The Federal Government has officially terminated the contract for Section 1 of the Kano-Maiduguri Road project, which had been awarded to Dantata & Sawoe Ltd in 2007. The termination, according to the Minister of Works, David Umahi, was due to the expiration of the contract’s timeframe. Umahi emphasized the government’s commitment to ensuring that long-standing infrastructure projects meet their intended deadlines and deliver value for money. Additionally, the government assured Bauchi State Governor Bala Mohammed of immediate intervention to repair a section of the Kano-Maiduguri federal road within the state that was damaged by recent flooding. The road was severed…
Author: Abdoulaye Kay
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that it is investigating the National Hajj Commission of Nigeria (NAHCON) regarding the N90 billion hajj subsidy. The Commission’s spokesperson, Demola Bakare, told TheCable that some NAHCON officials were arrested on Wednesday for “refusing to honor an invitation” from the anti-graft agency. Bakare refuted reports that NAHCON’s office had been shut down by the ICPC, emphasizing that the commission operates within legal boundaries. He declined to name the arrested officials but noted that they were assisting the commission with valuable information. “We are investigating officials of the National…
Amidst macroeconomic challenges, BUA Foods has continued to demonstrate strong financial performance, good market presence and operational strength. By Idika Aja The company’s latest financial (Q2 2024) results reveal both impressive growth and some areas of concern, painting a mixed picture for investors. Impressive revenue growth amid cost pressures: BUA Foods reported a 110% year-on-year revenue increase, reaching N672.3 billion in the first half year of 2024 compared to N320.9 billion in 2023. This also accounts for about 92% of the 2023 full-year revenue figure. This suggests that the company is on track to surpass its previous year’s revenue by a…
Six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were excluded from participating in a recent retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). The auction, which saw the CBN selling $876.26 million to 26 qualified banks, was part of the apex bank’s ongoing efforts to alleviate the demand pressure in the foreign exchange (FX) market and promote price discovery. This auction marks one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilize the naira and address the ongoing…
Celebrated filmmaker and actress Funke Akindele is set to feature the Lagos State Fire and Rescue Service in her highly anticipated film Everybody Loves Jenifa, a move that not only fulfills a promise she made last month but also underscores her commitment to using her platform for social good. The exciting collaboration was revealed by Jubril Gawat, Senior Special Assistant on New Media to the Lagos State governor, who shared the news on X (formerly known as Twitter) on Saturday. Gawat posted a video clip showcasing behind-the-scenes moments from the film set, highlighting the involvement of the Lagos State Fire…
The Nigeria Electricity Regulatory Commission (NERC) reports that in the first quarter of the year, Nigeria’s total electricity generation dropped by 901.94 GWh compared to the previous quarter of Q4, 2023. This indicates a decline of 9.1% from 9,789.87GWh in 2023/Q4 to 8,887.93GWh in the period under review. This is according to the 2024 first quarter report by NERC, which states that the average hourly power generation across available generation units also declined by 8.22% in the quarter. The NERC report noted that the average available generation capacity across all power plants in the country dropped to 4,249.10MW in Q1…
Dangote Group’s subsidiaries have emerged as major recipients in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN), purchasing at least $105.33 million in successful foreign exchange (FX) bids. This allocation represents about 13% of the $876.26 million that the CBN distributed among qualified banks. ALSO READ We don’t receive full crude supply from NNPC, Dangote insists Zenith Bank, Access Bank, Providus Bank, Union Bank, and Sterling Bank were the primary banks that secured the most FX for Dangote’s firms in the latest CBN Retail Dutch Auction. Four of these banks are also on the list of…
Residents of Kano who rely on charcoal for cooking and other energy needs have expressed concern over the sharp increase in its price. They reported that the cost has risen beyond the reach of many, making it increasingly difficult for ordinary people to afford. A housewife, Aisha Isa, noted that a large bag of charcoal, which previously sold for ₦4,000, now costs ₦6,500. She added that finding small quantities for ₦50 is impossible, with the minimum price now at ₦150. Another resident, Agnes John, lamented that charcoal is gradually becoming unaffordable for the common person and urged the government to…
“So, the very beginning is ourselves, yes system, yes we have to rethink our democracy but the character of people in government must change. With all due respect, most of those in government should right now be behind bars or in gallows,” he said.
Renowned Nigerian luxury and lifestyle journalist, Adeniyi Ifetayo Moses, has been honored with the prestigious ‘Excellence in Journalism’ award at The Headlamp Awards, held during the Afro Commerce Connect event in Brampton, Ontario, Canada. The event, organized by Cross Roads of Culture, centered around the theme “African Diaspora Startups,” aiming to help entrepreneurs navigate opportunities and challenges in Canada. The award ceremony took place at The Conservatory City Hall, where Ifetayo was celebrated for his nearly two-decade-long career in journalism. The award was presented by Wale Rabiu, CEO of Grey Matlock. In his acceptance speech, Ifetayo expressed his surprise and…