Olawoyin Oladeinde

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

Posts by Olawoyin Oladeinde:

Lekoil (Photo Credit: www.lekoil.com)

Nigerian firm removed from UK listing after being ‘scammed’ of $600,000

A Nigerian oil company, LekOil, is currently in the eye of the storm over an alleged scam of $600,000 involving a consultancy firm, Seawave Invest. The Guardian (UK) reported that the company revealed the alleged scam after handing over the money to the consultant, who had promised to help arrange…

Access Bank

Access Bank to set up subsidiary in Cameroon

The management of Access Bank Plc on Wednesday announced its intention to expand its businesses into the Republic of Cameroon. The bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). The notice, signed by Sunday Ekwochi, the Company Secretary, said that the move followed…

Nigerian e-passport. [PHOTO CREDIT: BBC]

Nigerian passport ranked among world’s weakest

The Nigerian passport has been ranked among some of the weakest in the world. Although Nigeria is regarded as Africa’s largest economy, the Nigerian passport suffered the worst decline in rankings on the annual Henley Passport Index. PREMIUM TIMES analysis of the details of the 2020 Henley Passport Index ranking…

Dubai Airport used to illustrate the story. [PHOTO CREDIT: PressTV]

Flights cancelled, delayed as heavy rains leave Dubai airport waterlogged

Several flights were cancelled and numerous others delayed at the Dubai International Airport as heavy rain left the airport waterlogged at the weekend. The rains began Saturday and continued overnight until Sunday, causing disruption in flight operations. Although details of the situation remains sketchy Monday afternoon, India Times reported that…

Speaker of the House of Representatives, Femi Gbajabiamila. [PHOTO CREDIT: Official Twitter handle of Femi]

Gbajabiamila calls for suspension of hike in electricity tariff

The Speaker of the House of Representatives, Femi Gbajabiamila, has called for the suspension of the proposed hike in electricity tariff, saying the increment should not be allowed until estimated billing is criminalised. The speaker expressed worry over the ability of power distribution companies to provide uninterrupted power supply after…

Abdulrahman Abdulrazaq [Photo: Daily Post Nigeria]

Traffickers of Kwara indigene arrested– Governor

Governor Abdulrahman Abdulrazaq of Kwara State on Friday said the state government and security agencies have arrested the alleged masterminds involved in the trafficking of an indigene of the state. The governor also condemned the rising trend of human trafficking in the country and vowed to deal with anyone caught…

The former Managing Director of the Nigeria Bulk Electricity Trading Plc (NBET), Marilyn Amobi. [PHOTO CREDIT: Official website of NBET]

Buhari reinstates official indicted for corruption by EFCC, ICPC, Auditor-General

Marilyn Amobi, the embattled Managing Director of the Nigerian Bulk Electricity Trading Company Limited (NBET) reinstated by President Muhammadu Buhari on Thursday was indicted by Nigeria's main anti-corruption agencies over corruption allegations. Apart from the two main anti-graft agencies, EFCC and ICPC, Nigeria's auditor-general also found Ms Amobi culpable of…

Naira Notes

Naira’s performance against dollar in 2019 weakest in 20 years

Nigeria's Naira recorded its weakest performance against the United States dollar in two decades, closing the outgone 2019 on an average of N362.60, the worst run since the country returned to democratic rule in 1999. A PREMIUM TIMES analysis of Bloomberg financial data showed that in the twenty-year period, naira…

The former Managing Director of the Nigeria Bulk Electricity Trading Plc (NBET), Marilyn Amobi. [PHOTO CREDIT: Official website of NBET]

Again Buhari overrules power minister, reverses suspension of NBET MD

President Muhammadu Buhari has yet again overruled the Minister of Power, Sale Mamman, over key decisions made in agencies under the ministry’s supervision. On Thursday, the president reversed the suspension of Marilyn Amobi, the embattled Managing Director of the Nigerian Bulk Electricity Trading Company Limited (NBET). PREMIUM TIMES understands that…

Former Lagos state governor, Babatunde Fashola

My invectives were not targeted at Fashola – Power Minister

The Ministry of Power has yet again reacted to the reactions of many Nigerians on the different controversies rocking the ministry in the past week. The ministry in a Wednesday press statement signed by Aaron Artimas, Special Adviser on Media and Communications to the minister of power, said the minister…

Minister of Power, Saleh Mamman (Photo Credit: Pulse)

Buhari overrules Power Minister, reverses suspension of Rural Electrification Agency head

President Muhammadu Buhari has ordered the reversal of the suspension of the immediate past Managing Director of Rural Electrification Agency, Damilola Ogunbiyi. Mr Buhari ordered the reversal of the suspension on Tuesday, in clear overrule of an earlier directive given by the Minister of Power, Sale Mamman. Last December, Mr…

UBA

Inside details of UBA’s rightsizing exercise affecting hundreds of staff

Hundreds of staff of the United Bank for Africa (UBA) will no longer be on the employment of the bank in 2020 after they were asked to resign in an on-going restructuring exercise being conducted by the bank, PREMIUM TIMES' findings show. Multiple sources told this newspaper that many of…

