FRSC Impounds 35 Vehicles Due Over Speed Limiters

By Adedapo Adesanya Nigeria will soon have the largest electric mass transit fleet in Africa as it aims to increase its electric bus from 100 to 1,000, according to the Foreign Affairs Minister, Mr Yusuf Tuggar. In a statement from the ministry on Tuesday, the country said this move underscores the urgent need for concerted global action to address the challenges of climate change. In the statement issued by the Special Adviser to the Minister on Media and Communications Strategy, Mr Alkasim Abdulkadir, it was said that Nigeria is leading the fight against climate change in Africa by setting ambitious

By Bliss Okperan Some commercial bus drivers in Lagos popularly known as Danfo drivers, have commenced a warning strike to kick against alleged extortions by operatives of the Lagos State Traffic Management Authority (LASTMA). Business Post gathered that the bus drivers refused to convey passengers to their various destinations across the metropolis, leaving many of them stranded at bus stops. The situation affected some workers, who could not get vehicles to take them to their different places of work because of the actions of the aggrieved motorists. It was gathered that only a few of the commercial motorists were working

By Bliss Okperan The Third Mainland Bridge in Lagos will be closed for two Sundays to allow for repairs on the bad portions of the facility, the Lagos State government has said. The federal government is partnering with the state government to fix the bridge, which was built in 1990 by a former Military President, General Ibrahim Babangida. As a result of the repairs, the bridge will be shut down, with traffic diverted to other routes, according to a statement issued by the Ministry of Transportation in Lagos State. These measures were due to recurring accidents caused by potholes and

By Adedapo Adesanya The Lagos State Government has announced that the first phase of the Blue Rail Line will commence operations on Monday, September 4. The Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, made this known at the Marina Train Station on Wednesday. Mrs Akinajo also noted that the first train ride would kick off by 9 am with Governor Babajide Sanwo-Olu on board, along with other passengers, from Marina to Mile 2 Train Station. Mrs Akinajo explained that for the first four weeks, the rain will run only 12 trips with the locomotive

By Aduragbemi Omiyale The lingering foreign exchange (FX) crisis in Nigeria has forced MSCI Incorporated to remove the country from its frontier markets category to standalone markets. Recall that on June 22, 2023, MSCI said the feedback from market participants as part of the initial consultation conducted from June 2022 to June 2023 suggested that the limited accessibility of the Nigerian equity market would warrant the removal of the MSCI Nigeria indexes from the MSCI Frontier Markets Indexes. However, the consultation period was extended to September 29, 2023, to allow more time for the liquidity situation in the nation’s forex

By Dipo Olowookere United Capital Plc has released its unaudited half year financial statements to the Nigerian Stock Exchange (NSE) and it posted a pre-tax profit of N1.99 billion. This was marginally lower than the N2.06 billion declared by the firm in the corresponding period of 2016. During the period under review, the profit before tax of the company depreciated to N2.38 billion from N2.58 billion recorded a year ago. However, the total revenue of United Capital closed at N3.88 billion on June 30, 2017, against N3.66 billion on June 30, 2016, indicating a growth in its turnover. However, its

By Modupe Gbadeyanka Activities at the AP Moller Terminals have been disrupted by members of the Maritime Workers Union of Nigeria (MWUN). The maritime workers on Thursday paused operations at the premises over an issue they have with the operators of the facility. The situation has led to a halt in the movement of cargoes at the terminal located at the Lagos Ports Complex, Apapa, Lagos. However, the management of the Nigerian Ports Authority (NPA) is working tirelessly to address the issue causing a dispute between both parties. The NPA said the disagreement between the parties as well as the

By Modupe Gbadeyanka It was another bad day for the Naira on Thursday at the parallel segment of the foreign exchange (forex) market, going down by 1.09 percent against the Dollar. The local currency, which was exchanged at N366 to a Dollar the previous day, was quoted at N370 per Dollar at the close of business. However, the local currency remained unchanged against both the Pounds and Euro at N470 and N412 respectively. Also at the interbank segment of the market, the Naira did not move an inch, trading at N306.80 to a US Dollar. But at the Investors and

By Adedapo Adesanya  The Minister of Communications and Digital Economy, Mr Isa Pantami, has lauded plans by telecommunications giant, MTN Nigeria, to invest $1.6 billion in the Nigerian market within the next three years. He expressed this when the MTN Nigeria delegation led by Mr Rob Shuter, the MTN Group CEO, paid a courtesy visit to the ministry’s headquarters in Abuja on Tuesday. “I am glad to hear that you have a budget of $1.6 billion you plan to invest in Nigeria in the next three years. “Please, try to get your priorities right. Look at the areas that are

By Dipo Olowookere Treasury bills worth N128 million were auctioned by the Central Bank of Nigeria (CBN) on Wednesday through the primary market auction (PMA). However, when the bids were analysed, it was observed that subscribers staked N262 billion on the debt instrument, representing a subscription level of 205 per cent. This has been the situation with the sale of T-bills in the country for a long time, with more liquidity chasing the investment tool as investors look for where to put their funds. This situation has led to a significant decline in the rates and yields and as Business

By Modupe Gbadeyanka Some participants at the ongoing Nigerian Economic Summit (NES) in Abuja were surprised on Monday when the Minister of Budget and National Planning, Mr Udoma Udo Udoma, could not state categorically what Nigeria’s debt profile was. His response to a question asked by one of the moderators at the occasion, Zain Asher of CNN, provoked loud murmurs from the audience, who were apparently shocked. Asher had requested the Minister to say what Nigeria’s debt profile was, but Mr Udoma could not provide an accurate answer. “How much is Nigeria’s total debt?” the CNN anchor asked the Minister.

By Modupe Gbadeyanka The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele; and the Accountant General of the Federation (AGF), Mr Ahmed Idris; have some explaining to do. The House of Representatives wants these senior officials of the President Muhammadu Buhari administration to shed more light on what happened to the $21 billion deducted from the dividends account of the Nigeria Liquefied and Natural Gas Limited (NLNG) from 1999 to 2020. On Thursday, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr