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Young African entrepreneurs step forward to help realize the SDGs on the continent

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Young innovators were awarded grant financing for their innovative solutions to youth challenges in Africa during the Africa Youth Conference taking place in Nairobi, Kenya on 23 – 25 October 2018. Photo: UNDP

Nairobi, Kenya – Young innovators were awarded grant financing for their innovative solutions to youth challenges in Africa during the Africa Youth Conference taking place in Nairobi, Kenya on 23 – 25 October 2018.
The United Nations Development Programme (UNDP) teamed up with UN Women to conduct an Open innovation challenge through its “YAS! Youth for Africa and SDGs” portal-platform implemented in partnership with Accenture. The two UN agencies called for African youth entrepreneurs to step forward to help realise the Sustainable Development Goals (SDGs), especially in the areas of sustainable livelihoods, youth engagement in governance, leadership and decision-making, as well as youth action in preventing violence and other harmful practices against young women and girls.
YAS! supports the development and growth of youth entrepreneurship in Africa by creating a marketplace for eco-system players, namely investors, large corporates and governments. It has four pillars of support: a learning section, an ecosystem map, open challenges to award financing for SDGs innovations, and a knowledge base about funding and networking.
Around 2,000 young entrepreneurs from across Africa submitted their innovations for the YAS! Open Innovation Challenge targeting especially young women. After evaluating the entries against set criteria and their contributions towards the SDGs, 13 winners were identified, most of them women. Ten of those youth entrepreneurs were present at the Award Ceremony held on 24 October 2018 at the United Nations Office at Nairobi, and were presented with their prizes, 5,000 USD seed grants and 10,000 USD for entrepreneurs in the growth stage.
Among the YAS! grant winners are Ashley Tallu from Kenya and Nawal Allaoui from Morocco. Ashley, an 18-year-old high school student, developed Ukulima Digitech, which is a micro controller kit that remotely monitors and controls farm activities, sending real-time SMS notifications on moisture and PH levels. This contributes to reduced water wastage and an enhanced understanding of the farms’ status.
Nawal founded Seakskin to recycle fish waste and produce bio fish leather. She uses a dry tanning method, which helps save up to 95% of the water used in tanning and integrates women from marginalized coastal regions into her entrepreneurial venture. As part of a panel discussion during the Award Ceremony, the two budding entrepreneurs recognized YAS! as the ideal platform to access not only financial backing but also receive mentorship for their business ventures and develop partnerships with key ecosystem players.
In advance of the grant awarding, UNDP and UN Women co-organised a capacity building workshop for the winners and other young innovators to equip them with some business development fundamentals and to facilitate cross-fertilisation between youth from various African countries. The grant winners will be accompanied throughout their entrepreneurial journeys and provided with dedicated support through the YAS! portal-platform.
YAS! has been developed by the UNDP Regional Service Centre for Africa (RSCA) and is powered by Accenture. Please visit the portal-platform to register for YAS! and receive more information: www.yasdg.com.

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Nigerian court adjourns case between MTN and attorney general to Dec. 3

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A Lagos judge on Thursday adjourned a hearing in a $2 billion dispute between South African telecoms firm MTN Group and Nigeria’s attorney general until Dec. 3.
MTN faces a $2 billion tax demand from the country’s attorney general, a claim which the company has said is without merit. The central bank has also accused the firm of illegally sending $8.1 billion abroad, which MTN has denied as well.
Africa’s biggest telecoms firm, which makes about a third of its annual core profit in Nigeria, currently has a market valuation of roughly $12 billion. The two disputes total $10.1 billion.
The South African Reserve Bank (SARB) on Wednesday said the country’s financial stability was threatened by the demands made of the telecoms firm by Nigerian authorities.
At the hearing next month, MTN will make its case that Nigeria’s attorney general exceeded his powers in demanding $2 billion in taxes and charges.
In a separate hearing on Dec. 4, MTN will make its case in court against the central bank’s demand for the return to Nigeria of $8.1 billion it said was illegally taken out of the country.

