Author: Mary Osisanya-Bello

The Security and Exchange Commission has granted an approval-in-principle to DreamCity Capital, a digital real estate investment platform in Nigeria.“Approval in Principle” is a preliminary approval granted by a regulatory body, indicating that a proposal or application is acceptable in principle, subject to certain conditions or further requirements.In a press statement on Friday, the Chief Executive Officer and Managing Director of DreamCity Group, Benjamin Akhamere, expressed his excitement about the approval.According to Akhamere, the approval, granted under the Accelerated Regulatory Incubation Programme, marks a milestone for DreamCity Capital, solidifying its position as a key player in Nigeria’s emerging digital asset…

The Nigerian National Petroleum Company Limited (NNPC) has established stringent financial and technical requirements for companies bidding to operate and maintain the Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC). To qualify, firms must have a minimum average annual turnover of $2 billion and be debt-free, demonstrating strong financial health and technical expertise. The successful bidders will possess the capability to manage the refineries effectively, ensuring a steady supply of petroleum products to meet national energy security needs. The Expression of Interest (EOI) document outlines the eligibility criteria, including a $2 billion minimum turnover, audited…

Lovonus Microfinance Bank aims to disburse N1.5 billion in loans to its customers by year-end, according to Managing Director Simeon Oni. The bank, which has operated for over a decade, also targets increasing its customer base to 11,500. In the first half of 2024, Lovonus MFB expanded its client base by 11% to 10,584 from 9,536 in the prior period. Oni highlighted plans to enhance digital channels and leverage increased personnel during the peak ’ember’ season. He noted that the bank faces pressures from recent monetary policy rate hikes, which lead to customer demands for rate adjustments. Despite these challenges,…

The world’s biggest tech companies, including Apple and Nvidia, have been in discussions about investing in OpenAI, The Wall Street Journal and Bloomberg report, citing anonymous sources. The maker of ChatGPT is looking to raise “several billion dollars” in a new funding round that values it at more than $100 billion, according to the Journal. Microsoft was already OpenAI’s biggest funder, having invested roughly $13 billion. OpenAI is in an “arms race” with heavyweights such as Google and Meta, seeking capital to maintain its lead in the competitive artificial intelligence space. Apple and OpenAI recently announced a partnership, and Nvidia…

The Eko Electricity Distribution Company (EKEDC) is facing a significant challenge due to unpaid electricity debts of N144 billion by government agencies, including the military and police. This was disclosed by the acting Managing Director, Mrs. Rekhiat Momoh, during a visit by the House of Representatives Committee on Privatisation and Commercialisation. The company has made efforts to reduce its losses ratio from 35% to 15.1% between 2023 and 2024 and has metered over 700,000 customers. However, the company faces difficulties in recovering debts from state governments, which owe electricity bills consumed by government houses or secretariats. The Executive Director of…

The Nigerian Export Promotion Council (NEPC) has announced a significant 6.26% increase in non-oil exports, reaching $2.7 billion in the first half of 2024. This achievement is attributed to the diversification into semi-processed products and the successful transition of government in May 2023. Key Highlights: $2.7 billion generated from non-oil exports in H1 2024, a 6.26% increase from H1 2023 Total volume of exports stood at 3.834 million metric tonnes 211 products exported, ranging from agricultural commodities to extractive industries Semi-processed/manufactured products driving growth NEPC’s Strategic Achievements: “Operation Double Your Exports” mantra yielding positive results Partnerships, advocacy, capacity building, and…

Get ready to win big! The Price is Right Nigeria (TPIR) is set to hit TV screens on September 1st, offering Nigerian viewers and contestants the chance to win amazing prizes. The game show, headline sponsored by Airtel’s Smartcash, will air on various television stations across the country. Broadcast Schedule: Africa Magic Showcase: Sundays at 6 pm and Mondays at 5:30 pm Africa Magic Family: Sundays at 8:30 pm and Fridays at 3:30 pm STV: Wednesdays at 9 pm-10 pm and repeat broadcast on Sundays at 4 pm-5 pm TVC: Sundays at 8 pm-9 pm and repeat broadcast on Wednesdays…

