Two Storey-Building Collapses in Gbagada Lagos

By Adedapo Adesanya  The Vice President,  Mr Kashim Shettima,  has said the private sector forms an integral half of the crucial foundation that holds the Nigerian government, noting that President Bola Tinubu is committed to creating an environment that fosters entrepreneurship and innovation. This, according to him, explains why the president’s vision for Nigeria is grounded in eight priority areas, including poverty eradication, economic growth, job creation, and equitable access to capital. The Vice President spoke on Thursday while commissioning some projects, including the Ijele 93.1 FM Radio Station, Phase Two of the Sir Emeka Offor Foundation (SEOF) Touch-a-Life Housing

By Bliss Okperan A helicopter operated by the Nigerian Air Force (NAF) on Friday crash-landed and exploded at the NAF Base, Port Harcourt, Rivers State. The NAF Director of Public Relations and Information, Air Commodore Edward Gabkwet, confirmed the incident in a statement, noting that the NAF-35p had taken off on an operation against oil thieves in Rivers State before the unfortunate incident. He said five persons on board survived the air mishap with minor injuries. “A Nigerian Air Force (NAF) MI-35P helicopter crashed at Port Harcourt today, December 1, 2023. The unfortunate incident occurred at about 7.45 am shortly

By Adedapo Adesanya A Federal Capital Territory High Court, Abuja, has adjourned an alleged procurement fraud case involving ex-Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to January 18 and 19, 2024, for continuation of trial. Mr Emefiele is standing trial on a six-count amended charge on alleged procurement of vehicles to the tune of N1.6 billion. He had pleaded not guilty to the charges. He was granted bail on November 17, 2023, to the tune of N300 million, and two sureties and remanded at the Kuje Correctional Centre, pending when he meets his bail conditions. However,

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

The continuous increase in the consumer price index (CPI), which is used to measure inflation in Nigeria, has worsened the misery index of the nation. Misery index is a measure of economic well-being for a specified economy, computed by taking the sum of the unemployment rate and the inflation rate for a given period. An increasing index means a worsening economic climate for the economy, and vice versa. Simply put, misery index is the sum of inflation plus unemployment rate; the higher the combined score, the worse the economic situation. Using the Q3 2016 unemployment of 13.9 percent and December’s

By Aduragbemi Omiyale To achieve its logistics services expansion goal in Africa, UPS has partnered with Jumia, giving it access to the e-commerce giant’s infrastructure on the continent. Jumia delved into the last-mile business after conquering the online shopping landscape in Africa and because of the success it is already recording, UPS felt it was necessary to join forces with the organisation to achieve its expansion goal. With the delivery services growing on the continent, UPS will leverage the Jumia infrastructure to offer its customers an extended range of delivery solutions, including door-to-door package delivery and collection, with a variety

By Adedapo Adesanya MTN Nigeria Plc grew its profit after tax by 5.6 percent to N51.1 billion in the first quarter of 2020 compared with N48.4 billion reported during the same period in 2019. This information was contained in the telecommunications company’s interim financial statements for the first three months of this year sent to the Nigerian Stock Exchange (NSE) on Wednesday. In addition, the company’s revenue for the period grew by 16.7 percent to N329.2 billion from N282.1 billion recorded in Q1 2019. MTN Nigeria, the leading telecommunications firm in the country, explained that the increase in its revenue

By Modupe Gbadeyanka No fewer than 16 suspects believed to be students of a Yahoo Yahoo Academy in Abuja have been arrested by the Economic and Financial Crimes Commission (EFCC). A statement issued by the anti-money agency disclosed that the academy trainees were apprehended along with the founder of the ‘school’ by operatives of its Abuja Zonal Command. According to the commission, the owner of the Yahoo Yahoo Academy, Mr Afolabi Samad, was apprehended on Thursday, May 12, 2022, in a sting operation. The 24-year-old was grabbed with the 16 ‘undergraduates’ who are between the ages of 18 and 27

By Adedapo Adesanya The Nigerian Electricity Regulatory Commission (NERC) has increased the prices of electricity meters. According to the new increment, prices of single-phase meters, which were sold for N36,991, rose 21 percent and now cost N44,896.16, while a three-phase meter has been increased by 23 percent from N67,055 to N82,855.19. The Chairman of NERC, Mr James Momoh, in a statement blamed the hike on the recent increase in foreign exchange. “In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria (CBN) and the applicable rate

By Adedapo Adesanya The crude oil market came to life on Tuesday on expectations of a large cut in production by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) and a weaker US Dollar. The price of the Brent crude went up by $2.52 or 2.84 per cent to $91.38 per barrel and the US West Texas Intermediate (WTI) crude improved by $2.43 or 2.91 per cent to trade at $86.06  per barrel. OPEC+ may be considering an even larger cut than previously reported—at up to 2 million barrels per day, anonymous delegates told the media yesterday. The

By Dipo Olowookere Ten companies listed on the Nigerian Stock Exchange (NSE) have pledged to lend investors at the market a total of 20.8 million shares, with Guaranty Trust Bank (GTBank) Plc providing the highest chunk. In its securities lending and borrowing report for January 10, 2020, the NSE, which monitors the process, which is new to the Nigerian capital market, said GTBank pledged to lend a total of 8,439,000 units of its stocks to interested investors. Securities lending involves the transfer of shares to a borrower from the owner for a period of time and for a fee. At

By Modupe Gbadeyanka The African real estate narrative has shifted and evolved over the last 2 years with the impact of geo-political and economic challenges changing the property landscape. Moving forward, investors have come to realise that a more measured approach may hold the key to reaping long term rewards in Africa. In order to address this new reality, API Events is hosting the 8th annual API Summit & Expo in Johannesburg on August 24 and 25, 2017. “Africa is facing a new reality, but what does this mean for investors and developers looking to expand their growth and uncover