Buhari Signs Africa Trade Insurance Agency Instrument

By Modupe Gbadeyanka The 12-year-old boy with missing intestines, Adebola Akin-Bright, who has been receiving treatment at the Lagos State University Teaching Hospital (LASUTH), Ikeja, has died. Adebola died on Tuesday evening, according to reports. He was to be flown abroad for an intestine transplant to get him back to normal before he breathed his last today. Adebola had surgery at a private hospital in the Alimosho area of the state known as Obitoks Medical Centre, but it was later discovered that his intestines were missing. The Lagos State House of Assembly had on Tuesday asked Governor Babajide Sanwo-Olu to

By Bliss Okperan A news report filtering in indicates that a part of the Supreme Court complex in Abuja has been gutted by fire. The incident, according to what Business Post gathered, happened on Monday morning. It was said that offices of three justices were affected by the inferno, whose cause is yet unknown at the time of filing this report. Details later…

By Adedapo Adesanya  The Senate and the House of Representatives will on Tuesday resume plenary after weeks of vacation with expectations that they will attend to correspondences from President Bola Tinubu. The upper chamber adjourned for a six-week annual recess on August 17 after confirmating 45 out of the 48 ministerial nominees of President Tinubu. The Senate President, Mr Godswill Akpabio, also announced the composition of 74 standing committees on that day. Upon resumption, the Senate will commence its legislative duties by attending to correspondences from the President requesting the confirmation of some appointments he made. The appointments include those

By Adedapo Adesanya The Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, is not heading to the exit door despite speculations amid continued organisational changes to the management of the state oil company. In a statement on Monday night, it was stated that in “addition to the recent exit of three Executive Vice Presidents, other Management Staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023.” What this means is that the exit is happening downward since three Executive Vice Presidents were changed over the

By Adedapo Adesanya The Nigerian Ports Authority (NPA) has inaugurated modern control towers for the Lagos and Tin Can Island Port complexes that will help get better and more accurate vessel data and tracking. Speaking during the inauguration on Thursday, the Managing Director/CEO of NPA, Mr Mohammed Bello-Koko, said that safety and security constitute critical operational preconditions towards actualising the regional hub status. He stated that the commissioning of the control tower “signposts our unwavering commitment towards improving operational efficiency through aggressive infrastructure and equipment renewal. “The multiplicity of functions such as Vessel Traffic Management, Navigation Assistance, Advance Visibility, Safety

By Adedapo Adesanya The performance of the NASD Over-the-Counter (OTC) Securities Exchange remained flat in the second trading day of the week, with the key barometers closing at their previous levels. At the close of transactions, the market capitalisation remained at N497.33 billion, while the NASD Unlisted Securities Index (NSI) finish at 692.24 points, the same as Monday. However, the volume of shares traded by investors during the day further went down to 7,895 units from the 71,085 units recorded at Monday’s session, signifying a decline of 88.9 percent. Also, the total value of shares recorded decline into the second

By Modupe Gbadeyanka In a bid to ease the huge pressure on the Naira at the foreign exchange market, the Central Bank of Nigeria (CBN) has released new policy actions aimed at achieving this goal. In recent times, the Naira has performed woefully against the Dollar, exchanging at N522 per Dollar at the moment. In the new policy, the apex bank said it is providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately. The CBN said it expects such retail transactions to be settled at

By Modupe Gbadeyanka The yields on the 12-month treasury bills depreciated yesterday as the secondary market closed slightly bullish. Business Post reports that yields moderated across the short and mid tenors with the exception of the one-month paper, which appreciated by 0.03 percent to settle 14.94 percent. Yields on the 3-month note declined by 1.41 percent to close at 12.62 percent, the 6-month went down by 0.11 percent to end at 13.52 percent, the 9-month fell by 0.04 percent to finish at 16.54 percent and the 12-month dropped 0.06 percent to settle at 17.29 percent. At the market on Wednesday,

By Modupe Gbadeyanka A new report has disclosed that the 36 states and the 774 local government councils in Nigeria shared a total sum of N2.6 trillion from the Federation Account in 2016 in spite of the prevailing economic recession. In an elaborate investigation by the Economic Confidential, an intelligence economic magazine, the total figure was payment made to the two tiers of government between January and December 2016 at the monthly meeting of the Federation Account Allocation Committee (FAAC). In the report, Lagos state is ranked first as the highest recipient of gross allocation with a total sum of

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc returned the NASD Over-the-Counter (OTC) Securities Exchange to the green zone on Wednesday by 1.06 per cent. Shares of FrieslandCampina appreciated in midweek by N5.50 to settle at N100.00 per unit in contrast to the previous session’s value of N94.50 per unit. As a result, the market capitalisation of unlisted stocks went up by N10.74 billion to N1.022 trillion from the N1.011 trillion it quoted in the previous session. In the same vein, the NASD Unlisted Security Index (NSI) expanded by 8.16 basis points to end the day at 776.30 points as against

By Ebitonye Akpodigha The election of Governor Yahaya Bello of Kogi State has been given a nod by the Supreme Court. Mr Bello’s election as Governor of the state was affirmed by the apex court in Nigeria on Tuesday, September 20, 2016. The pronouncement was made after the seven-man panel headed by Justice Sylvester Ngwata listened to the closing statements of all the counsels involved in the case brought before the court. However, Justice Ngwata disclosed that the court will provide reasons for its decision on September 30, 2016. Mr Bello replaced late Abubakar Audu in the Kogi rerun election

By Dipo Olowookere The Chief of Staff to President Muhammadu Buhari, Mr Abba Kyari, has died. Mr Kyari, according to a statement from the presidency in the wee hours of Saturday, breathed his last on Friday. He had been receiving treatment in Lagos after contracting the deadly coronavirus disease also known as COVID-19. Mr Kyari tested positive for the virus after a trip to Germany and the United Kingdom last month. “The Presidency regrets to announce the passage of the Chief of Staff to the President, Mallam Abba Kyari. “The deceased had tested positive to the ravaging COVID-19, and had