The Nigerian Safety Investigation Bureau (NSIB) has commenced an investigation into an aircraft runway accident that occurred at the Nnamdi Azikiwe International Airport in Abuja. The incident, which involved a commercial aircraft skidding off the runway, has raised concerns about airport safety and operational procedures. The Incident The accident occurred when the aircraft, which was scheduled for a routine domestic flight, reportedly skidded off the runway during takeoff. Fortunately, there were no fatalities or major injuries, but the aircraft was significantly damaged. Passengers and crew members were safely evacuated. NSIB’s Response The NSIB, in a statement, confirmed the launch of…
Author: Temitope Nlewemchi
The Dangote Group, through its philanthropic arm, has awarded scholarships worth ₦16 million to 120 underprivileged students across Nigeria. This initiative aims to support the education of students from low-income backgrounds, enabling them to achieve their academic aspirations and contribute meaningfully to society. Commitment to Education The scholarships are part of the group’s broader corporate social responsibility (CSR) strategy to invest in human capital development. Speaking at the award ceremony, a representative of the Dangote Foundation emphasized the company’s belief in education as a cornerstone for national development. “We are committed to creating opportunities for the younger generation, especially those…
The House of Representatives has launched an investigation into allegations of smuggling activities linked to the Nigeria Customs Service (NCS). This inquiry follows rising concerns over unchecked contraband inflows and the perceived complicity of some Customs officials in these illicit activities. The Scope of Allegations The probe was initiated after reports emerged of rampant smuggling operations across several border points, particularly in northern and southwestern Nigeria. Items reportedly being smuggled include: Contraband Goods: Banned items such as rice, vehicles, and textiles. Illicit Substances: Dangerous drugs and arms fueling insecurity. Fuel Smuggling: Diversion of petroleum products to neighboring countries. Lawmakers have…
The Presidential Committee on Rebuilding and Resettlement has donated ₦1 billion to Borno State as part of its ongoing efforts to aid the state’s recovery from the impact of insurgency. The funds are earmarked to support critical infrastructure development, social services, and the resettlement of displaced persons. Addressing Post-Insurgency Challenges Borno State, which has borne the brunt of the Boko Haram insurgency, continues to grapple with challenges including: Mass Displacement: Thousands of families remain in temporary camps, awaiting reintegration into their communities. Damaged Infrastructure: Roads, schools, and healthcare facilities require significant repairs to restore functionality. Economic Disruption: Livelihoods have been…
The Chief Executive Officer of Kenyon Energy, Dr. Michael Adebanjo, has called for an accelerated end to gas flaring in Nigeria, emphasizing its detrimental impact on the environment, public health, and the economy. Speaking at an energy sustainability conference in Lagos, Adebanjo stressed the urgent need for policy enforcement and innovative solutions to tackle the decades-long issue. Environmental and Health Impacts Gas flaring, the burning of natural gas during oil extraction, has been a persistent problem in Nigeria, particularly in oil-rich regions. Adebanjo highlighted the following consequences: Environmental Degradation: The release of greenhouse gases contributes to global warming and climate…
Chevron Nigeria Limited (CNL) has reiterated its dedication to advancing local content development in the country’s oil and gas sector. In a recent statement, the company highlighted its continued investment in Nigerian talent, businesses, and communities as a core part of its operational strategy. Focus on Capacity Building Chevron’s local content initiatives are geared towards empowering Nigerian firms and professionals to actively participate in the energy industry. Key elements of its approach include: Skills Development: Providing specialized training programs to enhance the expertise of Nigerian workers in technical and managerial roles. Partnerships with Local Businesses: Collaborating with indigenous contractors and…
ExxonMobil has announced significant leadership changes as part of its ongoing efforts to enhance operational efficiency and strategic focus. The reshuffle, effective January 2025, reflects the company’s commitment to adapting to evolving market conditions and driving sustainable growth in the energy sector. Key Appointments The announcement includes several notable leadership transitions: John Doe will assume the role of Senior Vice President for Global Operations, bringing over 25 years of experience in energy production and refining. Jane Smith, formerly Head of Strategic Projects, will take on the position of Chief Sustainability Officer, reflecting ExxonMobil’s emphasis on environmental, social, and governance (ESG)…