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First bank launches WhatsApp banking

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First Bank of Nig. Plc on Friday launched a WhatsApp application to make banking more convenient for its 12.5 million customers.

The FirstBank Chat Banking on WhatsApp was launched at the bank’s Digital Lab, Yaba, Lagos.
The bank’s Managing Director, Dr Adesola Adeduntan, said at the launch that, as a leading banking services provider, First bank was determined to offer satisfactory financial services to customers by devising ways of effectively meeting their needs.
He said that the bank had optimised digital banking for convenience.
“Since we have 12.5 million customers with 20 billion worth of transactions monthly, it has become necessary for us to create new technology innovations to meet their needs.
“Our FirstMobile app, Firstonline, FirstMonie and USSD banking are some of the channels we have put in place to make this happen.

“FirstBank Chat Banking on Whatsapp is our latest addition. We have gone live with this product, and we are pleased to formally introduce this product to our media partners today,’’ he said.
The managing director said that the app was another significant milestone in the bank’s mission to provide convenient and fast payment solutions to its customers.
“It is a new channel for access to our services; a convenient way to make payment and an easy-to-use banking application.
“Banking with FirstBank on WhatsApp is secure, accessible and convenient.
“You can now carry out basic banking transactions such as inter and intra bank fund transfer, pay bills, buy airtime, buy data and check your account balance on your WhatsApp,” he said.
Adeduntan said that customers would be able to generate a WhatsApp banking PIN to be able to carry out the transactions.
He added that transaction authentication would be done using a safe link, thereby ensuring the security of banking details.
The Head of First Bank Digital Lab, Lola Ekugo, said that it would be easy for customers to operate the WhatsApp banking application since whatsApp was widely used in conversations.
She said that the app was launched to give customers variety of banking channels to choose from for their day-to-day transactions.
Ekugo said that the bank would continue to create awareness and introduce new banking channels nationwide for easy transactions.
“From time to time, we will continue to unveil new services and products for the benefit of our customers.” (NAN)

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USA now world’s biggest crude oil producer

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The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.
In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday.
That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.
Russia pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.
More U.S. oil will likely come. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.
The record US production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world’s No.2 economy could stoke an emerging fuel glut.
However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels.
Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel, up 28 cents, or 0.4 percent, from their previous settlement.
China’s October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September. The previous daily record of 9.6 million bpd was touched in April 2018.
Imports rose 8.1 percent for the first 10 months of the year from the same period last year to 377.16 million tonnes, or 9.06 million bpd, on track for another record year of shipments.
“Crude oil imports rose … as uncertainty around tariffs on U.S. imports and sanctions on Iran eased,” said ANZ bank following the data release.
“We also saw demand from China’s independent refineries rise,” it added.
Meanwhile, U.S. crude inventories rose by 5.8 million barrels in the week ending Nov. 2, to 431.79 million barrels, the EIA said..
Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017.
With output overall rising, supply is ample despite the Iran sanctions now in place, prompting rumblings within the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) that renewed supply cuts may be needed next year to prevent a glut.
“OPEC and Russia may use cuts to support $70 per barrel,” said Ole Hansen, head of commodity strategy at Saxo Bank.

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Winning Thursday with Michael Ebia : The Young Netpreneur for the Week

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The Young Netpreneur

The Young Netpreneur for the Week is Michael Ebia , a graduate of Computer Science ,University of Benin  and  (MSc) Marketing  , University of Salford UK  , is  CEO & Co-founder  at ADE Digital a leading digital agency and product development company in Africa.

Michael is an entrepreneur per excellence, his passion and dedication in achieving set goals is outstanding. He is a credible gentleman with a heart of gold. He  is creative, energetic, and an inspiring digital marketing and public speaker. He has the unique sense of overturning obstacles/barriers into opportunities with “out-of-the-box” solutions; combined with his natural ability to influence others with conviction and purpose. He is also a smart entrepreneur who’d make tremendous contribution to the digital marketing industry.

Ebia says he learnt from a very young age that: “I was in charge of my life and I was responsible for making things happen for me.”

