Month: January 2022

Buhari Embargoes Fuel Subsidy Removal, ‘Okays’ N1.9trn Under-Recovery

ADEOLA YUSUF

Findings by Platforms Africa show that the subsidy is to cost Nigeria an average of N103bn monthly for the 18 months window opened by the President   President Muhammadu Buhari has embargoed fuel subsidy removal, a move that will gulp about N1.854 trillion for the 18 months the embargo will last. Findings by Platforms Africa showed that the subsidy is to cost Nigeria an average of N103 billion monthly for the 18 months window opened by the President. The Nigerian government, nonetheless, said that the subsidy on fuel would last…

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Ashimolowo Names First Son Second-In-Command to Wife As KICC Pastor

ADEOLA YUSUF

‘They Are Retiring Me,’ Ashimolowo says as Tobi Ashimolowo is expected to assist his mother, Yemisi Ashimolowo, who is the Church’s Resident Pastor 1 The founder of Kingsway International Christian Centre (KICC) Pastor Matthew Ashimolowo has appointed his first son, Tobi Ashimolowo, as Resident Pastor 2 of the church in London. He is now the second-in-command to his mother, Yemisi Ashimolowo, who is the Resident Pastor 1. Tobi is the Founder and Chief Executive Officer of the Vault, a high-end store for mens wear and accessories. READ ALSO: Dare, Nigerian…

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How Popular Ogun Monarch Was Murdered, Burnt to Ashes – Police

ADEOLA YUSUF

The Nigerian Pol8ce has given details of how unknown gunmen on Monday assassinated and burnt the corpse of the Olu of Agodo, in Ewekoro Local Government Area of Ogun State, Oba Ayinde Odetola. It was gathered that Oba Odetola was killed and burnt beyond recognition immediately he drove into the community around 11 am. Platforms Africa learnt that crisis began in Agodo after Odetola of Ake dynasty was elected as the traditional ruler of the town, a development the Owu people reportedly rejected, insisting that anybody from Ake cannot be…

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Africa’s Billionaires 15% Richer Despite Global Pandemic in 2021 – Report

ADEOLA YUSUF

Analysts found that a surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021   In spite of the devastating impacts of the global pandemic on businesses around the world, Africa’s billionaires became richer in 2021, a report by Forbes has revealed. The continent’s 18 billionaires are now worth an estimated $84.9 billion, which implies a 15 per cent increase within a year and the most since 2014 when a larger number of billionaires (28 billionaires ) were…

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2022 Outlook: Eaton Shares Projections for Buildings Sector

ADEOLA YUSUF

Few areas of business were impacted by the pandemic in such a profound way as buildings. The immense shifts in what we need from buildings, from changing work-life patterns to the movement of retail activity further online, may take years to fully come to fruition. At the same time, however, this ‘change point’ represents an opportunity for the buildings sector to make real change towards delivering a built environment which is fit for the future. Here are five key things to look out for in the coming year as those…

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NBET Processes N68bn in One Year, Pays N42bn to GenCos for Nov Cycle

ADEOLA YUSUF

The Nigerian Bulk Electricity Trading Plc (NBER) has, for the 2021 payment cycle, processed an average of N68 billion naira worth of electricity via the grid, making sure that GENCOS received an average minimum settlement of 85% of generation invoices. The NBET also said it processed market payment of over N42 billion naira (N42,486,673,723.75 (billion) to generation companies (GENCOS) for the November 2021 Payment Cycle. This, the firm said in a statement sent to Platforms Africa, is for grid distributed electricity. The payments were made last week to GENCOS for…

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Father of Hanifah Abu, 5-yr-old pupil killed by Proprietor Speaks Out

ADEOLA YUSUF

“Till I die, I won’t forget this (pain),” bereaved father, in tears, gives full account of how the proprietor of the nursery and primary school his daughter attended kidnapped, demanded N6 million ransom and later murdered Hanifah The father of Hanifa Abubalkar, a five-year-old kidnapped and murdered by her school proprietor, has spoken to the media on his daughter’s death. Platforms Africa reports that emerging facts showed that Hanifa, who was declared missing last December,  was abducted and murdered by Abdulmalik Tanko, the proprietor of Noble Kids Nursery and Primary School,…

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Super Eagles Coach, Eguavoen, Quits After Tunisia Humbles Nigeria

ADEOLA YUSUF

  Nigeria’s interim coach, Austin Eguavoen has announced that he is stepping aside as coach of the team following the 1-0 defeat to the Carthage Eagles in the rounds of 16 of the Africa Cup of Nations. Tunisia, the best loser in its group disgraced the Super Eagles who have earlier been praised to high heaven by fans and admirers after having a clean slate at the group stage. Eguavoen made the announcement shortly after the game, while also stating that he will be resuming his original role as Technical…

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Lekan Akinyanmi Edges Out Lekoil Cayman in $1.5m Loan Suit

ADEOLA YUSUF

After months of legal tussle, Lekoil Nigeria’s Chief Executive Officer, Lekan Akinyanmi, is coasting home to victory in the suit filed against him by the London-listed oil firm, Lekoil (Cayman) Limited. Platforms Africa reports that Akinyanmi is contending liability in a personal loan from the company claimed to be due for repayment to the tune of US$1.5million. Inside sources confirmed an extempore judgment delivered on January 18, 2022, in England, where the court agreed with Akinyanmi’s counsel that England was not the proper place for the claim to be heard…

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Ogun Picks Holes in Counterpart Funding Template, Canvasses Review

ADEOLA YUSUF

“A situation where you say out of about $250 million, $50 million was meant to be for technical assistance and hiring consultants is not tidy enough,” Finance Commissioner confronts International Economic Relations Department (IERD), Federal Ministry of Finance   The government of Ogun state, Southwest Nigeria, has called for the review of the terms and conditions for accessing counterpart funded projects from international donor agencies, contending that the current arrangement is no longer in tune with current economic realities in the country. Platforms Africa reports that the State Commissioner for…

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