Business

I have no interest in holding any board position in FBN Holdings, First Bank – Femi Otedola
Business, News, Nigeria

I have no interest in holding any board position in FBN Holdings, First Bank – Femi Otedola

The Chairman of Geregu Energy Group and billionaire businessman, Mr Femi Otedola has debunked speculations that he his interested in holding any board position in FBN Holdings, First Bank or any of their subsidiaries. Otedola was recently invited by the Save the Children to join the prestigious group of its Vice Presidents, in recognition of his philanthropic efforts to better the lives of children in Nigeria. Save the Children is the second largest charity in the world after UNICEF and has Princess Anne as Patron since 2017 after serving as President since 1970. In a brief chat with Mr Otedola was asked about his next steps after becoming the single largest shareholder of FBNHOLDINGS. He said he did not acquire the bank’s shares because he wanted to be chairman of the bank. ...
Osun Lotto Operator Commits Suicide Over Debts
Business, Economy, News, Nigeria, Youths

Osun Lotto Operator Commits Suicide Over Debts

An operator of a gambling house resident in Ikire, Osun State, simply identified as Seyi, has reportedly committed suicide by setting himself ablaze. It was gathered that the deceased, whose kiosk is located in the Centre area of Ikire, locked himself up in his gambling kiosk and set himself on fire. It was further learnt that before residents could realise what had happened, he had been badly burnt. A resident of the area where the incident happened told City Round that smoke coming out of the kiosk alerted people, who initially did not know Seyi was in the shop. He said, “We saw smoke coming out of the kiosk. We didn’t initially know Seyi was there. He just went into the shop, locked the doors and windows and set himself ablaze. “He was a lotto operator. I even learnt he g...
Over 1,000 Shops Closed as Gas Explosion claims five lives in Ladipo Market
Business, News, Nigeria

Over 1,000 Shops Closed as Gas Explosion claims five lives in Ladipo Market

Businesses were paralysed on the ever-busy Ojekunle Street in the popular Ladipo Market area of Lagos State on Tuesday as over 1,000 shops were shut down as a result of the deadly gas explosion that rocked a mechanic workshop on number 35 and 37 of the long lane. It was earlier reported that at least five persons were burnt to death when the explosion rocked a mechanic premises around 8am on Tuesday. About 60 buildings including two-storey and one-storey structures wholly housing shops were closed for business activities due to the incident. Each of the building housed at least 40 shops. A trade union official also confirmed to The PUNCH that the over 1,000 members of the association didn’t open for the day’s business because of the explosion. Security operatives and emergency ...
FG Disburses ₦57 Billion To 1 Million Nigerians, Businesses
Business, Economy, News, Nigeria

FG Disburses ₦57 Billion To 1 Million Nigerians, Businesses

The Federal Government has disbursed N56,842,780,000 to 1,079,323 persons and businesses under the Survival Fund program. The companies include those registered under the Corporate Affairs Commission (CAC). Maryam Katagum, Chairperson of the Survival Fund Steering Committee, gave the details at a news conference on Tuesday in Abuja. Katagum, the Minister of State, Industry Trade and Investment, also flagged off the Guaranteed Off-take Scheme, with 50,032 beneficiaries already shortlisted. See Also: FG Saved One Million Jobs, Sustained 150,000 SMEs — Osinbajo The official said the scheme was the last track of the Micro Small and Medium Enterprises (MSMEs) Survival Fund. The target is 100,000 beneficiaries but as at the time the portal closed, only 65,976 applications were ...
Gov Umahi Threatens To Sack Workers, Seize Shops Of Traders Who Sit-at-home
Biafra, Business, News, Nigeria, Politics

