A letter by Ogun State Governor, Senator Ibikunle Amosun, directed to one of his predecessor, Chief Olusegun Osoba, has revealed the genesis of the intractable conflict, which ruptured the relationship between the two leaders. Consequent upon the disagreement between the two leaders, investigation by THISDAY revealed that Osoba’s group, comprising three senators and nine members of the House of Representatives, had concluded plans to defect to Social Democratic Party (SDP) after the Osun State governorship election.
Updated 5 Years ago

In what appears like justifying the impeachment of his predecessor, the acting Governor of Adamawa State, Alhaji Umaru Fintirin, has accused the former governor, Rear Admiral Murtala Nyako (rtd), of stealing N82 billion state funds. In order to confirm the figure and recover the said sum, Fintiri hinted that he would not only set up a judicial panel to probe Nyako, but would also invite the security agencies to whom he pledged cooperation.
Updated 5 Years ago

The Presidency tuesday denied the allegation that the federal government gave a N100-million bribe to the parents of the over 200 abducted female students of Government Secondary School, Chibok, Borno State when they visited President Goodluck Jonathan Tuesday, last week. The leader of the #BringBackOurGirls campaigners and former Minister of Education, Mrs Oby Ezekwesili, had tweeted that the federal government offered N100 million to the distressed Chibok parents, describing it as “filthy lucre” and “disgusting” via her twitter handle, @obyezeks.
Updated 5 Years ago

The Nigeria LNG Limited (NLNG) has stated that it must continue investing in the expansion of its capacity to supply Liquefied natural gas to the global market in order to stay competitive in the global gas business. NLNG in a statement signed by its General Manager, External Relations, Kudo Eresia-Eke, noted that having successfully moved from being the 10th largest supplier of LNG globally to the eighth position currently, a lot more investment is needed to sustain the momentum.
Updated 5 Years ago

The Nigerian Stock Exchange is planning to introduce Nigerian Depository Receipts (NDRs) as part of its efforts to satisfy the investment needs of investors in the Nigerian capital market. Depository Receipts (DRs) are negotiable securities that generally represent a company’s publicly traded equity or debt. The DRs are listed on stock exchanges and usually behave exactly like regular stocks as their prices fluctuate depending on demand and supply, and depending on the fundamentals of the underlying security.
Updated 5 Years ago

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion). According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market. Growth, the report revealed, continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt.
Updated 5 Years ago

Globally, women disproportionately face financial access barriers that prevent them from participating in the economy and from improving their lives. Women make up 40 per cent of the world’s workforce. Many of the sectors that are critical for economic growth in some of the poorest countries rely heavily on women. Small and medium scale enterprises (SMEs) with female ownership represent 30 per cent to 37 percent of all SMEs (8 million to 10 million women-owned firms) in Nigeria and other emerging markets. These businesses, according to a recent World Bank report, have unmet financial needs of between $260 billion and $320 billion a year across the globe.
Updated 5 Years ago

This is according to Steve Harley, President, DHL Energy Sector (http://www.dpdhl.com), who says that while Angola and Nigeria have always been the most notable producers within the Sub-Saharan region, more recently, significant gas discoveries in Tanzania and Mozambique, has led to East Africa now receiving its share of attention from global oil companies and potential investors. “Oil discoveries in Uganda and Kenya have also added to the excitement in the sector as new players look to enter these markets, including some of the largest independent and international oil companies, otherwise known as the super majors, who are now also witnessing the potential in this region.”
Updated 5 Years ago

Suresh Kana, PwC Africa Network Territory Senior Partner The investment is part of PwC’s ongoing strategy to develop high potential markets, and follows the UK firm’s successful investment in Central and Eastern Europe. Ian Powell, UK Chairman and Senior Partner, commented:
Updated 5 Years ago

Mondi, the Johannesburg and London-listed packaging and paper group, on Tuesday said it is expecting to post solid profits in the six months to June this year. Mondi said basic underlying earnings a share were likely to between 46 Euro cents and 51 Euro cents from 35.3 cents in 2013.
Updated 5 Years ago