The appointment of Adolphus Wabara, a former President of the Senate, as the substantive chairman of the Peoples Democratic Party’s Board of Trustees has been officially confirmed.
Additionally, Ahmed Makarfi, a former Governor of Kaduna State, has been appointed as the new BoT Secretary, succeeding Kabir Turaki.
These appointments were announced following the conclusion of the 76th BoT meeting held at Wadata Plaza in Abuja on Tuesday.
Further details will be provided later.
President Bola Tinubu has bestowed the national honor of Member of the Order of the Niger (MON) upon every member of the Super Eagles who took part in the recently concluded African Cup of Nations.
Currently, President Bola Tinubu is hosting Nigeria’s national football team, the Super Eagles, in the Council Chambers of the State House.
This meeting, held on Tuesday, closely follows their recent match against the host nation, Côte d’Ivoire, in the 2024 Africa Cup of Nations finals, where they narrowly missed securing the trophy.
In further recognition of their accomplishments, the federal government, represented by the Minister of the Federal Capital Territory, Mr. Nyesome Wike, has granted each team member a plot of land and a flat in a location yet to be disclosed.
Stay tuned for more details.
The Federal Government is aiming to generate 1.2 million jobs through the construction of 3,112 housing units under the Renewed Hope Initiative.
The Minister of Housing and Urban Development, Ahmed Dangiwa, revealed this during the groundbreaking ceremony in Karsana, Abuja, emphasizing the government’s commitment to leveraging affordable housing for economic growth and job creation.
The Renewed Hope Cities and Estates Programme, with a budget of N118.9bn, addresses various aspects of development, from urban planning to social inclusion.
Dangiwa highlighted the program’s potential to stimulate local businesses, attract investments, and reduce Nigeria’s current 28 million housing gap.
The project, a Public Private Partnership with a consortium of developers, aligns with President Bola Tinubu’s vision for national development, creating modern cities to compete globally and attract domestic and foreign investments.
Dangiwa emphasized that the PPP arrangement alleviates the financial burden on the government while meeting citizens’ housing needs.
The Renewed Hope Cities and Estates project, part of a broader initiative, aims to improve residents’ quality of life, create job opportunities, and reduce poverty. Tinubu further directed groundwork on the construction of 2,400 housing units across the country’s six geopolitical zones before December, reinforcing the government’s commitment to widespread development.
FTN Cocoa Processors, one of Nigeria’s oldest cocoa companies, faced a financial setback in 2023, reporting zero earnings due to challenges in working capital adequacy, as revealed in its recently filed financial statements for the year ending December 2023 with the Nigerian Exchange Limited.
The company experienced a drastic 100% decline in revenue compared to the previous year, citing the inability to produce amid lingering working capital inadequacy.
This resulted in a significant impact on gross margin due to substantial fixed costs.
Despite zero production and revenue, the cost of sales amounted to N200.49m, operating expenses rose to N284.48m, and exchange loss soared to N7.76bn from N13.30m in 2022. Finance costs added to the challenges, contributing to a total loss of N8.13bn, a notable increase from N431.19m in 2022.
In contrast, FTN Cocoa’s total assets saw a substantial 82.86% increase to N13.31bn from N7.28bn, while total liabilities rose by 106.77% to N18.26bn.
To address working capital challenges, FTN Cocoa secured a short-term loan facility from Zedcrest Capital Limited and received investment from its core investor, OH Ecosystem.
The company is actively undergoing a factory facelift, importing spare parts, and preparing for the resumption of operating activities.
In June 2023, stakeholders approved a convertible loan of $6.35m from OH Ecosystems LLC.
The company is authorized to provide security for this loan and raise additional funds as deemed necessary for business operations, subject to regulatory approval.
Additionally, FTN Cocoa had issued an 18-year bond in 2008, due in 2026, to Daewoo Securities (Europe) with an option to convert the bond into ordinary shares at maturity.
The proceeds from the bond issue in 2009 were utilized for the initial expansion of the company.
The Senate Committee on Banking, Insurance & other Financial Institutions has called upon the Central Bank of Nigeria to address inflation in the country.
The committee chairman, speaking at a retreat with the Nigeria Deposit Insurance Corporation in Lagos, highlighted recent CBN circulars affecting banks’ net operating positions and the validation of outstanding obligations.
Emphasizing the need for time and expressing optimism about policy decisions, the chairman stressed the importance of focusing on inflation to positively impact other indices like interest rates and exchange rates.
