The Federal Government has established that it has organized a committee that will enforce policies for effective and efficient management of illegally refined products recovered from dug-up pits found around the nook and cranny of the Niger Delta. This was earlier mentioned by the Attorney-General of Federation and Minister of Justice, Abubakar Malami, SAN, at the inauguration ceremony of the Inter-Ministerial Committee on the Recovery of Illegally Refined Petroleum Product (Crude Oil) in the Dug-Up Pits found around the Creeks of the Niger Delta, in Abuja. Malami mentioned that the exercise is in line with the policy of the current…
Author: Temitope Nlewemchi
The Federal Government has established that it granted 12,000 expatriate quota licences to foreigners seeking to work in Nigeria, treating 2,000 applications from companies in two years. This was earlier disclosed today in a statement by the Minister of Interior, Rauf Aregbesola in Abuja, after his participation on the second day of the 6th edition of the Annual Kaduna Economic Investment, (KADINVEST), in Kaduna. The Minister also mentioned that since inception, the ministry has handled 14,690 companies and granted 126,893 quota licences to expatriates. From August 2019 till date, we have registered more than 2,000 companies, while over 12,000 expatriates…
A former governor of the Central Bank of Nigeria, Alhaji Muhammad Sanusi, has pointed out that Nigeria’s future lies in a knowledge-based economy. This was revealed at the closing ceremony of the Kaduna Investment Summit, tagged KadInvest 6.0. Sanusi mentioned that the future lies in a knowledge-based economy, also adding that Nigeria is behind many African countries in innovation index. Only eight of every 100 Nigerians who start primary school complete university. “Globally, work is being redefined; 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the…
Access Bank Plc has announced plans to issue additional 5-Year USD denominated Tier 1 Eurobond, in furtherance of its Global Medium-Term Note Issuance Programme. To facilitate this, the tier-1 bank established that it will be organizing a global investor call and series of fixed income investor calls. The global investor call slated for 27th of September 2021, will be hosted by Citi, J.P. Morgan, Renaissance Capital and Mashreqbank (Joint Bookrunners of the deal) in collaboration with Chapel Hill Denham and Coronation Merchant Bank (Financial Advisers of the deal). Recall that Access Bank had earlier issued a $500 million unsecured Eurobond,…
The Central Bank of Nigeria (CBN) has beckoned on the support of the International Air Transport Association (IATA) to put an halt to ‘Ticket renting’ in Nigeria. Ticket renting is a nefarious activity where air tickets are being given out to unscrupulous persons for the fraudulent purchase of BTA and then voided once the economic fraud has been committed. This was made known by IATA via a memo titled “Issuance of Tickets for the Fraudulent Purchase of BTA”, issued to the National Association of Nigerian Travel Agencies (NANTA) calling for their cooperation to tame the menace, which the CBN described…
The Coalition of Civil Society Groups (CCSG) has applauded numerous initiatives introduced by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to stabilize the naira and reposition the country’s economy. Civil society organizations have also decried economic sabotage in the forex market, claiming that the economy is going through significant inflation due to an excessive gap between official bank exchange rates for the dollar and the naira. According to Vanguard, Messrs Etuk Bassey Williams and Abubakar Ibrahim, the coalition president and secretary, addressed journalists at a solidarity demonstration in Abuja in support of President Muhammadu Buhari and…
Nigeria exported agro-food items worth N165.27 billion in the second quarter of 2021, representing a 112% growth compared to N78.03 billion recorded in the corresponding period of 2020. This is also the highest on record, according to data tracked from the National Bureau of Statistics (NBS). The recent value also represents a 30% increase when compared to N127.18 billion worth of export recorded in the previous quarter (Q1 2021). Recall that Nairametrics had reported that Nigeria’s foreign trade increased by 89% year-on-year to N12.03 trillion in Q2 2021. The report had also highlighted that Nigeria continued with a foreign trade…
ReelFruit, which is a premium dried fruit firm well known for its high-quality healthy snacks, has raised a $3 million Series A investment. The funding was led by Alitheia IDF with a $2 million investment; other investors in this round include Samata Capital and Flying Doctor Healthcare Investment Company contributed. ReelFruit was advised by New Practice on the deal. ReelFruit will use the funds to expand its dried fruit production, develop new products, and grow exports by 10 times to 15 MT in the first year. As part of its expansion plans, ReelFruit will purchase a new plant in Ogun…
It is paramount for African nations to not depend solely on foreign countries for healthcare support, as the continent cannot outsource its health to other parts of the world. This was disclosed by the President of the African Development Bank (AfDB), Akinwumi Adesina, at the 76th General Assembly of the United Nations. Adesina spoke at a virtual session, which featured the AfDB president, World Trade Organization Director-General, Ngozi Okonjo-Iweala, and Global Infrastructure Partners’ vice-chairman and partner, Jim Yong Kim. In a statement published on the Bank’s website, it stated, “Global leaders, in a sideline event on health during the United…
The Federal Government has disclosed that the Five Generation (5G) network will be in operation Nigeria starting January 2022 and will help in the monitoring against vandalism of public assets. This is came a few weeks after the Federal Executive Council (FEC) signed and approved the national policy on 5G network for Nigeria’s digital economy with various benefits expected to gain from employing such network including increased connectivity. According to NAN, this was established by the Minister of Communications and Digital Economy, Isa Pantami, on Thursday in Maiduguri at a Town Hall Meeting organized by the Federal Ministry of Information…
