NewStats: 3,263,763 , 8,181,322 topics. Date: Saturday, 07 June 2025 at 07:36 PM 93u6j

Africa is a continent with a deep history, home to some of the world’s oldest countries and civilizations.

These countries have shaped Africa’s identity through their unique paths to independence and rich cultural traditions.

From ancient kingdoms to modern states, their stories show resilience, strength, and transformation.

Here are the ten oldest countries in Africa;

Liberia

Independence Date: July 26, 1847


Liberia is the oldest country in Africa. It became independent after being established in 1822 as a settlement for freed slaves. Its capital, Monrovia, was named after U.S. President James Monroe. Liberia became the first independent black republic in Africa, with Joseph Jenkins Roberts as its first president in 1848. The economy relied on trade and rubber exports, shaped by freed slaves and local communities.

South Africa

Independence Date: May 31, 1910

South Africa became independent as the Union of South Africa in 1910. Its capitals are Pretoria, Cape Town, and Bloemfontein. The country struggled with racial segregation under apartheid, which ended in 1994. Today, South Africa is known for its diverse culture, natural resources, and vibrant cities like Cape Town.

Egypt

Independence Date: February 28, 1922

Egypt gained independence from British control in 1922. Its capital, Cairo, is the heart of its rich history. Though it became independent, Egypt remained a monarchy until 1956. Known for ancient landmarks like the Pyramids, Egypt has been a key player in Arab politics, particularly under President Gamal Abdel Nasser in the mid-20th century.

Ethiopia

Independence Date: May 5, 1941

Ethiopia, with its capital Addis Ababa, is one of the few African nations never colonised, although Italy occupied it from 1936 to 1941. Ethiopia regained full independence in 1941. The country is deeply rooted in ancient traditions and Christianity and remains a cultural and economic hub in East Africa.

Libya

Independence Date: December 24, 1951

Libya gained independence from the United Kingdom in 1951. Its capital, Tripoli, has been a centre of trade in North Africa. Libya’s early years were marked by constitutional rule, but it experienced political changes under Muammar Gaddafi’s leadership from 1969 to 2011. Libya is known for its vast oil reserves.

Sudan

Independence Date: January 1, 1956

Sudan, with its capital Khartoum, gained independence as one of Africa’s largest nations by land area. The country faced conflicts between its north and south, leading to the independence of South Sudan in 2011. Sudan remains a culturally diverse nation with ongoing political and economic challenges.

Morocco

Independence Date: March 2, 1956

Morocco, located in Northwest Africa, gained independence after resisting French and Spanish colonial rule. Its capital, Rabat, reflects a mix of historical and modern influences. Morocco transitioned to a constitutional monarchy and is a key player in African and Arab affairs.

Tunisia

Independence Date: March 20, 1956

Tunisia gained independence from in 1956. Its capital, Tunis, is a blend of modernity and ancient history. The government implemented nationalisation policies after independence, allowing citizens greater access to resources. Tunisia is famous for its Carthaginian heritage and beautiful Mediterranean coastline.

Ghana

Independence Date: March 6, 1957

Ghana, with its capital Accra, was the first sub-Saharan African nation to gain independence from colonial rule. Known for cocoa production and its vibrant culture, Ghana has become a model of political stability and economic success in West Africa.

Guinea

Independence Date: October 2, 1958

Guinea, located in West Africa, gained independence from . Its capital, Conakry, is a hub of cultural and historical importance. Despite challenges, Guinea is known for its natural beauty, rich cultural traditions, and economic resources like mining and agriculture.

Source: https://www.vanguardngr.com/2024/12/10-oldest-countries-in-africa/

The Oyo state Pacesetter Transport Service (PTS) has launched its Ibadan-Lagos operations.

In an X post, the agency said the trips, which commenced on Sunday, cost N3,200.

The Oyo boarding station is located at PTS terminal, T.C.T.C Eleyele, Ibadan. Lagos’ terminals are at the Ikeja BRT station and Ojota.

“Commuters can now travel in comfort and style in our elegant rides at very competitive prices,” the post reads.

“It features more than travelling as it offers: Air-conditioning, free WiFi, E-Entertainment, individual charging ports, refreshments, safety, and security.

‘The vehicles are 15-seater environmental and commuter friendly buses designed to provide you comfort during travels like you never left home.

“The drivers are well trained personnel crested with the responsibility of ensuring your safe travels.”

Daily departure schedules are at 7am, 10am, 1pm and 4pm.

PTS said payment can be made at the stations using the Pacesetter cards or automated teller machine (ATM) cards, adding that plans for online booking are under way.

Source: https://www.thecable.ng/free-wifi-refreshments-oyo-launches-ibadan-lagos-bus-service-for-n3200/

We (Chelsea) are not in the title race please, just donate 3 points to us in every match, that's the only thing we need.

The title race is between

(1) Liverpool
(2) Arsenal
(3) Man City
(4) Man Utd
(5) Tottenham

Again, We (Chelsea) are not in the title race, just donate 3 points to us in every match.

KTBFFH

We (Chelsea) are not in the title race please, just donate 3 points to us in every match, that's the only thing we need.

The title race is between

(1) Liverpool
(2) Arsenal
(3) Man City
(4) Man Utd
(5) Tottenham

Again, We (Chelsea) are not in the title race, just donate 3 points to us in every match.

KTBFFH

Cocolatti:
The title race is clearly between Liverpool and Chelsea. Arsenal have regressed this season.

We (Chelsea) are not in the title race please, just donate 3 points to us in every match, that's the only we need.

amazingspiderma:
When you left Dollar was below #120.

Now, T pain has made it #1,7000.

Hmmmm

Why I left well-paying job to sell jollof rice on London street – Buckingham varsity graduate.

A graduate of Business Economics from the University of Buckingham, England, Azeez Olayide, speaks with BIODUN BUSARI on his journey and jollof rice business in the United Kingdom

How did you come about the name, 2 Nigerian Boys?

It was a gesture of two friends working in the city thinking about what they could do. Then, we thought of starting a business. We thought of bringing Nigerian food to the city. At that time, there weren’t any Nigerian or African food. It was in 2019. We started the 2 Nigerian Boys at Spitalfields market. Spitalfields was our first market anyway. We started there the first day, we went to Fenchurch Street, Fenchurch Station. That’s still in central London as well, so that’s how we started the business.

Do you sell only jollof rice or other African delicacies?

We sell just jollof rice because it’s just for lunch. We sell jollof rice, chicken, beef and lamb.

Do you have other business aside from selling jollof rice?

I don’t have any other business.

What took you originally to the UK?

I left Nigeria in 2005 to study. After I finished my studies, I decided to just wait and work.

What did you study?

I studied Business Economics at the University of Buckingham.

Does your course of study reflect the jollof rice business you started?

Well, I wouldn’t say that. Everything in life is just about trying. And sometimes it works. The job I was doing was okay. It was a well-paying job, but we decided to just see where this jollof rice business takes us. It is about taking control of our lives. That’s what we did.

Are there challenges that have tested your resilience in the business?

Yeah, there are challenges. Everything in life has to be in ups and downs. Selling food in the UK is different from selling food in Nigeria. You have to go through a lot of stages before you can even try to set up. You have to do your mental statement. You must have your food hygiene rating. The government has to come and look at what you are selling and where you are selling your food. The government in the UK takes the business environment seriously. They have to see everybody working with you. They must have some sort of certificate to work with you. But really, these are not ups and downs if you know what you’re doing. To put it straight, starting up a business in the UK is not just like Nigeria.

How have you grown in the business?

Yes, we opened another branch in Briston. We just opened that this year anyway. But things have been going well because we do a lot of private offices for their lunches and a lot of places around London. It is a good thing. We pay our taxes and VAT.

How much did you invest to start the business?

I can’t disclose the capital. I have to be private with that.

Do you have competitors in the business?

Yes. There have to be competitors as well. I can’t be the only one selling jollof in London. A lot of people might do it better and some don’t. But one thing always stands out: if your product is good, your product will sell itself. If your location is good, your location will bring people to you. I always tell people that a good thing about business, especially with the food business, is your location. Your location always matters in whatever you do. Your location and product play important roles in growing your business. If your customer service is excellent, the ratings will go far.

The company is 2 Nigerian Boys. Where is your partner?

The second Nigerian Boy is a close friend. He’s good at what he does. He’s a creative. He’s the main brain of the company, so, that’s how we do things. He does a lot, and I do my part as well. The business is just 2 Nigerian Boys. He doesn’t want to be in public space for now. So, that’s why I always say one is there, and the other is a magician. You don’t ask a magician how he performs his magic. Let me just put it that way.

How do you recruit your workers?

Well, I would say some apply. The business is the marketplace. People always come to tell you that they are looking for work, and you ask them what their experience is. With this, we employ. For now, it’s just Nigerians. If I have some Asians and Indians looking for work, why not? They will do their part and see if they can cope. It’s just for them to serve people, which is all right.

What is the reaction of your family in Nigeria that you are selling jollof rice in the UK?

No parent wants his or her children to be a rice seller. But they don’t have a choice because the business is paying the bills. I might read economics, but if I feel that rice selling is more peaceful, then I’m in it. I have my own time. The fact is that when you are in your 40s, you don’t have to explain anything you do to your parents. Your parents have done their part, and it’s just for you to tell them you are happy with what you do. My mum is late, but my dad is alive and well. He doesn’t have any complaints about it. I’m happy with what I do. And I’m trying to make money from it. At least I’m not asking him for money, so, he’s alright about it.

Source: https://punchng.com/why-i-left-well-paying-job-to-sell-jollof-rice-on-london-street-buckingham-varsity-graduate/

Dutch clubs, Ajax, VVV Venlo and Roda JC Kerkrade are leading the rally to raise at least €170,000 – about N272,109,812.23 – for their former player and ex-Nigeria international, Tijani Babangida, who is in the Netherlands with his wife for treatment after being involved in a ghastly accident earlier this year, PUNCH Sports Extra reports.

In May, Babangida and his family were involved in an accident along the Kaduna–Zaria Road, losing his one-year-old son, Fadil, his younger brother, Ibrahim and also leaving him, his wife and their maid with varying degrees of injuries.

After initial treatments at the Ahmadu Bello University Teaching Hospital and another hospital in Abuja, Babangida and his wife are now in the Netherlands, thanks to the efforts of his former teammates.

In a publication titled ‘Tijjani Babangida’s suffering: “He laughs from the outside, but crying from the Inside”’, it was revealed that his wife has recently undergone the first major surgery on her face with at least three or four heavy interventions to follow while Babangida is also working on his rehabilitation after having surgery on his knee.

“There are financial challenges. The total picture to cover the treatment and all other costs is at least 170,000 Euros. A large sum that Baba can’t afford. Due to wrong investments and failed projects in his home country of Nigeria, he has lost all his money,” the article further stated.

The 1996 Olympic gold medallist was full of appreciation for his former clubs and teammates.

“Fortunately, Ajax, VVV and Roda have all offered to help me. They have ed forces so that not only a few people, but everyone can help through crowdfunding. This is to pay my wife’s medical expenses. I think that’s very beautiful, I don’t know how to thank them.”

“These guys did everything for me. When I came here, my driver’s license was no longer valid. They took me everywhere. Not only to the hospital but also to the rehabilitation centre Adelante. My wife’s arm is paralysed, she can’t use it anymore. Rehabilitation will be months.”

