Volkswagen Stops Production Over Fight With Supplier

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 Modupe Gbadeyanka The proposed repair works on the Third Mainland Bridge by the Lagos State government have been suspended indefinitely. The state government had planned to close the bridge for two Sundays, beginning today, Sunday, September 17, 2023, but due to the heavy downpour witnessed in the state on Saturday, the action has been postponed. A statement signed by the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, did not disclose when work would resume at the bridge. However, it explained that the planned repairs had to be put on hold “due to the heavy downpour experienced” in the

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 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 Aduragbemi Omiyale The Association of Bureaux De Change Operators in Nigeria (ABCON) has declared operators of foreign exchange (forex) at the black market as a threat. President of the group, Mr Aminu Gwadabe, said efforts must be made to frustrate the operations of the hawkers of FX on the streets because they are economic sabotage. The ABCON chief, while speaking at a sensitisation programme, said licenced Bureaux De Change (BDC) operators must, therefore, set a good example in their operational modalities and make forex buyers lose confidence in black market dealers. However, he assured that an operational war would

By Dipo Olowookere Mr Adewale Adeyipo has been announced as the substantive Managing Director/Chief Executive Officer of CWG Plc, an ICT Solutions company based in Lagos. The new head of the firm was previously a Director in Consultative Sales and Managed Services Engagements for telecommunication companies. He has served in the above capacity for onwards of 12 years and was appointed to the board of CWG as an Executive Director on June 15, 2018. CWG, in a notice to the Nigerian Stock Exchange (NSE) on Thursday, disclosed that the appointment of Mr Adeyipo was with effect from August 1, 2019.

By Modupe Gbadeyanka The federal government has apologised to Nigerians over the poor electricity supply being experienced by them at the moment. The Minister of Power, Mr Mamma Sale, in a statement issued by his Special Adviser on Media and Communications, Mr Aaron Artimas, said efforts are being made to improve the supply. He explained that the situation was caused by the breakdown in 13 power generation plants across the country, but assured that engineers were doing everything possible to rectify the issue. Mr Sale said the faulty power plants affected some National Integrated Power Plants (NIPP) supplying electricity to

By Modupe Gbadeyanka Investors in Nigeria can now heave a sigh of relief as the International Chamber of Commerce (ICC) has now taken a drastic step against piracy and counterfeiting in the country. The global body has commissioned a working group that would give the fight against the social vices an effective backing in Nigeria. The ICC delegation drawn from France; Middle East, Africa, Pakistan, UAE; Sweden and Nigeria converged at Eko Hotel, Lagos on Wednesday, where the dangers of counterfeiting and piracy were again examined and solutions proffered. In his address to the forum, Mr Babatunde Savage, Chairman, International

By Dipo Olowookere The secondary market for treasury bills in Nigeria came under selling pressure on Thursday and this consequently expanded the yields. Business Post reports that the corresponding yields were stretched by 0.13 percent at the market yesterday to 12.92 percent at close of business. It was observed that apart from the one-month debt instrument, which suffered a yield depreciation, every other maturity tracked during the trading session closed green. Yield on the 30-day bill declined by 0.12 percent to settle at 11.93 percent against 12.06 percent it ended in the previous session at the secondary market. However, for

By Modupe Gbadeyanka Jehovah’s Witnesses in Nigeria have opened a historical museum in Igieduma Village, Edo State, documenting activities of the religious group in the country for the past 100 years. The facility was inaugurated recently under an initiative called 100 Years of Courage, highlighting how some people came together to establish the sect in Nigeria in 1921. Nigeria is a diverse country with a rich cultural and historical heritage. The people making up the country have various social, religious and cultural experiences dating back several centuries. The advent of Christianity, with its increasingly various denominations, ushered in a new

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited has promised to collaborate with market stakeholders to enhance securities lending transactions and provide an efficient and liquid market for investors. The Divisional Head of Capital Markets at the NGX, Mr Jude Chiemeka, while speaking at the 2022 NGX Securities Lending Forum on Tuesday, said this is consistent with the commitment of the bourse to contribute to the growth and development of capital market in Nigeria and Africa. He said securities lending presents significant benefits to investors in a bull or bear market – either as lenders or borrowers, noting that securities

By Adedapo Adesanya The Naira weakened against the US Dollar in the various segments of the foreign exchange (forex) market [parallel market, Peer-to-Peer (P2P) and the Investors and Exporters (I&E)] on Monday, March 13. In the P2P segment, traders exchanged their local currency for the American currency at an average rate of N754/$1 yesterday versus N752/$1 of the preceding session, indicating a decline of N2. It was a similar situation in the black market, where the local currency lost N2 against the US currency to settle at N746/$1, in contrast to last Friday’s value of N744/$1. In the same vein,