In Three Months, Lagos Fined 13,750 Motorists

By Adedapo Adesanya Ride-hailing service, inDrive, has rapidly expanded its services to 17 Nigerian cities in less than 12 months. In a statement seen by Business Post on Monday, inDrive now operates in Port Harcourt, Abuja, Kano, Kaduna, Benin City, Nnewi, Aba, Onitsha, Jos, Enugu, Warri, Abeokuta, Akure, Owerri, Calabar, Ado Ekiti, and Uyo. Across other Sub-Saharan African markets, the company expanded to Maseru in Lesotho, and Bulawayo in Zimbabwe. In addition to these cities, the platform is also operational in several African countries such as South Africa, Kenya, Tanzania, Botswana, Ghana, and Namibia. Compared to Uber and Bolt, inDrive

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 Bliss Okperan A mobility technology company based in Nigeria providing a platform to aggregate intercity bus transportation in Africa, Bus54, is seeking to pick the African spot at the forthcoming Startup World Cup in December 2023 in the United States. The Startup World Cup is a global conference and competition with the goal of bridging start-up ecosystems worldwide. The competition gives startup companies from all over the world a chance to win $1 million in the form of an investment. Bus54, which allows passengers to search, compare, book, and manage their journeys online, could make it to the tourney

By Dipo Olowookere The duo of Stanbic IBTC Capital Limited and African Export-Import Bank (Afreximbank) has signed a N300 billion domestic bond programme. The signing of this bond scheme was done at the Eko Hotel & Suites, marking the official kick-off of the initiative. The establishment of the debt issuance programme in the Nigerian capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market. It is vital to establish the bond programme in local currency, considering the strong liquidity and current low yields in the domestic

By Dipo Olowookere According to Baker McKenzie’s Global Transaction Forecast, Mergers and Acquisitions (M&A) activity in the technology and telecommunication sectors in Africa and the Middle East will more than quadruple in 2018, from 2017. The report, developed in association with Oxford Economics, revealed that M&A in the tech and telecoms sector in Africa and the Middle East was valued at $1.2 billion in 2017. However, this is predicted to increase to $5.9 billion in 2018 and a further $5.9 billion in 2019, before decreasing to $3.9 billion in 2020. The report noted that a more positive global economic outlook,

By Adedapo Adesanya Cellulant, Africa’s leading payments company, has been awarded the Payment Platform Solutions Provider of the Year in Nigeria at the 13th Beacon of ICT Awards 2022. This award is a recognition of Cellulant’s work in providing a payments platform that focuses on driving merchant business and digital payments for local, regional and global merchants in the continent. It was also lauded for digitising both online and offline payments. The award was presented to Cellulant Nigeria by Communication Week Media Limited, the publishers of Nigeria Communications Week. The annual event, which recognises leading players in the ICT sector

By Adedapo Adesanya Standard & Poor’s (S&P) Global Ratings has affirmed its ‘AAA/A-1+’ long- and short-term issuer credit ratings on the African Development Bank (AfDB). The rating agency in its latest rating positively assessed the bank’s very strong financial risk profile, very strong capital adequacy, strong funding and liquidity, extraordinary shareholder support and adequacy of its governance and management. The global rating agency also stated that the outlook of the Abidjan-based multilateral institution remains stable. “We are therefore affirming our ‘AAA’ long-term issuer credit rating on the AfDB,” S&P Global stated. The rating agency noted the bank’s $115 billion capital

By Adeniyi Ogunfowoke If you’re looking to make a near-perfect budget, then saving money should be a priority. But, if saving doesn’t come naturally to you, it may be difficult to cut your spending. So, instead of focusing on the small details, why not focus on ways to save money on the purchase you make? Jumia Travel shares five ways you can save money when making a purchase. Buy used or refurbished items Most people enjoy the newness of an item despite the fact that it cost more. Why not try a used item rather than buying a new one? This said, if

By Dipo Olowookere Few days ago, Ecobank, a company trading its securities on the floor of the Nigerian Stock Exchange (NSE), announced the issuance of a $450 million Eurobond. It was the first time a Nigerian lender was selling the debt instrument in almost over 17 months with the last exercise carried out by Fidelity Bank in October 2017. According to Ecobank, the exercise was oversubscribed by investors drawn across the globe, especially from the Europe, Asia and Africa. On March 19, 2019, Access Bank and Diamond Bank officially merged together, with the enlarged company starting full operations on April

By Aduragbemi Omiyale The Debt Management Office (DMO) has disclosed that the federal government has taken N50.2 billion from the sale of FGN savings bonds to retail investors. The Director-General of the DMO, Ms Patience Oniha, made this disclosure on Thursday during the NGX Savings Bond Webinar 2023 organised by the Nigerian Exchange (NGX) Limited in collaboration with Optimus by Afrinvest, a foremost fintech platform, and support of CSL Stockbrokers. Ms Oniha, represented by the Director of the Market Development Department at the DMO, Mr Monday Usiade, said these funds were taken from about 35,000 FGN savings bond subscribers. Commending

By Dipo Olowookere Managing Director of Nigerian Breweries Plc, Mr Jordi Borrut Bel, has commended the management of the Nigerian Stock Exchange (NSE) for its various programmes put in place to improve the nation’s capital market. Mr Bel, who was recently appointed into the position, led his team to the stock market regulatory agency in Lagos. The Nigerian Breweries team was welcomed by the Chief Executive Officer of the NSE, Mr Oscar Onyeama. Mr Bel acknowledged the pivotal role the Exchange has been playing in the sustained growth and development of the capital market and the Nigerian economy in general,