THE Chairman of Heirs Holdings, Tony Elumelu, has emphasised that improving access to electricity as well as improving security are so critical to attracting investments to the country. Elumelu, who spoke at the Taraba International Investment Summit in Jalingo on Wednesday, also stressed the importance of ease of doing business in attracting investors. “Improving access to electricity is so critical in attracting and supporting investments in the country. Improving the security also helps, and most importantly ease of doing business,” Elumelu said at the summit organised by the Taraba State government. He said that the reason he loves and preaches…
Author: Abimbola Daniels
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THE Dangote Petroleum Refinery has said that Preisdent Bola Tinubu’s naira-for-crude deal allowed it to reduce the price of petrol, which translates to reduced costs at the pumps. This is even as the company affirmed that the prices of petrol will remain affordable and stable. The company said on Monday that despite the fluctuations in global crude oil prices, it has consistently reduced the price of petrol. The company, in a release signed its Group Chief Branding and Communications Officer, Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating…
LAGOS State Police Command said it has summoned a policeman, Inspector Obic Modestus, after a viral video showed him assaulting a driver. An X user, @dammiedammie35, who shared a video on the social media platform at 11 am on Monday, said, “A new video of Nigerian police men vi0lently assault!ng an uber driver. Please spread this video cos this is someone’s father they’re beat!ng like an animal like this.” The Police Officer, Inspector Obic Modestus, has been summoned by the Complaint Response Unit (CRU) @LagosPoliceNG. He will be handed over to the Provost Department for appropriate disciplinary measures. In the…
A FRESH round of hostilities may have erupted between major oil marketers and the Dangote petroleum refinery as both parties jostle for dominance in Nigeria’s downstream oil sector. This follows recent revelations by the President of the Dangote Group, Alhaji Aliko Dangote, who declared that his $20bn refinery is still “fighting for survival” amid what he described as sabotage by entrenched interests and oil sector cabals resisting local refining. He stated at a recent event that the battle with entrenched oil cabals — one that began even before the refinery commenced full operations — was still ongoing, but expressed confidence…
MARKETERS have argued that Nigeria cannot ban fuel importation now, saying the country’s refining capacity is still low. The marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria said any ban on fuel importation now could trigger scarcity and a hike in fuel prices. This newspaper reports that under President Bola Tinubu’s ‘Nigeria First Policy’, the President directed on Monday that “no procurement of foreign goods or services already available locally shall proceed without justification and a written waiver from the Bureau of Public Procurement.” Amid claims…
THE President of Dangote Group, Alhaji Aliko Dangote, says he is still fighting for the survival of his $20bn refinery, stressing that the fight is not yet finished. Dangote expressed optimism that he would win the fight for the refinery, stating his determination to fight on. According to Semafor, an international news medium, Africa’s richest man spoke at an investor forum in Lagos over the weekend. The report stated that Dangote pointed out that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised oil imports into Nigeria, were the ones trying to…
THE Lagos High Court sitting at the Tafawa Balewa Square has convicted and sentenced to death, a Bus Rapid Transit (BRT) driver, Andrew Ominikoron, for the murder of a 22-year-old fashion designer, Bamise Ayanwola. In a judgment that lasted over two and half hours, Justice Serifat Sonaike held that the prosecution, the Lagos State Government, successfully proved beyond reasonable doubt that the defendant committed the offence. The judge held, “that for the death of Oluwabamise Ayanwola, you will be hanged by the neck until you are dead. May God have mercy upon you.” Although there was no eye witness account…
TRANSNATIONAL Corporation Plc (NGX: TRANSCORP), Nigeria’s leading listed conglomerate with strategic investments in the power, hospitality, and energy sectors, has announced its unaudited results for the first quarter ended March 31, 2025. Key Highlights: • Strong Revenue Growth – The Group in Q1 2025 recorded a revenue of N143.7 billion, marking an increase of 62%, compared to revenue of N88.5 billion in Q1 2024. This strong performance is driven by the exceptional contributions of our subsidiaries. -The power businesses delivered robust revenue growth of 70% year-on-year, reaching N126.8bn in Q1 2025, up from N74.8bn in Q1 2024. Notably, Transafam Power,…
NIGERIA’s oil sector, the lifeblood of its economy, is grappling with a burgeoning crisis as a staggering 92 million barrels of crude oil, slated for export in April and May 2025, remain without buyers, according to exclusive data obtained by BusinessDay. The backlog is casting a shadow over the oil revenue, which accounts for 90 percent of Nigeria’s export earnings and N19.6 trillion, up to 56 percent of the initially projected N34.8 trillion revenue. This reflects Nigeria’s heavy reliance on oil for fiscal sustainability. Data obtained by this newspaper showed that over half of Nigeria’s scheduled crude oil cargoes for…
JUSTICE Deinde Dipeolu of the Federal High Court in Lagos has ordered 54 banks to immediately return a total of N9,329,322,870 fraudulently transferred by hackers from an unnamed old generation bank. The receiving banks include; Union Bank, Zenith, Sterling Bank and 51 Others. The judgment, delivered on April 15, 2025, follows an ex parte motion filed in suit number FHC/L/CS/629/2025. The court directed the financial institutions to place a Post No Debit restriction on all accounts that received the stolen funds and to begin the immediate return of all available funds to the originating bank. The plaintiff bank reported that…
