IBEDC Accuses Oyo Govt. of Victimisation Over N450m Energy Debt

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 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 Dipo Olowookere Every country desire to make its economy grow bigger and better and founder of Loatsad Promomedia and Noella Foundation, Mr Seyi Tinubu, has revealed the best way to achieve this. Speaking during an interview at the launch of Noella Foundation, an initiative birthed by himself and his wife, Mr Tinubu stressed that greater economic growth can be achieved by giving back to the community through various programs and initiatives. When asked for the motive behind the programs and initiatives he was embarking upon, he responded that, “I think we are in an era like no other where

By Dipo Olowookere As part of efforts in providing improved internet connectivity for residents of Lagos metropolis, two tech firms, MainOne and Tizeti, have entered into a partnership with Facebook to make this a reality. The joint development project with Facebook will enable expansion of internet services in Lagos, leveraging on MainOne’s fibre connectivity, Tizeti’s 20 brand-new solar-powered towers, and Facebook’s Express Wi-Fi, thereby making internet services more accessible across Lagos Mainland including Ajao Estate, Surulere, Ikeja, Omole, Magodo, Gbagada, Oworonshoki, Bariga, Anthony Village, Ogudu, Ojota, Ketu and Alapere. Commenting on the deal, Chief Executive Officer of Tizeti, Kendall Ananyi,

By Modupe Gbadeyanka Leading Nigerian indigenous oil and gas company, Seplat, listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its full year 2016 financial results and provides and operational update. In the financial statements, it was disclosed that results were impacted by force majeure at Forcados terminal with net working interest production at 25,877 boepd. The firm said its revenue for the year suffered a 55 percent loss in 2016 to N63 billion versus N113 billion posted in the corresponding period of 2015. Also, Seplat realised a gross profit of N16 billion

By Modupe Gbadeyanka In its bid to achieve the Sustainable Development Goal (SDG) 6 and to keep on with the present administration’s development policy, the Federal Government has launched the Partnership for Expanded Water Supply, Sanitation and Hygiene (PEWASH) and also unveiled the National Water Resources and National Irrigation Policies. The Vice President of Nigeria, Professor Yemi Osinbajo who launched the programme also did the unveiling of the two National policies of the ministry on Monday November 7, 2016 in Abuja. Professor Osinbajo said that the programme and the policies would address the challenges being faced in the water supply

By Adedapo Adesanya The crude oil market took a hit on Wednesday after the United States Federal Reserve increased the interest rate by 0.75 per cent, causing the Brent to nosedive by $2.7 or 2.2 per cent to $118.51 a barrel, with the West Texas Intermediate (WTI) depreciating by $3.62 or 3.04 per cent to $115.31 a barrel. The action of the US apex bank yesterday was the highest hike since 1994, though the oil market was expecting it because of the rising inflation. Earlier expectations were for a 50-basis-point hike but the shift in sentiment came after a strong

By Aduragbemi Omiyale The desire to deepen financial literacy among children has made the Nigerian Exchange Group (NGX) Group Plc to expose some students to the different capital market opportunities. This was done last Thursday through a virtual X-Tour to commemorate the annual Global Money Week, with the students of Children’s International School honoured with the digital closing gong ceremony to bring trading activities on the exchange to a close at 2:30pm. The theme of the Global Money Week for 2021 was Take Care of Yourself, Take Care of Your Money with the slogan, Learn. Save. Earn. The Global Money

By Adedapo Adesanya The Iranian government has moved to woo Nigeria for more partnerships that will strengthen the relationship between both countries. The Iranian Foreign Minister, Hossein Amirabdollahian, expressed this view in a phone conversation with Nigeria’s Minister of Foreign Affairs, Mr Geoffrey Onyeama. During the chat, both state officials exchanged views on the latest state of bilateral relations between Iran and Nigeria as well as international developments. The Iranian foreign minister said half a century of relations between the two countries is a great and solid capital for the development of political, economic, and cultural relations between Iran and

By Dipo Olowookere In order to strengthen its balance sheet, Flour Mills of Nigeria Plc has announcing fresh capital of up to N30 billion. The funds were sourced through the issuance of commercial papers, short-term unsecured promissory notes sold by companies to investors for immediate capital. In 2018, Flour Mills registered a N100 billion commercial paper programme with the FMDQ Securities Exchange and since then, it has issued the debt instrument to carry out some critical business activities. In a notice dated April 14, 2020 to the Nigerian Stock Exchange (NSE), the management of the leading food and agro-allied organisation