Third Mainland Bridge for Another Repairs

By Adedapo Adesanya The management of Ikeja Electric Distribution Company (IKEDC) has cautioned customers not to load the energy tokens purchased during a recent upgrade glitch which left customers unable to buy and load much-needed electricity tokens on their prepaid meters. In a statement on Friday, the distribution company said, “We apologise for the inconvenience experienced when loading your energy token during the TID rollover upgrade. The issue has been resolved and we thank you for your patience and understanding.” The issue commenced when the company instructed customers to link their respective prepaid meters to the National Identification Number (NIN)

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Bliss Okperan The Governor of Ogun State, Mr Dapo Abiodun, has asked Nigerians to give President Bola Tinubu more time, saying he has performed well in office since taking over on May 29, 2023, noting that he inherited an almost comatose economy from former President Muhammadu Buhari. “The President Tinubu-led administration has been very bold and audacious. They’ve taken the bull by the horns. They’ve done what no government has done in the history of Nigeria,” Mr Abiodun said during an interview on Channels Television’s Sunday Politics show. Recall that a few days ago on Channels TV, the Governor

By Bliss Okperan The Deputy Governor of Edo State, Mr Philip Shaibu, has announced his interest in the governorship election slated for 2024. Mr Shaibu, who fell out with former Governor Adams Oshiomhole to pitch his tenth with Governor Godwin Obaseki, declared his interest in the number one office of the state on Monday. In a televised announcement, the former student union leader said he intends to govern the state because of his desire to transform the Heartbeat of the Nation. According to him, his past records will make it easy for him to clinch the sole ticket of the

By Modupe Gbadeyanka It was a mixed performance today for the Naira against the major foreign currencies at the foreign exchange (forex) market in Nigeria. The local currency suffered a declined on Wednesday at the parallel market when it lost N2 against the Dollar. Business Post reports that the Naira finished the day at N370 to the Dollar after opening for the day’s trading at N368. Wednesday’s loss came after the local currency had remained stable at N368 per Dollar for over three days. But on the other hand, the Naira gained N2 against the British Pound Sterling, closing at

By Dipo Olowookere A Mauritian-based diversified real-estate, hospitality, education and agricultural group, Cap Tamarin Ltée, has secured $10 million of mezzanine funding from Vantage Capital. It was gathered that the promoter of the transaction was Trimetys through its subsidiary, Cap Tamarin Ltée, led by Kian Jhuboo and Georges Talbotier. Vantage Capital is Africa’s largest mezzanine fund manager. Cap Tamarin, since their first real estate project in 1998, has developed a variety of different projects on the island which include hotels, sport centres, a shopping centre and a school as well as constructing more than 300 residential units. Cap Tamarin will

By Morne van der Merwe and Wildu du Plessis The Coronavirus (COVID-19) has resulted in mass production shutdowns and supply chain disruptions due to port closures in China, causing global ripple effects across all economic sectors in a rare “twin supply-demand shock”. With South Africa having just reported its first cases of COVID-19, Africa is beginning to feel its full impact and plans to control and manage the humanitarian challenges of the virus are underway across the continent. Economically, the effects have already been felt – demand for Africa’s raw materials and commodities in China has declined and Africa’s access

By Modupe Gbadeyanka The Conference of Nigeria Political Parties (CNPP) has expressed concerns over the spate of attacks on facilities of the Independent National Electoral Commission (INEC) and campaign rallies across the country. Nigerian heads to the polls in February 2023 to elect a new President, governors and lawmakers. Ahead of the general elections, there have been pockets of violence at political rallies, with attacks on politicians and their followers becoming rampant, in a few cases, leading to death. In a statement issued on Monday, CNPP feared that the exercise is under threat despite assurances by relevant stakeholders, including INEC,

By Modupe Gabdeyanka The national leader of the All Progressives Congress (APC), Mr Bola Tinubu, has been urged to step down his presidential ambition and throw his weight behind his perceived political godson, Mr Yemi Osinbajo. Mr Osinbajo, who is the nation’s Vice President, served as the Commissioner for Justice and Attorney-General of Lagos State when Mr Tinubu was the Governor of Lagos between 1999 and 2007. It was speculated that the former Commissioner was chosen as the number two man of President Muhammadu Buhari in 2015 after Mr Tinubu was asked to nominate someone since he could not fly

By Adedapo Adesanya Brent crude appreciated by $2.69 or 3.5 per cent, its biggest daily gains, to settle at $80.68 per barrel on Tuesday after data pointed to slowing inflation in the United States. Also, the US West Texas Intermediate (WTI) crude futures improved by $2.22 or 3 per cent during the session to quote at $75.39 per barrel. US prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up. The consumer price index, which measures a wide basket of goods and services, rose just

By Aduragbemi Omiyale The president of the Association of Bureaux De Change of Nigeria (ABCON), Mr Aminu Gwadabe, has said the incessant decline of the Naira against the United States Dollar at the currency exchange market would continue unless the Central Bank of Nigeria (CBN) take a bold step to put in place the right policies. One of these, according to him, is the integration of Bureaux De Change (BDCs) operators in the sale of foreign exchange (forex) to customers. Currently, the CBN supports the FX market with supply to meet the demands of customers, who approach commercial banks for

By Adedapo Adesanya As more Nigerians contend with the removal of the fuel subsidy, which has always helped lessen the burden on the average Nigerian, Amnesty International has called on the federal government to ensure that the action does not exacerbate poverty. Responding to the effect of the development, the Acting Director for Amnesty International Nigeria, Mr Isa Sanusi, said, “President Bola Tinubu’s decision to remove the fuel subsidy has left millions of Nigerians terrified about the knock-on effects that it will have on their daily lives. “Many are concerned that they will be unable to meet the costs of