SERAP Sues INEC for Not Prosecuting Vote-Buying Suspects

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 Bliss Okperan The New Nigeria Peoples Party (NNPP) has accused a former presidential candidate of the party, Mr Rabiu Kwankwaso, of being responsible for the sacking of the Governor of Kano State, Mr Yusuf Abba, at the Governorship Election Petitions Tribunal on Wednesday. A three-man panel led by Justice Oluyemi Akintan-Osadebay removed Mr Abba as Governor, ordering the Independent National Electoral Commission (INEC) to hand the Certificate of Return to the candidate of the All Progressives Congress (APC) in the poll, Mr Nasir Gawuna. Reacting to the development, a chieftain of NNPP in Southwest, Mr Abass Akande Onilewura, alleged

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has reiterated that his ministry would work with state governors to harness mineral resources for maximum socio-economic development of the country as the federal government seeks to explore all alternative revenue sources away from oil and borrowing. Mr Alake gave this assurance when the Governor of Nasarawa State, Mr Abdullahi Sule, paid him a courtesy visit in his office at the ministry’s headquarters in Abuja on Thursday. He noted that the ministry was determined and committed to harnessing the nation’s mineral resources, emphasising that Nasarawa State and other

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By Aduragbemi Omiyale The Federal Competition and Consumer Protection Commission (FCCPC) has reacted to reports alleging Wema Bank Plc of engaging in illegal banking practices. The bank was accused of opening accounts without the consent of customers and for FCCPC, this is a serious issue that must not be swept under the carpet. The agency has asked the financial institution to explain why the information of Nigerians was allegedly harvested from the Bank Verification Number (BVN) by its agents and employees to open the unauthorised accounts. According to reports, some persons discovered that their data on Wema Bank’s digital banking

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has announced chief executive officers (CEOs) for its emerging companies after the full completion of its demutualisation exercise. In a statement on Wednesday, the exchange said the persons appointed would still have to be approved by the Securities and Exchange Commission (SEC), the apex regulator in the Nigerian capital market. It was disclosed that Mr Oscar Onyema, the current CEO of the NSE, will become the head of the Nigerian Exchange Group (NGX Group) Plc, while Temi Popoola will take charge of the Nigerian Exchange Limited (NGX), with Ms Tinuade Awe becoming

By Adedapo Adesanya The Nigerian oil industry comes under heightened pressure as one of the country’s crude grades, the Bonny Light, fell to about $12 or $13 per barrel at the real oil market, according to sources monitoring the West African oil market. According to a report by Bloomberg on Friday, “the deeply loss making level shines a light on a chasm that’s emerged between real crude prices that producers are fetching, and headline futures contracts like Brent, which stood at about $28 on Friday.” The coronavirus pandemic, which has led governments to the close factories and refineries, has also

By Modupe Gbadeyanka The stable outlook on the Nigerian banking system by Moody’s Investors Service has been maintained as the Nigerian government continue to find solutions to the Dollar shortages that have affected the economy. A statement issued by the global rating agency on Wednesday said Nigerian banks should have sufficient capital to absorb expected losses, though it expects system-wide tangible common equity (TCE) to only decline slightly to 14.1 percent of adjusted risk-weighted assets by year-end 2018 from 14.7% at the end of 2016. The slight shift, Moody’s explained, is primarily due to increased loan-loss provisions and the effect

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has reassured foreign exchange (FX) users that their legitimate needs for foreign currencies would always be met as they have nothing to worry about. The Director of the Corporate Communications Department of the CBN, Mr Osita Nwanisobi, gave this assurance while speaking with reporters in Abuja on Wednesday. Mr Nwanisobi was reacting to an advisory by a United Kingdom-based university to Nigerian students schooling abroad that they should “take advantage of the CBN Form A discounted rate while this is still available.” The institution specifically based in Manchester had suggested that

By Adedapo Adesanya The Kano State Government, through its COVID-19 taskforce technical committee, has introduced a home-based care program to reach people in remote areas as part of efforts to curtail the spread of the pandemic. This was made known in a statement from the state Primary Health Care Management Board and signed by its Information Officer, Mr Maikudi Marafa, on Saturday. According to the state Commissioner of Health, Dr Aminu Tsanyawa, who launched the program on Saturday, efforts have been made to curtail the second wave of the pandemic. The Commissioner stressed that health personnel had been trained and

By Adedapo Adesanya The first trading session of the new week at the NASD Over-the-Counter (OTC) Securities Exchange ended bearish on Monday, May 4, 2020. The NASD Unlisted Security Index (NSI), at the close of transactions yesterday, fell by 0.05 percent or 0.38 points to settle at 700.35 points in contrast to 700.73 points it recorded at the previous session. In the same vein, the market capitalisation shed 0.5 percent or N280 million to settle at N514.46 billion compared with N514.74 billion it quoted at the last trading session on Thursday, April 30. Business Post reports that though the market

By Ahmed Rahma, Adedapo Adesanya To say that the past few days have not been challenging for First City Monumental Bank (FCMB) will almost mean that 2020 was a perfect year for the world. The financial institution has had to look for ways to address the alleged extramarital affairs involving the Managing Director of its banking arm, Mr Adam Nuru, and a former employee of the lender, Mrs Moyo Thomas. The social media space has practically been set ablaze over the issue, with some commentators calling for a mass closure of accounts with the bank. But the management of FCMB