The Federal Government has said a new transmission infrastructure in the North Central region of the country will boost economic activities in the country. The facility, located in Lafia, Nasarawa state is a 2X150 MVA & 2X60 /132/33/330 KV Transmission Substation. The project was constructed by Niger Delta Power Holding Company Limited (NDPHC). The NDPHC, in a release, noted that President Muhamadu Buhari has already been scheduled for the commissioning of the project tomorrow (Thursday). Speaking during a pre-commissioning inspection to the substation by the Executive Director, Networks, NDPHC Limited, IfeOluwa Oyedele and his team, Governor of the state, Abdullahi…
Author: Temitope Nlewemchi
The Federal Government is spending nothing less than $2.7 billion on power infrastructure, Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said. The fund, which the country is currently awaiting consensus for it to become operational, is part of a $3.387 billion loan agreement expected to execute 10 projects across the country. In the power sector, the projects include, World Bank funded Nigeria Electrification Project (Off-Grid), $350 million, North Core Interconnection Power Transmission Line (Regional Project under West African Power Pool), $32.3 million, Nigeria Electricity Transmission and Access Project, $486 million, Nigeria Electrification Project, $200 million, Nigeria…
First and foremost, IPPG is fully aligned with global decarbonisation initiatives and adoption of renewable energy. However, in the face of energy poverty and economic stagnation, sub-Saharan Africa (SSA) decarbonisation efforts cannot be at the expense of growth and development. In terms of low emission rate, SSA generates the lowest carbon emissions in the world (less than two per cent of global emissions) and a blanket financing ban on all fossil fuel projects is detrimental to the growth of SSA economies. Nigeria’s (and much of Africa) focus will remain on providing affordable and reliable energy to its population using its…
Green Energy International Limited (GEIL), a leading indigenous oil and gas development company and the Operator of the Otakikpo Marginal field in Rivers State has achieved an exceptional safety milestone – 4 million manhours without Lost Time Incident (LTI) since the commencement of operation in the field. In response to the recent increase in Health Safety and Environment (HSE) incidents in the industry, Green Energy International Limited has developed and implemented a suite of key HSE improvement programmes in its area of operations. These improvements have built on its previous HSE initiatives to ensure the company and its personnel continue…
Society of Petroleum Engineers (SPE) has said exploration, production and other operations in the Nigerian oil and gas industry can now hold without support from expatriates. Nigeria had granted 126,893 quota licences to expatriates, who operated with 14,690 companies. In the oil and gas sector, the figure has dropped steadily as efforts are being made towards ingenious participation in the oil and gas sector. The Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, Prof. Olalekan Olafuyi, noted that the impacts of Covid-19 pandemic showed that the country could solely handle its oil and gas sector and indeed drive the…
GTI Group has set up a N5 billion football facility through the instrumentality of the capital market to mobilise private sector investments into football and other sports projects. The facility, tagged: ‘The Nigerian Football Fund (TNFF)’, is a collective investment scheme or mutual fund that combines the regular advantages of a mutual fund with unique propositions of a structured fund. TNFF is raising N5 billion through an initial public offering (IPO) of 5.0 billion units at a par value of N1 per unit. Minimum subscription to the fund is 100,000 or N100,000 and thereafter in multiples of N100,000. Already, the…
Former President of the Federal Republic of Nigeria, and chairman of Intra African Trade Fair( IATF) Olusegun Obasanjo has called for a bold, decisive and innovative leadership to achieve African dream of coordinated economy in terms of trade and investment. Obasanjo spoke yesterday, at the signing of host agreement for the third edition of the IATF slated for 21 to 27th November 2023 at Abijan, Cote d’ivoire. The agreement was between Côte d’Ivoire , African Export Import Bank (Afreximbank), the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat. It follows the resounding successful second edition held…
All is set for stakeholders in the energy sector to deepen discussion and create awareness on the economic possibilities of Nigeria’s gas sector. The conference, organised by the Energy Trade Group of the Abuja Chamber of Commerce and Industry is billed for March 29 and 30, 2022 at the organisation’s convention center in the nation’s capital. Speaking at a press conference on Wednesday, Director-General of ACCI, Victoria Akai, said the summit was necessary at this time, following the current conflict in Europe and how it has precipitated an energy crisis. According to her, the crisis must serve as a lesson…
The Nigerian Bottling Company (NBC) has unveiled plans to invest over €15 million in its bid to increase its solar generation to about 15 megawatts before the end of 2022. Besides, the company stated that the move was part of its uncompromising commitment to minimize its carbon footprint in the country. The Managing Director, NBC, Matthieu Seguin, at a media tour of its Ikeja plant, said the company has been embarking on a series of steady investments towards sustainable manufacturing and transition to renewable energy sources as a way of accelerating the delivery of its net zero commitment. By the…
As financial institutions fend off cyber attacks, experts say banks are vulnerable because they lack technologies that could be deployed to ensure transactions and customers’ assets are safe. Speaking at a financial services cyber security workshop held in Lagos, Managing Director, ActivEdge Technologies, George Agu, said it is time banks deploy zero trust security to tackle attacks. According to him, one of the ways to ensure that cyber attacks are minimal is to ensure that the gatekeepers are up-to-date with the various technologies that could be deployed to ensure that customers can carry out transactions with their eyes closed. He…