All Farmers Association of Nigeria (AFAN) have established that they are planting more crops this year by applying the use of scientific weather prediction from the Nigerian Meteorological Agency (NiMet). This was earlier mentioned by Alhaji Abdulrahman Yusuf, Vice Chairman, AFAN, on Thursday, during an interview with the News Agency of Nigeria in Minna. He said “We are taking advantage of NiMet prediction that the rains will stop by November instead of October to plant more crops. Right now we are cultivating crops that will take 45 to 60 days to mature,’’ The farmers union chipped in that measures to…
The Federal Government of Nigeria has stated that houses under development in its numerous housing schemes would be allocated through online applications and on a first-come-first-serve basis. The was made known by the Minister of Works and Housing, Mr Babatunde Fashola, during an inspection of houses under the Federal Government housing project on Thursday. The Minister told the press that the process of giving out of houses would start through online applications by the beneficiaries. Fashola said and I quote, “The process is going to be on an online platform, the form will be online and pay online, fill them,…
Dr Vera Songwe who is the The Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa , has said that the African Continental Free Trade Area has the potential to increase Africa’s Gross Domestic Product by $1 trillion. She made the remarks at the ECA’s Regional Business Forum, which was themed, “Empowering women youths to drive Africa’s transformation agenda,” “AfCFTA stands to grow Africa’s GDP by an additional one trillion dollars to deliver on what is needed by first unlocking our borders then building value chains and making sure the African women all work together to create…
The Federal Government has sensitized and informed the general public to heightened security activities ahead of preparations to mark Nigeria’s 61st independence anniversary in a couple of days. The warning is coming as the country is faced with different security challenges from terrorists, kidnappers, bandits and even some separatist or self-determination groups. This information was contained in a statement released by the Minister of Information and Culture, Alhaji Lai Mohammed, today, in which he issued the security alert for the October 1st Independence Day celebration. Nigeria has been in the grip of various destructive forces which has led to the…
Helios Investment Partners has made it known that it has made sale of its investment in GB Foods Africa after almost 5 years of maintaining its shareholding in the enterprise. This was made known to the public in a press release published on the company’s official website on September 21, 2021. According to the press release, Helios Investment Partners completed the sale of its 49% stake in GB Foods Africa to its partner and co-shareholder, GB Foods SA. The statement read that the exit “demonstrated the strong buyer appetite for the kinds of market-leading companies we develop over the course…
This is was brought to our knowledge through a press release from the Debt Management Office (DMO). “The Order book peaked at $12.2 billion, which enabled the Federal Government to raise $1 billion more than the $3 billion it initially announced,” they said. Bids were collected from Europe, America and Asia with collaboration from local investors. The government had set up a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings. The notice set September. 28 for the bond settlement, which will be among the London and…
The former Managing Director, Ogun State Property Investment Corporation (OPIC), Babajide Odusolu, has described the allegation brought against him on financial unaccountability by the State’s House of Assembly as untrue. Me Odusolu made this known this at a press briefing in Lagos on Tuesday. He stated that the accounting processes, policies, and standards of the agency are predefined, and that there is no money missing, adding that a formal forensic audit will confirm and back up his claim. At the appearance before the committee, the DFA of OPIC explained OPIC’s accounting procedure to the committee. We fully demonstrated that such…
Mr Nasir El-Rufai who is the Governor of kaduna state has warned that if Nigeria does not look into proper investments in education, nutrition, health and security, the insecurity situation in the country will get out of hand. The Governor, representing the North West zone at the Human Capital Development Council meeting, complained about the increased rate of out-of-school children and poverty in the region, at a validation meeting for Nigeria’s Human Capital Development (HCD) Communications action plan at the State House Banquet Hall, Abuja on Tuesday. He said, “This is why I must pay compliments to the vice president…
The Indigenous People of Biafra (IPOB), has boldly come out to declare a one-month sit-at-home protest in the eastern part of the country if its leader, Nnamdi Kanu, is not brought to court on October 21. The decision from IPOB follows information received by the group about an alleged plot by the Department of State Service (DSS) not to produce Kanu in court on October 21 as part of the plan to continue to incarcerate him. This disclosure is was made in a statement issued by the Media and Publicity Secretary of the secessionist group, Emma Powerful, on Wednesday in…
Jobberman which is identified as a job placement firm, has announced its commitment for Better Work initiative, as part of its longstanding partnership with the Mastercard Foundation. The employer-centred initiative is directed towards the radically bolster recruitment in Nigeria, with the eyed goal on driving female hires and providing integrated end-to-end support on the easy to use online jobs platform. According to the statement, the initiative, which will be targeted mainly at both large corporations and SMEs in Lagos, Abuja, Kano and Kaduna, will be able to capitalise on access to over 182,000 pre-vetted jobseekers between the age of…