Gov Umahi Threatens To Sack Workers, Seize Shops Of Traders Who Sit-at-home

Governor David Umahi of Ebonyi State has directed the immediate seizure of shops whose owners obey the sit-at-home order by the Indigenous People of Biafra on Monday. The governor also ordered the immediate sacking of civil servants who fail to show up at work on Monday, and called on security chiefs in the South-East zone to deploy security officers to the streets to avert the breakdown of law and order. IPOB had reviewed its sit-at-home order in the South-East, saying it will only be observed on days their leader, Nnamdi Kanu will appear in court. Initially, the directive was that the sit-at-down, tagged Ghost Monday, would be observed every Monday. Read Also: South-East Govs, Elite Can’t Decide Igbo’s Fate, IPOB Replies Umahi IPOB’s spokesperson, Emma Powerful, said the r...
Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra
Business, Economy, News, Nigeria

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

Vice President Yemi Osinbajo on Tuesday inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle Ezunaka Village in Anambra. In a speech at the event, Mr. Osinbajo described the complex as a “one-stop-shop digital leather and industrial hub”. He said the complex had the capacity to produce shoes that would compare favourably with those produced in Europe. According to the vice president, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria He said the Federal Government was fully committed to improving commercial and economic environment and willing to complete all its ongoing projects in the South-East. The complex was jointly equipped by the federal government in conjunction with Anambra...
Loans: FG Increases Borrowing Limit to N61tn
Business, Finance, News, Nigeria, Politics

Loans: FG Increases Borrowing Limit to N61tn

The Federal Government has expanded the country’s borrowing limit to N61tn paving the way for the increment of the current N33.11tn debt portfolio. The new limit as contained in a document, Medium Term Debt Strategy shows that Nigeria has hiked its borrowing limit from 25 per cent of the Gross Domestic Product to 40 per cent of the GDP. This development follows on the heels of Senate approval of new $8.33bn and €490m loans from external sources. As of December 31, 2020, the National Bureau of Statistics put the country’s GDP at N152.32tn. Thus, forty per cent of the current GDP is N60.93tn. Twenty-five per cent of the current GDP is N38.08tn, an amount which the nation may have surpassed in debt given that there are loans which the nation has already secured but are not include...
FEC Awards N309.9bn Road Contracts to Dangote
Business, Finance, News, Nigeria

FEC Awards N309.9bn Road Contracts to Dangote

The Federal Executive Council, FEC, has ratified the award of construction of five roads amounting to 274.9 km at the cost of N309.9bn to Dangote Industries as part of a tax credit. Babatunde Fashola, Minister of Works and Housing, said this in a chat with State House correspondents after the FEC meeting presided over by President Muhammadu Buhari on Wednesday. According to the minister, the road contract would be the largest implemented on concrete in the country. He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Cred...
TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living
Business, Finance, News, Nigeria, Politics

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

The Trade union Congress, TUC, has faulted the Federal Government over the spike in the cost of goods and services across the country, saying it has negated the benefits of the National Minimum Wage, which some states have yet to implement. The union also condemned the spate of external borrowings, advising the government to harness the country’s natural endowments, advising the government to avoid mortgaging the future of Nigeria. Mohammad Yunusa, National Treasurer of TUC, and President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, disclosed this in an interview with journalists in Abuja, shortly after the Central Working Committee meeting on Saturday. Yunusa also noted that members of the association condemned in strong terms ...
Lessons to be Learnt from the Recent Attack on IrokoTV
African Development, Biafra, Business, Entertainment, News, Nigeria, Opinion, Politics, Technology

Lessons to be Learnt from the Recent Attack on IrokoTV

So I just learnt that there was an attack on IrokoTv App in the form of attempts to have it delisted on both Google Playstore and iOS store. This move by some in the North was  in "retaliation" for the delisting of Adamu Garba's Crowwe from Google Play Store. Last I checked, retaliation meant "to hurt someone or do something harmful to someone because they have done or said something harmful to you". Based on the definition above, I fail to see how a mass action by the North to have IrokoTV app delisted by Google and Apple because Crowwe was delisted can be called retaliation. Was it Jason Njoku (owner of IrokoTV) that delisted Crowwe? Interestingly, it was the people he made fun of some years ago that came to his rescue. Ndi Igbo and the rest of Southern Nigeria galvanized into a...