DMO Lists Series II FGN N15bn 7-Year Green Bond on NSE

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adeniyi Ogunfowoke Being an entrepreneur is not for fun or passion. You want to make money and get rich over time. This is a key reason why so many people work very hard to float and manage their own business.  Despite these laudable efforts, owning a business may probably not accrue you the desired wealth you want. As a result, Jumia Travel takes a sneak peek on reasons why this may be the case. Managing a business is expensive Entrepreneurs know that running or managing a business is very expensive. Your business will run at a loss especially in

By Modupe Gbadeyanka The National Universities Commission (NUC) has cancelled pre-degree and diploma programmes in Nigerian universities. The agency said the programmes should now be handled by polytechnics and not universities. NUC said universities should now focus on producing human capital in the core undergraduate, part-time and post-graduate courses. According to a statement, the Executive Secretary of NUC, Prof Abubakar Adamu Rasheed, gave this order during the meetings held between October 10 and 12 with Vice Chancellors of the 143 universities in Nigeria. The NUC also directed that the research directorate of the Commission be strengthened to work with those

By Dipo Olowookere Deadline for the 2017 edition of Access Co-Development Facility (ACF) competition has been shifted to May 12 to enable more developers and entrepreneurs with renewable energy projects in Africa have access to win the $7 million prize to fund their projects. The competition is organised by Access Power, a developer, owner and operator of power projects in emerging markets. Its strategic partner for the contest is EREN RE and the programme is in its third edition. The ACF is an innovative $7 million financial support mechanism designed to provide local power project developers and originators with project

By Modupe Gbadeyanka The cocoa beverage market in Nigeria has become more competitive with the introduction of a new product called Twisco Chocolate Drink Powder. The chocolate drink was produced by Promasidor Nigeria Limited and it is to demonstrate the company’s strong commitment to enriching the lives of Nigerians by providing them with quality nutrition. The Managing Director of Promasidor Nigeria, Mr Anders Einarsson, explained that Twisco confirms the organisation’s commitment to designing quality food products to keep Nigerian families nourished, especially with a branded active ingredient, called ENERFORT. According to him, ENERFORT is a special blend of 10 power-packed

By Adedapo Adesanya The federal government, through the Ministry of Communications and Digital Economy, has inaugurated the implementation steering committee of the Nigerian Broadband Plan (NBP) 2020-2025, which is to ensure wider broadband penetration in the country. The Minister of Communications and Digital Economy, Dr Isa Ibrahim Pantami, who inaugurated the committee in Abuja, noted that the panel is expected to monitor the implementation of the Nigerian National Broadband Plan (2020-2025) which was unveiled and launched by President Muhammadu Buhari on March 19, 2019. According to Mr Pantami, the new broadband plan is designed to deliver data download speeds across

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has been asked to release a socialist and businessman, Mr Obinna Iyiegbu, otherwise known as Obi Cubana, with immediate effect. This demand was made by a pan-Igbo socio-political pressure organisation known as the South East Revival Group (SERG). The group queried the rationale behind the arrest of Obi Cubana on Monday, warning President Muhammadu Buhari to stay away from persons of the Igbo extraction. On Monday, information went viral that the philanthropist who shot into prominence this year when he buried his mother in Anambra State, was being questioned by

As with most developing countries, micro, small and medium enterprises (MSMEs) are the backbone of economies in West Africa. They account for the majority of businesses, are important contributors to job creation and have evolved to become key suppliers and service providers. Despite their importance, access to capital is a key constraint to SMEs realising their full potential. SMEs are less likely to be able to obtain bank loans compared to large firms. Their sources of financing mostly include internal funds, or cash from friends and family, to launch and initially run their enterprises. This limits their potential to grow

By Dipo Olowookere A loan product to enable schools to meet their short-term financial requirements has been introduced by Stanbic IBTC Bank Plc. A statement from the company, which is a subsidiary of Stanbic IBTC Holdings Plc, explained that the new product is for private primary, secondary and tertiary institutions. The lender emphasised that credit facility is available to privately owned schools for the establishment, expansion or upgrade of primary and specialised facilities. It can also be used for short term working capital requirements. “The school loan product is designed to support institutions which have been in operation for at