The Federal Government and state governments have jointly raised N100 billion for the procurement of prepaid electricity meters under the Presidential Meter Initiative program. Minister of Power, Adebayo Adelabu, made this announcement while addressing broadcasters in Ibadan, Oyo State. According to Adelabu, the administration of President Bola Tinubu has been working to address the metering gap in Nigeria through various initiatives. He noted that many customers are hesitant to pay their bills due to concerns about being overcharged by power distribution companies through estimated billing. Adelabu emphasized that metering would ensure transparency and accuracy in billing. Out of Nigeria’s 12…

Wole Oshin, Founder and Group Managing Director of Custodian Investment Plc, announced that the Custodian Mentorship Conference has empowered over 5,000 young entrepreneurs since its inception in 2018. Speaking at the sixth edition of the conference in Lagos, Oshin expressed pride in the company’s positive impact on the youth, highlighting the crucial role of mentorship in shaping future leaders. Oshin shared his personal experience of not having mentors, but learning from observing those he admired, which inspired the creation of a platform for seasoned professionals to share their knowledge and experiences with young entrepreneurs. He noted that volunteers from the…

Nigeria’s leading e-commerce giant, Konga, is excited to announce a limited-time campaign, Starlink Week, tailored to meet the needs and preferences of its valued customers. From August 26th to 31st, 2024, enjoy exclusive discounts and perks on Starlink kits, making high-speed internet more accessible than ever. As the only authorized Starlink shop-in-shop in Nigeria, Konga is committed to empowering individuals and businesses with cutting-edge satellite technology. During Starlink Week, customers can expect: Slashed prices on Starlink kits and accessories Free nationwide delivery Free same-day delivery in major cities like Lagos, Abuja, and Port Harcourt “At Konga, we’re dedicated to delivering…

In a significant move, Boeing has announced the opening of its African headquarters in Addis Ababa, Ethiopia, in October 2024. This strategic expansion underscores Ethiopia’s growing importance in the African aviation sector. Henok Teferra, Managing Director of Boeing Africa, revealed that the choice of Addis Ababa was due to Ethiopia’s notable advancements in aviation and its status as a key African hub. The new headquarters is expected to bring numerous benefits, including: Enhanced collaboration with Ethiopian Airlines Strengthened position as Africa’s premier aviation center Introduction of advanced aerospace technology and expertise Potential for joint production of aircraft components, positioning Ethiopia…

Nigeria’s economy has recorded a 3.19% growth in GDP in Q2 2024, signaling economic recovery and resilience. President Bola Tinubu praised the latest report by the National Bureau of Statistics (NBS), highlighting the country’s progress towards economic stability. The GDP growth was driven mainly by the services sector, which grew by 3.79% and contributed 58.76% to the aggregate GDP. The non-oil sector contributed 94.30% to the economy, with the financial and insurance sector, agriculture, trade, and manufacturing driving positive growth. Reacting to the latest GDP figures, President Tinubu noted that the economy was on the right trajectory and was indeed…

Financial analysts are optimistic about a rebound in both foreign and domestic investments in Nigeria’s capital market, citing recent government policy reforms and improved investor sentiment as key drivers. A stable economic environment is expected to boost participation from local and foreign investors, but challenges like inflation, interest rates, and FX volatility must be addressed for sustained growth. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, notes that the recent decline in transactions is a temporary realignment of investor appetite. “Investors are adjusting to emerging opportunities, and recent government initiatives have begun stimulating market activities,” she says.…

The Nigerian National Petroleum Company Limited (NNPC) has achieved a significant milestone by commencing shipments of Liquefied Natural Gas (LNG) cargoes to Japan and China on a Delivered Ex-Ship (DES) basis. This move aligns with NNPC’s strategic vision to become a dynamic and reliable global energy supplier of choice. According to NNPC’s spokesperson, Olufemi Soneye, the company’s downstream subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd, collaborated to achieve this feat. The first DES LNG cargo was delivered from the 174,000m³ LNG vessel Grazyna Gesicka at Futtsu, Japan, on June 27, 2024, followed by another cargo delivery to China. The…

