NDLEA Seizes Drugs from Cobbler, Psychology Graduate

By Adedapo Adesanya The President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has been recognised with the Forbes Africa magazine 2023 Person of The Year award. At a well-attended award ceremony in Cairo, which also included the unveiling of the cover for Forbes Africa’s December 2023/January 2024 edition featuring Mr Oramah as cover personality, Mr Rakesh Wahi, Forbes Africa Founder and Publisher, and Ms Roberta Naicker, Managing Director, said that the award recognised the stellar accomplishments of leading Africans contributing to the development of the continent. “With a career spanning three decades at Afreximbank, Prof. Benedict Oramah is

By Adedapo Adesanya Energy stakeholders have urged African countries, including Nigeria, the continent’s largest crude producer, to reject all anti-fossil fuel policies that may arise at discussions at the 28th Conference of Parties (COP28) in Dubai, the United Arab Emirates (UAE). They called on African countries to fiercely defend the role oil and gas play across the continent, adding that it has become clear that developed nations seem committed to phasing out fossil fuels, advocating for an anti-fossil fuel energy transition that does not take into account the needs of the developing world. For instance, the African Energy Chamber (AEC)

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

By Dipo Olowookere The continued implementation of the cost discipline strategy by the management of Jumia has further yielded good result, going by the details of the financial statements of Africa’s e-commerce market leader for the first quarter of 2021 released recently. For the sixth consecutive quarter, the company recorded a positive gross profit after fulfilment expense, which reached €6.2 million. Analysis of the results showed that Jumia is making significant inroads in payment and fintech, with 37 per cent of orders in the Q1 of 2021 completed using JumiaPay. The report revealed that total payment volume on JumiaPay increased

By Dipo Olowookere The average treasury bills yield increased on Monday by 0.44 percent to close at 13.47 percent, Business Post is reporting. The highest rise in yield was recorded by the one-month instrument, which rose by 1.96 percent to settle at 12.06 percent. Yield on the 6-month paper appreciated by 0.07 percent to 13.96 percent, the 9-month note increased by 0.01 percent to 14.48 percent, while the 12-month bill jumped by 0.23 percent to 14.73 percent. However, the 3-month instrument was the lone loser yesterday, shedding 0.06 percent to end at 12.10 percent. It was observed that the secondary

By Adedapo Adesanya The federal government has explained why the Ibadan to Kano rail line project was yet to be done despite being approved for construction one year ago. The Minister of Transportation, Mr Rotimi Amaechi, while speaking on NTA Weekend Deal Programme in Abuja on Saturday, disclosed that China was yet to make available to Nigeria the $5.3 billion to be used to finance the project. He said the bilateral construction agreement between the Nigerian and Chinese governments through the China Civil Engineering Construction Corporation (CCECC) Limited was yet to commence because the funds had not yet come in.

By Adedapo Adesanya Unlisted securities in Nigeria closed bullish on Monday after the NASD Over-the-Counter (OTC) Securities Exchange grew by 0.02 per cent when trading activities were brought to an end. Business Post reports that the growth recorded during the session was inspired by the improvement in the value of the shares of FrieslandCampina WAMCO Nigeria Plc. The share price of the company increased by 9 Kobo or 0.14 per cent yesterday to close at N66.00 per unit compared with the preceding trading day’s value of N65.91 per unit. This jerked the market capitalisation of the bourse higher by N200

By Dipo Olowookere The equities market posted a marginal growth of 0.02 per cent on Tuesday to put an end to the four consecutive losses caused by profit-taking. Though cautious trading remained at the ecosystem, gains recorded in the consumer goods, insurance and the energy sectors contributed to the return of the bulls to the Nigerian Stock Exchange (NSE) at the session. Business Post reports that the growth achieved by the consumer goods, insurance and the energy indices by 0.88 per cent, 0.34 per cent and 0.11 per cent respectively erased the 1.18 per cent loss printed by the banking

By Modupe Gbadeyanka A federal lawmaker, Mrs Tolulope Akande-Sadipe, who is representing Oluyole Federal constituency, Ibadan, Oyo State, at the House of Representatives, has lost her mother. The deceased, Princess Bamidele Abiose Akande, breathed her last on Friday, March 3, 2023, at the age of 91, according to a statement issued by the legislator’s media aide, Mr Lekan Olusada. The statement, which described Mrs Abiose Akande as a pillar of support for the family and the community, conveyed the lawmaker’s gratitude for the outpouring of love and support from friends, family, and well-wishers during this difficult time. “We thank God

French international, Paul Pogba, has returned to Manchester United, the club he left four years ago for a fee of £1.5m because he was not then a regular. But Pogba returns to Old Trafford after completing his world-record £89m transfer fee. On his return for a second spell at the club, the former Juventus player said, “the time is right to go back to Old Trafford.” The 23-year-old midfielder, who sealed a five-year deal with the Jose Mourinho-managed club, also disclosed that, “This is the right club for me to achieve everything I hope to.” An elated Mourinho said Pogba

By Adedapo Adesanya The House of Representatives has directed its committee on Petroleum Resources Downstream to investigative the true state of the Port Harcourt refinery, which the federal government has approved the sum of $1.5 billion for its rehabilitation. The lower chamber also mandated the committee to carry out a comprehensive audit of funds previously spent on the Port Harcourt refinery and other refineries across the country. This decision follows a motion moved as a matter of public importance by a lawmaker representing Etinan/Nsit Ibom/ Nsit Ubium Federal Constituency, Onofiok Luke. While debating on the matter, the lawmakers expressed worry