India’s Hinduja Mulls Investment in Nigeria’s Auto Market

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 Adedapo Adesanya  The Ogun State Government has disclosed that the construction of bus stations for the take-off of the Compressed Natural Gas (CNG) Mass Transit scheme along the Lagos-Ibadan expressway axis will commence soon, with core stations to be sited within the Mowe, Ibafo, Arepo, and Berger axis of the ever-busy expressway. This was disclosed by the state’s Commissioner for Transportation, Mr Olugbenga Dairo, on Thursday as a guest on a radio programme in Abeokuta, the Ogun State capital. According to him, the construction will commence in earnest, as necessary implementation frameworks have been put in place, even as

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 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 Jerome-Mario Chijioke Utomi There are recorded events in the recent past that have proved beyond a reasonable doubt that the nation Nigeria may not need gunboats to solve its problems, particularly in the oil-rich Niger Delta region, notorious for crude oil theft and pipeline vandalism. Essentially, evidence has emerged and points to the fact that what the nation needs is sincere and selfless leadership, a politically and economically restructured polity brought by the national consciousness that can unleash the social, economic and political transformation of the country via sustainable public-private sectors partnership while rejecting the present socio-economic system that

By Modupe Gbadeyanka The federal government has said it has saved at least N540 billion annually in interest payments at N45 billion per month since the treasury single account (TSA) was implemented. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, which speaking in Abuja on Monday, said this TSA policy has brought huge benefits to the country, allowing the government to have more funds to meet some critical needs of the nation. “On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the Naira.

By Modupe Gbadeyanka The major US index futures are pointing to a higher opening on Thursday following the lacklustre performance seen in the previous session. The markets may benefit from recent upward momentum, which has helped propel the major averages to new record highs. Buying interest may be somewhat subdued, however, as political uncertainty could keep some traders on the sidelines. Stocks showed a lack of direction throughout the trading session on Wednesday before ending the day little changed. Despite the choppy trading on the day, the Dow still managed to climb to another new record closing high. The major

By Adedapo Adesanya Nigeria has opted out of a global tax deal negotiated under the Organisation of Economic Cooperation and Development (OEDC)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). According to ThisDay Newspaper, Nigeria is one of the four countries alongside its African counterpart, Kenya as well as Pakistan and Sri Lanka that exited the deal. For context, BEPS refers to corporate tax planning strategies used by multinationals to shift profits from higher tax jurisdictions to lower tax jurisdictions or no-tax locations where there is little or no economic activity, thereby eroding the tax base of the higher-tax

By Adedapo Adesanya The Lagos State Government has paid N1.51 billion to 292 pensioners, restating its commitments to the welfare of pensioners, pledging to pay all pension entitlements. In a statement by the Public Affairs Officer, Lagos State Pension Commission (LASPEC), Mrs Mariam Adetokunbo Eko, it was stated that this disclosure was made at the 82nd Bond Presentation Ceremony was held on Tuesday, February 16. She explained that 292 pensioners’ Retirement Savings Accounts (RSAs) were credited with the amount so as to make the beneficiaries enjoy their out-of-service life. Speaking at the event, the Director-General of LASPEC, Mr Babalola Obilana,

Female cruiserweight boxers, Celina Agwu ‘Pretty Assassin’ and Bolatito ‘Black Tito’ Oluwole, have threatened fire and brimstone ahead of the title clash scheduled for GOtv Boxing Night 29 on 24 September. The bout is one of the six scheduled for the boxing showpiece, billed to hold at the Molade Okoya-Thomas Indoor Sports Hall of Teslim Balogun Stadium, Lagos, on September 24. In an interview at her training base in Lagos, Pretty Assassin, a Police officer, said Black Tito will experience the wrath of an assassin. “There is a reason I’m called Assassin. I will show her why.  She is about

By Adedapo Adesanya The National Identity Management Commission (NIMC) has announced plans to license more agents across the country for National Identification Number (NIN) enrollment. This was disclosed in statement signed by the acting Director General of NIMC, Mrs Abisoye Coker-Odusote, on Monday, inviting organisations, including Limited Liability Companies (LLCs), startup companies, Small and Medium Enterprises (SMEs), Civil Society Organizations (CSOs), and Non-Governmental Organizations (NGOs) with proven track records of successful performance in a similar capacity to indicate their interest in the provision of data collection and issuance of the NIN. The commission said Nigerian representatives of its development partners

By Dipo Olowookere Investors on the floor of the Nigerian Exchange (NGX) Limited embarked on a selling spree in panic on Monday amid the declines seen in the ecosystem lately. Yesterday, the panic selling further battered the exchange by 1.97 per cent as stocks like Dangote Cement, GTCO, Lafarge Africa and 28 others closed in the red territory. Only seven equities appreciated in price during the session as the risk appetite of traders continues to moderate amid stability in the fixed-income space, especially in terms of its interest rates. On Monday, the Debt Management Office (DMO) sold FGN bonds at