Babangida was contracted to Ajax for seven years. He won an Eredivisie title in 1998 and two Dutch Cup trophies, scoring 20 goals in 77 appearances for the club. Before then, he played at Roda JC from 1991 to 1996 and was on loan at VVV Venlo from 1991 to 1993.

Source: https://punchng.com/babangidas-ex-dutch-clubs-lead-e170k-crowdfunding-for-nigerian/

British Conservative Party leader, Kemi Badenoch, who has been in the eye of the storm over controversial statements about Nigeria, once sought the help of people from the West African country to secure her parliamentary seat, Saturday PUNCH reports.

Badenoch (nee Adegoke) had in 2010 sought the of the Nigerian community in the United Kingdom in her bid to win a seat in the British parliament.

A campaign document which has been making the rounds on social media showed that during her campaign for Dulwich and West Norwood, she reached out to Nigerians while highlighting her roots.

She particularly pledged to uplift the image of the country through her position in the British political system.

In a message to her Nigerian ers, Badenoch said, “I need your help. I’m running for parliament in the 2010 UK general elections. The race is very tight. Last year, a survey was carried out in this constituency by the News of the World and the forecast was that I would win. This year, things are a lot tougher as the party has dropped nationally in the polls. I need your help.

“In a recent BBC interview, a caller insulted me because I’m Yoruba. I was very disappointed that a Nigerian woman who claimed to have lived in London for 45 years had issues with me being Yoruba than with my political views and shamefully made her comments on national radio.

“We really need to get out of this mindset where we are fighting one another and try and each other instead. Regardless of party allegiance, a Nigerian in parliament winning purely on merit and not because of her relatives or by buying the election will be amazing.”

She lamented that her generation had suffered enough from the mistakes of the past and it was time to retell the story.

“So I am asking for your help now to a Nigerian who is trying to improve our national image and do something great here,” she added.

However, the UK-born Badenoch after winning the election, deployed her experiences in Nigeria, as a talking point to rally for her policies.

She has been accused of exploiting her roots for political gains.

While in the race to succeed former British Prime Minister Boris Johnson in 2022, Badenoch lambasted Nigerian politicians for polluting the environment with degradation.

She said, “I grew up in Nigeria, and I saw firsthand what happens when politicians are in it for themselves, when they use public money as their private piggy banks.”

“I saw what socialism is for millions. I saw poverty and broken dreams. I came to Britain to make my way in a country where hard work and honest endeavour can take you anywhere.”

Also, in one of the interviews she had with the British media, she said she did not want the UK to experience what made her flee Nigeria.

“This is my country…I don’t want it to become like the place I ran away from. I want it to get better and better, not just for me, but for the next generation,” she said.

Nigerians in the diaspora, including former presidential aide, Reno Omokri, accused Badenoch of using her Nigerian background when convenient and distancing herself when it suited her political ambitions.

Omokri, on his X page, gave instances when the UK disowned Nigerians during their downtimes, but embraced them at their best.

“Mrs Badenoch may want to acquaint herself with the case of former British star footballer, John Fashanu. When he was the darling of the football-loving Brits, he was called British, and he did not associate with Nigeria,” he said.

Also, Vice President Kashim Shettima, during the 10th Annual Migration Dialogue, stated that she had the right to express her opinions but could not diminish the value of the country.

In response, Badenoch’s spokesperson reaffirmed that she stood by her words.

“She is the leader of the opposition, and she is very proud of her leadership of the opposition in this country. She tells the truth. She tells it like it is. She’s not going to couch her words, and she stands by what she says,” the spokesperson said.

Source: https://punchng.com/how-kemi-badenoch-used-nigerian-roots-to-become-british-mp/

The estimated cost of landing Motor Spirit, commonly known as petrol, on Nigeria’s shores, has seen a considerable reduction of N36, dropping to N900.28 per litre on Thursday, The PUNCH reports.

According to the latest data released by the Major Energies Marketers Association of Nigeria, the landing cost dropped from around N936.75 per litre, which marketers spent to import products last Thursday, representing a decrease of 3.62 per cent.

Earlier this week, the price had dropped to N890.43.

This was as fresh findings showed that oil marketers imported 90,308 metric tonnes of fuel between Tuesday, December 10, 2024, and Friday, December 13, 2024.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers brought in about 121.1 million litres of petrol within three days.

The decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in of global market fluctuations and supply chain factors. However, the retail price of petrol in Nigeria is N1,060.

Crude oil prices and foreign exchange rates are the major factors that determine the cost of refined petroleum products, including petrol, diesel, aviation fuel, and kerosene, among others.

Earlier this week, crude oil refiners and other players in the downstream sector stated that the dollar charges on locally refined Motor Spirit, popularly called petrol, coupled with the cost of importing crude are major reasons for the high cost of the product when compared to imported PMS.

The price of petrol produced by the Dangote Petroleum Refinery, according to dealers on Thursday, was N970/litre. Oil marketers had also stated earlier that the price of refined petrol from Port Harcourt Refining Company was N1,030/litre.

The development suggests that imported fuel, excluding regulatory fees, is less expensive than domestically refined products.

An analysis of the data released by major marketers showed that the daily spot price of estimated import parity into tank costs was N900.28 from N890 recorded on Wednesday, while a 30-day average price was reduced to N945.23 on Thursday from N946.38 on Wednesday and N958.89 recorded last week.

Brent crude oil price was benchmarked at $73.52 per barrel from $72.06 per barrel it traded the previous day and an exchange rate of N1,533 per dollar. Ex-depot price range in Lagos remained between N970 and N1,050.

Meanwhile, oil marketers, taking advantage of this price reduction, have imported a total sum of 121.1 million litres to meet domestic supply.

Our correspondent, utilising documents obtained from the Nigerian Port Authority on Thursday, observed that the products were conveyed in four vessels and berthed at the Apapa Port in Lagos State, Warri Ports, Onne Port in Rivers State, and the Calabar Port in Cross Rivers State.

A major marketer, AYM Shafa, taking advantage of the low price, imported 15,000mt, representing 21.12m litres of petrol, on Tuesday, December 10. The ship, named Stellar, berthed at the Warri port at 12:01 am and was handled by Agent Peak shipping.

An analysis of the document also showed that on Thursday, December 12, 2024, a ship named Kriti Ruby carrying 37,308MT (50.03 million litres) of petrol berthed at the Apapa port at 2.06 pm. The vessel had West Atlantic Port Services as its agent and was handled at the ASPM jetty terminal.

Another ship named St Lady Meenah berthed at the Rivers port at 3:45 am on Thursday carrying 23,000mt of PMS representing 30.84m litres. The ship was handled by ULOB at the Bitumen Jetty.

Similarly, another vessel named Virgo 1 will bring in 15,000MT (20.12 million) of refined fuel today (Friday) by 4:10 pm at the Calabar port. The agent, Waps, will handle the vessel at the Dozzy Oil and Gas Services Terminal.

The continued importation of petrol is contrary to a public announcement by some group of marketers who earlier stated their intention to halt petrol imports and focus on domestic supply.

Source: https://punchng.com/imported-petrol-landing-cost-drops-to-n900-litre/

CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation

In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech companies were also penalized, the two firms were the hardest hit.

The penalties followed a routine CBN audit of the fintech sector, which revealed compliance issues. According to two sources familiar with the process, these regulatory checks are a standard procedure for banks and financial institutions under CBN oversight.

At least four other fintech companies were similarly penalized, though the details of these fines remain unknown.

The CBN has increasingly relied on fines to enforce regulatory compliance. In 2023, Nigerian banks paid a combined ₦678 million in penalties. In October 2024, the central bank and the Securities and Exchange Commission (SEC) imposed a ₦15 billion fine on ten commercial banks, including Zenith and GTBank, for various infractions in the first half of the year.

Until recently, Nigeria’s rapidly growing fintech sector largely operated without CBN interference. However, the rapid expansion of fintechs like OPay and Moniepoint, which now serve millions of s, has invited greater scrutiny. OPay, for instance, claims a customer base of around 40 million, while Moniepoint, which processed 5.2 billion transactions in 2023, does not disclose specific customer numbers but is similarly large.

As these fintech giants have grown in influence, so too have concerns over their regulatory frameworks. A significant issue is that many fintechs, including OPay and Moniepoint, still operate under microfinance bank licenses. Originally intended to micro, small, and medium enterprises, these licenses have allowed the companies to expand rapidly and service millions of customers. However, with that expansion has come heightened concern that the current licensing framework is inadequate to safeguard customers effectively, according to one source.

Beyond licensing, the CBN has also expressed concerns about the fintechs’ compliance with Know Your Customer (KYC) processes. In April 2024, the central bank imposed a two-month ban on customer onboarding for several fintech companies, including Kuda Bank and Palmpay, citing non-compliance with KYC standards. The ban forced fintechs to overhaul their onboarding procedures and commit to improving their compliance measures.

Moniepoint declined to comment on any part of this story.

“We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of ₦1 billion for regulatory infractions,” OPay said in a statement to TechCabal. “These claims are entirely false.”

The Central Bank of Nigeria did not immediately respond to a request for comments.

Source: https://techcabal.com/2024/12/10/cbn-fines-moniepoint-and-opay/

Great100000:
Besides Landmark Beach Resort and other properties that were demolished following a realignment in the construction of the 700-kilometre Lagos-Calabar Highway, recent developments have revealed that more estates have been affected, the latest being WinHomes Global Investment.

The estate, located in Okun Ajah, a Lagos suburb, is where about 500 investors have taken position. About 70 percent of these investors are said to be Nigerians in Diaspora whose stake in the estate is estimated at $250 million.

The demolition of this estate to create right of way for the coastal highway is raising much dust, especially among the diaspora investors who, under the aegis of Association of Nigerian Diaspora Investors, is seeking federal government’s intervention to save their investment.

At a press conference in Lagos recently, the Real Estate Developers Association of Nigeria (REDAN) confirmed that many of their invested in the Okun Ajah estate, faulting the government for the spate of demolitions and calling for fair compensation for the victims.

“What is happening is discouraging new investment in this sector. About 35 percent of diaspora investors have been affected and these are people whose annual remittances contribute significantly to the national GDP. We, as a body, want both federal and state governments to make Lagos an investment haven for all categories of investors,” Kunle Adeyemi, vice chairman, South West Zone of REDAN, said.

Adeyemi noted that many of the Diaspora Nigerians were reconsidering their investment decisions back home because, according to him, security of investment is no longer guaranteed as a result of mindless property demolitions in Lagos and Abuja.

Timothy Nubi, director, Centre for Housing and Sustainability Development, University of Lagos, expressed worry recently that between 2022 and 2024, approximately 10,000 buildings were demolished in Abuja alone, representing trillions of naira in lost value.

Stella Okengwu, a prominent diasporan investor, revealed that “our goal is to attract $250 million in repatriated investments through the WinHomes Investment Scheme Portal.

“We are law-abiding citizens committed to the development and growth of the Nigerian economy as well as its social and political development through the creation of job opportunities for over 5000 Nigerian youths both skilled and unskilled via the real estate project powered by Winhomes Global Services.”

