Author: Ifetayo Adeniyi

Bidvest Terminates R2.8 Billion Sale After Access Bank Fails to Meet Conditions Access Bank’s plan to acquire South Africa’s Bidvest Bank has collapsed after the Nigerian lender failed to meet key contractual conditions by the agreed deadline, halting its push to expand further into the South African banking market. Bidvest Group confirmed on Monday that it had terminated the R2.8 billion transaction after Access Bank did not fulfil the conditions precedent by the contractually agreed longstop date. The group added that it has reopened talks with other potential buyers for its banking subsidiary. “The parties have been actively working together…

Electronic Transmission of Election Results Stands ~ Senate Elegbede Abiodun …. presiding officers at polling units are required to electronically transmit results to the IREV portal after the completion of voting. The Nigerian Senate on Tuesday amended the Electoral Act, altering Section 60 to mandate electronic transmission of election results to the Independent National Electoral Commission’s (INEC) Result Viewing Portal (IREV), while simultaneously creating a major loophole that allows manual result sheets to prevail where electronic transmission fails. The amendment was adopted during plenary proceedings monitored by SaharaReporters, with the Senate President, Godswill Akpabio, presiding. Under the revised provision,…

Cargo charge: FAAN decides on N15 charge at Lagos airport after stakeholder meetin Elegbede Abiodun … adjustment comes after weeks of resistance from Customs Licensed Cargo Agents. The Federal Airports Authority of Nigeria (FAAN) has announced a revised cargo port charge of N15 per kilogramme at Murtala Muhammed International Airport (MMIA), Lagos, following consultations with cargo handling stakeholders. The statement, issued by Henry Agbebire, FAAN’s Director of Public Affairs and Consumer Protection, was shared on the Authority’s official X page on Tuesday. The adjustment comes after weeks of resistance from Customs Licensed Cargo Agents, who opposed an earlier proposal…

Manny Ita  – The National Agency for Food and Drug Administration and Control (NAFDAC) has executed a major enforcement operation in Lagos, uncovering secret warehouses stockpiled with over 10 million doses of counterfeit antimalarial medications and a vast quantity of unwholesome cosmetics. The raid, which is being described as one of the most significant strikes against organized pharmaceutical crime this year, resulted in the confiscation of illicit goods with an estimated market value exceeding ₦3 billion. The operation targeted high-density trade zones and hidden storage facilities where “merchant of death” syndicates have allegedly been repackaging substandard chemical mixtures as globally…

Manny Ita  – Nigeria has officially reopened its land borders with the Benin and Niger Republics at the Kebbi axis, marking a significant shift in its cross-border trade policy and ending a prolonged closure that had disrupted regional commerce. The reopening was confirmed on Tuesday, with security and customs officials resuming full operations at the affected border posts. Reports from the area indicated that commercial activity picked up almost immediately, as more than 2,000 trucks that had been stranded for weeks began moving across the frontier. Drivers and traders were seen clearing backlogs of goods, particularly agricultural produce and essential…

Manny Ita  – President Bola Tinubu on Tuesday unveiled the Renewed Hope National Development Plan (2026–2030), a five-year policy blueprint aimed at accelerating economic growth, strengthening security and consolidating recent macroeconomic reforms. The plan was launched at the Second National Economic Council conference held in Abuja, with federal and state officials, development partners and private sector stakeholders in attendance. While presenting the document, the President declared what he described as a “decisive war” on terrorism and violent criminality, stating that insecurity remains one of the most critical obstacles to national development. He described banditry as an “alien” threat to Nigeria’s…

Manny Ita  – President Bola Tinubu late last night and into the early hours of today held a closed-door meeting at the Presidential Villa, Abuja, in a renewed effort to resolve the prolonged political crisis in Rivers State. The meeting was attended by the Minister of the Federal Capital Territory, Nyesom Wike, and Rivers State Governor, Siminalayi Fubara, both central figures in the rift that has stalled governance in the oil-rich state for several months. Presidency sources confirmed that the talks, which stretched deep into the night, focused on restoring political stability and addressing the breakdown of trust between the…

Manny Ita  – The Abia State Government has issued a formal rebuttal to widespread social media reports and viral articles alleging that Governor Alex Otti has initiated legal action against the Federal Government at the International Court of Justice, commonly known as the World Court. The rumors, which gained significant traction over the last 48 hours, claimed that the state executive had filed a lawsuit over a dispute regarding the licensing and operational control of the proposed Abia State Cargo Airport. In a press briefing held today at the Government House in Umuahia, the Commissioner for Information and Culture, Okey…

Africa privileged to $29.5tn mineral wealth – Report By Elegbede Abiodun … report reframes the mineral sector through an African development lens. A new study released by the Africa Finance Corporation has indicated that the continent holds an estimated $29.5tn in mine-site mineral value, representing about 20 per cent of global mineral wealth, yet captures only a fraction of the economic value embedded in this endowment. In a statement on Monday, the AFC, which supports infrastructural and industry investments on the continent, said that the report reframes the mineral sector through an African development lens, placing industrialisation, infrastructure, and…

Lagos prepares for establishment of W’Africa’s premier International Financial Centre Elegbede Abiodun The Lagos State government is prepared to establish the premier International Financial Centre in the West African regional bloc. In accordance to a statement from the British High Commission Communications Office on Monday, TheCityUK, in partnership with the UK Government, Lagos State Government, Lagos International Financial Centre Council, and EnterpriseNGR, unveiled a landmark report, ‘Establishing an International Financial Centre in Lagos, Nigeria’. The Lagos State Governor, Babajide Sanwo-Olu, at the recently held Investopia Africa, declared that the state would soon be unveiling the Lagos International Financial Centre,…