Yamaha Motor Posts Strong Half-Year Earnings

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 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 Aduragbemi Omiyale The Chairperson and Managing Director of Volkswagen Group South Africa (VWSA), Ms Martina Biene, has been elected as the new president of the African Association of Automotive Manufacturers (AAAM). She was chosen to take over the leadership of the organisation, established in November 2015, from Mr Mike Whitfield, who has been president since July 2020. AAAM is the only African body focusing on the expansion and deepening of the automotive industry across the continent, by working with governments to shape policies that will attract investors to unlock the economic potential of the continent and align a global

By Aduragbemi Omiyale Investors who subscribed for the first tranche of the Stanbic IBTC Infrastructure Fund have received a total cash reward of N3.24 per unit. The investment tool was designed by Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, to bridge the gap between the funding needs of promoters of viable infrastructure projects and long-term institutional investors. After the tranche I was launched on September 30, 2021, the company paid an interim distribution of N1.24 each to unitholders in November 2021 and in January 2022, it paid a final distribution of N2.00 per unit for the

By Modupe Gbadeyanka Residents of Oshodi area of Lagos State could not hide their joy at the weekend when a team from a non-governmental organisation arrived with different buses filled with goodies. The group, Arise Women, established by Mrs Siju Iluyomade, the wife of a popular cleric with the Redeemed Christian Church of God (RCCG), Pastor Idowu Iluyomade of the City of David, Lagos, was in the area on Saturday, January 30, 2021, to share the popular Arise Pink Bucket. For the past seven weeks, the team has been to different local government areas of the state to distribute the

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Dipo Olowookere The Central Bank of Nigeria (CBN) has justified its creation of the various exchange rates for the Naira against the major foreign currencies at the forex market. According to the apex bank, these rates were created because they were very necessary to a single economy like Nigeria battling with crisis. At the moment, there are over five exchange rates for individuals and investors to access in the foreign exchange market in Nigeria. While there is the official CBN rate, banks have their own rates, just like the parallel market has its own, which seems to be the

By Dipo Olowookere Multiple award-winning music artiste, Tim Godfrey, is presenting the second edition of his hit play, ‘Ewuro’ The Musical, an emotional stage presentation that captures the struggles of women in Nigeria, with a focus on discrimination and violence. ‘Ewuro’ is the Yoruba representation of ‘bitter leaf’. The play leads a movement that exists to address discrimination and violence against women and centres around the abuse women in Nigeria face on a daily basis from ràpe, to battery, molestation and widow’s funeral rites. “Following last year’s edition, we’ve decided to make this edition even bigger,” says Mr Godfrey, who

By Dipo Olowookere The chief executive officer of Singtel Optus and Consumer Australia, Ms Kelly Bayer Rosmarin, has been appointed to the board of Airtel Africa Plc. Ms Rosmarin is joining the board of the telecommunications firm as a non-executive director with effect from October 27, 2020. She will replace Mr Arthur Lang who will step down as a non-executive director on the same date after two years. The Australian businesswoman and banker was nominated to the board by the controlling shareholder of Airtel Africa pursuant to the terms of relationship agreement dated June 17, 2019, between the company, Bharti

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the second trading week of the year in the negative territory, depreciating by 0.91 per cent. At the close of transactions, the NASD Unlisted Security Index NSI declined by 1.41 points to settle at 740.04 points as against 741.45 points it finished a week earlier. In the same vein, the market capitalisation of the NASD OTC reduced by N1.01 billion to finish at N530.99 billion compared with N532.00 billion it ended at the preceding week. Business Post reports that the bearish outcome seen in the week was caused by the

By Ebitonye Akpodigha The warring parties in Gabon have been urged to “exercise restraint and refrain from provocative rhetoric” that could further dip the country into messier crisis. This appeal was made by the United Kingdom, which noted verdict of the Gabonese Constitutional Court confirming the victory of Ali Bongo Ondimba in last month’s Presidential election. Mr Bongo’s main rival in the poll, Mr Jean Ping, rejected outcome of the election. Shortly after the poll, violence erupted in Gabon and the warring parties have refused to back down. But the UK, in a statement issued by the British High Commission