To complete the reversal of the significant output cutbacks made at the start of the epidemic in 2020, the Organization of Petroleum Exporting Countries and its allies, (OPEC+) led by Saudi Arabia, are anticipated to propose another production boost slated for August. According to an Opec+ Joint Technical Committee report, the group must handle rising inflation, high gas prices, and soaring demand that have cut this year’s supply surplus to 1 million barrels per day (JTC). Some OPEC+ delegates anticipate that today’s ministerial meeting will approve the 648,000 b/d August quota increase that was tentatively outlined at the beginning of…
Author: Kings Nwachukwu
Experts in cyber security have urged concerted action to reduce the nation’s escalating cybercrime rate. The experts made the recommendation at an awareness event in Lagos with the topic “Data and Human Factor – The One Security Solution,” organized by Infodata Professional Services in partnership with Forcepoint. Mohammed El Shenawy, Senior Manager, Sales Engineering, Forcepoint, stated that it has become crucial to periodically raise knowledge of new technologies and the need for fundamental internet risk protection. El Shenawy claimed he was in Nigeria to discuss recent developments in cyber security since customers have begun embracing new technologies. He claims that…
In order to boost the value of its shareholders, Sterling Bank Plc has reiterated its dedication to reducing costs and increasing lending while enhancing risk management and recovery procedures. Asue Ighodalo, the bank’s chairman, gave a performance review at the bank’s 60th annual general meeting, which was held over the weekend in Lagos. He noted that the strategy had helped the bank reduce its exposure to non-performing loans from 1.9% in 2020 to 0.7% in 2021 and increase shareholder funds by 4.2%. The bank’s investors will receive a dividend of 10 kobo for the 2021 fiscal year, a 22%…
Odu’a Investment Company Limited stated that it aims to achieve up to N40 billion in Profit After Tax (PAT) by the year 2035 in order to reposition its business to become a world-class conglomerate. The new board will build on the advancements made in the company’s current operations and explore new business prospects in other areas to reach the goal, the group’s incoming chairman, Bimbo Ashiru, said during the company’s 40th annual general meeting held yesterday in Lagos. He claims that the corporation intends to put more of an emphasis on expanding its oil and gas industry and become one…
With the World Bank and the French Development Agency (AFD), the Federal Government has finalized a tripartite deal to devote $575 million to the building of rural roads in 13 states across the nation. Before the project, which started in March of last year and would end in 2026, was completed, a total of 53, 730 kilometers (km) of rural roads would be built. Aminu Bodinga Muhammad, the National Coordinator of the Rural Access and Agricultural Marketing Project (RAAMP), said at the conclusion of a two-week Third Implementation Support Review Mission meeting in Abuja at the weekend that all but…
According to Drs. Obodo Ijie and Isaac Otegwu of Veritas University in Abuja’s Department of Political Science and Diplomacy, the ongoing disputes between herders and farmers are only motivated by economic considerations. Dr. Obodo noted in his review of the book “The Root Cause of Farmers-Herders Crisis in North Central Nigeria” by Plangshak Suchi and Sallek Musa that the conflicts that have hampered access to farms, increased theft, destroyed farms, killed animals, and decreased sales of farm products have had a detrimental effect on the economic activities and way of life of women in particular. “Women have a weak potential…
The Nigerian Communications Commission (NCC) and its consultants, 3R Company Nigeria Limited, have finally signed a Public Private Partnership (PPP) agreement for the implementation of Revenue Assurance Solutions (RAS) to strengthen and manage the integrity of the revenue generation process in the Nigerian telecommunications industry. Representatives from the Infrastructure Concession Regulatory Commission were present at the deal signing ceremony, which took place in Abuja over the weekend (ICRC). Due to the project’s scope, the ICRC has been steering the partnership implementation process to give expression to the decision to acquire the RAS solution through a PPP framework. Prof. Umar Garba…
Elon Musk, the world’s richest man, has thrown his support behind Dogecoin, a cryptocurrency that has seen its value plummet, prompting one investor, Keith Johnson, to initiate a $258 billion lawsuit. Musk announced this on Twitter on Sunday, adding to his long list of public endorsements for Dogecoin, which he has been supporting on the social media platform since 2019. Dogecoin, the tenth most valuable cryptocurrency, has lost 66.07 percent of its value year to date, falling to $0.05784 at the time of filing this report, a long cry from the $0.1705 it traded for at the beginning of January.…
