Following a meeting of the Heads of member states of the Economic Community of West African States (ECOWAS) in Lagos on Saturday, the final design and approval for the $15 billion Lagos-Abidjan Corridor Highway Development Project is near. This critical infrastructure initiative is set to enhance regional economic integration by connecting five West African countries — Côte d’Ivoire, Ghana, Togo, Benin Republic, and Nigeria—through a 1,068-kilometer highway that will traverse eight border towns, starting at Eric Moore in Lagos and ending in Abidjan, Côte d’Ivoire. The meeting, chaired by Nigeria’s Minister of Works, Dave Umahi, focused on advancing the project…
Author: Abdoulaye Kay
Investor confidence in Fidelity Bank continues to soar as the bank’s stock saw a remarkable 20% growth on the Nigerian Stock Exchange, with its share price surpassing N13 by mid-September. This growth follows the bank’s successful combined Public Offer and Rights Issue, launched on June 20, 2024. The offer comprised 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation phase from June to August, coinciding with the offer’s close, Fidelity Bank’s shares gained more than 20% month-to-date (MtD) in September. Since August 2018,…
The Economic and Financial Crimes Commission (EFCC) has explained why it rejected the method by which former Kogi State Governor, Yahaya Bello reported to the commission. According to the commission, Bello’s manner of coming to EFCC in a convoy of vehicles and with a sitting governor, was a breach of its protocol. It added that Bello skipped the stages of documentation, because he was with the governor who has immunity. “Upon realising that Bello came with the governor and some dignitaries, the Executive Chairman directed that no official should attend to him. “His manner of coming to EFCC was a…
“My philosophy of giving back is born out of a sense of responsibility and love for the people, as well as a desire to make peace not only with them but also with the Almighty,” he explained.
The Federation Accounts Allocation Committee (FAAC), has shared N1.203 trillion in revenue among the Federal Government, states and Local Government Councils (LGCs). According to a communique issued by FAAC after its meeting on Tuesday, the N1.203 trillion total distributable revenue comprised statutory revenue of N186.636 billion, and Value Added Tax (VAT) revenue of N533.895 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion. The communiqué indicated that total revenue of N2.278 trillion was available in August. It said that the total deduction for the cost of collection was N81.975 billion, while…
The Sokoto State Commission of Inquiry is currently investigating the alleged diversion of N16.1 billion resulting from the sale of state shares by Sokoto State Investment Limited during the administration of former Governor Aminu Tambuwal. During a press briefing, the Commission’s counsel, Amanzi F. Amanziz, stated that the inquiry was initiated to examine the circumstances surrounding the sale of these shares. ALSO READ Tremors, vibrations hit Abuja community as residents tremble ALSO READ NNPCL releases retail prices of petrol from Dangote Refinery [SEE LIST] ALSO READ Banditry: The Outlaws Have More Than The Sokoto Islamic Cleric To ‘Deal’ With He…
Tremors and vibrations have hit Mpape in the Bwari Area Council of the Federal Capital Territory (FCT), throwing the resident into panic. Dr Ebenezer Adebisi, the Chairman, Mpape Hills Landlord Association, said on Tuesday that the residents had been experiencing the vibration in the last five days. Adebisi, who is a retired Corps Commander of the Federal Road Safety Corps (FRSC), said that was not the first time the residents of the area were having such an experience. He said although it happened some years ago, it had become more consistent in the past five days. According to him, residents…
The Chairman of the National Drug Law Enforcement Agency (NDLEA), retired Brig. Gen. Mohammed Buba Marwa has donated N120 million worth of fertilizer to victims of Maiduguri flood disaster. Marwa announced the donation when he paid a condolence visit to the governor of Borno state, Prof. Babagana Zulum and the Shehu of Borno, Abubakar Ibn Umar Garbai El-Kanem over the recent flood disaster that claimed lives, displaced hundreds of thousands of residents and damaged several properties in Maiduguri and its environ. Speaking during his visit to Governor Zulum and the Shehu of Borno on Tuesday 17th September 2024, Marwa said…
The Dangote Refinery has refuted claims that it is selling Premium Motor Spirit (PMS) at N898 per litre to the Nigerian National Petroleum Company Limited (NNPCL). The company described the statement attributed to NNPCL spokesperson Mr. Olufemi Soneye as misleading and intended to undermine recent progress in tackling energy shortages in Nigeria. In a statement released on September 15, 2024, the company clarified that the purported pricing was false and part of a deliberate effort to discredit the milestone achievement towards resolving energy insufficiencies that have plagued the country for decades. ALSO READ NNPCL confirms purchase of fuel from Dangote…
The Federal Government has hailed the commencement of petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals as a pivotal moment in Nigeria’s return to industrialisation and local refining. On Sunday, last week, a convoy of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL) began transporting Premium Motor Spirit (PMS) from the world’s largest single-train refinery, situated in Ibeju-Lekki, Lagos State. Finance Minister and Coordinating Minister of the Economy, Wale Edun, who led the government’s delegation, described the event as historic and a beacon of renewed hope for Nigerian industrialisation and local refining. “This marks the resurgence of Nigeria’s…