Author: Mary Osisanya-Bello

AIICO Insurance Plc received two prestigious awards at the 2024 Almond Insurance Industry Awards in Lagos. The company was named ‘Life Insurance Company of the Year’ for the second consecutive year, while its Managing Director/CEO, Mr. Babatunde Fajemirokun, was honored as ‘Insurance CEO of the Year’. AIICO’s **‘Life Insurance Company of the Year’ award recognized the company’s strong financial performance, premium growth, customer service excellence, corporate social responsibility, and efficient claims settlement. In a statement, AIICO expressed that the win solidifies its position as a leader in Nigeria’s life insurance sector, highlighting its innovative products and consistent market impact. Fajemirokun’s…

TotalEnergies CEO has praised NUPRC’s Komolafe for restoring investor confidence, discussing billion-dollar investment and regulatory consent in Nigeria’s oil sector. The President and Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, has commended the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, for restoring investors’ confidence in the Nigerian upstream sector. Pouyanne, who commended the NUPRC boss during a meeting they both held at the Commission’s headquarters in Abuja, also pledged billion dollar investments in Nigeria’s oil and gas sector. According to a statement in Abuja, by the NUPRC, the meeting focused on key issues surrounding…

NNPC and Morocco’s ONHYM has advanced the $26 billion African Atlantic Gas Pipeline, emphasising regional collaboration and energy security. The Nigerian National Petroleum Company Limited (NNPC) and its counterpart in Morocco, the Office National des Hydrocarbures et des Mines (ONHYM) on Friday took a major step forward in their bid to ensure the take-off of the African Atlantic Gas Pipeline (AAGP), estimated at about $26 billion. Speaking at the Joint Meeting of Ministers of the Economic Community of West African States (ECOWAS), the Group Chief Executive of the NNPC, Mr Mele Kyari, stated that the progress made so far underscores…

Cedrus Trustees, a subsidiary of Cedrus Group Africa, has been recognised as one of the fastest-growing corporate trustees in Nigeria at the 2024 BusinessDay Banks and Other Financial Institutions Awards. According to a statement on Thursday, this accolade underscores Cedrus Trustees’ commitment to innovative and client-focused trust services, reinforcing its leadership in the financial services sector. The award, presented by the Chief Executive Officer of Nigeria Exchange Limited, Mr Jude Chiemeka, celebrates Cedrus Trustees’ exceptional growth trajectory and impactful services that prioritise trust, innovation, efficiency, and adaptability in a challenging economic landscape. Speaking on the award, the CEO of Cedrus…

TikTok’s global success has propelled ByteDance co-founder Zhang Yiming to China’s richest, with his net worth reaching $49.3 billion. The explosive success of TikTok has catapulted Zhang Yiming, co-founder of its parent company ByteDance, to the top of China’s rich list. Zhang’s net worth has surged to $49.3 billion (£38 billion), marking a 43% increase from last year, according to the latest rich list from the Hurun Research Institute. Despite stepping down from his leadership role at ByteDance in 2021, the 41-year-old entrepreneur retains around a 20% ownership stake in the firm, benefiting from TikTok’s unparalleled global rise. TikTok, known…

The Publisher and Editor-in-Chief of Naija Times, Ehi Braimah, has been honoured in London with the Chancellor’s Alumni Award of the University of Roehampton. The award ceremony was recently held on the University of Roehampton campus. A statement highlighted that Braimah was one of three Nigerians among the 20 recipients honored for outstanding achievements, receiving the Alumni Innovation and Inspiration Award. The citation praised Braimah for using Naija Times to drive change toward an egalitarian society through balanced reporting, especially during the 2023 presidential election. “Braimah is a prominent voice for political and economic reforms, maintaining rigorous standards of journalism…

