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19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

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15-March-2024

Nigeria’s Egoras to Unveil Blockchain-Powered EV Charging Station

By Adedapo Adesanya Egoras Technology, a Nigerian energy company, has disclosed plans to launch Egostation, a blockchain-powered electric vehicle charging station. Set to debut on June 8 in Port Harcourt, Nigeria, the firm noted that the innovative charging infrastructure is poised to reshape the future of sustainable transportation in the region. The startup in a statement said the EV station is powered by Egoras’ proprietary blockchain solution, Egochain, which ensures enhanced transparency and incentivizes station ownership, fostering the widespread adoption of EVs across Nigeria. Egostation’s cutting-edge Level 3 DC fast charging system enables rapid charging, with the capability to charge

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08-March-2024

Data-Share Breach: Lagos to Sanction Uber, Urges Users to Take Caution

By Modupe Gbadeyanka The Lagos State government has said it would sanction Uber Technologies System Nigeria Limited over its alleged failure to adhere to data-sharing agreements. The Commissioner for Transportation in the state, Mr Oluwaseun Osiyemi, berated the violation despite ongoing efforts to maintain a secured and regulated transportation environment. He expressed deep dismay at Uber’s continuous defiance of established regulations, particularly regarding critical Application Programme Interface (API) integration for enhanced safety and security. The Commissioner said the administration of Governor Babajide Sanwo-Olu was committed to the safety and security of residents of the metropolis and would not hesitate to

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07-March-2024

CBN, Gluwa to Drive eNaira Adoption After Binance Exit

By Adedapo Adesanya The Central Bank of Nigeria (CBN) and a blockchain credit infrastructure company, Gluwa, have crafted a partnership to promote the adoption of eNaira, Nigeria’s central bank digital currency (CBDC). The company announced on Thursday that it would help drive more adoption of the eNaira which is yet to find appeal with Nigerians after more than three years since it was launched by the administration of former President Muhammadu Buhari and former CBN Governor, Mr Godwin Emefiele. Nigeria launched the eNaira in October 2021 and became the second country to launch a CBDC in the world after the

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07-March-2024

Abuja Rail 95% Completed, to be Inaugurated in May—Wike

By Adedapo Adesanya The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Abuja Rail Mass Transit (ARMT) project is 95 per cent completed and will be ready for inauguration in May 2024. Mr Wike stated this when the Belgium Ambassador to Nigeria, Mr Pieter Leenknegt, visited him in Abuja on Wednesday. The Minister explained that the feat was part of efforts to improve public transportation in Abuja. “When we came on board, we found out that the Abuja Light Rail was not functional and we felt that it would be a good thing for the people

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04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

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04-March-2024

Customs Gives 90-Day Vehicular Import Duty Regularisation Window

By Adedapo Adesanya The Nigerian Customs Service (NCS) has announced a 90-day window for regularising import duties on specific categories of vehicles. The customs said it was acting under the directive of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. In a statement signed by its Public Relations Officer, Mr Abdullahi Maiwada, on Sunday, the agency noted the initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation. The NCS stated that all vehicle owners, Importers/Agents seeking to regularize import duties on

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29-February-2024

We Need Investment in Mass Transit After 50% Drop in Petrol Imports—Tinubu

By Aduragbemi Omiyale President Bola Tinubu has disclosed that Nigeria has reduced the importation of premium motor spirit (PMS), commonly known as petrol, by 50 per cent since his administration announced an end to fuel subsidy last year. On Monday 29, 2023, during his inaugural speech in Abuja, Mr Tinubu declared that “fuel subsidy is gone” and almost immediately, the price of the product went up across the country. Before his announcement, a litre of petrol was selling at N165 but at the moment, it sells between N568 per litre and N650 per litre, depending on the location and fuel

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28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect

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19-March-2024

Sahara Group Foundation Donates to Abuja Hospitals

By Modupe Gbadeyanka Three medical facilities in Abuja, the National Hospital, Garki; the Federal Medical Centre, Jabi; and the Maitama District Hospital, Maitama, Abuja, have received some state-of-the-art medical equipment from Sahara Group Foundation. The items were given to the hospitals as part of the foundation’s strategic commitment to sustainability, aiming to enhance the quality of life in its host communities and beyond. The organisation, which is the personal and corporate social responsibility arm of Sahara Group, donated items like Dialysis Machines, ventilators, automatic dialysis chairs, oxygen tanks, ICU medical beds, suction units, monitors, medical beds, ICU medical beds, and

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19-March-2024

Kebbi Customs Reaffirms Pledge to Facilitate Trade

By Bon Peters The Kebbi State Command of the Nigeria Customs Service (NCS) says it is poised to facilitate legitimate trade as it has reopened the Kamba border in compliance with the directive of the Comptroller General of Customs (CGC), Mr Adewale Adeniyi. The command’s image maker, Mr Mohammed Tajuddeen Salisu, a Superintendent of Customs, in a statement over the weekend, quoted the command’s Area Controller, Mr Iheanacho Ernest Ojike, as saying that Kamba is a strategic border with a major share in Kebbi revenue generation. He insisted that the reopening of the border was aimed at paving the way

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19-March-2024

TikTok, AU Commission Partner for Digital Safety Campaign

By Adedapo Adesanya TikTok and the African Union Commission (AUC) are teaming up to launch the Africa-wide #SaferTogether Campaign, aimed at educating and engaging youngsters, parents, teachers, and community leaders on digital safety through in-app and on-ground activities. The partnership will be carried out by a short-form video app and the African Union Commission’s Women, Gender, and Youth Directorate (WGYD) and is aimed at bolstering online safety awareness among the youth as well as parents, teachers and guardians in Africa. This innovative collaboration emerges at a critical moment, addressing the urgent need for digital safety amidst the unique challenges faced

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19-March-2024

Court Dismisses Olu Agunloye’s EFCC Abuse Suit, Orders N500,000 Payment

By Adedapo Adesanya The Federal High Court in Abuja has dismissed a suit filed by a former Minister of Power and Steel, Mr Olu Agunloye, alleging abuse of his fundamental rights and seeking to be shielded from investigation and prosecution by the Economic and Financial Crimes Commission (EFCC). In a statement following the court’s judgement on Monday, the anti-graft agency said the presiding judge, Mr Obiora Egwuatu, dismissed the suit for lacking in merit and awarded a cost of N500,000 against Mr Agunloye in favour of the EFCC. Dismissing the suit, the judge held that Mr Agunloye’s fundamental human right

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19-March-2024

International Breweries Wants Approval for $379.9m Loan, Convert to Equity

By Aduragbemi Omiyale An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024. This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday. It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos. Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the

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19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

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19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

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19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

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19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

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19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate