United Bank for Africa (UBA) has recently announced a remarkable initiative to reward its valued customers, showcasing its commitment to customer satisfaction and loyalty. In a celebratory event held at one of its branches, UBA presented rewards to 110 lucky customers, each selected for their continued patronage and support of the bank’s services. This initiative highlights UBA’s dedication to fostering strong relationships with its customers while encouraging a culture of savings and responsible banking. The event, attended by bank executives, customers, and media representatives, served as a platform to underscore UBA’s commitment to excellence in service delivery and customer engagement.…
Author: Temitope N.
In a recent meeting with shareholders, the board of Lasaco Assurance Plc reaffirmed its commitment to paying dividends in the future, citing a strong performance in the previous financial year and a positive outlook for the company’s growth trajectory. This announcement comes as a welcome reassurance to investors who have been keenly watching the company’s financial health and strategic direction in a competitive insurance market. The meeting, which took place during the company’s annual general meeting (AGM), provided an opportunity for board members to address shareholder concerns, review the company’s financial results, and outline plans for the upcoming fiscal year.…
In an exciting development for the small and medium-sized enterprise (SME) sector, a leading tech firm has unveiled a groundbreaking artificial intelligence (AI) solution designed specifically to meet the unique needs of SMEs. This innovative platform aims to enhance operational efficiency, streamline business processes, and ultimately drive growth in a segment that is often hindered by limited resources and technological constraints. The announcement was made during a press conference held at the firm’s headquarters, where executives showcased the features and capabilities of the new AI solution. With SMEs playing a crucial role in economic development and job creation, the firm…
In a recent report, the Nigerian Federal Government has committed a substantial investment of N29 billion towards the repair and restoration of damaged power towers across the country. This initiative is part of a broader effort to enhance the nation’s electricity infrastructure, which has faced significant challenges due to vandalism, natural disasters, and aging facilities. The power sector in Nigeria has been plagued by frequent disruptions, which have not only affected electricity supply but have also hampered economic activities and development. The government’s decision to allocate these funds highlights its recognition of the critical need to improve the reliability and…
In a strategic move aimed at improving electricity supply in southwestern Nigeria, the Ibadan Electricity Distribution Company (IBEDC) has entered into a partnership with Bresson, a reputable energy firm, for a monumental power supply deal valued at N180 billion. This collaboration is set to significantly enhance the quality and reliability of power delivery to millions of customers served by IBEDC, which has long been plagued by inadequate electricity supply and infrastructural challenges. During the signing ceremony held in Ibadan, the executives of both companies emphasized the importance of the partnership in addressing the pressing energy needs of the region. The…
In a significant boost for the agricultural sector, Nigeria’s Minister of Agriculture and Food Security, Abubakar Edun, has announced that the government plans to provide support to 600,000 farmers across the country. This initiative aims to enhance food production, promote sustainable agricultural practices, and ensure food security in a nation grappling with various economic challenges, including inflation and supply chain disruptions. During a recent press briefing, Edun emphasized the government’s commitment to empowering farmers and strengthening the agricultural value chain. He highlighted that the support program will focus on providing essential resources such as improved seeds, fertilizers, and access to…
In a bold move to bolster entrepreneurship across the African continent, the Elumelu Foundation has announced its commitment to support 20,000 startups with a seed fund of $5,000 each. This initiative, part of the Foundation’s broader mission to empower African entrepreneurs, aims to nurture innovation, create jobs, and stimulate economic growth in a region known for its vast potential but often hindered by funding challenges. Founded by Nigerian entrepreneur and philanthropist Tony Elumelu, the Elumelu Foundation has long been a champion of entrepreneurship in Africa. Through its programs, the Foundation seeks to promote the development of sustainable businesses that can…
Nigeria’s dwindling oil production, which has fallen below the critical threshold of 2 million barrels per day (bpd), has raised significant concerns among government officials and industry stakeholders. In a recent statement, an aide to President Bola Ahmed Tinubu highlighted the implications of this decline, emphasizing the urgent need for comprehensive strategies to revitalize the oil sector. The aide noted that this reduction in production not only affects the country’s revenue generation but also threatens the overall economic stability of Africa’s largest economy. The decline in oil output, which is far below Nigeria’s capacity and production targets, comes amid rising…
In a strategic move to enhance Nigeria’s oil production and refine more petroleum products domestically, the Federal Government has issued nine new refinery licenses to local and international operators. This development aims to reduce Nigeria’s dependence on imported refined petroleum products, foster local industry growth, and create jobs in an economy that relies heavily on oil revenues. The licenses represent a significant step in the government’s push towards energy self-sufficiency and economic diversification through local refining capacity. The issuance of these licenses comes amidst ongoing efforts by the government to revamp the energy sector, address fuel supply challenges, and reduce…
Wages Finance, a rising financial technology company, has officially launched its new mobile app, promising to streamline money management and increase accessibility to financial services for individuals and businesses. The app, which is available for both iOS and Android, offers users a convenient, secure, and feature-rich platform for managing personal and corporate finances, with a focus on affordability and ease of use. This development aligns with Wages Finance’s commitment to democratizing financial services and supporting financial inclusion across all economic sectors. As more people shift towards digital solutions for their banking and financial needs, the Wages Finance app aims to…
