Yoruba Leaders Calls For Restructuring Of Nigeria

Prominent Yoruba leaders yesterday called on President Muhammadu Buhari to urgently consider restructuring of the country as a way out of its lingering national crisis.
The leaders also urged the president to roll out a comprehensive economic plan to rebuild the country infrastructure, reflate the economy,create massive jobs and raise the standard of education in the country.

Lawmakers confirm Odukale as Lagos Trust Fund board chairman

Lawmakers in the Lagos State House of Assembly yesterday, confirmed the nomination of Mr. Oye Hassan Odukale as chairman of the Board of Lagos State Security Trust Fund, LSSTF.
In his response during the confirmation exercise,  Odukale said, he was surprised that Governor Akinwunmi Ambode nominated him for the post.

Fed Govt plans 2,000mw in 15 months, says Fashola

The Federal Government plans to generate 2,000 megawatts within the next 15 months to boost electricity supply, it was announced yesterday.
The Lagos-Ibadan Expressway and the Second Niger Bridge linking the West to the East will get priority attention in next year’s budget, which will allocate more cash to infrastructure provision.

Conor McGregor: "Mayweather would not last a minute with me...I would love to fight him"

Conor McGregor doesn't walk into the hotel lobby. He struts, head back, pecs forward, buttoned-up skintight T-shirt fit to burst with a triangular upper body that tells the tale of thousands of hours of training and fighting. He is with his long-term girlfriend, Dee Devlin, and they strut towards me together, both smiling. We are in his native Dublin, where McGregor, a former plumber, has become one of its most famous sons since rising quickly through the ranks of the Mixed Martial Arts "Premier League", UFC. With his fighting skills and fighting talk, this 27-year-old has become one of its biggest stars, about to sign, he tells me, the largest fighter's contract in the sport's history.

Rate rise belies frailties in US economy

Expectations are carved in stone that the US Federal Reserve will shift borrowing costs higher next week with the central bank’s policy shift seen in some quarters as justifying optimism over the economy.

FG Set To Split NNPC Into Two Companies…

The federal government is breaking up the controversial Petroleum Industry Bill (PIB) into different versions with a law to overhaul the petroleum sector which aims at closing loopholes that bred corruption, according to a draft seen by Reuters.

Cost of retaining Fuel subsidy higher than benefits- World Bank

The World Bank Group says the costs of maintaining the Nigeria’s fuel subsidy is higher than the benefits.
It noted that the fiscal cost of the subsidy to the country was $35 billion from 2011-2014 and is expected to cost another 18 per cent of total oil revenues accrued to the country, equivalent to 25 per cent of federal budget in 2015.

2016 Budget: Buhari scraps kerosene subsidy, allocates N500bn for school feeding

PRESIDENT Muhammadu Buhari may have tacitly scrapped kerosene subsidy in the country as he made no allocation for it in the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, which he presented to the National Assembly,Tuesday.

1.5 m residents want alternative routes ahead of Shoprite operations

 Over 1.5 million residents of the 10 estates around Jakande Roundabout in Lekki, Lagos State, weekend called on RMB West Port, owners of Shoprite, to provide them alternative routes before it opened its mall on Dec. 17.

Opec discord fuels further oil price drop

As oil ministers rushed out of Opec’s headquarters in Vienna late last week, the cartel’s secretary-general proclaimed the group’s future “to be as strong as ever”.

But the expressions etched on to the faces of delegates after a tense seven-hour meeting suggested anything but and captured the disagreement between members of an organisation that controls 40 per cent of global oil production. 

Equities appreciate by 0.73%

 

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization appreciated by 0.73%, at today's trading with the All Share Index closing at 27,833.89 points against the previous close of 27,631.05 points while Market Capitalization closed at N9,569.91 trillion against previous close of N9,500.18 trillion.

