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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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18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

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18-March-2024

NIMC, NCC to Pool Resources to Enhance NIN-SIM Linkage Processes

By Adedapo Adesanya The National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) have announced a strategic collaboration to enhance the National Identification Number(NIN)-SIM linkage processes. This was disclosed in a joint statement signed by the Technical Adviser, Media, and Communications to the DG/CEO of NIMC, Mr Ayodele Babalola, and the Director of Public Affairs, NCC, Mr Reuben Muoka. The NIN-SIM linkage exercise has received criticism due to the long process and constant need to harmonise data on the end of consumers with the Socio-Economic Rights and Accountability Project (SERAP) threatening to drag the NCC to court if

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17-March-2024

Budget Padding: SERAP Urges Senate to Reinstate Ningi

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Mr Godswill Akpabio, to recall Senator Abdul Ningi who was suspended for three months over his allegation of budget padding. Mr Ningi, the lawmaker representing Bauchi Central, was suspended for three months over an interview in which he alleged that the National Assembly padded the 2024 N28.7 trillion budget with about N3.7 trillion. He was quoted as saying, “For the first time in Nigerian history, today we are operating two different budgets. One budget was approved by the National Assembly and signed by President Bola

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17-March-2024

Manufacturers, LCCI Laud Suspension of Expatriate Employment Levy

By Adedapo Adesanya The Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry (LCCI) have lauded the decision of the federal government to halt the implementation of the Expatriate Employment Levy (EEL). The Expatriate Employment Levy, a new policy that was introduced by the federal government aimed to address wage gaps between expatriates and the Nigerian labour force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies. The new fee was $10,000 for staff and $15,000 for directors, which represented a significant shift from the $2,000 paid by foreign nationals for the Combined

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15-March-2024

Makinde Confirms Passing of 42nd Olubadan Lekan Balogun at 82

By Modupe Gbadeyanka Governor Seyi Makinde has confirmed the passing of the Olubadan of Ibadanland, Oba Lekan Balogun, on Thursday. The monarch passed on last night at the University College Hospital (UCH), Ibadan, a statement signed by the Special Adviser to the Governor on Media, Mr Sulaimon Olanrewaju, said. Mr Balogun ascended the throne about two years ago at the age of 80 after the demise of his predecessor, Oba Saliu Adetunji, in January 2022 at 93 years old. “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba

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14-March-2024

FCCPC Files Criminal Charges Against Mikano

By Modupe Gbadeyanka The Federal Competition and Consumer Protection Commission (FCCPC) has filed criminal charges against a power-generating set company, Mikano International Limited. The agency, in a statement signed by its acting chief executive, Mr Adamu Abdullahi, said the charges were filed on Friday, March 8, 2024, at a court in Abuja. It accused Mikano of obstructing an investigation of its activities, especially in the area of generator importation, manufacturing, assembly, and distribution. FCCPC said its decision to look into the operations of the firm was prompted by credible intelligence and preliminary inquiries suggesting potential infringements of the Federal Competition

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14-March-2024

Tinubu Affirms Commitment to Security in Gulf of Guinea

By Adedapo Adesanya President Bola Tinubu has affirmed Nigeria’s commitment to enhancing maritime security and safety in the Gulf of Guinea, to strengthen bilateral relationships, trade and investments among Gulf of Guinea (GoG) nations. The President made this disclosure when he received the Special Envoy of the President of Equatorial Guinea, Mr Teodoro Obiang Nguema Mbasogo. He reaffirmed the longstanding bilateral ties between Nigeria and Equatorial Guinea, describing the relations as strong and brotherly. Mr Tinubu recalled his previous meeting with President Mbasogo, during which they discussed strategies for enhancing economic relations, particularly in the context of ocean and marine

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13-March-2024

Nigeria Lifts Embargo on Niger Republic, Opens Borders

By Adedapo Adesanya Nigeria has opened the land and air borders with the Republic of Niger as it lifted other sanctions on the neighbouring country following a coup last year. According to a statement from Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, President Bola Tinubu on Wednesday directed the opening of Nigeria’s land and air borders with the Republic of Niger with immediate effect. This directive is in compliance with the decisions of the ECOWAS Authority of Heads of State and Government at its extraordinary summit on February 24, 2024, in Abuja. ECOWAS leaders

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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

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18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May