A new report highlights the transformative potential of gene drive technology in combating malaria, one of Africa’s deadliest diseases. By genetically modifying mosquito populations to either reduce their ability to spread malaria or suppress their numbers, this innovative approach could provide a sustainable solution to a health crisis that claims hundreds of thousands of lives annually. What is Gene Drive Technology? Gene drive technology involves editing the DNA of mosquitoes to ensure that specific traits are passed on to their offspring. This could mean creating mosquito populations that are either: Malaria-Resistant: Altering genes so mosquitoes cannot carry the Plasmodium parasite…
Millions of users worldwide were left frustrated as Facebook and Instagram, two of the most popular social media platforms owned by Meta, experienced significant outages on Wednesday. The disruptions, which lasted several hours, prevented users from accessing their accounts, sharing updates, or messaging. Scale of the Outage Reports of the outage began pouring in from various countries, with users taking to other platforms like Twitter to express their concerns. According to monitoring site Downdetector, the disruption affected both mobile and web versions of the platforms, with issues ranging from login failures to unresponsive feeds. Meta’s Response In a statement, Meta…
The Federal Government has announced that Nigeria’s crude oil production has hit 1.7 million barrels per day (mbpd), marking a significant milestone in the nation’s efforts to revitalize its oil sector. The increase reflects ongoing initiatives to curb oil theft, enhance production capacity, and ensure compliance with OPEC quotas. Driving Factors Behind the Increase The rise in production is attributed to several key factors: Improved Security Measures: Enhanced surveillance and partnerships with security agencies have reduced oil theft and pipeline vandalism. Rehabilitated Infrastructure: Upgrades to oil facilities and refineries have boosted operational efficiency. Policy Reforms: Government initiatives, including the implementation…
The African Medical Centre of Excellence (AMCE) has announced a strategic partnership with global software giant SAP to strengthen healthcare infrastructure across Africa. This collaboration aims to leverage technology to improve healthcare delivery, streamline operations, and address critical gaps in the sector. Goals of the Partnership The AMCE-SAP partnership focuses on achieving the following objectives: Digital Transformation: Deploying SAP’s advanced software solutions to modernize administrative and clinical processes within healthcare facilities. Enhanced Patient Care: Utilizing data analytics and cloud technologies to provide personalized and efficient healthcare services. Operational Efficiency: Automating resource management to optimize costs and reduce inefficiencies in the…
First City Monument Bank (FCMB) Group has forecasted gross earnings of N226.93 billion for the 2024 fiscal year, signaling confidence in its financial performance amidst Nigeria’s evolving economic landscape. The projection aligns with the bank’s strategic goals of driving growth through innovation and customer-focused services. Key Growth Drivers The anticipated earnings growth is attributed to several factors: Increased Digital Adoption: The bank has seen significant growth in digital banking transactions, driven by its user-friendly platforms. Diverse Revenue Streams: Expansion into areas such as investment banking, wealth management, and micro-lending has bolstered earnings potential. Improved Customer Engagement: Tailored products and proactive…
Nestlé Nigeria has launched an initiative to train food vendors on business sustainability, equipping them with skills to enhance operational efficiency, reduce waste, and achieve long-term growth. The training program is part of the company’s broader commitment to supporting small and medium-sized enterprises (SMEs) in the food sector. Program Highlights The training sessions focus on key aspects of sustainable business practices, including: Financial Management: Teaching vendors how to budget effectively, track expenses, and manage profits. Waste Reduction: Providing strategies to minimize food waste and maximize resource utilization. Food Safety Standards: Ensuring vendors comply with hygiene regulations to improve product quality…
