NIMASA Eyes Acquisition of 28 Vessels from $700m Cabotage Fund

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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 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 On October 1, 2023, food enthusiasts and stakeholders will gather at the Tafawa Balewa Square, Lagos to have a taste of Nigerian cuisine at an event organised by 3X4 Foods, a subsidiary of 3 BY 4 Gourmet. The founder of 3X4 Foods, Ms Banke Makinde, said the programme, Street Food Celebration, would be used to showcase the Nigerian culture, through food, to the world. She said the event would provide an opportunity to celebrate Nigeria’s culture, history, and people through street food, and promote cultural entertainment, and delicious gourmet street food. According to her, Street Food Celebration

By Adedapo Adesanya At the end of transactions on Thursday, April 2, 2020, the Naira pulled a 0.66 percent or N2.55 gain against the US Dollar at the investors and exporters (I&E) segment of the foreign exchange market. At the segment, the domestic currency closed at N383.00/$1 in contrast to N385.55/$1 it traded on Wednesday. This was helped by the continuous drop in the demand for forex at the window. During yesterday’s trading session, the turnover further declined by 59 percent or $14.83 million to $10.45 million from $25.28 million. However, at the other segments, the Naira maintained stability against

By Modupe Gbadeyanka Four suspected internet fraudsters otherwise known as ‘Yahoo Boys’ will soon be arraigned in court by the Benin Zonal office of the EFCC. The suspects, Shiko Romeo, Bobby Edigiu, Henry Nisike and Emmanuel Ayo were arrested recently by men of the Nigeria police force on suspicion of being involved in internet fraud. Upon handing the suspects over to the EFCC Benin Zonal Office, operatives of the Commission embarked on painstaking investigations including forensic analysis of their laptops were incriminating documents were retrieved and printed. The suspects later allegedly confessed to their involvement in internet fraud using fake

By Investors Hub The major U.S. index futures are currently pointing to a lower opening on Friday, with stocks likely to extend the pullback seen over the past few sessions. Early selling pressure may be generated in reaction to a report from the Labor Department showing much weaker than expected job growth in the month of February. The Labor Department revealed job growth nearly ground to a halt in February after soaring in January, although the unemployment still edged lower. The disappointing jobs data is likely to overshadow a separate report from the Commerce Department showing a substantial rebound in

By Dipo Olowookere The Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Jide Sipe, has called on schools to partner with the bank as their preferred financial institution for payments and collections. Mr Sipe, who was commenting on the lender’s partnership with HerAbility Hub to promote girl-child education, noted that Ecobank has demonstrated pedigree and expertise in fees collection, locally and internationally. “We have special loan packages for parents and guardians to enable them to pay school fees for their children. Our digital offerings are targeted at reducing the financial burden on parents, students, and schools, and facilitating

By Dipo Olowookere The Republic of Slovenia is announced as the latest nation to officially sign up to Expo 2020 Dubai in exchange of letters at the Dubai Chamber of Commerce. UAE Minister of Economy, Sultan Al Mansouri, met with the Mr Zdravko Počivalšek, Slovenian Minister of Economic Development and Technology, on Thursday for an exchange of letters to officially confirm Slovenia’s commitment to participate in Expo 2020 Dubai. UAE Minister of State for International Cooperation, Mrs Reem Al Hashimy and Director General Bureau Expo Dubai 2020 said: “I am delighted that Slovenia has confirmed its participation so early in

By Modupe Gbadeyanka Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said President Muhammadu Buhari has agreed to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during the coronavirus pandemic. This approval to exempt the financial system and money markets came after President Buhari announced on Sunday night during a nationwide broadcast that movements in Lagos, Ogun States and Abuja would be restricted for 2 weeks. Lagos remains the financial hub of Nigeria. In a notice on Monday, the Minister said efforts were made to secure

By Modupe Gbadeyanka Reputable global rating agency, Moody’s Investors Service, has warned that Dangote Cement Plc could be exposed to a refinance risk as a result of its weak liquidity profile. In a statement issued yesterday, Moody’s said the cement firm’s liquidity profile remains weak because it relies on the rollover of short-term debt and commercial paper funding, equal to N106 billion and N137 billion respectively as December 31, 2019. It noted that “combined with the board recommended dividend of N273 billion, which if approved and paid in June 2020, will weaken Dangote Cement’s liquidity and expose the business to

By Elliot Williams There is no doubt that President Muhammadu Buhari is bent on ensuring corporate governance in all sectors of the economy to build investors’ confidence and protect the integrity of Nigeria’s investment atmosphere against corporate abusive conducts. What is indeed doubtful is whether his appointees are on the same page with the President in executing that daunting task. Recent happenings in the Securities and Exchange Commission (SEC) are disturbing to all stakeholders in the capital market. To say the confidence President Buhari has been trying to build is being eroded by the needless crisis at the SEC is