Curfew In Ikorodu On Tuesday To Celebrate ‘Eluku’ Festival

By Adedapo Adesanya Nigeria faces a crippling fertiliser shortage as 34,000 metric tonnes of Russian Fertiliser meant for Nigeria is stuck at ports in the European Union (EU) as a result of continued war in Ukraine. Russia’s Foreign Minister, Mr Sergey Lavrov, confirmed this development on Saturday at the 78th United Nations General Assembly (UNGA) in New York, noting that 260,000 metric tonnes of Russian fertilisers have been stranded in EU ports since 2022. According to Russian News Agency, TASS, Mr Lavrov informed reporters that, “We are ready to give these fertilisers to African countries for free. It took six

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has been chosen as the best federal government agency in Digital Transformation. This recognition came from the Presidency through the Bureau of Public Service Reforms (BPSR). In a statement, it was disclosed that the Director-General of the maritime regulator, Mr Bashir Jamoh, has been nominated to receive the distinguished GovTech Trailblazers Award for his exemplary leadership. The BPSR explained that the nominees were picked from a nationwide nomination and online voting process initiated by the bureau, as well as a detailed analysis of the performance of all government MDAs

By Bliss Okperan The Sokoto State Election Petition Tribunal will on Saturday, September 30, 2023, deliver a judgement on the petition filed by the candidate of the Peoples Democratic Party (PDP) in the governorship election in the state, Mr Sa’idu Umar. Mr Umar challenged the victory of the Governor of Sokoto State, Mr Ahmed Aliyu, who contested the poll under the platform of the All Progressives Congress (APC). He said Mr Aliyu was not qualified to partake in the poll and also alleged electoral fraud during the March 18 governorship election. In a press release, the court stated that, “Take

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 Modupe Gbadeyanka Minister of Budget and National Planning, Mr Udo Udoma, has reaffirmed plans by the Federal Government to achieve a single digit inflation rate for the country by the year 2020. Mr Udoma, while speaking on Thursday at a public forum, specifically said government was targeting an inflation rate of 9 percent within the next three year. Data released last week by the National Bureau of Statistics (NBS) showed that inflation in Nigeria eased further to 16.10 percent in June 2017. In the present administration of President Muhammadu Buhari, inflation was almost hitting 19 percent, hitting 18.72 percent

By Adedapo Adesanya Football legend, Lionel Messi, has bid goodbye to Barcelona, where he has played his entire career in an emotional press conference on Sunday observed by Business Post. The 34-year-old Argentinian superstar, six times a Ballon d’Or winner, has been out of contract since the end of June, but the Catalonian club could keep him on its paycheck due to financial troubles. Speculations have shown that the Copa America winner could be on his way to France with Paris Saint-Germain (PSG) widely expected to try to entice him to the Parc des Princes. A teary Messi said, “This

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.18 per cent on Friday as investors sold off shares of Access Holdings, Guinness Nigeria, Cadbury Nigeria, MTN Nigeria and seven others. Cutix ended as the worst-performing stock after it topped the losers’ chart, with a price depreciation of 8.11 per cent to close at N2.04. International Breweries lost 6.12 per cent to settle at N4.60, GlaxoSmithKline fell by 4.41 per cent to close at N6.50, Access Holdings declined by 4.26 per cent to N9.00, and Guinness Nigeria dropped 3.71 per cent to end at N70.00. On the flip side,

By Dipo Olowookere There was a huge profit-taking in the banking space of the Nigerian Stock Exchange (NSE) on Thursday. However, the market managed a marginal growth of 0.07 percent at the close of business. From when the market opened for transactions till activities were wrapped up yesterday, traders were offloading banking equities in their portfolios. This dented a huge blow on the index, crumbling by 6.25 percent. The sector was one of the two losers at the market on Thursday. The second was the industrial goods sector, which fell by 0.57 percent. However, the consumer goods counter was the

By Aduragbemi Omiyale The performance of Chemical Allied Products (CAP) Plc on the trading floor of the Nigerian Exchange (NGX) Limited has attracted the attention of notable awards organisers. At the Nigerian Investor Value Awards (NIVA) organised by BusinessDay and held at the Lagos Continental Hotels, Victoria Island, Lagos, on Saturday, April 24, 2021, the manufactures of Dulux paints and industrial products emerged as the Best-performing Stock in the industrial goods sector as well as the Most Profitable Company in the same sector. CAP Plc, which closed on Friday, April 30, 2021, with a market capitalisation of N15.5 billion, is

By Aduragbemi Omiyale The N10 billion Sukuk Mudarabah of TAJ Bank sold to investors at 15 per cent has been listed on the Nigerian Exchange (NGX) Limited. The paper was issued by the non-interest bank, which operates in Nigeria under Islamic banking principles, under its N100 billion Sukuk Mudarabah Programme to strengthen its capital adequacy ratio. The Sukuk was listed on the exchange on Tuesday, February 14, 2023, and a closing gong ceremony was held to commemorate it. The chief executive of TAJ Bank, Mr Hamid Joda, while speaking at the event, reiterated the strategic importance of Islamic financing and

By Dipo Olowookere A new study has disclosed that housing microfinance can and should become a mainstream offering for financial institutions in Sub-Saharan Africa as they respond to growing housing needs in the region, particularly from poor people. The study from Habitat for Humanity released on Thursday entitled ‘Building the Business Case for Housing Microfinance in Sub-Saharan Africa’ argued that housing microfinance, small non-mortgage backed loans for short terms, can become a mainstream offering in the market to address growing housing needs in the region, incremental building patterns, and the land tenure realities of low-income households. The research builds on

By Aduragbemi Omiyale Lawmakers in the lower chamber of the National Assembly have raised an alarm over the high interest rates charged by commercial banks in Nigeria. They said the high lending rates by lenders will continue to stifle the growth of the Small and Medium-sized Enterprises (SMEs) in the country. The SMEs sector is one of the most important drivers of the economy but players in the industry have always complained of funding and one of the easiest sources, the bank, has not made things easier for them. On Tuesday, members of the House of Representatives discussed this issue