The world has lost over $160 trillion dollars due to the economic gender gap and women functioning in underpaid roles. This is according to Sholape Akinpelu, Country Manager and CEO of HerVest while giving her speech at a Women in Tech organised digital conference themed, ‘Digitalizing Gender Equality for Brighter Economies’ Women in Tech in Nigeria is the fourth chapter for the global initiative in Africa having launched across other African countries such as Angola, Zambia and South Africa. The event marked the official launch of the Nigerian chapter of the leading global technology advocacy group for gender rights. Akinpelu…
Author: Temitope Nlewemchi
The Federal Airports Authority of Nigeria (FAAN) disclosed that it has suspended some airport officials for allegedly extorting a passenger at Murtala Muhammed International Airport, Lagos. This is coming barely a few weeks after the Managing Director of FAAN, Capt. Rabiu Yadudu warned that the authority will apply stiffer sanctions against officials that engage in extortion at the country’s airports. This was made known in a statement signed by the General Manager of Corporate Affairs of FAAN, Mrs Henrietta Yakubu, on Saturday, November 27, 2021, in Lagos. According to the News Agency of Nigeria, Yakubu said the action was in…
Infinity Trust Mortgage Bank Plc has selected Mr Bukola Afriogun as the new Acting Chief Financial Officer (CFO) of the Bank, effective from 30th of October, 2021. The appointment is following the resignation of the former CFO of the bank – Mr Samson Agbaka, whose resignation became effective from 30th of October, 2021. The appointment was confirmed in a statement signed by the Company’s Secretary, Mrs Tolu Osho, and filed with the Nigerian Exchange Limited (NGX). Bukola Afriogun has over 15 years of cognate experience. He is a Chartered Accountant by training with hands-on experience in financial management and leadership.…
Sabi, Africa’s fastest-growing B2B marketplace has halted a $6 million bridge round to drive expansion. A bridge round is a small round of funding to tide a startup over until its next larger round of funding. The round was led by pan-African VC firm, CRE Ventures. This bridge round is coming a year after closing a $2 million seed round from CRE Ventures, Janngo Capital, Atlantica Ventures and Waarde Capital. Anu Adasolum, Rensource’s former COO, and Ademola Adesina, Rensource’s founder and CEO, founded the company in 2020. Sabi is working to solve the continent’s greatest GDP contributors’ access problem by…
The Council of Maritime Transport Union and Association (COMTUA) encouraged the Nigerian Ports Authority (NPA) to unbundle its E-call up System ( ETo), to help curb extortion in Nigeria’s ports. This was made known by the outgoing President of the association, Mr Thompson Olaleye, on Thursday during the maiden edition of the 2021 Delegate Convention of COMTUA, in Lagos, themed “Resolving the Challenges of Cargoes and Haulage Movements in Nigeria for Effective Domestication of the African Continental Free Trade Agreement (AfCFTA) and Promoting the Ease of Doing Business in the Continent.” According to the News Agency of Nigeria, Olaleye said…
The price of rice, onions, yam, cooking gas, and pasta sky rocketed in November compared to the previous month as traders across markets in Lagos State complained of low patronage despite the yuletide season just around the corner. The recent increase in the price of food items has been attributed to seasonal fluctuations as well as limited supply in the market, which is overwhelmed by customer demand. However, traders have also complained about the decline in sales turnover, attributing it to the dwindling purchasing power of average Nigerians. While the price of major food items like onions, yam, and pasta…
According to NAN, Olawale said that issues concerning welfare of members and unfair labour practices by some oil majors had yet to be fully resolved. He asked the government and all other concerned entities to take advantage of the extension to do the needful. Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced the extension of its earlier issued 14-day ultimatum to the Federal Government by another 7 days. This is coming barely 4 days to the expiration of the ultimatum it gave on November 15, where it threatened to go on a nationwide strike due to non-implementation…
The Kogi State Governor, Yahaya Bello, has said that the dredging of the Lower Rivers Niger and Benue will provide over 2 million direct and indirect jobs to Nigerians upon completion. The project is expected to aid the handling of some major exports from that region and imports from the coastal areas as well as boost the federal government’s diversification initiatives. This was made known by Bello during the inauguration of the commencement of the hydrographic survey and charting of the Lower Rivers Niger and Benue; from Lokoja to Burutu, on Thursday, according to NAN. The governor in a statement…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has established that it backs the Federal Government’s decision to remove subsidy on Premium Motor Spirit (PMS) by 2022. This was made known by IPMAN’s President, Mr Chinedu Okoronkwo, in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos He added t that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16 has no provision for subsidy. Okoronkwo stated that as marketers, they have always advised the government to remove petrol subsidy because it is not in the interest of the development…
The National Agricultural Seeds Council (NASC) has disclosed that up to 50% of all quality seeds supplies in West Africa are originated from Nigeria. This was made known by the Director-General of the Council, Dr Philip Ojo on Friday in Abuja at the preparation for activities to mark the 2021 annual SEEDCONNECT Africa Conference and Exhibition. According to the News Agency of Nigeria, Ojo said that fellow West African nations have required Nigeria’s help in seep production systems. He warned that the planting of adulterated seeds would not only lead to poor yield but would hamper the country’s economic prosperity.…
