Idris Salako Resigns as Lagos Commissioner Amid Incessant Building Collapse

By Modupe Gbadeyanka A veteran journalist, Mr Bayo Onanuga, has been appointed as the Special Adviser to President Bola Tinubu on Information and Strategy. A statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, said Mr Tinubu also appointed Ms Delu Bulus Yakubu as his Senior Special Assistant on Humanitarian Affairs and Poverty Alleviation. In the statement, the President wished his new aides “well in the discharge of their duties,” noting that their appointments were “part of efforts to prioritize effective and efficient working synergy between the Presidency and Federal Ministries.

By Adedapo Adesanya President Bola Tinubu has announced the reappointment of Mr Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited. This move comes as part of a larger reshuffle, where President Tinubu has unveiled a new board and management team for the NNPC Limited which will commence their duties from December 1, 2023. Mr Kyari’s reappointment comes after recent calls to have him sacked. Having spent four years under the immediate past administration of Mr Muhammadu, the renewed appointment shows the current government has confidence in his ability to steer the

By Modupe Gbadeyanka Mr Olasupo Olusi has been appointed by President Bola Tinubu as the new Managing Director and Chief Executive Officer of the Bank of Industry (BoI). He is to replace the former occupier of the seat, Mr Kayode Pitan, who resigned from the lending institution for small and medium-sized business owners in the country. In a statement issued by his aide on Media and Publicity, Mr Ajuri Ngelale, the President tasked the new BOI chief executive to ensure that Nigerians, who are operating all sizes of enterprises across sectors, are given fair and equitable access to much-needed support

By Adedapo Adesanya The activities of oil pipeline vandals and oil theft cost Nigeria a loss of $2.75 billion in 2019, Partner for Petroleum & Energy Sector Prosperity Initiative (P-PESPI) has claimed. This was explained by the group’s Chairman, Mr Charles Ibiang, who noted in a statement on Sunday that criminal damage on the nation’s oil asset was affecting the nation’s revenue inflow. According to him, industry information from NEITI, NNPC, NEC Adhoc Committee on Prevention/Control of Crude Theft and other sources revealed that Nigeria in 2019 recorded a loss of 22.64 million barrels of crude oil valued at $1.35

By Modupe Gbadeyanka Last month, the Lagos State Governor, Mr Babajide Sanwo-Olu, signed the 2021 budget into law. He said his administration intends to spend a total of N1.164 trillion in the current fiscal year. From the N1.164 trillion projected to be spent in 2021, Mr Sanwo-Olu had said N971.02 billion would be sourced from three components; N723.81 billion from Internally Generated Revenue (IGR), N71.81 billion from capital receipts, and N175.40 billion from federal transfer. Business Post gathered that the N193 billion deficit from the budget would be sourced from borrowings, with N100 billion to be sourced from the capital

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) and its allies (POEC+) are likely to hold their next meeting to set oil policy on January 4. It was reported by international media that two sources close to the group made the disclosure. OPEC+ agreed last week to raise oil output by 500,000 barrels per day next month and to hold monthly meetings starting from January 2021 to decide on further production adjustments that will add not more than 500,000 barrels per day every month. This means that starting from next month, the OPEC+ arrangement will mandate 23

By Modupe Gbadeyanka Ecobank Nigeria Limited, the subsidiary of the Ecobank Transnational Incorporated (ETI), has obtained a credit facility worth N50 billion. The loan, according to a statement issued by the lender, would be disbursed to owners of small businesses across the country to make them expand their operations. According to Ecobank, the 10-year bilateral subordinated loan will significantly boost its balance sheet, especially the capital adequacy ratio (CAR). “Ecobank Transnational Incorporated, the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan. “The bilateral funding provides stable medium-term

By Modupe Gbadeyanka Investments of Chinese in Nigeria have reached over $13 billion as at the end of December 2016, Deputy Ambassador of China to Nigeria, Mr Lin Jing, has revealed. Mr Jing, speaking when he led a delegation to the National Assembly in Abuja on Tuesday, noted that his country’s government stands solidly behind the Nigerian government led by President Muhammadu Buhari. He described both nations as friends determined to back each other through thick and thin. According to Mr Jing, it was part of China’s commitment that facility the ongoing $1.3billion Lagos-Ibadan Railway Project flagged off last week

By Dipo Olowookere The Securities and Exchange Commission (SEC) has maintained that the code of corporate governance applies to all public companies operating in Nigeria. The code is intended to facilitate sound corporate practices and behaviour and be a dynamic document that defines minimum standards of expected corporate governance in the country. This week, the apex regulator of the capital market in Nigeria organised a special orientation session for unlisted public securities trading on the NASD OTC Securities Exchange platform. During the event, SEC highlighted responsibility of directors in ensuring compliance with the code but also enthusiastically encouraged shareholders in

By Aduragbemi Omiyale One of the most innovative service providers in Nigeria, Heritage Bank Plc, has praised itself for doing everything within its power to address the country’s food insecurity. According to the Managing Director of the bank, Mr Akinola George-Taylor, the company has continued to support farmers in the country through the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN). In November 2015, President Muhammadu launched the ABP, an initiative designed to boost agricultural production, improve foreign exchange and reverse Nigeria’s negative balance of trade on food. Since its inception, more than 4.8 million farmers have

By Nneka Okumazie Every human being on earth is – a twin and this identical nature is the most blended supersymmetry in the universe. Often, people point to the temple in describing where it is happening, or some – to the area of the heart, but in a major way, it is to point to [the side] where the other, is. Mind-Body-Supersymmetry is another way to understand why the mind controls most of life. There are people healthy, but their mind – the other, is heavy, weak, laying, troubled, etc. The mind – like the body has physical interactions –