Author: Mary Osisanya-Bello

Overland Airways has officially launched flights connecting Lagos, Nigeria, to Banjul, The Gambia, as part of its commitment to advancing the goals of the Single African Air Transport Market (SAATM) and the African Continental Free Trade Area (AfCFTA). These initiatives aim to enhance intra-African trade, foster regional integration, and promote tourism across the continent. In its inaugural flight to Banjul over the weekend, Overland Airways received a warm welcome from top Gambian officials, who expressed enthusiasm about the new connection. The airline is currently operating three weekly flights and plans to increase frequency to daily service in the coming months.…

Saipem, in collaboration with Nigerian firms KOA Oil & Gas and AVEON Offshore, has won a significant $1 billion contract from Shell Nigeria Exploration and Production Company Limited (SNEPCo) for the Bonga North deepwater project. This project, located 130 kilometers offshore Nigeria, involves Engineering, Procurement, Construction, and Installation (EPCI) of risers, flowlines, subsea umbilicals, and associated subsea structures. As part of the agreement, Saipem will execute design and fabrication activities locally, leveraging Nigerian suppliers and subcontractors. While the total contract value is approximately $1 billion, Saipem’s share stands at around $900 million. Key Collaborations and Milestones TechnipFMC’s Role: TechnipFMC will…

In an exciting development for prospective car owners, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has teamed up with CIG Motors, the company behind the renowned GAC Motors brand, to make vehicle ownership more accessible. The partnership, formalized at the GAC G-Style showroom, is designed to simplify the process of acquiring a brand-new vehicle. With a flexible repayment structure and an exclusive 10% discount on all vehicle purchases made within the next 12 months, this initiative promises to deliver exceptional value. Adding to the benefits, CIG Motors is offering a five-year warranty on all GAC vehicle models, ensuring…

Nissan Motor Corp. and Honda Motor Co. have confirmed ongoing discussions regarding deeper collaboration but have denied reports suggesting they are planning a merger. Reports earlier this week claimed that the two Japanese automakers were in talks to merge, potentially forming the world’s third-largest automotive group. Following these reports, Nissan’s share price rose by more than 22% in Tokyo, while Honda’s stock fell by up to 3%. The rumors also mentioned the involvement of Mitsubishi Motors Corp., a member of Nissan’s alliance, in the discussions. While no merger deal has been made, both companies have been engaged in efforts to…

Patience Oniha, Director General of Nigeria’s Debt Management Office (DMO), and Prof. Kevin Chika Urama, Vice President and Chief Economist at the African Development Bank (AfDB), have jointly advocated for the creation of an African credit rating agency to address systemic biases in global financial assessments. The call was made at the inaugural ‘Policy Dialogue on Making Debt Work for Africa: Policies, Practices, and Options’ held in Abuja, where debt management officers, finance ministers, and multilateral organizations from across Africa gathered. The event underscored the need for an African credit rating institution to provide more equitable evaluations of African economies.…

Lagos State Governor Babajide Sanwo-Olu has praised Keystone Bank for its significant contributions to the financial sector and the communities it serves during an exclusive customer appreciation dinner held at Eko Hotel and Suites in Lagos. The event, which celebrated Keystone Bank’s loyal customers, also highlighted the bank’s unwavering commitment to customer satisfaction and its impactful Corporate Social Responsibility (CSR) initiatives. Governor Sanwo-Olu, alongside his Zamfara State counterpart, Dauda Lawal, expressed profound gratitude for the bank’s dedication to driving positive change both within their states and across the country. They particularly acknowledged Keystone Bank’s CSR efforts, which have provided substantial…

