Author: Mary Osisanya-Bello

A Federal High Court in Lagos has fixed October 21, 2024, for the hearing of pending applications in a suit filed by an investment firm, Barbican Capital Limited against First Bank of Nigeria Holdings Plc over the alleged disputes of its N5.4bn shares.Justice Ayokunle Faji, on Wednesday, adjourned the suit following an application from Ecobank Plc’s counsel, Kunle Ogunba (SAN), seeking to join the case.At the proceedings, counsel to Barbican Capital Limited, Bode Olanipekun (SAN), announced his appearance for the plaintiff, while Babajide Koku (SAN) appeared for FBN Holdings Plc, the first defendant.The Central Bank of Nigeria was represented by…

The Nigerian Content Development and Monitoring Board (NCDMB) signed a Memorandum of Understanding (MoU) with the Petroleum Commission of Ghana (PCG) on Wednesday, aiming to enhance local content regulations in Ghana’s upstream petroleum sector. The signing occurred during the 2024 Annual Local Content Conference and Exhibition in Takoradi, Ghana. The three-year MoU focuses on fostering synergies through information sharing and skill transfer, benefiting both parties. Under its terms, the NCDMB will provide strategic advice to the PCG in areas such as legislative frameworks, knowledge exchange, baseline studies, data collection on existing capacities, and the design of a strategic plan for…

The Federal Government has announced plans to select additional beneficiaries for its initiative aimed at investing in indigenous companies focused on energy security and gas infrastructure development. This initiative marks a significant milestone in Nigeria’s pursuit of energy security, as emphasized by Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, during an event where N122 billion was approved for six indigenous companies. Funded through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), this initiative aligns with President Bola Tinubu’s administration goals and aims to bridge the infrastructure deficit hindering gas distribution, particularly amidst the country’s ‘Decade of Gas’ and energy…

The Federal Government, through the Presidential Compressed Natural Gas Initiative and the Federal Ministry of Youth Development, has flagged off the distribution of 2000 CNG-Powered Tricycles to empower Nigerian youth.The flag-off event, held at the Old Parade Ground in Abuja on Tuesday, was part of activities to commemorate the 64th anniversary of Nigeria’s Independence.In his address, the Project Director of the Presidential Initiative on CNG, Michael Oluwagbemi, said the distribution of the tricycles marked the fulfilment of promises made by President Bola Tinubu to reduce the cost of transportation, enhance economic well-being, enhance the environment through the utilisation of clean…

Oando has attained status as Nigeria’s first IOC with $4bn valuation, expanding operations to the Sao Tome and Principe EEZ.With its operations outside the shores of Nigeria, around the Sao Tome and Principe Exclusive Economic Zone (EEZ), Oando Plc has now attained the status of Nigeria’s first indigenous International Oil Company (IOC).This, no doubt, attests to the enormous hard work put in by the forward-looking team at the company led by its Chief Executive Officer, Mr Wale Tinubu, who decades ago, seized the gauntlet and dived into the oil and gas business in Nigeria.A leading African exploration and production company,…

Emirates has resumed flights to Nigeria with Flight EK-783 landing on Tuesday, marking its first return after a two-year suspension.Emirates Airlines resumed its operations in Nigeria on Tuesday, marking the first time the UAE flag carrier has landed in Lagos in two years. Flight EK 783 touched down at Murtala Muhammad International Airport (MMIA) at exactly 3:32 pm, following a prolonged suspension due to unresolved issues, including the airline’s trapped funds in the country.The Boeing 777-300ER, which has a seating capacity of 392 passengers, arrived with many empty seats. Though the exact number of passengers onboard was not immediately available,…

The Bank of Industry has emphasised that Nigeria must enhance its production capacity to achieve a one trillion-dollar economy by 2026.The Divisional Head of Services, BoI, Isa Omagu, stated this on Saturday at the 2024 annual conference of the Finance Correspondents Association of Nigeria in Lagos with the theme, “Nigeria’s Journey Towards a $1 trillion Economy: Impact of Banks’ Re-capitalisation, Opportunities for Fintechs and Real Sector”.He noted that the country’s economy relied heavily on fiscal and monetary policies, urging collaboration between both sides.He also said that Nigeria’s current production levels were insufficient, warning against overreliance on imports if the country…

CBN Governor Cardoso has engaged with IMF and World Bank to develop strategies for inclusive growth and sustainable development in Africa.Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has engaged with the International Monetary Fund (IMF) and World Bank to develop actionable strategies to tackle issues of inclusive growth, sustainable development, financial inclusion, and climate resilience in Africa.Cardoso participated in the high-level Bretton Woods at 80 Forum, where he represented Africa’s interests on the global financial stage.He said the strategies will equip the continent to meet the demands of the present and future.The forum, organised by IMF…

The NSDC reported that the National Sugar Masterplan attracted $1bn in investments, creating over 15,000 jobs across five active project sites.The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Mr. Kamar Bakrin, has said the Backward Integration Plan (BIP) under the first phase of the National Sugar Masterplan (NSMP) attracted $1 billion worth of investments.He said major investors also created over 15,000 permanent and seasonal jobs, and established cane processing factories with a total capacity of 18,000TCD in five active project sites among others.Bakrin disclosed this at a retreat organised for the House of Representatives Committee on Industry in…

