The Demola Okeowo Foundation, a non-profit organization, has extended support to over 200 vulnerable residents in Ijebu Igbo, Ogun State, aiming to alleviate the impact of economic challenges on the community. Adewale Adebari, the Executive Director of the foundation, underscored the importance of collective efforts in enhancing the welfare of citizens, stating that public-private partnerships are essential for addressing societal needs effectively. He emphasized the foundation’s commitment to complementing government initiatives by reaching out to the needy, highlighting the significance of community support in fostering societal well-being. Dr. Demola Okeowo, the foundation’s Founder, called for a renewed mindset among Nigerians…
Author: Temitope N.
The Nigerian National Petroleum Company Limited (NNPC) is set to roll out Compressed Natural Gas (CNG) delivery installations across all its filling stations nationwide, announced NNPC’s Group Chief Executive Officer, Mele Kyari, on Wednesday. Kyari stated that this deployment aligns with a recent presidential directive urging government institutions to procure CNG-powered vehicles, as reported by The PUNCH on Monday. The directive mandates all Ministries, Departments, and Agencies (MDAs) to transition to CNG-powered vehicles and generators. During the presidential commissioning of three gas projects, Kyari highlighted NNPC’s commitment to broadening CNG as an alternative fuel for automobiles. He emphasized Nigeria’s substantial…
Sony Middle East and Africa, in collaboration with Naija Home Automation Limited, has inaugurated its latest electronics store at Jara Mall in Ikeja, Lagos State, as announced in a statement on Wednesday. The unveiling ceremony witnessed the presence of dignitaries including the Commissioner of Police, Lagos State, Adegoke Fayoade, representatives from Naija Home Automation Limited, Amit Khandelwal and Sujay Kumar, and the Regional Manager of Sony Middle East and Africa, Saurabh Bhalla, among others. Situated in one of the region’s premier shopping destinations and Nigeria’s largest technology hub, the new store provides customers with access to Sony’s state-of-the-art technology across…
Jumia, Africa’s leading e-commerce platform, has forged a strategic alliance with Newedge (Easybuy), a finance firm, to introduce a convenient shopping experience for consumers in Nigeria. Through this partnership, Jumia aims to enable consumers to purchase their desired products and opt for flexible payment plans over a specified period, enhancing convenience and accessibility across the country. By integrating Easybuy’s Buy Now, Pay Later (BNPL) solution into its platform, Jumia eliminates the constraint of immediate payment, empowering consumers to shop confidently and seamlessly. Sunil Natraj, CEO of Jumia Nigeria, expressed confidence in the partnership, emphasizing the importance of offering flexible payment…
The Federal Government, through the National Council on Climate Change, has thrown its support behind a groundbreaking initiative aimed at tackling environmental challenges and improving livelihoods across Nigeria. GreenPlinth Africa Limited, in collaboration with its partners, has launched a massive Article 6.4 project to distribute 80 million clean cookstoves free of charge to households nationwide. This initiative, touted as one of the world’s largest single clean cooking system projects, targets combating the detrimental health and environmental impacts of traditional cooking methods, including indoor air pollution and deforestation. Olawale Akinwumi, President and CEO of GreenPlinth Africa, emphasized that providing clean cookstoves…
The Federal Government has listed its April 2024 Savings Bonds valued at N4.21 billion on the Nigerian Exchange Limited (NGX), according to a market bulletin signed by NGX’s Head of Issuers Regulation Department, Godstime Iwenekhai. The bonds, comprising the FGS April 2026 and FGS April 2027 issues, total 4.214 million units with a combined value of N4.21 billion. The FGS April 2026 bonds consist of 1.228 million units valued at N1.23 billion, offering a coupon rate of 17.046 percent. Meanwhile, the FGS April 2027 bonds comprise 2.986 million units amounting to N2.99 billion, with a coupon rate of 18.046 percent.…