Lagos State generated N815.86 billion, contributing 33.6% to Nigeria’s total IGR, reflecting a 25% increase, according to the NBS. The National Bureau of Statistics (NBS) has reported a significant increase in internally generated revenue (IGR) across Nigeria’s 36 states and the Federal Capital Territory (FCT), reaching N2.43 trillion in 2023. This marked a 26.5% increase from the N1.92 trillion recorded in 2022, highlighting the country’s improved efforts in internal revenue mobilisation. The NBS, in a report released on Monday, detailed that the IGR is sourced from two main revenue streams: taxes and revenues from various ministries, departments, and agencies (MDAs).…

Boeing has announced plans to connect Nigerian airlines with international investors at the Airline Economics Conference at Dublin in 2025. Aircraft manufacturer Boeing is set to host a forum aimed at connecting Nigerian airline operators with international investors. In a letter addressed to Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, dated October 24, 2024, Moore Ibekwe, the director of Boeing’s commercial sales, outlined the company’s plans to present selected Nigerian airlines to potential investors during the Airline Economics Conference, scheduled to take place from January 12 to 15, 2025, in Dublin, Ireland. Boeing’s correspondence highlighted Keyamo’s earlier request…

The Central Bank of Nigeria has been urged to refrain from intervening in the foreign exchange market through forex auctions. It was also advised to continuously reaffirm the commitment to exchange rate flexibility by adopting a comprehensive, systematic, and transparent framework for foreign exchange interventions. The policy advisory issued by the World Bank was included in the Nigeria Development Update, offering recommendations to stabilise the naira against foreign currencies. On August 26, 2024, the CBN auctioned $876.26m to end users via a retail Dutch auction, a major move away from its traditional sales of foreign exchange to Bureau De Change…

The International Real Estate Federation, Nigeria chapter, in collaboration with the World Citizen Consulting and Centre for International Private Enterprise has urged the Federal Government to support the growth of Nigeria’s property market. Both groups said the government should ensure enhanced property rights, access to credit, effective governance, rational dispute resolution mechanism, financial transparency, and appropriate regulation to boost performance and foreign direct investments. They said stakeholders’ engagement with the property market handbook should provide a guide that evaluates the strengths or weaknesses of the market. They advocated a comprehensive picture of where reform efforts should focus to fully realise…

IT Horizons, a leading provider of technology solutions, emphasized the critical role of AI-driven enterprise security in today’s rapidly evolving digital landscape at its recent Business Roundtable. Hosted in partnership with Cisco, the event, titled “Building a Fortress in the AI Age: Connect, Protect, and Thrive,” brought together Chief Information Security Officers (CIOs) and thought leaders to explore the impact of artificial intelligence on security resilience. The Business Roundtable took place at Four Points by Sheraton, Victoria Island, Lagos. Theodore Chukwudi, Cisco Solutions Specialist, highlighted Cisco’s $1 billion investment in AI innovation, which bolsters their mission to secure connectivity and data…

United Nigeria Airlines has announced a partnership with Cronos Aviation to establish a new Maintenance, Repair, and Overhaul (MRO) facility in Nigeria, a move aimed at reducing operational costs and enhancing fleet capacity. The Memorandum of Understanding (MOU) outlines plans for the MRO facility, which will not only provide aircraft maintenance services but also include code-sharing agreements to facilitate training for Nigerians in aircraft maintenance and technology transfer. This initiative will extend United Nigeria Airlines’ operations to destinations in Central and West Africa. Cronos Aviation, with its expertise in aircraft maintenance and airline services, operates in several regions, including the…

The World Bank has forecast a significant decline in global commodity prices, projecting Brent crude oil to average $73 per barrel in 2025 amid an anticipated oil glut. This glut is expected to diminish the impact of potential conflicts in the Middle East on commodity prices. In its latest report, titled “World Bank 2024 Commodity Markets Outlook” released over the weekend, the World Bank indicated that global commodity prices could hit a five-year low, decreasing by 5% in 2025 and 2% in 2026. The report outlines that Brent oil prices are expected to average $80 per barrel in 2024—about $3…

