Author: Mary Osisanya-Bello

As Nigerians grapple with soaring petrol prices, the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged to N1,500 per kilogram. Suresh Kumar, Managing Director and CEO of NIPCO Plc, expressed optimism that the Dangote refinery and other domestic refineries will help reduce cooking gas prices. He highlighted concerns that over 60% of the cooking gas consumed in Nigeria is imported. Recent checks revealed that cooking gas prices have reached N1,500 per kilogram at some retail outlets in Ogun and Lagos states as of Sunday. In Abuja, the average price to refill a 12.5kg cylinder has…

The Association of Licensed Telecommunication Companies of Nigeria (ALTON) has criticized Starlink’s recent decision to raise internet subscription prices without prior approval from the Nigerian Communications Commission (NCC), calling it a serious breach of regulatory authority. Just two weeks ago, Starlink, owned by Elon Musk, increased its monthly subscription fees by 97%, from N38,000 to N75,000, while also hiking hardware kit prices by 34%, from N440,000 to N590,000. With nearly 24,000 subscribers, as reported by the NCC in May, Starlink attributed these price adjustments to “excessive inflation.” ALTON Chairman Gbenga Adebayo emphasized the importance of regulatory compliance in Nigeria’s telecommunications…

The Federal Government says it has adopted 88 international standards for Compressed Natural Gas products to bolster the ongoing rollout of various CNG initiatives across the country.It said this procedure will ensure a smooth implementation of CNG systems in vehicles and to ensure the use of quality products in Nigeria.The Director-General of Standard Organisation of Nigeria, Dr Ifeanyi Okeke, made this disclosure in a statement issued on Sunday to commemorate the World Standards Day celebration in Abuja. The annual celebration is themed, “Our Shared Vision for a Better World: Standards for Changing the Climate”.Okeke said that the event was aimed…

A consortium of investors from South Korea has concluded plans to build four 100,000-barrel capacity refineries in various locations in Nigeria, the Federal Government announced on Tuesday.The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this at the maiden edition of a summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos.According to him, the Federal Government is encouraging investors to build refineries by providing an open environment for all.Lokpobiri noted that approval was recently granted to invite the consortium, the name of which he did not mention.“We encourage investors to build limited refineries by…

The Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) has teamed up with Aleph Group, a leading global digital advertising enabler, to equip over 2,600 Nigerian youth with essential digital advertising skills as part of its flagship initiative, the 3 Million Technical Talent Programme (3MTT). Through this collaboration, young Nigerians will gain access to Aleph’s Digital Ad Expert (DAE) program, providing them with the knowledge and skills needed to succeed in today’s digital landscape. Aleph Group connects advertisers with consumers across more than 130 emerging markets, facilitating engagement on over 45 of the world’s top digital platforms, including Google,…

Dr. Ngozi Okonjo-Iweala has emphasized the need to reduce cotton subsidies to provide developing countries with greater market access. As the Director-General of the World Trade Organization (WTO), Dr. Okonjo-Iweala highlighted the importance of leveling the playing field by cutting cotton subsidies, which currently total $8 billion. This reduction would enable developing nations to better benefit from trade. She made these remarks during the opening ceremony of World Cotton Day 2024 in Cotonou, Benin Republic, where she noted the WTO’s ongoing efforts to support the cotton sector. Dr. Okonjo-Iweala expressed concern that, despite the high quality and environmentally friendly nature…

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining the stability of the country’s financial system, emphasizing that regular stress tests are conducted to identify potential vulnerabilities in banks. This message was conveyed in a press release by the CBN’s acting Director of Corporate Communications, Mrs. Hakama Ali, on Tuesday. “The CBN recognizes the critical role that confidence plays in banking operations and assures that all deposits in Nigerian banks are secure,” the statement said. It highlighted that the ongoing stress testing of financial institutions aims to uphold the resilience of Nigeria’s banking sector. According to the…

Woodhall Capital is excited to announce its partnership with the Nigerian-American Chamber of Commerce (NACC) for an upcoming Breakfast Meeting titled “How the Changing Banking Sector Landscape Can Support Nigeria’s Socioeconomic Reforms.” This event will take place on Tuesday, October 8th, 2024, at the Lagos Continental Hotel. During the meeting, Woodhall Capital will honor Mo Abudu with the Visionary Leadership Award. The guest speaker for the event will be Mr. Kenneth Opara, the Immediate Past President of the Chartered Institute of Bankers of Nigeria (CIBN). The panel will also feature distinguished discussants, including Mrs. Margaret Olele, CEO of the American…

Access Bank has secured a provisional license from Namibia, marking a significant milestone in its African expansion strategy. Access Holdings Plc announced that its subsidiary, Access Bank Plc, has received this provisional license from the Bank of Namibia to establish commercial operations in the country. This achievement highlights the bank’s aggressive efforts to broaden its footprint across Africa and solidify its position as a leading Pan-African financial institution. The announcement was made by Access Holdings’ Company Secretary, Sunday Ekwochi, on Monday. The move underscores the bank’s strategic commitment to enhancing its influence in key African markets. Roosevelt Ogbonna, Managing Director…

The NCDMB has confirmed its commitment to President Tinubu’s 2024 directives, ensuring that only qualified local companies participate in oil and gas tenders. The Nigerian Content Development and Monitoring Board (NCDMB) announced the removal of middlemen and briefcase investors from the country’s oil and gas industry, successfully reducing the contracting cycle to six months. This achievement is attributed to three Presidential Directives on Local Content operations issued by President Bola Tinubu in March 2024. During a breakfast meeting with media executives in Lagos, NCDMB Executive Secretary Felix Ogbe stated that the board fully complied with the Presidential Directive on Local…