The state of the Nigerian economy requires the Central Bank of Nigeria (CBN) to intervene in sectors that can stem unbridled imports. The Governor of the apex bank, Godwin Emefiele, who disclosed this yesterday, while declaring open the 32nd seminar for Finance Correspondents and Business Editors in Akure, Ondo State, insisted that the CBN interventions are meant to stabilise the economy. An Economist, Dr Tope Fasua, in his presentation, gave a glimpse of the possible reasons governments are cautious with the adoption of cryptocurrency. Fasua argued that the ability to escape taxation might lead to the collapse of the government’s…
Over two million Subscribers Identification Modules (SIM) cards were activated in the first month of 2022 and were shared by the mobile network operators (MNOs). Latest statistics from the Nigerian Communications Commission (NCC) showed that the quartet of MTN, Globacom, Airtel and 9mobile shared 2,024,509 subscribers in January 2022. The new entrants pushed the country’s mobile subscriptions from 195.5 million in December 2021 to 197.4 million a month after. This figure also impacted the country’s teledensity, which increased by 1.06 per cent. It moved from 102.40 per cent last year to 103.46 per cent in the first month of 2022.…
Financial technology company, Tingo Mobile Plc has disclosed a new platform to end challenges facing end-users in Nigeria. The new platform, an all-in-one financial solution application aimed at addressing challenges for Small and Medium Scale (SMEs) businesses and in extension all bank customers with smart phones, the Tingo Pay Super App will tackle the challenge of limited payment options for users. Chief Operating Officer, Tingo Mobile Plc, Alao Ayoade, while announcing the move yesterday, said the new solution will address the challenge of inability to resolve transaction issues on time with banks, provide business continuity due to funds, provide multiple…
Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five months, dropped to $39.54 billion on Tuesday. Year-to-date (YTD), the external reserves shed $975.7 million. Last year closed with an estimated reserve gross value of $40.52 billion. The reserves suffered a wobbling performance last year, tumbling below $34 billion at some point. A breather, however, came with $3.35 billion International Monetary Fund (IMF)’s special drawing rights (SDR) and Eurobond…
The U.S. Department of Energy/National Nuclear Security Administration has supplied $2million worth of equipment to Nigeria to help strengthen Nigeria’s counter-nuclear smuggling capacity. This was revealed in a press statement on Friday by the public affairs section of the U.S consulate general. The equipment was donated through the U.S Office of Nuclear Smuggling Detection and Deterrence (NSDD), and it includes five new mobile radiation detection systems valued at over $2 million. Jon Dvorak, the U.S. Consulate Assistant Regional Security Officer in his remark noted that the equipment donation was an important step in advancing the robust US-Nigeria security cooperation. Mr…
The United States Government on Friday added 6 Nigerians to a list of Specially Designated Nationals and Blocked Persons due to their financial, material and technology support of the terrorist group, Boko Haram. The action follows the United Arab Emirates’ prosecutions, convictions, and designations of these individuals for supporting terrorism. This disclosure is contained in a press statement issued by the United States Department of States and signed by its spokesperson, Ned Price. The statement listed the 6 Nigerians added to the list to include Abdurrahman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan,…
The Commissioner of Police in Lagos State, Abiodun Alabi, has reiterated the Nigerian Police Force (NPF) ban on the practice of police officers carrying out their official duties while on mufti and called on members of the public to report any officer violating this directive to enable the command take appropriate disciplinary action. The commissioner strongly and unequivocally warned all Area Commanders, Tactical Commanders and Divisional Police Officers (DPO) in the Lagos State to ensure strict compliance of this directive by their men. This disclosure is contained in a statement issued by the Public Relations Officer of the command, SP…
The Nigerian Railway Corporation (NRC) has disclosed that the rehabilitation of the 200-kilometre Minna-Baro railway track will cost the Federal Government more than N80 billion. The completion of the project will afford people the opportunity to ply the Lagos-Abuja-Kano route with ease. According to NAN, this was made known by the Managing Director of NRC, Fidet Okhiria, during a meeting with officials of the construction firm, Chinese Civil Engineering Construction Corporation (CCECC), on Friday in Minna. Okhiria who said that they plan to complete the project within 3 years, assured that the government will make funds available for it. He…
OkHi, a smart addressing startup has secured $1.5 million seed extension to further its goal of increasing efficiency across key sectors in Nigeria. While the new funding brings the total funding to $3 million, the startup says the development will enable it to hasten its goal of verifying the addresses of more than one million Nigerians to enhance accessibility and efficient delivery services. The round saw existing investors such as Founders Factory Africa, Betatron, and Interswitch Group as well as new investors, the likes of; Chapel Hill Denham, Flutterwave’s founder and executives, and EXFI (a syndicate of ex-Googlers). Timbo Drayson,…
Oxford International Group, Vektr Capital Investment and Farmforte Agro-Allied Solutions Limited have reacted to their recently sealed offices by the Security and Exchange Commission for reasons bothering on unlicensed and alleged illegal investment activities. According to SEC in a statement, the three investment companies’ offices in Lagos, Port Harcourt and Abuja were shut down for executing investment operations that fall within the ambit of fund management without registration. The SEC statement read, “These companies do not have registration of the SEC to conduct fund management activities and have been found to promise exorbitant rates of returns to lure investors. The SEC…