President Bola Tinubu on Thursday gave all the state governors seven days to provide concrete feedback on their plans to rev up food production in their respective states. Tinubu gave the directive at the 142nd National Economic Council meeting attended by state governors and some deputies at the State House, Abuja. He also announced a National Construction and Household Support Programme which will see 100,000 families in each state getting N50,000 grant for three months, N155bn to be disbursed for assorted foods, N540bn for household grants even as 36 states and the Federal Capital Territory will get N10bn allocations each…
Author: Temitope N.
As part of activities to mark the 2024 World Drug Day, APM Terminals Apapa, collaborated with the National Drug Law Enforcement Agency to campaign against drug abuse. In a statement on Thursday, the terminal operator said that the lecture, which was held on Wednesday in Lagos, had in attendance, members of the Apapa port and host community. The lecture, which was themed ‘The Evidence is Clear: Invest in Prevention’, was part of weeklong activities to celebrate this year’s event. The Manager of Health, Safety and Environment at APMT Apapa, Felix Ugwuagbo, stated the terminal operator partnered with NDLEA to create…
About 150 banks have expressed interest in participating in the lending ecosystem for the newly launched Consumer Credit Scheme. This was disclosed by the Special Assistant to President Bola Tinubu on social media, Dada Olusegun, on Thursday via his X (formerly Twitter) handle. Tinubu announced the launching of the first phase of the Consumer Credit Scheme on April 21, a programme designed to offer credit facilities to working citizens in the country. Providing an update on the scheme, the presidential aide said that both commercial and microfinance banks had indicated interest in participating in the scheme even as over 40,000…
Economist and Chief Executive Officer of Financial Derivatives, Bismarck Rewane and other experts have called on Small and Medium Enterprises owners to embrace a digital mindset to manage their cash flow. They gave the on Thursday at a webinar organised by a digital bank, Sparkle, where the founder of The Dew Centre, Omon Anenih, and CEO of Sparkle, Uzoma Dozie, also highlighted cash flow management strategies for SMEs. The webinar, titled ‘Keeping Your Cash Flowing: Simple Tips for Small Business Owners’, was attended by more than 140 business owners from across Nigeria. In his presentation, Rewane provided an overview of…
Micro, Small and Medium Enterprise owners in Ogun State were on Thursday wooed to leverage the initiatives of the Dapo Abiodun-led government including improved access to financing and a land acquisition scheme. The Ogun State Commissioner for Industry, Trade and Investment, Adebola Sofela, appealed to business owners at a hybrid stakeholder meeting held in Oke-Mosan, Abeokuta, which had business membership organisations in attendance. Sofela outlined the government’s reforms and initiatives aimed at making the state a business-enabling environment and increasing private sector investments, including the automation of business registration processes. The commissioner said the reforms would reduce the cost and…
The Federal Government, on Thursday, met with transporters and stakeholders in the transportation sector in a bid to accelerate the adoption of Compressed Natural Gas and reduce the use of Premium Motor Spirit, popularly called petrol. At the meeting in Abuja, it was revealed that it would cost between N1.2m and N1.5m for the kits required to convert the petrol or diesel-powered vehicle of a transporter to start running on CNG. To encourage transporters to convert their vehicles, the government through the Presidential Compressed Natural Gas Initiative, declared that it would shoulder 50 per of this cost, which is between…
Eterna Plc has reassured stakeholders of its commitment to remaining competitive despite the challenging economic environment. This assurance was given by the Chairman of Eterna Plc, Dr Gabriel Ogbechie, during the company’s 31st Annual General Meeting held in Lagos The shareholders of the company also elected Mr Abiola Lawal as a Director, thereby ratifying his appointment as the new Managing Director and Chief Executive Officer, according to a statement. Ogbechie emphasised that the fundamentals of Eterna’s business remain robust. “Despite recent challenges, we are focused on elevating the business to new heights for the benefit of our shareholders and stakeholders,”…
The Chief Executive Officer of the Financial Reporting Council, Dr Rabiu Olowo, has said that Artificial Intelligence cannot take over the jobs of professional actuaries in Nigeria because it will not be registered. He stated that in his keynote address at the 2024 Annual Industry Conference of the Nigerian Actuarial Society held in Lagos, where he also lamented the acute shortage of actuarial professionals in the country. The theme of this year’s conference was ‘Actuaries and AI: Strengths, Weaknesses, Opportunities, and Threats’. He said, “From a regulatory point of view, let me assure you that no matter how complex and…
Stanbic IBTC Bank has stated its desire to empower Nigerians to own homes through products and guidance from the banks. This was disclosed at the just-concluded Home Ownership Summit, where it championed the actualisation of homeownership dreams of Nigerians and property wealth creation. The summit was a platform for Stanbic IBTC Bank to engage with potential homeowners and key industry decision-makers. It was a gathering of a diverse audience, including real estate enthusiasts, investors, and industry experts. In his keynote address, the Permanent Secretary of Lagos State Ministry of Housing, Abdulhafiz Toriola, provided a comprehensive overview and critical insights on…
Members of the Christ Apostolic Church Grammar School, Efon-Alaye Alumni Association have launched a N50m endowment fund to support knowledge-driven initiatives aimed at assisting the students of their alma mater. At the recent event held in Lagos, the association also honoured former students of the school who have distinguished themselves in their chosen professions. Some of the award recipients, who are former students of the school, included the Governor of Ekiti, Mr Biodun Oyebanji; Justice Johnson Apuabi; Dr Adekunle Ojo, SAN; Prof. Adio Afolayan; Prof. Dipo Kolawole; Pharm. John Oni; Prince Aderogba Agbaje and Engr Suyi Dada. Other are Mr…