Minimum wage debacle

The kite flown by state governors on their inability to pay the national minimum wage may soon snowball into an unprecedented labour crisis. A fortnight ago, the governors had after their meeting, announced they could no longer pay the N18, 000 minimum wage regime that has been in force since 2011. They called for a downward review or alternatively they will have to reduce their workforce.

Global economic changes, accountability drive high demand for data – Kale

National Bureau of Statistics, NBS, has recorded an explosion in the demand for data and statistical information both from international and local interests. Key data request indicators at the NBS show that in 2005, just under 50,000 reports were downloaded from the NBS website compared to over three million in 2014, just as requests for data by walk-in users which was 23 in 2005 rose to 1,817 in 2014.

Airtel Plans Dubai Trip For 240 Customers

The Chief Commercial Officer, Airtel Nigeria, Mr Ahmed Mokhles, has said that 240 Nigerians will win an amazing Emirates holiday in Dubai.

Nigerian staff sue Virgin Atlantic Airways for N5bn

The 20 Nigerian cabin crew members recently laid off by Virgin Atlantic Airways Ltd, have instituted a N5billion suit against the Airline before the National Industrial Court sitting in Lagos.
Aviation Logistics and Management Ltd is also a defendant in the suit.

Transcorp Hotels Issues N9.758bn Bond

Transcorp Hotels Plc – the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc) has announced a successful naira bond market transaction, issuing a total of N9.758 billion.
It is the second tranche in its N30 billion medium term bond programme registered with the Securities and Exchange Commission (SEC).

We didn’t approve 35% slash on MTN’s $5.2bn fine —NCC

As controversies trail the imposi­tion of $5.2 billion fine on MTN Nigeria over regulatory infractions remain unabated, the Ni­gerian Communications Commission, NCC, at the weekend added a new twist to the debate, say­ing it only approved 25 per cent and not 35 per cent re­duction of the fine.
Public Affairs Director of the commission, Mr. Tony Ojobo, who stated this on Friday in an interview with journalists in Lagos, put what the telcom firm is ex­pected to pay federal govern­ment at N780 billion.

Our staff Involved in N310m robbery – DSS

The Department of State Services (DSS) said it has arrested two out of five of its staff members for their alleged involvement in a N310 million robbery, a statement said in Abuja on Sunday.
The statement, issued by an operative of the service, Mr Tonu Opuiyo, said that the money belonged to a Bureau De Change operator in Abuja.

Ambode Targets Top Investors In Foreign Economic Summit

Lagos State Governor, Mr. Akinwunmi Ambode will join other participants for this year’s edition of the Global African Investment Summit taking place in London next week as part of his administration’s effort to boost foreign direct investment in the state.

Boko Haram Plans Attacks On Churches, Mosques, Markets, DSS Warns

The Department of State Services, DSS, has alerted Abuja residents over plots by Boko Haram to attack churches, mosques and markets, using girls to bomb those places.

SEC sets aside N5b for National Investor Protection Fund, launches corporate governance score card

Nigeria’s Securities Exchange Commission (SEC) has announced N5 billion seed capital to jump start the recently launched National Investor Protection Fund (NIPF), with the maximum pay out of N200,000.

90% Sales Clearance on House of Demi Hand bags

It's Sales season again, the excitement and surprises continue. Your favourite brand, House of Demi handmade bags is rewarding customers with a 90% off clearance sales! Amazing deals from N500 . Delivery available.

Actis invests $62 million in Sigma Pension

The Lagos Chamber of Commerce and Industry recently named Actis the ‘most impactful private equity firm in Nigeria’ for its strong impact on the Nigerian economy so far.

Konga's YAKATA sales begins

Every year, Konga Nigeria holds 2 days of Yakata Sales . The second day of the sales normally falls into Black Friday making it more fun for customers who love the shopping holiday.

FG plans $25bn infrastructure investment fund –Adeosun

The Federal Government yesterday unveiled plans to set up a $25 billion fund wholly dedicated to infrastructure investments. This is in recognition of the role of the capital market as very critical to the kind of economy the present administration intends to develop for Nigeria.

