FirstBank of Nigeria has announced its sponsorship of the inaugural Lagos Theatre Festival, a landmark event celebrating the vibrancy and diversity of the performing arts in Nigeria. This festival, held at various venues across Lagos, aims to showcase both emerging and established talents in the theatre, film, and arts sectors, solidifying Lagos as a cultural hub for creative expression in West Africa. Supporting the Arts: FirstBank’s Commitment to Culture and Community FirstBank’s sponsorship of the festival underscores the bank’s commitment to community building and support for the creative industry. Recognizing the arts as a powerful tool for social connection, FirstBank…
Author: Temitope N.
The Chartered Institute of Stockbrokers (CIS) has awarded fellowship honors to key figures in Nigeria’s financial sector, including the Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda. The fellowship awards, one of the most prestigious recognitions in Nigeria’s capital market, were presented at a recent ceremony held to acknowledge individuals for their significant contributions to the growth and development of the industry. Recognizing Leadership and Commitment in Capital Markets Mr. Yuguda’s fellowship from the CIS is a recognition of his outstanding leadership and ongoing efforts to drive transparency and investor protection within the Nigerian capital markets. Since…
The Nigerian Ports Authority (NPA) has commended APM Terminals (APMT) for its steadfast commitment to upholding stringent safety standards across its operations in Nigeria. APMT, a leading global terminal operator, has maintained rigorous safety protocols at its Apapa terminal, contributing to the overall safety, efficiency, and reliability of Nigeria’s port infrastructure. APMT’s Safety Commitment: A Model in Port Operations APMT’s dedication to safety involves strict adherence to global safety practices, continuous staff training, and the use of state-of-the-art safety technology. These measures have created a safer work environment for employees, port users, and visiting seafarers. By prioritizing safety, APMT has…
In a collaborative effort to support female entrepreneurship in Nigeria, the Nigerian Bottling Company (NBC) and the Women in Management, Business, and Public Service (WIMBIZ) have awarded a N1 million grant to a promising female entrepreneur. This initiative forms part of a broader commitment by both organizations to empower women in business and foster economic growth by providing critical financial resources, mentorship, and networking opportunities for Nigerian women. Empowering Female Entrepreneurs: The Importance of Financial Support Female entrepreneurs in Nigeria, and across the world, often face unique challenges, including limited access to finance, restricted business networks, and cultural biases. Financial…
The Federal Government of Nigeria has pegged the investment gap in the power sector at an estimated $10 billion, highlighting the need for substantial funding to meet the nation’s energy needs and accelerate economic development. The assessment underscores the critical infrastructure shortfalls that continue to hinder reliable electricity generation, transmission, and distribution across Nigeria. Investment Needs and Sectoral Challenges Despite decades of reform efforts, Nigeria’s power sector remains fraught with challenges, including inadequate generation capacity, inefficient transmission networks, and distribution bottlenecks. The $10 billion investment gap estimate reflects the scale of resources required to address these issues and modernize Nigeria’s…
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of new Executive Vice Presidents (EVPs) and a Chief Financial Officer (CFO), as part of its strategic move to bolster leadership and drive operational efficiency. The newly appointed executives bring a wealth of industry experience and are expected to play a pivotal role in advancing NNPCL’s objectives in the rapidly evolving energy sector. Strategic Significance of the New Appointments NNPCL, which recently transitioned from a government-run corporation to a limited liability company, has been working to transform its operations, boost profitability, and adapt to global energy trends. The appointment…
The University College Hospital (UCH) in Ibadan, Nigeria’s premier teaching hospital, has been disconnected from the electricity grid by the Ibadan Electricity Distribution Company (IBEDC) due to an outstanding debt exceeding N400 million. This disconnection has raised serious concerns about the hospital’s operational capacity, particularly in maintaining critical healthcare services reliant on constant power. Background of the Debt and Disconnection According to IBEDC, UCH’s unpaid electricity bills have accumulated over time, reaching the significant sum of over N400 million. This outstanding balance has strained the financial relationship between the two entities, culminating in the recent disconnection. IBEDC has stated that…
In response to rising demand for safe and reliable travel between Abuja and Kaduna, the Nigerian Railway Corporation (NRC) has announced the expansion of its train services on this key route. The move is part of NRC’s commitment to improving transportation infrastructure and providing affordable, efficient options for the growing number of commuters traveling between these two cities daily. Addressing Rising Demand and Safety Concerns With an increasing population and limited transport alternatives, the Abuja-Kaduna route has become essential for both daily commuters and travelers seeking safer and quicker alternatives to road travel. The expansion includes additional trains and revised…
In a bid to promote female entrepreneurship in Nigeria, the Nigerian Bottling Company (NBC) and the Women in Management, Business, and Public Service (WIMBIZ) have awarded a N1 million grant to a promising female entrepreneur. This initiative aligns with their shared mission to empower women in business, enhance economic growth, and foster sustainable development through gender inclusivity. Empowering Women Entrepreneurs in Nigeria The grant comes as part of NBC and WIMBIZ’s broader strategy to support women in overcoming barriers to entrepreneurial success. For many women, accessing capital to start or expand their businesses remains a significant challenge, limiting growth opportunities…
A new economic report has projected a steep decline in the value of the Nigerian naira, suggesting that it could weaken to N1,993 against the US dollar if certain economic factors are not addressed. This forecast, while alarming, has triggered discussions among financial experts, policymakers, and citizens about the underlying causes and potential measures to stabilize the currency. Factors Driving the Projected Naira Depreciation The report highlights several key drivers behind the anticipated depreciation. Primary among them is the enduring imbalance between Nigeria’s import and export levels. As Africa’s largest economy, Nigeria is highly dependent on imports for a significant…
