Category: Finance - Page 30 - African News Today

3Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Press Statement, South Africa

Shoprite Commences Process to Shut down Operation in Nigeria

South Africa’s grocery retail giant, ShopRite, plans to discontinue its operation in Nigeria. Shoprite first made its way to Nigerian market in Lagos in December 2005. On Monday morning, the firm said in a trading update filed at the Johannesburg Stock Exchange that it plans to stop operations in Nigeria. International supermarkets (excluding Nigeria) contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018. 78 percent of overall sales was contributed by South African operations and accounted for 8.7 percent increase for the year. The company said it had received offers from investors seeking to take over its Nigerian operations. It said it was deliberating a total sale of its operations or selling a majority stake to Nigerian subsidia...

APC Extends Olive Branch to Atiku, Saraki, Others after Dogara, Gemade’s Return

3Aug

By Obiajulu Joel NwoluNo Comments

African Development, Economy, Employment, Finance, Interview, Legislature, News, Nigeria, Press Statement, Youths

APC Extends Olive Branch to Atiku, Saraki, Others after Dogara, Gemade’s Return

The All Progressive Congress (APC) has beckoned to aggrieved bigwigs who left the party to return to its fold in the spirit of reconciliation. The ruling party extended an invitation to heavyweights such as former vice president and presidential candidate of the People’s Democratic Party (PDP) in the 2015 election, Atiku Abubakar, Governor Aminu Tambuwal of Sokoto State, former senate president Bukola Saraki and others who left the party ahead of the 2019 election till date. The party made the call after the return of Senator Barnabas Gemade of the Social Democratic Party (SDP) to the party at the weekend. Ealier, immediate past Speaker of the House of Representatives, Yakubu Dogara decamped to the party after moving to PDP to contest 2019 election. APC said the return of the d...

Nigeria: The Debate Over Relinquishing Sovereignty by Victor Oladokun

3Aug

By adminNo Comments

Africa, China, Economy, Finance, News, Nigeria

Nigeria: The Debate Over Relinquishing Sovereignty by Victor Oladokun

The Nigerian Minister of #Transportation, Rotimi Amechi, has been in the news recently. He says he has only just become aware of a clause in a $5 billion rail project to be built by #China, that requires the relinquishing of sovereignty in the event of a loan default. With all due respect, this is a red herring. #Nigeria should not and must not relinquish an iota of its sovereignty. There are other ways of financing infrastructure #development, including direct foreign investment, private sector partnerships, bonds, the utilisation of a portion of the country's sovereign wealth fund, and concessionary loans from institutions such as the #AfricanDevelopmentBank This is not about China. Rather, it is about smart investing and the imperative of not discounting Nigeria's development aga...

Arteta Lauds Aubameyang’s FA Cup Heroics, Hopes Striker Extends Gunners Contract

2Aug

By Obiajulu Joel NwoluNo Comments

African Development, Finance, Gabon, Interview, News, Sports

Arteta Lauds Aubameyang’s FA Cup Heroics, Hopes Striker Extends Gunners Contract

Arsenal manager, Mikel Arteta has lauded the contribution of Gabonese striker Pierre-Emerick Aubameyang to the gunners FA cup final triumph against Chelsea at Wembley. The 31-year-old forward scored both goals as Arsenal came from behind to clinch a 2-1 victory in the final on Saturday, to win their first 14th FA cup. “Big games require big moments from big players, and he’s delivered that in the semi-final and he’s done it again in the final,” Arsenal.com quotes Arteta. “That’s why you ask about those players. Some were questioning that he couldn’t do it in big games. There we go. He was a big, big part of delivering this trophy. He’s done it and we are so proud to have a player like him in our squad.” The prolific talisman has been linked with a host of clubs in Europe due to...

Lagos State Government Shuts Down Eti-Osa COVID-19 Isolation Centre as COVID-19 cases reduce

2Aug

By Obiajulu Joel NwoluNo Comments

African Development, Covid-19, Economy, Finance, Interview, Lagos News, News, Nigeria, Press Statement, Science

Lagos State Government Shuts Down Eti-Osa COVID-19 Isolation Centre as COVID-19 cases reduce

The Lagos State Government has closed the Eti-Osa coronavirus patients’ isolation centre. This was announced by Lagos State governor, Babajide Sanwo-Olu during the 17th update on the management of the coronavirus in the state. The governor while reporting progress in curbing the diseas said the Agidingbi Isolation Centre would also be shut down and patients relocated to a large capacity centre – Indo-Centre in Anthony area, which would soon commence operation. He said, “Over the last four, five months, we have built an excess capacity centre, but that is only the way to go, you cannot over-prepare. “We have got to a stage where we need to balance the economics of this and which of these facilities do we need to keep running. “Some of them now are having less than 20 per cent...