Nigeria’s four leading free trade zones (FTZs) have collectively attracted $8 billion in investments, according to recent government reports. These investments, aimed at fostering industrialization, job creation, and economic diversification, reflect a renewed confidence in Nigeria’s economic potential and underscore the role of FTZs in supporting the country’s long-term development goals. The announcement highlights the successful integration of foreign and local investments into key sectors such as manufacturing, energy, and agriculture, which are expected to drive growth and bolster Nigeria’s economic resilience. The development comes at a crucial time, as Nigeria continues to address economic challenges, including foreign exchange shortages,…
OPay, a leading fintech company in Africa, has been awarded the prestigious Business and Financial Awards (BAFI) for its excellence in secure payment solutions, marking a significant milestone in the company’s mission to reshape the digital finance landscape. This recognition underscores OPay’s commitment to advancing secure, accessible, and efficient digital payment services across Nigeria and beyond, further solidifying its position as a transformative force in Africa’s financial technology sector. Since its establishment, OPay has focused on providing secure, user-friendly, and reliable payment options that cater to the needs of diverse users, from unbanked populations to tech-savvy consumers. The BAFI award,…
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a collaborative $1 billion investment initiative aimed at revitalizing Nigeria’s major economic sectors. This ambitious plan, focusing on energy, agriculture, healthcare, and manufacturing, aims to foster economic growth, create job opportunities, and enhance Nigeria’s resilience amid ongoing challenges. The IFC, a member of the World Bank Group, brings extensive experience in private sector development, while the CBN’s local expertise and financial infrastructure position it well to address sector-specific challenges within the Nigerian economy. With a sizable share of the investment earmarked for innovative projects and sustainable…
The 19 governors from Nigeria’s northern region have voiced their opposition to President Bola Tinubu’s proposed tax hike, arguing that the move could intensify economic challenges for the citizens in their states. This stance reflects broader concerns about the potential impact of higher taxes on a population already grappling with rising costs of living, unemployment, and limited access to essential services. Since taking office, President Tinubu has introduced several fiscal reforms aimed at boosting government revenue and stabilizing the economy, including subsidy cuts on fuel and a push for increased taxation. However, northern leaders argue that the proposed tax hike…
In a bid to secure a stable fuel supply and strengthen energy security, Ghana is looking to import petroleum products from Nigeria’s newly inaugurated Dangote Refinery, Africa’s largest single-train refinery. This strategic move, initiated through discussions between Ghanaian officials and the refinery’s management, could provide a reliable source of fuel for Ghana, which has faced supply challenges and fluctuating fuel prices in recent years. The Dangote Refinery, located in Lagos, Nigeria, has a refining capacity of 650,000 barrels per day and is set to produce a wide range of refined petroleum products, including gasoline, diesel, and jet fuel. With Ghana’s…
Nigeria’s Minister of Works, David Umahi, recently disclosed that the government needs an estimated N19 trillion to finish 2,604 ongoing infrastructure projects across the country. This financial requirement underscores the scale of Nigeria’s infrastructure challenges and highlights the government’s efforts to improve the nation’s roads, bridges, and other critical infrastructure. According to Umahi, the substantial funding gap poses a significant obstacle, especially as the administration strives to improve connectivity, boost the economy, and enhance citizens’ quality of life. The minister explained that while the current administration remains committed to infrastructure development, securing the necessary funds presents a formidable challenge, given…
Nigeria’s foreign exchange (FX) turnover has seen a sharp decline, dropping by 71% in recent weeks, amid worsening conditions for the naira, which continues to lose value against major global currencies. The decline in FX turnover—indicative of reduced trading activity and liquidity in the currency market—reflects mounting pressures on Nigeria’s economy as it grapples with challenges that include limited foreign currency inflows, rising inflation, and a growing demand-supply imbalance for dollars. Analysts suggest that the tumble in FX turnover points to broader issues within Nigeria’s foreign exchange system. Lower turnover reduces liquidity in the market, exacerbating the depreciation of the…
As Abia State gears up for its upcoming local government elections, the Abia State Independent Electoral Commission (ABSIEC) has pledged to ensure a free, fair, and transparent electoral process. Addressing concerns from various stakeholders and citizens, ABSIEC representatives assured the public that measures are in place to uphold integrity throughout the election, bolstering confidence in the local democratic process. In a recent press briefing, ABSIEC Chairman, Professor Mkpa Agu Mkpa, highlighted the commission’s commitment to conducting credible elections. He emphasized that the commission’s priority is to reflect the will of Abia’s citizens, ensuring a smooth, fair, and inclusive process. ABSIEC…
Nigeria’s banking sector has witnessed a surge in its market capitalization, reaching an impressive N7.91 trillion. This milestone comes amid ongoing discussions around a fresh round of recapitalization for the country’s financial institutions, aimed at bolstering the industry’s resilience and aligning it with global banking standards. As the recapitalization process looms, market analysts, industry stakeholders, and investors are closely monitoring the trajectory of banking stocks, which have shown robust performance despite recent economic challenges. The growth in market capitalization reflects a combination of strong investor confidence in the sector, favorable policy changes, and a broader recognition of the strategic role…
In a renewed pledge to improve Nigeria’s public service landscape, the Aig-Imoukhuede Foundation has reaffirmed its commitment to promoting excellence and driving impactful reform across the country’s public sector. With a focus on capacity building, leadership development, and structural enhancements, the Foundation is committed to addressing longstanding challenges that have hindered public sector efficiency, from resource constraints to governance and accountability issues. Founded by Aigboje Aig-Imoukhuede, a prominent businessman and philanthropist, the Aig-Imoukhuede Foundation aims to foster transformative change by empowering public service professionals and promoting initiatives that enhance service delivery. The Foundation’s latest commitment represents a significant step forward…