Mushin flood and enviromental concerns

 It rained in Mushin today for about 15 minutes and this was the result..

Equities depreciate by 0.17%

 

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.17%, at today's trading with the All Share Index closing at 27,697.12 points against the previous close of 27,743.92 points while Market Capitalization closed at N9,522.89 trillion against previous close of N9,538.98 trillion.

Guinness shareholders approve N5bn dividend

A dividend of N4.8bn has been approved by shareholders of Guinness Nigeria Plc, a subsidiary of Diageo Plc, for the period ended June 30, 2015 with a pledge by the board and management to maintain sustainable growth for the business through good business strategies and quality products.

Senate probes N2.4bn abandoned NNDC project

 

Senate yesterday commenced the probe of the N2.4bn abandoned Agbaraho Township roads project in Ugheli North local government of Delta state awarded by the Niger Delta Development Commission (NNDC).

MPR reduced to 11%

Nigeria’s central bank reduced its benchmark interest rate for the first time in six years, diverging from its counterparts in most of Africa that have tightened monetary policy in the face of weakening currencies.

Equities depreciate by 0.80%

  The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.80%, at today's trading with the All Share Index closing at 27,596.81 points against the previous close of 27,820.49 points while Market Capitalization closed at N9,488.40 trillion against previous close of N9,563.56 trillion.

Ooni of ife, Oba Enitan Ogunwusi presented with the Aare crown

Ooni of Ife Oba Enitan Ogunwusi after receiving the AARE Crown from the Olojudo of Ido land on Monday Photo Dare Fasube

FG Commissions Hydrocarbon Plant In Ogun State

The Nigerian Government has commissioned a Hydro carbon plant in Ikenne, Ogun State to produce high grade Hydro carbon refrigerants which are to be used in the  Refrigerant Services Sector.The plant was built in a renewed effort to ensure the phasing out of Hydrochlorofluorocarbons (HCFCs) by the year 2040 in line with Montreal Protocol agreement on Substances that Deplete the Ozone layer to which Nigeria is a party.

FG bonds in NSE worth N6trn – DMO

Debt Management Office (DMO) and the Nigerian Stock Exchange (NSE) have agreed for greater collaboration to ensure bond market development and economy growth.
The Director General of DMO, Dr. Abraham Nwankwo disclosed this during the agency’s visit to the exchange yesterday in Lagos.

RSAs: PenCom’s guidelines to curb terror financing, money laundering

The National Pension Commission (PenCom) has disclosed that the draft guideline on the 2014 Pension Reform Act for  withdrawals from Retirement Savings Accounts (RSA) is meant to prevent the fund from being used to finance terrorism and money laundering.  PenCom which cleared the air on the misconstruing of the RSAs by the Rivers State Council of the Trade Union Congress of Nigeria (TUC) in a statement, said that the voluntary contributions into RSAs are meant to boost contributors’ final pension and not a savings account that could be drawn at will.

HOARDING: Kwara DPR Dispenses Free Petrol In 2 Filling Stations

The Department of Petroleum Resources in Kwara State yesterday dispensed fuel to motorists and motorcyclists free of charge at an erring filling station in Ilorin, the state capital.
The station, Alkad and Sons Nigeria Ltd, situated along Olorunsogo, Ilorin, was caught hoarding a total of 2,300 litres of fuel.

CBN directs 3 banks to recapitalise before June 2016

 

The Central Bank of Nigeria (CBN) has given three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 per cent, it said in a report on its website.

Equities depreciate by 1.10

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 1.10%, at today's trading with the All Share Index closing at 27,820.49 points against the previous close of 28,131.28 points while Market Capitalization closed at N9,563.56 trillion against previous close of N9,670.40 trillion.

Oral sex 'expected to overtake smoking' as main mouth cancer cause

AN ONLINE health clinic warns that oral sex could surpass smoking as the main risk factor for mouth and throat cancer.

