Lagos Bans Gokada, Okadas, Kekes From February 1

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 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 Socio-Economic Rights and Accountability Project (SERAP) and five university students have filed a lawsuit against President Muhammadu Buhari over the refusal by the federal government to “meet ASUU’s demands, which has occasioned the prolonged strike action and violated the students’ right to quality education.” Joined in the suit as Defendants are the Minister of Labour, Employment and Productivity, Chris Ngige; and Attorney-General of the Federation and Minister of Justice, Abubakar Malami. The suit followed the perceived lack of commitment by the federal government to implement the agreements with the Academic Staff Union of Universities (ASUU) and to

By Modupe Gbadeyanka Justice Abiola Adewemimo of the Benin Judicial Division of the National Industrial Court of Nigeria has ordered Fidson Healthcare Plc to pay the sum of N4 million to its former employee, Mr Obateru Olufemi Abidemi, for illegally withholding his first degree certificate despite asking for it to be returned to him. Business Post reports that Mr Abidemi worked with Fidson as a pharmacist for over two years and one of the conditions for getting the job in August 2007 was for him to deposit his Bachelor of Pharmacy degree certificate with the company. However, trouble started after

Since cryptocurrencies are decentralized, protecting them is the responsibility of their owners. No government agency or private company can help you recover the password to your digital wallet. The New York Times reports that 20% of all Bitcoins are missing from cold storage. This is helping to drive up the price of the remaining Bitcoins. These dollars disappear as rapidly as people delete old emails and photos. So, let’s take a look at the 5 biggest Bitcoin-related financial disasters – which will show you why it’s always wise to get the best crypto currency wallet in 2022. The Curious Case

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) has disclosed that Nigeria’s tax to Gross Domestic Product (GDP) ratio has been upwardly reviewed to 10.86 per cent from the 6 per cent earlier reported to reflect better data sources and improved estimation using the Organisation for Economic Co-operation and Development (OECD) manual. The OECD manual is an improvement over the System of National Accounts (SNA 2008) classification of taxes. Although the System of National Accounts conceptual framework and its definitions of the various sectors of the economy are reflected in the OECD’s classification of taxes, the OECD classifications provide

By Investors Hub Most Asian stocks fell on Monday, following steep losses on Wall Street on Friday, after a strong jobs report for January helped fuel expectations that the Federal Reserve will lift interest rates more than the three times initially expected this year. Chinese shares bucked the weak regional trend to end notably higher after data showed that China’s private sector activity expanded at the fastest pace in seven years in January, driven by accelerated rates of growth across both manufacturing and services. The Caixin composite PMI rose to 53.7 from 53.0 in December. The benchmark Shanghai Composite index

By Modupe Gbadeyanka The issuance of the maiden N100 billion Sukuk in the Nigerian capital market by the Debt Management Office (DMO) has received the backing of the market regulator, the Securities and Exchange Commission (SEC). In a statement issued yesterday by its management, SEC described this as a “major milestone for Nigeria,” noting that it would “catalyse the development of non-interest capital market products.” SEC said the issuance of the Sukuk followed its diligent advocacy efforts on the need to issue the instrument in order to serve as an alternative product for investors. It further described Sukuk as a

By Modupe Gbadeyanka The newest entrant into the e-commerce space in Nigeria, WePay, has promised to offer great customer services to online shoppers on its platform. The parent company of WePay, BODC Trading and Investment Company Limited gave this assurance during the launch of the e-commerce platform at their office in Osborne Foreshore Estate, Ikoyi on Monday, November 19, 2018. Managing Consultant of the firm, Mr Akin Kehinde, in his welcome remarks, said that the platform was poised to offer unmatchable sales deals and amazing after-sales services to its customers to ensure they have the best customer experience. According to

By Adedapo Adesanya With deep consideration to the COVID-19 pandemic on economic activities, the Central Bank of Nigeria (CBN) has announced extending deadline for the recapitalisation of microfinance banks (MFBs) in the country. This announcement was made in a circular with reference number FPR/DlR/GEN/ClR/07/054 entitled Re: Review of minimum capital requirements for microfinance banks in Nigeria. It read in parts, “The Central Bank of Nigeria has extended the deadlines for compliance with the revised minimum capital requirements for all categories of the MFBs by one year as follows: “The MFBs operating in rural, unbanked and under-banked areas (Tier 2) shall