Banex Plaza, a prominent shopping center in Abuja, has reopened after a week-long closure, marking the end of a tense period that disrupted business activities in the area. Banex Plaza, a major shopping complex in Abuja, is known for being a central hub for various business activities and attracting large crowds. The plaza was shut down due to clashes between soldiers and traders. On Saturday, May 18, 2024, an incident occurred involving soldiers who were accompanying a customer with a complaint about a phone purchase. They were attacked by unidentified individuals, leading to the plaza’s closure on Sunday, May 19,…
Author: Emmanuel Olawale Akanji
President Bola Ahmed Tinubu has announced the Lagos-Calabar Coastal Highway project, a massive infrastructure plan set to transform Nigeria’s economy. This highway will provide better access to production and marketing centers for about 30 million businesses. The Lagos-Calabar Coastal Highway is more than just a road. It’s a vision to connect Nigerian commerce. Stretching 700 kilometers and crossing nine states, this highway will become a vital trade route, boost tourism, and create new opportunities for many years to come. President Tinubu believes the highway will support 30 million businesses. By improving market access, it’s expected to create millions of jobs…
Stanley Kingsley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), stated in a press release that Vice President Kashim Shettima has reiterated Nigeria’s readiness to tap into the $130 billion global hydrogen market by partnering with the Republic of Germany in the development of its green energy sector. The idea, according to him, is the advancement of the country’s hydrogen market in line with its renewable energy objectives and the global energy transition plan from fossil to green sources. Senator Shettima stated this on Friday when he received on a courtesy visit…
In a landmark ruling, the Federal High Court has ordered the temporary forfeiture of assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, worth billions of naira and dollars. The assets include cash, properties, and investments valued at $4.72 million, N830.88 million, and multibillion-naira properties. Justice Yellim Bogoro granted the order on Thursday, following an ex-parte application by the Economic and Financial Crimes Commission (EFCC) counsel, Bilkisu Buhari and C.C Chineye. The EFCC argued that the assets were proceeds of unlawful activities and sought the court’s intervention to prevent their dissipation. The seized assets include funds warehoused…
The Central Bank of Nigeria (CBN) has announced a significant surge in foreign exchange (FX) inflows in the first quarter of 2024, reaching an impressive 136% of the total inflows recorded in 2023. This substantial increase is attributed to a series of major reforms aimed at liberalizing the foreign exchange market, enhancing transparency, reducing arbitrage opportunities, promoting stability, and improving liquidity. According to CBN Governor, Dr. Cardoso, the reforms have been instrumental in attracting foreign investors and boosting confidence in the Nigerian economy. The CBN has issued circulars to sanitize the forex system, ensuring a more efficient and transparent market.…
The Federal Capital Territory Administration (FCTA) has announced a change in the date for the commencement of the Abuja Rail Mass Transit’s commercial operations. The new date for the flag-off is now set for Democracy Day, Wednesday, May 29, 2024. The Abuja Rail Mass Transit, also known as the Abuja Light Rail, is a significant project aimed at improving public transportation in the federal capital. The project, which is almost 95% complete, was initially scheduled to start operations on Monday, May 27, 2024. However, the ceremony has been rescheduled to coincide with the first-year anniversary celebrations of President Bola Ahmed…
In an exciting development, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revealed that the Abuja Light Rail will offer free rides for two months when it is commissioned on Monday. This announcement is expected to bring joy to residents and commuters in the nation’s capital, who have been eagerly awaiting the completion of the project. According to Wike, the free ride initiative is aimed at introducing the new transportation system to the public and encouraging its adoption. The minister expressed confidence that the light rail will revolutionize transportation in Abuja, reducing congestion and travel time, while…
The Central Bank of Nigeria’s (CBN) third consecutive benchmark interest rate increase has sent shockwaves through the economy, leaving borrowers grappling with the prospect of significantly higher interest payments. In a move aimed at curbing inflation and stabilizing the nation’s currency, the CBN boosted its monetary policy rate (MPR) by 150 basis points to 26.25% from 24.75% in March 2023. This development is expected to have far-reaching implications for borrowers, savers, and investors alike. Commercial banks have swiftly responded to the CBN’s decision, reprising their assets to reflect the new interest rate landscape. Guaranty Trust Bank (GTCO), for instance, has…
In a bid to curb the rising cases of foreign exchange fraud and manipulation of the financial markets, the Economic and Financial Crimes Commission (EFCC) has arrested over 200 Bureau De Change (BDC) operators across the country. The suspects, who were arrested in a series of coordinated raids, are being interrogated to determine the extent of their involvement in the illicit activities. The crackdown on the forex scammers is part of the Federal Government’s efforts to stabilize the local currency, which has been experiencing significant depreciation in recent times. According to government officials, the actions of speculators in the forex…
The Federal Capital Territory Administration (FCTA), through the Department of Development Control, has commenced the demolition of over 500 illegal structures at the popular Karmo market in the Territory. The director of the department, Mr. Mukhtar Galadima, explained during the exercise on Wednesday that the demolition followed the expiration of the 24-hour demolition notices issued to the traders. The department had on Monday served 24-hour demolition notices to operators of the illegal markets and shanties marked for demolition along the Karmo – Dei-Dei road corridor. The demolition exercise followed due process, as the operators of the illegal markets and owners…