MTN Nigeria and WWF Launch Nigeria PachiPanda Challenge to Unleash Youth-Led Environmental Innovation In partnership with the Nigeria Conservation Foundation (NCF), MTN Nigeria has announced the launch of the Nigeria PachiPanda Challenge, a groundbreaking initiative aimed at empowering young visionaries to develop innovative solutions to Nigeria’s pressing environmental challenges. Open to individuals and teams aged 16-35, this challenge is part of the Africa PachiPanda Challenge, a continent-wide initiative stimulating innovative solutions to environmental challenges. Participants will embark on a transformative 3-day sprint event, culminating in a pitch session where they’ll present their solutions to industry experts. The winning teams will…

Welbeck Electricity Distribution CEO, Afolabi Aiyela, has proposed a partnership with the Federal Government to enhance power supply in Nigeria’s industrial clusters and free zones. During a meeting with Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Aiyela emphasized the impact of reliable power on manufacturers, citing increased production, capacity expansion, and job creation. Aiyela expressed interest in developing dedicated power plants for Nigeria’s free zones and industrial clusters, ensuring consistent and cost-effective energy supply. He also advocated for pricing domestic Nigerian gas in Naira instead of US dollars, which would reduce energy costs and stabilize prices for manufacturers. Minister…

Atiku Abubakar, former Vice President, has questioned the accelerated approval granted to Oando Plc, owned by President Bola Tinubu’s nephew, Wale Tinubu, to acquire Eni’s onshore assets. Atiku alleges preferential treatment, citing stalled transactions like the Shell/Renaissance deal and the Mobil/Seplat transaction. In a statement, Atiku’s Special Assistant on Public Communication, Phrank Shaibu, emphasized that Oando received undue favoritism, detrimental to more competent investors. Atiku criticized the House of Representatives for inaction on the Nigerian National Petroleum Company Limited (NNPC), allowing the “mortgaging of national oil assets to vested interests.” Atiku highlighted the swift approval of Oando’s deal within eight…

The Human Rights Writers Association of Nigeria (HURIWA) has commended the Nigerian National Petroleum Company Limited (NNPC) for its unprecedented transparency and accountability in releasing its 2023 Audited Financial Statement (AFS). The statement, which showcased a net profit of N3.3 trillion and a N2.1 trillion dividend, marks a significant milestone in the company’s history and a clear departure from its previous opaque and inefficient practices. HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, praised the management of NNPC under the leadership of Group Managing Director Mele Kyari, noting that the company’s impressive financial performance and commitment to openness signal a new era…

In today’s fast-paced digital landscape, small businesses can stay competitive by adopting innovative marketing strategies that incorporate new technologies. Artificial intelligence (AI) is revolutionizing marketing, making it more accessible and effective for small businesses. AI tools can streamline marketing efforts, improve customer engagement, and drive growth by generating compelling content, analyzing customer data, and providing predictive analytics. AI marketing tools for small businesses include text generators, graphic generators, and predictive analytics tools that don’t require extensive AI knowledge or significant budgets. These tools can help small business owners: Identify trends and opportunities Save time through automation Improve marketing quality Reduce…

Indications suggest that the Federal Government’s committee, established to ensure the implementation of crude oil sales to local refineries in naira, will further discuss the pricing of Premium Motor Spirit (petrol) from the Dangote Petroleum Refinery next month. Multiple officials, including oil marketers and members of the Implementation Committee on crude oil sales in naira, confirmed that the panel would hold a series of meetings to conclude a framework for benchmarking the amount Dangote Refinery would pay for crude in naira. The committee will also decide whether the Federal Government should pay subsidies for petrol from the plant or allow…