Assembly Confirms Second Batch of Sanwo-Olu’s Nominees, Rejects Two

By Adedapo Adesanya President Bola Tinubu has promised fresh growth and job reforms in the coming months after he removed fuel subsidies and directed the float of the Naira to unify the exchange rate. The Nigerian president made this known during his first address at the 78th United Nations General Assembly in New York, the US, after he took over the helm of office from Mr Muhammadu Buhari in May. He said, “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first

By Bliss Okperan The New Nigeria Peoples Party (NNPP) has accused a former presidential candidate of the party, Mr Rabiu Kwankwaso, of being responsible for the sacking of the Governor of Kano State, Mr Yusuf Abba, at the Governorship Election Petitions Tribunal on Wednesday. A three-man panel led by Justice Oluyemi Akintan-Osadebay removed Mr Abba as Governor, ordering the Independent National Electoral Commission (INEC) to hand the Certificate of Return to the candidate of the All Progressives Congress (APC) in the poll, Mr Nasir Gawuna. Reacting to the development, a chieftain of NNPP in Southwest, Mr Abass Akande Onilewura, alleged

By Adedapo Adesanya An initiative to boost youth employment and shore up Nigeria’s foreign exchange (FX) earnings has been introduced by the Nigerian government. The scheme, the National Talent Export Programme (NATEP), was unveiled over the weekend at the Microsoft Office in New York, United States of America by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite. She said the programme would position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico and The Philippines. Mrs Uzoka-Anite noted that NATEP is a key national initiative that will serve as a

By Adedapo Adesanya Top financial service company, Visa Incorporated, has announced that it plans to acquire financial platform, Plaid, in a deal believed to worth about $5.3 billion. The acquisition will see Visa become the owners of Plaid, a network that is used to securely connect financial accounts used to manage its financial lives. Already, both parties have signed a definitive agreement. Speaking on the acquisition of the service, Chief Executive Officer (CEO) and chairman of Visa, Mr Al Kelly, stated that, “We are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our

By Modupe Gbadeyanka On Tuesday, August 11, 2020, Mr Olatunde Amolegbe will formally assume office as the new president and chairman of the council of the Chartered Institute of Stockbrokers (CIS). The investiture, which will take place virtually, will have the outgoing president, Mr Adedapo Adekoje, decorating his successor with the paraphernalia of office. Mr Amolegbe was elected the new leader of the stockbrokers at a virtual Annual General Meeting (AGM) held on May 19, 2020. He was before his election the first vice president of the institute. In addition, Mr Oluwole Adeosun, the Second Vice President, has become the

By Modupe Gbadeyanka The all-cash acquisition of InvenSense has been completed, making it become a leading global sensor solutions provider, Business Post has learnt. This was announced by the President and CEO of TDK Corporation, Shigenao Ishiguro; as well as his counterpart at InvenSense, Behrooz Abdi. It was gathered that the acquisition price of the deal was $13 per InvenSense share, and the total acquisition price was approximately $1.3 billion. At the moment, TDK focuses on three market segments: automotive, industrial equipment & energy, and information & communications technology (ICT). As part of its strategy for growth in these key

By Modupe Gbadeyanka Stakeholders in the maritime sector in Nigeria have been assured of a friendly working environment in and around the port environment that will facilitate maritime trade and investment to grow the nation’s economy. This assurance was made by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos recently. While speaking at the signing of the National Joint Industrial Council (NJIC) agreement for Dockworkers between the Terminal Operators and Maritime Workers Union of Nigeria (MWUN) at the NIMASA Headquarters in Lagos, the Executive Director of Maritime Labour and Cabotage Services of the agency, Mr Gambo Ahmed, said

Persistent in the drive to optimise its services in the sector, Nigeria’s leading electricity distribution company, Ikeja Electric, has commissioned two new feeders, Igando 33KV and Ijegun 33KV, to further boost supply to customers in the network. With the completion of these feeders, beneficiary communities will experience improved power supply, while the project has also enabled better alignment and strengthened network. Areas such as White Sand Joint CDA, Mutairu Alli, Taiwo Olaniran, Boripe, Idi Cashew, Lasisi Ajibade, Harmony, Ire-Akari and environs would benefit from the Ijegun 33KV feeder, while areas including Egan Town, Ajao Jimoh, Imoba 1, Iloilo, Taiwo Along,

By Ashemiriogwa Emmanuel The Police Command in Ogun State has warned that both private and commercial motorcyclists, popularly known as Okada riders, who fail to register their motorcycles with the state government will have their motorcycle impounded. The Police Public Relations Officer (PPRO) of the command, Mr Abimbola Oyeyemi, who gave the warning in Abeokuta, the state capital, said that the deadline for registration is on or before Friday, October 1. This is coming few months after the state government had informed the leadership of all Okada riders unions of its determination to enforce the registration of all riders. Mr

By Modupe Gbadeyanka The Conference Of Nigeria Political Parties (CNPP) has praised President Muhammadu Buhari for renewing the hopes for free, fair and credible elections this year. In a statement issued on Sunday, CNPP said the President demonstrated this with his recent warning, charging security agencies to maintain a high sense of professionalism and desist from behaviour that would bring disrepute to the service as well as his new year message, urging Nigerians to resist attempts by politicians to disrupt the 2023 general elections. The CNPP, in a new year message signed by its Secretary General, Mr Willy Ezugwu, noted

By Dipo Olowookere Fitch Ratings has announced downgrading the Long-Term Issuer Default Rating (IDR) of Nigeria’s Diamond Bank Plc to ‘CCC’ from ‘B-‘. In a statement on Friday, Fitch said it has also lowered the bank’s Short-Term IDR to ‘C’ from ‘B’ as well as the National Long-Term Rating, which was dropped to ‘B(nga)’ from ‘BB+(nga)’. The rating agency said the two-notch downgrade of Diamond Bank’s Long-Term IDR reflects uncertainty over its solvency and liquidity in view of very weak asset quality, highly vulnerable capital position as well as tight foreign currency (FC) liquidity ahead of an upcoming maturing $200