Author: Ifetayo Adeniyi

Why We Hiked Electricity Tariff – FG The Federal Government on Friday gave reasons for jerking electricity tariff nationwide, saying that it could no longer afford to subsidise power to the tune of N2.93 trillion this year. The Minister of Power, Mr. Adebayo Adelabu, gave the information at a media briefing in Abuja, coordinated by the Minister of Information and National Orientation, Mohammed Idris. The power minister pointed out that the increase in electricity tariff become imperative to enable the federal government to reduce its expenditure and plough the money into the improvement of power generation and supply in the…

Transcorp Power hits N142.1bn gross earnings in one year, declares dividend Peter Ikenga, MD/CEO of Transcorp Power Plc Transcorp Power Plc has reported gross earnings of N142.1 billion for 2023 marking a strong increase of 57.30%, from N90.34 billion reported in 2022. Transcorp Power Plc, one of the power subsidiaries of Transnational Corporation Plc, had released its audited financial statements for the year ended December 31, 2023. The company’s profit before tax showed a similar impressive year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion reported in the previous year. Commenting on the results, Peter Ikenga, Managing Director/CEO…

Strengthening Zimbabwe’s new gold-backed currency, ZiG to replace its dollar in April Aiming to halt the persistent decline of its local currency, Zimbabwe has introduced a new unit called ZiG. This currency will be supported by a mix of foreign currencies, gold, and other precious metals. Zimbabwe’s new gold-backed currency ZiG to replace its dollar in April Zimbabwe has ditched its old dollar for a new currency called Zimbabwe Gold (ZiG), backed by foreign currencies, gold, and other valuables. The new currency will be introduced at 13.56 per dollar on April 8. The Zimbabwean dollar plummeted this year from below…

National as Zimbabwe becomes first country to use a new currency backed by gold The Reserve Bank of Zimbabwe has launched a new gold-backed currency called ZiG to help stabilise the economy and protect citizens from currency fluctuations and sky-high inflations. ZiG, the new gold-backed currency, which stands for “Zimbabwe Gold”, was introduced by the Central Bank Governor, John Mushayavanhu, on Friday. According to Mushayavanh, the bank’s intention is to replace the Zimbabwean dollar, the RTGS, which has lost three-quarters of its value so far this year, with the gold-backed currency, ZiG. He also stated that Zimbabweans have 21 days…

Rail transit: We are at 97% – Wike reveals when Abuja metro-line will be launched Minister of the Federal Capital Territory (FCT), Nyesom Wike, has announced that the Abuja Rail Mass Transit Scheme, also known as the metro line, is set to be inaugurated in May of this year. During an inspection tour of the ongoing renovation and rehabilitation works on the Abuja metro line, Wike expressed confidence that the project, currently at 97% completion, will be among those commissioned by President Bola Tinubu to mark his one year in office. Wike rode on the train from the Abuja Metro…

Aviation: Green Africa Concludes Q1 2024 with 97% On-time Performance Nigeria new carrier, Green Africa Airways said it achieved remarkable success with schedule reliability and on-time departure in the first quarter of 2024. Starting the year with an impressive On-time Performance (OTP) of 83.06 per cent, the airline said it concluded Q1 with an outstanding 97.09 per cent OTP and 99.55 per cent schedule reliability. OTP in aviation is the percentage of scheduled flights departing within 15 minutes of the published time.By ensuring dependable flight schedules and timely departures, the airline empowers customers to plan their journeys with confidence. Senior…

Kunle Afod Opens State-of-the-Art Recording Studio to Promote Yoruba Culture Kunle Afod, the visionary filmmaker behind the immensely popular Yoruba Proverb Challenge, proudly announces the grand opening of the Kunle Afod TV studio in Ibadan, Oyo State, Nigeria. This landmark event marks a significant milestone in the evolution of the beloved cultural phenomenon, poised to captivate audiences on a global scale. Since its inception, the Yoruba Proverb Challenge has captured the hearts and minds of enthusiasts across Nigeria and beyond, fostering a vibrant community of individuals eager to showcase their mastery of traditional wisdom. With the launch of the Kunle…

Business as Wema Bank reports 193% PBT growth, proposes N0.50 dividend Wema Bank has reported a profit before tax of N43.64 billion for the year ended 31 December 2023. According to the financial statements reviewed by Nairametrics, Wema Bank reported gross earnings of N226.915 billion, a 71.51% increase from the N132.301 billion reported the year prior. A significant portion of this revenue was from interest income, which constitutes about 82% of the gross earnings. Key highlights (2023 FY vs 2022 FY):   •Gross earnings N226.915 billion +71.51% YoY •Interest Income N185.643 billion +71.83% YoY •Interest Expense; N93.922 billion +74.55% YoY •Net…

Here Comes Faye, 44-Year-Old Senegal’s President-Elect, Important Things To Know About Him Bassirou Diomaye Faye has emerged as Senegal’s President-elect after an unprecedented victory at the presidential election on Sunday, March 24, 2024. Provisional results showed the opposition candidate, Faye had about 53.7%. In contrast, according to the electoral commission, former Prime Minister and ruling coalition’s candidate, Amadou Ba, secured 36.2% based on tallies from 90% of polling stations in the first-round vote. Giving his first acceptance speech, Faye said, “In electing me, the Senegalese people have decided on a break with a past. I promise to govern with humility…

FG pegs vehicle speed limits on Third Mainland bridge at 80km per hour The Federal Government has pegged vehicle speed limits on the Third Mainland bridge at 80 kilometres per hour. Minister of Works, David Umahi, declared the latest speed limit during the official opening of the bridge. The minister, who was represented by the Federal Controller of Works Lagos, Olukorede Kesha, expressed gratitude to Lagosians for their patience during the last five months of extensive repairs of the bridge. The minister, while performing the reopening of the bridge, stated that other ancillary works like the installation of speed limits,…