NEWS ALERT: Trains Derail at Mangoro Area of Lagos

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 Vice President,  Mr Kashim Shettima,  has said the private sector forms an integral half of the crucial foundation that holds the Nigerian government, noting that President Bola Tinubu is committed to creating an environment that fosters entrepreneurship and innovation. This, according to him, explains why the president’s vision for Nigeria is grounded in eight priority areas, including poverty eradication, economic growth, job creation, and equitable access to capital. The Vice President spoke on Thursday while commissioning some projects, including the Ijele 93.1 FM Radio Station, Phase Two of the Sir Emeka Offor Foundation (SEOF) Touch-a-Life Housing

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Bliss Okperan The Nasarawa State House of Assembly has announced its election of Danladi Jatau, representing Kokona West Constituency, as the new Speaker. The state parliament also disclosed on Friday that it now has a new Deputy Speaker, who is Mohammed Oyanki, the lawmaker representing Doma North Constituency. The election of the two principal officers of the legislative arm of the state followed the sacking of its former Speaker, Mr Ibrahim Abdullahi, by the Appeal Court sitting in Abuja on Tuesday. While the new Speaker is a member of the All Progressives Congress (APC), his deputy is a member

By Modupe Gbadeyanka About 44,000 companies have been delisted from the database of the Corporate Affairs Commission (CAC), Economic Confidential is reporting. The affected firms were removed from the agency’s database because they failed to adhere to rules and conditions set for them during registration. Specifically, they severally breached the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably, late and outright refusal to file returns. It was revealed that the 44,000 companies were delisted by the CAC in two batches and more firms would also further similar fate. In the first batch, the commission

By Adedapo Adesanya The Confederation of African Football (CAF) has elected South African billionaire, Mr Patrice Motsepe, as its new president, serving as the replacement for outgoing Malagasy politician, Mr Ahmad Ahmad, whose tenure was marred by allegations of corruption. The South African, who is Africa’s ninth richest person, was confirmed as the regional football governing body president during the organisation’s 43rd Ordinary General Assembly in Rabat, Morocco on Friday. Mr Motsepe, who is the owner of South African giants, Mamelodi Sundowns, was elected unopposed to replace outgoing Ahmad Ahmad, whose three-year reign promised much but was ultimately mottled by

Pan-African telecommunications, media and technology group, Econet, and global crop nutrition leader, Yara International ASA, have launched an initiative called Generation Africa, created to inspire young African entrepreneurs to join the agri-food sector for its viable business opportunities. Generation Africa will reach thousands of young people through its “GoGettaz” competition, which will award $100,000 in prize money to two exceptional business ventures in the agri-food sector. The partnership initiative will support a cohort of 12 budding young agri-food entrepreneurs to scale and prosper their ventures. “Africa’s agri-food sector presents a $1 trillion business opportunity by 2030, especially when connected with

By Dipo Olowookere Reports said two children, whose mother died while on board a boat ferrying refuges and migrants from North Africa to Europe, were rescued by Save the Children today as part of an operation in which more than 100 people were saved by the search and rescue vessel, the Vos Hestia. Several children, including one as young as two years-old, were among those on board the boat ferrying migrants and refugees. The two children who lost their mother have no other relatives with them and are now under the care of Save the Children’s on board child protection

By Dipo Olowookere It was a bad week for the local currency last week as it performed woefully despite efforts by the Central Bank of Nigeria (CBN) to provide support for the Naira. For example, the local currency lost 1.11 percent against the Dollar at the Bureau De Change to close at N365 despite the move by CBN to include Thursday as special intervention day to sell additional $15,000 to BDC operators in order to take care of customers’ personal and business allowances during the Christmas period. Also, the local currency depreciated at the parallel (black) market segments by 1.65

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

By Modupe Gbadeyanka Members of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) have been praised for deepening confidence of the banking public. This commendation came from the MD/CEO of Heritage Bank Plc, Mr Ifie Sekibo, during the group’s 47th quarterly meeting held over the weekend via a virtual platform. At the event themed Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities, the bank chief said the auditors have specifically made inputs that have helped in shaping policy directions by regulators, including the fight against fraud and other financial crimes. However, he charged

By Dipo Olowookere Minority shareholders of Champion Breweries are expected to pocket about N3.1 billion within three weeks and give up their stake in the company. One of the leading brewery companies in the world, Heineken, is taking over the full ownership of Champion Breweries Plc through Raysun Nigeria Limited. Heineken, which has a significant stake in Nigerian Breweries Plc, is on a mission to dominate the beer sector in Nigeria and swallowing Champion Breweries is one of the ways it intends to achieve this goal. Nigerian Breweries competes in the beer industry with the likes of International Breweries, Guinness