The Federal Government inaugurated the project delivery team on Wednesday, tasked with the recapitalization and full commercialization of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). This initiative aims to enhance the efficiency, management, and capitalization of these critical agricultural institutions, marking a significant milestone in ongoing efforts to reform and reposition them to better serve the agricultural sector. Acting Director-General of the Bureau of Public Enterprises (BPE), Ignatius Ayewoh, inaugurated the team in Abuja on behalf of the Federal Government. A statement by Amina Othman, Head of Public Communications at…
Author: Temitope N.
Sportsbet.io, a leading crypto sports betting site, has announced the addition of three new ambassadors to its team, expanding its influence in both the crypto and sports communities. According to a statement, the new ambassadors have joined shortly after King Kaka, a renowned rapper and existing Sportsbet.io ambassador, won $9,000 in USDT stablecoin cryptocurrency by backing Real Madrid in their dramatic comeback victory over Bayern Munich earlier this month. The new ambassadors will aim to replicate King Kaka’s success and promote Sportsbet.io’s innovative crypto sports betting experience to a broader audience. Part of the statement read, “They (ambassadors) include James…
Emerging Africa Group has successfully acted as the financial adviser and lead issuing house for the NEN Infrastructure Limited 10-year private bond. A statement from Emerging Africa on Wednesday indicated that the bond was oversubscribed, showcasing strong investor interest. This bond facilitated the full repayment of a N36bn Syndicated Bridge Finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank, and WEMA Bank. Additionally, it raised extra funds to finance various infrastructural projects in Bauchi State, targeting critical areas such as food security, road transportation, commerce, and social cohesion. “The funds raised will be…
Governor Siminalayi Fubara of Rivers State expressed deep concern over the state’s decline from its former status as an industrial hub and a preferred destination for investments. Speaking at the inaugural Rivers Economic and Investment Summit in Port Harcourt, Governor Fubara highlighted the state’s challenges and outlined plans for revitalizing its economy. Governor Fubara pointed out several key issues contributing to the state’s economic downturn: – Low Economic Growth: Persistent slow growth has hampered development. – Low Tax Revenue: The state has relied heavily on allocations from the federation account due to insufficient tax revenues. – High Unemployment Rate: A…
The Economic and Financial Crimes Commission (EFCC) has arrested more than 200 suspects across Nigeria in connection with foreign exchange scams and financial market manipulation. These arrests are part of a nationwide effort to curb illicit activities affecting the local currency, the naira. The suspects, predominantly Bureau De Change (BDC) operators, were apprehended in various states, including Abuja, Lagos, Rivers, and Kano. A source within the EFCC revealed that these arrests were part of an intensified clampdown on forex scammers and market manipulators. Specific Cases and Recovered Items Uyo Zonal Command Arrests: On May 17, 2023, the Uyo Zonal command…
The Federal Government of Nigeria incurred N628.61 billion in electricity subsidies in 2023, as indicated by the latest data from the Nigerian Electricity Regulatory Commission (NERC). During the same period, power distribution companies (Discos) collected a total revenue of N1.08 trillion. Breakdown of Quarterly Subsidies – Q1 2023: N36.02bn – Q2 2023: N135.23bn – Q3 2023: N204.6bn – Q4 2023: N252.76bn The increase in subsidies was primarily driven by the government’s policy to harmonize exchange rates while maintaining the end-user tariffs at the December 2022 levels. Discos’ Revenue Collection – Q1 2023: N247.09bn – Q2 2023: N267.86bn – Q3 2023:…
The Benue State Government has announced its intention to provide tax holidays to investors as part of its strategy to rejuvenate and attract more business investments into the state. This initiative was revealed by Dr. Raymond Asemakaha, the Managing Director of Benue Investment and Property Company Limited, during a meeting with representatives from Nigerian Brewery in Makurdi. Key Announcements – Tax Holidays: Aimed at incentivizing investors to boost economic activity in the state. – Business-Friendly Environment: Introduction of a one-stop shop to streamline business operations and enhance the ease of doing business in the state. Nigerian Brewery’s Plant in Benue…
The Nigerian Exchange (NGX) extended its losing streak on Thursday, shedding N84 billion, largely due to significant losses in the stocks of Skyway Aviation Handling, NEM Insurance, and 26 other companies. The All-Share Index decreased by 0.15% to settle at 97,978.02 basis points, and the market capitalisation also declined by 0.15% to N55.424 trillion. Market Performance – Decliners: 28 – Gainers: 17 This bearish trend follows a similar loss of N89 billion on Wednesday, triggered by traders offloading banking stocks in reaction to the Central Bank of Nigeria’s Monetary Policy Committee’s decision to hike the benchmark interest rate. Significant Losses…
International Breweries has announced a price increase across its range of products in Nigeria, citing the need to better serve its customers in the face of current market realities. The decision to adjust prices affects several popular brands, including Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt. This move follows recent economic challenges characterized by inflation, foreign exchange volatility, and rising production costs. The company emphasized that the price review was necessary to maintain its commitment to quality and customer satisfaction amid the challenging economic environment. The decision was made following careful consideration of various market…
The Sustainable Agro and Hunger Eradication Foundation (SAHE Foundation), in partnership with the National Association of Proprietors of Private Schools (NAPPS), is set to launch the Tech Young Farmers Club (TYFC) as part of the 2024 Children’s Day celebrations. The event will take place on May 24, 2024, at the Jelili Adebisi Omotola Hall A, University of Lagos, under the theme ‘Becoming a Technology-Driven Farmer’. The TYFC initiative aims to mentor and empower young individuals, specifically those aged 12–16 (SS1–3 classes), who are considered the next generation of farmers. The program will equip them with the knowledge, skills, and resources…