Nigeria's OOH Market is in Recession- What it Means for the Industry

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How Bad Is It?

In case you don't know, Nigeria's Out-of-Home (OOH) media market is in recession. The impact of this crash is so bad that many OOH suppliers and owners are over-leveraged and could go under. In its bid to save itself from crashing with the market, the Lagos State Signage & Advertisement Agency (LASAA) recently executed a stop loss action by shutting down major LED hoardings indebted to the agency. Major boards in the mainland and Islands of the city are pitch-black. The situation is grim.

REPS accuse Banks of promoting prostitution

The House of Representatives yesterday accused banks of encouraging prostitution by setting unrealistic targets for their female marketers. It also decried casualisation in the industry, describing it as slavery.

N1.04TRN FINE: NCC, MTN play hide and seek on deadline day

The tension and high  anticipations  trailing the N1.04 trillion fine the Nigerian Communications Commission, NCC, imposed on MTN Nigeria and the November 16, 2015 payment  deadline, melted in utter confusion, Monday, as both the commission and the telecommunications company released very little  information on whether the payment was made or not, on deadline  day.
While MTN Group issued a statement, addressing its shareholders, intimating them of ongoing negotiations with the Nigerian government on the issue, the NCC went into memory lane with its own statement, explaining why it imposed the fine.

N1trn Food Importation Unsustainable – PMB

President Muhammadu Buhari yesterday declared that the N1 trillion spent on importation of food is no longer sustainable as most of the food can be produced locally .
According to him, agriculture had always been the mainstay of the nation’s economy but was abandoned following the discovery of oil.

Ford begins vehicle assembly plant in Nigeria

Ford Motor Company yesterday unveiled the first Ranger truck to be assembled in Nigeria. It was built in an existing facility with Ford’s Nigerian partners Coscharis Group, an indigenous automobile dealer.

World Bank, NEXIM Bank collaborate on mining sector development

The World Bank has pledged to support Nigerian Export-Import Bank (NEXIM Bank) to develop Nigeria mining sector.
Speaking when a team from the World Bank led by its Senior Mining Specialist, Energy & Extractives Unit, Dr. Francisco Igualada, visited the Managing Director, NEXIM Bank, Mr. Roberts Ungwaga Orya in Abuja, the World Bank chief wondered why Nigeria, with all her huge resources and potentials has continued to earn less than Ghana, Mali and Burkina Faso from mining activities.

I may work with D’banj – Don Jazzy

Leader of Nigeria’s high flying music crew, MAVIN’s Don Jazzy is one individual who has contributed in no small measure to the growth of the music industry in Nigeria. Over a year ago, the likes of Korede Bello, Reekado Banks and Dija were greenhorns in the industry until Don Dorobucci gave them the track to run their own races. Today, they have grown to become stars in their own right, thanks to Don Jazzy’s masterstroke.

In this interview, head of the Supreme Mavin Dynasty reveals the reason behind the forthcoming Mavin Access Concert, possibility of working with D’banj again, why he won’t release his own album anytime soon and other issues.

Supreme Court Halts Proceedings At CCT

The Supreme Court has suspended proceedings at the Code of Conduct Tribunal (CCT) pending the conclusion of an appeal filed by the Senate President, Dr. Bukola Saraki at the Apex Court.

Adeosun resumes, vows to ensure transparency in government finances

The new Minister of Finance, Mrs Kemi Adeosun, on Wednesday formally assumed duty at the headquarters of the Ministry of Finance in Abuja.

JOB OPPORTUNITY FOR EXPERIENCED TAILORS

 House of Demi is a fast growing Fashion brand, which specializes in making hand bags and other accessories, from various fabric with an established market.

Equities depreciate by 0.64%

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.64%, at today's trading with the All Share Index closing at 28,981.12 points against the previous close of 29,168.04 points while Market Capitalization closed at N9,962.54 trillion against previous close of N10,026.79 trillion.