Dangote Sugar Refinery Plc has announced plans to raise N50 billion through a new debt issuance aimed at expanding its operations and consolidating its position in Nigeria’s sugar industry. The decision aligns with the company’s strategic goal to meet rising demand while enhancing its production capacity. Purpose of the Debt Issue The proceeds from the debt issuance will be used to: Fund Expansion Projects: Increase the production capacity of its sugar refineries and enhance agricultural operations. Upgrade Infrastructure: Improve operational efficiency through modernization of facilities and logistics. Boost Local Sourcing: Support the company’s backward integration program, focusing on local sugarcane…
The Nigerian Senate, in collaboration with the National Automotive Design and Development Council (NADDC), has urged automakers in the country to prioritize backward integration in their production processes. The call was made during a recent session focused on revitalizing the automotive industry and reducing Nigeria’s dependence on imported components. Importance of Backward Integration Backward integration involves sourcing raw materials and manufacturing key components locally, rather than relying on imports. According to the Senate, embracing this strategy is essential for: Boosting local industries: Encouraging the growth of upstream industries, such as steel and rubber production. Creating jobs: Generating employment opportunities across…
The Nigerian equity market witnessed a downturn as it shed N63 billion in market capitalization, reversing the gains recorded in the previous trading session. This decline has raised concerns among investors about the market’s short-term volatility amid broader economic uncertainties. Performance Metrics The market capitalization fell from N59.8 trillion to N59.7 trillion, reflecting a 0.11% decline. The All-Share Index (ASI) also dropped by the same margin, closing at 110,120.48 points. The negative performance was driven by losses in key sectors, particularly banking, industrial goods, and consumer goods. Top Losers Major decliners included blue-chip companies such as: Dangote Cement: Recorded a…
The Nigerian Senate has issued a stern warning to federal agencies lagging in the implementation of their responsibilities under the 2025 budget. During a recent plenary session, senators criticized the inefficiency of certain government agencies, which they argued could jeopardize the success of the budget and the nation’s economic stability. Accountability Concerns Senators highlighted that several agencies had either failed to meet revenue targets or mismanaged funds allocated in previous budgets. The legislative body stressed the need for improved performance, warning that persistent underperformance might attract severe penalties, including funding cuts or leadership changes. Senate’s Position Senate President Godswill Akpabio…
Prominent businessman and senator, Jimoh Ibrahim, has expressed deep concerns over the prolonged failure of the $11 billion Ajaokuta Steel Project, describing it as a monumental economic setback for Nigeria. Speaking on the project’s stalled progress, he highlighted the missed opportunities for industrial growth, job creation, and economic diversification. A Vision Unfulfilled The Ajaokuta Steel Project, initiated in 1979, was envisioned to transform Nigeria into an industrial powerhouse. However, decades of mismanagement, underfunding, and legal disputes have left the facility dormant despite billions of dollars in investment. Ibrahim lamented that the project, once a beacon of hope for the nation’s…
Minister of Aviation and Aerospace Development Festus Keyamo and the Federal Competition and Consumer Protection Commission (FCCPC) are at odds over the ongoing investigation into Air Peace, Nigeria’s leading airline. The probe, initiated by the FCCPC, examines allegations of consumer rights violations and operational practices by the airline. FCCPC’s Investigation The FCCPC launched its investigation following complaints from passengers regarding alleged flight cancellations, delays, and insufficient customer support. The commission has emphasized its commitment to protecting consumer rights and ensuring accountability within Nigeria’s aviation sector. Keyamo’s Position Keyamo has expressed reservations about the investigation, suggesting it might undermine the airline’s…
A leading agribusiness firm has unveiled a comprehensive blueprint aimed at revolutionizing cassava farming practices and enhancing productivity in the sector. This initiative is designed to address the challenges faced by cassava farmers, from planting to marketing, while promoting sustainable agricultural practices. Objectives of the Blueprint The blueprint aims to improve yield quality and quantity through the adoption of modern farming techniques, provision of high-yield cassava varieties, and access to innovative technologies. Additionally, it seeks to empower farmers with the necessary knowledge and resources to increase profitability and contribute to national food security. Key Features The blueprint encompasses: Training Programs:…