US Backs Buhari’s Economic Reform, Anti-Corruption Fight

By Adedapo Adesanya  The Kwara State Government has announced the signing of a Memorandum of Understanding (MoU) with IHS Nigeria for the development of a technology innovation facility in the state. In a statement released by the government’s spokesperson, Mr Rafiu Ajakaye, it was said that Mr AbdulRahman AbdulRazaq, the governor of the state, signed the MoU alongside IHS Nigeria CEO, Mr Mohamad Darwish, at a brief ceremony attended by several officials in Ilorin, Kwara State on Saturday, November 18, 2023. The project tagged Ilorin Innovation Hub is part of the state government’s efforts to stimulate and deepen the alignment

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 The Chairman of the House of Representatives Committee on National Planning and Economic Affairs, Mr Isiaka Ibrahim, has said the National Bureau of Statistics (NBS) must be insulated from political interference to perform more effectively. Mr Ibrahim said this at a Public Lecture to mark the 2023 African Statistics Day celebration in Abuja on Wednesday themed Modernising Data Ecosystems to Accelerate the Implementation of the AfCFTA: The Role of Official Statistics and Big Data in the Economic Transformation and Sustainable Development of Africa. He said the reliability of data from the stats office would be questioned if

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 Dipo Olowookere Federal Government has been asked to put a stop to the planned concession of the Port-Harcourt Refinery to Agip and Oando by the Ministry of Petroleum Resources. The Senate, at its plenary on Tuesday, said though it was not against the concession, it was seriously not happy with the whole process. Senator Sabo Mohammed, who moved a motion on this yesterday, alleged that the process was shrouded in secrecy, which contradicts the present administration’s agenda. He said the bidding process should have been done openly. He said it was “illegal and a clear attempt at ridiculing Nigerians

By Adedapo Adesanya The Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN) has announced the creation of N50 million fund to support those affected by the violence that erupted after peaceful #EndSARS protests across the country were disrupted. The section of the manufacturing association made the announcement via a statement posted on Twitter. The group, which comprises makers of the beer brands in the Nigerian market, denounced the spate of violence that has occurred around the country and called on other agencies to effectively work towards lending a hand to help the victims. “Over the past few

By Dipo Olowookere Nigerians have been advised to stay away from consuming Lucozade and Mirinda because both beverages contain benzoic acid level above the limit approved by the Nigerian Industrial Standard and therefore unsafe for consumption. The Consumer Protection Council (CPC), in a statement obtained by Daily Trust in Abuja, stated that while the NIS limit for benzoic acid is 250mg/Kg, when combined with Vitamin C and 300mg/Kg without Vitamin C, test revealed that Mirinda, a product of 7UP Bottling Company, contained benzoic acid ranging between 0.56mg/L to 330.9mg/L. It said Lucozade, formerly produced by Glaxo SmithKline, contained the acid

By Aduragbemi Omiyale No fewer than 96 companies have submitted proposals to the Nigerian National Petroleum Corporation (NNPC) for the rehabilitation of some of its facilities. The downstream infrastructure of the state-owned oil agency would be repaired through the Build, Operate and Transfer (BOT) financing model. They include critical pipelines, depots and terminals In a statement on Thursday, the NNPC explained that it decided to work on the pipelines to get them ready to support the refineries when they become operational after their rehabilitation. The Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, which signed

By Modupe Gbadeyanka The recently reintroduced cashless policy of the Central Bank of Nigeria (CBN) is kicking off today, Saturday, April 1, 2017. In February 2017, the apex bank announced that it was bringing back charges on cash deposits and withdrawals in a bid to promote its cashless policy. It had said then that this would first commence in Lagos, Abuja, Ogun, Kano, Abia, Anambra and Rivers States before bringing in other states. Under the policy, there would be a 1.5 percent charge on deposits on individual accounts from N500,000 above to N1 million, while for withdrawal will attract 2

By Agro Business Nigeria Catfish farmers using earthen ponds, surface tanks, plastic tanks etc. often face the challenge of high fingerlings mortality rates when raising them. As such, utmost care needs to be exercised in handling these fragile fishes in order to optimise production and profit. A healthy pond grooms healthy fishes. Prior to stocking, 250kg of lime should be applied per acre of pond surface. Also, ensure that other unwanted wastes and organisms like frog are cleared before stocking the pond. Fingerlings are most vulnerable when they are less than 10g in size, thus the highest mortality rates occur

By Dipo Olowookere Things further went south on the floor of the Nigerian Stock Exchange (NSE) on Monday after 13 stocks led by Cutix and Neimeth recorded various price declines. The market lost 0.06 per cent in the session to expand the year-to-date loss to 9.57 per cent as a result of the selloffs. At the close of transactions, it reduced the All-Share Index (ASI) by 14.24 points to 24,273.42 points from 24,287.66 points and sliced the market capitalisation by N7 billion to N12.663 trillion from N12.670 trillion. The market breadth finished negative yesterday following the depreciation of 13 stocks

By Dipo Olowookere The Heritage Bank Academy known as The Refinery has been accredited by the Chartered Institute of Bankers of Nigeria (CIBN) at a virtual ceremony held in Lagos. The institution was issued with a certificate of accreditation alongside the Central Bank of Nigeria (CBN) Learning Centre, the Nigerian Stock Exchange (NSE) X Academy and 25 other Educational Training Service Providers (ETSP). Others certified by the institute at the ceremony were Crown Agent UK; B. Adedipe Associates Limited; Chartered Institute for Securities and Investments (CISI), United Kingdom; Mactay Consulting Limited; Knowledge Beyond Limited; Brideswell Consulting Limited; Ultravantage Solutions; EdgeEcution