Okengwu said the investors did their due diligence, including confirming that the property has a certificate of occupancy issued by the Lagos State government for the Okun Ajah community, noting that they also obtained the governor’s consent and clearance from the coastal road right of way, which further confirmed the validity of the title to the land.

In a latter signed on the behalf the diaspora investors by Olubokun Basorun, Femi Adekoya, Arinze Onwumelu and Kimberly Stark and made available to the press, the Diasporans affirmed that they have done everything right and yet their properties have been demolished without any explanation or compensation.

According to the letter, the investors were motivated by a commitment to contribute to the nation’s economy by showing faith in Nigeria, repatriating funds for housing development and other socio-economic benefits.

“These investors undertook comprehensive due diligence before committing, ensuring their properties had the requisite certificates, including occupancy permits and official clearance from the coastal road right of way,” the letter read in part.

“We urge the government to take immediate action to address our concerns and save our investments. We are committed to contributing to the development of Nigeria, but we need the government to create a conducive environment for us to do so.

“This not only raises serious ethics concerns, but also highlights an evident disparity in treatment based on compliance with the law,” the letter added.

The noted that the road diversion did not consider ecological impacts that could exacerbate erosion in the area, adding that there was lack of transparency and ability in the handling of the project.

Source: https://businessday.ng/news/article/meet-250m-estate-raising-dust-over-lagos-calabar-road-realignment/

Lukaku has struggled to replace Osimhen and fans believe even Erling Haaland would have faced the same fate.

Romelu Lukaku’s underwhelming tenure at Napoli has sparked a wave of frustration among fans, with many lamenting the decision to replace Victor Osimhen with the Belgian striker.

After another lacklustre performance in a 1-0 defeat to Lazio at the Stadio Diego Maradona, ers are questioning whether even Erling Haaland could replicate Osimhen’s success in this Napoli setup.

Lukaku’s struggles leave fans disillusioned

Lukaku’s latest outing against Lazio summed up his struggles since arriving at Napoli. With just 15 touches, 10 completed es, and no shots on target in 90 minutes, the Belgian forward failed to influence the game.

His substitution for Giovanni Simeone in injury time was met with loud boos from the home crowd, a stark reflection of the growing dissatisfaction with his performances.

The 31-year-old has scored five goals in 13 Serie A matches, but his recent form has been troubling, with just three goals in the last two months.

Lukaku’s ineffectiveness in key matches against Juventus, Atalanta, and Inter has left Napoli’s attack blunt, forcing Antonio Conte to repeatedly substitute him during crucial games.

Fans mock Lukaku, Conte for Osimhen error

The decision to replace Osimhen with Lukaku is increasingly seen as a misstep. Osimhen’s heroics at Napoli made him a fan favourite, and his departure has left a void that Lukaku has struggled to fill.

In contrast with Lukaku’s struggles in Italy, Osimhen has been thriving in the Turkish Super Lig, scoring seven goals and providing three assists in just nine appearances.

Fans have taken to social media to express their frustration. One commenter on Facebook wrote, “If no be lack of wisdom, how do you think Lukaku can replace Victor? Even Haaland can’t replace Victor in that Napoli team.”

Another added, “Napoli can’t replace the masked man this early… they should go for [Ademola] Lookman or [Victor] Boniface this time.”

Lukaku’s inability to match Osimhen’s impact has not only disappointed fans but has also cast doubt on the club’s transfer strategy and as Napoli continue to struggle offensively, the decision to entrust Lukaku with the task of replacing one of their greatest modern forwards is coming under increasing scrutiny.

Source: https://www.pulsesports.ng/football/story/contract-rebel-mo-salah-the-hero-again-as-liverpool-edge-girona-in-tight-champions-league-clash-2024121019545010191

Besides Landmark Beach Resort and other properties that were demolished following a realignment in the construction of the 700-kilometre Lagos-Calabar Highway, recent developments have revealed that more estates have been affected, the latest being WinHomes Global Investment.

The estate, located in Okun Ajah, a Lagos suburb, is where about 500 investors have taken position. About 70 percent of these investors are said to be Nigerians in Diaspora whose stake in the estate is estimated at $250 million.

The demolition of this estate to create right of way for the coastal highway is raising much dust, especially among the diaspora investors who, under the aegis of Association of Nigerian Diaspora Investors, is seeking federal government’s intervention to save their investment.

At a press conference in Lagos recently, the Real Estate Developers Association of Nigeria (REDAN) confirmed that many of their invested in the Okun Ajah estate, faulting the government for the spate of demolitions and calling for fair compensation for the victims.

“What is happening is discouraging new investment in this sector. About 35 percent of diaspora investors have been affected and these are people whose annual remittances contribute significantly to the national GDP. We, as a body, want both federal and state governments to make Lagos an investment haven for all categories of investors,” Kunle Adeyemi, vice chairman, South West Zone of REDAN, said.

Adeyemi noted that many of the Diaspora Nigerians were reconsidering their investment decisions back home because, according to him, security of investment is no longer guaranteed as a result of mindless property demolitions in Lagos and Abuja.

Timothy Nubi, director, Centre for Housing and Sustainability Development, University of Lagos, expressed worry recently that between 2022 and 2024, approximately 10,000 buildings were demolished in Abuja alone, representing trillions of naira in lost value.

Stella Okengwu, a prominent diasporan investor, revealed that “our goal is to attract $250 million in repatriated investments through the WinHomes Investment Scheme Portal.

“We are law-abiding citizens committed to the development and growth of the Nigerian economy as well as its social and political development through the creation of job opportunities for over 5000 Nigerian youths both skilled and unskilled via the real estate project powered by Winhomes Global Services.”

Okengwu said the investors did their due diligence, including confirming that the property has a certificate of occupancy issued by the Lagos State government for the Okun Ajah community, noting that they also obtained the governor’s consent and clearance from the coastal road right of way, which further confirmed the validity of the title to the land.

In a latter signed on the behalf the diaspora investors by Olubokun Basorun, Femi Adekoya, Arinze Onwumelu and Kimberly Stark and made available to the press, the Diasporans affirmed that they have done everything right and yet their properties have been demolished without any explanation or compensation.

According to the letter, the investors were motivated by a commitment to contribute to the nation’s economy by showing faith in Nigeria, repatriating funds for housing development and other socio-economic benefits.

“These investors undertook comprehensive due diligence before committing, ensuring their properties had the requisite certificates, including occupancy permits and official clearance from the coastal road right of way,” the letter read in part.

“We urge the government to take immediate action to address our concerns and save our investments. We are committed to contributing to the development of Nigeria, but we need the government to create a conducive environment for us to do so.

“This not only raises serious ethics concerns, but also highlights an evident disparity in treatment based on compliance with the law,” the letter added.

The noted that the road diversion did not consider ecological impacts that could exacerbate erosion in the area, adding that there was lack of transparency and ability in the handling of the project.

Source: https://businessday.ng/news/article/meet-250m-estate-raising-dust-over-lagos-calabar-road-realignment/

Napoli manager, Antonio Conte, has hinted at a possible return for Victor Osimhen as the Italian giants continue to struggle in front of goal with current striker Romelu Lukaku underperforming.

The Partenopei suffered a double blow last week, getting knocked out of the Copa Italia after a 3-1 defeat to Lazio before losing 1-0 to the same opponents in Serie A, consequently surrendering their lead at the top of the table to Atalanta.

Lukaku, who has managed just five goals in 15 appearances this season, has faced criticism from fans and seemingly lost the confidence of his manager, who openly expressed frustration with his team’s attacking prowess.

“We need to improve in this respect, we get there but the final step is missing. We are working on it,” Conte told TMW after their latest defeat.

Meanwhile, Osimhen continues to flourish at Turkish side Galatasaray, where he is currently on loan. The Nigeria international has netted 10 goals and provided five assists in 13 appearances, helping the Istanbul club maintain a six-point lead at the top of the Super Lig with 38 points from 14 matches.

The 25-year-old’s impressive form has not gone unnoticed, with Paris Saint-Germain and Manchester United reportedly considering triggering his €75m release clause in January. However, Napoli director Giovanni Manna recently dismissed these reports.

“I already said many times that nobody has talked to us. Victor is owned by Napoli and currently playing for Galatasaray. I think a lot has been said about this, nothing is happening,” Manna told DAZN.

The striker’s potential return to Naples could provide a solution to their attacking problems, with Conte itting his team needs to be more clinical in the final third.

Osimhen’s latest goal came in Galatasaray’s 3-2 victory at Sivasspor, where he converted a first-half penalty to help the club’s push for a third consecutive league title.

The Super Eagles forward has established himself as a key figure for the Turkish giants since his arrival, with his goalscoring prowess and creative abilities making him an integral part of their domestic campaign.

Source: https://punchng.com/conte-its-napoli-struggle-without-osimhen/

The Organisation of Petroleum Exporting Countries (OPEC) has appointed Ademola Adeyemi-Bero, as the new Chairman of the OPEC Board of Governors for 2025 at its 189th meeting of the OPEC Conference.

Adeyemi-Bero who has over 38 years experience in the oil and gas sector is the Chief Executive Officer of FIRST Exploration & Petroleum Development Company Limited (FIRST E&P), a Nigerian independent oil company.

A statement in Abuja signed by Nneamaka Okafor, the spokesperson to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the appointment reaffirmed Nigeria’s leadership in the global energy sector.

The minister also expressed profound gratitude to Mr Gabriel Aduda, the outgoing Nigerian OPEC Governor for what he described as his exemplary service, acknowledging Aduda’s instrumental role in advancing Nigeria’s interests within OPEC and ensuring the country’s influential presence in global energy discussions.

In addition, the statement said that OPEC appointed Adeeb Al-Aama, Governor of Saudi Arabia for OPEC, as the Alternate Chairman of the Board of Governors for 2025.

The OPEC Conference, it stressed, brought together representatives from member countries to address significant issues, including reports from the Secretary-General and the Economic Commission Board (ECB), and to deliberate on critical internal matters.

The conference also extended the tenure of Haitham Al Ghais as OPEC Secretary General for another three years, effective August 1, 2025.

“Member nations commended his exceptional leadership and the Secretariat’s unwavering commitment to the organisation’s objectives,” it added.

Source: https://www.thisdaylive.com/index.php/2024/12/11/opec-picks-nigerias-adeyemi-bero-as-chair-of-board-of-governors-for-2025/

Nigeria has ranked fourth among countries whose citizens were granted U.S. citizenship through military naturalization between 2020 and 2024.

During the period under review, the United States naturalised over 52,000 military service across different countries.

According to data obtained from the U.S. Citizenship and Immigration Services on Monday, 3,270 Nigerian-born service were granted U.S. citizenship, trailing only the Philippines (5,630), Jamaica (5,420), and Mexico with 3,670.

“Service born in the Philippines, Jamaica, Mexico, Nigeria, and Ghana — the top five countries of birth among those naturalised — comprised over 38% of the naturalizations since FY 2020.

“The next five countries of birth — Haiti, China, Cameroon, Vietnam, and South Korea — comprised an additional 16% of military naturalisations from FY 2020 to FY 2024,” the analysis of the data partly read.

The data revealed that the number of Nigerian service gaining U.S. citizenship has steadily increased over the past five years.

From 340 in 2020, the figure rose to 630 the following year, 680 in 2022, 690 in 2023 and 930 in 2024.

