N76b Fraud: Ex-Gov Shema Turns Self In

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 Norwegian Floating Production Storage and Offloading (FPSO) leasing firm, BW Offshore, has closed the transaction for the sale of the Nigerian vessel, Abo FPSO, after several short-term charter extensions for $20 million. FPSO refers to a floating vessel located near an offshore oil field, where oil is processed and stored until it can be transferred to a tanker for transporting and additional refining. BW Offshore closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC). As part of the transaction, BW Offshore has entered

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 Precious Olisa Three Nigerian women entrepreneurs have been selected among 24 finalists for the 2023 African Women Innovation and Entrepreneurship Forum (AWIEF) awards. The Nigerians are the CEO of Bridge Merchant Enterprise (Agri Entrepreneur Award), Ms Chinwendu Nweke; the CEO of Clean Technology Hub (Energy Entrepreneur Award), Ms Ifeoma Malo; and the co-founder/CEO of D-Olivette Global Enterprise, (Social Entrepreneur Award), Ms Damilola Aminat Adeyemi. Launched in 2017, the annual AWIEF Awards is an initiative to recognise, honour, and celebrate women entrepreneurs and business owners in Africa across various industry sectors for their achievements and contribution to the continent’s inclusive

By Modupe Gbadeyanka Guaranty Trust Bank (GTBank) Limited has informed its customers that it would close its branches across the country for business earlier than expected. On Saturday, February 25, 2023, Nigeria heads to the polls for the presidential and National Assembly elections. The level of participation in the build-up to the exercise has increased, with several youths and upwardly mobile Nigerians deciding to take back control of the political space. This has heightened the 2023 elections, and the decision of President Muhammadu Buhari to approve the Naira redesign policy of the Central Bank of Nigeria (CBN) to frustrate vote

By Modupe Gbadeyanka Nigeria’s House of Representatives has explained the main reason behind the controversial NGO Regulation Bill. In a statement issued on Friday by the Deputy Majority Leader of the House of Representatives, Mr Umar Buba Jibril, the lower chamber of the National Assembly noted that religious bodies and organizations are not part of the affected organisations. “Our quasi financial institutions at local levels are NOT NGOs! These organizations have existed for centuries to serve businesses and commerce of our market women and traders. “Now NGOs (Non-Governmental Organizations) and CSOs (Civil Society Organizations) are voluntary organizations that are registered

By Adedapo Adesanya Nigeria Liquified Natural Gas Limited (NLNG) and Total Gas and Power (TGP) have signed a LNG Sale and Purchase Agreement (SPA) for some of the remarketed volumes from NLNG’s Trains 1, 2 and 3. The agreement, according to a statement from the General Manager, External Relations, NLNG, Mr Eyono Fatayi-Williams, was for the supply of 1.5 million tonnes per annum (mtpa) for a 10-year term on a Delivered Ex-ship and Free on Board (FOB) basis. The statement revealed that Mr Tony Attah, Managing Director and Chief Executive Officer of NLNG, signed on behalf of the company while

**Dedicates 2019 Budget to Capital Projects By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has said his administration hopes to achieve a 4 percent growth in its Gross Domestic Product (GDP) in 2019. Speaking separately on Monday evening at the Christmas Eve Dance of Yoruba Tennis Club and Island Club, two foremost social clubs in the country, Mr Ambode said next year’s budget would be dedicated towards the completion of ongoing infrastructural projects, creation of more jobs, supporting businesses to thrive, as well as strengthening the security architecture of the state. The Governor said while it was gratifying that

By Dipo Olowookere The local stock market recorded a gain on Tuesday after opening bearish on the first trading day of this week on Monday. This was mainly due to activities of bargain hunters on the floor of the Nigerian Stock Exchange (NSE) as they take advantage of the low prices of equities to shore up their portfolios. The All-Share Index (ASI) appreciated today by 674.27 points to close at 33,114.44 points, while the market capitalisation increased by N242 billion to settle at N12.089 trillion. Business Post reports that at the close of business on Tuesday, there were 26 price

By Adedapo Adesanya President Bola Tinubu has announced a set of new measures that will help Nigerians cushion against the hardships they are facing brought about by the removal of the fuel subsidy. Some of the measures rolled out by the President include single-interest rate loans to manufacturers and farmers with an extended period as well as the acquisition of Compressed Natural Gas (CNG) buses to states, among others totalling N500 billion. Speaking at his 7 pm national address on Monday, Mr Tinubu acknowledged that the times are difficult as food and fuel prices have soared due to recent measures

South Africa’s African Women in Supply Chain Association (AWISCA) has signed an MOU with the Women in Logistics & Transport (WiLAT) organisation from Côte D’Ivoire to collaborate on the delivery of tailor-made entrepreneurial skills training in the logistics and supply chain and to bolster such capacities across the African continent through mentorship, training and coaching. AWISCA is an organisation focused on the upliftment, empowerment and transformation of Sub-Saharan Africa’s supply chain skills environment. The association aims to address shortages and capacity gaps and to provide integrated solutions that confront such challenges pragmatically. Founded by Lebo Letsoalo, a globally renowned supply

By Modupe Gbadeyanka A loan scheme tagged FirstGem that will benefit women in Oyo State has been launched by First Bank in partnership with the state government. According to Chairman of First Bank, Mrs Ibukun Awosika, the initiative will allow account holders in their personal and business endeavours optimise the bundled value propositions of the product. These, Mrs Awosika said, include free business advisory services to access bank loan and single digit loan from designated intervention funds that support socio-economic empowerment of women. She noted that such funds include the Central Bank of Nigeria (CBN) N200 billion fund of which