Author: Mary Osisanya-Bello

Stakeholders at the sixth non-oil seminar hosted by First City Monument Bank (FCMB) have urged swift and decisive action to transform Nigeria’s non-oil sector into the primary driver of economic growth. The seminar, themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” brought together policymakers, financiers, export trade experts, and value chain players to discuss the non-oil sector’s challenges and opportunities. FCMB’s Managing Director, Yemisi Edun, emphasized the need for collaboration to create a stable operating environment, develop essential export infrastructure, champion international trade diplomacy, and secure sustainable funding. She highlighted FCMB’s support for the sector, having facilitated over $900 million…

Freixe aims to restore sales growth, focusing on Nestle’s “core” activities, and potentially exploring M&A opportunities to drive momentum.Nestle, the world’s largest packaged food company, has announced the replacement of CEO Mark Schneider with company veteran Laurent Freixe, effective September 1.The change in leadership came as the Swiss food group faces a challenge to grow sales, having recently cut its full-year sales outlook and slowed price hikes due to increasingly price-conscious customers.Schneider, who led the company for eight years, oversaw a boom during the COVID-19 pandemic but struggled to regain momentum afterwards.Under his leadership, Nestle’s shares hit an all-time high…

The recent retirement of 10 executive management team members from DAAR Communications Plc was long overdue, according to Chairman Raymond Dokpesi Jr. In a statement to the Nigerian Exchange Limited, the company announced the retirements, effective October 31, 2024. Dokpesi Jr explained that as a publicly listed company, DAAR Communications must adhere to Securities and Exchange Commission rules and the code of corporate governance. He noted that the retiring management members had served beyond the recommended two terms of five years each, with some having been with the organization for 27 years. The chairman acknowledged that the timing of the…

At the Nigeria Electricity Liability Management Company (NELMCO) board retreat in Lagos, Minister of Power Chief Adebayo Adelabu emphasized the reliability of grid connection over captive power plants for bulk electricity consumers. Despite generating a record 5,155 megawatts, the minister noted that industries’ lack of trust in the grid led them to rely on expensive captive power. Adelabu highlighted the high costs of captive power generation, ranging from N350 to N400 per kilowatt-hour for gas-connected industries and N950 to N550 for diesel and petrol, respectively. He urged industries to reconnect to the grid for cost-effective electricity, promising efforts to encourage…

In a landmark deal, Oando Plc has acquired a 100% stake in Nigerian Agip Oil Company from Eni, an Italian energy firm, for $783 million. The acquisition, announced in a corporate notice filed with the Nigeria Exchange Limited, aligns with Oando’s strategy to expand its upstream operations in Nigeria’s oil and gas industry. The transaction significantly increases Oando’s participating interest in key oil mining leases 60, 61, 62, and 63 from 20% to 40%, doubling its stake in the NEPL/NAOC/OOL Joint Venture. The acquired assets include: 40 oil and gas fields (24 currently producing) 1,490 km of pipelines 12 production…

PATH is proud to share its 2023 Global Diversity, Equity, and Inclusion (DEI) Annual Report, highlighting significant achievements and initiatives undertaken to advance DEI across the organization and its global health programs. The report showcases PATH’s commitment to leveraging diversity as a catalyst for innovation and impact. By embracing diverse backgrounds, experiences, and perspectives, PATH enhances its ability to address complex global health challenges, identify unique solutions, and develop effective and culturally relevant health interventions. The organization’s dedication to DEI goes beyond creating an inclusive workplace, aiming to ensure its work resonates with and serves diverse communities. Key highlights from…

The Minister of Power, Adebayo Adelabu, says President Bola Tinubu has ordered that all businesses, institutions, households, and industries must be metered in the next five years.Adelabu said this when he paid a visit to MBH Power, a meter factory in Mowe, Ogun State.The minister said Tinubu is not pleased with the country’s eight million metering gap and has directed that the situation be reversed in five years.He said the ministry has identified poor liquidity as another major issue in the sector, saying the foundation of this liquidity issue is metering.“Less than 50 per cent of electricity consumers nationwide are…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued an operational license to Edo Refinery and Petrochemical Company Limited, located in Ologbo, Ikpoba-Okha Local Government Area of Edo State. This license marks the final stage of approval, enabling the refinery to commence full operations. At a ceremony on Tuesday, NMDPRA’s CEO, Ahmed Farouk, presented the license to AIPCC, the parent company of Edo Refinery, in the presence of Executive Director Francis Ogaree. Farouk commended AIPCC for achieving this milestone and encouraged them to continue their efforts. Segun Okeni, Refinery Head of Technical Operations, assured NMDPRA of the company’s…

The Nigeria Liquefied Natural Gas Limited (NLNG) has refuted claims that its Train 7 Project contractors have neglected Bonny Island, its host community. A recent online report alleged that NLNG failed to involve the Bonny people in its Corporate Social Responsibility (CSR) initiatives. However, Sophia Horsfall, Manager of Corporate Communication and Public Affairs at NLNG, described the report as “false and baseless” in a statement issued to journalists in Port Harcourt. NLNG reaffirmed its commitment to providing social investments and Nigerian content benefits to Bonny and Rivers State. The company highlighted two major CSR projects: the Shell Gate-Coal Beach Road…

The Nigerian National Petroleum Company Limited (NNPC) has delivered petrol to the Port Harcourt and Warri depots to address the lingering fuel queues nationwide. Oil marketers confirmed that daughter vessels transported the petrol to the depots in Rivers and Delta States to decongest the Apapa depot in Lagos. Despite this effort, fuel queues persist due to insufficient supply. The Independent Petroleum Marketers Association of Nigeria (IPMAN) urged NNPC to increase supply and open its portal for easier loading. IPMAN also advised against panic buying. In Lagos, task force officials clamped down on black marketers, seizing fuel and arresting vendors. Motorists…

