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CBN, Gluwa to Drive eNaira Adoption After Binance Exit

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eNaira

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) and a blockchain credit infrastructure company, Gluwa, have crafted a partnership to promote the adoption of eNaira, Nigeria’s central bank digital currency (CBDC).

The company announced on Thursday that it would help drive more adoption of the eNaira which is yet to find appeal with Nigerians after more than three years since it was launched by the administration of former President Muhammadu Buhari and former CBN Governor, Mr Godwin Emefiele.

Nigeria launched the eNaira in October 2021 and became the second country to launch a CBDC in the world after the Bahamas.

According to a statement, Gluwa hopes to drive adoption by introducing its Credal technology to the eNaira, which powers loans on the real-world asset-oriented Creditcoin blockchain developed by the company.

So, when users transact using the eNaira, they will also build a decentralized credit profile independent of any financial institution or national borders, according to the company.

“Gluwa sets its high ambitions of onboarding millions of Nigerians by implementing its Credal technology to build credit reputations for eNaira users as a valuable new way to drive the adoption of the CBDC,” the company’s statement reads in part.

Gluwa also hopes to use its new position as a partner agent of CBN to foster adoption by working with lenders and fintech partners to facilitate direct eNaira transfers to customers and establish the eNaira as the definitive record for loans.

The CBN will be counting on this approach to boost the eNaira which has struggled with adoption, even following moves a year ago by the CBN to drive digital adoption that led to cash shortages and a recent spat over Binance’s operations in the country.

Last year, the central bank declared it would amend the current eNaira model to “ensure an increase in the volume and activity of wallet holders.”

The crypto exchange has suspended all Naira services after Nigeria threatened to fine it $10 billion and reportedly detained two executives after the government alleged Binance, which is not authorized to operate in the country, manipulated foreign exchange rates for the Naira.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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inDrive Backs Smart Mobility Innovation With AOT Lagos 7.0 Sponsorship

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inDrive The Heart That Drives Us

By Modupe Gbadeyanka

The 2025 edition of the Art of Technology (AOT) Lagos is going to be bigger and better with the inclusion of inDrive as its official sponsor.

The AOT Lagos 7.0, themed Future Technologies and a Sustainable Lagos, is scheduled for Thursday, December 4, 2025, at the Landmark Centre, Lagos.

inDrive, a leading global ride-hailing platform operating in nine African countries, is partnering with the Lagos State government to bring together policymakers, innovators, tech founders, investors, and global industry leaders to shape the future of technology and digital transformation in Lagos.

Through this collaboration, inDrive aims to contribute to high-level conversations on driver empowerment, sustainable transport models, safety, and affordability, key challenges affecting millions of daily commuters and mobility service providers in the state.

According to the Country Representative of inDrive Nigeria, Mr Timothy Oladimeji, the sponsorship underscores the company’s deep commitment to advancing equitable mobility systems and supporting conversations that drive long-term impact across the transportation ecosystem.

He noted that inDrive sees AOT Lagos as a critical platform for addressing mobility challenges and accelerating innovation within the state.

During the event, inDrive will be participating in one of the key sessions, discussing the topic From fuel to future: the rise of e-mobility in Lagos.

Aside from this, inDrive will also be hosting a side workshop themed The Market Share Victory – How inDrive Became Nigeria’s Second-Largest Ride-Hailing Player.

“We are proud to sponsor AOT Lagos 7.0 because it aligns perfectly with our vision to democratise mobility and ensure fairness for both drivers and riders.

“As Lagos moves toward a smarter, more sustainable mobility future, inDrive is committed to supporting solutions that prioritise affordability, safety, driver empowerment, and technological readiness.

“Through this partnership, we hope to contribute meaningfully to shaping policies and ideas that will redefine how millions of people move across the state,” he said.

Now in its seventh edition, AOT Lagos has evolved into a premier platform for advancing smart-city innovation, showcasing emerging technologies, and influencing the policy frameworks that shape the digital economy in Africa’s largest city.

