The world’s richest man, Jeff Bezos will step down as Amazon CEO later this year and transition to the role of executive chair, the company has announced. According to the February 2 announcement, Bezos will be replaced by Andy Jassy. Bezos has been Amazon’s CEO since its founding in 1995 and grew the company…
The Lagos-Ibadan Rail line has officially been connected to the Apapa port complex in Lagos. China Civil Engineering Construction Corporation (CCECC) made the announcement on Monday February 1. The statement read; “On the morning of Jan. 25, 2021, with the successful pouring of the last 25-meter monolithic track bed superstructure of Apapa Port Break…
Nigeria generated N2.94 trillion in income from value-added tax (VAT) and company income tax (CIT) in the year 2020, data released by the National Bureau of Statistics (NBS), has revealed. The figure is about 10 per cent higher than the N2.68 billion recorded in 2019. The breakdown shows that the third quarter (Q3)…
Abia State has appointed Noble Igwe as a Made in Aba Ambassador. The media entrepreneur took to Instagram to share the good news alongside his appointment letters. He was commended for his “activities over the years fully supporting the growth of entrepreneurship In Aba and using multiple channels to promote the growth of…
Nigeria’s food inflation increased by 1.26 percent from 18.30 percent in November 2020 to 19.56 percent in December. This is according to the December 2020 consumer price index/inflation report released by the National Bureau of Statistics, NBS, on Friday, Jan 15, 2021. This is the highest jump in food inflation since May…
The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo…
The management of the Nigerian Electricity Regulatory Commission, NERC, has denied reports that there has been a 50 per cent increase in electricity tariff. NERC’s Head of Public Affairs, Micheal Faloseyi, denied the report in a statement released in Abuja today Tuesday, January 5. According to Faloseyi, rates for service bands have been adjusted by NGN2.00 to NGN4.00 per…
The Financial Derivatives Company Limited has disclosed that the economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget. The FDC which projected headline inflation to rise to 14.5 per cent in October from 13.71 per cent in September, said the protests magnified existing output…
The former Minister of Finance in Nigeria, Ngozi Okonjo-Iweala, has emerged as the new Director General of the World Trade Organization. She is the first female and first African Director-General of the WTO. In a keenly contested election, Okonjo-Iweala beat her rival, South Korean Yoo Myung hee, with a wide margin. She polled 104 votes from 164 member countries…
The Tung Family, owners of Western Metal Products Company (WEMPCO) Group and Lagos Oriental Hotel have denied claims that Lagos Oriental Hotel belongs to former Lagos State governor, Bola Ahmed Tinubu. The denial came after an attack on the Lagos Oriental Hotel, during which armed hoodlums with guns, knives and bottles, forced their way in, assaulted…
