New Ride-Hailing Company Begins Operations in Ibadan

By Adedapo Adesanya The Nigerian Automobile Technicians Association (NATA) Lagos State chapter has lauded Hyde Energy following an assessment of the quality of lubricants produced and distributed in the Nigerian market as well as adherence to international best practices by Hyde Energy Lubricant business. This came as the executive members of the association visited the energy trading company’s lubricant blending plant located in Ijebu-Ode, Ogun State. The lubricant plant, one of the largest lubricant manufacturing facilities in Nigeria, has the capacity to blend 30,000 litres of lubricant per day. The lubricants produced at the Hyde Energy blending plant undergo stringent

By Adedapo Adesanya President Bola Ahmed Tinubu yesterday disclosed plans to roll out 3,000 units of Compressed Natural Gas (CNG) buses to cushion the effect of the fuel subsidy removal on Nigerians. Mr Tinubu disclosed this in a 20-minute televised broadcast addressing the nation’s state, giving backing to alternative energy sources cheaper than petrol and diesel, which have tripled since the president announced that subsidy was no more as of May 29, 2023. The president said that the buses would be rolled out across the state and local government in the country for mass transit at a cheaper rate. While

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 Governor of Enugu State, Mr Peter Mbah, has appointed the co-founder and CEO of Kobo360, Mr Obi Ozor, as the Commissioner for Transport, a move that has sent ripples of joy across Nigeria’s tech sector. Mr Ozor was sworn in last Friday alongside 19 others by Governor Mbah. He is expected to bring his over six years of logistics and supply chain experience to drive the goals of the Southeastern state’s executive council. Speaking at the swearing-in ceremony, Mr Mbah said to the Commissioners, “Your selection was largely driven by your track records, your experience, your

By Dipo Olowookere Two Nigerian movies, ‘The Wedding Party’ and ‘76’ have been announced as joint winners of the 2017 NollywoodWeek Public Choice Award. The festival trophy was given to Mr Izu Ojukwu, the Director of 76 and Mr Moses Babatope who represented the film in the absence of the film Director, Kemi Adetiba in a closing ceremony that was followed by the World Premiere screening of Ctach[dot]er by the Director Walter Taylaur. “I was not expecting this award. It’s an honour for me and for everybody who worked on the film,” said Mr Ojukwu. In his acceptance speech, Mr

By Dipo Olowookere Activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Wednesday after a day off on Tuesday to observe the public holiday declared by federal government in commemoration of Eid-el Maulud celebrated by Muslims in the country. However, at the close of the midweek trading session, the stock market was down by 0.78 percent, pushing the year-to-date loss to 16.40 percent. Even the release of the inflation data on Wednesday by the National Bureau of Statistics (NBS), which said inflation dropped to 11.26 percent in October 2018 from 11.28 percent, did not do enough to

By Adedapo Adesanya  A total of N21 million was recovered by the Jigawa Command of the Nigerian Security and Civil Defense Corps (NSCDC) from indebted residents of the state in the last quarter of the year. Business Post gathered that the NSCDC Commandant in the state, Mr Garba Muhammad, made this known to News Agency of Nigeria (NAN) in the state capital, Dutse, on Friday. Mr Muhammad said the amount was recovered following complaints received by the command from aggrieved creditors between October and December. He explained that the command has discharged its duties by resolving the disagreements between the

By Modupe Gbadeyanka Nigerians have been advised to take advantage of the registration/revalidation exercise of the ruling All Progressives Congress (APC) to join the party. This advice was given by a chieftain of the APC, Mr Edwin Uhara, who noted that only the ruling party has the key to unlocking Nigeria’s potentials for greatness. The politician, who was a member of the APC Presidential Campaign Council in the 2019 presidential election, stressed that it would be a great opportunity for Nigerians to join the “progressive party as the world is now evolving around progressive ideologies. In a statement, the young

By Adedapo Adesanya Data analytics firm, BudgIT, on Monday called for the reformation of the Nigerian National Petroleum Corporation (NNPC) following the recent release of its 2018 audited financial statements. In a statement in Abuja, signed by its Communications Associate, Mr Iyanu Fatoba, BudgIT called for an urgent reform of the national oil company in order reverse the massive losses recorded by some of its subsidiaries. Business Post had reported on Monday that the three refineries under the corporation had incurred a massive loss of N154 billion in 2018, with one of them unable to generate any revenue. BudgIT commended

By Ahmed Rahma If the African Continental Free Trade Area (AfCFTA) is to succeed as expected, then the financial services industry must be allowed to play a pivotal role. This was the submission of the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, who said banks and other players in the sector have the ability to facilitate the liberalisation process. According to him, the industry will be responsible for facilitating transactions, mobilising savings, allocating capital funds and monitoring managers so that the funds allocated will be utilised as envisaged, as well as managing risks. “Nigeria banks have strong capital and

By Aduragbemi Omiyale The persistent proliferation of operators of illegal investment schemes in the country has continued to give the Securities and Exchange Commission (SEC) sleepless nights. According to the Director-General of SEC, Mr Lamido Yuguda, these operators are a huge threat to the Nigerian capital market, and steps must be taken quickly to combat them. In his New Year message in Abuja, Mr Yuguda assured of a renewed onslaught against promoters of such schemes. He said that last year alone, the commission sealed off the offices of four of such illegal operators that had defrauded innocent citizens of billions