The African Energy Chamber has voiced its strong support for the European Commission’s ongoing plan to step up cooperation regarding gas with Africa. According to the AEC, the move will help the continent to expand production, infrastructure development and the exploitation of gas to address domestic energy poverty. The European Union (EU) is moving ahead with plans to enhance Africa-EU Read More
Seplat Energy Plc, leading Nigerian independent energy company has projected to grow more given the rising demand for energy in Africa.The Energy Company which is listed on the Nigerian Exchange Limited and the London Stock Exchange, as well as other energy producers in Africa said Africa’s energy demand is also expected to see increased growth over the decade amidst current Read More
Minister of State for Petroleum Resources, Timipre Sylva has said that the country would be able to meet its OPEC production quota by the end of August. Sylva, hinged his optimism on the plans by the country to boost security in its oil industry. Nigeria is OPEC’s largest production laggard, consistently underperforming its production quotas—by a longshot—since the production cut Read More
GetBundi, an educational technology platform designed to ease access to high quality education to young Africans, is to be launched on Thursday in Lagos. A statement by Mr Osita Oparaugo, founder of the outfit, said that GetBundi would be dedicated to Science Technology Engineering and Mathematics (STEM) learning with special focus on six years of post-primary school. The outfit will Read More
Remita, Africa’s leading electronic payment brand, has introduced e-Naira, the digital currency of the Central Bank of Nigeria (CBN), as an additional payment option across all its touch points. With the introduction of eNaira on Remita, individuals and businesses can now make and receive payments with eNaira for all utilities, services, and products available on the Remita web and mobile Read More
The Nigerian Communications Commission (NCC) has said that the number of Nigerians connected to broadband, that is, high-speed internet increased to 83.3 million in May 2022. Data released by the Commission shows that telecommunications operators in the country added a total of 1.6 million new broadband subscriptions in the month. As of April, broadband subscriptions in the country stood at Read More
Lagos, Ogun, and Kano have been ranked as the state with the highest number of internet data subscribers in the country, jointly accounting for 23.8 per cent of the total internet subscriber base in the country. The National Bureau of Statistics (NBS) revealed this on Tuesday in its telecoms Data: Active Voice and Internet, Porting and Tariff Information report for Read More
Kebbi government has allocated 200 hectares of land to a private investor to set up a 5,600 megawatts solar power plant in the state, former Chief of Staff to Governor Atiku Bagudu, Alhaji Suleiman Muhammad-Argungu, has disclosed. Muhammad-Argungu, who disclosed this to journalists in Birnin Kebbi, said the company would soon begin work on the project, adding that a team Read More
The Management of the Ibadan Electricity Distribution Company (IBEDC) Plc has appealed to its customers with huge outstanding to pay their bills to avoid disconnection. The Chief Operating Officer (COO) of the firm, Mr. John Ayodele, who made the appeal in a statement he issued in Abeokuta, payment apathy was affecting its service delivery. “IBE DC is embarking on a Read More
Some Lagos communities may experience black out due to the detected faults along the power distribution lines, it has gathered. The affected the affected communities are, Alaba, Okoko, Oba Daudu, Seriki, Cassidy, Cele Nizer, PPL, Mebamu, Alaba International Market, Okin Road and environs. The management of Eko Electricity Distribution Company (EkoDisco) in a statement it issued via it’s verified Facebook Read More
Following a presidential directive to appointees with political ambition to resign before contesting elections, some members of the Governing Boards of agencies under the Ministry of Transportation have sent in their resignation in order to focus on their ambitions for the 2023 elections. Minister of State for Transportation, Senator Gbemisola Saraki confirmed the development at a media chat in Lagos Read More
Electricity consumers in Abuja on Tuesday took a swipe at the Abuja Electricity Distribution Company (AEDC) over poor power supply to them despite receiving about 300MW from the national grid. A check by our Reporter revealed that as at 6.am on Tuesday a total of 3.229.50MW was generated, out of which 340.67MW was allocated to the AEDC. The company, in Read More