African Refineries Port Harcourt Limited (ARPHL) has announced the award of the Phase 1 contract for the colocation of a Greenfield Refinery to Messrs Maire Technimont SpA, a leading global Oil & Gas Refining, Chemical & Petrochemical, Fertilizers and Power EPC company as the FEPC contractor, ahead of the full implementation of its Refinery Project in Port Harcourt Rivers State. The refinery would process Nigerian crude oil and create Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Jet A-1, Liquefied Petroleum Gas (LPG), and Low Pour Fuel Oil at a rate of 100,000 barrels per day (bpd) (LPFO). This comes…
The Eko Electricity Distribution Company (EKEDC) has connected recent power disruptions to a lack of gas supplies, insufficient power generation, system failure, and vandalism. Dr. Tinuade Sanda, Eko Disco’s Managing Director and Chief Executive Officer, said during an engagement forum with customers in Itire, Lawanson, Idi-Araba, and Mushin that the challenges that led to poor power supply were not unique to EKEDC, but that the company was working hard to improve its service delivery. She stated that the company was collaborating with other industry stakeholders to ensure that the issues were minimized. “With a loan from the Central Bank of…
Google has launched new efforts in Africa to help small retail enterprises. The event is part of a month-long celebration of International Micro, Small, and Medium-sized Business Day. This includes the Shopping Small Business Summit, a one-hour virtual training session designed at assisting SMB owners gain skills and resources to compete online. E-commerce trends and digital marketing will be discussed, and everyone who register at g.co/events/shopping-mall will be able to attend. Google has also worked with Coursera, an open online course provider, to build an online career certificate course in digital marketing and e-commerce for SMEs, and is offering 1000…
The Infrastructure Concession Regulatory Commission (ICRC) has announced that local production of military and paramilitary clothing would commence in January 2023. The production project is a joint venture Public-Private Partnership (PPP) between the Defence Industries Corporation of Nigeria (DICON) and Sur Corporate Wear to develop the Sur Corporate Wear Nig. Ltd., according to the ICRC in Abuja. The DICON Sur cooperation will be in charge of creating uniforms for the Army, Navy, Air Force, Police, Civil Defense, and other military and paramilitary units over a 20-year concession period. In a meeting convened by the ICRC, the Commission’s Acting Director-General, Michael…
Under the ELOY Foundation Business Shower project, the ELOY Foundation, in collaboration with First Bank of Nigeria Limited, will support female entrepreneurs on their road to developing sustainable enterprises. FirstBank’s assistance will be provided through FirstGem, a financing program for female-owned or partnered MSMEs, and SMEConnect. The cooperation focuses on major economic sectors and is aimed to expose female entrepreneurs to important business skills such as training, networking, and the ELOY Foundation Business Toolkit, which is a collection of business survival skills nuggets. Businesses will be able to pitch their ideas for seed funds and to join the ELOY Foundation…
Sundry Foods Limited (SFL), a Nigerian food services behemoth, has expanded its footprint across the country by launching two new outlets in Ilorin, Kwara State. Kayode Alabi, the Deputy Governor of Kwara State, said the state government was delighted to be associated with SFL because of the high standards the company had set in the country’s food services industry during his speech as the special guest of honour at the official opening ceremony at the weekend. The two new locations will serve popular SFL culinary brands such as Kilimanjaro, Pizza Jungle, KiliGrill, and Nibbles Ice Cream to its countless clients…
Governments and businesses contributed more than $18.5 billion to support worldwide Internet access, giving hope to the world’s 2.9 billion people who do not have access to the Internet. The World Telecommunication Development Conference (WTDC) of the International Telecommunication Union (ITU) ended in Kigali, Rwanda, yesterday, with this as its high point. Over 360 contributions totaling $18.55 billion were sealed at the Partner2Connect (P2C) Digital Development Roundtable session, which established the fund. The commitments were essentially unprecedented support from countries and businesses to increase Internet connectivity worldwide as a fundamental part of sustainable development, according to the International Telecommunications Union…
