Economy
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Toll collection to resume at Lekki-Ikoyi link bridge April 1
Toll operations at the Lekki-Ikoyi Link Bridge will commence on April 1, 2022, the Lekki Concession Company Limited has announced. This was disclosed via a statement issued by the Managing Director of the LCC, Yomi Omomuwasan, on Monday. He noted that that commuters plying the corridor will not pay any toll for the first two weeks until April 15, 2022.…
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Stock Market begins week on investors’ profit-taking
The stock market of the Nigerian Exchange Limited (NGX) on Monday closed transaction for the first trading day of the week in the red, thereby halting the bullish run. The All-Share Index decreased by 8.81 basis points or 0.02 per cent to close at 47,428.67 points. Similarly, the market capitalisation lost N5 billion to close at N25.561 trillion. Market sentiment,…
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FG intimidating Nigerians with fuel scarcity, Group alleges
By Temitope Adedeji, Akure Campaign for Democracy, a human rights organisation, has called on the Federal Government to ensure that the sudden fuel scarcity that hits the country is not a device or stratagy to increase the pump price of the product. The group, in a statement signed by its Secretary, Revd. Ifeanyi Dili in Akure, the Ondo State capital,…
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SEC seals Oxford International Group, two others for alleged illegal activities
The Securities and Exchange Commission (SEC), has sealed the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities. The SEC said the offices of the companies in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall…
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IWD: Dangote pledges greater investment in women empowerment
Dangote Group has reiterated its commitment to continue supporting all forms of investments that would help develop and empower the women personnel within the organisation in Nigeria and across its pan-African operations. To commemorate the annual global International Women’s Day, Dangote Group, through the Dangote Women’s Network (DWN) celebrated the various outstanding contributions of its female workforce while hosting all…
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FG shuts illegal online banks, freezes business accounts
The Federal Competition Consumer Protection Commission (FCCPC) in collaboration with the Independent Corrupt Practices and other Related Offences Commission, (ICPC), National Information Technology Development Agency, and the Nigerian Police Force, have raided some illegal financial institutions operating on Opebi Road, Ikeja, Lagos. Among the financial institutions affected were, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni. The raid which took…
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OPINION: US Inflation hits fresh 40-year high, by Lukman Otunuga
Inflation in the world’s largest economy hit a new 40-year high at 7.9% in February thanks to strong demand and supply constraints. With inflation expected to remain at elevated levels due to the surge in global oil prices, consumer prices are expected to hit double digits in the short to medium term. Today’s data has certainly sealed expectations over the…
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Faulty fuel gauge deceived stranded Lagos-Ibadan train driver – NRC
The Nigeria Railway Corporation has given the reason a Lagos-bound train stopped midway from its journey from Ibadan on Thursday. Trending video and pictures had surfaced online on Thursday of a train which “ran out of diesel”, leaving passengers “stranded in a forest”. Reacting, NRC Managing Director, Fidet Okhiria, said the case was that of an incorrect gauge. He however…
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FMDQ Exchange admits Coleman Technical Industries series 3 & 4 CPs
As part of its conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets, FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the quotation of the Coleman Technical Industries Limited N2.40 billion Series 3 and N3.65 billion Series 4 Commercial Papers (CPs) under its N20 billion CP Issuance Programme on its platform. The successful…
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Banks Reduce International Spending Limit On Naira Cards To $20 Monthly
Nigerian banks cut the dollar spending limits on local currency cards to free more resources to fund imports after the central bank signaled it will stop foreign-exchange sales to banks. United Bank for Africa Plc stopped the use of naira card to withdraw dollars from automated teller machines outside the country or make international payments at point of sale devices.…
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