The Army ed for 60% of all military naturalisations during this period, followed by the Navy (20.4%), Air Force (10.6%), and Marine Corps (6.6%). Less than 1% of naturalised service served in the Coast Guard.

“Service from the Army (including National Guard and Reserves) comprised almost two-thirds (60%) of all military naturalisations from FY 2020 to FY 2024. Service from the Coast Guard comprised less than 1%. The Navy ed for 20.4%, the Air Force for 10.6%, and the Marine Corps for 6.6%,” the report stated.

Age-wise, half of the service were between 22 and 30 years old when they naturalised.

“Half of all service were between 22 and 30 years old when they naturalised. The median age of all service who naturalised between FY 2020 and FY 2024 was 27. More than 17% were 21 and under, while almost 5% were older than 40,” the analysis revealed.

Regarding gender distribution, 73% of the naturalised service were men.

“Men comprised 73% of all service naturalized between FY 2020 and FY 2024. The proportion of female service slightly increased across the years,” the report added.

Source: https://punchng.com/3270-nigerians-gained-american-citizenship-via-military-service-us/

Detained lawyer and rights activist Dele Farotimi on Tuesday arrived at the Chief Magistrate Court in Ado-Ekiti, Ekiti State capital, shortly before 10am in a police security van, accompanied by correctional centre officials.

Both the defence and plaintiff’s counsel were already present in the courtroom, awaiting his arrival.

Farotimi was arrested by the police in Lagos on Tuesday following a petition by Babalola. He was subsequently arraigned on defamation charges before an Ekiti State Magistrate Court last Wednesday. Magistrate Abayomi Adeosun ordered his remand in the correctional centre and set December 10 (today) for his bail hearing.

Farotimi was granted bail in the sum of N50 million, with a surety of equal value who must reside in Ekiti State and possess landed property. Additionally, he was required to submit his travel port to the court.

Meanwhile, human rights activist Omoyele Sowore announced a protest for December 10, 2024, to be held in Ekiti, Lagos, Abuja, and King’s College, London. However, as of this morning in Ado-Ekiti, there were no indications that the protest would take place.

Click the link below to watch the video:

https://x.com/MobilePunch/status/1866421498593886242?t=ieJ5T0fEzdk7FFFFBzbdJg&s=19

Source: https://punchng.com/video-alleged-defamation-dele-farotimi-appears-at-ado-ekiti-magistrate-court/

A whopping 32 states out of 37 states in Nigeria attracted zero capital importation (foreign investments) in the first 9 months of 2024 up from 27 states in the whole of 2023.

This is a according to the latest Capital Importation data from the National Bureau of Statistics (NBS) for the third quarter of 2024.

According to the data, Nigeria attracted $1.2 billion in the third quarter of 2024 compared to $2.6 billion and $3.3 billion in the second and first quarter of the year respectively.

Total capital importation in the first 9 months of the year totals $7.1 billion compared to $3.9 billion in the whole of 2023.

The significant year-on-year rise in Nigeria’s total capital importation, from $3.9 billion in 2023 to $7.1 billion in 2024, masks the uneven distribution, suggesting that overall growth has failed to translate into widespread economic benefits across states.

Capital Importation for States

The NBS data shows that only Lagos, Ekiti, Enugu, Kaduna and the Federal Capital Territory (FCT) [/b]recorded capital importation so far this year.

• Lagos State attracted the highest chunk of $4.6 billion followed by the FCT which recorded $2.39 billion imported in the first 9 months of 2024.

• Ekiti state attracted $120k so far with $100k coming in the third quarter of the year and $10k each in the first and second quarter respectively.

• Enugu State and Kaduna State only attracted capital inflows in the third quarter of the year with $180k and $1.95 million respectively.

• Other states like Abia, Akwa Ibom, Anambra, Niger, Ogun, Ondo and Rivers State which attracted inflows in 2023 is yet to attract inflows this year.

Meanwhile states like Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Taraba, Yobe, Zamfara are yet to attract any capital.

What this means

The concentration of capital inflows in a handful of states highlights systemic inefficiencies in Nigeria’s investment landscape.

• Lagos and the FCT’s dominance reflects their infrastructure, regulatory environment, and economic activities, but it also underscores the neglect of other regions.

• The absence of inflows in states with significant natural resources or strategic potential points to deeper challenges, including insecurity, lack of investor confidence, and poor governance.

• For instance, oil-producing states such as Bayelsa and Rivers failed to attract capital inflows, despite their importance to Nigeria’s economy.

Backstory

Nigeria’s total Capital Importation for the third quarter (Q3) of 2024 witnessed a 51.90% decline from the previous quarter, falling to $1.25 billion.

This drop, compared to the $2.60 billion recorded in Q2 2024, highlights a sharp contraction in foreign investments despite an overall annual increase of 91.35% from Q3 2023.

The latest Capital Importation report by the National Bureau of Statistics (NBS) reveals that while Nigeria’s capital importation showed substantial growth year-on-year, there was a notable retreat in inflows compared to the preceding quarter.

Source: https://nairametrics.com/2024/12/07/32-states-in-nigeria-record-zero-foreign-investments-in-2024/

Nigeria’s exports to surged to over N3.9 trillion (approximately $2.4 billion) in the first half of 2024, solidifying ’s position as Nigeria’s top export destination among single countries.

This data, published by the National Bureau of Statistics (NBS), highlights Nigeria’s total trade exports of approximately N38.5 trillion ($24 billion) during the same period.

The country maintained a positive trade balance, with exports exceeding imports, which stood at around N26.4 trillion ($16.5 billion).

The announcement coincides with Nigeria’s President Bola Ahmed Tinubu’s recent state visit to , where discussions centered on fostering mutually beneficial economic partnerships.

tops Nigeria’s net export list

Nigeria’s trade exports to in the first half of 2024 reached N3.9 trillion, suring the N2.3 trillion recorded for the entirety of 2023. The net export figure, currently at N3.4 trillion, reflects a significant increase in trade activity between both nations.

Key Highlights

In dollar , Nigeria’s total exports to in 2023 were valued at approximately $2.4 billion, assuming an exchange rate of N907/$1. Exports to in 2024 are expected to exceed this figure as trade relations strengthen.

• A detailed analysis of NBS data reveals that crude oil dominates Nigeria’s exports to , ing for about N3.2 trillion in the first half of the year.

• Crude oil exports were valued at N1.8 trillion in Q1 2024 and an additional N1.4 trillion in Q2 2024.

• Other exports to include natural gas, soybean flour and meals, cut flowers and flower buds, and frozen shrimp and prawns.

• In of net exports, Spain ranks second after , with a total of N3.39 trillion, followed by the Netherlands at N1.7 trillion. While Nigeria has a trade surplus with most of its major trading partners, it records a N4.5 trillion trade deficit with China.

President Tinubu’s visit to

President Bola Ahmed Tinubu’s recent state visit to was a milestone in strengthening Nigeria- relations, with both nations reaffirming their commitment to expanding economic cooperation.

During discussions with French President Emmanuel Macron at the Palais de l’Elysée, President Tinubu emphasized Nigeria’s interest in deepening partnerships in key economic sectors, including:

• Agriculture

• Energy

• Solid minerals

• Blue economy

The Nigerian President highlighted opportunities for foreign direct investment (FDI) in these sectors, positioning Nigeria as a viable investment destination.

The visit underscores a renewed focus on leveraging international partnerships to bolster Nigeria’s economy and improve the welfare of its citizens.

This period of enhanced collaboration between Nigeria and reflects a strategic alignment of economic goals, with crude oil and other key exports forming the backbone of Nigeria’s contributions to bilateral trade.

Source: https://nairametrics.com/2024/12/01/-leads-as-nigerias-top-net-export-destination-in-2024/

Make we no lie, Lavia na baller.

I love his confidence

Tottenham 0

Vs

Chelsea 4

Global oil prices drop to $71 as 4th largest production company cuts prices for Asia

Global oil prices tracked by Brent futures have fallen to $71 per barrel, remaining below the $75 threshold after Saudi Arabia’s oil giant, Aramco, cut prices for its Asian customers.

Aramco’s reductions for Asian buyers are deeper than expected, following OPEC’s delay in controlling production, which is adding pressure to efforts to stabilize prices.

For January, Aramco set the price of its key Arab Light crude grade at a of 90 cents per barrel above the regional benchmark.

The company has also reduced prices for markets in northwestern Europe and the Mediterranean but has kept prices for North America unchanged.

Despite these adjustments, Aramco remains a dominant force in the global oil market, ranking as the fourth-largest company in the world by revenue, with an impressive $494 billion in 2024.

Backstory

Crude oil prices have dropped nearly 9% from an October high of $80.35 per barrel, with Brent crude struggling to stay above $75 as OPEC downgraded its global oil demand forecast for the fourth time.

• On October 14, OPEC reduced its 2024 global oil demand growth estimate to 1.93 million barrels per day (bpd), down from the previous forecast of 2.03 million bpd.

• The organization also lowered its 2025 demand growth forecast to 1.54 million bpd, down from 1.64 million bpd.

• Since these revisions, OPEC has struggled to keep global oil prices above $75 per barrel.

• A London-based commodity analyst noted that OPEC is now focused on maintaining Brent crude prices above $70, despite weak demand from China.

“With China’s crude demand still low, OPEC’s efforts are only managing to hold the Brent price floor at $70,” the analyst said.

Amid declining demand, Saudi Aramco, the state-owned oil producer, has begun cutting oil prices for its Asian customers after OPEC delayed any plans to increase output.

Market trends

In 2024, crude oil prices have struggled to sustain a long-term upward trend, reflecting a prolonged market dip that has carried over from the previous year.

• The year began with Brent futures at $80.55 per barrel, buoyed by a modest uptrend that persisted through April.

• However, bearish pressure started to mount in May, as Brent crude traded at higher volumes—6.4 million units—but failed to sustain its gains.

• With the exception of a modest positive close in June, the period from July to September saw steady declines, culminating in a September close of $71.70 per barrel.

• Despite a brief recovery in October, OPEC’s revised forecast on October 14 likely reignited bearish momentum, pushing prices down to $71.89 by November 12.

A price reduction by state-owned producer Saudi Aramco in Asia is likely contributing to the fall of oil prices to $71.89 per barrel.

https://nairametrics.com/2024/12/08/global-oil-prices-drop-to-71-as-4th-largest-production-company-cuts-prices-for-asia/

Amidst a raging public debate about the tax reform bills that would overwhelmingly revolutionise Nigeria’s taxation framework, BusinessDay has tracked some of the largest taxpayers in 2024.

This list was compiled based on the publicly available financial statements of companies listed on the Nigerian Exchange (NGX).

Using the NGX-30 Index, companies with the largest market capitalization in Nigeria were indexed in preparing this list. In the first nine months of 2024, the companies on NGX 30 paid about N800 billion in income taxes. This represents a 110 percent year-on-year increase from the N381 billion paid by these companies in the same period in 2023.

It is important to note that major listed taxpayers, Access Holdings and Airtel Nigeria, were not included due to the lack of publicly available information regarding their income tax payments for the period.

