Author: Akintayo Adams

Diageo has sold its 58.02 shares in Guinness Nigeria to Tolaram Africa, a consumer packaged goods company with about five-decade presence in Africa. Abidemi Ademola, Diageo’s Company’s Secretary, made this known while updating the Nigerian Exchange Group of recent development within the bank. The terms of an agreement for the acquisition of the shares by Tolaram was signed today, June 11, 2024, he revealed. “Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria, and enter into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands. “The…

Nigeria has reached the final stage of its plan to sell five of its power plants at a cost of $1.15 billion. The bid winners will soon to be announced. Adebayo Adelabu, the Minister of Power made the disclosure. He said the bidding process had been completed and a final report submitted to the National Council of Privatisation (NCP) which has Vice President Kashim Shettima as its chairman. “At the next NCP meeting, a final announcement of the preferred bidders will be made public,” Adelabu said at BusinessDay’s Powering Nigeria conference. “The assets will not only increase revenue for the…

The Federal Road Safety Corps (FRSC), through Corps Marshal Shehu Mohammed has urged Nigerians to put the days of delay in getting their driving licence and number plate behind them. He said this reception organised in his honour by the alumnus of the College of Advance Studies Zaria on Saturday. He revealed that steps have been taken to eliminate delays encountered in accessing driver’s licenses and number plates, maintaining that he would address the incessant complaint of delay in accessing number plates and drivers licenses. “I want to assure you that the number plates problems will be over, and FCT…

President Bola Ahmed Tinubu will address the Nigerians in a nationwide broadcast on Wednesday. This is part of activities lined up to commemorate Nigeria’s Democracy Day celebrations. The announcement was made via a statement issued by Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity. Tinubu will address Nigerians at 7am on Wednesday, June 12, 2024, the statement read. According to him, television, radio, and other electronic media are required to connect to the Nigerian Television Authority and the Federal Radio Corporation of Nigeria (FRCN) network services for the broadcast. Get instant and latest news updates via…

The Government of Enugu State, through the Enugu Capital Territory Development Authority, on Tuesday, sealed off the offices of the Enugu Electricity Distribution Company (EEDC). The move was taken after EEDC threatened to disconnect power supply to the Enugu State Government House and those of other state governments as well as institutions in the South-east over ₦180 billion debts. Emeka Ezeh, spokesperson of EEDC, said he met the headquarters of the company sealed alongside other staff. “We were informed by the security men on duty that in the early hours of today (Tuesday) at about 1:53 a.m., a group of…

Hunter Biden has been convicted on all three felony gun charges. A jury in the US state of Delaware found the president’s son guilty on all three counts after hearing a week of witness testimony and evidence in the high-profile criminal trial. The charges carry a maximum sentencing of 25 years and $750,000 in fines. The first count is for making a false statement for acquisition of a firearm, the second for making a false statement to be obtained in records and the third is for illegal possession of a firearm. After being found guilty of illegal drug use while…

The African Export-Import Bank (Afreximbank) has announced the disbursement of a $40 million Intra-African Investment Facility to Fidelity Bank Nigeria Plc. The funding is to aid Fidelity Bank’s acquisition and recapitalisation of Union Bank UK, marking a pivotal step in its international expansion bid. The facility, delivered in two $20 million tranches, allowed Fidelity Bank to refinance its acquisition of a full equity stake in Union Bank UK and inject further equity into the bank, with approval from the UK’s financial regulator. Kanayo Awani, Executive Vice President of Afreximbank, highlighted the strategic significance of this transaction, which aligns with the…

Dr. Ngozi Okoronkwo, Abia State Commissioner for Health has been suspended by Govenor Alex Otti. The directive was contained in a statement on Tuesday by the Commissioner for Information and Culture in the state, Prince Okey Kanu. The statement explained that the suspension is to allow for the investigation of allegations of gross misconduct levelled against the Commissioner. “The Abia State Government is committed to good governance and the rule of law under which persons are presumed innocent until proven guilty. Consequently, the administration is painstaking in investigating and establishing facts of infractions or misconduct uncovered by its internal monitoring…

Gains from Nigeria’s Foreign Exchange devaluation has contributed ₦4.23 trillion to the Federation Account Allocation Committee revenue for the last twelve months. This is according to a recent report by Agora Policy. The increased FAAC revenue was reported to have started since the Naira was floated in June 2023. It stated that FX gains contributed 20.14 percent to the ₦20.99 trillion FAAC revenue in the last year. “From May 2023 to April 2024, a total of ₦4.23 trillion was shared as exchange gain by FAAC, representing 20.14% of ₦20.99 trillion, which was the gross FAAC revenue for the 12 months,”…

Nigeria’s aggregate Company Income Tax (CIT) for Q1 2024 stands at ₦984.61 billion. The figure was disclosed by the National Bureau of Statistics (NBS) in its NBS Company Income Tax, CIT, Q1 2024 Report released in Abuja on Tuesday. The figure, according to the data, shows a growth rate of -12.87 per cent on a quarter-on-quarter basis from ₦1.13 trillion recorded in Q4 2023. Local payments raked in were ₦386.49 billion, while foreign CIT payment contributed ₦598.13 billion in Q1 2024. The report further explained that activities of households as employers, undifferentiated goods- and services-producing activities of households for own…