I Favoured Igbos with Key Ministerial Posts—Buhari

Image

**Region to Benefit More from Road, Coastal Rail Projects

By Modupe Gbadeyanka

Stakeholders from the South East region of Nigeria have been assured by President Muhammadu Buhari that the geo-political zone will benefit more from roads and coastal rail projects, which are of critical importance to the economy.

This was made known in a statement issued on Friday by the Special Adviser to the President on Media & Publicity, Mr Femi Adesina.

Mr Adesina said the President, speaking at an audience with leaders from the region led by the Deputy Senate President, Mr Ike Ekweremadu, declared that 2nd Niger Bridge, the East-West Road and the Coastal rail project, are receiving utmost attention from his administration.

The President was quoted as saying that counterpart funding from the Chinese government would substantially fund these projects, which when completed will improve the welfare, well-being and economy of the people in the region.

“I know the Chinese are very competent in handling such projects and we will ensure that we get the money for the projects to take off.

“I thank you for articulating your demands and I want to assure that we are doing our best for the country. If we can stop people from stealing, then there will be more resources to put into projects that will create employment for Nigerians,” the statement quoted the President as saying.

Responding to allegations of under-representation of Igbos in his government, the President said, “I gave south-east four substantive ministers in the ministries of Foreign Affairs, Trade and Investment, Science and Technology and Labour.

“Seven states in the North got Ministers of State and of the two Ministries headed by your sons, I cannot take any decision on foreign policy and investments without their input,” he said.

The President also promised the leaders, comprising governors and ministers from the region, the President of Ohaneze, Chief Nnia Nwodo and representatives from the National Assembly, that he will visit states in the zone soon.

“I want to assure you that I came into government with a clear conscience and I will also leave with a clear conscience,” he said.

Earlier, the President of Ohaneze, while articulating the demands of the zone to the President highlighted the issue of state creation, restructuring, federal projects in the South East namely Enugu-Onitsha road, Enugu-Port Harcourt road and Aba-Ikot-Ekpene road, among others.

Nwodo also demanded urgent presidential interventions on the Enugu Airport, reticulation of the gas-pipelines in the South East and the standard gauge plan for railway construction.

Commending the President’s remarkable achievements on security and the fight against corruption, Nwodo declared: “we are ready to work with you. We are determined to work with you. We know you are a decisive leader and we know God will continue to give you the wisdom to govern Nigeria.’’

Also speaking, Governor Dave Umahi of Ebonyi State expressed satisfaction on the outcome of their discussions with the President on critical issues and topics affecting the region.

“You have no hatred for any state. You have treated all states with equality. What one state gets in the north, the other gets in the south,’’ the governor said, referring to budget support facility and stabilisation fund released to states and local governments since the inception of the administration.”

Share
Related Stories
Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
04-March-2024

Meristem Analysts Value Transcorp Power at N2.3trn

By Aduragbemi Omiyale Analysts at Meristem Research have put the value of Transcorp Power Plc at about N2.3 trillion (precisely N2.290 trillion), higher than its current value of N1.8 trillion. The power-generating firm joins the Nigerian Exchange (NGX) Limited today, Monday, March 4, 2024, by introduction. It will be the second GenCo (Generating Company) to list its shares on the domestic stock exchange. The first was Geregu Power Plc owned by Mr Femi Otedola, which joined in October 2022. Transcorp Power, a subsidiary of Transcorp Plc, a firm controlled by Mr Tony Elumelu, listed today on the bourse about 7,500,000,000

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

More Stories
Image
25-March-2017

UNIC Insurance Suspends Trading of Shares

By Dipo Olowookere The management of UNIC Insurance Plc has placed its shares on full suspension in compliance with the process required for the approved scheme of arrangement between it and holders of its fully paid ordinary shares. This means investors would be unable to buy and sell the shares of UNIC Insurance Plc on the Nigerian Stock Exchange (NSE). In a notice to the NSE, the firm said the shares were placed on suspension from Wednesday, March 22, 2017. “The ordinary Shares of UNIC Insurance Plc were placed on full suspension from trading on The Floor of The Exchange

