Gokada to Resume Operations in Ogun, Oyo

By Adedapo Adesanya The United Kingdom government has reiterated promises to boost investment in sustainable industries in Nigeria and other African countries, with such plans to support the Nigerian e-mobility platform and electric vehicle assembler, MAX Nigeria. This was the point of call as the UK Foreign Secretary, Mr James Cleverly, visited the company, which has gained support from the UK government-funded Manufacturing Africa programme. MAX has raised $31 million to ramp up the assembly of electric two- and three-wheelers, and with the visit, the e-mobility firm is now gearing up for a third capital raise to fund its expansion

By Adedapo Adesanya President Bola Tinubu has ordered the suspension of the Import Tax Adjustment levy on certain vehicles in the country, a move that will provide a breath of fresh air for vehicle importers. This was one of four executive orders signed into law to curb burdensome taxation policy, according to the Special Adviser, Special Duties, Communication and Strategy, to the President, Mr Dele Alake, on Thursday. Among the Executive Orders signed into law by the President includes the change in the date of the implementation of the Finance Act, 2023. The President also deferred the commencement date of

By Adedapo Adesanya The House of Representatives Ad-hoc Committee is investigating the failure of Federal Mass Transit schemes in the country since 1999 as lawmakers have decried the serial mismanagement of public funds in Urban Mass Transit Schemes without results. The Chairman of the Committee, Mr Afam Victor Ogene, in a statement in Abuja recently, warned that the committee will get to the root of the mismanagement of the funds that run into billions of Naira. The lawmaker expressed displeasure at the seeming reluctance of ministries and agencies to release documents relating to public funds expended on previous Mass Transit

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 As part of drive to rid Bauchi State of malaria especially at educational institutions, the state government, through its agency for the Control of HIV/AIDS, Tuberculosis and Malaria (BACATMA) had, distributed a total of 2085 Long Lasting Insecticidal Mosquito Nets (LLINs) to students and staff of Government Girls College Sakwa and Government College, Azare. The exercise, which happened on Monday, September 25, 2017, was conducted under a special partnership between the Bauchi State Agency for the Control of HIV/AIDS, Tuberculosis and Malaria (BACATMA) and Bauchi State Special Schools Management Board. According to the Executive Secretary of the

By Dipo Olowookere The sum of $210 million was made available to authorised traders in the foreign exchange market in the country on Tuesday by the Central Bank of Nigeria (CBN). This was part of efforts by the apex bank to prevent scarcity of the foreign currency at the market for those who genuinely need forex to complete their transactions. A statement issued on Tuesday by the Director of Corporate Communications Department at the CBN, Mr Isaac Okorafor, disclosed that the $210 million was injected into Nigerian Inter-Bank Foreign Exchange market at the close of business on Tuesday. He explained

By Dipo Olowookere A prominent Lagos-based beauty expert, Olutoyin Modupe Odulate, has been appointed as a non-executive director of one of the leading brewery companies in Nigeria, International Breweries Plc. The new board member of the company is the founder and CEO of Olori Beauty Enterprise Ltd, an African multi-brand cosmetics manufacturing start-up based in Lagos. Her company, Olori Cosmetics, was recently featured and awarded in the Companies to Inspire Africa 2019 report by the London Stock Exchange Group. She is also a Non-Executive Director at Afrinvest West Africa Limited. In a notice to the Nigerian Stock Exchange (NSE), International

By Modupe Gbadeyanka The export capacity of Nigeria’s crude oil is expected to rise by 575,000 barrels per day in the last quarter of 2016. This is due to repairs being carried out on oil facilities vandalised or destroyed by militants in the Niger Delta. Renewed attacks by the militants had caused reduction in the volume of oil produced per day, which forced the Nigeria into recession coupled with the slump in prices of the products in the market. Last week, Shell lifted force majeure on Bonny Light, following the repair and reopening of the Nembe Creek Trunk Line (NCTL)

By Dipo Olowookere A total of N18.598 billion Pension Accrued Rights to 4,466 retirees, under the Contributory Pension Scheme in 14 months, from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pension Office (TEPO) and other Parastatals, has been paid by the Lagos State Government, through Lagos State Pension Commission (LASPEC). Director-General of LASPEC, Mrs Folashade Onanuga, made this disclosure at the 31st Retirement Benefit Bond Presentation ceremony, which took place recently at the Commission’s office in Alausa, Ikeja, the state capital. According to Mrs Onanuga, the payment was made possible because of

By Modupe Gbadeyanka For the second consecutive year, the Johannesburg Stock Exchange (JSE) said it would support the South African Premier Business Awards (SAPBA). Now in their 5th year, these annual Awards are presented by Department of Trade and Industry (the dti) in partnership with Brand South Africa and Proudly South African. “The JSE lending its name as a sponsor elevates the Awards from their inaugural event in 2013 to what they represent today. The conferring of a South African Premier Business Award adds credibility and enhances the exposure in their market of the sector winners,” said the Director-General of

By Modupe Gbadeyanka To get the approval of its shareholders for the planned Rights Issue, Guinness Nigeria has announced it will hold an Extra-Ordinary General Meeting (EGM) on Tuesday, January 24, 2017. The EGM, which will hold in Lagos, will set the scene for the company to raise up to N40 billion. Guinness Nigeria a subsidiary of Diageo Plc, was established in 1960 and has a base of over 70, 000 local and international shareholders. At the end of 2016, the company announced its intention to offer a Rights Issue as part of plans to optimise its balance sheet and

By Aduragbemi Omiyale Customers of Ecobank Nigeria Limited have been assured of excellent service delivery as the bank celebrates the annual customer service week. “For us as a bank, we are inspired by your confidence and support to us in numerous ways. We are proud to celebrate your trust in our products and services and use and reliance on them across our touch points. Indeed, your word-of-mouth recommendations of them make us delighted to serve you better,” the Managing Director of the company, Mr Bolaji Lawal, said in a statement issued by the lender. The financial institution lauded its customers