1. Dangote Cement – N128.7 billion

Dangote Cement paid about N128.7 billion as income taxes in the first nine months of 2024. The income taxes paid by Dangote Cement represented a 3 percent year-on-year increase from the N124.5 billion income tax paid in 9M 2023.

In 9M 2024, the group’s income tax expense amounted to N127.3 billion, about the same income tax expense recorded in 9M 2023. The company’s effective tax rate slightly declined year-on-year from 31.5 percent as of 9M 2023 to 31.3 percent as of 9M 2024.

2. MTN Nigeria – N126.6 billion

Despite net losses posted by MTN Nigeria in 9M 2024, the company paid about N126.6 billion as it continues to prove its place as one of Nigeria’s largest taxpayers. The amount paid by MTN during the period was a 31 percent decline from the N184.5 billion the company paid in 9M 2023.

MTN Nigeria has deferred tax assets amounting to N361.5 billion and no deferred tax liabilities. This positions the company to claim additional tax credits beyond the N198.7 billion it claimed in the first nine months of 2024.

3. UBA – N102.3 billion

UBA spent about N102.3 billion on the payment of income tax in 9M 2024. This represents a 227 percent year-on-year growth from the N31.3 billion spent in 9M 2023. During the period under review, UBA was the largest taxpayer among banks in Nigeria.

4. Seplat Energy – N95.9 billion

Seplat Energy paid about N95.9 billion in taxes during the nine months. This marks a 169 percent year-on-year growth from the N35.7 billion paid in 9M 2023. The oil and gas player recorded an income tax expense of N313.9 billion in 9M 2024, marking an effective tax rate of 86 percent.

5. GTCO Holdings – N83.1 billion

GTCO Holdings made payments of about N83.1 billion as income tax payments in 9M 2024, marking a 1 percent year-on-year growth from the N82.7 billion the bank paid in 9M 2023. The banking group’s income tax liability grew to N91.9 billion at the end of 9M 2024, given its N133.7 billion tax charge for the nine months.

6. Zenith Bank – N78.1 billion

Zenith Bank paid about N78.1 billion as income taxes for 9M 2024. However, this was 5 percent lower than the N82 billion the group paid as income taxes in 9M 2023. During the period, the group’s income tax expense hit N175.6 billion, marking a 47 percent year-on-year increase from the N119.1 billion recorded in 9M 2023.

7. FBN Holdings – N37.2 billion

The group paid N37.2 billion as income taxes in 2024, marking a 49 percent growth from the N25 billion paid in 9M 2023. During the period under review, the company’s income tax expense was N84.6 billion, marking a 150 percent year-on-year growth from the N33.8 billion recorded in 9M 2023.

8. Dangote Sugar Refinery – N22.3 billion

Dangote Sugar paid N22.3 billion as taxes in the nine months ending September 30, 2024. It was 37 percent higher than the N16.3 billion spent in the corresponding period in 2023. The group posted a loss before tax of N276.6 billion, however, it claimed a tax credit of N91.2 billion, bringing its net loss to N184.4 billion.

9. Stanbic IBTC Holdings – N20.2 billion

Stanbic IBTC Holdings made the list of the largest taxpayers in Nigeria, as it made N20.2 billion in tax payments in 9M 2024. This marked a 33 percent year-on-year growth from the N15.2 billion tax payments made in 9M 2023.

Stanbic’s income tax charge grew by 98 percent year-on-year to N40 billion in 9M 2024, from N20.2 billion as of 9M 2023.

10. Nestle Nigeria – N19 billion

Nestle Nigeria reported tax payments of N19 billion in the first nine months of 2024, reflecting a 27 percent decline compared to the N25.9 billion paid during the same period in 2023. Despite the humongous losses posted by the company this year, it still made it to the list of Nigeria’s largest taxpayers

.

Source: https://businessday.ng/companies/article/tax-reform-bills-here-are-10-largest-taxpayers-in-2024/

Lagos State Governor, Babajide Sanwo-Olu will from Monday unveil 36 newly completed roads, five bridges, and a pedestrian bridge across the state.

This was made known by the Special Adviser on Infrastructure, Engr. Olufemi Daramola, during a press briefing on Friday at the Bagauda Kaltho Press Centre, Lagos Government Secretariat, Alausa, Ikeja.

Daramola described the unveiling as a major milestone in the Sanwo-Olu istration’s commitment to infrastructure development.

He emphasised that the projects aligned with the THEMES+ agenda, which prioritises traffic management and transportation to enhance the welfare and productivity of Lagos residents.

Quoting the Governor’s recent budget presentation, Daramola reiterated: “Continuous investments in infrastructure are the backbone of our development agenda. The Greater Lagos we envision will emerge on the back of high-quality infrastructure that keeps pace with population growth.”

The projects spanned multiple local government areas, including Agege, Alimosho, Badagry, Eti-Osa, Ikeja, and Kosofe.

Some of the key highlights include the rehabilitation of Dopemu Road in Agege, the construction of Abiola-Onijemo Link Road with a bridge in Ifako-Ijaiye, the reconstruction of Irede Road in Amuwo Odofin, and the rehabilitation of Oyinkan Abayomi Drive in Ikoyi, Eti-Osa.

Despite global economic challenges and inflationary pressures, Daramola noted that the projects were prioritised to ensure timely completion.

“Delivering these projects amidst economic downturns demonstrates the istration’s commitment to its promises and the prosperity of Lagosians,” he said.

The commissioning is set to begin on Monday, 9th December 2024, with the Abiola-Onijemo Link Road in Ifako-Ijaiye and the Alapere Pedestrian Bridge in Kosofe.

On Tuesday, 10th December, Governor Sanwo-Olu will open the Ikoyi road network, which includes Oyinkan Abayomi Drive, Femi Okunnu Road, and Maherson Avenue.

As the istration advances through its second term, Daramola assured that infrastructure development would remain a priority. “We shall finish strongly, building a Lagos that is safe, prosperous, and economically vibrant,” he stated.

List of roads to be commissioned

Rehabilitation/Upgrading of Babajide Sanwo-Olu Road (Dopemu Road) in Agege.

Construction of Babafemi Dada Road with Bridge, Yinka Folarin, Jamiu Lawal, and Shalom Academy Road Network in Alimosho.

Construction of Abaranje Road in Alimosho.

Reconstruction and Dualisation of Irede Road in Amuwo-Odofin.

Rehabilitation/Upgrading of Mumuni Adio (Buba Marwa) Road in Amuwo-Odofin.

Navy Town (Section 1) Road in Amuwo-Odofin.

Reconstruction of Old Ojo Road (Phase 1) from Iree to Oluti in Amuwo-Odofin.

Rehabilitation of Aradagun-Mosafejo-Ajido-Imeke Road (Phase III) in Badagry.

Construction of Samuel Ekundayo Road in Badagry.

Reconstruction of Hospital Road, Badagry (Phase 1).

Construction of Eluku Street/Mosafejo in Agbowa, Ikosi, Epe.

Rehabilitation/Upgrading of Ilabere, Ilu, and Inupa Roads in Ikoyi, Eti-Osa.

Rehabilitation of Oyinkan Abayomi Drive in Ikoyi, Eti-Osa.

Rehabilitation of Maherson Avenue in Ikoyi, Eti-Osa.

Rehabilitation of Femi Okunnu Road in Ikoyi, Eti-Osa.

Rehabilitation/Upgrading of Abudu Smith Street in Eti-Osa.

Rehabilitation of an alternative route to iralty Circle Toll Plaza in Lekki, Eti-Osa.

Construction of Platinum Road, off Lekki Expressway, Igbokusu in Eti-Osa.

Rehabilitation/Upgrading of Eti-Osa/Lekki/Epe Expressway Phase IIA (Eleko Junction through Awoyaya to Greensprings, Majek, and Ogidan).

Rehabilitation/Upgrading of Eti-Osa/Lekki/Epe Expressway Phase IIB (Greensprings to Abraham Adesanya).

Construction of Magbon-Alade Township Roads in Ibeju-Lekki.

Construction of Abiola Onijemo Link Road with Bridge in Ifako-Ijaiye.

Rehabilitation of Oba Dosunmu Road, Ikeja GRA.

Reconstruction/Upgrading of Sobo Arobiodu Street, Ikeja GRA.

Rehabilitation of Oduduwa Way and Crescent in Ikeja GRA.

Rehabilitation of Sasegbon Street in Ikeja GRA.

Construction of Adamo-Akanun-Agunfoye Lugbusi Roads in Ikorodu.

Construction of Arowojobe Link Bridge and Approach Road in Mende, Maryland, Kosofe.

Reconstruction of the damaged pedestrian bridge at Estate Gate, Alapere, Ketu in Kosofe.

Rehabilitation of Demurin Road in Kosofe.

Rehabilitation of Agidi Road in Kosofe.

Rehabilitation/Upgrading of Church Street in Kosofe.

Rehabilitation of St. Finbarr’s Road in Kosofe.

Construction of Sand Zero Road, Oyingbo in Lagos Mainland.

Rehabilitation/Upgrading of Iwaya Road in Lagos Mainland.

Rehabilitation/Upgrading of Unity, Umunya, and Alhaji Ganiyu Ose Baby Streets in Oshodi-Isolo.

Source: https://pmnewsnigeria.com/2024/12/06/infrastructure-boom-sanwo-olu-to-unveils-36-new-roads-six-bridges-in-lagos/

Vice President Kashim Shettima, has charged Deposit Money Banks (DMBs) to make cash available to their customers.

In an address at the 14th Bankers’ Committee Annual Retreat, in Abuja, this afternoon, the VP said that there have been complaints by of the public of their inability to access even minimal cash at the banks.

Sen. Shettima who was represented by his Economic Adviser, Dr. Tope Fashua said, “We want to take this opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion.

“Nigerians complain bitterly that they are unable to access even minimal cash when most needed.

“There seems to have been some moral hazard and adverse selection problem with the involvement of street-side POS merchants.

“Nigerians complain about high and arbitrary charges and exploitation by rogue agents which we are sure you will be able to tackle, with concerted efforts.

“We need more initiatives towards the financing of MSMEs, and we urge you to continue to the efforts of the federal government in the area of consumer credit culture.”

He urged Nigerian banks to keep up their expansion programmes beyond the shores of the nation Nigerian.

According to him, “Nigerian banks have shown dominance in the west African region and beyond.

“The concept of new capability development as propounded by Prof Ricardo Haussman of the Harvard Kennedy School, suggests that a country should try, using technology, to export capabilities that it sees as a comparative advantage.

” Banking is one sector we have excelled at over the years. It is therefore a valid strategy for you to consolidate upon, as you continue to excel. The recent opening of Nigerian bank branches in is a good testimony in this direction.”

The VP urged to continue to deploy the cutting edge of risk management, and to develop robust responses to the changing face and pace of banking and finance, “which has greatly transmogrified in recent times, with the incursion of different types of FINTECHs, Neobanks, Agency Banks and other arrangements directed at improving financial inclusion, and even the implications of cryptocurrency and decentralized finance on banking as we know it.”

Welcoming of the committee, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, told them that the retreat was taking place at a pivotal time for the nation.

He said, “As we gather here, we are acutely aware of the challenges that have tested our nation in recent years—poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.”

The CBN said, however, that the situation was not enrirely bleak, as according to him, “In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story.”

He said that while progress had been made, it was evident that the road ahead remained long.

