In an effort to alleviate the burden of rising fuel costs, Ogun State has launched a new fleet of buses powered by compressed natural gas (CNG). Governor Dapo Abiodun inaugurated the CNG mass transit buses on Monday at an event in Abeokuta. He said the initiative aims to “provide the needed relief to the people” in light of the federal government’s recent removal of fuel subsidies. Abiodun acknowledged that “we are all going through a very trying period” with increased fuel prices. Ogun has already implemented transport and allowance increases for state workers after the subsidy ended. The new CNG…
Author: Editor Francis
Speaking before the UN General Assembly today, US Ambassador to the UN Linda Thomas-Greenfield strongly condemned recent terrorist attacks by Hamas against Israel while calling for the immediate release of hostages being held by Hamas in Gaza. Thomas-Greenfield slammed Hamas for carrying out “barbaric acts of terror” including the gunning down of civilians and the execution of children. She stated there is “no justification for terror” and called on member states to condemn Hamas’ actions. “And we must condemn Hamas’ acts of terror. Hamas’ goals are single-minded, and they’re sickening. They are determined to destroy Israel and kill Jews. And…
Millennium Challenge Corporation (MCC) CEO Alice Albright recently visited The Gambia and Senegal to celebrate the progress of MCC grant programmes and learn more about the ways people in those West African countries are positively impacted by the democracy and poverty reducing power of the MCC partnership. “During this trip, I saw exactly how U.S. government development resources foster global stability.” CEO Albright said “MCC is working with our partners in The Gambia and Senegal to target the biggest barriers to economic growth, help protect fundamental freedoms, ensure accountability, and create opportunities for people to thrive—particularly women, youth, and vulnerable…
One of the most important concepts every corporate financial analyst must learn is how to value different investments or operational projects to determine the most profitable project or investment to undertake. One of the disadvantages of discounted payback period analysis is that it ignores the cash flows after the payback period. Thus, it cannot tell a corporate manager or investor how the investment will perform afterward and how much value it will add in total. Since some business projects don’t last an entire year and others are ongoing, you can supplement this equation for any income period.Under payback method, an…
The Senate revealed on Monday that the Board of Directors of the Nigerian Security Printing and Minting Company Plc (NSPMC) allegedly disbursed a N14 billion salary increase to its employees without obtaining approval from the National Salaries, Wages, Incomes, and Wages Commission. This discovery was made during a session in the Senate’s Red Chamber in Abuja, where the NSPMC’s management appeared before the Senate Public Accounts Committee to address issues raised in the 2019 report of the Auditor-General of the Federation. According to the Auditor-General’s report, between 2016 and 2019, the NSPMC’s Board of Directors sanctioned N14 billion for salary…
The Federal Executive Council, in its meeting chaired by President Bola Tinubu at the Aso Rock Villa in Abuja, approved a budget of N5.9 billion for the development of access roads connected to the Abuja light rail system. Nyesom Wike, the Minister of the Federal Capital Territory, conveyed this decision to State House correspondents, emphasising that the President has set a specific timeframe for the completion of the Abuja light rail project and underscored the significance of ensuring that the access roads to the railway station are adequately prepared. In his words, “Today, the Council granted approval for the contract…
Renowned Nigerian constitutional lawyer and former Secretary General of Ohanaeze Ndigbo worldwide, Professor Ben Nwabueze (SAN), has passed away. His demise was disclosed by Arinze NZELI, the President General of Atani Town Union, who announced that the esteemed legal figure breathed his last in his Lagos residence at 4 p.m. on Sunday, October 29. NZELI revealed that Professor Ben Nwabueze had been battling illness for some time before this tragic event. The news was further confirmed by Afam Ogene, the representative of the Ogbaru federal constituency in the Federal House of Representatives, who conveyed the sad incident via text message…
The inaugural flight originating from London Gatwick touched down at Kotoka International Airport over the weekend. The arrival was met with a warm and spirited West African reception, featuring traditional dancers, drummers, and a distinguished VIP delegation that included Harriet Thompson, the British High Commissioner to Ghana. Flights connecting Accra and Gatwick are now operating three times a week, on Tuesdays, Thursdays, and Sundays. In an exciting expansion move, this service is slated to increase to four flights a week starting in April of the following year. Neil Chernoff, the Director of Network and Alliances at British Airways, expressed his…
The United States, in collaboration with the Kingdom of Saudi Arabia and the Intergovernmental Authority for Development (IGAD), has reinitiated crucial ceasefire discussions between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF). Both countries Made this known during a press release to newsmen. The Kingdom of Saudi Arabia is acknowledged for its role as the host, and IGAD, representing the African Union as well, is welcomed as a co-facilitator in these talks. In accordance with the principles outlined in the May 11 Jeddah Declaration of Commitment to Safeguard the Civilian Population of Sudan, the renewed talks maintain…
Similarly, the value of the preferred stock is calculated by multiplying the number of preferred shares issued by the par value per share. Therefore, par value is more important to a company’s stockholders’ equity calculation. If interest rates decline to a level lower than the coupon rate of a bond or the dividend rate of preferred stock, the market price of each should rise (and vice versa if interest rates are higher). Common stock is issued with a par value, but it plays a negligible role in common stock trading for the average consumer. In other words, they intend to…
Mr. Michael Aondoakaa (SAN), a former Attorney General of the Federation and Minister of Justice, has disclosed how Mr. Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), played a crucial role in preventing Nigeria from paying billions of dollars in an arbitral award to the foreign company, Process and Industrial Developments (P&ID). The United Kingdom Royal Courts of Justice recently vindicated Nigeria’s efforts to challenge the substantial judgment debt imposed on the country in favor of P&ID. The court ruled that the initial judgment was obtained fraudulently and highlighted P&ID’s involvement in fraud, bribery, and the…
David Umahi, the Minister of Works, has announced plans to import equipment worth €1.2 million to facilitate the repair of the Eko Bridge. The repair work is deemed necessary due to the prolonged lack of maintenance and will require opening the bridge deck for comprehensive repairs. Minister Umahi stated that the restoration of the 60-year-old bridge is anticipated to be finalised by 2024. During his visit to various bridges in Lagos State, including the Third Mainland, Carter, Falomo, Iddo, Eko, Marina, and Iganmu, the minister also extended his congratulations to President Bola Tinubu for his Supreme Court victory. He called…