The Electricity Sector Retirees Welfare Association (ESREWA) has called for action on the lingering outstanding accrued rights and arrears amounting to N34.9 billion owed electricity sector pensioners. In a statement signed by its President, Elder Benjamin M. Amako, the association said the “N34.9 billion owed to us, the electricity sector pensioners was established in 2014 by NELMCO. We were even …
The management of Dangote Sugar Refinery Plc has said it is set to reduce the importation of sugar into the country by 40 per cent. The President, Dangote Group, Aliko Dangote, said in a statement that it was embarking on Phase II of its sugar project, which would cover over 100,000ha to make the sugar plant the largest in Africa, …
Ecobank Nigeria has unveiled a special scheme on Back2School loans and remittances for all its customers. Head, Consumer Banking, Ecobank Nigeria, Korede Demola-Adeniyi said the loan offerings have been developed based on the bank’s understanding of the importance of education and tsco further support customers with the financial freedom they deserve. She stated that, as part of the scheme, Ecobank …
Gboyega Akinsanmi Former Chairman of Ikeja Hotels Plc, Chief Goodie Ibru, has said South-south, a geo-political zone comprising six oil-producing states, can influence Nigeria politically if the people work in unity across the federation. Ibru therefore, called on the people of South-south that chose Lagos as their residence to work together and take advantage of numerous empowerment and investment opportunities …
In the second quarter of 2022, the Finance and Insurance sector grew by 29.90% in nominal terms. According to the National Bureau of Statistics’ most recent GDP report. Financial Institutions grew at a rate of 31.63%, while Insurance grew at a rate of 17.28%. The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted …
The Nigerian House of Representatives has agreed to summon the Auditor General of the Federation, Mr Okolieaboh Sylvia, to provide documentary evidence on the audit of funds spent on fuel subsidies. According to the News Agency of Nigeria, this was revealed by Rep. Ibrahim Aliyu, Chairman of the Special Ad hoc Committee on Fuel Subsidies, in Abuja on Thursday. He …
Apple Watches are already among the most expensive digital smartwatches available, but a new case designed by a Swedish company called Golden Concept has increased their price even further. The company’s most recent product is an Apple Watch case encrusted with 443 colourless, cut, and exceptionally clear diamonds. The titanium frame is carved from a single block. Because each piece …
Nigeria’s GDP increased by 3.54% year on year in real terms in the second quarter of 2022, an improvement over the 3.11% growth recorded in the previous quarter. This is according to the National Bureau of Statistics’ most recent GDP report. Year on year, the Q2 2022 growth rate fell by 1.47% points from the 5.01% rate recorded in Q2 …
The federal government has signed an agreement with Israeli and Japanese companies to assemble and manufacture environmentally friendly, green, electric, and smart automobiles by 2023. On Thursday, the National Agency for Science and Engineering Infrastructure (NASENI) announced a collaboration with Israeli, Japanese, and Nigerian companies in Abuja. According to Michael Freeman, Israel’s ambassador to Nigeria, the partnership, which combines Israeli, …
Electricity distribution companies, DisCos, said they had succeeded in creating over 32, 000 jobs since privatisation. In a statement signed by the Executive Director, Research & Advocacy, the Association of Nigeria Electricity Distributors, ANED, Barr. Sunday Oduntan, on Wednesday, the DisCos they had created 32,573 as against 23,515 at privatisation The explanations became necessary following the recent takeover of some …
The chief executive officer (CEO) of Lognetics, Light Ihesiulo, has stated that with the right support from the government, Nigerian tech start-ups can implement great ideas. Speaking in a chat with journalists in Abuja, yesterday, Ihesiulo said Nigeria is blessed with brilliant young tech people that are facing the major challenge of funding. He called on government to support tech …
For patients seeking effective healthcare, SpecSMART has promised to provide high-quality optometry services such as primary eye care, premium quality frames, lens variants, contact lens fitting, and optical/ophthalmic services to Nigerians. This is even as it opens a store in Ikoyi, Lagos. SpecSMART is a world-class optometry clinic of the United Kingdom standard, promising to serve the over 50 million …
The National Broadcasting Commission (NBC) has revoked the broadcast licences of 52 broadcast stations across the country due to over-indebtedness to the regulatory commission. Since 2015, the stations have owed the Commission N2.6 billion. Africa Independent Television (AIT) and its sister radio station, Raypower FM; Silverbird Television; and 49 other stations throughout the country are among the debtor-stations. The NBC’s …
Successive administrations have praised plans to diversify the Nigerian economy away from crude oil. Since crude oil was discovered in Nigeria, it has become the mainstay of the Nigerian economy, with other sources of revenue largely abandoned. According to this school of thought, the discovery of oil was both a blessing and a curse for the country. To buck the …
The federal government held its regular primary auction of new bond issuances on Monday in order to raise another N225 billion from the domestic capital market. However, the outcome of the auction was unknown at the time of publication. Investment firms increased their pre-auction marketing efforts for the new issuances over the weekend, with tallies surveyed across many firms indicating …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the formation of a 12-member Flare Gas Commercialisation Programme Team to support the federal government’s initiative to eliminate gas flaring by 2025. Engr Gbenga Komolafe, the commission’s chief executive, stated over the weekend that gas flaring in the oil and gas industry has remained a threat that must be eliminated due to …
On Friday, current and former management of the Nigeria Social Insurance Trust Fund (NSITF) ran into trouble in the Senate for failing to justify spending of N17.158 billion in 2013 with required evidential documents, some of which were allegedly eaten up by termites. According to the 2018 Audit report, the total amount of money tansfered by NSITF from its Skye …
Speaking while launching the 2-day fair in Lafia on Thursday, the CBN Director of Corporate Communications, Osita Nwanisobi, said the sensitisation programme tagged ‘Promoting Financial Stability And Economic Development’, was to educate residents of the state on Interventions, Policies and Programmes of the CBN and to encourage them to start using the eNaira for financial transactions. He mentioned the interventions …
The federal government has stated that the Agro-Climatic Resilience in Semi-Arid Landscapes (ACreSAL) project is critical to lifting 100 million Nigerians out of poverty. Mr. Mohammed Abdullahi, Minister of Environment, stated this on Monday at the ACreSAL technical workshop in Lagos. In collaboration with the World Bank, the workshop is being organised for the Ministries of Environment, Agriculture, and Water …
According to data released on Sunday by the Nigerian Oil Spill Monitor, an arm of the Nigerian Oil Spill Detection and Response Agency, NOSDRA, Nigeria lost N891 billion due to gas flaring in 18 months. According to the data, the country lost N707 billion in 2021 and N184 billion in the first half of 2022, for a total loss of …
