Reps Discover $996m Hidden by Agencies in Banks

By Dipo Olowookere President Bola Tinubu has arrived at the National Assembly to present the 2024 Appropriation Bill to the federal lawmakers. The President got to the parliament at about a few minutes past 11 am on Wednesday, November 29, 2023, and was accompanied by the Vice President, Mr Kashim Shettima; his Chief of Staff, Mr Femi Gbajabiamila; the National Chairman of the ruling All Progressives Congress (APC), Mr Abdullahi Gandoje; and the Secretary to the Government of the Federation (SGF), Mr George Akume; among others. He is expected to present the 2024 budget of N27.5 trillion to a joint

By Aduragbemi Omiyale The Oyo State government has maintained that its decision to register all commercial motorcycle and tricycle riders in the state was to promote public safety and not for any other purpose. The Commissioner for Information and Civic Orientation, Mr Dotun Oyelade, said this during a one-day sensitisation meeting with Okada and Keke riders in Ibadan. He explained that the meeting became necessary following a recent state security council meeting, noting that the exercise will help in the documentation of riders in the state. The Commissioner called for sustained cooperation between motorcycle and tricycle riders and the state

By Adedapo Adesanya Nigeria has put the presidential aircraft, Falcon 900B, up for sale with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft. It was not disclosed how much the craft would be sold, according to a tweet on the official Nigerian Air Force page on X, formerly known as Twitter, where it said the aircraft was put up for sale following the federal government’s approval. “The Federal Government of Nigeria has approved the sale of Falcon 900B aircraft owned by the Nigerian Air Force (NAF),” NAF said in a

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

By Aduragbemi Omiyale An 8-storey training complex has been opened in Abeokuta, Ogun State, by Guaranty Trust Bank (GTBank) in honour of its late co-founder, Mr Tayo Aderinokun. Mr Aderinokun, born in 1955, was one of Africa’s most influential and renowned bankers. His passion for excellence, entrepreneurial acumen and dedication to service led to his co-founding of GTBank in 1990. He became the Managing Director of the Bank in August 2002, leading it to the enviable position of one of Nigeria’s best managed financial institutions until his passing on Tuesday, June 14, 2011. To keep his memory alive, the financial

By Modupe Gbadeyanka Chief Executive Officer of Jumia Nigeria, Ms Juliet Anammah, has revealed the main secrets responsible for the growth across Africa. According to Ms Anammah, the firms’ integrated and interconnected ecosystem across its 23 markets in Africa has helped to build a solid foundation for the company in Nigeria and across Africa. Speaking recently with some foreign media delegates, who came to Nigeria to tour the company’s expansive Lagos warehouse located in Ikeja, Lagos, the Jumia boss said, “We built one integrated, inter-connected ecosystem that captures most of the simple day to day needs that people could do

By Adedapo Adesanya Oil fell to the lowest level in a week as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories. On Thursday, the Brent Crude still traded below the $60 as the futures depreciated by $1.21 or 2.03 percent to sell for $58.27 per barrel, while the West Texas Intermediate (WTI) crude saw a decline of 63 Cent, equivalent to 1.14 percent to trade at $54.60. In the latest episode of the dispute between the world’s biggest economies, the Chinese government said it “has no choice but to take necessary measures to retaliate” against

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the new week in the negative territory with a 038 per cent decline on Monday. The loss followed the negative price movements in three securities – FrieslandCampina WAMCO Nigeria Plc, Food Concepts Plc and Nigerian Exchange Group Plc. This weakened the market capitalisation of the bourse to fall yesterday by N2.41 billion to close at N636.34 in contrast to N638.75 billion it quoted last Friday. Also, the NASD Unlisted Security Index (NSI) went down during the session by 2.78 basis points to end the day at 732.12 points as against

By Kester Kenn Klomegah Following the instruction of the Russian President on the preparation of the second Russia-Africa Summit in 2022, a working meeting between an Adviser to the President of the Russian Federation and the Association of Economic Cooperation with the African States (AECAS), the Secretariat of the Russia-Africa Partnership Forum and the Roscongress Foundation was held in Moscow. Among the participants of the meeting were Adviser to the President of the Russian Federation Anton Kobyakov, Ambassador-at-Large of the Ministry of Foreign Affairs and Head of the Secretariat of the Russia-Africa Partnership Forum Oleg Ozerov, Chairman of the Board,

By Dipo Olowookere The hunger for treasury bills in Nigeria seems to be waning as the Central Bank of Nigeria (CBN) is offering the investment tool at an unattractive rate of 4.90 per cent, significantly below the country’s inflation rate of 15.40 per cent. It is common knowledge that investing in any financial asset not yielding a return on investment of more than the inflation rate is a bad investment. While some investment tools in the fixed income market like bonds and commercial papers are witnessing a rise in yields lately, the T-bills space is expressing the opposite and this

By Adedapo Adesanya The woes of the Nigerian currency continued on Tuesday at the peer-to-peer (P2P) and the black market sides of the foreign exchange (FX) market as it further depreciated against the United States Dollar but maintained stability against the greenback at the Investors and Exporters (I&E) window at the close of business. Data obtained by Business Post from the FMDQ Securities Exchange showed that the domestic currency closed flat against the American currency at N421/$1, but it could not replicate this feat at the two other segments, which have become very critical lately due to the inability of forex