Nigeria loses N700bn in water value-chain annually – Reps

September 28, 2020 Joshua Egbodo 0

Nigeria’s House of Representatives has said the country loses an estimated N700billion in water value-chain to some unscrupulous water business owners annually. The lawmakers also said the mounting opposition against the National Water Resources Bill 2020 was not only borne out of ignorance, but championed by some giant water companies who would want to continue extorting Nigerians. Among others, the Read More

OML 143: NNPC, SEEPCO sign gas development agreement

September 27, 2020 Benjamin Umuteme 0

The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialization of gas from the Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country. Speaking at the agreement signing ceremony which held at the NNPC Towers, the Group Managing Director of NNPC, Malam Read More

Fitch affirms Afreximbank’s BBB – Credit rating

September 24, 2020 David Agba 0

The African Export-Import Bank (Afreximbank) announces that Fitch Ratings has affirmed the Bank’s long-term Issuer Default Ratings (IDR) at ‘BBB-‘ with a stable outlook. The agency also affirmed the Bank’s Short-Term IDR at ‘F3’ and senior unsecured debt at ‘BBB-‘. Fitch highlighted that Afreximbank’s ‘BBB-‘ rating is driven by its intrinsic features, including solvency and liquidity, and adding that the Read More

Insurance penetration and Takaful policy Model

September 24, 2020 Editorial IV 0

The nation’s underwriting sector’s regulator, the National Insurance Commission (NAICOM), in a bid to deepen insurance penetration adopted various strategies including issuance of licenses for the establishment of Takaful (Islamic) insurance model. EDET UDOH writes on the activities of Takaful insurance in Nigeria. The Nigerian insurance industry is still evolving, trying to catch up with its counterpart in the developed Read More

Sharjah Islamic Bank wins Sukuk Deal of the Year 2020 Award

September 24, 2020 Editorial IV 0

SHARJAH  Sharjah Islamic Banks (SIB) $500 million Sukuk received the Sukuk Deal of the Year 2020, at the 10th Global Islamic Finance Awards (GIFA). The bank was acknowledged with the award, during a virtual ceremony held on Sept. 14. SIB, which enjoys strong investment grade ratings of A- by Standard & Poors, A3 by Moodys, priced a $500 million (AED1.83 Read More

Passengers trapped, road blocked as truck conveying perishable goods crashes

September 24, 2020 Solomon Arowolo 0

Several passengers were trapped on Wednesday under loads of farm produce after a truck conveying them to their destination crashed in Ogun state. According to an eyewitness, the incident happened near NNPC under bridge in Abeokuta, the state capital on Wednesday. Blueprint gathered that the accident happened as the driver found it difficult to manoeuvre the truck due to overload. Read More

NGF chairman partners NAICOM on enforcement of compulsory insurances

September 24, 2020 Editorial III 0

The Chairman, Nigeria Governors’ Forum (NGF) and Governor of Ekiti State, Kayode Fayemi, has pledged to work with the National Insurance Commission (NAICOM) on implementation and enforcement of compulsory insurances. . The Governor stated this Tuesday during a courtesy visit by the management of NAICOM led by the Commissioner for Insurance, Sunday Thomas, to his office in Ado-Ekiti, Ekiti State. Read More

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Sovereign Trust Insurance writes N10.8bn premium in 2019

September 24, 2020 Edet Udoh 0

Sovereign Trust Insurance recorded N10.8billion Gross Premium Written representing a 3% increase over the N10.5billion recorded in 2018 with the net premium Income equally growing by 18% to N5.9billion over the sum of N5.0billion recorded in the corresponding year. The company also recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 or over 52% increase. Read More

Dangote Cement pays over N1trn dividends in 7 years

September 24, 2020 David Agba 0

Africa’s largest cement manufacturer, Dangote Cement has grown the wealth of its shareholders, paying over N 1 trillion as dividends in the past seven years. According to the cement company’s Group Chief Financial Officer, Mr. Guillaume Moyen, Dangote Cement is focused on growing the Nigerian economy. A breakdown of the seven-year dividend history gleaned from the company’s financial statements indicated Read More

Accessing violence against women, girls and sustainable development in Nigeria

September 23, 2020 ADEOLA TUKURU 0

Violence against women and girls (VAWG) is a worldwide phenomenon which the United Nations estimated to cost the global economy about $8 trillion having one in three women experience either physical or sexual intimate partner violence or non-partner sexual violence in their lifetime. ADEOLA TUKURU reports. Reports by feminist  analysts estimated 30 per cent of girls and women aged between Read More

Fidelity Bank chatting a new course for Nigeria’s Agriculture sector

September 23, 2020 Editorial IV 0

One thing about Fidelity Bank is its operations towards boosting Nigeria’s agriculture sector an area where the present government is championing its economic diversification policy. DAVID AGBA reports Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, Nnamdi Okonkwo,Fidelity bank has ranked amongst the top 10 banks in Nigeria, albeit with a market share of about 5 per cent according to Read More

FEC approves $1.9 billion for Nigeria, Niger Republic rail line project

September 23, 2020 Abdullahi M. Gulloma 0

The Federal Executive Council (FEC) has approved $1.95 billion for the construction of Kano-Dutse-Katsina-Jibia–Maradi (Niger Republic) rail line project.This was disclosed by the Minister of Transportation, Mr Rotimi Amaechi, while briefing State House correspondents at the end of the weekly FEC meeting presided over by President Muhammadu Buhari.He said the council also approved N3 billion for the design, manufacture, supply, Read More

