AfDB Denies Involvement in East African Crude Oil Project

By Adedapo Adesanya President Bola Tinubu on Wednesday departed Abuja for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit which takes place from December 1 —2, 2023, with the theme Unite, Act, and Deliver. According to the presidential spokesman, Mr Ajuri Ngelale, the President will be using the platform to advocate for funding as well as technical support to tackle the array of climate problems facing the country. He said Mr Tinubu was “mindful of the severe impact of climate change on Nigeria, such as desertification, flooding, erosion, drought, and national security risks arising therefrom, will maximise

By Modupe Gbadeyanka A key suspect in the Dangote Cement price slash scam, Mr Benjamin Ezeukwe, has been arraigned in court by the police in Lagos State. A statement issued by the spokesman of the Lagos Command of the Nigeria Police Force (NPF), Mr Benjamin Hundeyin, disclosed that the accused person was taken to court for prosecution after he was arrested in Rivers State. The Police Public Relations Officer, who is a Superintendent of Police (SP), disclosed that Mr Ezeukwe was picked up by police operatives on Thursday, October 19, 2023, in the Rumuolumeni area of Obio/Akpor local government area

By Adedapo Adesanya  The Kwara State Government has announced the signing of a Memorandum of Understanding (MoU) with IHS Nigeria for the development of a technology innovation facility in the state. In a statement released by the government’s spokesperson, Mr Rafiu Ajakaye, it was said that Mr AbdulRahman AbdulRazaq, the governor of the state, signed the MoU alongside IHS Nigeria CEO, Mr Mohamad Darwish, at a brief ceremony attended by several officials in Ilorin, Kwara State on Saturday, November 18, 2023. The project tagged Ilorin Innovation Hub is part of the state government’s efforts to stimulate and deepen the alignment

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Aduragbemi Omiyale On Saturday, March 12, 2022, women entrepreneurs in Lagos, Abuja, Ibadan and Port Harcourt will have the opportunity to display their products and services for free and network with others to boost their businesses. This free platform is being provided by Ecobank Nigeria through its female-flagship initiative called Ellevate. It is to commemorate this year’s International Women’s Day (IWD). Apart from the free exhibition, participants will undergo free training sessions to be facilitated by experts to help their businesses. The Ellevate by Ecobank is designed to reduce gender inequality in entrepreneurship and aid equal representation for women

The Valley Forge Casino Resort has long been a popular destination for tourists and casino enthusiasts alike. The only such resort in Philadelphia, Valley Forge, was opened in 2012 and has welcomed many visitors through the years. However, the venue has been the scene of multiple incidents in recent months. More than enough to raise concern among authorities and customers alike. From counterfeit $100 bills to a potential lawsuit, this resort doesn’t seem to be getting a break lately. Continue reading to find out more about these odd events and others. Counterfeit $100 Bills Identified The story of counterfeit $100

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has said the new tax regulations on rents and leases should not be any basis for increment by landlords because they are not collection agents. This was disclosed in a statement by Mr Abdullahi Ismaila Ahmad, the director of FIRS communications and liaison department. In the notice, he quoted the Executive Chairman of the tax agency, Mr Muhammad Nami, as saying in an interview on Nigeria Info in Abuja that rents should not be raised because of the stamp duty charge. The FIRS chief explained that tenants would be the parties

By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has expressed its determination to deal decisively with illegal fund managers in the Nigerian capital market with the support of the relevant stakeholders. The Deputy Director and Head of the External Relations Department of the SEC, Mr Mohammed Bagudu Waziri, said these Ponzi scheme operators were becoming a menace to the financial market and must be flushed out. He expressed dismay over the rise of their activities through social media, assuring that the agency was committed to ensuring that Nigerians do not continue to lose money to these illegal operators. “There

By Dipo Olowookere Dr Sakiru Oyefeso has been dismissed as the Chief Executive Officer (CEO) of Staco Insurance Plc by the board of directors of the company. In a notice to the Nigerian Stock Exchange (NSE), the insurance firm explained that Mr Oyefeso was fired on the “grounds of financial misappropriation, abuse of office and breach of corporate governance best practices.” It was disclosed the decision to dismiss Mr Oyefeso was taken at the board meeting held on July 30, 2018, where the resolution to fire him was passed. “We wish to notify The Exchange, our shareholders and our esteemed

By Adedapo Adesanya The nationwide strike declared by the organised labour unions in the country is taking its toll on economic activities, as most businesses are affected by the action. In a Facebook post on Tuesday morning, the Nigeria Labour Congress (NLC) shared circulars by the unions, indicating their compliance with the directive. The unions included the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), the Medical and Health Workers Union of Nigeria, and the Senior Staff Association of Nigeria Polytechnics (SSANIP). Others are the Academic Staff Union of Polytechnics (ASUP), the National Union of Food Beverage and

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development has approved $233 million in new funding to support economic recovery, new infrastructure funding, and boost food security. The agreement was approved at the 179th session of its Governing Board in Vienna and will benefit public sector projects promoting sustainable development around the world starting with four countries – Kosovo, Pakistan, Uzbekistan, and Zimbabwe. In Kosovo, a $40 million loan was approved by OPEC Fund for the Public Finances and Economic Growth Programme to support the government’s priorities set out in its National Development Strategy

By Adedapo Adesanya Following negative reactions that trailed its planned action, the Lagos state government has adjusted regulatory requirements for ride-hailing services operating in the state. In newly updated requirements, the government has slightly reduced the proposed licence fee and has introduced a road fund and raise more questions on data sharing and vehicle requirements. Business Post reported last week that ride-hailing platforms like Uber, Bolt, among others which operate in the commercial city will pay a 10 per cent tax on every ride alongside other license fees and sharing of their operational data. It was also disclosed that companies