Lagos Assembly to Impeach Ambode for Gross Misconduct

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 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 Adedapo Adesanya A three-member panel of the Economic Community of West African States (ECOWAS) Court of Justice has ordered the Government of the Republic of Benin to pay Mr Sunday Adeyemo, popularly called Igboho, 20 million CFA for unlawful detention. The court ordered that the money should be paid within three months. Igboho had on February 10, applied to the court challenging his arrest and detention in the French-speaking country. The ECOWAS court also directed the country to comply with its order and revert to the court with evidence of payment. Igboho was arrested alongside his wife, Ropo, in

By Adedapo Adesanya President Bola Ahmed Tinubu on Tuesday ordered an investigation after the army acknowledged one of its drones accidentally struck Tudun Biri village as residents were celebrating a Muslim festival. The army did not give any casualty figures, but residents claimed 85 of them, who were mainly women and children, died in the attack, which has sparked public outrage. On its part, Amnesty International’s Nigeria office said 120 people were killed in the attack, citing reports of its workers and volunteers in the area. But the North-West zonal spokesperson of the National Emergency Management Agency (NEMA), Mrs Halima

By Ahmed Rahma Following the death of its non-executive director, Professor Oyewusi Ibidapo-Obe, Chams Plc said its board has approved the appointment Mr Olusegun Oloketuyi and Mrs Olamojiba Bakare as non-executive directors effective February 18, 2021, subject to the ratification at the Annual General Meeting (AGM). In a notification to the Nigerian Stock Exchange (NSE), the company said until his death, Mr Ibidapo-Obe joined the company as a director on September 29, 2015, and made major contributions to the organisation during his time on the board. One of the new appointees, Mr Segun Oloketuyi, is a seasoned banker and accountant.

By Dipo Olowookere Ambassador of France to Nigeria, Mr Denys Gauer, has expressed his government’s desire to invest about €1 billion in the country’s oil and gas sector. Mr Gauer stated that the €1 billion was put down by the French Development Agency to encourage French investors to invest in the Nigerian oil and gas industry because of the confidence the French government has in the country’s economy. Also, the envoy said the French government was also collaborating with the Nigerian government to tackle security problems in the country, especially Boko Haram insurgency. Mr Gauer, while receiving a delegation led

By Adedapo Adesanya The National Agency for Food and Drug Administration and Control (NAFDAC) has raised the alarm over a proliferation of “dangerous” and “unregulated” skin bleaching creams in the market, which it likened to a pandemic. The agency made this known on Tuesday during its Media Sensitization Workshop on the Dangers of Bleaching Creams and Regulatory Controls event held in Port Harcourt, the Rivers State capital. According to a recent report by the World Health Organisation (WHO), an estimated 77 per cent of women in Nigeria use skin-lightening products. This number is even higher in other countries like Togo

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal drop of 0.02 per cent on Thursday, October 5, amid a surge in the volume of securities traded at the bourse by 1,159.01 per cent to 5.3 million units from the 422,250 units transacted on Wednesday. Though the value of transactions increased, it was by 13.1 per cent to N10.5 million from the N9.3 million posted a day earlier, as the number of deals expanded by 25.00 per cent to 20 deals from the 16 deals carried out in the preceding trading day. Despite the rise in the

By Modupe Gbadeyanka The treasury bills market opened for trading for this week on a positive note on Monday, with investors getting actively involved, buying mostly the medium tenured instruments. Consequently, the average yields depreciated by 0.33 percent to yesterday 11.06 percent. According to analysts at Zedcrest Research, the “market players shifted focus to medium tenured bills (Jul-Nov) with most traded closed to single digit levels at around the 11-19pct area.” This was a market remained buoyant with liquidity at about N400 billion positive. “We expect slight buying interests to persist due to the buoyant level of liquidity in the

By Investors Hub European stocks have fallen on Friday after U.S. President Donald Trump vowed an additional $100 billion in tariffs on Chinese imports, dashing hopes for a cooling of trade tensions. While the German DAX Index has fallen by 0.8 percent, the French CAC 40 Index is down by 0.5 percent and the U.K.?s FTSE 100 Index is down by 0.3 percent. Marks & Spencer has tumbled in London after Citigroup downgraded its rating on the retailer?s stock to Neutral from Buy. Deutsche Bank shares have also dropped after Bloomberg reported Matt Zames, a former JPMorgan Chase executive, is

The Central Bank of Nigeria (CBN) under the leadership of Mr Godwin Emefiele has been commended for bringing stability to the Naira through its foreign exchange (forex) policies. This commendation was made in a statement issued by the Association of Bureaux De Change Operators of Nigeria (ABCON) through its president, Mr Aminu Gwadabe. The Bureaux de Change (BDC) operators said the central bank has been able to achieve a stable exchange rate that aligns with its price stability mandate through various progressive policies, especially with the introduction of the Investors’ & Exporters’ (I&E) FX window in February 2017, keeping the

By Dipo Olowookere The $2 billion tax demanded from MTN Nigeria Communications PLC by the Attorney General of the Federation (AGF), Mr Abubakar Malami, has been withdrawn, MTN Group confirmed on Friday. In a statement issued on Friday evening, the Africa’s largest telecommunications network provider said its legal representatives in the matter received a letter from AGF informing them of the latest development. In the said letter dated Wednesday, January 8, 2020, the Nigeria’s chief law officer said he was stepping aside from the case for the relevant agencies to handle. He said the tax issue will now be pursued