“The work before us requires focus, innovation, and unwavering resolve to reshape our collective future. This is why the theme of this retreat has been carefully chosen—to inspire deeper collaboration and renewed commitment as we strive to build a brighter future for ourselves and generations to come.”

He urged participants to engage in meaningful discussions, share insights and experiences, and explore bold solutions to the pressing issues facing the nation.

His words, “To set the stage, allow me to pose a few questions for us to consider:

* What steps must we take to improve the business environment for all—large corporates, SMEs, and others?

* How can we better leverage public-private partnerships for infrastructure development?

* What are the most effective ways to close skill gaps in our workforce?

* How do we foster an ecosystem that nurtures and s innovation?

* And, crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”

Source: https://www.vanguardngr.com/2024/12/cash-scarcity-shettima-charges-banks-release-money/

The headquarters of the Federal Inland Revenue Service (FIRS) in Wuse Zone 5, Abuja, came alive on Thursday as jubilant staff celebrated the Executive Chairman, Zacch Adedeji, for his outstanding contributions to their welfare.

From as early as 8 a.m., workers gathered with placards bearing various inscriptions. The atmosphere was festive, with employees singing, dancing, and expressing their gratitude for Adedeji’s leadership and generosity.

The celebration, which coincided with Adedeji’s arrival at the office, saw workers shield themselves from the Abuja sun under nearby sheds before coming together to welcome their Chairman.

In a statement issued by Sikiru Akinola, Technical Assistant (Print Media) to the FIRS Chairman, staff praised Adedeji for prioritising their welfare, particularly through a salary increment and other benefits introduced during his tenure.

One staff member described Adedeji as a comionate leader who listens to the aspirations of those under his stewardship.

“Being someone who is deliberate and intentional, Zacch Adedeji is always concerned and mindful of those around him and people whose paths have crossed with him. He is our boss and our friend. So for us, we decided to gather today to appreciate him,” the staff member said.

The statement highlighted that efforts by workers to celebrate Adedeji had previously been declined by the Chairman.

Another staff member noted that the recent salary increment, implemented without fanfare, was a testament to Adedeji’s commitment to their well-being.

“The Executive Chairman did not even brief many people before increasing staff salaries and other welfare packages. He believes that those helping to achieve the ambitious target of N19.4 trillion for 2024 should be well-motivated. A few months ago, in what many described as unprecedented, he increased our salaries. This was after introducing other welfare measures,” the staff member said.

Adedeji’s efforts, they agreed, had created a new era of harmony within the agency. During a staff union event marking his one-year anniversary, the union leadership noted that this was the first time they could sleep peacefully without complaints from .

Staff unanimously described Adedeji’s tenure as unmatched in the agency’s history.

“No Executive Chairman of the agency has been so celebrated within just one year and four months. His magnanimity to staff has been nothing short of exceptional,” one employee remarked.

Adedeji acknowledged the outpouring of goodwill by saluting the crowd, waving and expressing his gratitude to the jubilant workers.

Source: https://guardian.ng/news/nigeria/metro/firs-staff-hail-zacch-adedeji-for-unprecedented-welfare-packages/#google_vignette

Tax Reform Bills: Chaos in Reps, Gumi, Kukah back proposal as Pantami, others kick

• Agunloye s northern govs on opposition, calls for equity

• Tax reform not tool for economic growth, says Senate committee chairman

• Reforms to boost local governance, economic growth, minister declares

• Warns against misinformation, divisive rhetoric

• CISLAC urges fairness, transparency in deliberations

President Bola Tinubu’s contentious tax reform bills once again stirred intense debate yesterday, sparking chaos during a House of Representatives plenary session, as prominent Nigerians and various interest groups nationwide continued to voice fierce opposition and unwavering .

Trouble began at the Green Chamber following a controversial statement by Akintunde Rotimi Jr., spokesperson of the House, who openly declared for the bills.

Rotimi Jr., representing Ekiti North I (Ikole/Oye), sparked the uproar while presenting a report on behalf of Boma Goodhead, chairperson of the Committee on Nigerian Content Development and Monitoring. He noted that the Ekiti State caucus in the National Assembly had unanimously endorsed the tax reform bills.

“I am from Ekiti State, the very first state in the National Assembly caucus to unanimously endorse the tax bill,” Rotimi Jr. said, prompting an outcry from northern lawmakers who vehemently oppose the reforms.

The aggrieved disrupted proceedings, shouting “No!” repeatedly and halting the session for over five minutes.

Speaker Tajudeen Abbas intervened to calm the heated atmosphere, urging his colleagues to exercise restraint. “He was just speaking on a light note. Let us not take it seriously,” Abbas said, attempting to diffuse the tension. However, Rotimi Jr. was pressured to withdraw his statement, and the Speaker advised him to focus strictly on presenting the report.

Abbas further cautioned Rotimi Jr., saying: “Hon. Rotimi, you know this is a controversial issue. I wouldn’t want you to mention things that are not relevant to the subject matter. So, on your behalf, I withdraw that statement you made. Please proceed with your motion.”

Despite these efforts, Rotimi Jr. faced resistance as he attempted to continue his presentation, with lawmakers opposing the tax reform Bills shouting him down.

Among the most vocal critics was Dr Ghali Mustafa Tijjani, who represents the Gaya/Albasu/Ajingi federal constituency in Kano State under the New Nigeria Peoples Party (NNPP).

Tijjani expressed his concerns in an interview with The Guardian, warning against imposing additional taxes on citizens already struggling with economic hardships.

“The proposed tax reforms are capitalistic and will make ordinary Nigerians poorer,” Tijjani said. He called for alternative revenue-generating measures, such as curbing financial leakages and leveraging Nigeria’s mineral resources.

Tijjani also endorsed the Northern Governors’ Forum’s stance against the reforms, urging the government to prioritise infrastructure development over what he described as wasteful expenditures.

Tijjani criticised plans to increase Value Added Tax (VAT) rates from 7.5 per cent to 15 per cent by 2030, arguing that the burden would ultimately fall on consumers. “Even with exemptions for low-income earners, businesses will transfer the additional costs to the final consumer,” he explained.

Highlighting the economic challenges facing Nigerians, Tijjani advocated for tax holidays to small and medium enterprises (SMEs) in generating capital and creating jobs. “People are hungry. They don’t have employment. Even government agencies are retrenching workers. How will the new tax reforms not hurt the final consumer?” he queried.

Also, the Senate Committee on Finance cautioned against viewing taxation as a primary tool for driving economic growth.

Chairman of the Committee, Senator Sani Musa, stated this yesterday while addressing journalists at the end of a plenary session. He emphasised the need for the government to prioritise production if it seeks to foster economic development.

The tax reform bills, referred to the Senate Finance Committee last Thursday, are expected to be processed and submitted for further legislative consideration within six weeks.

Speaking on the bills, Musa remarked, “Every country that wants its economy to change must, from time to time, look at those parameters to move its economy.

“And I have said it time without number on the floor that tax isn’t a tool of economic growth. What you will see that will change the face of any economy of any nation is production. It is out of that production that you will be able to make the taxes, you will be able to realise the taxes.”

The senator urged Nigerians to exercise patience as the National Assembly extensively consults on the proposed reforms.

“The issue of tax is with us, but we are doing wider consultations. It isn’t about this region or that region; for me, it is about Nigeria. What is good for me should also be good for my brother, and what is good for my brothers should also be good for me,” he said.

He reassured Nigerians that the National Assembly would make the right decisions at the appropriate time, stating, “Allow the committee, allow the National Assembly to do the needful. At the right time, we will make the right statement about this.”

This was as the Coalition of Northern Groups (CNG), a body representing youths across the 19 northern states, rejected the proposed bills, describing them as policies that would deepen poverty and economic inequality.

Speaking during a press briefing in Abuja yesterday, CNG National Coordinator, Comrade Jamilu Aliyu Charanchi, criticised the reforms as “harsh neo-liberal measures” that would exacerbate hardship for Nigerians. He accused the istration of pursuing policies that transform citizens into “modern slaves in their fatherland.”

Charanchi condemned the Federal Government for introducing reforms such as removing fuel subsidies, increasing electricity tariffs, and currency devaluation without visible benefits. According to him, these measures have expanded poverty and deprivation across the country.

The group particularly opposed the restructuring of levies funding critical institutions like the Tertiary Education Trust Fund (TETFUND), National Information Technology Development Agency (NITDA), and National Agency for Science and Engineering Infrastructure (NASENI). Charanchi argued that defunding these agencies threatens education, technology innovation, and industrialisation.

The CNG also criticised the proposed 60 per cent derivation formula for revenue collection, claiming it disproportionately favours Lagos and other states hosting corporate headquarters.

“Without publicly available data to justify these changes, the reform remains contentious,” Charanchi said.

The Coalition rejected the incremental VAT, warning it would worsen economic conditions for vulnerable households. It also expressed concern over removing VAT funding for the North East Development Commission (NEDC), which is essential for rebuilding areas devastated by insurgency.

The group called for decentralising Nigeria’s import system to include ports and borders in other regions and urged lawmakers to oppose what it termed an “unpopular policy.”

CNG commended the Northern Governors Forum and others for resisting the reforms and called for broader consultations on tax policies.

Also, a former Minister of Communications and Digital Economy, Prof Isa Ali Pantami, went further in opposition to the bills, calling on the National Assembly to halt legislative action and engage in wider consultations with relevant stakeholders.

Pantami suggested in a Facebook post yesterday, citing constitutional concerns and potential challenges in implementing the bills.

The former minister, who recently attended the 2024 World Halal Summit in Turkiye, revealed that he had dedicated time over the past 40 hours to review the proposed Nigeria Tax istration Bill, 2024.

He acknowledged the potential of the bill to revolutionise tax collection if refined and implemented in the nation’s interest but noted critical shortcomings.

Pantami expressed concerns about ambiguities in several sections of the bill, which he argued could lead to implementation challenges or regulatory exploitation. He specifically highlighted sections 3(3), 7(6), 8(2), 23, 28, 95, 96, 97, 118, and 141, which he recommended for thorough review.

“I advise the National Assembly to suspend legislative action for now. Leadership requires intelligence and empathy, not rigidity. Wider consultations are necessary to address ambiguities and ensure that all relevant stakeholders are included,” Pantami wrote.

He further stressed the need for constitutional, tax, and business lawyers to contribute to refining the bill alongside policy researchers like himself, who may also assess the remaining three tax bills.

In the same vein, a former Minister of Defence, Dr Olu Agunloye, backed the Northern Governors’ Forum and the North in their opposition to the reform bill, stating that they are well within their rights to defend the interests of their region within the context of a federation.

Agunloye, also the National Secretary of the Social Democratic Party (SDP), emphasised that while it is legitimate for the North to advocate for their position, the region must remain steadfast in promoting equity and justice to ensure fairness for all Nigerians.

“It is indeed fair, or rather fairer, for the VAT system to be derivation-based. This way, we won’t keep wondering why VAT paid on beer in Makurdi is used to fund better bus terminals in Port Harcourt,” Agunloye said.

He argued that the current debate over tax reforms should move beyond political rhetoric, stressing that taxes and subsidies are powerful economic tools that can enhance the welfare of citizens when wielded by good leaders. “They are not meant to be used as penalties or instruments of marginalisation,” he said.

