Emefiele Drags DSS to Court, Challenges Detention

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has asked the Senate to reject the planned N15 billion for the construction of the vice president’s residence new building contained in the FCT 2023 supplementary budget. The call was contained in a letter addressed to the Senate President, Mr Godswill Akpabio. In the letter, dated December 2 and signed by SERAP’s deputy director, Mr Kolawole Oluwadare, the organisation urged Mr Akpabio to use his leadership position “to promptly reject the plan by the Minister of the FCT, Mr Nyesom Wike to spend N15 billion for the construction of a

By Aduragbemi Omiyale The Oyo State government has maintained that its decision to register all commercial motorcycle and tricycle riders in the state was to promote public safety and not for any other purpose. The Commissioner for Information and Civic Orientation, Mr Dotun Oyelade, said this during a one-day sensitisation meeting with Okada and Keke riders in Ibadan. He explained that the meeting became necessary following a recent state security council meeting, noting that the exercise will help in the documentation of riders in the state. The Commissioner called for sustained cooperation between motorcycle and tricycle riders and the state

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

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 This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply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 Modupe Gbadeyanka The European Union (EU) has announced that it will provide €35 million in support of agricultural development and the General Auditing Commission (GAC) in Liberia. Speaking in Monrovia on Monday, European Union Ambassador to Liberia, Tiina Intelmann said: “The European Union props both the private and the public sector in Liberia. The EU supports the Government’s efforts to boost the economy through agricultural development, because agriculture is the road to progress and development.” She added, “Supporting the national audit watchdog ultimately means assuring that public money is properly and wisely spent so as to provide the citizens

By Dipo Olowookere Some investors in the Nigerian capital market have expressed serious concern over recent reports of an alleged financial misconduct at the nation’s apex capital market regulator, the Securities and Exchange Commission (SEC). Those who spoke with Business Post said the allegation of illegal payment of N104.85 million severance package to the Director General of SEC, Mr Mounir Gwarzo, could send a wrong signal to investors. Already, since after the day the news was first reported on Wednesday, October 25, 2017, the Nigerian stock market has closed in the negative territory. According to petition against Mr Gwarzo, after

By Adedapo Adesanya Despite an increase in trade activities in the final quarter of last year, Nigeria’s total trade dropped 10.5 per cent in 2020, data from the National Bureau of Statistics (NBS) has revealed. In the Foreign Trade in Good Statistics for the fourth quarter released on Tuesday by the agency, it was disclosed that the country recorded a total of N32.4 trillion in both its import and export for the year compared to N36.2 trillion in 2019. An analysis of the report by Business Post showed that Nigeria recorded higher imports than exports in the year due to

By Dipo Olowookere The All-Share Index (ASI) and market capitalisation of the Nigerian Stock Exchange (NSE) further depreciated by last week by 0.65 percent and 0.59 percent respectively to close the week at 29,851.29 points and N13.155 trillion apiece. All other indices finished higher with the exception of the NSE-Main Board Index, NSE Premium Index, NSE MERI Growth Index, NSE Consumer Goods Index and NSE Lotus II which depreciated by 0.49 percent, 0.77 percent, 0.83 percent, 1.64 percent and 1.54 percent respectively while NSE ASeM Index closed flat. In the week, the market recorded a total turnover of 7.5 billion

By Dipo Olowookere One of the majority shareholders in Ikeja Hotel Plc, OMA Investments Ltd, has raised its stake in the firm to 25.89 percent. This was confirmed by the management of the company in a statement released to the Nigerian Stock Exchange (NSE) and signed by its Compliance Officer, Olayiwola Osituwo. It was disclosed that OMA Investments, which used to have a total of 259,004,316 shares, now has a total of 538,109,194 shares. This followed the acquisition of 279,104,878 shares of the hospitality company from UBA Nominees Limited few days ago. Business Post gathered that the resultant shareholdings of

By Modupe Gbadeyanka The operating license of Skye Bank Plc has been revoked by the Central Bank of Nigeria (CBN). Consequently, a new owner of the financial institution has been announced by the banking sector regulator. According to the CBN Governor, Mr Godwin Emefile, who announced the decision on Friday evening in Lagos, Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank. The new owner will run the lender and make sure it gets back on its feet and return to profitability. Business Post reports that only a few months ago, the apex

By Aduragbemi Omiyale The Nigerian National Petroleum Company (NNPC) Limited has assured members of the Airline Operators of Nigeria (AON) of three months supply of aviation fuel (Jet A1). This assurance was given at a meeting convened on Monday by the leadership of the House of Representatives in Abuja with key stakeholders in the nation’s economy in attendance. Present at the gathering were the representatives of the Federal Ministry of Petroleum Resources, Ministry of Aviation, Central Bank of Nigeria (CBN), NNPC, Midstream and Downstream Petroleum Regulatory Authority, the Nigerian Civil Aviation Authority (NCAA), Nigerian Airspace Management Authority (NAMA) as well

By Dipo Olowookere Minister of Mines and Steel Development, Dr Kayode Fayemi, has disclosed that the newly inaugurated National Council on Mining and Mineral Resources Development (NCMMRD), will help accelerate growth in the sector through adequate oversight and guidance as well as strategic input from states and host communities. Mr Fayemi made this known on Thursday in Abuja while speaking at the inaugural meeting of the council members. The Minister noted that the sector had witnessed an unprecedented consistent growth in the last two years, adding however that the growth would be accelerated with the emergence of the National Council.