Lagos Closes Oba Ogunji Road for Pen Cinema Flyover

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 Bliss Okperan The early morning fire that gutted a part of the Supreme Court complex in Abuja has been blamed on an electrical malfunction. The Director of Information of the apex court, Mr Festus Akande, said this on Monday morning when he appeared on Arise Television’s breakfast programme, The Morning Show. According to him, preliminary investigation showed that the fire was triggered by an electrical fault, playing down rumours that the Supreme Court was attacked by arsonists. Attention is on the apex court over the outcome of the presidential election held on Saturday, February 15, 2023. The Appeal Court

By Adedapo Adesanya The two leading opposition presidential candidates in the 2023 general elections, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party, on Tuesday, approached the Supreme Court to upturn the judgment of the Presidential Election Petition Court (PEPC), which on September 6, affirmed Mr Bola Tinubu of the All Progressives Congress (APC) as winner of the exercise held on Saturday, February 25. Mr Atiku, in his Notice of Appeal predicated on 35 grounds, insisted that the tribunal, in the judgment delivered by Justice Haruna Tsammani, committed grave error and miscarriage

By Adedapo Adesanya An initiative to boost youth employment and shore up Nigeria’s foreign exchange (FX) earnings has been introduced by the Nigerian government. The scheme, the National Talent Export Programme (NATEP), was unveiled over the weekend at the Microsoft Office in New York, United States of America by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite. She said the programme would position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico and The Philippines. Mrs Uzoka-Anite noted that NATEP is a key national initiative that will serve as a

By Adedapo Adesanya The Nigeria Customs Service (NCS) of Area ll Command, Onne Port, has disclosed that its revenue generation grew by 69.4 per cent as a total of N38.9 billion was collected in the first quarter of 2021. This was disclosed by the Customs Area Controller (CAC), Comptroller Auwal Mohammed, who noted that N38,877,314,286.12 was revenue collected for the federal government compared with the N22,950,780,163.43 generated between January and March 2020. A breakdown of the 2021 monthly collections showed that N12,123,024,011.82 was collected for January; N12,760,546,062.07 for February and N13,984,744,212.23 for March . According to the agency, all monthly

By Dipo Olowookere The local equity market appreciated by 5.30 per cent last week, thanks to the gains printed by 53 stocks listed on the exchange. The performance of these stocks triggered the 1,429.54 points gained by the All-Share Index (ASI), closing at 28,415.31 points versus the previous week’s 26,985.77 points. In the same vein, it boosted the market capitalisation during the five-day trading week by N747 billion to N14.852 trillion from N14.105 trillion. Business Post reports that Eterna was the best-performing stock on the floor of the Nigerian Stock Exchange (NSE) last week, appreciating by 32.48 per cent to

By Dipo Olowookere Stockbrokers in Nigeria have been charged to always prioritise the interest of investors over theirs so as to boost confidence in the capital market. This charge was given by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who said the agency would do everything possible to reduce poor market conduct to the barest minimum. Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS), Mr Yuguda said the commission will intensify monitoring and surveillance of the market and apply stiff sanctions to any operator who engages in unethical conduct. According

By Dipo Olowookere The stock market in Nigeria has continued to witness the dominance of the bears and Thursday was not different as it sank deeper into the danger zone by 0.30 per cent on the back of sustained profit-taking. On Wednesday, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited dropped to the 38,000-point region and yesterday, it further reduced by 116.96 points to 38,328.13 points from 38,445.09 points. During the session, the market capitalisation, which measures the total value of the stocks on the exchange, depleted to the N19 trillion territory after it lost N61 billion to

By Adedapo Adesanya A Federal High Court sitting in Ikoyi, Lagos, has ordered the Economic and Financial Crimes Commission (EFCC) to pay the sum of N5 million to a businessman, Mr Kennedy Izuagbe, for illegally declaring him wanted. The court presided over by Justice Lewis Allagoa also directed the EFCC to publish an unreserved apology to the businessman on its websites and social media. The court also awarded a cost of N5 million against the EFCC for breaching the businessman’s fundamental rights. Justice Allagoa made the above orders against the EFCC while delivering judgment in a fundamental rights enforcement suit

By FSDH Research Have you ever considered how much money you could create from that your little N5,000? And most times, a lot of people blow it off, by spending it on frivolities. An adage says ‘a little drop of water makes a mighty ocean’. The Federal Government of Nigeria Savings Bond (FGNSB), just like a mutual fund, is an instrument the FGN uses to mobilize savings from low income earners for developmental purposes. In return for investing money in the FGNSB, the FGN, through the Debt Management Office (DMO), pays interest (coupon) to the investor every 3 months. In

By Modupe Gbadeyanka Renowned rating agency, S&P Global Ratings, has affirmed its ‘B/B’ long- and short-term sovereign credit ratings on Nigeria with a stable outlook. In a statement issued by the firm last Friday, it also affirmed its long- and short-term Nigeria national scale ratings at ‘ngA/ngA-1’. It was explained that the stable outlook reflected the balance between risks of heightened domestic political tensions, against the potential for an improving external position. According to S&P, the ratings on Nigeria were supported by a relatively low general government debt stock, but stressed that the “debt-servicing costs are high.” It further noted