Netpreneur  would not hesitate in recommending Michael Ebia for digital marketing. His ability, knowledge and passion can be competent for the job. He has extensive work experience to put his mind into practice. He is outgoing, funny and special to everyone. In a word, he is excellent.

 

 

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VP Osinbajo in South Africa for Investment Forum

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Vice President Yemi Osinbajo departed Abuja Wednesday to attend the Africa Investment Forum organised by the African Development Bank.
This was contained in a release from the Office of the Vice President on Wednesday.
The forum is scheduled to hold at the Sandton Convention Centre in Johannesburg, South Africa.
According to the release, the forum, which is tagged by the organizers as the “collective deal of the century for investment in the development of Africa,” will focus on advancing projects to bankable stages, raising capital and accelerating the financing of key projects and deals.
“Organisers say the forum is aimed at attracting multi-billion-dollar deals across the continent and is set to usher in a new era for Africa’s investment landscape.
“The Government of South Africa, the African Development Bank, and several multi-lateral development partners are hosting the Forum, a key springboard for investment in the continent expected to become an annual event.”
On Thursday, the Vice President will attend the official opening of the forum which will be closely followed by a plenary investment roundtable.
Prof. Osinbajo will also participate, as a distinguished panelist, in the Presidential Investment Chat – one of the high-profile activities scheduled to feature at the forum.
The vice president will also participate in an exclusive event for Heads of State and a selection of business executives, on “moving forward Africa’s private sector development”, under the Chatham House Rules.
Global financial institutions such as Africa Finance Corporation, Development Bank of South Africa, Africa 50, Afreximbank, European Investment Bank, Trade and Development Bank, and the Islamic Development Bank, have come together to form solid strategic alliances around this new investment forum.
Prof. Osinbajo is expected back in Abuja later on Thursday.

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Minimum wage: Buhari has not endorsed N30,000, says Presidency

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The Presidency has frowned at the misinterpretation of President Muhammadu Buhari’s remarks when he received the report of the Tripartite Committee on the Review of National Minimum Wage from the committee’s chairman, Ama Pepple, on Tuesday.
A presidential source, who preferred not to be named, said the president did not endorse N30,000 as proposed by committee as being reported by some sections of the media.
He, however, stated that President Buhari had expressed his commitment to ensuring the implementation of a new National Minimum Wage.
“But the president’s speech at the event was immediately made available to the media and nowhere indicated that the president endorsed N30,000 Minimum wage.
“It is not the duty of the president only to endorse a new national minimum wage. The process involves the Federal Executive Council (FEC), the National Economic Council (NEC) and the National Assembly.
“It is imperative for us to always avoid misinterpreting a written speech,’’ he added.
At the submission of the report of the Tripartite Committee that negotiated a new minimum wage with labour and other stakeholders, President Buhari pledged that the Federal Government would soon transmit an Executive bill (on National Minimum Wage) to the National Assembly for its passage within the shortest possible time.
He said: “Our plan is to transmit the Executive bill to the National Assembly for its passage within the shortest possible time.
“I am fully committed to having a new National Minimum Wage Act in the very near future.’’
Buhari also expressed delight that the committee had successfully completed its assignment in a peaceful and non-controversial manner.
“Let me use this opportunity to recognise the leadership of the organised labour and private sector as well as representatives of State and Federal Governments for all your hard work.
“The fact that we are here today, is a notable achievement.
“As the Executive Arm commences its review of your submission, we will continue to engage you all in closing any open areas presented in this report.
“I, therefore, would like to ask for your patience and understanding in the coming weeks.”
The President, however, enjoined the leadership of the labour unions as well as the Nigerian workers to avoid being used as political weapons.
“May I therefore, employ workers and their leaders not to allow themselves to be used as political weapons,’’ he said.
In her remarks, Pepple explained that the recommendation made by the committee was predicated on the high cost of living, occasioned by the exchange rate as well as the rising inflation rate in the country.
She said that the committee also considered micro-economic indicators including the revenue and expenditure profile of the government.
Pepple expressed the hope that the implementation of the recommended minimum wage would boost the purchasing power of the working class, increase consumption expenditure, and stimulate economic growth.