Bvndle, a customer engagement and loyalty platform, says it is set to redefine how Nigerians experience rewards and loyalty programmes. Designed with the modern consumer at its core, Bvndle addresses the frustrations often associated with traditional loyalty programmes, delivering meaningful rewards and personalised experiences that make every Naira count, according to a statement. “Through Bvndle, customers earn rewards by simply engaging in their everyday activities – shopping, dining, or utilising services from Bvndle’s extensive network of partners. These earned rewards unlock curated benefits, ranging from exclusive discounts and special offers to unforgettable experiences and products.In simpler terms, Bvndle is like…
Lasaco Assurance Plc has paid N353m as insurance claims to the beneficiaries of 128 deceased local government and State Universal Basic Education Board employees in Lagos State. In a statement on Wednesday, Lasaco Assurance said, “Under the leadership of Governor Babajide Sanwo-Olu, the Lagos State Government demonstrated its commitment to the well-being of local government staff in collaboration with Lasaco Assurance Plc by approving the disbursement of N353m as insurance benefits to 128 beneficiaries of the deceased staff.” During the recent presentation of cheques to the beneficiaries, held in Ikeja, Lagos, the Commissioner for Local Government, Chieftaincy Affairs, and Rural…
VFD Group Plc has announced its intention to raise N30bn in additional capital through share issuance, global depository receipts, commercial papers, loans, convertible and non-convertible instruments, medium-term notes, and bonds. The Company Secretary of the firm, Gbeminiyi Shoda, disclosed that at the company’s annual general meeting held in Lagos State on Thursday. According to Shoda, the move is aimed at bolstering the company’s financial base and supporting its ambitious growth plans. She added that the capital raise would be executed in tranches, with specific terms, such as coupon or interest rates, maturity periods, and other conditions to be determined by…
The Federal Government through the Central Bank of Nigeria has raised a total sum of N284.26bn in the latest Nigerian Treasury Bills auction. This was as its T-Bills debts soared to N10.4tn between December 2023 and March 2024, marking a 60 per cent rise in just three months. According to the auction result by the Debt Management Office and cross-checked with data posted on the CBN website on Thursday, the auction attracted significant investor interest, with the total subscription amounting to N773.98bn, far surpassing the total offer of N228.72bn. The most recent outcome indicates ongoing strong demand from yield-hungry investors…
The total transactions on the local bourse have hit N2.35tn at the end of May, indicating a 115.40 per cent increase compared to the first five months of 2023. This was disclosed in the domestic and foreign portfolio participation in equity trading report released by the Nigerian Exchange Limited on Thursday. According to the report, domestic investors maintained their dominance in the market as they transacted about N1.79tn (79.63 per cent) in the five months compared to N458.29bn (20.37 per cent) for foreign investors. A further breakdown showed that domestic institutional investors had the upper hand at N906bn compared to…
Insurance company, Axa Mansard and Slot Systems Limited have partnered on a product that provides insurance coverage of up to N50,000 for customers if their smartphones’ screens get damaged. The product was launched at the head office of Axa Mansard on Tuesday. At the launch, the Country Manager, Axa Mansard, Rashidat Adebisi, said that the partnership with Slot had become imperative given the economic situation in the country and the firm’s desire to make life easier for their customers. “We decided to launch this product to ensure that Nigerians are connected. The downside of an unexpected and unforeseen situation; when…
Kano Electricity Distribution Company has dragged the Manufacturers Association of Nigeria before the High Court of Federal Capital Territory, Abuja, over unlawful interference resulting in revenue losses up to the tune of N5.3bn. The lawsuit was a counter-action taken by the DisCo following the rejection of the new tariff hike by MAN, Kano Branch and its over 41 member affiliate to boycott payment of the new tariff to the DisCo through a court injunction the association obtained on behalf of maximum demand consumers on Band A in the three states of Kano, Katsina and Jigawa. KEDCO through a statement issued…
Mercury Maritime Concession Company, the lead promoter of the $27.29bn Escravos Deep Seaport Industrial Complex Project in Warri, Delta State, said it has received approval and revalidation from the Delta State Government. The developer added that in addition to the state government revalidation, it had received assurance from the Federal Government that the revalidation on the earlier provisional approval would soon be granted. The Chairman of MMCC, Rear Admiral Okoja, disclosed this while addressing journalists in Apapa, Lagos on Wednesday. Earlier, this month, It was reported that MMCC said the country may lose $27.29bn investment in the project by the…
The Federal Government has announced its readiness to establish Nigeria as the third-largest terrestrial fibre-optic infrastructure nation in Africa, with the proposed installation spanning 90,000 km. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave this assurance at the Fibre Forward Strategic Development Workshop. The event was organised by the Federal Ministry of Communications, Digital Economy and Information Technology. A statement signed by the Director, of Information and Public Relations, Mohammed Manga on Wednesday, said the Workshop marked a significant milestone in Nigeria’s journey towards revolutionizing connectivity through a $2bn Special Purpose Vehicle initiative. “The…
The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023. In a statement made available, he disclosed that at the company’s 31st Annual General Meeting held in Lagos State. Eterna offers a range of energy products, including petrol, aviation fuel, diesel, and lubricants. “Eterna reported an operating profit of N7.8bn, a remarkable 143 per cent increase from N3.2bn in 2022. Although the company ended the year with an N9.4bn loss, this was primarily due to FX losses,” he said. Ogbechie attributed some challenges that affected the company’s financial…