Business News
Probe: Auditors submit report on Ikeja Hotel’s financial operations
Chairman of Interim Board of Ikeja Hotel Plc, Anthony Idigbe, said the investigation into the books and operations of the hotel has been concluded.
Chairman of Interim Board of Ikeja Hotel Plc, Anthony Idigbe, has announced that the auditors investigating the financial operations of the hotel have submitted their reports.
Idigbe disclosed that the forensic auditors have submitted their reports seven months after the previous board was dissolved by the Securities and Exchange Commission (SEC).
Why Ikeja Hotel is being probed: The investigation into the financial activities of Ikeja Hotel was demanded by the capital market regulator. SEC had instructed the interim board to initiate a probe due to allegations of unauthorized sale of shares and diversion of proceeds from the sale of shares, amongst others.
What you need to know: The probe report is being reviewed by the board and the regulatory body of the capital market, according to Idigbe, who spoke with stakeholders at the Nigerian Stock Exchange (NSE). This means the report is at the final stage of vetting and new development is expected by the first quarter of 2020.
Speaking on the report of the probe and the progress already made, Idigbe said, “We are happy that by the first quarter of next year, substantial progress would have been made in the decision process. SEC is going through to ensure that rights of fair hearing are not breached. The process is so important. We are trying to get a solution that would be sustainable.”
What new board has been doing: Since the interim board took over the management of Ikeja Hotel, Idigbe said various renovation had been ongoing to position the hotel for revenue growth. He said facility upgrade had resulted to the renovation of 97 rooms out of its 500 rooms.
“We have about 266 rooms to put back at the market out of which we are doing 97 rooms right now with internally generated revenue,” Idigbe said.
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The renovated rooms, which will be opened to the public in the first quarter of 2020, is expected to increase the company’s market share and profitability in its operating states. Idigbe also stated that the interim board would leave the company once the operation of Ikeja hotel had been revamped to compete better.
“I want to assure you that some of us will like to exit as quickly as possible and as soon as necessary. We continue to see it as a national service to perform this role. We are very proud of the work we have done so far but be assured that we will not stay a minute longer than necessary,” Idigbe said.
Business
Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway
The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.
The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.
The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.
That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.
Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.
What the statement from the Lagos State Police Command is saying
The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.
The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.
The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.
The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.
The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.
REF NO. CZ: 5650/LS/PPRO/VOL.3/85
LAGOS CP DISMANTLES ILLEGAL ROAD BLOCKS ON BADAGRY EXPRESSWAY
*Threatens to Sanction Defaulters*In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy
— Lagos State Police Command (@LagosPoliceng) April 10, 2021
Business News
COVID-19 Update in Nigeria
On the 10th of April 2021, 84 new confirmed cases and death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 163,736 confirmed cases.
On the 10th of April 2021, 84 new confirmed cases and 1 death was recorded in Nigeria.
To date, 163,736 cases have been confirmed, 154,098 cases have been discharged and 2,060 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.8 million tests have been carried out as of April 10th, 2021 compared to 1.7 million tests a day earlier.
COVID-19 Case Updates- 10th April 2021,
- Total Number of Cases – 163,736
- Total Number Discharged – 154,098
- Total Deaths – 2,060
- Total Tests Carried out – 1,803,177
According to the NCDC, the 84 new cases are reported from 13 states- Lagos (26), Akwa Ibom (16), Rivers (10), Ebonyi (9), Abia (6), Kano (6), Osun (3), Bauchi (2), Delta (2), Edo (1), Jigawa (1), Kaduna (1), and Ogun (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 57,950, followed by Abuja (19,703), Plateau (9,030), Kaduna (8,984), Rivers (6,986), Oyo (6,838), Edo (4,892), Ogun (4,620), Kano (3,924), Ondo (3,226), Kwara (3,120), Delta (2,615), Osun (2,547), Nasarawa (2,378), Enugu (2,259), Katsina (2,097), Gombe (2,034), Ebonyi (2,008), Anambra (1,909), Akwa Ibom (1,794), and Abia (1,677).
Imo State has recorded 1,655 cases, Bauchi (1,538), Borno (1,337), Benue (1,188), Adamawa (1,051), Niger (930), Taraba (910), Bayelsa (871), Ekiti (868), Sokoto (774), Jigawa (525), Kebbi (450), Cross River (385), Yobe (365), Zamfara (234), while Kogi state has recorded 5 cases only.
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Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
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