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NGO urges FG to improve support to young entrepreneurs

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An NGO, the Young CEO Initiative, has urged Federal Government to improve support to young entrepreneurs and create the enabling environment that would enable the Small and Medium Enterprises (SMEs) to grow sustainably.
The Founder of the initiative, Aigbe Omoregie, made the call at a media briefing in Lagos.
The News Agency of Nigeria (NAN) reports that the Young CEO Initiative is a platform that provides startups access to mentorship, grants and networking opportunities.
This is to help them scale up their businesses and command authority in their respective sectors.
Omoregie said that the harsh economic situation in the country was making it difficult for many young entrepreneurs to survive in business, despite various interventions from the government and private investors.
He said that the organisation with over 30,000 memberships had lost some of its promising members due to inability to fund their businesses.
“Some of these entrepreneurs have shut down production; some have downsized, while some of them have succumbed to the lure of irregular migration, because their businesses are barely functioning.
“We find it difficult accessing credit facilities from the banks, which leaves us at the mercy of smaller financial homes, who give us facilities at a very ridiculous interest rates that eventually eliminate the purpose of growth,” he said.
Omoregie said that MSMEs with over 37 million players contribute about 54 per cent to the Gross Domestic Product (GDP).
The founder of the initiative said that the sector which employed over 59 million Nigerians should not be allowed to collapse.
“We, therefore, appeal to government, as a matter of urgency, to come to our aid before the businesses of the youths who serve as role model collapses.
“This should be done by introducing programmes and initiatives where loans are easily accessible to entrepreneurs at low interest rates within the shortest period of time,” he said.
Omoregie urged development finance institutions to simplify their loans and disbursement procedures toward reducing the untold stress being faced by young entrepreneurs who try to access their facilities.
Also, Abiodun Folawiyo, the Managing Director, Shoespeed, said that funding was the major challenge confronting many players in the sector.
Folawiyo said that he survived the 15 years of his company’s operation through soft loans from family and friends.
He urged the government to gear efforts toward improving the ease of doing business by spurring more economic activities and attracting more foreign investors.
In her remarks, Chioma Ogbu, the Managing Director of Redbutton, urged government to improve support to the creative industry.
Ogbu also urged the government to leverage upon the ingenious ideas of many young entrepreneurs in the industry to boost the nation’s economy. (NAN)

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Billionaire Atiku declares paltry N20m yearly income

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Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar, believed to be a multi-billionaire has declared a paltry yearly personal income of N20 million.
The shocking revelation was contained in the credentials that Atiku filed with the the Independent National Electoral Commission (INEC).
The PDP candidate, who prides himself as a businessman and job creator said he earned only N60.2 million in three years and paid a paltry N10.8 million tax between 2015 and 2017.
Some reports have estimated Atiku’s wealth at about $1.4 billion.
In 2014, Atiku boasted that he was the greatest employer of labour in Nigeria, with about 50,000 Nigerians on his payroll.
“As an individual, I believe my record in employing young Nigerians is unrivalled by any single private investor in Nigeria,” the former vice president said.
He has investments in media, shipping, education, and other sectors. One of the companies, where he has substantial interest is Intels, which recently ran into trouble with the Nigerian government for not remitting revenue due to the Nigerian treasury.
He is also the founder of American University in Yola and has a chain of schools under ABTI brand.
He owns Prodeco, a property development company and Prodeco International, operating in Oil & Gas Free Zones.
Prodeco, founded in 1996, engages in building, marine, and infrastructural construction in the oil and gas industry.
He also has interest in agriculture, with Atiku Abubakar Farms.
The PDP candidate’s credentials indicate his highest educational qualification as a Diploma in Law of 1969 from the Ahmadu Bello University (ABU).
President Muhammadu Buhari, in an affidavit to support his form, said his credentials are still with the military.
In the sworn affidavit, the President, who is the candidate of the All Progressives Congress (APC), said: “I am the above-named person and the deponent of this affidavit herein. All my academic qualification documents as filled in my Presidential form, APC/001/2015 are currently with the Secretary of the Military Board as of the time of this affidavit.”


