All Set For 2016 Nigerian Economic Summit In Abuja

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Modupe Gbadeyanka New exciting features to enable seamless transactions for its customers have been added to the mobile app of Stanbic IBTC Holdings Plc. The newly upgraded Stanbic IBTC Super App offers quick log-in capability with facial and fingerprint biometric options, strong customer data protection and voice banking features. It also contains features such as instant soft loans for customers through the instant cash advance/EZ cash, bills payment, and funds transfer. A statement from the lender stated that the one-stop mobile app consists of the entire range of the Stanbic IBTC Group products such as My Bank, Mutual Funds,

By Adedapo Adesanya The federal government has disclosed that no fewer than 51 million Nigerians have enrolled for the National Identity Number (NIN). The revelation was made by the Minister of Communication and Digital Economy, Mr Isa Pantami, on Thursday in Abuja while briefing State House correspondents. He was speaking at the sixth edition of the ministerial briefing organised by the Presidential Media Team at the Presidential Villa at the nation’s capital. Mr Pantami warned that while the failure to obtain the NIN could lead to between seven and 14 years imprisonment for Nigerians as stipulated by the Constitution, no

By Investors Hub European stocks are holding steady in cautious trading on Monday amid reports the European Union is considering hitting U.S. goods with retaliatory tariffs to the tune of 10.2 billion euros ($11.5 billion), escalating a tariff war over disputed aviation subsidies. While the U.K.?s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index and the German DAX Index are both up by 0.1 percent. Banks have rallied ahead of the release of quarterly results from a number of big U.S. banks this week. IG Group Holdings has also moved sharply higher. The multi-platform trading

By Adedapo Adesanya Mrs Diezani Alison-Madueke has been charged with bribery offences relating to her time as Nigeria’s Minister of Petroleum Resources, the United Kingdom National Crime Agency (NCA) said on Tuesday. The head of the NCA’s international corruption unit, Mr Andy Kelly, said in a statement that, “We suspect Diezani Alison-Madueke abused her power in Nigeria and accepted financial rewards for awarding multi-million-pound contracts.” The NCA said Mrs Alison-Madueke allegedly benefited from at least £100,000 ($127,000) in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties. Charges against her

By Adedapo Adesanya Two Nigerian social enterprises, HelpMum and Utiva, have been selected to receive additional funding of $25,000 each from the 2020 Facebook Community Accelerator Programme to grow their communities. The two Nigerian organisations were among the initial 77 participants selected globally for the Facebook Community Accelerator Programme in July 2020. When the number was trimmed for the next stage, they were among the 24 participants selected by the Facebook team and ecosystem partner to receive additional funding of $25,000. They were among the three recipients chosen from Sub-Saharan Africa. In a blog post, Facebook announced that, “…Today, we

By Dipo Olowookere The Managing Director/CEO of Nigerian Breweries Plc, Mr Jordi Borrut Bel, has tendered his resignation letter to the board of the company. Mr Borrut Bel informed the board that he would be leaving the firm effective July 30, 2021, and the reason is that he would be taking up a new responsibility, though within the Heineken Group. The board, which accepted his resignation, has chosen Mr Hans Essaadi as the new head of the organisation effective July 31, 2021. The outgoing MD/CEO joined Nigerian Breweries on January 22, 2018, and has been able to successfully lead the

By Modupe Gbadeyanka The Ministry of Petroleum Resources, in its scorecard for 2016 and outlook for 2017, has said that the Federal Government has approved the renewal of licenses for 17 marginal oil fields that expired in 2015. It also stated that it has, through the Department for Petroleum Resources (DPR), approved seven new field development plans, aimed at growing the country’s oil and gas output. Though the details of the affected marginal fields which licenses were renewed were not given, the DPR, in the document, said the approval for the extension was secured from the Federal Government in 2016.

Persistent in the drive to optimise its services in the sector, Nigeria’s leading electricity distribution company, Ikeja Electric, has commissioned two new feeders, Igando 33KV and Ijegun 33KV, to further boost supply to customers in the network. With the completion of these feeders, beneficiary communities will experience improved power supply, while the project has also enabled better alignment and strengthened network. Areas such as White Sand Joint CDA, Mutairu Alli, Taiwo Olaniran, Boripe, Idi Cashew, Lasisi Ajibade, Harmony, Ire-Akari and environs would benefit from the Ijegun 33KV feeder, while areas including Egan Town, Ajao Jimoh, Imoba 1, Iloilo, Taiwo Along,