Malami Orders Prosecution of Twitter Ban Offenders

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has revealed that a fire outbreak at the Kainji/Jebba line caused the national grid collapse that has resulted in the general power outage experienced all over the country. In a statement shared on X, formerly known as Twitter, he said the outbreak has been taken care of and called for calm as the issue is resolved. He wrote, “At 00:35Hrs this morning, a fire outbreak with an explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1

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 Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against President Bola Tinubu over his failure to stop the former governors now serving as ministers in his administration from collecting life pensions and other retirement benefits from their states. The ministers mentioned in the suit are Mr Badaru Abubakar, Mr Nyesom Wike, Mr Bello Matawalle, Mr Adegboyega Oyetola, Mr David Umahi, Mr Simon Lalong, Mr Atiku Bagudu and Mr Ibrahim Geidam. In the suit number FHC/L/CS/1855/2023 filed last Friday at the Federal High Court in Lagos, the ministers are to be joined in the suit

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 Aduragbemi Omiyale The Nigerian Financial Intelligence Unit (NFIU) has cautioned politicians, senior government officials against requesting classified information, noting that it will never honour such, no matter the pressure. In a statement issued on Wednesday by its Chief Media Analyst, Mr Ahmed Dikko, the intelligence agency emphasised that its operations are in line with the global standards, which requires the NFIU to be apolitical. The NFIU said it will not allow itself to be dragged into politics, especially when it has the mandate to ensure providing vital information to law enforcement, regulatory, defence and security and corresponding agencies in

By Dipo Olowookere On Thursday, November 29, 2018, at two separate court ordered Extra-Ordinary General Meetings held in Sokoto, shareholders of shareholders of Cement Company of Northern Nigeria (CCNN) Plc and BUA Group’s Kalambaina Cement Company approved the merger of both companies. However, the actions of shareholders of these two cement firms are still subject to the final approval of regulatory agencies. With this shareholder approval, the new CCNN, which is listed on the Nigerian Stock Exchange (NSE), will have a total installed capacity of 2 million metric tonnes. Armed with this weapon, the company hopes to be the dominant

By Dipo Olowookere In order to raise capital to support its short-term funding needs, the management of Nigerian Breweries Plc has decided to sell commercial papers worth N15 billion to investors. It was gathered that the brewery giant is issuing two separate series of its N100 billion commercial paper programme. Business Post learnt that the series 1 of the CP programme has a 90-day maturity, while the series 2 has a 182-day tenor. Also, while the series 1 has an effective yield of 11.59 percent and maturing on July 22, 2019, the series 2 has an effective yield of 14.43

By Modupe Gbadeyanka In order to offer good working conditions to food couriers and profit to restaurant partners, a leading ride-hailing platform in Africa, Bolt, has launched a food delivery service. A statement from the company said the Bolt Food Delivery will offer customers competitively affordable, efficient food delivery service and help to provide easier access to daily essentials. With over 30 million customers worldwide, Bolt has built its ride-hailing platform efficiently to offer the best service in the sector to drivers and riders, positioning the company as a leader in Nigeria’s mobility sector. The company will now extend its

By Aduragbemi Omiyale Investors have been given not less than 10 business days to disclose their substantial interests in listed firms to reduce the distortion of companies’ public information and market data. This ultimatum was given by the Nigerian Exchange (NGX) Limited, which emphasised that sudden announcements of previously undisclosed interests breach its rules as well as other extant market laws. In a statement, the bourse said that it was mindful of an upcoming trend by investors, adding that the disclosure obligations are provided under the exchange’s rules, the Companies and Allied Matters Act (CAMA), 2020, and the Consolidated Rules

By Aduragbemi Omiyale The ownership structure of AIICO Pensions Managers Limited (AIICO Pensions) has changed with the acquisition of 60 per cent of the company by FCMB Pensions Limited (FCMB Pensions). This has now made FCMB Pensions, a subsidiary of the FCMB Group, the majority shareholder of the company. The new company acquired the largest chunk of the company’s equities by purchasing a 33.9 per cent stake from AIICO Insurance and a 26.1 per cent stake from other shareholders. Initially, FCMB Pensions intended to buy the 70 per cent held by AIICO Insurance, but the regulatory agencies involved in the

By Adedapo Adesanya Oil prices soared on Wednesday, rebounding from losses early in the session, helped by encouraging figures like improved fuel demand from the United States and a weak Dollar. Brent crude futures settled up by $1.09, or 1.1 per cent to $97.40 a barrel, while the US West Texas Intermediate crude futures gained $1.43 or 1.6 per cent to $91.93 per barrel. Prices dropped when the EIA reported that crude inventory in the world’s largest producer saw a small jump of 5.5 million barrels in the week to August 5. A week earlier, inventories added 4.5 million barrels,

By Adedapo Adesanya Oil futures declined by more than 3 per cent on Monday, sending prices to their lowest level in three weeks as COVID-19 cases continue to surge raising alarm over demand for crude. The international benchmark futures, Brent crude took a 3.16 per cent or $1.32 hit to trade at $40.45 per barrel while the US benchmark West Texas Intermediate (WTI) crude futures slid by 3.24 per cent or $1.29 to trade at $38.56 per barrel. The United States saw its highest number of new COVID-19 cases on Friday and Saturday, with hospitalisations also rising to hit two-month