Rivers APC Hails Approval of Indirect Primaries for State

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has revealed that a fire outbreak at the Kainji/Jebba line caused the national grid collapse that has resulted in the general power outage experienced all over the country. In a statement shared on X, formerly known as Twitter, he said the outbreak has been taken care of and called for calm as the issue is resolved. He wrote, “At 00:35Hrs this morning, a fire outbreak with an explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1

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 Precious Olisa The Zamfara State Election Petition Tribunal sitting in Sokoto State has upheld the election of Mr Dauda Lawal as the governor of the state. Mr Lawal emerged victorious in the election after contesting to govern the state on March 18, 2023, under the platform of the Peoples Democratic Party (PDP). He defeated the immediate past Governor of the state and current Minister of State for Defence, Mr Bello Matawalle, with an impressive margin of 65,750 votes. The returning officer for the poll had announced that Mr Matawalle, the candidate of the All-Progressives Congress (APC), secured a total

By Modupe Gbadeyanka A socio-political group known as Save Enugu Group has congratulated Governor Peter Mbah of Enugu State on his recent Supreme Court victory. The organisation described the victory as well-deserved, urging politicians in the state to join forces with the governor to move the state forward. Last Friday, the country’s apex court dismissed an appeal filed by the candidate of the All Progressives Congress (APC) in the governorship election in the state, Mr Uche Nnaji. The opposition party challenged the victory of Mr Mbah of the Peoples Democratic Party (PDP) in the March 18, 2023, gubernatorial poll, asking

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has released the Purchasing Managers’ Index (PMI) for the month of January 2017. In its report released on Tuesday, the apex bank revealed that the PMI for the manufacturing industry slumped by 3.8 percent in the period under review. According to the CBN, the manufacturing PMI, which stood at 52 index points in December 2016, depreciated to 48.2 index points in January 2017, indicating a decline in the sector. “The index averaged 45.2 in the last twelve months, and had grown in December 2016 after recording declines for eleven consecutive months,”

By Adedapo Adesanya The federal government has said it would recover £200 million stashed in the United States as it embarks on a massive recovery of assets belonging to the country. The Attorney-General of the Federation (AGF), Mr Abubakar Malami, disclosed this while speaking on the sidelines of the United Nations General Assembly (UNGA) in New York, USA. Speaking on the fight against corruption and illicit financial flow in the country, he said, “We are looking at the possibility of recovering further £200 million among others but then, that does not mean they are not other associated assets being pursued,

By Adedapo Adesanya The governments of Nigeria and Canada have identified ways they can do much more together by improving trade, deepening ongoing educational collaboration, and continuing dialogue on the global energy transition issues and climate change, amongst others. This came as Vice President Yemi Osinbajo and Canadian Deputy Prime Minister, Mrs Chrystia Freeland, met in Ottawa, the capital of the North American country, on Monday. During his interaction with top Canadian parliamentarians, including senators and cabinet members led by Freeland, Mr Osinbajo noted that “we are hoping for much more that we can do together.” The Canadian Deputy Prime

The organic and acquisitive growth plans of Equity Invest in the medium-term has received a receive boost with the provision of €8.0 million of mezzanine funding to the company by Africa’s largest mezzanine fund manager, Vantage Capital. The funding package has enabled founder of Vantage, Mr Ali Bettahi, to secure a controlling equity stake in one of Equity Invest’s flagship subsidiaries by facilitating the buy-back of equity from an existing private equity investor, PME Croissance, managed by AfricInvest. Equity Invest, which is the holding company for six Moroccan technology companies, plans to reinforce its position in the Moroccan market by

By Akin Adewakun The term, innovate or die, is no longer new in marketing parlance. Interestingly, the nation’s economic weather,  which manufacturers and consumers are increasingly finding very unbearable, has made this term very apt in today’s survival battles among brands. Presently, no market segment is this suitably demonstrated than the nation’s dairy market. For instance, since milk intake is fast becoming a luxury among Nigerians, despite its very significant benefits to the individual’s health, brands playing in this market are being left with no other option than to either innovate and come up with new ideas of bonding their

By Dipo Olowookere The Nigerian Naira has finally crossed the N700 to a Dollar mark as the country continues to suffer a shortage in the supply of the American currency in the foreign exchange (FX) market. Data obtained from forex dealers in different parts of Lagos, the nation’s commercial hub, showed that the Naira was exchanged for the greenback on Wednesday at N705/$1, while the hard currency was bought from holders between N697/$1 and N700/$1. When our reporter visited the Yaba area of Lagos State at about midday today, the local currency was sold for N705/$1. In Ikeja, the domestic

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the green territory on Thursday, April 9, with a 0.49 percent growth. This resurrection ahead of the Easter holidays was influenced by securities depository company, Central Securities Clearing Systems (CSCS) Plc, which appreciated for the third time this week. CSCS stocks grew by 50 kobo at the Thursday’s session to N13 per share from N12.50 per share, closing as the market’s only gainer. On Monday (April 6), the company’s share price gained 30 kobo to N12.48 and moved up by 2 kobo to N12.50 on Tuesday before trading flat

By Dipo Olowookere The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) depreciated on Tuesday by 0.16 percent or 42.26 points to finish at 27,047.58 points despite the market breadth finish strong by 1.5x. This market indicator, which measures investors sentiment, showed that there were 18 price gainers at the close of business yesterday against 12 price losers. Business Post observed that the bearish closure of the stock market on Tuesday was caused selloffs witnessed again in the consumer goods space as well as in the industrial sector. While the consumer goods index fell by 2.22 percent, the industrial