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PRESIDENTIAL spokeman, Mr Bayo Onanuga, is being dragged on social media platform, X, for posting a conflicting and vague statement on President Bola Tinubu’s trip to Europe. This is as netizens questioned why President Bola Tinubu failed to hand over power to Vice President Kahim Shettima. Mr Onanuga had, on Thursday, informed Nigerians that President […]
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NIGERIA’S Minister of Works, Mr David Umahi, says the structural rehabilitation of the Third Mainland Bridge, an 11.8-kilometre span in Lagos State, will cost N3.6 trillion, which is equivalent to over $2.45 billion. However, to build Africa’s longest bridge, known as 6th October Bridge, Egypt spent just 200 million Egyptian pounds in 1996, which was […]
REGULATORS have come under heavy criticisms for failing to fully disclose the buyer of 10.43 billion shares of FirstHoldco in a transaction valued at at N323.4 billion. A so-called mystery buyer, which was reported earlier as Mr Femi Otedola, had purchased the shares of Mr Oba Otudeko and Mr Tunde Hassan-Odukale, two former majority shareholders […]
IN a web of confusion, the Nigerian government and First Holdco have denied involvement in the purchase of 10.43 billion units of the financial institution’s shares on Wednesday estimated at N323.4 billion. The transaction was earlier linked to Chairman of First Bank or First Holdco, Mr Femi Otedola. The deal was expected to raise Mr […]
PRESIDENT Bola Tinubu came to power in May 2023 with a raft of reforms, including the removal of the costly gasoline subsidy and the liberalisation of the foreign exchange market. However, these reforms have favoured powerful businessmen and investors but left the poor behind. Petrol subsidy removal has freed resources for the government and stopped […]
THE Ministry of Agriculture and Food Security has sent a circular to all of its directors, deputy directors, assistant directors and other key officers and staff members inviting them to prayer sessions “for God’s guidance and success in supporting Government’s efforts to achieve food security.” The circular seen by Economy Post was dated June 11, […]
ZENITH Bank, Nigeria’s largest bank by net income, paid a total of N14.647 billion for various foreign exchange (FX) infractions in 2024. The tier-one bank also paid another N780.25 million for 9 other infractions, Economy Post can confirm. Zenith Bank’s 2024 full-year financial statement shows that the bank paid N14.647 billion to the Central Bank […]
NIGERIA’S food security quest is in peril as farmers increasingly escape terrorist attacks and deaths in states where the majority of food consumed by Nigerians are grown. Economy Post contacted farmers in Benue, Niger, Plateau and Taraba states and all of them said the same thing: Terrorists are either preventing them from going to their […]
THERE are no fewer than seven red flags in the budget presented to Nigerians by the Dele Alake-led Ministry of Solid Minerals Development. Economy Post‘s data department, known as Postlytics, found that these red flags are loopholes that could lead to embezzlement of public funds. The entire ministry’s five agencies got a budget of N16.649 […]
PRESIDENT Bola Tinubu may have his weaknesses in several areas but his policies have sustained the Nigerian stock market rally, leaving investors counting in millions. The Nigerian stock market rally began in 2020. In fact, by the end of 2020, the Nigerian Exchange (NGX) was named the best-performing stock market among the 93 equity indexes tracked […]