The Nigerian aviation sector is witnessing a resurgence of optimism as foreign aircraft lessors return to the market, signaling renewed confidence in the country’s aviation industry. This development comes as various stakeholders in the sector are working tirelessly to address the challenges that have plagued the industry for years. The re-engagement of international lessors is seen as a crucial step towards revitalizing air travel in Nigeria, which has been significantly affected by economic volatility and operational difficulties. Significance of Foreign Aircraft Lessors Foreign aircraft lessors play a vital role in the aviation ecosystem by providing airlines with the necessary fleet…
Author: Temitope N.
The founder of Coscharis Group, Dr. Cosmos Maduka, has been awarded the esteemed Fellowship of the Chartered Institute of Directors (CIOD) in recognition of his exceptional contributions to the business landscape and his commitment to fostering corporate governance and leadership excellence in Nigeria. This prestigious accolade celebrates his remarkable achievements in building a successful conglomerate and his influence on the growth of various sectors, including automotive, agriculture, and logistics. A Legacy of Entrepreneurship Dr. Maduka’s journey as an entrepreneur began with a vision to create a thriving business that would impact the Nigerian economy positively. In 1977, he founded Coscharis…
The Chartered Institute of Bankers of Nigeria (CIBN) has honored the Chairman of Parallex Bank, a financial institution known for its innovative banking solutions, in recognition of his significant contributions to the Nigerian banking sector. This prestigious acknowledgment reflects the banker’s unwavering commitment to enhancing the industry and promoting best practices among financial institutions in the country. A Celebration of Leadership and Innovation The honor was presented at a recent event organized by the CIBN, where various stakeholders in the banking and finance sector gathered to celebrate excellence in leadership and innovation. The chairman of Parallex Bank received accolades for…
The Managing Director of Wema Bank, Moruf Oseni, has called for a renewed commitment to excellence within the banking sector, emphasizing the need for innovation, customer-centric services, and robust risk management practices. In his recent remarks, Oseni outlined a vision for the future of banking that aligns with evolving market dynamics and the growing expectations of customers. The Need for Innovation in Banking Oseni highlighted that innovation is essential for banks to remain competitive in an increasingly digital world. With the rapid advancement of technology, financial institutions must adopt new digital solutions to enhance service delivery and meet the needs…
In a recent address, Governor Babajide Sanwo-Olu of Lagos State called on leaders across various sectors to prioritize good governance and accountability as essential pillars for effective leadership. His remarks resonate with the ongoing discussions around the need for transparency, integrity, and responsible decision-making in governance, particularly in Nigeria’s diverse political landscape. Emphasizing the Importance of Good Governance During the event, Sanwo-Olu emphasized that good governance is critical to achieving sustainable development and improving the quality of life for citizens. He noted that the effectiveness of leadership is measured by the ability to deliver on promises, foster inclusive growth, and…
Access Bank, one of Nigeria’s largest financial institutions, is contemplating the issuance of dollar-denominated securities aimed at attracting investments from Development Finance Institutions (DFIs). This strategic move is part of the bank’s broader initiative to bolster its capital base, enhance liquidity, and finance its expansion plans in both domestic and international markets. Understanding the Rationale Behind the Move In recent years, Access Bank has made significant strides in expanding its operations beyond Nigeria’s borders, positioning itself as a key player in Africa’s banking landscape. As the bank continues to explore opportunities for growth, raising funds through dollar-denominated securities offers several…
In a recent statement, economist and policy analyst Dr. Mohammed Cardoso highlighted the transformative potential of ongoing economic reforms in Nigeria. He emphasized that these reforms are strategically designed to lay the groundwork for sustainable growth and development across various sectors of the economy. As the country navigates through challenging economic times, Cardoso’s insights provide a hopeful outlook on the future of Nigeria’s economy. Understanding the Context of the Reforms The Nigerian economy has faced numerous challenges in recent years, including fluctuating oil prices, inflation, and foreign exchange volatility. In response to these challenges, the government has initiated a series…
RoutePay, a leading digital payment platform, in collaboration with 9PSP, a prominent financial technology provider, has launched a campaign to encourage Micro, Small, and Medium Enterprises (MSMEs) in Nigeria to adopt digital financial solutions. This initiative aims to empower MSMEs by providing them with the necessary tools to enhance their financial operations, improve efficiency, and drive growth in an increasingly digital economy. The Importance of Digital Financial Solutions Digital financial solutions have become essential for businesses, particularly MSMEs, which often face challenges related to limited access to traditional banking services. By adopting digital payment systems, these businesses can streamline their…
The Manufacturers’ Association of Nigeria (MAN) has reported a concerning 8% reduction in revenue among manufacturers due to the delayed implementation of the zero Value Added Tax (VAT) policy. This policy, aimed at easing the financial burden on manufacturers and stimulating growth in the sector, has faced significant setbacks, leading to challenges for businesses already grappling with a difficult economic environment. Impact of VAT on the Manufacturing Sector VAT is a consumption tax that significantly affects pricing strategies and profit margins across various industries. The introduction of a zero VAT regime was intended to provide relief to manufacturers by reducing…
The National Broadcasting Commission (NBC) has initiated a comprehensive training program aimed at empowering youths in Lagos and Imo states with essential skills in broadcasting and media production. This initiative reflects NBC’s commitment to enhancing the capacity of young Nigerians, equipping them with the necessary tools to excel in the evolving media landscape. The training program is designed to foster creativity, innovation, and professionalism among participants, positioning them for successful careers in the competitive world of media and broadcasting. Aims and Objectives of the Training Program The primary goal of the training program is to bridge the skills gap within…