Image
09-December-2020

Nigerian Senate Discusses Bill to Punish Loan Defaulters

By Dipo Olowookere One of the major headaches of banks in Nigeria is the recovery of loans to customers and because of this, many of them are reluctant to grant credit facilities. It was only recently financial institutions were forced to issue loans to their customers when the Central Bank of Nigeria (CBN) mandated them to meet a loan-to-deposit ratio of 60 per cent and later to 65 per cent. The interpretation of this CBN policy is that 65 per cent of a bank’s total customer deposits must be given out as loans. Failure to adhere to this directive attracts

Image
09-November-2020

Excitement as P+ Measurement Services Clocks Five

By Modupe Gbadeyanka Five years ago, an independent public relations measurement and evaluation agency named P+ Measurement Services, was birthed. At inception, the company was the first in that sector in Nigeria and some observers thought the firm may not survive because it was thought that the traditional PR organisations will likely frustrate its growth. But five years after, P+ Measurement is standing tall, breaking new grounds because of its huge impact in the country and its qualitative offerings that surpass clients’ expectation. The leading agency with expertise in Media Monitoring, PR Measurement and Audit, CEO Media Performance and Advisory,

Image
07-July-2020

Planning is More Important Than Prediction for Africa’s Property Sector Now

By Gerhard Zeelie An understandable response to the economic fallout of COVID-19 is for governments, industries and businesses trying to predict the path that the global economy will take in the coming months and years. However, given that this is a challenging exercise at best, it’s probably a better investment of valuable time and effort to ponder the many lessons – some very hard to swallow – that the pandemic has taught us, and integrate them into our future business and investment plans and strategies so that we’re more prepared for what the future brings, irrespective of what that is.

Image
14-March-2023

Company Income Tax Drops 6.9% as VAT Climbs 11.5%

By Adedapo Adesanya Company Income Tax (CIT) for Q4 2022 in Nigeria depreciated by 6.9 per cent to N753.88 billion from the N810.19 billion reported in Q3 2022. The Company Income Tax breakdown for Q4 2022 provided by the National Bureau of Statistics (NBS) showed that local payments received stood at N353.90 billion, while Foreign CIT payments contributed N399.98 billion. On a quarter-on-quarter basis, the water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 57.4 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with

Image
01-April-2018

FG May Extend VAIDS Deadline as Powerful Tax Evaders Pile Pressure

By Modupe Gbadeyanka There are strong indications that Federal Government may extend deadline for its tax amnesty programme called Voluntary Assets and Income Declaration Scheme (VAIDS). The exercise, which started on July 1, 2017, expired on Saturday, March 31, 2018. The programme was to give tax defaulters an opportunity to regularise their taxes without being fined or sent to prison for tax evasion. But some state governments and powerful individuals and organisations are putting pressure on government to extend the exercise by at least three months. Minister of Finance, Mrs Kemi Adeosun, while responding to media enquiries in Abuja, confirmed

Image
28-October-2021

TETFund Blames Funding for Poor Quality of Education

By Sodeinde Temidayo David The Executive Secretary of Tertiary Education Trust Fund (TETFund), Mr Suleiman Bogoro, has blamed low financing for the poor quality of education in Nigeria. Speaking at the 13th thematic meeting of the TETFund Research and Development Standing Committee (RDSC), Mr Bogoro said this problem, if not adequately tackled, could lead to a big crisis in the education sector. He noted that the crisis in the sector cuts across all levels from primary through secondary and tertiary levels of learning, stating that the inadequate fund has made it difficult to improve teaching and learning. But he said

Image
19-August-2019

Nigeria’s D’Tigress Retains AfroBasket Title in Senegal

By Adedapo Adesanya Nigeria’s female basketball team known as D’Tigress on Sunday defeated Senegal 60-55 to win the 2019 women’s Afrobasket title they won two years ago. The final match played at the at the Dakar Arena, Senegal saw about 15,000 fans watch the Nigerian ladies overpower the tournament host Senegal to win back-to-back titles. The result means D’Tigress became the first team to retain FIBA Women’s AfroBasket title back-to-back since Angola followed up their 2011 triumph with another in 2013. On their way to the final, Nigeria eased past Mali, 79-58, in Friday’s first semifinal, while Senegal defeated Mozambique

Ad
Ad
Recent Stories
Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53