Nigeria Eyes Top 70 Spot on World Bank Ease of Doing Business by 2023

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

Today, one of the fastest growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence. Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria. For Heritage Bank, it’s been seven years of creating, preserving and transferring wealth to its teeming customers across the country. The Beginning A story began on March 4, 2012; a story of hard-work and determination when IEI Investments Ltd acquired Societe Generale Bank of Nigeria license from

By Investors Hub Asian stock markets are mostly higher on Monday after U.S. stocks closed at record highs on Friday despite weaker than expected jobs data for December 2017 and a fall in crude oil prices. Investors are also optimistic about strong earnings results from regional companies later this week. The Japanese market is closed for the “Coming of Age” holiday. The Australian market is advancing after U.S. stocks closed higher on Friday. In late-morning trades, the benchmark S&P/ASX 200 Index is adding 13.40 points or 0.22 percent to 6,135.70, off a high of 6,143.00. The broader All Ordinaries Index

By Modupe Gbadeyanka An Open API Conformance Certification has been awarded to Comviva for its Business Support Systems (BSS) suite. The recognition, which came with a Silver Badge, was given to the global leader in mobility solutions  by TM Forum. Comviva is among the leaders in the industry in number of certified Open APIs with a total number of five certifications – Service Activation and Configuration; Ordering and Management; Service Inventory Management; Trouble Ticket and Customer Management. The BSS suite is a comprehensive and end-to-end business support system that handles an operator’s entire set-up, allowing more efficient management of the

By Adedapo Adesanya UBN Property Company Plc, one of the subsidiaries of Union Bank of Nigeria Plc, has proposed to pay a five kobo dividend to its shareholders despite suffering a 39 percent slump in profit in the 2019 financial year. The property investment arm of the financial institution said the cash reward will be paid to investors whose names appear on the register of members as at the close of business on Thursday, June 11. The company also noted that its closure of register will happen from Monday, June 15, to Friday, June 19, 2020, inclusive of both days.

By Dipo Olowookere Customers of Ibadan Electricity Distribution Company Plc (IBEDC) have been assured an excellent service delivery by the management of the energy firm. The Chief Operating Officer (COO) of IBEDC, Engr. John Ayodele, in his message, to mark the 2020 Customer Service Week, stressed that “our goal is geared towards taking service delivery to higher heights through customer-centric initiatives that will enable us to attend and resolve our customer enquiries, complaints, fault clearing etc. speedily and efficiently across the franchise.” He announced that as part of activities lined up for this year’s Customer Service Week scheduled to run

By Modupe Gbadeyanka Monday, May 29, 2023, has been declared a public holiday by the federal government to commemorate the inauguration of Mr Bola Tinubu as the President of Nigeria. Several dignitaries from across the world, including the United States and some African countries, are expected to grace the swearing-in of the country’s 16th democratically elected President. In a statement on Friday, the Minister of Interior, Mr Rauf Aregbesola, commended the citizens for their strident efforts at achieving an unbroken civilian rule and successful change of governments since 1999, appealing for support and cooperation with the coming administration. “Democracy anywhere

By Dipo Olowookere Shares of International Energy Insurance appreciated 57.14 per cent on the floor of the Nigerian Exchange (NGX) Limited last week, closing at 99 Kobo compared with the preceding week’s 63 Kobo. The underwriting is getting the attention of investors after the embargo on trading on the company’s stocks was lifted a few weeks ago. In the week, Northern Nigerian Flour Mills gained 44.44 per cent to trade at N9.75, Geregu Power rose by 36.88 per cent to N219.00, MRS Oil improved by 20.94 per cent to N19.35, and John Holt increased by 20.91 per cent to N1.33.

By Dipo Olowookere Edo State Governor, Mr Adams Oshiomhole, has appointed four new Permanent Secretaries in the state. Mr Oshiomhole sworn-in the new appointees on Friday in Benin City, the state capital. The new Permanent Secretaries are Mr Anthony Okungbowa, Ministry of Justice; Mr Kadiri Bashiru, Secretary, Nigeria Labour Congress; Mr Y.A Imoudu, Chairman, Association of Secondary School Principals and Mrs Obosamwinye Obazee, Headmistress. The Governor charged the new appointees to see their new positions as more service to the Edo State. He said urged them to ensure they make state’s civil service an envy to all. Mr Oshiomhole congratulated