Chain Reactions Africa, one of Nigeria’s leading public relations and integrated communications consultancies, recently secured several prestigious awards, affirming its impact on Africa’s PR and communications landscape. The company, known for its innovative campaigns and strategic approach to reputation management, has once again demonstrated its leadership by earning accolades across key industry categories, solidifying its position as a powerhouse in the communications sector. Setting a New Standard in PR and Communications Founded over a decade ago, Chain Reactions Africa has consistently raised the bar in public relations, blending traditional PR tactics with cutting-edge digital strategies to deliver exceptional results for…
Zhang Yiming, the visionary founder of ByteDance, the parent company of the global sensation TikTok, has officially become China’s wealthiest individual, underscoring the unprecedented success of his company and the growing global influence of Chinese tech firms. As ByteDance continues to scale and influence media, entertainment, and technology worldwide, Zhang’s rise highlights not only the explosive growth of social media but also the expanding footprint of Chinese innovation in the tech sector. A Journey from Start-up to Global Giant Zhang Yiming, who founded ByteDance in 2012, launched TikTok (known as Douyin in China) as a platform that would combine advanced…
Teach For Nigeria (TFN), a non-profit organization committed to ending educational inequity, has embarked on a transformative journey to empower a new generation of young innovators dedicated to reshaping Nigeria’s educational landscape. Through its fellowship and leadership programs, TFN is equipping talented young Nigerians with the skills, resources, and support needed to drive meaningful change in underserved communities across the country. Empowering Young Leaders for Lasting Impact Teach For Nigeria’s mission is rooted in the belief that every child, regardless of socioeconomic background, deserves access to quality education. To bridge the gap in educational inequality, TFN recruits and trains passionate…
Celebrated Nigerian designer Banke Kuku and luxury retailer Polo Avenue have unveiled a new collaborative collection, combining contemporary elegance with a celebration of African heritage. The launch, held at Polo Avenue’s flagship store, showcased an array of exquisite pieces that blend Banke Kuku’s signature bold patterns and vibrant colors with Polo Avenue’s sophisticated appeal, making for a collection that redefines luxury African fashion. The collection represents a fusion of traditional African aesthetics with modern design sensibilities, embodying the richness of Nigerian and African cultural heritage. Known for her distinctive prints and luxurious fabrics, Banke Kuku has brought her artistic vision…
Amid ongoing challenges and fluctuations in the Nigerian economy, stakeholders from diverse sectors are advocating for structural reforms to address fundamental weaknesses and drive sustainable growth. These calls come in response to persistent economic concerns, including high inflation, unemployment, declining foreign investment, and a weak currency. Experts argue that addressing these structural issues is crucial for Nigeria to unlock its full economic potential and achieve resilience in a global landscape marked by volatility. Why Structural Reforms are Crucial Nigeria’s economy, the largest in Africa, is heavily dependent on oil, which accounts for about 90% of its foreign exchange earnings and…
The Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) have introduced a new Chartered Global Management Accountant (CGMA) program designed specifically for university students. The initiative aims to equip students with essential management accounting skills, enhancing their employability and preparing them to meet the demands of today’s dynamic business environments. This CGMA program is structured to give students a pathway to the globally recognized CGMA designation, positioning them for careers in finance, management, and business leadership. By integrating hands-on learning with theoretical concepts, the program offers participants practical skills that align with the…
Africa Specialty Risks (ASR), a leading pan-African specialty insurance provider, has announced the appointment of a new head to oversee its marine and aviation lines. This strategic move reflects ASR’s commitment to strengthening its position in two vital areas of the African insurance market and expanding its suite of offerings across the continent. The new head will be responsible for advancing ASR’s mission to provide comprehensive risk solutions tailored to Africa’s growing infrastructure, transportation, and logistics needs. The focus will be on developing risk management strategies to support marine and aviation sectors that have become increasingly critical to African economies…
For the first time in seven months, Nigeria has seen a drop in internet consumption, reflecting a shift in data usage patterns across the country. According to recent reports from the Nigerian Communications Commission (NCC), data consumption in the nation dipped in the last quarter, marking an unexpected downturn amid otherwise steady growth in internet use. Experts suggest that this decline could be attributed to several factors, including economic challenges, data affordability issues, and changing consumer behaviors. Internet Usage Trends in Nigeria Nigeria, the largest economy and most populous country in Africa, has long been one of the continent’s leading…
The Nigerian Content Development and Monitoring Board (NCDMB) has ramped up its commitment to fostering innovation in Nigeria’s oil and gas sector with substantial investments in research and development (R&D). This initiative is aimed at enhancing local content, advancing technological capacity, and promoting economic growth within the industry. The NCDMB’s investment strategy aligns with Nigeria’s broader objective to achieve self-sufficiency in oil and gas production, support local industries, and reduce dependency on foreign technologies. Strengthening Local Content Through Innovation The NCDMB was established with a mandate to drive local content in Nigeria’s oil and gas sector, ensuring that indigenous companies…
The World Bank has called on Nigeria’s Central Bank (CBN) to halt its ad-hoc foreign exchange (FX) auctions, citing the practice as a factor exacerbating market instability and undermining investor confidence. This recommendation comes amid the ongoing economic challenges in Nigeria, including currency depreciation and low foreign reserves, which the World Bank says could be better managed through a consistent FX framework rather than sporadic market interventions. CBN’s FX Auctions: Background and Impact For years, Nigeria’s FX market has been characterized by the CBN’s periodic ad-hoc interventions, whereby it injects foreign currency into the market to stabilize the naira and…