Napoli Completes Club Record €50m Deal for Nigerian Striker Osimhen from Lille

1Aug

By Obiajulu Joel NwoluNo Comments

African Development, Employment, Finance, News, Nigeria, Sports, Youths

Napoli Completes Club Record €50m Deal for Nigerian Striker Osimhen from Lille

Napoli has completed the club record signing of Nigerian striker, Victor Osimhen from Ligue 1 side, Lille. Osimhen who bagged 18 goals in 38 appearanced for Lille in the just concluded 2019-20 season joins Napoli for a club record €50 million (£45m/$59m) fee. Speculations had linked the forward with several top European clubs after his topnotch form in front of goal, including scoring against Premiere league clubs Arsenal and Liverpool but Osimhen has opted for the Serie A side. Osimhen has scored four goals in 10 appearances for the super Eagles of Nigeria. He first moved to Europe in 2017 with Wolfsburg in German Bundesliga, before joining Charleroi in Belgium on a initial loan deal which was later made permanent. He was prolific in Belgium as he scored an impressive 36 goals...

Buhari Reacts to NDDC, EFCC Probes, says it’s an Abuse of trust

1Aug

By Obiajulu Joel NwoluNo Comments

African Development, Corruption, Crime, Economy, Finance, Human Rights, Interview, Judiciary, Justice, Legislature, News, Niger Delta, Nigeria, Press Statement, Religion

Buhari Reacts to NDDC, EFCC Probes, says it’s an Abuse of trust

President Muhammadu Buhari on Friday reacted to corruption allegations rocking the Niger Delta Development Commission and Economic and Financial Crimes Commission (EFCC). He said that some of his appointees have betrayed the trust reposed in them. The president disclosed this in a chat with reporters after observing Eid Mubarak prayers at the forecourt of the presidential villa. He said, “There has been abuse of trust by people trusted by previous administration and this administration.” Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) has being quizzed by a presidential panel over allegations of corruption and abuse of power. The interim management of the Niger Delta Development Commission (NDDC) led by Kemebradikumo D...

Ogun plans August 14 Worship Centres Reopening, Schools to Resume August 4

30Jul

By Obiajulu Joel NwoluNo Comments

African Development, Covid-19, Economy, Education, Employment, Finance, Interview, News, Nigeria, Press Statement, Religion, Safety, Youths

Ogun plans August 14 Worship Centres Reopening, Schools to Resume August 4

The Ogun state Government plans a conditional approval for reopening of places of worship across the state from August 14, 2020 in absolute compliance to COVID-19 safety guidelines. The state government also disclosed that schools will resume August 4, for students preparing for the recently approved senior school certificate examination organised by West African Examination Council (WAEC). In a chat with journalists on Wednesday in Abeokuta, the state capital, the Ogun State Governor, Mr. Dapo Abiodun said his administration took the decision to reopen schools and worship centres after diligent consultation with relevant stakeholders. He acknowledged the effort of League of Imams and Alfas as well as the leadership of the Christian Association of Nigeria (CAN) for standing on t...

FAAN Speaks on Readiness for Eid-El-Kabir Celebration

29Jul

By Obiajulu Joel NwoluNo Comments

Aviation, Covid-19, Economy, Finance, News, Nigeria, Press Statement, Safety, Security, Transportation

FAAN Speaks on Readiness for Eid-El-Kabir Celebration

The Federal Airports Authority of Nigeria (FAAN) has assured air travelers of its readiness to serve Nigerians during the Sallah celebrations. A statement released through its Twitter handled signed by Henrietta Yakubu General Manager, Corporate Affairs expressed its commitment to ensure safety of its airports and travelers. The Federal Government is ensuring gradual reopening of airports after closure due to COVID-19 pandemic. The statement read, “The Federal Airports Authority of Nigeria (FAAN) assures all airport users that Nigerian airports under its management are fully ready to play host to air travelers during this Sallah celebrations. As part of our commitment to ensure safe, healthy and seamless facilitation of our highly esteemed passengers during the Sallah celebrations...

NDDC Contract: Lawmakers Debunk Akpabio’s Allegation

28Jul

By Obiajulu Joel NwoluNo Comments

Corruption, Crime, Economy, Finance, Interview, Justice, Legislature, News, Niger Delta, Nigeria

NDDC Contract: Lawmakers Debunk Akpabio’s Allegation

Senators mentioned as beneficiaries of Niger Delta Development Commission (NDDC) contracts by Senator Godswill Akpabio, Minister of Niger Delta Affairs, have denied the allegation and asked the minister to give account of N81.5 billion spent by the commission instead. Speaking with reporters yesterday, Senator Peter Nwaoboshi, Chairman of Senate Committee on Niger Delta Affairs and his forerunner Senator James Manager, said that they were not awarded any contract by NDDC between 2017 and 2019 as alleged by Akpabio. In his reaction, Nwaoboshi dared the minister to submit the list to anti-corruption and law enforcement agencies if he can prove that he was awarded 53 NDDC projects as alleged. Nwaoboshi said, “The unsubstantiated allegation is in line with Mr. Akpabio’s well-known age...