Stock market gains N42bn

September 23, 2020 Amaka Ifeakandu 0

Trading activities on the floor of Nigerian stock exchange yesterday returned to bullish trend, appreciating by N42billion. Specifically, Market Capitalisation of listed equities increased by 0.31 per cent to N13.407 trillion from N13.365 trllion reported on Monday. The NSE All Share Index also appreciated by 80.55 basis points to 25654.90 points from 25574.35 points traded the previous day. Investors traded Read More

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FG goes tough on illegal fertilizer manufacturers

September 23, 2020 Segun Odunewu 0

The Federal Ministry of Agriculture and Rural Development, says anyone caught producing or merchandising adulterated fertilizers, under the new National Fertilizer Quality Control (NFQC) Act 2019, will be jailed. The announcement notifies the general public that the National Fertilizer Quality Control (NFQC) Act 2019, is to make sure that every farmer has good and efficient fertilizer for their farms, to Read More

NCC, Digital Code partner NITRA on future plans for ICT growth

September 23, 2020 Segun Odunewu 0

The Nigerian Communications Commission (NCC) and Cybersecurity and Compliance advisory company, Digital Encode have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era. The event, slated to hold on October 15, 2020, Read More

CBN cuts MPR to 11.5%

September 23, 2020 David Agba 0

Against market expectations, the Monetary Policy Committee (MPC), faced with the choice of reducing or leaving policy parameters unchanged, elected to reduce the Monetary Policy Rate (MPR) by 100bps to 11.5 per cent from 12.5 per cent. This was made known by the Governor of the Central bank of Nigeria (CBN), Godwin Emefiele in a statement after the committee meeting Read More

Petroleum subsidy costs Nigeria N8.9trn between 2006-2015- PPPRA

September 23, 2020 David Agba 0

The Petroleum Products Pricing Regulatory Agency (PPPRA), has disclosed that the Federal Government spent a total of N8.94 trillion on oil subsidy between 2006 and 2015. The PPPRA made the disclosure in a document on subsidy payment released in Abuja on Monday, September 21. It said that the subsidy was paid to oil marketers; and the Nigerian National Petroleum Corporation Read More

ipNX, USTDA sign deal to develop Nigeria’s ICT infrastructure

September 22, 2020 Editorial IV 0

Nigeria’s pioneering information, communications and technology (ICT) company, ipNX and the United States Trade and Development Agency (USTDA) have signed a partnership deal that will further support the development of Nigeria’s ICT and broadband infrastructure and help ipNX expand its fibre-optic network to more than 200,000 residences in Lagos and other locations, including Abuja and Port Harcourt. A virtual signing Read More

12 Nigerian students qualify for Huawei global ICT competition

September 22, 2020 David Agba 0

Twelve Nigerian students from the University of Ibadan, Ahmadu Bello University, Zaria, and University of Port Harcourt have qualified for the Huawei Global ICT competition following an excellent performance in the cloud and network examination at the just concluded Huawei sub-Saharan Africa region ICT competition finals. The Huawei ICT Competition, which generally covers examination on the latest ICT technologies such Read More

Int’l termination rate: NCC moves to set balance payments with operators

September 22, 2020 Ayoni M. Agbabiaka 0

The Nigerian Communications Commission (NCC) has embarked on a cost-based study to set the new pricing regime for mobile International Termination Rate (ITR) for inbound international voice calls in the country. The ITR is the rate paid to local operators by international operators to terminate calls in Nigeria. As part of the process for the rate determination, the Commission has Read More

FG moves to tackle dwindling FGOEs remittances

September 22, 2020 Benjamin Umuteme 0

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government has put in place robust policies to maximise its non-oil revenue.  Mrs Ahmed, said this at the orientation programme for Directors of Revenue in Federal Government Owned Enterprises (FGOEs) Tuesday in Abuja.  “We have seen the results on the increase in VAT through the Read More

Ministry seeks Bauchi state collaboration to harness mining gains

September 22, 2020 Editorial IV 0

The Ministry of Mines and Steel Development in its bid to ensure the sector achieve its mandate of driving economic diversification is seeking deeper partnership with Bauchi state for efficient and effective mining in Nigeria. The Minister of State Mines and Steel Development Dr. Uchechukwu Sampson Ogah stated this when he paid a courtesy visit to the Governor of Bauchi Read More

FG seeks partnership with C/River on 33 minerals

September 22, 2020 Ayoni M. Agbabiaka 0

The Ministry of Mines and Steel Development has sought the collaboration of Cross River State Government in accelerating revenue generation from the mining sector. Minister of State Mines and Steel Development Dr Uchechukwu Sampson Ogah stated this when he paid a visit to Cross River state Governor,  Prof Benedict Ayade. Ogah disclosed that with 33 mineral deposits, the state can Read More

ICRC lauds NNPC on transparent bid opening process as 78 coys jostle for rehab of critical pipelines, downstream infrastructure

September 22, 2020 Benjamin Umuteme 0

The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah, has commended the leadership of the Nigerian National Petroleum Corporation (NNPC) for totally driving a transparent bid opening processes for the rehabilitation of NNPC pipelines and its critical downstream infrastructure noting that NNPC is showing to the world that things could be  done correctly such that would yield Read More