Governor Dapo Abiodun has initiated the disbursement of N500 million in soft loans to artisans and traders across Ogun State, fulfilling his 2022 promise. The “Oko’wo Irinse Dapo” scheme aims to support small businesses and enhance economic growth. The Governor instructed the relevant commissioners to finalize the disbursement modalities within 30 days, ensuring swift access to funds for beneficiaries. He emphasized, “The N500 million is available, and we need to work out the details for disbursement. I have given them one month to ensure our artisans and trade unions benefit from this scheme.” Additionally, Governor Abiodun announced the disbursement of…

The Central Bank of Nigeria’s (CBN) Business Expectations report, released on Wednesday, indicates that business owners are optimistic about the future of doing business in Nigeria. The report shows that entrepreneurs expect improved business performance in August 2024, with an optimism index of 7.6 points. This positivity is expected to continue, with indices of 19.3 points and 30.7 points for the next three and six months, respectively. The report attributes this optimism to various sectors, including Mining, Quarrying, Electricity, Gas & Water Supply, Agriculture, Market Services, Manufacturing, and Non-Market Services. Specifically, the Agriculture Sector is driving optimism, with respondents expressing…

The Federal Government has announced that investors interested in its latest financial instrument, the Domestic FGN US Dollar Bond, must provide specific identification requirements to participate. According to the Debt Management Office’s Frequently Asked Questions document, Nigerian citizens, including those living abroad, must possess a Bank Verification Number (BVN) and National Identification Number (NIN) to subscribe to the bond. The bond, part of a $2 billion program, aims to raise $500 million from local and foreign investors in its first tranche. Eligible participants include Nigerians resident in Nigeria, those in the diaspora with foreign exchange savings abroad, and foreign institutional…

Ajaokuta Steel Company Limited, a moribund steel mill, faces imminent disconnection from the power grid due to its failure to settle a N1.27 billion electricity debt incurred in the first quarter of 2024. Despite being classified as a special customer, the company and its host community have not made any payments towards the outstanding bills, prompting the Nigerian Electricity Regulatory Commission (NERC) to express disappointment and warn of disconnection. This marks a continuation of the company’s longstanding trend of non-payment, which has prompted NERC to urge the Federal Government to intervene and prevent total disconnection from the grid. In January,…

In a significant move to enhance trade facilitation and drive economic growth, the Federal Government of Nigeria has launched the National Single Window (NSW) Project. The initiative aims to streamline trade processes, reduce bottlenecks, and increase transparency, positioning Nigeria for accelerated economic development. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the NSW Project kick-off workshop in Abuja, emphasizing its transformative potential in enhancing Nigeria’s trade environment. The project is a key pillar in the government’s strategy to improve trade and customs processes, reduce bottlenecks, and increase transparency. The Federal Inland Revenue Service (FIRS)…

The Nigerian Electricity Regulatory Commission (NERC) has issued permits for mini-grid electricity generation to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others. In the first quarter of 2024, NERC issued nine new off-grid generation licenses with a total capacity of 109.69 megawatts and three new trading licenses. Golden Penny Power Limited received a license to build six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states, with a total capacity of 100MW. MTN was granted a permit to build four captive generation plants in Lagos with a capacity of 15.94MW. Other companies, including SweetCo…

Kemi Oluwashina, Managing Director of Premium Pension, passionately shared her insights on the transformative impact of the Pension Reform Act 2014. She highlighted the growth of the pension industry, which has reached N20.48tn in pension funds and 10,381,019 Retirement Savings Accounts. Oluwashina emphasized the importance of voluntary pension contributions, saying, “Beyond the mandatory 18% contribution, employees should consider making additional voluntary contributions to boost their retirement savings.” She noted that the Federal Government’s minimum contribution requirement is just a starting point, and individuals should strive for more. The Contributory Pension Scheme allows employees and employers to contribute to an employee’s…

Despite being Africa’s most populous country with a youthful demographic, Nigeria faces a daunting challenge: a significant portion of its young people remain unemployed and lack the requisite skills. The departure of multinational corporations due to a challenging operating environment has exacerbated concerns about youth unemployment. Recent data indicates a drop in the unemployment rate, but a deeper investigation reveals a troubling contradiction: many Nigerian youths are neither working, studying, nor undergoing training. The number of young people in this category has continued to rise, despite reports of a decline in the unemployment rate. Experts warn that the consequences of…

The Chartered Institute of Taxation of Nigeria (CITN) has commended the Lagos State Government for launching the Lagos Revenue Portal, a groundbreaking initiative aimed at streamlining non-tax payments and boosting revenue collection. CITN President Samuel Agbeluyi praised the portal as a crucial step towards enhancing fiscal management and governance practices, particularly in internally generated revenues. The portal, launched by Governor Babajide Sanwo-Olu, leverages technology to simplify payment processes for residents and corporate entities, promoting compliance and revenue growth. Agbeluyi noted that the portal’s aggregation of multiple bills under one platform eases payment and administration burdens, reducing revenue losses and increasing…

The Federal Government has set a 90-day deadline for National Housing Programme subscribers to complete their payments, with an additional eight-week grace period. According to Dr. Marcus Ogunbiyi, Permanent Secretary of the Ministry of Housing and Urban Development, subscribers now have a total of 26 weeks to finalize their payments. Speaking in Abuja, Ogunbiyi emphasized that failure to meet the extended deadline will result in revoked offers. The ministry is urging subscribers to utilize the grace period to avoid losing their provisional allocations, which were first issued in April 2024 following a review of the programme’s conditions and procedures.