The International Air Transport Association (IATA) disclosed on Sunday that $19 million remains uncleared in Nigeria due to the Central Bank’s ongoing verification of outstanding forward claims filed by commercial banks. According to IATA, in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly impacting airline operations and finances in the country. The organization stated that airlines faced difficulties repatriating revenues in US dollars, which led some carriers to reduce their operations and one to temporarily cease operations in Nigeria, severely affecting the country’s aviation industry. As of April 2024, IATA reported that 98 percent of these funds have…
Author: Temitope N.
The Nigeria Union of Railway Workers, an affiliate of the Nigeria Labour Congress (NLC), has announced an indefinite nationwide strike beginning at midnight on Monday, June 3rd, 2024. This decision follows what the union describes as the Federal Government’s ‘insensitivity’ to two critical issues: the failure to agree on a new national minimum wage as directed by organized labour, and the government’s refusal to revert electricity tariffs to N66 per kilowatt-hour (kWh), along with its implementation of a banded electricity system. The union claimed that the government failed to meet their demands for a new minimum wage by the end…
The Federal Government has labelled the strike action called by the organized labour, set to commence on Monday, June 3rd, as “premature, illegal, and illegitimate.” The government asserts that the labour unions have failed to comply with Sections 41 and 42 of the Trade Dispute Act of 2004, which mandates a 15-day notice before embarking on a strike. In a letter addressed to the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), Lateef Fagbemi, the Minister of Justice and Attorney General of the Federation, emphasized that the strike is “premature” as the Federal Government and…
At the recent Lagos Career Fair 2024, Otunba Odeyeyiwa Olayemi, Group Managing Director of Repton Group, outlined the essential elements for achieving career advancement. As the keynote speaker, Olayemi emphasized the importance of passion, focus, diligence, special skills acquisition, strategic positioning, and resilience in today’s competitive job market. Olayemi highlighted that the digital technology explosion has transformed the job market into a global village, dismantling geographical boundaries and intensifying competition. Job-seekers now face millions of competitors worldwide, making it crucial to stand out. “You need to sharpen your employability skills, strategically position yourself, and be resilient to stay ahead of…
Guinness Nigeria Plc has reaffirmed its dedication to women’s empowerment and economic development with the successful conclusion of the Plan W training recap and asset handover ceremony held recently in Ibadan. This event marks a significant milestone in the company’s ongoing mission to foster economic empowerment and social progress among women across Nigeria. Speaking at the ceremony, Adebayo Alli, Managing Director of Guinness Nigeria, highlighted the initiative’s extensive impact. “Since 2019, we have empowered 1,150 women across Nigeria. Our vision is bold, our ambitions are high, and our commitment is unwavering. By the second quarter of 2024, we aim to…
Olumide Ogunwo, the founder and CEO of Afriprize, a leading gaming platform, shares his inspirational journey from Okitipupa in Ondo State to becoming a significant player in the gaming industry. Ogunwo’s life story began in an old garage in Okitipupa, with roots tracing back to Ode-Aye. As a student, he was captivated by technology, managing a cyber cafe and diving into the digital world early on. After high school, Ogunwo moved to Awka, Anambra, where he delved into cybersecurity and game development. Reflecting on his journey, Ogunwo stated, “The internet opened doors to global communities, I made friends and discovered…
In a groundbreaking study titled “Vulnerabilities to Changes in the Water System of Conflict-Affected Communities in Adamawa State,” Dr. Robert Inyeneke of Alex Ekwueme Federal University, Ndufu Alike, and Dr. Tafida Ahmadu of Modibbo Adama University Yola have highlighted the severe water insecurity faced by residents in Adamawa. The findings reveal that many people are forced to drink water from the same sources as animals, including pigs, due to the lack of safe water sources. Impact of Climate Change and Conflict The study points to climate change as a significant factor exacerbating water insecurity in Adamawa, compounded by ongoing conflicts…
Fidelity Bank Plc has achieved the highest corporate governance rating, CG+, at the Nigerian stock market, reflecting its strong adherence to best practices and standards. The CG+ rating signifies that Fidelity Bank complies with the highest corporate governance standards, promptly meeting full disclosure requirements and global best practices. A recent review of the bank’s compliance report reaffirmed its sustained CG+ rating, earning commendations from shareholders and market experts for maintaining high corporate governance standards. Corporate governance compliance in the stock market includes timely submission of detailed operational results, full disclosure of all material and regulated information, and accurate reporting. Mr.…
The Senate Committee on Capital Market has approved Dr. Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC), along with other nominees. The Committee, chaired by Senator Osita Izunaso, also cleared Frana Chukwuogor as Executive Commissioner, Legal and Enforcement; Mr. Bola Ajomale, Executive Commissioner, Operations; and Mrs. Samiya Usman, Executive Commissioner, Corporate Services. President Bola Tinubu appointed Agama on April 19, 2024, to succeed Mallam Lamido Yuguda. Following his confirmation, Agama expressed his commitment to accelerating the development of the capital market to enhance wealth creation, attract investments, and generate employment opportunities for Nigerians. “We are bringing…
Chief Executive Officer of MoMo Payment Service Bank (PSB), Eli Hini, has reaffirmed the firm’s dedication to enhancing financial inclusion in Nigeria. Hini highlighted that MoMo PSB provides a platform that exposes SMEs to a broader customer base and connects them with essential services such as seamless online payments, international remittances, and the ability to accept payments from any source. “These solutions eliminate the need for cash transactions, saving time, reducing risk, and providing clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and…
