Motorists Commit 179,165 Offences in Three Months—FRSC

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 Bliss Okperan An accident on Friday caused by the failed portion of the Odumodu Junction by Nteje, along the Onitsha-Awka Expressway, Anambra State, has left five persons dead. According to reports, the unfortunate incident happened at about 7:30 am when the container-laden truck fell on a commercial bus, whose driver was navigating through the failed portion of the road. The two vehicles involved in the road mishap were a Mitsubishi L300 commercial bus with registration number XE245AWK and a commercial Daf/Leyland truck with registration number T-19094LA. The acting Sector Public Education Officer for the Federal Road Safety Corps (FRSC),

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 Modupe Gbadeyanka Mr Joseph Oyenani Makoju has been announced as the substantive Managing Director/Chief Executive Officer of Dangote Cement Plc. Before now, Mr Makoju had been the acting MD/CEO of the Africa’s largest cement producer located in Nigeria. A statement issued by the firm said his appointment took effect from Friday, April 20, 2018. Mr Makoju was appointed to the Board of Dangote Cement Plc in 2010 as a Non-Executive Director and on December 22, 2017, he became the acting MD/CEO of the firm. He holds a B.Sc. and an M.Phil in Mechanical Engineering from the University of Nottingham

By Modupe Gbadeyanka There seems to be more trouble for Nigeria as its foreign reserves fell to a two-week low and the Naira depreciated further at the parallel market on Friday to N390 per Dollar. According to Reuters, the black market Naira rate, on Friday, which has firmed 17 percent since for some weeks due to Dollar sales by the Central Bank of Nigeria (CBN) on the official market aimed at narrowing the spread, eased by 1.8 percent. The CBN has been selling the Dollars on the official market in order to narrow the spread with the black market rate,

By Adeniyi Ogunfowoke Converting a raw start-up idea into reality is an enormous task. The onus is on you to ensure that the idea comes to fruition notwithstanding the circumstances. This is perhaps why some Nigerians are scared to the bone about floating a start-up. It is even more discouraging as Nigeria is currently experiencing a recession whose end is unknown. Evidently, ideas will be abandoned due to these challenges. Despite all these woes, it is essential for you to take action on your idea as you will be thrilled about running your own business and secure your financial future.

By Dipo Olowookere Candidate of the Peoples Democratic Party (PDP) in Lagos State for the 2019 governorship election, Mr Jimi Agbaje, has promised to look at other ways to boost the economy of the metropolis. Speaking recently at the launch of his campaign, Mr Agbaje said he will look critically into his blue economy policy to make more money for the state. According to him, this he would do by making money out of what Lagos is massively blessed and surrounded with, lagoon, to create several job opportunities for residents. “I have not jettisoned my blue economy agenda for Lagos.

By Modupe Gbadeyanka Tier two financial institution in Nigeria, First City Monument Bank (FCMB) Plc, has disclosed receiving the sum of $3 million from the sale of debt-ridden 9mobile. Recently, the Nigerian Communications Commission (NCC) confirmed Teleology Holdings as the new owners of 9mobile, which was formerly Etisalat Nigeria. The telecom firm got into trouble when it could not service the $1.2 billion syndicated loan it took from a consortium of 13 Nigerian banks. This caused the lenders to make attempts to takeover the company, but the Central Bank of Nigeria (CBN) and the NCC prevented them. However, an interim

By Dipo Olowookere Phanes Group, an international end-to-end solar provider headquartered in Dubai, UAE, has announced the 2nd edition of its Solar Incubator program, aimed at identifying PV projects of potential in sub-Saharan Africa by providing support to funding, and commercial and technical knowledge. The initiative held under the theme, “Your Project, Our Expertise, For a Sustainable Future”, will be held in collaboration with Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza, and invites PV developers to submit proposals for projects based in sub-Saharan Africa that have a clear Corporate Social Responsibility (CSR) component. Candidates are asked to submit

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 The two new indices put together by the Nigerian Stock Exchange (NSE) and the Meristem Securities Limited focusing on investment STYLE orientations have gone live on the NSE website today, Tuesday, March 12, 2019. The two new style indices are the NSE-Meristem Growth Index and NSE-Meristem Value Index and were designed in response to demand for customized indices to support product development and investment management. Broadly, the style indices will provide a benchmark for the market to gauge the performance of value stocks and growth stocks listed on the Exchange. Mr Jude Chiemeka, Divisional Head, Trading Business