Economy
Ex-President Obasanjo: Bolu Akin-Olugbade was passionate about Nigeria’s unity
Former President, Chief Olusegun Obasanjo, on Thursday, described the late billionaire businessman, Bolu Akin-Olugbade, as passionate in his defence of Nigerian unity and was devoted to his roots. Akin-Olugbade was reported to have died of COVID-19-related complications, as a passionate Nigerian. Obasanjo said this in a condolence letter addressed to his wife, Chief (Mrs.) Oladunni Akin-Olugbade. Obasanjo remarked that Bolu would be greatly missed by his community, Local Government Area, State, and the nation in general, saying that all Owu people have lost a great son. The former President is the Balogun (Prime Minister) of Owu, where the late billionaire hails from. Obasanjo in the letter issued by his Special Assistant on Media, Kehinde Akinyemi, said in spite of his privileged backgrou...
PDP raps President Buhari over performance claims
The Peoples Democratic Party, PDP, yesterday berated President Muhammadu Buhari over his stewardship in the past five years, saying he has failed to justify the confidence reposed in him by Nigerians. This is even as the party noted Mr. President’s “illusory self-assessment” has validated its position that “he has since abandoned governance for the luxury and pleasures of Aso Presidential villa, having lost sync with the reality of the devastation his incompetent administration has brought to our nation in the last five years.” In a statement signed by its spokesman, Kola Ologbondiyan, the PDP insisted “that every fair criticism of Buhari’s administration only reveals a litany of failures and a reversal of fortune for our country in the last five years,” adding that, “it is unfortunate tha...
Abuja chamber welcomes FCT tax harmonisation
Abuja Chamber of Commerce and Industry (ACCI) has welcomed the plan by the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello to harmonise tax policies within the territory in order end multiple taxations on by businesses in the territory. The President of ACCI, Alhaji Abubakar, in a statement yesterday, commended the minister for acknowledging the challenges faced by businesses within the territory due to series of levies, charges and taxes from Federal, FCTA and Area Councils. “Multiple taxations within the FCT and the larger national economy has imposed crippling consequences on businesses. “The fallout has been many failed businesses, the rising level of inflation, the non-thriving of existing ones and the lack of capacity to engage many unemployed youths. “We want ...
US slaps sanctions on two foundations linked to Iranian supreme leader
The United States on Wednesday blacklisted two Iranian foundations controlled by Supreme Leader Ayatollah Ali Khamenei and their subsidiaries, saying the institutions enabled Iran’s elite to sustain a “corrupt” system of ownership over large parts of the economy. The designations announced by the US Department of the Treasury target Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR), their leaders and subsidiaries. These are the latest actions to reinforce the “maximum pressure” campaign on Iran pursued by US President Donald Trump’s administration. “These institutions enable Iran’s corrupt leaders to exploit a system of ownership over a wide range of sectors of Iran’s economy,” US Secretary of State Mike Pompeo said in a statement. US-Iranian tensions have risen since T...
Uganda election: Will Bobi Wine derail Yoweri Museveni’s sixth term bid?
As millions of Ugandans prepare to pick the country’s president this week, the stakes could not be higher. The run-up to Thursday’s vote has been marred by restrictions on campaigning, arrests of opposition figures and deadly violence. At least 54 people were killed in November as security forces put down protests by opposition supporters. Longtime President Yoweri Museveni, 76, is facing a strong challenge from popular musician-turned-politician Bobi Wine in his bid to secure a sixth, five-year term in office. Bobi Wine, whose real name is Robert Kyagulanyi Ssentamu, was just four years old when Museveni, a former rebel leader, came to power in 1986. In 2005, Uganda’s ruling-party-dominated parliament removed presidential term limits. And in 2017, lawmakers scrapped the age limit of 75 fo...
