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02-August-2023

Subsidy Removal: Beyond Tinubu, Kyari’s Personal Interests

By Mohammed Usman One of the major highlights of the new administration of President Bola Ahmed Tinubu has been the suspension of the payment of subsidy for premium motor spirit, PMS, commonly called petrol. Though there have been so many reforms introduced into the system since its inauguration on May 29, 2023, the removal of fuel subsidies seemed to have been the most daring move ever made by any administration. Come to think of it, as critical as fuel subsidy removal is to the turnaround of the economy; successive governments have made brick walls in their attempts to end the

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01-August-2023

Beyond Doing Good: Why ESG Makes Great Business Sense for African Fintechs

By Funmi Dele-Giwa If you’re reading this, there’s a very good chance you’re already familiar with the acronym ESG. Standing for “environmental”, “social”, and “governance”, it’s a constantly evolving standard that emphasises the importance of doing business in a way that positively impacts the environment, society and stakeholders. In essence, it’s the idea that companies can grow and profit while doing good and it encourages businesses to be more transparent about how they add to or create value for their society, community and/or stakeholders. While ESG has its critics (on both sides of the aisle), its philosophy has gained near-universal

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29-July-2023

Kyari, Breaking the Jinx, Creating Prosperity for Nigerians at New NNPCL

By Femi Aderotimi The historic payment of interim dividend by the Nigerian National Petroleum Company Limited into the Federation Account less than three months into the stoppage of payment for fuel subsidy by the Federal Government has proven that Mallam Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL is indeed working for the good of Nigerians and the sustainability of the Nigerian oil and gas sector. On July 7, 2019, when Kyari assumed the position of Group Managing Director of the now-defunct Nigerian National Petroleum Corporation (NNPC), the corporation was in a near comatose state. It was laced

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29-July-2023

Eze Chikamnayo: The Archetypal Chichidodo

By Okechukwu Ukpabi The more things change, the more they stay the same, the French writer, Jean-Baptiste Alphonse Karr, wrote in 1849. It is, therefore, not surprising that nine years after he was fuming in the mouth in political fits, he will resort to the same crass tactics of name-calling, absolute falsehood, and dubious claims to be noticed in 2023, barely two months of he and his ilk falling from power. Like the typical bird, chichidodo, in Ayi Kwei Armah’s novel, The Beautiful Ones Are Not Yet Born, that screams its lungs out in protestation of shit, yet feasts on

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27-July-2023

UN Charter and Delta State-Born Physically Challenged ‘Keke’ Operator In Lagos

By Jerome-Mario Chijioke Utomi Acting on recent emotional words and compassionate description by a professional colleague of one resourceful 32-year-old Mr Gift Captain Tonmene, a Delta State-born but Lagos-based physically challenged tricycle (Keke) operator in Mile 12 area of the state, I took a trip in the evening of Monday, July 2023 to Mile 12 Motor Park, Lagos, to ascertain my friend’s narrative. Aside from coming face-to-face with the man in question, which of course, satisfied my journalist instinct for social justice as well as nourished my curiosity for bringing to the surface societal ills to where they could be

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26-July-2023

A Cashless Economy Can Be a Win-Win for Businesses, Nigeria’s Economy

By Yvonne-Faith Elaigwu Consider a typical day in the life of Mr Chukwu, a small business owner in Lagos. His morning ritual invariably starts with a visit to the bank to withdraw the amount of cash to sustain his shop operations for the day or deposit the excess amount of cash from the previous day’s sales. From catering to customers’ change needs to safeguard their earnings from potential theft, the tangible presence of cash, while familiar, also brings with it a unique set of challenges. Now, imagine a different scenario. A scenario where Mr Chukwu no longer has to worry

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26-July-2023

Harnessing Data Harmonization for Corporate Governance

By Emmanuel Otori Incorporating and applying data from many sources inside an organization to better governance procedures is known as data harmonization for corporate governance. Organizations guarantee consistency, correctness, and dependability in their data by aligning and standardizing it across systems, divisions, and business units. This technique improves the efficiency of governance practices and encourages greater judgment, accountability, and openness. Meanwhile, corporate governance pertains to the framework of regulations, methodologies, and procedures through which a company is guided and supervised. It encompasses the interconnections among diverse stakeholders, including shareholders, management, employees, and the board of directors, with the objective of

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25-July-2023

Native Doctor and Palliatives, More on Voodoo Economics

By Prince Charles Dickson PhD The worst part of a society manipulated by politics is to see the poor defending the rich who are responsible for their poverty. There was one man called Femi in Ibadan, 98-year-old Baba Femo. He was alleged to have made impregnated a 19-year-old girl, an allegation he blatantly denied, insisting he was not responsible and wasn’t the person. The matter went to the court. He brought a lawyer called Nkiru to defend him. In court, the barrister said, “My Lord, this man can never make this 19-year-old pregnant”. The judge said, “Counsel can you prove

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24-July-2023

Top 5 Zoho Platforms Helping Businesses Thrive in Nigeria

By Kehinde Ogundare Nigeria, one of the world’s fastest-growing economies, boasts a thriving business ecosystem characterised by its dynamism and resilience. Nigerian enterprises are widely recognised for their tenacity and relentless pursuit of global competitiveness. A report by McKinsey reveals that responses to Covid-19 have sped up the adoption of digital technologies for several years. Companies have accelerated the digitisation of their customer and supply-chain interactions and of their internal operations by three to four years. In the current era of digital advancements, Nigerian businesses are acutely aware of the significance of embracing cutting-edge software solutions to optimise their operations

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27-September-2023

Banking, Energy Stocks Slurp N126bn from Nigerian Exchange

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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26-September-2023

Senate Confirms Cardoso as CBN Governor, Pledges Evidence-Based Policies

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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26-September-2023

AFC Gets $300m Chinese Loan to Boost Trade Finance

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

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26-September-2023

Fluenta Installs Technology to Reduce Gas Flaring at Dangote Refinery

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

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26-September-2023

Smart Recycling Hub Opens in Ibadan

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

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26-September-2023

Small Business Owners Fret Over Exchange Rate Instability

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

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26-September-2023

NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

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26-September-2023

Sustainable Development is a Necessity for Every Society in the World

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

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26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

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26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in