Lagos Partners N-Power to Lessen Poverty

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Modupe Gbadeyanka Two officials of the Lagos State Traffic Management Authority (LASTMA) were beaten to pulp yesterday allegedly by two policemen attached to a branch of First Bank of Nigeria in the metropolis. According to Punch, the law enforcement officers guarding the financial institution crossed over to the other side road to unleashed terror on two officials of LASTMA for arresting a mobile policeman, who had reportedly violated the state traffic law. Trouble started when the Mopol, who was in a KIA vehicle with number plate, GW 113 AAA, allegedly drove through the reserved Bus Rapid Transport (BRT) lane.

By Dipo Olowookere One of the owners of popular entertainment outfit, Made Men Music Group, Mr Ubi Franklin, has disclosed that he once warned his partner, Iyanya Onoyom Mbuk, of telling lies against him or have his career destroyed. In an interview with The Native Magazine, Ubi said he planning a legal action against the singer concerning unpalatable things he said about him. “Already, everything he said is a lie. A lot of the things he said are lies. So, there is a legal document that is going to be sent to him soon for him to retract everything he

By Modupe Gbadeyanka Vice President Yemi Osinbajo has disclosed that Federal Government will not in any way increase electricity tariff at the moment. Speaking on Monday at the 6th Presidential Quarterly Business Forum for Private Sector Stakeholders held at the Old Banquet Hall, State House, Abuja, the Vice President said government will only focus for now on how to clean up the entire value chain. However, he noted that paying for higher tariffs was “inevitable,” but government will continue to monitor progress in the power sector. He said Federal Government would work with the World Bank on how to continue

By Adedapo Adesanya Macroeconomic and fiscal reforms are urgently needed to lift Nigeria’s development outcomes, which are severely constrained by the inefficient use of resources, the World Bank said in its new Nigeria Public Finance Review report released on Monday. For years, a large share of Nigeria’s resources has been affected by inefficient and regressive subsidies for petrol, electricity, and foreign exchange. Not all these subsidies are accounted for in the budget, which makes them difficult to track and scrutinise. However, available data suggest that these subsidies, which accounted for more than the amount spent on education, health, and social

By Nicolas Mathon The successful completion of the Azura Edo 450 MW gas-fired power project in 2016 was hailed at the time as setting the blueprint for future independent power projects in Nigeria. The $900 million plant, which gathered 20 international banks and equity financing partners from more than nine countries, took over six years of project development and construction. It was intended to provide a pathway for others to enter into similar agreements and unlock financing for power sector investment. But five years on, no new independent power projects have come to fruition. Today, grid generating potential is just

By Modupe Gbadeyanka In order to meet the growing demand for food in the metropolis, the Lagos State government has acquired 84 hectares of land in Osogbo, Osun State. The farmland, according to the Commissioner for Agriculture in Lagos, Mr Gbolahan Lawal, would be used to cultivate various types of crops for consumption of residents of the aquatic city. The Commissioner explained that with the acquisition, government would forestall the shortage of food as well as ensure food security for the ever-increasing population of the state which has limited land for agricultural purposes due to its coastal nature. Speaking on

By Modupe Gbadeyanka Guaranty Trust Bank (GTBank) Plc has announced increasing its monthly international spend limit on its Naira MasterCard. In an email notice to its customers on Tuesday morning, the financial institution disclosed that it was raising the limit from $100 to $1000 monthly. “We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments,” the lender said in the email notice obtained by Business Post. In the electronic mail, the bank said the transaction applies to POS and Online channels. It was reliably gathered that the upward review

By Adedapo Adesanya The federal government has launched a Central Database under the Asset Tracing, Recovery and Management Regulations (ARTM), 2019 and the Central Criminal Justice Information System (CCJIS) under the National Anti-Corruption Strategy (NACS) 2017 – 2011 to assist in the fight against corruption. This was launched by the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, on Thursday in Abuja. Mr Malami said the database will ensure uniformity of process, access and information feeding to deepen transparency and accountability in the management of recovered assets. To ensure compliance, he said his office is developing