The Dolly Children Foundation, in partnership with the Flourish Roots Foundation, has empowered 100 children and their families in Makogi, Ogun State, through the Bold Christmas Project, a holiday initiative aimed at spreading joy and support to underserved communities. In a statement, the foundations highlighted their commitment to uplifting children in need by offering educational resources, gifts, and festive entertainment. Anuoluwapo Abraham, Project Manager at the Dolly Children Foundation, celebrated the collaboration as a significant achievement. “Now in its fifth year, the Bold Christmas Project exemplifies the power of teamwork and a shared vision,” she said. “Together, we’ve made a…

The Senate has lauded Dangote Sinotruk West Africa Limited for its industrial achievements, positioning Nigeria on the global map for commercial vehicle manufacturing. This recognition came during a recent inspection of the company’s Ikeja assembly plant by the Senate Committee on Industry, led by Vice Chairman Senator Shuaibu Lau. Also part of the visiting team were the Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Joseph Osanipin, alongside other NADDC officials and Senators Sadiq Umar, Victor Umeh, Ekong Sampson, and Benson Agadaga. Following the tour, Senator Lau expressed his satisfaction with the plant’s operations and assured the…

The Minister of Aviation and Aerospace Development, Festus Keyamo, has pledged that the Fly Nigeria Act will become law under his leadership. He expressed frustration that the bill, which mandates government-funded air travel for personnel, contractors, and grantees to be carried out by Nigerian flag carriers, has remained unimplemented for over 15 years since its proposal. At the “Stakeholders’ Engagement on the Legal Framework for the Fly Nigeria Bill and Related Enabling Legislation” in Abuja, Keyamo emphasized his commitment to pushing for the bill’s passage. He stated that he would work with key stakeholders to ensure the legislation is signed…

Google, Netflix, Facebook, and other foreign companies operating in Nigeria paid N3.85 trillion in taxes to the Federal Government during the first nine months of 2024, according to a report by The PUNCH. This represents a significant 68.12% increase from the N2.29 trillion collected during the same period in 2023. The total includes payments for Company Income Tax (CIT) and Value Added Tax (VAT), based on data from the National Bureau of Statistics (NBS). The report reveals a steady rise in tax remittances, with collections growing by 26.21% from N1.03 trillion in Q1 2024 to N1.30 trillion in Q3 2024.…

The Association of Senior Civil Servants of Nigeria (ASCSN) has expressed frustration over the government’s failure to adequately address workers’ economic challenges, ranging from the implementation of the minimum wage to pension reforms. At the ASCSN’s End of Year Celebration on Wednesday in Lagos, National President Shehu Muhammed emphasized the need for a comprehensive approach to workers’ welfare, particularly in light of rising inflation and economic hardship. “Inflation has made the previously proposed N250,000 living wage obsolete,” Muhammed said, highlighting the growing economic strain on workers. He also criticized governors claiming to pay N70,000 or N80,000 minimum wage, calling it…

The Managing Director of Financial Derivative Company Limited (FDC), Bismarck Rewane, has criticized Nigeria’s $1 trillion GDP target, warning that the country lacks a clear strategy to achieve it. He compared the ambitious goal to “aiming for the moon” and cautioned that the absence of a focused development plan could significantly hinder progress. Rewane shared his views during a December 2024 presentation at the Lagos Business School (LBS) Breakfast, titled “Economic Reform 2023/2024: Economy on a Mend or at a Bend.” He emphasized that while reforms had been implemented in search of economic redemption, the government’s credibility in executing these…

The Central Bank of Nigeria (CBN) has confirmed that the country’s $42.01 billion external reserves are sufficient to cover more than nine months of imports in 2025, enhancing economic stability and resilience. This positive development was shared on Wednesday by CBN Governor, Olayemi Cardoso, during a performance index report presentation to the Senate Committee on Banking, Insurance, and other Financial Institutions. Cardoso highlighted that the reserves, which grew from $38.35 billion on September 30, 2024, to $42.01 billion by December 12, 2024, provide a robust buffer against economic shocks, surpassing the international benchmark of three months’ worth of imports. “The…

