Nigeria Adopts Cheaper Gas Alternative in Transport Sector

By Adedapo Adesanya Ride-hailing service, inDrive, has announced an investment of over seven million Rand to acquire top-notch car seat covers across Africa to create comfort for its customers. The mobility and urban service headquartered in California, USA, has distributed this to drivers in one of its crucial market, South Africa. inDrive, has seen extensive distributions in major cities like Johannesburg, Pretoria, and Durban. According to a statement seen by Business Post, this underscores the company’s unwavering commitment to the drivers and passengers that constitute the backbone of the gig economy. “The local driver community has greeted this initiative with

By Modupe Gbadeyanka The Lagos State House of Assembly is considering regulating the multiple dues collected by transport unions in the metropolis to ease the burden on commuters, who are forced to pay higher by drivers. This was one of the issues addressed at the plenary on Tuesday by the state legislators. Another matter discussed by the lawmakers was the activities of some officials of the Lagos State Traffic Management Authority (LASTMA) in the state. On Monday, it was reported that a driver, who was allegedly being chased by officials of the traffic control agency, crushed to death two workers

By Bliss Okperan Users of ride-hailing mobile applications like Uber, Bolt, LagRide and others may have to submit their National Identification Number (NIN) for registration before using the services if the demands of the Amalgamated Union of App-based Transporters of Nigeria are granted by the federal government. The group has asked the government to force the ride-hailing companies to capture the NIN of passengers before ordering a ride. The drivers made this request because of the incessant killing of their colleagues by hoodlums across the country. In a statement made available to journalists, the ride-hailing drivers said if this demand

By Adedapo Adesanya The Lagos State Government has announced that the first phase of the Blue Rail Line will commence operations on Monday, September 4. The Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, made this known at the Marina Train Station on Wednesday. Mrs Akinajo also noted that the first train ride would kick off by 9 am with Governor Babajide Sanwo-Olu on board, along with other passengers, from Marina to Mile 2 Train Station. Mrs Akinajo explained that for the first four weeks, the rain will run only 12 trips with the locomotive

By Adedapo Adesanya Oil futures finished higher, gaining more than three per cent on Monday after a deep plunge last week as investors regained confidence ahead of the United States’ presidential election on Tuesday. Yesterday, the Brent crude oil went up by 3.22 per cent or $1.22 to $39.16 per barrel while the United States’ futures, West Texas Intermediate (WTI) crude, appreciated by 3.3 per cent or $1.18 to $36.97 a barrel. The oil market had been under pressure in recent days, hit by concerns about weaker fuel demand as several European countries went into lockdown to curb the coronavirus,

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has announced the automation of rights trading and settlement with effect from May 5, 2017, to enable shareholders sell subscription rights both efficiently and at fair prices. Prior to this automation, trading and settlement of rights, where an investor decides to sell on the floor of the Exchange, was done manually. A rights issue is an offer to existing shareholders to purchase additional shares in a company during the company’s issue of new shares. The invitation to existing shareholders is usually made in proportion to their existing holdings, allowing them to buy

By Aduragbemi Omiyale From Monday, May 9, 2022, air travellers in Nigeria will not be able to fly to their destinations within the country through any of the airlines as operators have threatened to suspend flights. The local airline operators claimed they are struggling to remain afloat and the price of a litre of aviation fuel has reached N700 from N190, noting that this has added to the high operating expenses (OPEX). As a result of the strain on their finances, they have decided to stop operations from next Monday until something is done by those in authority. “Airline Operators

By Dipo Olowookere Nigerian stocks succumbed to heavy selloffs by investors on Friday, depreciating by 1.24 per cent at the close of transactions. It was not the kind of final trading session of the week market participants had envisaged but most of them could not resist taking profits, which eventually crumbled the market. Business Post reports that apart from the industrial goods sector, which closed 0.02 per cent higher and the consumer goods space, which closed flat, every other sector closed negative. The insurance index was the worst with a decline of 1.72 per cent, followed by the banking sector,

By Dipo Olowookere State governments have restated their commitment to initiate and implement Doing Business reforms that will positively impact on businesses and stand them out among their peers in the World Bank sub-national rankings. This commitment was made in Abuja at the kick-off mission for the Sub-National Doing Business (SNDB) in Nigeria project organised by the World Bank and the Enabling Business Environment Secretariat (EBES). Opening statements to the workshop were made by the Minister of State for Budget and National Planning, who is Chair of the Nigerian Economic Council (NEC) Implementation Monitoring Committee, through a representative; and the

By Dipo Olowookere The exchange rate of the Naira to the US Dollar was stable at the black market and the peer-to-date (P2P) segments of the foreign exchange (FX) market on Wednesday. Yesterday, the Nigerian economy was shut down due to the two-day public holiday declared by the federal government to celebrate Eid-el Kabir. The Sallah celebration meant that most businesses closed their doors to customers, but the exchange of currencies continued in the parallel market and the P2P. Only the official market window, the Investors and Exporters ((I&E) arm of the currency market, was closed for business during the

By Aduragbemi Omiyale The residence of Mr Sunday Adeyemo, otherwise known as Sunday Igboho, in Ibadan, Oyo State, has been razed down by fire. The inferno reportedly occurred in the early hours of Tuesday. The cause of the unfortunate incident is not yet known as at the time of filing this report. Sunday Igboho recently became a news item because of the quit notice he gave to Fulanis living in the Ibarapa area of Oyo State to leave the area in seven days. The eviction notice expired last week and a day after the house of the Seriki of Fulanis