Abuja residents: Why we buy ‘second hand’ clothes
Some residents of the Federal Capital Territory (FCT) in Bwari Area Council say they patronise the clothes not only because of its affordability but also for the upgraded standard. The buyers spoke in separate interviews with newsmen at the Dutse-Alhaji market on Sunday in Abuja. The buyers were seen patronising the items from their dealers in the market, which was known for the cheap sale of second hand clothing in the district. Ada Micheal, one of the buyers, told newsmen that when it came to especially shoes, school or women bags, she preferred the second hand ones because they were almost new and last longer. ” Not all of these items you see here are fairly used; most of them are new or almost new. ” Some even come with tags from probably the stores they were initially hung for sale or...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Ex-Governor Ngilari: PDP is dead, will be buried in 2023
Former Adamawa Governor Bala James Ngilari, said the Peoples Democratic Party (PDP) has no future in Nigeria because it is a dying party. Ngilari said this at the state All Progressives Congress (APC) stakeholders meeting on Saturday in Yola. The former governor who defected to APC in 2020, was the PDP’s Adamawa North Senatorial Candidate at the 2019 general election. ” One of the reasons why I dumped PDP for APC is that PDP is a dying party. In fact, PDP is dead and it will be buried in 2023. ” Secondly, I don’t see PDP as an alternative for the future of Nigeria, because the contradictions in the party will make its members go to the graveyard and we will help them bury themselves. ” And the reason why I identified myself with APC is because of its laudable objectives that will take us t...
Nigerian government begins three-month special public works scheme in Jigawa
The federal government on Friday inaugurated the Extended Special Public Works (ESPW) programme in Jigawa with 1,000 unskilled youth benefiting from the 27 local government areas of the state. Each participant will receive N20,000 monthly for three months for the duration of the programme. The Minister of Water Resources, Suleiman Adamu, who made this known at the ceremony in Dutse, said that the extended programme was an outcome of the pilot SPW in rural areas approved by President Muhammadu Buhari in 2020. Mr. Adamu said that the programme was introduced following the emergence of the novel COVID-19 pandemic, as a measure to cushion the adverse socio-economic effects on citizens. “It aimed at shielding the vulnerable from the ravaging effects of COVID-19 pandemic which included, but are ...
Ghana army steps in to quell parliament clash ahead of swearing-in
Ghanaian soldiers intervened overnight to quell a clash between opposing parties in parliament ahead of the body’s swearing-in set for Thursday. Chaotic scenes erupted after a ruling party deputy tried to seize the ballot box during the vote for parliament speaker. The ensuing clash lasted several hours until the army stepped in, with national television broadcasting the drama live. “There was total breakdown of law and order,” said MP-elect Kwame Twumasi Ampofo of the opposition National Democratic Congress. “Looking at a member of parliament and a minister of state snatching ballot papers… was so shameful.” The new parliament will be virtually split down the middle between the two main parties, posing the risk of gridlock with key issues on the agenda including how to turn around an econ...
US Democrat Senate wins push stocks higher despite Capitol chaos
Clean sweep by Democrats allows them to enact big-spending policies likely to benefit the economy, investors say. Global stock markets rose and bonds nursed losses on Thursday in anticipation of a big-borrowing and big-spending Democratic administration driving growth, following runoff elections that gave the party control of both houses of the United States Congress. On Wednesday, US Treasury bonds had suffered their steepest selloff in months after Democratic Party victories in two races in the state of Georgia handed them narrow control of the Senate and the power to pass their agenda. US S&P 500 futures rose 0.6 percent and Nasdaq 100 futures rose 0.9 percent as markets seemed to shake off a late fade that pulled Wall Street indexes back from fresh record peaks when chaotic protest...
OPC slams President Buhari over increase in electricity tariff
File Photo The Oodua Peoples Congress has accused President Buhari of being insensitive to the plights of Nigerians, saying the sudden increase in the electricity tarrif is brutish and inhuman, describing it as an attempt to fuel national crisis. The group also restated its support and commitment to true federalism on the basis of regionalism, adding that Nigeria cannot make any meaningful progress with the 1999 Constitution, which it described as a democratic albatross. At a marathon meeting of the leadership and National Coordinating Council of the group in Lagos, the OPC, led by its National Coordinator and Aare Ona Kakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, in a statement signed by the National General Secretary and Publicity Secretary, Babajide Tanimoowo and Yinka Oguntimehin,...
