Senate President Godswill Akpabio has referred President Bola Tinubu’s request for the confirmation of Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC) to the committee on the capital market for scrutiny. This decision came after Akpabio read Tinubu’s correspondence to the Senate during Wednesday’s plenary. Tinubu’s letter to the Senate outlined the appointments of four nominees for confirmation: Emomotimi Agama as Director General, Frana Chiwogo as Executive Commissioner Legal and Enforcement, Bola Ajomale as Executive Commissioner Operations, and Samia Hassan Usman as Executive Commissioner Corporate Services. Tinubu expressed hope that the Senate would consider and…
Author: Temitope N.
More than 1000 Chief Executive Officers (CEOs), 75 Presidents, Ministers, a multitude of investors, and approximately 200 journalists from 73 countries are gearing up for the 2024 African CEO Forum set to commence in Kigali, Rwanda, starting Thursday. Themed “At the Table or On the Menu? A Critical Moment to Shape a New Future for Africa,” the two-day event, commencing on May 15, promises to convene Africa’s most influential leaders, innovators, and policymakers for its 11th edition. Co-hosted by the International Finance Corporation (IFC) and Jeune Afrique, this year’s forum marks over a decade of impactful gatherings dedicated to Africa’s…
Former Vice President of Nigeria, Atiku Abubakar, has voiced strong opposition to the federal government’s proposed utilization of N20 trillion from pension funds for infrastructure projects, denouncing it as unlawful. In a statement shared on his official X account, Abubakar highlighted that the law stipulates only 5% of the fund’s allocation for infrastructural ventures. Expressing apprehensions over Wale Edun, the Minister of Finance’s proposal to “unlock” pension funds for national projects, Abubakar cautioned against potential adverse effects on the country’s workforce. He underscored the gravity of diverting these funds, comprising the hard-earned savings of diligent workers, which could severely impact…
The Federal Executive Council (FEC) has given its nod to the equalisation of the Okpella section of the Lokoja-Benin road and other critical routes, amounting to N120 billion, to be financed by BUA Cement Plc under the tax credit scheme. Bayo Onanuga, the Special Adviser to the President on information and strategy, shared this update via his official X handle following the FEC meeting. He elaborated, “During the second day of the FEC meeting, approval was granted for the contract award for the equalisation of the Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road, and Lokoja-Benin Road,…
Russian crypto developer Alexey Pertsev, the mind behind the now-sanctioned Tornado Cash Crypto Mixer, has been found guilty of laundering more than $1.2 billion in illicit funds through his platform. Living in the Netherlands, Pertsev, aged 31, has been sentenced to 64 months in prison by a Dutch court, with the option for his lawyers to appeal within 14 days. The saga began in 2022 when Tornado Cash faced sanctions from the US, leading to Pertsev’s initial imprisonment in the Netherlands. The US Treasury accused Tornado Cash of aiding the notorious North Korean hacking group, Lazarus, in their illicit activities.…
The Cross River State Government has successfully obtained $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project, as announced by Governor Bassey Edet Otu through his official X (formerly Twitter) account on Tuesday. Governor Otu emphasized that this partnership between the state government and Afreximbank will significantly contribute to economic growth and development within the state. The Bakassi Deep Seaport project, initiated in 2014, has reached several milestones, including the development of terms of reference for the project’s Environmental and Social Impact Assessment (ESIA) by March 2015, obtaining presidential clearance, and the approval of the…
Nigeria’s recent approval from the United Nations to extend its continental shelf by 16,300 square kilometers marks a significant achievement for the nation’s maritime boundaries and economic potential. This territory, five times the size of Lagos State, grants Nigeria sovereignty over additional maritime territory, expanding its jurisdiction beyond the existing 200 nautical miles. Initiated in 2009, the Extended Continental Shelf Project has culminated in this milestone after years of dedicated scientific and diplomatic efforts. Professor Larry Awosika, a marine scientist, and Surveyor Aliyu Omar, Secretary of the High Powered Presidential Committee (HPPC), presented the details of the extensive research and…
The Economic Financial Crimes Commission (EFCC) recently intensified its crackdown on Bureau De Change (BDC) operators across several states in Nigeria, including Abuja, Lagos, Kano, and Port Harcourt. These raids occurred amidst a further weakening of the naira against the United States dollar in both the official and parallel foreign exchange markets. The Nigerian government has been making renewed efforts to address the recent decline of the naira against the US dollar. Currency speculators in the forex markets and the digital cryptocurrency space have been cited as contributing to the pressure on the naira, with the government accusing crypto traders…
Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association (NECA), emphasized the urgency of addressing the current economic crisis in Nigeria. Reflecting on President Bola Tinubu’s administration since its inauguration in May 2023, Oyerinde acknowledged some bold reforms but highlighted the need for further actions. Oyerinde commended the administration’s decision to remove fuel subsidy, describing it as a long-overdue step that previous administrations had failed to take. He noted that Nigeria’s reliance on subsidies for fuel, despite the moribund state of its refineries, was unsustainable and contributed to the economic challenges facing the country. The NECA boss emphasized the…
The call for privatization of the Nigerian Railway Corporation (NRC) to drive efficiency and improve transportation infrastructure has been echoed by various stakeholders in the industry. They emphasize the need for technological advancement, efficient management, and restructuring to enhance competitiveness and complement other modes of transportation. Olumide Ohunayo, Assistant General Secretary of the Aviation Round Table, highlights the necessity for privatization to introduce technological advancements and streamline operations. He points out the challenges of corruption within the current rail system and management, suggesting that privatization could bring the necessary efficiency and competitiveness. Rowland Ataguba, CEO of Bethlehem Rail, suggests a…