FBNHoldings Plc recently held its annual general meeting to present financial account to shareholders. In this report AMAKA IFEAKANDU looks at FBNHoldings outstanding performance and other strategies adopted to sustain its profitability in 2021 financial year. The slow recovery of the nation’s economy following the outbreak of COVID -19 which hit the world economy in 2020 has continued to have Read More
The Project Manager CGC NIG Ltd, Mr Wang Ming has assured that baring any unforseen circumstances coupled with adequate funding the ongoing construction works on the Abuja Outer Southern Express way or OSEXwill be completed by November 2022. Ming spoke in Abuja while conducting journalists round the project site. He noted that the Outer Southern Express project runs for about Read More
Unity Bank’s flagship Entrepreneurial Development Initiative, Corpreneurship Challenge, is set to return for the 8th edition across 10 locations in Nigeria, including a debut in Delta and Rivers States. The Retail lender kick-started the Corpreneurship Challenge scheme in 2019, with a launch in Lagos and in three other states, which included Edo, Ogun, and Abuja, but with the increasing traction of the Read More
Stakeholders recently gathered and demonstrated strong commitment in addressing the menace of desertification and drought in Nigeria. HELEN OJI reports. Desertification and drought are among the greatest threats to global sustainable development, especially in developing countries. Drought is increasing in frequency and severity and is predicted to affect over three-quarters of the world’s population by 2050. According to World Metrological Read More
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf has warned that the rising cost of diesel and foreign exchange volatility will drive Nigeria’s inflation higher in 2022. Nigeria’s May 2022 inflation figures, according to the National Bureau of Statistics, rose to 17.71 per cent, while food inflation is currently 19.5 per Read More
Momo Payment Service Bank Limited (Momo PSB), the fintech subsidiary of MTN Nigeria, has dragged 18 commercial banks to court to retrieve N22.3 billion “erroneously transferred to 8,000 bank customers”. The affected banks, listed as defendants in the suit, are Access Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Heritage Bank, Polaris Bank and Providus Read More
The federal government has increased borrowing from local investors by 21 per cent in the first half of2022 to N4.2 trillion from the N3.89 trillion it borrowed in the previous quarter. Te implication is that the Federal Government spends N1.4 trillion of money borrowed from private investors. This is outside other money from other sources it spends. Investors are comfortable Read More
The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria. It said this in its June 2022 edition of its Global Economic Prospects report. Earlier, the Bank had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 and later decline to 3.2 per cent in 2023 and 2024. For Read More
Industry collaboration is very essential to successful deployment of 5G services in Nigeria, so says the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta. He urged industry stakeholders to stand with the Commission to explore the prospects and potentials of the new technology, which is enormous. Prof. Danbatta, who spoke at the 90th Edition Read More
In furtherance of its role in promoting female entrepreneurship across the country, Nigeria’s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has launched the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country. The FirstGem loan scheme is Read More
The federal government has said it would strengthen the Securities and Exchange Commission to reposition the Nigeria’s capital market to be at par with its peers globally. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja Monday, when she received the Revised Nigerian Capital Market Master Plan (2021-2025). The Plan was submitted to Read More
Jaiz Bank Plc at the weekend in Gombe state organised an interactive session with religious leaders and scholars drawn from Gombe, Bauch, Yola, Jos and Yobe to enlighten them on the operations of Islamic Banking and Finance. Speaking at the event, the Managing Director of Jaiz Bank, Mr. Hassan Usman, outlined the Bank’s achievements in the last 10 years of Read More
The nation’s domestic equity market on Monday continued in bullish run as the two market indicators of the Nigerian Exchange close higher, appreciating by 0.49 per cent. Market capitalisation of listed equities increased by N139 billion to N28.013 trillion from N27.874 trillion reported the previous day. The NGX All Share Index also grew by 257.24 basis points to 51962.85 points Read More
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