On Friday, after two years of negotiating with regulators and the persistent failure to meet capitalization and loan performance targets, Skye Bank lost its license. The bank has been acquired by Polaris and has announced its intention to continue business as usual. However, the market value of Skye Bank's outstanding shares has fallen drastically. Compared to approximately $1.3 billion in 2008, last week, Skye Bank's market capitalization amounted to $30 million.
Less than 4 Gigawatts
Nigeria currently generates as much electricity as a medium-sized American city. In addition, Nigeria consumes less electricity than other countries at a similar income level and would need to increase its capacity 20 times to meet the consumption levels of countries like Egypt and Tunisia.
In a stunning act of political filicide, ex-Lagos governor, Bola Tinubu, and the APC apparatus have declined to endorse current governor, Akinwunmi Ambode, for the upcoming gubernatorial elections. After initially denying the reports, subsequent leaks suggest that the APC have prepared themselves for a competitive primary due to the loss of confidence in Ambode's performance. His main challenger is Tinubu-backed Jide Sanwo-Olu, a former Lagos State Commissioner. While Sanwo-Olu has received relatively little previous media coverage, he differs from other candidates in at least one sense—he is a Christian. The source of the disagreement between Ambode and Tinubu appears to stem from Ambode's tampering with large Lagos state contracts, including for the collection of waste. New to Tinubu's politics? Catch up.
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