Additionally, he expressed confidence in the forthcoming Monetary Policy Committee meeting, scheduled for February 26.
Meanwhile, the NDIC revealed collaborative efforts with the CBN to supervise banks amid economic challenges, ensuring robust asset quality and adherence to CBN guidelines, ultimately aiming for a safe and stable banking system.
Polo, a prominent Nigerian retail company, is poised to introduce ‘Polo Fine Jewellery,’ an exclusive segment catering to its discerning clientele.
As Valentine’s Day approaches, Polo Fine Jewellery is unveiling two distinct jewelry brands, crafted by internationally acclaimed designers Fred Paris and Pasquale Bruni.
Inspired by the passionate beauty of the season, these collections aim to kindle hearts and create unforgettable moments.
Fred Paris, the exquisite jewelry brand founded in 1936 in Paris by Fred Samuel, pays homage to his love for sunlight and color.
Displaying mastery in personalization, the brand is celebrated for its versatile collections and visionary approach to jewelry, making it an integral part of women’s daily lives.
The ‘Force 10’ collection, one of its triumphs, captures the timeless and modern essence of eternal love.
Polo Luxury’s Executive Director, Jennifer Obayuwana, expressed excitement about the grand debut of Polo Fine Jewellery.
She invites customers to indulge in the epitome of elegance and sophistication during this Valentine’s season, assuring them that Polo Fine Jewellery will elevate the art of gifting, enabling clients to express love in unparalleled style.
The Magistrate Court in Oyingbo Ebute-Metta, Lagos, has taken firm action in response to accusations of land grabbing involving Alhaji Sulaimon of Okun-Ajah, Eti-Osa, Lagos State, and others.
Alhaji Sulaimon is accused of intentionally damaging properties valued at N15,000,000.00 meant for an orphanage and disabled children, owned by Mrs. Faith Ojo, an American-based Nigerian businesswoman.
Despite Zone 2 Police efforts, Sulaimon and his accomplices evaded capture, while investigations are ongoing.
Lateef Lawal, alleged co-conspirator and husband of actress Lizzy Anjorin, reportedly escaped arrest in Ikoyi on February 5, 2024, while an associate was apprehended and sent to prison.
The case has entered the Lagos High Court for civil redress in two suits: SUIT NO: LD/14340LMW/2023 BETWEEN ALHAJI BOLAJI SULAIMON & 3 ORS VS MRS. FAITH OJO and SUIT NO: LD/14515LMW/2023 BETWEEN MRS. FAITH OJO VS CHIEF RASHEED OLUKOSI & 7 ORS.
Despite legal proceedings, the defendants in the Magistrate Court, allegedly linked to Lizzy Anjorin’s husband, reportedly continue land-grabbing activities in Lagos State.
While bail conditions for the property damage suspect are pending, his co-conspirator remains in custody at the Ikoyi Custodial Centre.
There are additional claims that actress Liz Anjorin is discreetly using her celebrity status to secure the suspect’s release from prison.
Reality TV personality and actor Tobi Bakre recently shared a heartfelt video on his social media, expressing admiration for his daughter Kamila.
In the video, he playfully emphasized her beauty, stating that any other standard falls short in comparison.
Tobi jokingly asserted that Kamila is so stunning that she’s destined to become a nun, playfully dismissing the idea of her getting involved with any man.
The proud father, along with his wife Anu, welcomed Kamila in September 2023, adding to their joy after the birth of their first son on January 1, 2022.
Renowned artist Inetimi Alfred Timaya Odon, popularly known as Timaya, has expressed his reluctance to date a Nigerian girl, despite having three Nigerian baby mamas.
He clarified that while he doesn’t have an issue with Nigerian men or women, he personally cannot currently envision a romantic relationship with a Nigerian lady.
In a recent interview with The Beat 99.9 FM in Lagos, Timaya explained that the shared background and upbringing with Nigerian women might lead to a challenging and toxic relationship, filled with lies and a lack of peace.
Nigerian artist Timaya, born Inetimi Alfred Timaya Odon, asserts that Nigerian awards lack credibility.
In light of the 66th Grammys where Nigerian nominees were overlooked, Timaya, in an interview with The Beat 99.9 FM, contends that local awards like the Hip-hop and Hip TV awards (The Headies) are even less credible than the Grammys.
He emphasizes the need for a credible homegrown award and stands firm on the significance of the Grammys despite recent setbacks for Nigerian artists.
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