The recent ADVAN Industry Dialogue in Lagos brought together advertisers and stakeholders to discuss pressing issues facing the marketing landscape in Nigeria. One of the key points raised during the dialogue, themed ‘Public-Private collaboration in the marketing industry, the path to economic viability,’ was the importance of government agencies involving industry associations like the Advertisers Association of Nigeria (ADVAN) in policy formulation to avoid regulations that could threaten the survival of businesses in the advertising sector. ADVAN President, Osamede Uwubanmwen, emphasized the association’s commitment to advocating for better industry practices and regulations while also fostering collaboration and innovation within the…
The International Monetary Fund (IMF) has recommended that the Federal Government of Nigeria consider raising a supplementary budget to accommodate the proposed increase in the minimum wage for workers. This suggestion comes in light of ongoing negotiations between Organised Labour and the government regarding the minimum wage, which may surpass the budgeted amount in the original 2024 budget. The IMF’s staff country report for Nigeria also suggests that the government may need to raise the domestic and external borrowing ceilings to avoid resorting to fresh borrowings from the Central Bank of Nigeria’s Ways and Means. Recent reforms in Nigeria, such…
The Nigerian Upstream Petroleum Regulatory Commission has initiated the bidding process for 12 oil blocks recently made available for sale, marking the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/2023 mini-bid round. In a press release issued by the commission’s chief executive, Gbenga Komolafe, it was announced that the bidding process had officially begun. The commission also waived the signature bonus requirement in an effort to attract investors to participate in the auction of the oil blocks. Komolafe expressed the Federal Government of Nigeria’s pleasure in announcing the start of the 2024 Petroleum Licensing…
In the latest edition of Africa’s Fastest Growing Companies, Nigerian e-commerce firm, Omniretail, has clinched the top spot as the fastest-growing company on the continent for the year 2024. Founded in 2019, Omniretail experienced an extraordinary surge in revenue, skyrocketing by a remarkable 772.39% in 2022 to reach an impressive $139.8 million. Following closely behind is Mauritian company Kyosk Digital, a B2B platform facilitating connections between retailers and FMCG manufacturers. Kyosk Digital achieved a remarkable Compound Annual Growth Rate (CAGR) of 647.37%. Resourgenix Pty Ltd., an employment services firm based in South Africa, secured the third position with a growth…
Amidst the recent tariff hike and the escalating cost of fuel, premium electricity consumers, categorized as Band A customers, are turning to solar power as an alternative energy source. With electricity costs surging by over 300% since April due to the government’s decision to eliminate subsidies for areas covered by Band A feeders, many consumers are exploring solar energy as a viable and sustainable solution. The Nigerian Electricity Regulatory Commission (NERC) increased the tariff in Band A to N225 per kilowatt-hour in April, later reducing it to N206.80/kWh in May. Despite calls for a reversal of the tariff by organized…
Point of Sale (PoS) operators, represented by the National President of the Association of Mobile Money and Bank Agents in Nigeria, are gearing up for a legal battle to challenge the requirement imposed by the Corporate Affairs Commission (CAC) for mandatory registration. Fasasi Sarafadeen, the association’s President, criticized the directive, arguing that it contradicts the Companies and Allied Matters Act, 2004, which stipulates that the CAC has no authority over individuals operating without forming a company. Sarafadeen emphasized, “We shall challenge it legally. The court will have to intervene in the interpretation of the quoted section of the CAMA if…
Unilever Nigeria Plc and its shareholders have given the green light to a dividend of 75 kobo per share, marking a notable increase from the 25 kobo dividend declared in 2022. The decision was announced during the Company’s 99th Annual General Meeting, which convened in Lagos on Monday, where a dividend totaling N4,308,753,750 for the fiscal year ended December 2023 was declared. This dividend declaration follows a remarkable surge in revenue, with figures soaring to N103.9 billion, reflecting a substantial 51.3% increase compared to the N68.6 billion recorded in 2022. Shareholders lauded this impressive growth trajectory and reiterated their confidence…
Flexify Solutions, a forward-thinking technology firm, has introduced the CyberAgric app with the aim of revolutionizing food production in the country. Announcing the launch in a statement provided to The PUNCH on Monday, Flexify Solutions highlighted that the mobile application harnesses the power of artificial intelligence to support Nigerian farmers, especially those engaged in cultivating cash crops such as cassava and maize. The innovative app enables farmers to take proactive measures to protect their crops and ensure maximum yields by utilizing smartphone cameras to capture images of their crops. With real-time analysis and advice provided by the app, farmers can…
Tony Elumelu is shining a light on a big problem facing healthcare in Africa and beyond: 40% of healthcare facilities don’t have steady electricity. This important issue was raised by Elumelu, who is the Chairman of United Bank for Africa Group and the founder of the Tony Elumelu Foundation, at the Abu Dhabi Health Forum. He explained how this lack of power seriously affects healthcare, especially in places with limited resources. During his speech, Elumelu stressed the need for different sectors to work together to solve this problem. He said, “We need to find new ways to work together to…
The Nigerian Ports Authority (NPA) has successfully resolved the decade-long gridlock on the Mile 2-TinCan-Apapa corridor, a critical route serving the TinCan and Apapa ports. The announcement came via a post on the NPA’s official X (formerly Twitter) account on Monday. The NPA credited this achievement to a collaborative effort involving the Lagos State Government, the Nigerian Navy, the Nigeria Police Force, and the support of Mr. Gboyega Oyetola, the Minister of Maritime and Blue Economy. “The Management of the @nigerianports continues to appreciate the renewed partnership with @followlasg, @NigerianNavy, @PoliceNG, and the support of the Hon. Minister of @FMoMBENigeria,…