The second draw of the year-long 30th anniversary Transact & Win Promotion conducted in Abeokuta, Ogun State, awarded loyal customers with items worth over N10 million as part of efforts to boost savings culture in Nigeria. Akintunde Ogunsan, the bank’s Managing Director, said the 30th Anniversary Transact and Win Promotion was created to thank customers who have patronised the bank over the years, the majority of whom have become ‘Families’ as a result of the bank’s role in assisting their businesses and personal goals. Manufacturers, craftsmen, mechanics, technicians, farmers, petty traders, distributors, media and entertainment operators, as well as micro…
Eleven $1 billion valuation startups have emerged in Africa in the previous six years, with five of them hailing from Nigeria. Africa’s technological ecosystem is primed for exponential growth, according to a new analysis from Endeavor Nigeria titled “The Inflection Point: Africa’s Digital Economy Is Poised To Take Off,” which revealed this. Six of the eleven firms are fintechs, with the remaining five spanning education/talent, mobility and logistics, and digital commerce. Jumia, Interswitch, Zipline, Fawry, Chipper, Andela, Swvl, Opay, Wave, and Flutterwave are among the companies included in the research. Jumia, Interswitch, Opay, Flutterwave, and Andela are Nigerian companies, whereas…
The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Tax Service (FIRS) have inked an agreement to increase revenue collection at the country’s free trade zone zones. Prof. Adesoji Adesugba, NEPZA Managing Director, said during the signing ceremony recently in Abuja that the MOU simply aims to unbundle and enhance existing tax schedules for compliance purposes in accordance with Section 19 of the NEPZA Act. According to him, section 19 of the ACT requires free zone enterprises to file statistical data returns, since this information makes public the enterprises’ records of sales, acquisitions, and other vital operations as…
According to Mike Ogbalu, Chief Executive Officer of Afreximbank’s Pan African Payment and Settlement System (PAPSS), African businesses lose approximately $5 billion each year due to levies, payments, and other costs associated with intra-African trade restrictions. He made the remarks at the Nigerian American Chamber of Commerce’s (NACC) breakfast meeting in Lagos, which was themed “One Year of AfCFTA (Opportunities, Challenges, and the Nigerian-American Partnership).” According to him, 80 percent of payments destined for somewhere else on the continent must first travel somewhere else before arriving at their final destination, explaining why intra-African trade remains low at 15 to 18…
As political parties hold primary elections around the country in preparation for the 2023 elections, capital market investors have encouraged politicians to avoid making unguarded remarks that could harm the stock market. Investors are already concerned about the Central Bank of Nigeria’s (CBN) rate hike of 150 basis points, as well as fears of an impending global economic recession as a result of the Russia-Ukraine conflict, which has disrupted commodity supply chains since the second half of February and is currently fueling global inflationary pressure. According to stakeholders, the country’s general elections have established a pattern of interrupting economic activity,…
The African Continental Free Trade Area (AfCFTA) may never be realized unless Nigeria and the other 53 African countries that signed the pact muster the guts to synchronize commerce policy and assure the availability of infrastructure to support trade. Stakeholders speaking at a one-day workshop organized by the Lagos State Council of the Nigeria Union of Journalists (NUJ) on the “African Continental Free Trade Agreement (AfCFTA) Challenges on Nigerian Businesses” said the necessary framework to promote AfCFTA is currently missing, raising fears that the trade agreement will be a mirage. According to Francis Omotosho, Registrar of the National Association of…
The Africa Network for Environment and Economic Justice (ANEEJ), in partnership with other CSOs and faith-based organizations, has called on Shell Petroleum Development Company to stop emitting greenhouse gases and stop extracting oil and gas in Nigeria. David Ugolor, ANEEJ’s convener, said the group met to review Shell’s energy transition strategy, which was submitted to shareholders for an advisory vote during the company’s annual general meeting. The coalition reviewed the impact of Shell’s operations in Nigeria, notably in the Niger Delta region, as well as the role of the Church of England and other shareholders in furthering Shell’s operations in…
The Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and other stakeholders have been notified of changes to Union Bank of Nigeria Plc’s board of directors and the completion of the sale and transfer of 93.41 percent of the bank’s issued share capital to Titan Trust Bank Limited. The merger was completed through a share sale and purchase agreement, and is regarded as one of the greatest acquisition deals in the history of Nigeria’s banking industry (SSPA). The former board, chaired by Beatrice Hamza Bassey, has been disbanded in order for a new one to be formed, based…
