inDrive Invests in Car Seat Covers for Better Ride-Hailing Service

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 China Civil Engineering Construction Corporation (CCECC) Limited has promised to complete the Abuja light rail project in eight months, in line with the determination of President Bola Tinubu’s administration to enhance infrastructure development across the country. The Chinese construction firm gave this assurance after a meeting with the Vice President, Mr Kashim Shettima, at the Presidential Villa in Abuja. Mr Shettima described CCECC as part of Nigeria’s history, saying the Chinese construction giant has played a pivotal role in developing Nigeria’s landmark projects, adding that their commitment to the development of Nigeria and Africa is commendable.

By Adedapo Adesanya Indian car maker, Hinduja Group, has disclosed plans to invest in Nigeria’s automotive industry following talks with President Bola Tinubu in New Delhi, India, ahead of the G20 summit. President Tinubu is in the Indian capital meeting with delegates and investors on the sidelines of the event, which will be held between September 9 and 10. He was invited to the country by the Prime Minister of India, Mr Narendra Modi. At a meeting with Mr Tinubu, the Chairman of Hinduja Group, Mr Prakash Hinduja, said he is ready to sign a memorandum of understanding with the

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 Modupe Gbadeyanka The family of Ms Peace Anyiam-Osigwe has confirmed her death in a statement issued on Tuesday, January 10, 2023. The founder of the Africa Movie Academy Awards (AMAA) died on Monday at the St Nicholas Hospital, Lagos. Her demise caused confusion in the movie industry as there were conflicting reports about her health status. But today, the family confirmed that the veteran filmmaker and critical stakeholder in Nollywood has passed on, promising to continue to uphold her legacies, especially AMAA. The family also said it would “announce the details of her rites of passage in due course.”

By Adedapo Adesanya The gross earnings of Africa Prudential Plc dropped 7 per cent in the first six months of the year to N1.87 billion from N2.01 billion in the same period of 2019. The company noted in its unaudited financial statements for the half-year ended June 30, 2020, the weak performance came on the premise of the COVID-19 pandemic, which it claimed wiped out as many contributions from its retainer fees, which contributes over 60 per cent of revenues from contracts with customers. According to details contained in the documents, revenue from contract with customers, one of its major

By Adedapo Adesanya   The Naira depreciated at both the Investors and Exporters (I&E) and Interbank segments of the foreign exchange market on Tuesday, January 28, 2020. At the I&E window, the local currency dropped for the second straight trading session by 38 Kobo or 0.11 percent against the US Dollar to trade at N363.33/$1 in contrast to N362.94/$1 it traded on Monday. This followed the pressure on the local currency as the demand for forex increased during the session, resulting in higher turnover at the close of transactions. Trades valued at $586.22 million were carried out at the market segment

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya The number of apps installed across sub-Saharan Africa increased by 55 per cent in 2020 compared with 2019, a report by AppsFlyer, a global attribution leader, has disclosed. The organisation said in its report that over 30,000 different apps recorded more than 48 billion installations in the period under review. In the report, AppsFlyer’s mobile marketing analytics noted that COVID-19 forced more people to be on their mobile devices this year, especially because of lockdown and phone users found solace in apps that enabled them to shop, play games, keep fit, stream or indulge in social networking.

By Aduragbemi Omiyale A British pharmaceutical company, GlaxoSmithKline (GSK) UK Group, intends to close its operations in Nigeria and then exit the Nigerian Exchange (NGX) Limited. The firm operates in Nigeria under GSK Consumer Nigeria Plc, and it is listed on the local stock exchange. Apparently, due to the harsh economic environment in Nigeria, the company wants to quit, but it will hand over its operations to a third party, according to a notice it filed to the NGX on Thursday. GSK, in the disclosure obtained by Business Post, said its Nigerian subsidiary would no longer commercialise its prescription medicines

By Investors Hub European stocks have moved mostly lower in cautious trading on Wednesday as hawkish comments from Federal Reserve Chairman Jerome Powell coupled with weak economic data from China and Japan dented investors’ risk appetite. Disappointing regional data releases, declining oil prices and mixed corporate earnings also weighed on the markets. While the U.K.?s FTSE 100 Index is just below the unchanged line, the German DAX Index is down by 0.2 percent and the French CAC 40 Index is down by 0.3 percent. Germany’s forward-looking consumer sentiment index dropped 0.2 points to 10.8 in March, as the political turbulence

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) segments of the foreign exchange market on Tuesday, April 25, after the markets resumed from the Eid al–Fitr break. Traders returned to the market with renewed vigour, and this was transmitted to the Nigerian Naira, which became energised against the greenback yesterday by N3 in the parallel market to close at N736/$1 compared with the preceding session’s N739/$1. In the P2P forex market window, the domestic currency gained N5 against its American counterpart to trade at