Author: Ogochukwu Ndubuisi

AIF 2024 Closes with $180bn in Investments, Renewed Commitment Dr Akinwumi Adesina, President of the African Development Bank Group, on Friday delivered a touching keynote speech at the closing ceremony of the Africa Investment Forum 2024 Market Days. The event, held in Rabat, Morocco, marked his final attendance as President of the African Development Bank Group, as he will be completing his two terms of five-year each in 2025. The forum had the theme ”Leveraging Innovative Partnership for Scale”. Adesina expressed satisfaction at the achievements of the Africa Investment Forum. According to him, the forum has attracted over $180 billion…

Air Peace’s 1-Hour Flight Costs a Whopping N14m Air Peace Ltd. says the operating cost for a one-hour flight exceeds N14 million. The airline’s Chief Operating Officer (COO), Mrs Oluwatoyin Olajide, disclosed at a news conference on Friday in Lagos. Olajide said that N7 million is required to purchase 4,000 liters of jet A1 (aviation fuel), currently sold for N1,400 per litre. She added that for Aircraft, Crew, Maintenance and Insurance (ACMI), the airline spends about 4,000 dollars for a one-hour flight. According to the COO, N5 million is required for every one-hour flight, a figure significantly higher than what…

Equities Investors Gain N59bn as UBA, FBNH, ACCESS Rally UBA, FBNH and Access Holdings Plc are among stocks that nudged the equities market capitalisation of the Nigerian Exchange (NGX) higher by about N59 billion on Friday. The stock market closed the week on a positive note, as the market performance indicators rose by +0.10%. Investors’ interest in major market sectors, particularly the Financial and Oil & Gas sectors, contributed to today’s market performance. The market index or All-Share Index increased by 96.64 basis points to close at 98,210.75. Banking names including ACCESSCORP (+3.12%), FBNH (+1.35%), and UBA (+1.34%) drove the…

Petroleum Retailers, Dangote Refinery Seal PMS Supply Deal The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says it has finalised an agreement with Dangote Refinery for the supply of Premium Motor Spirit (PMS) for the upcoming Christmas and New Year celebrations. Dr Joseph Obele, National PRO, PETROAN made this known in a statement on Friday. Obele said the National President of PETROAN, Dr Billy Hary, on Dec. 2, 2024, led the negotiation team of PETROAN to a fruitful strategic business meeting with the management of Dangote Refinery at the complex in Lagos. He said the deal sealed with…

Jigawa Approves N117m for Establishment of Pilot CNG Centre in Dutse Jigawa Government has approved N117 million for the establishment of a pilot Compressed Natural Gas conversion centre in Duste the state capital. Mr Sagir Musa, the Commissioner for Information, Youths, Sports and Culture made this known in a statement on Friday. Musa said the money was approved during the Executive Council meeting on Thursday. Commissioner said the centre would also serve as a CNG training facility. “This is in line with the administration’s commitment to reduce the hardship caused by the removal of the fuel subsidy,” he said. Gov.…

Tax Reform Misunderstood – Gov. Abiodun Gov. Dapo Abiodun of Ogun says most of the disquiet over the Federal Government-led proposed tax reform in the country is borne out of misunderstanding. Abiodun spoke with the News men on Thursday at the ongoing Africa Investment Forum, Market Days 2024, in Rabat, Morocco. The event, on its second day, is under the theme: ‘Leveraging Innovative Partnerships for Scale’. The organisers said that the theme underscored the commitment by partners to drive transformative investments across Africa through strategic collaborations. Abiodun spoke after a closed-door meeting with the African Developmental Bank Group president, Dr…

Lagos Expands Fibre-Optic Network, Unveils Data Centre Plans Gov. Babajide Sanwo-Olu of Lagos State on Thursday announced plans to extend the state’s fibre-optic network by an additional 1,200 kilometers in 2025, complementing the existing 2,500 kilometers. Sanwo-Olu said this while speaking at the sixth edition of the Art of Technology Lagos Conference, which had the theme, “AI and the Lagos Digital Economy.” The governor, who was represented by his Deputy, Dr Obafemi Hamzat, said the state also had plans to host world-class data centres in Lagos within the next 24 months. According to Sanwo-Olu, these projects will provide the backbone…

Lawal Presents 2025 Budget Proposal of N545bn Gov. Dauda Lawal of Zamfara on Wednesday, presented an Appropriation Bill of N545 billion to the State House of Assembly for 2025 fiscal year. Presenting the budget at the state assembly’s chamber, Gov. Lawal said the 2025 budget comprises 28 per cent recurrent expenditure amounting to N151,680,000, while the capital expenditure stood at N393,334,575 representing 72 per cent. The proposed budget is a bit higher than the 2024 appropriation. Lawal described the 2025 proposed budget as response to reforms and inflationary trends impacting different sectors across the country. The governor noted with satisfaction…

Investigation Into Air Peace Alleged Exploitative Ticket Pricing Ongoing — FCCPC The Federal Competition and Consumer Protection Commission (FCCPC) says its inquiry into allegations of exploitative ticket pricing by AirPeace and other entities is still ongoing. A notice signed by Mr Ondaje Ijagwu, the Director, Corporate Affairs of the commission in Abuja on Thursday, said the inquiry commenced on Dec. 3. Ijagwu was reacting to media reports which quoted the commission as saying that the Federal Government was not investigating AirPeace. He said that Air Peace was one of the entities being engaged to address allegations of exploitative ticket pricing,…

The Taraba State Internal Revenue Service (TSIRS) says it has improved internally generated revenue (IGR) from N800 million to N1.6 billion since assuming its new leadership in June 2024.