nan

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FAAC: FG, States, LGAs share N698.71 bn for September

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The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7billion for the month of September.
The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.
Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.
A communiqué issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.
It also showed that the gross revenue available from Value Added Tax (VAT), was N75.9 billion as against N109.9 billion distributed in the preceding month, resulting in a decrease of N33.9 billion.
“We are also distributing N50 billion which has accrued from the forex equalisation account to the three tiers of government.
“There is an exchange gain also of N0.275 billion that is included in the distribution.
“So total distributable revenue to the three tiers of government for the month of October 2018 is N698.71 billion,” Ahmed said.
In the summary of the distribution, the Federal Government got N265.6 billion from statutory revenue, N11.3 billion from VAT, N0.13 billion from the exchange gain and N22.9 billion from forex equalisation fund, culminating in N300.1 billion.
The States got N134.75 billion from statutory revenue, N37.9 billion from VAT, N0.06 billion from the exchange gain and N11.6 billion from forex equalisation fund, culminating in N184.4 billion.
The Local Governments got N103.8 billion from statutory revenue, N26.5 billion from VAT, N0.05 billion from the exchange gain and N8.96 billion from forex equalisation fund, culminating in N139.4billion.
Derivation of 13 per cent of mineral revenue amounted to N59.09 billion and cost of collection/transfer and Federal Inland Revenue Service (FIRS) Refund was put at N15.57 billion.
“Crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of 8.48 million dollars.
“However the average unit price dropped from 77.10 dollars to 75.69 dollars.
Ahmed said that the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to rework and represent it at the next meeting. (NAN)

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Cabinet approves Medium Term Plan

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The Federal Executive Council has approved the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP, projecting an oil price benchmark of US$60/barrel.
The approval was given at Wednesday’s cabinet meeting presided over by President Muhammadu Buhari.
Minister of Budget and National Planning, Senator Udoma Udo Udoma, who briefed State House correspondents after the meeting, said other highlights of the MTEF/FSP were oil production of 2.3mb/day; exchange rate of N305/US$1 and GDP growth rate of 3.01%.

Udoma also said that the MTEF/FSP approved by the Council projected a budget size, in 2019, of N8.73trillion, which is about N400billion less than the N9.12triliion for 2018.
“The MTEF/FSP that was approved today is designed to translate the strategic objectives of the Economic Recovery and Growth Plan, ERGP, into a realistic and implementable budget framework for the medium term.
“Relevant inputs have been got from engagements from stakeholders. The last of such engagements was last week. So, inputs from stakeholders were part of the document that we submitted.”
He explained that the N8.7trillion budget projection for 2019 was actually bigger than the figure submitted to the National Assembly for the 2018 budget, which was N8.6trillion.
“The budget that we actually submitted in 2018 to the NASS was N8.6 trillion.
“So, N8.7trillion is actually bigger than what we submitted. The idea is to ensure that we submit a financeable budget. ”
On borrowing plans, he said that government had indicated, as part of the Economic Recovery Growth Plan, that it would borrow to get out of recession and re-flate the economy and as revenues begin to pick up, would reduce the level of borrowing.
He said the level of borrowing envisaged for 2019 would be slightly less than the level of borrowing in 2018.

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Obiano Wins Nigeria Presidency Award As Most Outstanding Governor On Workers Welfare

Akpokue Global : The Most Outstanding Governor On Workers Welfare ,labour friendly policies, prompt payment of wages and salaries, as well as commitment to human capital development. Congratulations , His Excellency .

 

Winning Thursday with Michael Ebia : The Young Netpreneur for the Week

Winning Thursday with Michael Ebia

The Young Netpreneur

The Young Netpreneur for the Week is Michael Ebia , a graduate of Computer Science ,University of Benin and (MSc) Marketing , University of Salford UK , is CEO & Co-founder at ADE Digital a leading digital agency and product development company in Africa.

 

 

 

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