The Federal Government has set a new deadline of September 2025 for Julius Berger to complete the N280 billion Bodo-Bonny Road project currently under construction in Rivers State. This announcement follows President Bola Tinubu’s approval of an upward revision of the contract sum, aimed at accelerating the road’s completion. During an inspection of ongoing federal road projects in Rivers State on Monday, Minister of Works David Umahi revealed that negotiations with Julius Berger had led to the approval of the full contract amount. He emphasized the importance of adhering to project specifications. “We have granted Julius Berger the amount they…

The Federal Government, through the National Pension Commission (PenCom), has officially begun preparations for the enrollment of prospective retirees in 2025, highlighting the importance of early planning. In a strong message to all ministries, departments, and agencies, PenCom urged them to avoid any last-minute rush that could disrupt the enrollment process and adversely affect retirees as they transition to this new phase of life. The acting Director-General of PenCom, Omolola Oloworaran, made this announcement at a workshop organized to launch the 2024 online enrollment applications for pension desk officers of federal treasury-funded MDAs, held on Monday in Abuja. This workshop…

Nigeria’s aspiration to become a leading digital economy is significantly challenged by unresolved Right of Way (RoW) issues that hinder telecommunications companies from expanding the essential fibre optic infrastructure needed for high-speed internet and seamless connectivity. Despite notable advancements in digital adoption, the rollout of crucial infrastructure faces considerable obstacles, primarily due to excessive RoW fees imposed by state governments. RoW permits telecom companies to install, maintain, and upgrade infrastructure such as fibre optic cables, cell towers, and antennas on public or private property. These cables are vital for a modern digital economy, supporting services from online education…

Global leaders in residence and citizenship planning, Henley & Partners, are set to host an investment migration roadshow in Lagos. The event, aimed at educating Nigerians and West Africans about global mobility and investment migration opportunities, will also take place in Abuja on October 8 and Accra on October 15. At a recent briefing in Lagos, Senior Consultant Chidinma Okebalama and Troy Hanley, Managing Director of Private Clients, led discussions with partners from various countries. The event is supported by Carlo Paguio from Hotel 101 Madrid, Spain; Ryan Guy from Startup Visa Services, Canada; Maryam Mansouri from Range Development in…

As of Thursday, October 3, 2024, the expected supply of crude oil in naira from the Nigerian National Petroleum Company Limited (NNPC) to the Dangote Petroleum Refinery, set to begin on October 1, has not yet commenced. Officials from the Dangote refinery and regulatory bodies—including the Nigerian Upstream Petroleum Regulatory Commission, the Federal Ministry of Finance, and NNPC—have not responded to inquiries regarding the status of the naira-for-crude agreement. On Monday, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency confirmed that the NNPC would start supplying approximately 385,000 barrels per day of crude to the…

Remember how we all dreamed of being like Akeelah from *Akeelah and the Bee*? Spelling bee tournaments have always been fascinating to watch, showcasing contestants who effortlessly roll letters off their tongues as if they’ve been reading the dictionary their entire lives! If you’re a word enthusiast, have a child who is, or know someone who could be the next Akeelah, then the MTN mPulse Spelling Bee is perfect for you! Targeted at participants aged 9 to 15 nationwide, the mPulse Spelling Bee is a digital-first competition that promotes literacy, critical thinking, and comprehension skills among young people. Following the…

The US Securities and Exchange Commission (SEC) has charged Nigerian auditor Olayinka Oyebola and his firm, Olayinka Oyebola & Co. (Chartered Accountants), for allegedly aiding former Tingo Group CEO Mmobuosi Odogwu Banye—also known as Dozy Mmobuosi—in a massive $250 million securities fraud scheme. In a statement released on Monday, the SEC accused Oyebola and his firm, registered with the Public Company Accounting Oversight Board (PCAOB), of assisting Mmobuosi and three US companies under his control in executing the fraud. “The Securities and Exchange Commission today charged Olayinka Oyebola and his PCAOB-registered firm with aiding and abetting a significant securities fraud…

AfDB President Akinwumi Adesina has called for strategic investments and innovative approaches in wheat production to enhance food security across Africa. Speaking at the opening of the West and Central Africa Wheat Summit 2024 in Abuja, themed “Prioritizing Policy, Innovative Technologies, and Investments in Wheat Transformation for Sustainable Food Security and Economic Growth in West and Central Africa,” Adesina highlighted the critical role of technology in revolutionizing agriculture and food security. He underscored the urgent need to address the region’s dependence on wheat imports, which exceed 80 percent, warning that this reliance threatens food security and economic stability. “Transforming our…

Ade Adefeko, Director of Corporate and Regulatory Affairs at Olam Agric, emphasizes that while food is available in Nigeria, it is not affordable, attributing high prices to cyclical production and harvest patterns. In an interview with ARISE News on Wednesday, Adefeko provided insights into Nigeria’s agricultural landscape following President Bola Tinubu’s speech on the nation’s 64th Independence anniversary. He expressed cautious optimism, stating, “I’m positive about the current state of agriculture. Previously, we faced issues with availability and affordability. Now, while we have a positive availability of food, the affordability remains a challenge, making it difficult for people to access…

The National Pension Commission (PenCom) has approved the merger of ARM Pension Managers Limited and Access Pensions Limited, resulting in the formation of a new entity named Access ARM Pensions Limited. This consolidation brings the total number of pension fund administrators in Nigeria to 18. In a statement released on Tuesday, PenCom highlighted that the merger aims to create a more competitive and robust player in the Nigerian pension industry, ultimately enhancing service delivery and providing greater value for pension contributors. The commission noted that the merger is expected to generate economies of scale and improve operational efficiency within Access…