The Kaduna State Government has raised the need for the immediate restoration of telecommunication services in some parts of the states where they were earlier halted. This is coming barely 2 months after telecommunication companies shut down their services in some parts of Kaduna State at the instance of the state government and security agencies as part of measures to check the activities of bandits, kidnappers and other criminal elements. This was made known by the Kaduna State Commissioner for Internal Security and Home Affairs, Mr Samuel Aruwan, while addressing the press in Kaduna, according to NAN, Aruwan said that…
According to data on Nigeria’s balance of payment from the Central Bank of Nigeria (CBN), Nigeria recorded a current account deficit of $424 million in the second quarter of 2021, dropping to its lowest level in over two years. Although Nigeria’s balance of payment continues to trail in the negative region, it dropped significantly by 79.8% compared to a deficit of $2.1 billion recorded in the previous quarter. Also, it reduced by 87% compared to a deficit of $3.27 billion recorded in Q2 2020. The upward movement in the country’s balance of payment is attributed to the significant surge in…
The Federal Government unveiled the launch of an enhanced e-passport, which they say will improve the passport application process for Nigerians at home and in the Diaspora. The rollout of the e-passport was conducted at the Nigerian High Commission in London, United Kingdom. In a statement on Tuesday, the Minister of Interior Affairs, Ogbeni Rauf Aregbesola, assured of the FG’s commitment with the enhanced e-passport, stating that the FG is committed to providing passports to all its citizens. What we have come to do here is symbolic of the core mandate of the Ministry of Interior Affairs and indeed, the…
The federal government of Nigeria has established that it is not in consensus with the International Monetary Fund’s economic growth projection of 2.7% for Nigeria, for the year 2021. Zainab Ahmed, the minister of Finance, Budget and National Planning, made this known during the Nigerian Development Update Report launch for November 2021, tagged, “Time for Business as Usual”. The IMF had recently reviewed Nigeria’s outlook projection to a new 2.7% and 2.8% for 2021 and 2022 respectively, but the minister says Nigeria in the last three quarters of this year has hit a 3.3% growth and will improve to reach…
The Federal Government directed AITEO Eastern Exploration and Production Company Ltd (AEEPCo), to halt operating in the Nembe oil spill area of Bayelsa State until a proper investigation is carried out. This was disclosed on Tuesday in a statement by Mr Saghir el Mohammed, Press Director, Ministry of Environment, in Abuja. The statement added that adequate measures need to be put in place to ensure the safety of lives and property, at the site of the spill at Santa Barbara in Nembe Local Government Area of Bayelsa state. “The Federal Government has directed the exploration company, AITEO Eastern Exploration and…
The Federal Government has assured it citizen it will take necessary steps to bring down the cost of cooking gas across the country as it is worried about the situation. This is as the government has said that it needs N6 billion for the procurement of kits to convert the first one million cars as well as facilitate the procurement of equipment that will enable gas pump stations to come on board in its move to ensure the transition of cars from the use of petrol to gas. This was disclosed by the Minister of State for Petroleum, Timipre Sylva,…
Shareholders of Guinness Nigeria Plc have confirmed the N1.008billion dividend declared and recommended by the Board of the Company at the 71st Annual General Meeting held in Lagos, as the Company recorded a 54% increase in revenue for the year ended June 30, 2021. Appreciating the support of the shareholders, the Chair, Board of Directors, Guinness Nigeria Plc, Dr Omobola Johnson maintained that the Company will keep up with its growth strategy to continue on its path of profitability. “We are confident that our strategy is comprehensive and robust. We are keen on making the right investments that will drive…
At least 135 private health facilities have been beckoned on by the Lagos State Government into its mass vaccination strategy programme targeted at vaccinating 4 million residents by December 2021 bringing to 360, the number of public and private vaccination sites in Lagos. This was made known by the Lagos State Commissioner for Health, Prof. Akin Abayomi, explaining that the 360 vaccination sites comprising the 135 private health facilities and 225 existing public vaccination sites have been earmarked for the mass vaccination campaign. Abayomi, who noted that more private facilities would be added to the list, said the enrolled facilities…
SME.NG in partnership with Access Bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham, and the Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs. The Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitize their businesses. Conceptualised and developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s…
Since 2015, Ghana’s Central Bank raised its benchmark interest rate for the first time, citing “significant” inflation risks as justification. Stakeholders are wondering if Nigeria will follow suit as the nation awaits the Central Bank of Nigeria’s final Monetary Policy Committee (MPC) meeting for this year (2021). According to a statement from the Bank of Ghana’s Monetary Policy Committee, the rate was lifted by 100 basis points to 14.5 per cent. The rate hike, which is the first since November 2015, reverses some of the 250 basis point reduction announced last year to help the West African country’s coronavirus-ravaged economy.…