SERAP Tasks Tinubu to Probe Missing $15bn, N200bn Oil Revenues

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Dipo Olowookere The board of Medview Airline Plc has resolved to offload two of its aircraft so as to pay part of its debts. This decision was reached at the meeting of the board of directors held on Thursday, July 23, 2020, via a video-conferencing application called Zoom. Business Post had earlier reported that the vital organ of the company was planning to gather to discuss the effect of the COVID-19 on its business and the entire aviation sector. “There will be a board of directors’ emergency meeting of Medview Airline Plc to be held virtually by Zoom on

By Adedapo Adesanya The Nigerian government, recognising the plight of many Nigerians, has initiated plans to eradicate communicable diseases among people exposed to the abuse of drugs as a huge chunk of her population experience an untold effect of drug use among the youths. According to Mr Mashood Lawal, Director Food and Drugs, Federal Ministry of Health (FMoH), “Nigeria, with her huge population continues to experience an untold effect of drug use especially among youth.” This aligns with official statistics sourced from the UN World Drug Report, which according to the World Health Organisation (WHO) estimated that 271 million people

By Modupe Gbadeyanka Two companies listed on the Nigerian Stock Exchange (NSE) will gather their respective shareholders this for their annual meetings. The firms holding the Annual General Meetings (AGMs) are Wapic Insurance Plc and Ikeja Hotel Plc. The events are both slated for Lagos. For Wapic Insurance, its shareholders’ gathering will take place at the company’s head office on 119, Awolowo Road, Ikoyi, Lagos and it begins at exactly 12 noon. On its part, Ikeja Hotel will gather the company’s investors at the Sheraton Lagos Hotel, 30, Mobolaji Bank Anthony Way, Ikeja, Lagos by 10 am. In its audited

By Adedapo Adesanya Hyundai Motor Company has donated 27,000 personal protection equipment (PPEs) worth N35 million to Nigeria to assist front-line medical workers and the public in the fight against the ongoing coronavirus pandemic. The contribution towards Nigeria includes 25,000 face masks and 2,000 protective suits to help the country combat the COVID-19. The donation was made to the Lagos State Government towards its COVID-19 Relief programme at an event presided by the Head, Sustainable Development Goals (SDGs) and Investments, Ms Solape Hammound. She said it was heartening to see positive stories of altruism by corporates and individuals reinstalling hope

By Sodeinde Temidayo David The National Insurance Commission (NAICOM) will hold a sensitization workshop for Micro, Small and Medium Enterprises (MSMEs) on insurance protection for their businesses. The event, expected to hold on August 5, will take place at the Lagos Chamber of Commerce and Industry (LCCI) Conference Centre, Alausa, Ikeja, Lagos. In a statement from the commission signed by the Head, Corporate Communications and Market Development, Mr Salami ‘Rasaaq, it was disclosed that the Governor of Lagos State, Mr Babajide Sanwo-Olu, will declare the workshop open and deliver a keynote address. NAICOM stressed that it is serious about increasing

By Kester Kenn Klomegah After several negotiations, Russia has finally become a full-fledged member of the International Organization for Migration (IOM). It means that Russia has adopted, as a mandatory condition for obtaining membership, the constitution of the organization. It simply implies that joining this international organization, has given the country an additional status. After the collapse of the Soviet, Russia has been interacting with the IOM since 1992 only as an observer. In the past years, Russia has shown interest in expanding this cooperation. The decision to admit Russia to the organization was approved at a council’s meeting by

By Adedapo Adesanya One of Africa’s property technology (proptech) startups, Spleet Africa, has been selected for MetaProp’s 2021 Accelerator Programme, making it the first from the continent to join the Accelerator programme. The MetaProp Accelerator is the world’s foremost proptech accelerator, founded by MetaProp; a New York-based venture capital firm focused on the real estate technology industry. As part of the accelerator’s 22-week coaching and advisory period, Spleet will also receive up to $250,000 in funding from the VC. Speaking on the development, the Chief Executive Officer (CEO) of Spleet, Mr Adetola Adesanmi, said joining the accelerator is a catalyst

By Dipo Olowookere Lagos State House of Assembly Committee on Youths, Sports and Social Development at the weekend held a stakeholders’ forum on a bill for a law that will provide for the establishment of the Lagos State Sports Trust fund and for connected purposes. Also at the event, stakeholders brainstormed on ‘A bill for a law to provide for the establishment of the Lagos State Sports Commission and for connected purposes’. These two bills, which have gone through the first and second readings on the floor of the House, were perused and recommendations made by stakeholders at the Lateef