Globacom has launched new data roaming services, offering flexible and affordable roaming bundles for Nigerians traveling abroad or residing overseas. These bundles, available in 40 countries, are designed to keep Glo subscribers connected with family, friends, and business engagements, no matter where they are. According to the company, “These roaming bundles allow our customers to share moments with loved ones, stay active on social media, and handle business tasks efficiently, regardless of their location.” The bundles cater to various needs, with options including 50MB for N2,500 (valid for 3 days), 6GB for N50,000 (valid for 60 days), and other plans…

In a significant step toward enhancing energy efficiency and air quality in commercial spaces, LG Electronics, a global pioneer in household and commercial electronics, unveiled its latest advancements in HVAC technology at the Annual LG HVAC Consultant Leaders’ Summit held in Lagos. The event spotlighted the company’s new commercial air conditioner, the Variable Refrigerant Flow (VRF) System, and the Multi V 5 air quality solution, all designed to optimize heating and cooling for high-rise buildings, hospitals, and airports.  The summit featured engaging presentations from LG’s product managers, who provided in-depth insights into the company’s advanced VRF systems and commercial air…

The Nigerian National Petroleum Company Limited (NNPC) has highlighted the pivotal role of its over $1 billion investment in Dangote Refinery, a 650,000 barrels-per-day facility, which has been instrumental in stabilizing the refinery during periods of liquidity challenges. At an Energy Relations Stakeholder Engagement in Abuja on Monday, Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, explained that the crude-backed loan provided critical financial support to Dangote Refinery, especially at a time when Nigeria was grappling with serious liquidity constraints. Soneye emphasized that under the leadership of Mele Kyari, NNPC has achieved “groundbreaking milestones,” including the restart of the Port Harcourt…

Nigeria’s inflation rate surged to 34.6% in November 2024, up from 33.8% in October, as revealed in the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) released on Monday. This marks a 0.72% month-on-month increase, reflecting the persistent economic challenges facing the country. The report also highlighted a significant year-on-year rise, with inflation in December 2023 standing at 28.92%, up from 28.20% in November 2023. This demonstrates the ongoing upward trajectory of inflation over the past year. Of particular concern is the sharp increase in food inflation. In November 2024, food prices soared by 39.93%…

The launch of the LG InstaView refrigerator introduced a new era in home refrigeration, combining advanced technology, exceptional energy efficiency, and unmatched convenience to transform how households interact with their appliances. The LG InstaView Door-in-Door™ Refrigerator does more than just keep food fresh. It’s a perfect mix of modern technology and everyday usefulness, taking cooking to a whole new level of sophistication and ease. “At the core of the LG InstaView Refrigerator is the Inverter Linear Compressor, a ground-breaking technology that delivers remarkable energy efficiency,” says Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. By adapting its cooling…

Brand recognition is vital for building strong connections between companies and their customers, fostering trust, credibility, and long-term loyalty. For businesses, it enhances differentiation in competitive markets, while for customers, it assures quality and consistency. In this symbiotic relationship, brands and consumers thrive together, creating lasting mutual benefits. LG Electronics Nigeria exemplifies this dynamic by continuously earning recognition for its innovative and customer-focused products.  This year, LG Electronics Nigeria has achieved significant milestones, receiving accolades from prestigious organizations and publications. On September 26, the company was honoured at the Media Consortium Conference and Awards, held at the Lagos Chamber of…

Bitcoin has shattered its previous records, briefly surpassing $106,000 (£83,890) on Monday before stabilizing around $105,000 during Asia trade. This monumental rise of over 50% since Donald Trump’s election victory on November 5 has reignited investor enthusiasm and speculation about its future trajectory. The rally is largely attributed to the incoming Trump administration’s signals of a more cryptocurrency-friendly approach. President-elect Trump’s announcement to consider a national Bitcoin stockpile has fueled optimism in the market. Market analysts point to a combination of policy expectations and fear of missing out (FOMO) as driving forces behind the surge. Experts predict that Bitcoin’s value…