Financial analysts have stressed that Nigeria requires a cumulative 750 basis points interest rate hike implemented over the last three Monetary Policy Committee (MPC) meetings to effectively manage inflation. With the benchmark interest rate now at 26.5%, these measures are considered crucial, necessitating collaboration between monetary and fiscal authorities to achieve the desired outcomes. In a note to investors, Bismarck Rewane, Managing Director of Financial Derivatives Limited, highlighted that Nigeria’s inflationary pressures are multifaceted and require more than just interest rate adjustments to control effectively. He pointed out that managing the inflationary impact of minimum wage increases can be achieved…
Cascador Entrepreneurial and Leadership Initiative, a renowned program dedicated to empowering Nigerian entrepreneurs, has announced the opening of applications for its 2024 cohort. Since its inception in 2019, Cascador has been instrumental in supporting local business growth by providing mentorship, education, and a strong support network to foster the next generation of business leaders in Nigeria. The 2024 Cascador program is scheduled to be held from November 4-8, 2024, at Lagos Business School. It offers African entrepreneurs a unique opportunity to grow their businesses and enhance their leadership skills through direct collaboration with successful American and Nigerian entrepreneurs. Dave DeLucia,…
First Bank of Nigeria Limited, in collaboration with Proparco, a Development Finance Institution, is undertaking significant steps to integrate climate initiatives into its business operations and strategy. This move is part of an effort to position the bank as an African Climate Bank and contribute to reducing Greenhouse Gas (GHG) emissions. The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all branches and offices. This comprehensive assessment includes data on electricity use, diesel use, water consumption, waste management, fuel consumption, and business travels. The goal is to establish the bank’s emission baseline and identify…
Access Holdings Plc has emphasized the critical need for ethical considerations in the use of Artificial Intelligence (AI) within the financial industry. This call to action came during the Smart Banking Summit 2024 held in Kenya, where Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, delivered a keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks.” Bamisebi highlighted the transformative potential of AI in revolutionizing societies and financial services, emphasizing its ability to enhance customer service, optimize risk management, and drive efficiency and innovation. However, he underscored the importance of balancing innovation with responsibility, ensuring that…
Senator George Akume, the Secretary to the Government of the Federation (SGF), has urged members of the Inter-Ministerial Task Team (IMTT) to prioritize transparency in their duties. He emphasized that the activities of the Nigerian Extractive Industries Transparency Initiative (NEITI) are closely monitored by the International Extractive Industries Transparency Initiative (EITI) and the press. The SGF, represented by Mr. Simon Tyungu, Director of the SGF Main Office, made this statement during the inauguration of the IMTT in Abuja. He stressed the importance of conducting their assignments with utmost diligence, considering the visibility of NEITI’s activities. “In the conduct of this…
Symrise, a global leader in flavors, fragrances, cosmetics, and nutritional ingredients, has inaugurated its newly upgraded application laboratories in Lagos. This move underscores Symrise’s commitment to Nigeria and its strategic growth plans in the region, aiming to deliver enhanced value to consumers. The announcement was made during a press chat and office opening event for clients at Symrise Nigeria’s new facilities in Ikeja. Lilian Regnier, President of Symrise Europe, Africa, Middle East, highlighted Symrise’s longstanding presence in Nigeria, spanning over 30 years. She emphasized the company’s investments in building and maintaining operations in the country, positioning Nigeria as a pivotal…
The Lagos State Government is gearing up to launch the Lagos Agriculture & Food Systems’ Roadmap 2.0, an initiative aimed at assessing the state’s progress on food security goals and key performance indicators (KPIs). This roadmap will also serve as a platform to support the agricultural ecosystem and encourage new entrants into the sector. The announcement was made by the State Commissioner for Agriculture, Ms. Abisola Olusanya, during the Agrinnovation Club Hangout 3.0 held at the MAD House, University of Lagos, Akoka, Lagos. The summit, she explained, provides a crucial opportunity for stakeholders in the Agrinnovation Club to directly engage…
Ebenezer Onyeagwu has been recognized as the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, marking his second consecutive win. The award, featured in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with the completion of Onyeagwu’s five-year tenure as Group Managing Director/CEO on May 31, 2024. Expressing his gratitude, Onyeagwu stated, “It is indeed an honor to be recognized as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation,…
The Federal Road Safety Corps (FRSC) manufactured a total of 3,563,759 number plates for motor vehicles and motorcycles between 2020 and 2022, according to the latest National Bureau of Statistics (NBS) 2023 Social Statistics Report. The report indicates that the FRSC produced 2,161,782 number plates for motor vehicles and 1,066,377 for motorcycles during this three-year period. Breaking down the figures by year, the FRSC produced 653,330 motor vehicle number plates in 2020, 767,927 in 2021, and 740,525 in 2022. For motorcycles, the numbers were 335,600 in 2020, 386,249 in 2021, and 344,528 in 2022. In addition to number plates, the…
During a press briefing in Abuja, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, revealed that the Federal Government has successfully attracted $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector within one year. Uzoka-Anite emphasized that this investment is part of the ministry’s initiative to revive the long-dormant textile industry, encompassing the entire clothing value chain in Nigeria. “The Ministry is working on a resurgence plan for the Nigerian cotton, textile, and apparel industry in collaboration with development partners and private sector stakeholders. We have secured $3.5 billion to unlock the textile, cotton, and apparel…