Saleh Mamman [PHOTO: Daily Nigerian]

Nigerians fume as power ministry attacks critics over controversial appointments

Nigerians on Monday attacked the Ministry of Power over its reactions to controversial appointments made in different agencies under the supervision of the ministry. Twitter users launched attacks on the minister, Sale Mamman, and the power ministry, after a press statement reacting to reports of the controversial appointments made by…

Section of the Notore fertiliser plant

Notore begins Turn Around Maintenance of plant

Africa’s leading chemical and agro-allied company, Notore Chemical Industries Plc, has announced the commencement of the Turn Around Maintenance (“TAM”) of its plant. A disclosure sent to the Nigerian Stock Exchange said that the TAM is aimed at returning the company’s operating plant to its 1,500 metric tonnes per day…

Ghana-Central-Bank. [Photo credit: Independent Newspapers Nigeria]

Why we introduced higher cedi denominations – Bank of Ghana

The Bank of Ghana has debunked claims that the introduction of new denominations of its local cedi was an 'ambush', saying it was borne out of a well-thought out currency reform programme. The bank, in a statement dated January 3, noted that 12 years after the redenomination of the cedi,…

SPECIAL REPORT: How indiscriminate location of oil facilities, regulatory failure endanger Nigerian lives

The streets leading into Tipper Garage axis of Abule-egba area of Lagos are usually crowded. At an end of one of the streets, a group of shirtless kids played football on a dusty field. Behind them stood a make-shift football viewing centre, built with bamboo sticks. Adjacent the football pitch…

Aliko-Dangote-1062x598

Dangote ends 2019 $4.3 billion richer

Nigerian industrialist, Aliko Dangote, became $4.3 billion richer in 2019. Bloomberg reports that Mr Dangote’s fortune continued to grow following investments in cement, flour and sugar. Mr Dangote, widely reputed as Africa’s richest man, ended the last decade with a net worth of almost $15 billion, according to the Bloomberg…

EXCLUSIVE: Buhari appoints Level 12 officer, lacking ‘vast experience’, as head Rural Electrification Agency

President Muhammadu Buhari approved a former mid-level civil servant to head a crucial electrification agency, PREMIUM TIMES has learnt. Perhaps to conceal the fact that the appointment would be questioned by Nigerians, the appointee was described in a public press statement as an expert with "vast knowledge and experience in…

FIRS

ANALYSIS: Nigeria’s 2020 tax outlook and the tasks before new FIRS Chairman

President Muhammadu Buhari penultimate Monday approved the exit of Babatunde Fowler as the chairman of the Federal Inland Revenue Service. Mr Fowler’s tenure as FIRS chairman expired and the president could have appointed him for a second term in office, something Mr Fowler coveted. But Mr Buhari asked him to…

murtala-muhammed-international-airport

Disaster averted in Lagos airport as man charges at taxiing aircraft

Disaster was averted on Friday at the Murtala Muhammed International Airport in Lagos when a yet to be named young man charged at a taxiing aircraft. PREMIUM TIMES gathered that the incident occurred at about 8:50 a.m. Friday. The young man, said to be about 25 years old, was sighted…

Lafarge

Lafarge MD resigns, joins rival Dangote Cement

The management of Dangote Cement Plc has announced the appointment of Michel Puchercos as the new managing director of the company. The new MD’s appointment becomes effective on February 1, 2020, a disclosure notice by the company said. Mr Puchercos’s appointment was made public after he resigned from rival cement…

Federal Competition and Consumer Protection Commission

N50 Stamp Duty: Consumer Protection Commission lauds CBN

The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday commended the Central Bank of Nigeria over its resolve to stop the payment of N50 stamp duty to merchants by consumers. The commission, in a statement, said it will collaborate with CBN, relevant regulators and law enforcement authorities to enforce…

AIRTEL office used to illustrate the story. [PHOTO CREDIT: Stackpreneur]

Airtel announces IPO in Malawi; set to list on nation’s bourse

African telecommunications and mobile services provider, Airtel Africa, on Tuesday announced that the price for its Initial Public Offering (IPO) of its Malawian subsidiary on the Malawi Stock Exchange has been set at MK 12.69 (USD 0.02) per ordinary share. The telecommunication company had earlier announced its intention to undertake…

Lagos Continental Hotel

11 Plc expands operation, acquires Lagos Continental Hotel

11 Plc, formerly known as Mobil Oil Nigeria Plc, has announced plans to acquire Lagos Continental Hotel through its subsidiary company. The oil firm made the announcement in a disclosure made available to the Nigerian Stock Exchange after finalising discussion on the property with the Asset Management Company of Nigeria…

Stop compelling Nigerians to pay N50 on POS transaction, CBN tells business owners

The Central Bank of Nigeria (CBN) has called on merchants who operate Point of Sale (POS) machines for cashless transaction to stop the collection of N50 charges from their customers. The CBN made the clarification amidst confusion generated by the moves by merchants and other businesses operating POS machines to…