THE Lagos Police Command has clarified the circumstances surrounding the detention of Alabi Quadri, the young supporter who gained attention during the 2023 presidential election for standing in front of Labour Party candidate Peter Obi’s convoy. In a statement on its official X handle on Saturday, the Command’s Public Relations Officer, CSP Benjamin Hundeyin, explained that Quadri was arrested and arraigned in court after being linked to a violent street clash in the Amukoko area of Lagos. According to Hundeyin, the disturbance occurred on January 22, 2025 when rival groups of youths engaged in a street fight that sparked chaos…
THE authorities of the University of Ibadan, Ibadan, in Oyo State, have raised concerns about the growing trend of the organised recruitment and participation of female students in tertiary institutions in Nigeria as egg donors for in vitro fertilisation (IVF) procedures. In an internal memorandum titled “Health Advisory on Egg Donation”, the Director of Health Services of the institution, Dr Aderonke B. Ajayi , warned that while egg donation offers a beacon of hope for couples struggling with infertility, exploiting it as a reliable source of income or a casual means of income had potential health and safety implications, including…
HUNDREDS of suspected Boko Haram members have been arrested in Lagos State, the Commander of the Civilian Joint Task Force in Lagos, Mr Kumar Sanda, has disclosed. Kumar made the revelation on Wednesday while speaking at an award ceremony in Lagos, where he highlighted the CJTF’s ongoing efforts to prevent the infiltration of Boko Haram insurgents and bandits fleeing the North into Lagos. At the event held at the Airport Hotel, Lagos, Kumar received the Best Security Group in Lagos award from the Nigerian Human Rights Community. According to the CJTF Commander, arrests are regularly made at trailer parks, quarries,…
THE Lagos High Court sitting in Ikeja has declared the removal of the re-instated Speaker of the State House of Assembly, Mudashiru Obasa, as illegal, unconstitutional, null and void. In a judgment delivered on Wednesday, the court also nullified the proceedings and resolutions of the House held on January 13, 2025, during which Obasa was ousted. Obasa had filed a suit against the House of Assembly and the newly appointed Speaker at the time, Mojisola Meranda, to challenge the legality of his removal. Represented by his counsel, Chief Afolabi Fashanu, Obasa argued that the decision to remove him was taken…
AVON Medicals, a Heirs Holdings company, has launched an ultra modern hospital facility in Surulere, Lagos. The 50-bed medical facility was inaugurated on Monday, by Lagos State Governor, Babajide Sanwo-Olu. In attendance were the Federal Minister of Health, Prof Ali Pate, represented by the Chief Medical Director of LUTH, Prof. Wasiu Lanre Adeyemo; Lagos State Commissioner of Health. Also present at the ceremony were the Group Chairman of Heirs Holdings, Tony Elumelu, Lagos Commissioner of Health, Lagos State, Prof. Akin Abayomi, among other dignitaries. Chairperson of AVON Medical, Dr Awele Elumelu, said the facility represents a bold step in AVON…
New UBA PoS, UBA MONI App Offer Instant Payment, Real-Time Network Monitoring AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled its vastly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empowering small and Medium Scale Enterprises across Africa. The upgraded platforms form part of the bank’s ongoing campaign with the theme: Innovation for Progress: Empowering SMEs, Connecting Communities, Simplifying Banking. The newly improved PoS, which provides customers efficiency and ease in transacting their businesses, boasts of exciting features designed to boost efficiency, transparency, and trust…
THE management of Lagos State University of Science and Technology (LASUSTECH) has dismissed three lecturers over sexual harassment. The dismissed three lecturers were Mr. Nurudeen Hassan from Mass Communication, Mr. Kareem Arigbabu and Mr. Olayinka Uthman from the Arts & Design department. According to a memo titled: DISMISSAL OF STAFF MEMBERS DUE TO SEXUAL HARASSMENT ALLEGATIONS, the decision to dismiss the lecturers were concluded after deliberation by the institution’s Governing Council in accordance with Section 5.5.2(v) of the University Senior Staff Conditions of Service. “The Governing Council of Lagos State University of Science and Technology (LASUSTECH) has taken decisive action…
IN an effort to promote environmental cleanliness and safeguard public health, the Lagos State Government has sealed 13 markets across the state for persistent violations related to illegal waste disposal. This was disclosed by the state’s Commissioner for Environment and Water Resources, Tokunbo Wahab, in a statement on his X handle on Friday. Wahab said that the enforcement actions are in line with the Lagos State Environmental Management and Protection Law of 2017, aimed at ensuring responsible waste management and maintaining public order. Notably, Ketu and Mile 12 markets were sealed last night due to consistent violations, including the improper…
THE Federal Government has marked 700 properties for demolition for the Lagos-Calabar Highway project. Lagos State Controller of Works, Mrs Olukorede Kesha, disclosed this at a stakeholders’ meeting on the ongoing Lagos-Calabar Coastal Highway project. According to her, the number was significantly lower than initial estimates. “Instead of having to demolish about 1,500 houses, we took the most economical route. Now we are left with less than 700 houses to be demolished,” she said. She lauded the pace and planning of the project, stating that Section 1 of the Lagos-Calabar Coastal Highway, which is 47 plus 400 kilometres, was awarded…
SOME of Nigeria’s largest commercial banks earned a combined N922.5 billion ($589 million) from net fees and commission charges in 2024, marking a 60 percent jump from the prior year despite rising public frustration over surging transaction costs and service failures. The earnings, compiled from full-year financial statements of nine deposit money banks, rose from N576.1 billion in 2023, underscoring the sector’s growing reliance on non-interest income amid a volatile macroeconomic environment. Zenith Bank led the cohort with N206.87 billion in net fee and commission income, an 89.3 percent increase from N109.31 billion in 2023. The bank attributed the growth…