FRSC Trains Government Drivers

By Aduragbemi Omiyale The Chairperson and Managing Director of Volkswagen Group South Africa (VWSA), Ms Martina Biene, has been elected as the new president of the African Association of Automotive Manufacturers (AAAM). She was chosen to take over the leadership of the organisation, established in November 2015, from Mr Mike Whitfield, who has been president since July 2020. AAAM is the only African body focusing on the expansion and deepening of the automotive industry across the continent, by working with governments to shape policies that will attract investors to unlock the economic potential of the continent and align a global

By Adedapo Adesanya Five Nigerian transport startups have emerged from Seedstars and Lab of Tomorrow (LoT) 17, an innovative programme aimed at transforming Nigeria’s transport and e-commerce sectors. These are CargoLink, Efotainer, MonieMove, SHAPP, and Trade Tracka. These selected startups will bring fresh ideas for overhauling intercity and last-mile transport services for people and goods in Nigeria. In a statement seen by Business Post, LoT 17 focused on Nigeria, where the booming e-commerce and logistics sectors are poised for technological innovation. However, challenges remain, especially in terms of transportation quality and the sector’s largely informal nature. The programme, thus, targeted

By Adedapo Adesanya After years of delays and extensions, the Lagos Blue Line Rail has begun commercial operations, with Governor Babajide Sanwo-Olu taking the first ride this morning (September 4). The first phase of the rail line extends from Marina to Mile 2 with five stations located in Marina, National Theatre, Iganmu, Alaba, and Orile. Operations commenced from Marina to Mile 2 Train Station, with Mr Sanwo-Olu taking the first ride at about 09:45 am. He was joined by some select persons, including the Commissioner of Police for the state, Mr Idowu Owohunwa; the First Lady, Mrs Ibijoke Sanwo-Olu; the

By Modupe Gbadeyanka The proposed repair works on the Third Mainland Bridge by the Lagos State government have been suspended indefinitely. The state government had planned to close the bridge for two Sundays, beginning today, Sunday, September 17, 2023, but due to the heavy downpour witnessed in the state on Saturday, the action has been postponed. A statement signed by the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, did not disclose when work would resume at the bridge. However, it explained that the planned repairs had to be put on hold “due to the heavy downpour experienced” in the

By Dipo Olowookere The acquisition of Sepura Group Plc, a firm in Cambridge, United Kingdom, which is a leading provider in TETRA products and solutions for organizations worldwide, has been completed by Hytera Communications Corporation Limited, the leading global provider of innovative professional mobile radio (PMR) communications solutions. “The PMR communications industry is seeing rapid evolution, and Hytera leads in incorporating new technologies and attractive features that deliver more effective solutions for our customers,” said Mr Qingzhou Chen, founder, chairman and president of Shenzhen, Guangdong-based Hytera. “Adding the Sepura Group complements our strengths in technological innovation, especially in TETRA, along

By Dipo Olowookere The benchmark indicators of the Nigerian Stock Exchange (NSE), All-Share Index (ASI) and market capitalisation, depreciated on Monday by 0.23 percent. The negative performance of the bourse was mainly impacted by selloffs in the banking sector as the Central Bank of Nigeria (CBN) raised the cash reserve ratio (CRR) for the sector to 27.50 percent from 22.5 percent for the first time since March 2016. At the close of transactions yesterday, the sector was the lone decliner, going down by 1.19 percent, while the energy index closed flat. The insurance sector appreciated by 0.51 percent, consumer goods

By Dipo Olowookere The federal government has disclosed that it plans to phase out some old pioneer tax exemptions granted to some companies as it looks to bolster its revenue to cut its fiscal deficits. The government has expressed concern over the country’s debt burden, and with earnings from crude oil sales not improving, it is looking toward taxes to generate more funds. Last month, the Debt Management Office (DMO) said the total debt profile of Nigeria increased by 2.98 per cent on a quarter-on-quarter basis to N42.84 trillion in June 2022 from N41.60 trillion in March 2022. It explained

By Modupe Gbadeyanka Mr Olasupo Olusi has been appointed by President Bola Tinubu as the new Managing Director and Chief Executive Officer of the Bank of Industry (BoI). He is to replace the former occupier of the seat, Mr Kayode Pitan, who resigned from the lending institution for small and medium-sized business owners in the country. In a statement issued by his aide on Media and Publicity, Mr Ajuri Ngelale, the President tasked the new BOI chief executive to ensure that Nigerians, who are operating all sizes of enterprises across sectors, are given fair and equitable access to much-needed support

By Modupe Gbadeyanka One of the lenders in the country, Heritage Bank, has called for early lessons on cashless policy of the Central Bank of Nigeria (CBN) for children to also prepare them towards performing basic banking tasks, to subsequently give them financial freedom. This advice comes on the heels of the commemoration of the May 27 to mark Children Banking Month, with the theme, ‘Early Positioning for Glocal Relevance,’ which is part of Heritage Bank’s children financial literacy initiative. In a statement made available to Business Post on Monday, the financial institution stressed the need to educate children on

By Investors Hub European stocks have moved to the upside on Wednesday as traders shrug off weak GDP data from Japan and Germany and lingering concerns surrounding Italy. While the French CAC 40 Index is just above the unchanged line, the U.K.?s FTSE 100 Index and the German DAX Index are both up by 0.3 percent. The British pound has risen against the dollar and euro after news that the U.K. has reached a draft Brexit deal with the EU. German auto giant BMW Group has rallied. The company sold more cars in October than ever before in the month,

By Ahmed Rahma The need for the government to support the mortgage sector in Nigeria so as to expand its contribution to the national Gross Domestic Product (GDP) has been stressed by an expert in the industry. According to the Managing Director of Abbey Mortgage Bank, Mr Madu Haman, at the moment, the mortgage ecosystem constitutes only about 2.5 per cent of the GDP, whereas, in the United Kingdom, the contribution is about 80 per cent. He blamed this on the government because it contributes to the difficulties faced in acquiring property in the country, noting that even in Africa,