Agunloye further criticised the federal and state governments for prioritising the creation of multiple taxes and increasing tax rates instead of focusing on measures to boost production and productivity. He said, “Rather than devising ways to increase manufacturing output, governments in Nigeria are multiplying tax burdens, which is counterproductive.”

HOWEVER, the Catholic Bishop of Sokoto Diocese, Bishop Hassan Kukah, threw his weight behind the proposed tax reform bills, describing them as crucial to addressing the financial recklessness of Nigeria’s elite.

Speaking yesterday on Channels Television’s Morning Brief programme, Kukah expressed optimism about the reforms, hailing them as a step towards improved fiscal management and a remedy for the nation’s financial mismanagement.

“Nigeria is a very energetic country with people who are exceptionally gifted and always ready to excel. However, our challenge lies in the inability of states to create platforms that harness the energy, vision, and competing narratives of their citizens. This lack of structure often results in violence,” he said.

The bishop emphasised that effective reforms are vital to setting Nigeria on a path to sustainable progress.

“I am excited because this conversation offers an opportunity to address and end financial recklessness. It is ironic that Nigerians, despite living in a richly endowed country, find themselves spectators to the rascality and irresponsibility of the elite who mismanage our resources,” he added.

Kukah expressed hope that the reforms would transform the country’s fiscal narrative and ensure more efficient resource management. “I am hopeful that this marks the beginning of a long journey towards fiscal responsibility and the development of the nation we all aspire to build,” he added.

Similarly, prominent Islamic scholar, Sheikh Ahmad Abubakar Gumi, expressed for the bills.

Speaking after reportedly reviewing the draft documents, Gumi described the reforms as beneficial to Nigeria and the economy in the long run. His endorsement adds a significant voice to the ongoing debate over the proposed changes.

While praising the overall potential of the reforms, Gumi called for a review of the VAT component to address concerns raised by stakeholders across the country.

“I believe the contentious VAT issue is the only part that needs to be reviewed; otherwise, it is a good package for all,” Gumi stated.

Meanwhile, Minister of Information and National Orientation, Mohammed Idris, commended the nationwide debate on the new tax reform bills before the National Assembly, describing the discussions as a vibrant demonstration of democracy.

In a statement yesterday, he highlighted the importance of informed engagement while urging citizens to maintain decorum in the discourse.

Idris noted that President Bola Ahmed Tinubu’s fiscal reforms are designed to empower Nigerians and strengthen local governance. Dispelling fears of potential negative impacts, he clarified that the reforms would not impoverish any state or region or weaken federal agencies. Instead, he asserted, they aim to relieve millions of hardworking Nigerians and drive sustainable growth across the country’s 774 local governments.

“The robust nationwide debate on these tax reform bills is commendable. It is inspiring to see Nigerians from all walks of life expressing their views on such critical matters. This is the essence of democracy,” Idris stated. He, however, cautioned against misinformation and divisive rhetoric, urging commentators to avoid name-calling and ethnic slurs.

The minister assured Nigerians that the government remains open to constructive . According to him, President Tinubu has directed the Federal Ministry of Justice to collaborate with the National Assembly to address concerns and refine the bills. “There is nothing sinister about the process. Meaningful inputs that address grey areas are welcomed,” he added.

Idris described the reforms as the most far-reaching and beneficial fiscal measures in decades, pointing to their potential to increase revenues without additional tax burdens on citizens. He also referenced the 2023 Supreme Court ruling on financial autonomy for local governments, calling it a critical component of the reforms.

The minister emphasised that resources conserved through these measures would be reinvested in infrastructure and social services, such as healthcare, education, and digital technology, which is in line with the istration’s Renewed Hope agenda.

“These reforms will close loopholes that have drained Nigeria’s public resources for decades. They will ensure greater ability and deliver investments that leave no one behind,” Idris concluded.

Relatedly, the Civil Society Legislative Advocacy Centre (CISLAC) called on the National Assembly to prioritise equity, inclusivity, and transparency in its discussions on the controversial bill.

In a statement signed by its Executive Secretary, Auwal Rafsanjani, CISLAC described the tax bill as a landmark opportunity to reform Nigeria’s fiscal framework. The organisation noted that the bill aims to consolidate legal provisions, improve tax istration, and enhance economic transparency but stressed the need to address critical gaps to ensure its implementation promotes inclusivity and sustainable governance.

CISLAC expressed concerns over the proposed derivation model for VAT revenue distribution, warning that it could exacerbate economic disparities among states. To mitigate this, it recommended the creation of an Equalisation Fund to assist underdeveloped states in building human capital and institutional capacity until 2030.

The organisation also proposed that VAT be collected at the point of sale rather than remitted to corporate headquarters, arguing that this would promote transparency and prevent regional revenue imbalances.

CISLAC raised the alarm over plans to double VAT rates by 2030, cautioning that such a move could fuel inflation and worsen poverty levels. Instead, it advocated maintaining the current VAT rate of 7.5 per cent until the economy stabilises while implementing measures to protect vulnerable populations from price shocks.

The organisation further recommended expanding VAT exemptions to include essential items such as cooking gas, kerosene, and electricity for consumer use. This, it said, would help cushion the regressive impact of the tax on low-income households.

Highlighting the need for transparency in istering tax incentives, CISLAC suggested strengthening the enabling laws of the Nigerian Investment Promotion Commission (NIPC) to prevent abuse. It also called for enforceable guidelines to ensure multinationals and high-turnover companies pay effective tax rates, backed by stronger compliance mechanisms to boost national revenue.

CISLAC emphasised that revenue from the proposed Development Levy should be utilised transparently to improve education and institutional capacity in underserved areas.

The organisation urged the National Assembly to work closely with civil society groups and other stakeholders to ensure the tax bill reflects the aspirations of Nigerians. It stressed the importance of fiscal policies that address socio-economic inequalities, foster trust between citizens and the government, and promote sustainable development.

Source: https://guardian.ng/news/tax-reform-bills-chaos-in-reps-gumi-kukah-back-proposal-as-pantami-others-kick/

In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.

This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.

On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.

Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.

With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024:

10. Sterling Bank 
Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.

On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health.

9. Wema Bank 
Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.

On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period.

8. Stanbic Bank 
Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.

Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position.

7. Fidelity Bank 
Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.

Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter.

6. First Bank of Nigeria
First Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.

The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter.

5. Guaranty Trust Bank
Guaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.

On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter.

4. Ecobank 
Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.

Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter.

3. Access Bank 
Access Bank ranks 3rd, with N3.3 trillion in shareholder funds for Q3 2024, reflecting a 101% year-on-year increase from N1.6 trillion.

On a quarterly basis, the bank’s funds grew by 16%, from N2.8 trillion in Q2 2024. Additionally, Access Bank reported a 65% growth in pre-tax profit, reaching N209.2 billion for the quarter.

2. Zenith Bank 
Zenith Bank is 2nd, with N3.5 trillion in shareholder funds for Q3 2024, representing an 82% year-on-year increase from N1.9 trillion.

The bank’s funds grew by 10% compared to the previous quarter, rising from N3.1 trillion in Q2 2024. Zenith also achieved a 78% year-on-year growth in pre-tax profit, reaching N275.8 billion for the quarter.

1. United Bank for Africa (UBA) 
At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.

Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.

Source: https://nairametrics.com/2024/11/30/top-10-banks-in-nigeria-by-shareholder-funds-for-q3-2024/

The Nigerian aviation sector, despite being a critical element in the country’s transportation system and economy, has not reached its full potential compared to other African nations.

The International Air Transport Association (IATA) estimates that aviation s $63 billion in economic activity across Africa. However, Nigeria’s aviation industry contributes a modest $1.7 billion to GDP, representing 0.4% of the national economy—far behind South Africa’s aviation sector, which contributes $12 billion, or 3.5% of GDP.

With 20 airports, 23 active domestic airlines, and operations by 22 foreign carriers, Nigeria’s aviation sector holds immense potential. It has created over 241,000 jobs and facilitated international trade and tourism, connecting Nigeria directly to major global business hubs such as London, New York, Johannesburg, Dubai, and Paris. Additionally, Nigeria’s attainment of the FAA International Aviation Safety Assessment (IASA) Category One Certification allows its carriers to fly directly into the United States, a significant milestone for the sector.

enger and aircraft traffic has consistently risen by an average of 10% annually, with Murtala Muhammed International Airport (MMIA) in Lagos handling over 60% of the country’s total air traffic.

Within this sector are owners of domestic airlines of Nigerian descent. These individuals have invested private capital and helped to a certain extent provide job opportunities and new pathways for growth in the industry. Take a look at some of these personalities as spotlighted by Nairametrics.

1. Allen Ifechukwu Onyema -Founder Air Peace

Allen Ifechukwu Onyema, a Nigerian lawyer and entrepreneur, founded Air Peace in 2013 to create economic opportunities for Nigerian youth. His vision was to build a thriving airline that would serve both domestic and international markets, and over the years, Air Peace has grown into one of the country’s most prominent carriers.

The airline’s fleet has expanded significantly, now including Boeing 737s, Boeing 777s, Dornier 328s, Embraer 145s, Embraer 195-E2s, and Airbus 320s. This diverse range of aircraft has ed Air Peace’s growing network, which now includes routes to international destinations such as Accra, Ghana, Sharjah, and Johannesburg, South Africa.

Onyema’s commitment to expanding the airline’s reach has positioned Air Peace as a key player in West African aviation, offering affordable air travel options while creating jobs and boosting the local economy.

2. Jacky Hathiramani- Founder Dana Air

Jacky Hathiramani, the pioneer Managing Director/CEO of Dana Airlines and now the Group Managing Director/CEO of Dana Group of Companies, is a Nigerian born in Jos, Plateau state. He holds a degree in Business istration from the European Business School of London and sits on the board of several blue-chip companies and PLCs.

Jacky started his career in the manufacturing industry, where he was appointed as an Executive Director of Ashmina Limited in 1998. He led major business transformation in the company, which led to his appointment as Group Managing Director.

He has been responsible for the strategic development and expansion of the Group, which has evolved into a multi-billion dollar conglomerate with interests in key sectors of the Nigerian economy, including transportation, steel, and aviation. Jacky’s drive and ion for quality service led to the establishment of Dana Air in 2006.

The introduction of the airline and its redefining role in the aviation industry, offering world-class customer and in-flight service, with an on-time performance that is still unrivaled, earned Jacky multiple CEO of the Year awards.

Jacky’s superior business performance and innovations have enabled the company to achieve commendable market share and recognition as one of Nigeria’s Most Respected Companies.

3. Kunle Soname- Founder Value Jet

Kunle Soname is a Nigerian entrepreneur, sports enthusiast, and the chairman of Bet9ja, a leading betting platform he founded in 2013. He made history in 2015 as the first Nigerian to acquire a European football club, C.D. Feirense.

Soname studied Estate Management at Obafemi Awolowo University, graduating in 1988, and later served as the Executive Chairman of Ikosi-Isheri Local Council until 2011. His ion for sports led him to establish Remo Stars Football Club in 2004, which was relocated from Lagos to Ogun State and now competes in the Nigerian Premier League.

In addition to his ventures in sports and betting, Soname is the founder of ValueJet, a private Nigerian airline established in 2018. ValueJet, which began operations in 2022, provides domestic flights to key Nigerian cities like Lagos, Abuja, Port Harcourt, and Yola.