President Bola Tinubu has unveiled plans by the Federal Government to address Nigeria’s power challenges by injecting an additional 500 million standard cubic feet of gas into the domestic market. This initiative, announced during the inauguration of critical gas infrastructure projects in Imo and Delta States, aims to enhance industrialization, create jobs, and bolster energy supply. The move comes in response to previous nationwide blackouts triggered by gas shortages, which crippled power generation and distribution. With power generation plummeting below 2,500MW due to unpaid debts to gas companies, the government’s intervention seeks to revitalize the energy sector and mitigate future…
The Consumer Price Index report released by the National Bureau of Statistics has revealed a significant rise in Nigeria’s inflation rate, reaching 33.69% in April 2024, marking a 200 basis point increase from the previous year. This surge, attributed to both internal and external factors, underscores the challenges facing the nation’s economy. The escalation in food commodity prices, with imported food commodities hitting their highest level at 34%, reflects the impact of global supply chain disruptions caused by the Covid-19 pandemic and the Russia-Ukraine war. The Federal Government’s strategy to curb food importation has faced hurdles amidst FX scarcity and…
The Nigeria Development and Finance Forum (NDFF) concluded its 2024 Conference in Abuja with significant recommendations aimed at bolstering the nation’s economy and social welfare. One notable resolution from the conference advocates for Nigerian leaders to opt for local airlines for their international travels, aligning with the ethos of supporting domestic industries. Emphasizing the importance of buying made-in-Nigeria products to stimulate economic growth, NDFF underscored the need for government officials to lead by example by flying Nigerian carriers for official international trips. This recommendation mirrors similar practices in other countries, such as the Fly America Act. Additionally, the conference attendees…
PalmPay, a leading fintech platform, has joined forces with the Lagos State Government to bolster its food initiative, ‘Ounje Eko’. This partnership aims to provide convenient payment solutions, empowering residents and businesses to participate in the Food Discount Market initiative effectively. The ‘Ounje Eko’ program, spearheaded by Governor Babajide Sanwo-Olu, is geared towards providing relief to residents amid economic challenges. Operating across 27 locations in Ikeja, six in Lagos Island, nine in Ikorodu, five in Epe, and 10 in Badagry divisions, the initiative offers food items at a 25% discount. Enakeno Umuteme, Head of Marketing Communications at PalmPay, lauded the…
The House of Reps Committee on Industry is urging increased budgetary allocations to the Bank of Industry (BoI) to empower it in fulfilling its mandate effectively. Members of the committee emphasized the necessity for policy reforms to facilitate the achievement of BoI’s objectives, particularly in providing low-interest credit facilities to pivotal sectors such as industry and energy. During a visit to the BoI office in Lagos and a tour of funded projects, Committee Chairman Enitan Dolapo-Badru highlighted the critical role of BoI in offering single-digit interest rates, especially for small and medium-sized enterprises (SMEs). Dolapo-Badru underscored the adverse impact of…
In the quest for sustainable economic growth, the governors of Lagos, Sokoto, and Borno States are championing the call for a transparent tax system. This push was highlighted at the 26th Annual Tax Conference by the Chartered Institute of Taxation of Nigeria, focusing on ‘Sustainable Tax Culture and Economic Roadmap for Nation Building’. Governor Babajide Sanwo-Olu of Lagos State, represented by Mr Abdul-Kabir Ogungbo, emphasized the pivotal role of transparent tax administration in fostering confidence and voluntary compliance among taxpayers. He stressed the necessity for a shift in taxpayer mindset, emphasizing the role taxes play in nation-building and social welfare.…
CRC Credit Bureau has introduced a new credit advisory and consulting service, aimed at equipping clients with the knowledge and tools necessary to achieve financial wellness and economic prosperity. This initiative, as detailed in a statement provided to the PUNCH on Tuesday, is tailored to offer customized credit management solutions to both individuals and organizations. As a leading organization in data and analytics, credit management, consulting services, financial education and training, and rental screening services, CRC Credit Bureau is committed to addressing diverse information needs within the financial landscape. Tunde Popoola, the Group Managing Director at CRC Credit Bureau, emphasized…