Oando Plc has announced a profit after tax of N60.3 billion for 2023, reflecting a significant recovery from the losses recorded in 2022. The leading energy solutions company revealed its audited financial results for the year ending December 31, 2023, demonstrating a robust turnaround. The company reported a 43% increase in revenue, reaching N2.9 trillion compared to N1.9 trillion in 2022. This impressive growth underscores Oando’s successful recovery strategy. In its statement, Oando highlighted the remarkable shift from a loss in 2022 to a profit of N60.3 billion in 2023, equating to a staggering 961% increase in operating profits, even…

Konga, Nigeria’s leading e-commerce platform, has officially kicked off its much-anticipated Konga Yakata Black Friday sale. Launched on November 1st and running through November 30th, 2024, this year’s event promises unbeatable deals across all Konga subsidiaries, including Konga Online, Konga Retail, KongaPay, Konga Travel and Tours, Konga Health, and Konga Logistics. Dubbed the “Biggest Sale of the Year,” the Konga Yakata Black Friday sale offers consumers discounts of up to 85% on a vast array of products, spanning categories such as groceries, electronics, home appliances, fashion, and beauty. This year’s campaign aims to provide significant relief to shoppers as Konga…

Princess Jumoke Owoola, a development and sustainability expert and Projects Director at the Center for Indigenous Knowledge, Development and Sustainability (CIKDAS), has expressed alarm over the decline of Indigenous entrepreneurship in Nigeria. During a recent presentation at the Conference of Nigeria Trade Association (CONiTA 2024) on October 30 at the Lagos Chambers of Commerce and Industry (LCCI) in Ikeja, she called for government intervention to address this troubling trend. Owoola, represented by Iyanda Olufemi, highlighted the issue of foreign entities exploiting the country’s resources through illegal mining, often with unfulfilled promises. She characterized this situation as an “invasion of rural…

Emirates is providing complimentary 48-96 hour transit visas to Nigerian travelers who purchase tickets in November. Having resumed its flight service to Nigeria just a month ago, Emirates has introduced this initiative to encourage passengers transiting through Dubai to other destinations. In a message sent to potential travelers, Emirates announced, “We are pleased to offer 48 or 96 hour UAE visas to our passengers purchasing tickets during the month of November.” This offer is specifically for passengers traveling on Emirates flights from Nigeria, aimed at boosting patronage after the airline lost a significant portion of its market share during its…

Dangote Petroleum Refinery has confirmed its strong capability to fulfill Nigeria’s nationwide demand for petrol, diesel, and aviation fuel, reassuring stakeholders of its uninterrupted supply. In a statement from Anthony Chiejina, Group Chief Branding and Communications Officer, the refinery highlighted its operational readiness to load up to 2,900 trucks daily, along with additional distribution via sea. This showcases a robust infrastructure designed to sustain the country’s fuel requirements. “We want to emphasize that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel,” said the refinery. “Currently, we can load 2,900 trucks per…

MediaReach OMD, West Africa’s premier media agency, is excited to announce the launch of the OMD Red Room and the latest edition of its Media Facts Book at the National Advertising Conference 2024, taking place from November 13th to 15th at the Abuja Continental Hotel. The OMD Red Room will serve as an engaging hub for transformative discussions, bringing together leading marketing and business professionals to explore the rapidly evolving marketing landscape and the technologies driving these changes. The theme for the Red Room, “Discussing the Shifts in Marketing and Communication,” reflects our dedication to examining the dynamic changes…

Lush Hair Nigeria has officially launched its latest product line, “Hair Treatment,” aimed at nourishing and caring for African hair. The new range was unveiled in a grand ceremony at Lagos Fashion Week 2024. This launch is part of Lush Hair’s mission to empower women through beauty, self-confidence, and community support. Omoruyi Bello-Osagie, Brand Manager at Lush Hair Nigeria, shared her excitement about the new offerings: “Our Hair Treatment range is specifically formulated to meet diverse hair care needs, from nourishment to anti-dandruff solutions. We believe that healthy hair is foundational to beauty and self-confidence. With this range, Nigerian women…