SERAP Drags FG to Court over $23m Abacha Loot

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

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 Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

By Dipo Olowookere Commissioner for Tourism, Arts, and Culture in Lagos State, Mr Steve Ayorinde, said the tourism growth plan of Governor Akinwunmi Ambode led administration has turned the metropolis to a safe and welcoming tourist destination. Speaking through the Director, Lagos State Council of Arts and Culture, Mrs Saidat Olaitan Otulana, at the 3rd edition of the recently held Nigeria Travel Awards, organised by Jumia Travel, Nigeria’s leading online travel agency, the Commissioner noted that, “For us at the Lagos State Ministry of Tourism Arts and Culture, all we have done in almost four years is to commit to

By Dipo Olowookere The management of BUA Cement Plc has commenced the process of sourcing loans for the expansion of its plant in Kalambaina, Sokoto State. The board of the cement giant confirmed this in a statement filed to the Nigerian Exchange (NGX) Limited on Monday. The Sokoto factory of BUA Cement currently has the capacity to produce 2 million tonnes of cement per annum but if it is able to secure the loans if requires, it would be able to produce 8 million tonnes per annum. In the notice issued yesterday, the organisation said it was in talks with

By Modupe Gbadeyanka The Commissioner for Physical Planning and Urban Development, Mr Omotayo Bamgbose Martins, has been summoned by the Lagos State House of Assembly to explain why he refused to follow due process in the award of a contract to a company. The Chairman of the House Committee on Physical Planning and Urban Development, Mr Nureni Akinsanya, while moving a motion on Tuesday under Matters of Urgent Public Importance backed by Section 26 of the PPP Law, accused the Commissioner of awarding a contract without recourse to law. In a statement issued by Mr Eromosele Ebhomele, the Chief Press

By Adedapo Adesanya Self-acclaimed bank of free, Kuda Bank, will from Friday, July 15 charge N50 on all deposits of N10,000 and above made into customers’ accounts. According to the neo-bank, in a message sent to customers on Tuesday, which was seen by Business Post, this action is in line with a directive of the federal government. It read, “In line with the Federal Government’s Stamp Duty Act, we’re required by law to apply a 50 naira charge to all deposits of 10,000 Naira or more made into your Kuda account.” The charge will apply to “electronic transfers, money added

By Investors Hub Asian stocks closed broadly higher on Monday as the focus turned to the upcoming earnings season in the U.S. While trade rhetoric continued between the U.S. and China, investors looked ahead to the release of U.S. and Chinese inflation data as well as comments from the Federal Reserve, European Central Bank and the Bank of Japan for directional cues. China’s Shanghai Composite Index rose 8.22 points or 0.3 percent to end at 3,138.33 as investors awaited Chinese President Xi Jinping’s Tuesday speech at the Boao Forum for directional cues. Hong Kong’s Hang Seng Index jumped 384.64 points

By Modupe Gbadeyanka A leading African private equity fund manager, Advanced Finance and Investment Group (AFIG Funds), is investing in Nigeria’s FSDH Merchant Bank, a financial services group. CEO of AFIG Funds, Mr Papa Madiaw Ndiaye, expressed his company’s excitement in being a shareholder of the Nigerian bank through the Atlantic Coast Regional Fund (ACRF). “We are pleased to become a shareholder in FSDH, a well-established financial services group in Nigeria with exciting growth prospects, and a long track record of strong performance. “We look forward to working with the Bank’s management, the board of directors, and the other shareholders

By Dipo Olowookere The nation’s stock market continued its bearish run on Wednesday after a total of 20 equities led by Nestle Nigeria closed in the negative region. The midweek trading session on the floor of the Nigerian Stock Exchange (NSE) finished 0.20 percent lower to expand the year-to-date loss further to 5.80 percent. This was caused by the 1.88 percent loss recorded by the industrial stocks and the 0.35 percent decline by consumer goods equities. At the close of transactions yesterday, the All-Share Index (ASI) weakened further by 59.68 points to settle at 29,609.00 points, while the market capitalisation

By Investors Hub European stocks have retreated on Thursday as rising geopolitical tensions, oil volatility and mixed signals from the Federal Reserve have sapped investors’ appetite for risk. While the French CAC 40 Index has slumped by 1 percent, the German DAX Index is down by 0.8 percent and the U.K.’s FTSE 100 Index is down by 0.6 percent. Sodexo shares have slumped after the French facilities management company delivered a weaker-than-expected third-quarter performance. Commerzbank has also moved lower on a Bloomberg report that Cerberus Capital Management is weighing a plan to purchase a stake in the German lender. Reckitt