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the chief executive of the organisation, Mr Kayode Opeifa, said in the statement.

“The corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available,” it added.

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Shuttlers Hits 10 Million Trips, Expands Reach via Google Maps Transit

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Shuttlers

By Adedapo Adesanya

Nigerian mobility startup Shuttlers has surpassed 10 million trips on its platform and expanded its reach through an integration with Google Maps Transit in Nigeria, thereby strengthening access to public transportation information.

According to a statement on Monday, the milestones reflect the growing need for structured, shared mobility in urban Africa.

The 10-million-trip milestone coincides with Shuttlers’ 10th year of operations, marking a key point in its growth trajectory. Meanwhile, the Google Maps integration now allows users searching for transit directions on the platform to view Shuttlers’ routes and book seats directly through its system.

The partnership is expected to broaden access to reliable shared transportation options for businesses and professionals navigating major urban centres.

To achieve a Google Transit Partner status, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.

Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives. According to the World Bank, African cities lose an estimated 2% to 5% of GDP annually to transport inefficiency.

Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja and Port Harcourt. Since launching in 2016, the platform said it has maintained a 99 per cent trip completion rate and a 99.94 per cent incident-free rate across its entire journey history.

The average Shuttlers commuter saves 60 per cent to 88 per cent on transport costs compared to ride-hailing services, and reclaims 8 to 12 hours from gridlock every month. In Lagos, the average commuter loses more than 30 hours a month to gridlock.

Speaking on this achievement, chief executive and co-founder of Shuttlers, Ms Damilola Olokesusi, shared, “We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive.”

“We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable – for commuters, businesses that employ them, and the fleet operators who power our network,” she added.

On his part, Mr Olumide Balogun, Director for West Africa at Google, said: “We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.”

Reiterated its commitment to sustainability, Shutters also disclosed that it is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 per cent compared to traditional diesel alternatives.

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