Azura Power has unveiled a new solar-powered car park at the University of Nigeria, Nsukka (UNN), marking a significant step toward sustainable energy use on the university campus. This project reflects Azura’s commitment to renewable energy solutions and aims to enhance green infrastructure within academic institutions across Nigeria. Solar-Powered Innovation for UNN Located on the university grounds, the solar-powered car park features a canopy of photovoltaic panels that generate clean energy while providing shade for parked vehicles. The solar setup not only powers the car park itself but also supplies surplus electricity to the campus, reducing reliance on traditional grid…
Economic analysts are raising concerns that inflation in Nigeria could climb higher, spurred by rising fuel prices and recent flooding that has disrupted agriculture and infrastructure across key regions. Both factors are expected to contribute to increased costs in goods and services, adding pressure to an already challenging economic environment. Fuel Prices Driving Costs The recent surge in fuel prices is a significant factor, with transport costs rising sharply as a result. As fuel is essential not only for transportation but also for power generation in many Nigerian businesses, the increase affects almost every sector. Higher fuel prices mean that…
RoutePay, a prominent digital payment platform, has launched a strategic initiative aimed at expanding access to financial services for under-banked businesses. This move is set to address long-standing gaps in financial inclusion, targeting small and medium-sized enterprises (SMEs) that have traditionally faced challenges accessing banking services. Through this initiative, RoutePay intends to make digital finance more accessible and beneficial for these businesses, empowering them to operate and grow in a digital-first economy. Breaking Barriers to Financial Inclusion Under-banked businesses often struggle to access essential financial services due to limitations in infrastructure, credit history, or resources required by conventional banks. RoutePay’s…
Calabar, the capital city of Cross River State, was plunged into darkness following a severe windstorm that tore through parts of the region, causing significant damage to power infrastructure. The windstorm, which occurred earlier this week, brought down multiple electric poles, cutting off power supply to numerous communities and businesses across the city. Widespread Damage to Power Infrastructure Eyewitnesses reported that the powerful winds not only toppled electric poles but also damaged transformers and power lines in affected areas, further complicating efforts to restore electricity. The Cross River State Electricity Company (CRSEC) stated that extensive repairs will be required to…
A recent report indicates a significant drop in the landing cost of petrol in Nigeria, with figures falling to N971 per litre. This decrease in cost is largely attributed to shifts in the global oil market and recent adjustments in exchange rates. However, the implications for consumers remain uncertain, as fuel pricing within Nigeria continues to be influenced by a range of complex factors. Key Factors Behind the Decline in Petrol Landing Cost The drop in the landing cost is influenced by several external and internal factors. On the global front, oil prices have seen fluctuations due to shifting demand…
The Lagos State Government, in partnership with the JAMA JAMA organization, has successfully empowered 1,200 artisans with modern tools aimed at enhancing their skills and improving their livelihoods. This initiative is part of the government’s broader strategy to uplift local artisans, foster economic growth, and provide sustainable solutions to challenges within the informal sector. Empowering Artisans for Sustainable Growth The initiative, which took place in Lagos, saw a diverse group of artisans from various sectors, including carpenters, tailors, electricians, and plumbers, receive essential tools and equipment. The goal of the program is not only to provide immediate support but also…
Jumia, the leading e-commerce platform in Africa, has posted a $20 million loss in its third-quarter results for 2024, as the company continues to grapple with challenges amid a volatile economic environment across the continent. Despite witnessing growth in certain key areas, the loss underscores the ongoing struggles faced by the company as it works towards becoming profitable in a competitive market. Financial Performance Overview For the third quarter of 2024, Jumia reported a total loss of $20 million, marking a significant challenge despite an uptick in user engagement and sales volume. This loss is a continuation of a trend…
Boards of directors are essential pillars in ensuring effective corporate governance, according to a recent statement by an expert in the field. The professor, who specializes in business management and corporate governance, emphasized that the role of boards extends far beyond merely overseeing financial performance—they are central to shaping the strategic direction, ethical standards, and overall success of an organization. The Role of Boards in Governance In a recent discussion at a corporate governance forum, the expert stressed the increasing importance of boards in steering companies toward sustainable growth. He explained that boards are responsible for approving key decisions, such…
Oando PLC, one of Nigeria’s leading energy companies, has been recognized with the prestigious ‘Deal of the Year’ award, highlighting the company’s successful completion of a major deal in the oil and gas sector. The award, presented at a recent industry gala, acknowledges Oando’s significant achievement in facilitating a landmark transaction that has had a positive impact on the Nigerian energy market. A Landmark Transaction Oando’s recognition comes after the company completed a highly strategic deal that has redefined its position within the energy industry. While the specifics of the transaction remain under wraps, the deal is believed to have…
Pernod Ricard, a global leader in the spirits and wine industry, has announced the addition of several new brands to its portfolio as part of its ongoing strategy to diversify and strengthen its position in the competitive market. With a focus on meeting evolving consumer preferences and capturing growth opportunities in emerging markets, the company is making bold moves to redefine its brand offerings and cater to an expanding global audience. Strategic Expansion of Brand Portfolio Pernod Ricard, known for its premium spirits, including iconic brands such as Jameson, Absolut Vodka, and Chivas Regal, is expanding its product range to…