UPDATED: Court Remands Two Caverton Helicopters’ Pilots

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

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 Dipo Olowookere It is a new year and the first trading session in the treasury bills market is expected to kick off with traders upbeat that a huge positive turnaround will occur this year. But as the market commences, investors in government securities, especially T-bills, are anticipating some maturing bills this week. Business Post gathered that during the week, treasury bills worth N148.86 billion will mature via primary market. This, our correspondent learned, is expected to result into a boost in financial system liquidity with resultant decline in interbank lending rates. According to analysts at Cowry Asset, last week,

By Adedapo Adesanya The unlisted securities market in Nigeria closed in the positive territory on Wednesday, thanks to the contribution of Central Securities Clearing System (CSCS) Plc. The 13 kobo added to the share price of the Nigerian central securities depository company during yesterday’s trading session influenced the 0.13 percent growth achieved by the market. Business Post reports that the share price of CSCS consequently finished at N12 per unit at the midweek session on the floor of the NASD Over-the-Counter (OTC) Securities Exchange. The market capitalisation increased yesterday by N650 million to N508.76 billion from N508.11 billion, while the

By Adedapo Adesanya The average retail price for refilling 5kg and 12.5kg cylinders of Liquefied Petroleum Gas, known as cooking gas, further increased in January 2023, the latest data from the National Bureau of Statistics (NBS) showed. In the Liquefied Petroleum Gas (Cooking Gas) Price Watch for January 2023 data, it was disclosed that the cost of the 5kg cylinder jumped to N4,588.75 on average while that of its 12.5kg equivalent jumped to N10,277.17. The data showed that the cost of refilling a 5kg cooking gas cylinder increased by 0.51 per cent on a month-on-month basis from N4,565.56 recorded in

By Aduragbemi Omiyale Over the weekend, more than 3,000 Nigerians joined a public forum organised by the Nigerian Exchange (NGX) Limited to educate them on money management and sustainable investing skills. The programme, moderated by US-based financial planner and author, Mr Kalu Aja, was held via a Twitter Spaces session, with the different products available on the exchange, including equities, fixed income, Exchange Traded Funds (ETFs), mutual funds and Exchange Traded Derivatives (ETDs) explained to them by the Head of Product Development at NGX, Ms Chidinma Chukwueke-Okolo. She spoke about ETFs and mutual funds, which give investors options to diversify

By Adedapo Adesanya It was a week of smiles for investors at the NASD Over-the-Counter (OTC) as they raked in N6.63 billion in value following the rise in the market capitalisation to N536.39 billion in week 44 compared with N529.76 billion it closed in week 43. The 44th trading week of the year closed 0.6 per cent as a result of bargain-hunting at the market, which pushed the NASD Security Index up by 9.03 points to close the week at 730.22 points as against 721.19 points of the preceding week. During the week, bellwether stock, FrieslandCampina WAMCO Nigeria Plc, was

By Adedapo Adesanya Top financial institution, Access Bank Plc, has unveiled what it called the Device Finance scheme, designed to provide salaried customers with the opportunity to purchase smartphones of their choice and pay over a period of 12 months. This is part of the bank’s efforts at driving innovative economic digital finance solutions which will provide more Nigerians with access to credit. According to the Executive Director, Retail Banking, Mr Victor Etuokwu, “Access Bank has taken the initiative to lead the digitization of lending in Nigeria and wants every customer to benefit from the modern connected lifestyle. Through our

By Bliss Okperan The resumption date of the National Diploma (ND) 2 students of the Nigerian Institute of Journalism (NIJ) in Ogba, Lagos, has been postponed by the management to January 2024. The affected students, who are currently undergoing their mandatory Students Industrial Work Experience Scheme (SIWES), were earlier scheduled to resume for the 2023/2024 academic session on Monday, December 18, 2023. However, information gathered by Business Post from the Student Affairs Officer, Mrs Esther Eke, confirmed that this date has been moved forward to next year after discussions. According to her, the decision to shift the resumption date was

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has taken huge steps to increase broadband penetration in the country from its present 6 percent to 30 percent by the year 2020. Group Managing Director of the oil agency, Mr Maikanti Baru, while receiving Minister of Communications, Mr Adebayo Shittu, stated that the NNPC would “commercialise our Fibre-Optics Cable Network utilizing NNPC pipeline Right of Way that cuts across the entire country” to achieve this. “Some of the benefits of this initiative include the opportunity to provide backbone carriage to meet the National 2020 Plan for broadband penetration in the