Africa, according to President Muhammadu Buhari, requires a massive amount of energy generation to drive its development and strengthen its economy. The President said this in Abuja yesterday, when he opened a three-day Nigeria-African Natural Resource and Energy Investment Summit with the theme “Towards a Greener Africa.” Buhari, who was represented by Minister of Mines and Steel Development Olamilekan Adegbite, explained that the summit was organized to find solutions, exhibit technologies, and promote the development and financing of green energy projects that will help Africa grow and industrialize in a more climate-friendly manner. “Africa needed a massive quantity of energy…
Airline operators have urged for an urgent revision of the recruitment process to allow more hands into the important sub-sector of aviation, citing a scarcity of ground handling employees at key airports around the world. At a ground handling conference yesterday, airlines under the auspices of the International Air Transport Association (IATA) stated the sub-sector was in need of a holistic makeover to manage the long-term demand for a solid talent base. Thousands of ground handlers departed the aviation industry as a result of the epidemic. As the aviation industry grows, a significant scarcity of experienced ground handlers is highlighting…
Following the issuance of operational licenses to Space Exploration Technologies Corp. (SpaceX), which is owned by the world’s richest man, Elon Musk, to operate in Nigeria, there looks to be hope for connectivity for Nigeria’s approximately 114 access gaps (communities without telecoms services). According to the Nigerian Communications Commission (NCC), the country’s 114 access gaps currently contain almost 25 million Nigerians without access to basic telecommunication services. It’s also worth noting that, in areas where coverage is already available, telecoms services aren’t always up to par. Furthermore, the arrival of Starlink is projected to bolster the Federal Government’s attempts to…
Wema Bank Plc has launched a children’s innovation competition to encourage youngsters to come up with new ideas and develop solutions in the areas of learning, health, games, and agriculture. The competition will provide scholarships of N300,000, N200,000, and N100,000 to the top three finalists who present the most creative and original concepts. At the weekend, the Divisional Head, Retail Business, Dotun Ifebogun, announced the start of this year’s Wema Kids’ innovation challenge, saying that children whose parents opened Royal Kiddies accounts were eligible to participate. According to him, the bank’s Hackaholics technological challenge is for young adults to find…
Last month, the Federation Account Allocation Committee (FAAC) distributed N656.602 billion to the federal government, states, and local governments. However, this amount is N68.969 billion less than the N725.571 billion that was shared in March. This was stated in a communiqué issued at the conclusion of the Federation Account Allocation Committee’s (FAAC) virtual meeting for May 2022. The lower Value Added Tax collection for the month of April, which stood at N178.825 as opposed to N219.504 in March, an N40.679 billion deficiency, may be linked to the decline in revenue for the month. The overall distributable revenue of N656.602 billion…
According to the African Development Bank’s (AfDB) African Economic Outlook 2022, Nigeria’s GDP will grow at 3.2 percent on average this year through 2023. The report, which was released yesterday in Accra, Ghana, at the Bank’s Annual General Meeting (AGM), focuses on the continent’s growth prospects in the context of the COVID-19 epidemic, climate change adaptation, energy transformation, and other structural issues. The report, which was released by the Bank’s President, Dr. Akinwumi Adesina, his team, and the Board of Governors, looks at the economic outlook on a regional and country-by-country basis. The AfDB’s forecast is slightly higher than the…
Experts have reiterated their calls for the Federal Government (FG) to implement a strategy to address the country’s long-term volatility in the foreign currency (forex) market in order to stimulate stock market investment, maintain the current uptick, and enhance listed companies’ profits. Investor apathy, exacerbated by a chronic currency shortage, was one of the key causes for the stock market’s extraordinary slowdown in recent years, according to the stakeholders, who said that this has continued to hinder investment development and profitability. They claimed that a lack of forex limits productive diversification and discourages investment inflows into the country, whereas stable…