The airline aims to offer safe, reliable, and affordable air travel, with a fleet of Bombardier CRJ900 Jets. Soname’s contributions extend beyond business as he was inducted as a patron at the University of Lagos in 2022, in recognition of his philanthropic activities. His achievements in business, sports, and community service continue to make him a prominent figure in Nigeria.

4. Alhaji Dahiru Barau Mangal- Founder Max Air

Dahiru Mangal is a prominent Nigerian entrepreneur and the founder of Max Air, one of the country’s leading airlines. Established in 2006 as Mangal Airlines, it rebranded in 2008 as Max Air and began its first commercial flight to King Abdulaziz International Airport from Kano.

The airline, which started with two Boeing 747-400 aircraft and three destinations, has since expanded to operate several domestic, regional, and international routes. Mangal serves as the Chairman and CEO of Max Air Limited and leads AFDIN Group (Nigeria) Limited, a conglomerate with interests in construction, oil, and other sectors, including AFDIN Construction, Mangal Oil, and Manasawa Enterprises.

Mangal’s contributions extend beyond business, with significant philanthropic efforts aimed at ing students, individuals with disabilities, and displaced persons affected by conflict. In 2021, his company, Mangal Industries, signed an agreement with Sinoma, a Chinese firm, to build a cement plant and a power plant in Kogi State, a $600 million project expected to be completed by 2024. Max Air continues to grow, adding new domestic routes and introducing innovative services such as an in-flight magazine, making it a key player in Nigeria’s aviation industry.

5. Captain Edward Boyo- Founder Overland Airways

Captain Edward Boyo, the founder and CEO of Overland Airways, has been a key figure in Nigeria’s aviation sector for more than two decades. In addition to leading Overland Airways, Boyo is the founder and managing director of Landover Company Limited, a prominent aviation services provider in Africa.

Overland Airways, established in 2002, was conceived with the mission of connecting Nigeria’s remote regions to major urban hubs, offering reliable air travel for both business and leisure engers.

The airline operates a fleet of ATR 42 and ATR 72 turboprops, along with Beechcraft 1900Ds, providing services to a network of domestic routes including Lagos, Abuja, Ibadan, Ilorin, Akure, Dutse, Minna, Bauchi, Asaba, and Jalingo. Overland Airways has gained a strong reputation for its punctuality and its commitment to bridging the gap between underserved regional markets and Nigeria’s larger commercial centers.

Boyo’s leadership extends beyond Overland Airways, as he has made significant contributions to the development of the African aviation industry. He is also the founder and publisher of Aviation & Allied Business Africa Journal and has played a key role in training the next generation of aviation professionals through Landover Aviation Business School. His efforts have cemented him as a pivotal figure in the growth of aviation across the continent.

6. Babawande Afolabi- Founder of Green Africa Airways

Babawande Afolabi, a Nigerian entrepreneur and founder of Green Africa Airways, has always had a deep ion for transportation.

Growing up in Ile-Ife, Osun State, his fascination with the sector was ignited further during his time as an Investment Banker at Morgan Stanley in 2011/2012, where he gained exposure to the transportation industry.

This experience inspired him to pursue his dream of creating a Pan-African value airline based in Nigeria, aiming to make air travel affordable for everyone, including his teachers in Ile-Ife.

Babawande gained his MBA at Stanford GSB. With guidance from experienced mentors, he launched Green Africa Airways in 2015, raising initial funding through friends, former colleagues, and classmates. In 2017, Kuramo Capital made the first major institutional investment, followed by a Series A funding round in 2018-2019.

Green Africa placed an order for 100 Boeing 737 Max aircraft in 2018, but it was canceled due to safety concerns. In 2020, the airline switched to Airbus A220-300s, with delivery deferred due to the pandemic. Green Africa commenced operations in 2021 with leased ATR 72-600s, positioning itself as a major player in the Nigerian airline industry.

7. Prof Obiora Okonkwo-Founder United Airlines Nigeria

Prof. Obiora Okonkwo, a renowned academic and entrepreneur, was awarded the prestigious Order of the Federal Republic (OFR) in 2022 by President Muhammadu Buhari. He holds a Doctor of Philosophy in Political Science from the Russian Academy of Science, Moscow, and has earned multiple degrees with distinction, including a Master of Science in Economics and a First Class in Economics and Management from the Russian Peoples Friendship University.

Prof. Okonkwo’s career began in Onitsha, Anambra State, where he combined his education with trading alongside his father at the Onitsha Main Market. Over the years, he has become a prominent thought leader, delivering lectures on key issues such as entrepreneurship, leadership, and the media’s role in democracy. His major publications focus on Nigerian development, including his widely referenced works on civil society and national development.

In 2020, Prof. Okonkwo founded United Nigeria Airlines, a wholly Nigerian-owned commercial airline. The airline, incorporated under the Companies and Allied Matters Act of 1990, offers air transportation services and has quickly established itself in the Nigerian aviation sector. Prof. Okonkwo serves as the head of the airline, further showcasing his commitment to contributing to Nigeria’s growth.

A respected recipient of multiple awards, including The Sun Entrepreneur of the Year Award (2020) and Rotary International Youth Leadership Icon Award (2019), Okonkwo is also a Knight of the Order of King Leopold, the highest honor for foreign nationals from Belgium. Through his entrepreneurial ventures and public service, Prof. Okonkwo continues to contribute significantly to Nigeria’s development and beyond.

Source: https://nairametrics.com/2024/12/01/meet-7-founders-of-local-airlines-in-nigerias-1-7billion-aviation-industry/

Barring any last-minute change of plan, the workers in the Federal Capital Territory, Cross River, Nasarawa, Ebonyi, Kaduna and Zamfara states may down tools on Monday (today) following the failure of the state authorities to negotiate the payment of the N70,000 new minimum wage.

Though the implementation s set up by the concerned states have been meeting with labour leaders in a bid to ward off the strike action, the various state chapters of the Nigeria Labour Congress have expressed their readiness to embark on a strike from today.

The FCT Council of the NLC had earlier directed the workers in the six Area Councils to embark on an indefinite strike on December 1 until further directives were issued.

This was contained in a letter signed by the Chairman of the FCT Council of the NLC, Stephen Knabayi, on Saturday.

This followed the directive of the NLC leadership to workers in 14 states and the FCT to embark on industrial action from Sunday over the non-implementation of the new minimum wage.

Knabayi faulted the failure of the area council chairmen to respond to the demand for the implementation of the minimum wage, despite receiving the communique of the National Executive Council of the NLC dated November 14, 2024.

The Nasarawa State chapter of the NLC on Sunday declared its readiness to declare a strike if the minimum wage was not paid.

The state NLC Chairman, Ismaila Okoh, disclosed that a notice of strike had been issued to all the labour .

He, however, revealed that the Nasarawa State government had reached an agreement with the union to pay N70,500 to the workers, adding that no document had been signed regarding the implementation.

He said, “We have notified all our to embark on strike tomorrow (today) because of the non-implementation of the national minimum wage in the state.

“Although the minimum wage committee set up by the state government has agreed to start paying N70,500, no document has been signed to that effect up till this moment.

“So, we are observing the situation to see if the documents on the minimum wage will be signed before tomorrow morning. However, if nothing is done between now and midnight, our will have to fully comply with the strike as they were directed.”

To avert a shutdown, the Kaduna State Government said it had commenced the implementation of the new national minimum wage, with the least-paid worker in the state receiving N72,000 as gross salary in November.

The PUNCH reports that many states agreed to pay above the N70,000 minimum wage, with Kaduna State offering its workers N72,000 as minimum wage.

Despite the positive development, the state chapter of the NLC confirmed its planned strike.

The state’s chairman of the NLC, Ayuba Suleiman, said the workers would embark on a strike as directed by the NLC leadership.

When asked if the NLC was prepared to embark on a strike, Suleiman replied, “Yes, we are set for the strike.”

However, a statement on Sunday by Ibraheem Musa, the Chief Press Secretary to Governor Uba Sani, insisted it was “a misrepresentation for the NLC to claim that the state has defaulted in the payment of the new minimum wage.”

Musa noted that the state government had complied with the letter of the National Minimum Wage Law.

“His Excellency, the Executive Governor of Kaduna State, Senator Uba Sani, has complied with the spirit and letter of the National Minimum Wage Law, by paying the lowest paid civil servant N72,000 last month,” he said.

He added that the NLC had been pushing for consequential adjustments but the state government argued that there was a difference between salary increments and the minimum wage.

Musa explained that the state government received an average of N8bn from the Federal Allocation and generated around N4bn monthly, totalling N12bn revenue.

However, he said with the implementation of the minimum wage, the monthly wage bill had increased from N5.4bn to N6.3bn, including N4bn deduction for loan payments every month.

This, he said, left only N2bn for rural transformation, healthcare, education, and other public services in the state.

“It will be unfair for Kaduna State Government to spend almost all its revenue on consequential adjustments, after paying the mandatory minimum wage.

“There are over 10 million people who are also entitled to the accrued revenue of Kaduna State. There are 84,827 civil servants in the state. So, it is unreasonable for the government to spend over 90 per cent of its revenue on just about one per cent of the population,” he added.

Musa urged the NLC to exercise patience over the consequential adjustments, pending when the state government’s revenue improved.

“Governor Uba Sani is labour-friendly. He has demonstrated this by providing buses for civil servants to commute to work free of charge, as part of the palliatives to cushion the prevailing economic challenges,” he said.

Meanwhile, the Chairman of the NLC in Ebonyi State, Dr Oguguo Egwu, disclosed that the state workers had been directed to the ongoing industrial action from today.

According to him, the warning strike, which will last one week, was sequel to the failure of Governor Francis Nwifuru to implement the new national minimum wage.

He said, “Talking about the new national minimum wage as it concerns Ebonyi State, our governor on September 11 at the Ojiji festival of Izzi Kingdom announced the new minimum wage of N70,000 and we are all aware of that.

“We were very happy and excited that Ebonyi would be among the first states to implement the wage. But subsequently, there was no communication and no information.

“And we heard that the governor wanted to implement the national minimum wage without any due process of collective bargaining where both the workers and government angle would meet to agree on the consequential adjustment.”

Also, the Zamfara State NLC secretary, Ahmed Abubakar, said workers in the state had yet to receive the new minimum wage, and as such had no alternative but to the strike.

He said, “We are going to the strike as directed by the national body of our great union to express our anger over the non-payment of the new minimum wage.”

Abubakar, however, explained that the union would continue to dialogue with the state government on the issue.

The organised labour in Cross River is set for an industrial action over the non-implementation of the new minimum wage in the state.

The Cross River State Chairman of the Nigeria Labour Congress (NLC), Gregory Ulayi, disclosed that the union would embark on an indefinite strike if the state government failed to implement the new minimum wage to workers.

However, it was learnt that the state government reached an agreement with the state chapters of the NLC and TUC late on Sunday night to pay the N70,000 wage to its workers.

Calls to the NLC and TUC officials to clarify whether the state workers would still embark on strike were not answered as at the time of filing this report.

Source: https://punchng.com/minimum-wage-strike-begins-in-five-states-fct-as--meets/#google_vignette