Author: Mary Osisanya-Bello

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…