The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first investment in Powerstove, a pioneering Nigerian company in the production of cookstoves and carbon credit projects. This strategic move is aimed at combating global warming and promoting sustainability among Nigerian enterprises focused on decarbonization. According to a statement released on Thursday, NASENI’s investment in Powerstove includes growth capital and technical assistance, facilitating a scale-up in production from 100,000 units to over 1 million units annually. This significant scaling is expected to substantially reduce Nigeria’s carbon footprint and support the country’s transition to a more sustainable energy landscape.…
The Nigerian National Petroleum Company Limited (NNPC), in collaboration with Shafa Energy and Nigus, initiated the deployment of electric vehicle (EV) charging points at filling stations across Nigeria. This significant step was marked by a tripartite Memorandum of Understanding signed during the launch ceremony at an A.Y.M Shafa filling station in Abuja, where an EV charging station was demonstrated. Kanayo Odoe, Managing Director of NNPC New Energy Limited (NNEL), explained the roles of the partners in this initiative. Nigus, as the Original Equipment Manufacturer (OEM), supplies the charging equipment, while NNEL collaborates to distribute these installations. Shafa Energy provides the…
The EnAccess Foundation and the World Resources Institute have emphasized the importance of data-driven solutions in addressing energy sector challenges. This advocacy was highlighted at the inaugural Open Source in Energy Access Symposium and Hackathon, held in Abuja in May 2024. The event was supported by the World Bank, the Energy Sector Management Assistance Programme, and Prospect. The symposium brought together a diverse group of energy access practitioners, open-source developers, researchers, and donors. The goal was to share experiences, exchange knowledge, and explore how open-source solutions could enhance energy access in underserved regions. Abba Aliyu, Acting Managing Director of the…
The Federal Ministry of Agriculture and Food Security, in collaboration with the Federal Ministry of Budget and National Planning, has trained and empowered 1,110 smallholder poultry farmers across Nigeria’s six geopolitical zones. This initiative aims to boost agricultural productivity and reduce poverty among smallholder farmers. The Permanent Secretary of the Federal Ministry of Agriculture, Mr. Tope Fashedemi, represented by the Federal Director of Agricultural Extension Services, Dr. Deola Lordbanjou, disclosed this during a training session in Ogun State. The empowerment program, part of the National Poverty Reduction with Growth Strategy, was conducted simultaneously in all 36 states and the Federal…
Yango, a prominent tech company in Africa, has pledged its ongoing commitment to the continent’s development at the recent CEO AFRICA Forum held in Kigali. This forum gathered innovators, entrepreneurs, industry leaders, and public policymakers to discuss the future of technology and its impact on African cities. Since its inception in Africa six years ago, Yango has experienced exponential growth. The company now operates in over 13 countries and has become a household name for affordable and safe rides and deliveries in many regions. This growth has cemented Yango’s position as a leader in ride-hailing and tech services. Adeniyi Adebayo,…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State branch, has revealed that 70% of building materials in Nigeria are imported. This was disclosed during the 2024 Estate Week’s press briefing held recently in Lagos. Gbenga Ismail, the Chairman of NIESV Lagos State, highlighted the significant reliance on imported building materials, which has led to increased housing costs in the country. Ismail explained, “70 per cent of building materials are imported and if 70 per cent are imported without fluctuating exchange rate, you know the consequence.” He elaborated, “Now, what is the 30 per cent? We have cement,…
The Minister of Works, David Umahi, has announced that 750 houses along the path of the Lagos-Calabar Coastal Highway are set for demolition. This was revealed during a stakeholders’ meeting in Lagos on Thursday. Umahi stated, “If we go by the new alignment, 490 houses would be demolished, also following the gazette alignment, 750 houses would be demolished.” He emphasized, “There is no change of alignment; we are following the gazetted alignment. There would, however, be realignment at Okun Ajah area of the state by 25 kilometers to avoid damaging submarine cables.” Despite the assurances, property owners expressed dissatisfaction with…
The United Kingdom’s Civil Aviation Authority (UKCAA) has reported local airline operator Air Peace to the Nigerian Civil Aviation Authority (NCAA) due to alleged non-compliance with certain safety regulations at Gatwick Airport in London. Michael Achimugu, a spokesman for the NCAA, informed Channels Television on Monday about the complaints received from the UKCAA regarding Air Peace’s operations. These safety concerns emerged during a ramp inspection conducted by the UKCAA. Two mandatory occurrence reports on Air Peace were submitted to the UKCAA, which then forwarded these concerns to the NCAA. Investigation and Response Achimugu clarified that the complaints from the UKCAA…
Local airline operator Air Peace has addressed and resolved safety concerns raised by the United Kingdom Civil Aviation Authority (UKCAA). The airline, which commenced direct flights from Lagos to London on March 30, 2024, reassured passengers of its unwavering commitment to safety. In a statement on Monday, Air Peace detailed the resolution process: “We can confirm that the UK Civil Aviation Authority wrote to Air Peace, after their statutory Ramp Inspection on April 7, 2024, to request clarification on our use of the Electronic Flight Bag (EFB) and some other concerns. We provided the necessary information, and the matter was…
The International Monetary Fund (IMF) on Tuesday advised the Bank of England (BoE) to carefully consider the timing of interest rate cuts to avoid jeopardizing the UK’s recent economic recovery. Economic Growth Forecast and Fiscal Challenges The IMF has upgraded its UK economic growth forecast, but it also highlighted the need for “difficult” fiscal decisions to stabilize the nation’s debt. This advisory comes as Prime Minister Rishi Sunak’s Conservatives lag behind the Labour Party in polls ahead of the upcoming general election. Earlier this month, the BoE indicated a potential summer rate cut after maintaining borrowing costs at a 16-year…