Nigeria’s newly constructed Dangote refinery in Lagos is making significant strides in its operational plans, as it seeks to purchase millions of barrels of US crude oil over the next year to support its increasing processing rates. According to a report by Bloomberg on Thursday, the refinery has issued a term tender for the acquisition of two million barrels per month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July. The plant, spearheaded by Africa’s wealthiest individual, Aliko Dangote, aims to secure a steady supply of crude oil to sustain its operations and meet…
The Centre for the Promotion of Public Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its monetary policy tightening stance in light of businesses’ ongoing struggles to recover from recent rate hikes. This call comes ahead of the CBN’s Monetary Policy Committee (MPC) meeting scheduled for this month, following the release of the latest inflation figures by the National Bureau of Statistics (NBS), showing a rise in headline inflation to 33.69% in April from 33.20% in March. Dr. Muda Yusuf, the Director-General of the CPPE, emphasized the need for a pause in monetary policy tools to…
A 57-year-old Nigerian, Uche Victor Diuno, has been sentenced to five years in prison by a United States District Court for his involvement in a fraudulent scheme targeting victims across more than 20 countries. The announcement was made in a statement released on the website of the US Justice Ministry on Wednesday, May 15, 2024, with plans for Diuno’s deportation following the completion of his prison term. According to the Ministry, Diuno played a key role in a scam where fraudsters abroad enticed victims with false promises of substantial investment funding and inheritances. The scheme involved co-conspirators posing as executives…
E-commerce giant Jumia Technologies AG is embarking on a consolidation initiative in Nigeria by merging its three warehouses into a single depot spanning 30,000 square meters in Lagos. CEO Francis Dufay revealed in an interview with Bloomberg that this move is a crucial step towards cost reduction, a key element in Jumia’s pursuit of profitability. Despite challenges in Nigeria’s macroeconomic environment, including currency fluctuations and rising living costs, Jumia remains optimistic about the country’s prospects, viewing current challenges as temporary and anticipating a positive turnaround in the medium term. With Nigeria’s vast population exceeding 200 million, Jumia sees potential for…
The African Development Bank (AfDB) has made a significant commitment of $2 billion to promote clean cooking, with a particular focus on benefiting women and children throughout Africa. AfDB President, Akinwumi Adesina, announced this pledge during an International Energy Agency conference on clean cooking in Paris, France. Adesina highlighted that this pledge represents 20% of the bank’s annual spending on energy. Adesina emphasized that clean cooking is not merely about culinary activities but encompasses broader themes such as human dignity, fairness, justice, and equity for women. He stressed that ensuring access to clean cooking methods will not only improve lives…
Greek-Nigerian basketball sensation Giannis Antetokounmpo has garnered significant recognition as one of the world’s highest-earning athletes according to Forbes’ 2024 rankings. Securing the fifth position on this prestigious list, Giannis, representing the Milwaukee Bucks in the National Basketball Association (NBA), boasts an impressive combined annual income of $111 million, stemming from both his on-court prowess and off-court ventures. Forbes’ assessment delineates Giannis’ estimated on-field earnings at $46 million, bolstered by an off-field income amounting to $65 million. This places him behind basketball luminary LeBron James, who clinched the fourth spot with earnings totaling $128.2 million. In esteemed company, Giannis joins…
Two brothers, Anton Peraire-Bueno hailing from Boston and James Peraire-Bueno from New York, found themselves in handcuffs yesterday, implicated in a significant heist on the Ethereum blockchain resulting in the disappearance of crypto assets valued at $25 million. Both siblings face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. The US Department of Justice’s Office of Public Affairs revealed that Anton, aged 24, and James, aged 28, were apprehended on Wednesday in their respective cities and are set to appear this afternoon before U.S. Magistrate Judge Paul G. Levenson for the District of Massachusetts and…