Updated: COVID-19: FG reverses self on schools resumption, postpones WASSCE indefinitely

The Federal Government on Wednesday reversed its earlier decision on schools resumption, saying that schools would no longer reopen revision classes for final year students who are preparing for examinations. The government also announced that no school would participate in the West African Senior School Certificate Examinations (WASSCE) earlier scheduled for August 5 to September…

Here’s where wealth managers in Nigeria are telling clients to park cash

Wealth managers in Nigeria are telling rich clients to invest in risk-free fixed income assets as well as alternative assets from student housing projects to agriculture finance. Nigeria’s wealthiest have been hard hit by the COVID-19-induced market volatility and the economic impact of the decline in oil prices which has upended traditional asset classes from…

Flight resumes in Lagos amid strict safety protocols

Flights officially resumed on Wednesday at Murtala Muhammed Airport (MMA2) and General Aviation Terminal (GAT) domestic terminals in Lagos amid strict safety protocols. A visit to the airport showed passengers wearing face masks, observing social distancing, submitting to body temperatures checks, among other COVID-19 safety protocols. Airlines that have operated so far include Air Peace,…

Overwhelmed by COVID-19, Nigerians face food crisis over disruptions to planting season

A weary Nigerian population that has over four months endured the economic siege brought by the coronavirus (COVID-19) pandemic is facing an even harsher reality of food shortage. The scarcity of food will not only be about availability, but also affordability, which would further strain finances for millions of people whose incomes have already been……

Lagos needs to invest in three-leg transportation system to become competitive – experts

Lagos, Nigeria’s biggest commercial city’s quest to become a mega or smart city and a 21st Century economy, will depend, to a large extent, on the government’s political will to effectively solve its failed transportation system,  public and private sector transportation experts have said. The experts, who spoke on Tuesday in a virtual meeting put……

Hiding group accounts, oil contracts hurt NNPC’s transparency efforts 

Recent efforts by the Nigerian National Petroleum Corporation (NNPC) to increase transparency are marred by non-publication of its group financial accounts and refusal to disclose contracts signed with oil companies. In June, the NNPC published its subsidiaries’ accounts but withheld the critical Group account. The NNPC business operations are managed through Strategic Business and Corporate……

Insurers resort to cutting cost, better risk management as recession beckons

To withstand economic shocks and possible recession that could hit countries’ economies following Covid-19 pandemic, insurance firms have resorted to cutting cost as well as adopting risk management measures to remain viable. This comes on the heels of analysts’ predictions that the pandemic may result in economic recession that may hit hard on the economy……

COVID-19 shrinks e-bills payment to five-month low

Safety measures to check coronavirus (COVID-19) spread did not spare electronic transactions as the volume of e-bills dropped to its lowest in five months, but the value is held up. Although the number of mobile phone connections in Nigeria has increased, the volume of e-payments for bills dropped between January and May 2020, according to……

In letter to NERC, DisCos exonerate selves from poor electricity market

In a letter to the Nigerian Electricity Regulatory Commission (NERC) dated June 29, distribution companies (DisCos) noted that COVID-19, debt-laden balance sheet, stringent rules on remittance and the introduction of an untested tariff model further weakened electricity market, but was silent on their own role. According to the DisCos, implementing a cap on estimated billing……