The Federal Government of Nigeria has announced a plan to increase compressed natural gas infrastructure and cut transportation fares by over 40 per cent.This initiative was formalised during a Memorandum of Understanding signing ceremony in Abuja on Friday, which brought together key stakeholders, including representatives from the National Union of Road Transport Workers from Itakpe, Adavi, and Ajaokuta train station units in Kogi State.The Programme Director of the Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi, emphasised the government’s commitment to affordable transportation amidst rising fuel prices.“We are working hard to bring transportation prices down, especially during these challenging times. Mr…

inDrive is celebrating a major milestone: the completion of 5 billion deals on its global mobility and urban services platform as of September, 2024. The landmark 5 billionth deal was sealed by a driver and passenger in Peru, marking a significant moment for inDrive since the company launched its innovative bid-based pricing model in 2012 with the goal of making ridesharing pricing fairer for both drivers and passengers.In the years that followed, inDrive has expanded its mission of challenging injustice and improving people’s lives by extending its innovative bid-based model beyond ridesharing. These services now include city-to-city and intercity transportation,…

According to the bank, it stands out for offering industry-leading employee benefits, including one of the longest standard leave days, a cost-of-living adjustment to help cushion the impact of economic changes, and a salary increase for its non-full-time equivalent employees.The bank said it provided access to a standard creche and a fully equipped gym for its staff, supporting work-life balance and physical wellness.The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, attributed those accolades to the bank’s strong commitment to employee welfare.“At Wema Bank, we understand that our exceptional output as a bank is a direct result…

At IFA 2024, LG Electronics launched its latest range of energy-efficient home appliances, designed to reduce power consumption and address Africa’s unique energy challenges.In line with the global push for sustainability, LG’s new appliances boast industry-leading energy efficiency, aligning with the African Union’s Agenda 2063 goal of transitioning to a green economy.“As a responsible global citizen, LG Electronics is dedicated to developing eco-friendly solutions, reducing carbon footprint, and promoting sustainable living in Africa,” said Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. We will continue to leverage our advanced core technologies, including inverter and component solutions, to deliver…

The Federal Government through the National Salaries, Incomes and Wages Commission has stated that the payment of the new minimum wage will commence from July 2024.The NSIWC Chairman, Ekpo Nta, said this during a press briefing on Tuesday in Abuja.The commission stated that this was because the date in question was when the President approved the bill after the National Assembly passed it.The development is contrary to an earlier statement by the Minister of State for Labour, Nkiruka Onyejeocha, that the payment would commence on May 1, 2024.It also means that the government would only pay an arrears of two…

The average fare paid by air passengers for specified routes on a single journey rose sharply in August 2024, hitting N123,700.14.This represents a 25.51 per cent increase compared to N98,560.28 in July 2024.In a report by the Nigeria Bureau of Statistics on Tuesday, on a year-on-year basis, the fare jumped by 56.56 per cent from N79,011.38 in August last year, making air travel more expensive for commuters.In other categories, the average fare for bus journeys within cities dropped to N869.35 in August 2024, showing a decrease of 7.77 per cent from N942.61 in July 2024.On a year-on-year comparison, the fare…

Dangote has criticised NNPC’s reduced stake in the refinery, calling the decision a huge mistake during a recent interview.Aliko Dangote, Africa’s richest person and the President of the Dangote Group, owners of the new 650,000 barrels per day crude oil refinery in Lagos, on Monday argued that the decision by the Nigerian National Petroleum Company Limited (NNPC) to reduce its stake in the facility from 20 per cent to 7.2 per cent was a huge mistake.Speaking during a Bloomberg Television interview in New York, monitored by THISDAY, Dangote further disclosed that although he has two oil blocks which are set…

Growing investor confidence and strong market participation have continue to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September. This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding…

The Debt Management Office has announced that the Federal Government was offering three bonds worth N150bn for the September auction.In a release, the DMO stated that the bonds, which were re-openings of previously issued instruments, would be sold in units of N1,000, subject to a minimum subscription of N50m, and in multiples of N1,000.It was noted that the first bond being offered was the N70bn April 2029 bond with a 19.30 per cent coupon rate for a five-year tenor.The second bond is the N50bn FGN February 2031 bond with an 18.50 per cent coupon rate for a seven-year tenor and…

The Infrastructure Concession Regulatory Commission has confirmed that the construction of the $3.5bn Bakassi Deep Seaport is going to begin soon, signaling an advancement for Nigeria’s maritime and economic infrastructure.ICRC’s Director-General, Dr Jobson Ewalefoh, announced this at a high-level stakeholders’ meeting, according to a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.Ewalefoh said the project would be completed in record time, stressing that the assurance was premised on four factors.He said this is because the Cross River State Government has demonstrated the commitment and zeal required for the project; the newly streamlined ICRC public-private…

The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government’s proactive efforts in creating a business-friendly environment, yielding tangible results through increased investments in Nigeria ¹. The Chamber praised the government’s Economic Stabilisation Plan, citing the Coca-Cola system’s $1 billion investment in Nigeria’s beverage and manufacturing sector as evidence of its effectiveness. Professor Adesoji Adesugba, ACCI’s First Deputy President, expressed delight at growing investor confidence, noting that the Coca-Cola investment reflects the positive impact of an enabling business environment. He encouraged other companies to capitalize on Nigeria’s improved business climate and lauded President Bola Ahmed Tinubu’s “Renewed…