Groups Meet On Implementation Of FOI Act

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Modupe Gbadeyanka The Nigerian Army has claimed responsibility for the killing of some villagers of Tudun Biri in Kaduna in an air strike. Reports earlier went viral that operatives of the Nigerian Air Force bombed the villagers during a Maulud celebration but authorities of the air force debunked the reports, saying its men were never involved in such. However, the Nigerian Army has said it was involved in the bombing, which it said was a mistake because it was going after some terrorists in the area. The Kaduna State government, in a statement issued on Monday by its Overseeing

By Modupe Gbadeyanka To achieve sustainable development in Africa, efforts must be made to have an enabling policy environment and collaboration between the government and the private sector. This was the submission of the chief executive of Airtel Africa, Mr Segun Ogunsanya, at a COP28 side event co-hosted by the telecommunications giant and the African Business Leaders Coalition (ABLC). Mr Ogunsanya, who is a member of the United Nations Global Compact’s ABLC, stressed that African business leaders and governments to join forces to advance sustainable growth, development, and prosperity across the continent. “We stress the importance of an enabling policy

By Adedapo Adesanya The federal government has announced that only 422 of the total 1,411 Nigerian delegates at the ongoing COP28 were funded with taxpayers’ money. This clarification followed the outrage over the size of Nigeria at the conference in Dubai, the United Arab Emirates (UAE). The Minister of Information, Mr Mohammed Idris, disclosed this in a statement on Monday evening amidst concerns by Nigerians about the large number of the country’s delegates at the climate change conference in Dubai. Business Post had reported that Nigeria was joint third with China behind the UAE and Brazil among all the countries

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has disbursed $200 million to a Nigerian tier-one lender, Zenith Bank Plc, under its Pandemic Trade Impact Mitigation Facility (PATIMFA). This was made known in a statement by Afreximbank on Friday, in which it explained that the funds will assist Zenith Bank in its maintenance of foreign currency trade flows impacted by the COVID-19 pandemic. It added that the fund will enable the bank to lend to eligible sub-borrowers involved in the manufacture and supply of medical resources needed to combat the COVID-19 pandemic. Quoting the president of Afreximbank, Mr Benedict Oramah,

By Dipo Olowookere The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $45 million Murabaha Financing Agreement with the government of The Gambia. Minister of Finance and Economic Affairs of The Gambia (Governor of the Islamic Development Bank), Mr Amadou Sanneh; and the Chief Executive Officer of ITFC, Engr Hani Salem Sonbol; signed the agreement on behalf of both parties. The signing ceremony took place at the conclusion of the IsDB Group Governors’ lunch on the sidelines of the World Bank/IMF meeting held in Washington DC, with the presence of Dr

By Dipo Olowookere Mastercard’s Chief Marketing and Communications Officer, Mr Raja Rajamannar, has been elected as President of the World Federation of Advertisers (WFA). Mr Rajamannar will serve a two-year term as WFA President, with the option to extend for a further two years. He replaces Mr David Wheldon, CMO at RBS, who has been president since 2015. Mr Wheldon will continue to serve on WFA’s Executive Committee as Regional Vice-President for Western Europe. The new WFA chief has worked for Mastercard since 2013, and in particular has led the company’s marketing transformation, including the integration of the Marketing and

By Adedapo Adesanya Oil fell for a second straight session on Thursday as a result of an uncertain demand outlook with COVID-19 infections spreading in the top oil-importing nation, China. China’s government is dismantling pandemic restrictions that have been in place for more than two years, but more countries are considering restrictions on Chinese travellers with COVID-19 infections spreading. This weakened the price of Brent crude by $1.00 or 1.2 per cent yesterday to $82.26 per barrel, as the US West Texas Intermediate crude depreciated by $1.13 or 0.7 per cent to $78.40 per barrel. From the US to Japan,

By Modupe Gbadeyanka The United Nations Children’s Fund (UNICEF) has estimated that 400,000 children in Nigeria’s restive north-east region could suffer from severe acute malnutrition over the next year with about two-thirds of health facilities in the region either completely destroyed or partially damaged. In a statement issued on Wednesday, UNICEF’s Executive Director, Mr Anthony Lake, was quoted as saying, “If they do not receive the treatment they need, 1 in 5 of these children will die. Cases of diarrhoea, malaria and pneumonia are on the rise, further endangering children’s lives.” “These figures represent only a fraction of the suffering.

By Dipo Olowookere In its determination to enhance market participation, the Nigerian Stock Exchange (NSE) has launched an artificial intelligence (AI)-powered chatbot called X-Bot. X-Bot, which is the first African securities exchange chatbot, responds directly and automatically to enquiries through Facebook Messenger. It is designed to provide market participants, especially retail investors, convenient, faster and real-time access to data and information from the NSE. Commenting on X-Bot, the CEO of the Exchange, Mr Oscar Onyema, noted that the introduction of X-Bot was in line with the NSE’s drive to improve market participation through greater access to market information. “We aim

By Modupe Gbadeyanka The Debt Management Office (DMO) has described as false the reports that Nigeria has defaulted in loan repayment to China. In a statement issued on Wednesday, the agency emphasised that the federal government has always honoured its obligation, urging members of the public to disregard the news reports. It was reported in some sections of the media (Business Post not included) that the country had missed its repayment plans for the loans it took from China and had accumulated fines worth N41.31 billion. But the debt office refuted this, noting that Nigeria had continued to pay China

By Dipo Olowookere For a long time, there had been debates over the better way to drive a vehicle; either with shoes on or barefoot. But the Federal Road Safety Corps (FRSC) seems to have made a clarification on this and has now put the matter to rest. The agency said via its official Facebook page on Thursday, September 15, 2016, that experts have advised people to drive barefoot because it was safer that way than putting on high heels, which could slip off the pedals. However, FRSC concluded that if one has to drive with the shoes on, then