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FG to Open Section of Lagos-Calabar Coastal Highway December 12

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Lagos-Calabar Coastal Highway

By Adedapo Adesanya

The federal government is set to open Section 1 of the 700 km Lagos-Calabar Coastal Highway for public use from December 12 to 17, 2025.

The Minister of Works, Mr Dave Umahi, gave the assurance on Sunday in Lagos during a review of outstanding works on Section 1 of the highway project.

The section 1 is 47.47km long and has six lanes and two carriageways.

Mr Umahi said: “We also set aside April next year to have Section 1 and half of Section 2 fully completed and commissioned,” adding that the contractor handling the project, Hitech Construction Company Limited, had achieved more than 80 per cent of the reinforced concrete pavement.

“We are very grateful to God Almighty for his mercies, and to the President and to the contractor.

“If we are to pay for everything they have done, it will be very difficult to have this job done because there are places we didn’t envisage that we were going to be removing pits up to a depth of 20 metres.

“They had to do that because they are partners in progress for the development of the country.

“We have just about three kilometres to complete the entire sand filling from Ahmadu Bello Way to Eleko Junction, and we are excited at the work and the quality of what has been done,” the former Governor of Ebonyi State, said.

The new Controller of Works in Lagos, Mr Olufemi Dare, told the minister that a lot of settling was ongoing at Chainage 33 of the highway project, praising the contractor for high quality of work.

“Sir, it may interest you to know that the building standing is the palace of this community, and you saved this building, and they are extremely happy,” he said.

On his part, the Managing Director of Hitech Construction Company Limited, Mr Dany Abboud, said that the company would still backfill from Chainage 34 to Chainage 37.

“Dredging is ongoing, we are on track to deliver.

“We are monitoring the settlement in the swampy areas and the water body areas due to the change of alignment,” he said.

The highway, which commenced construction in March 2024, has generated a lot of controversy, with critics raising concern around cost and procurement structure.

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Nord Vehicle Owner Accuses Nigerian Bank of Economic Sabotage

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nord motion owner oluwatobi ajayi

By Modupe Gbadeyanka

A Nigerian lender has been accused of frustrating local business owners by not financing Made-in-Nigeria vehicles but promoting the purchase of foreign vehicles.

This allegation was made by the owner of a local vehicle assembly firm, Nord Motion, Mr Oluwatobi Ajayi, in a post on X, formerly known as Twitter.

He described this as an economic sabotage, stressing that this action does not encourage local investors.

“A business owner in the oil and gas sector approached us that he would like to buy two units of the @nordmotion Max pickup for his company. Apparently, he was impressed with the vehicle after some rides with his peers in the sector.

“To my shock, yesterday, my team told me that the bank, a bank operating in Nigeria told him that they do not finance Made-in-Nigeria vehicles, and they even suggested to our customer that he should go for foreign brands instead.

“The most provocative part of this is that all of the brands they suggested to him identified as Made-in-Nigeria brands in their filings with the Bureau of Public Procurement (BPP), which means they decide who they want to be whenever it suits them.

“This is yet another example of the needless sabotage and institutional bias against Nigerian manufacturers and assemblers that we experience in this sector.

“The President aims to grow us into a $1 trillion economy. Nigerians want to buy Made-in-Nigeria products, we are working very hard to produce world-class vehicles, but some banks, who should play the role of credit facilitators, are displaying open prejudice against locally made vehicles.

“What sort of economic sabotage is this?

“Many of us who continue to assemble and manufacture vehicles here do so not just for profit, but out of patriotism and belief in the long game. We see this as a marathon, not a sprint.

“We cannot continue using Nigerian resources to strengthen foreign factories while starving our own indigenous companies of opportunities.

“If we truly want this country to be better, then we must support goods and services made in Nigeria, especially those of us who have shown we can deliver world-class standards. The support has to be real, not just in words, but in policy, in finance, and in action.

“Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here,” he narrated.

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