IWD: Union Bank Unveils Alpher Mentorship Programme

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

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 Bliss Okperan The Minister of FCT, Mr Nyesom Wike, has been advised to extend an olive branch to the Governor of Rivers State, Mr Siminialayi Fubara. The Minister, who handed over the reins of Rivers State to Mr Fubara, has been at loggerheads with his successor. A few weeks ago, some lawmakers of the Rivers State House of Assembly loyal to Mr Wike attempted to impeach the Governor, but President Bola Tinubu quickly intervened and doused the tension. However, all is still not well with both parties, with the Minister granting an interview last week to accuse his ‘political

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Adedapo Adesanya As part of the response to contain the outbreak of Lassa fever, the Nigeria Centre for Disease Control (NCDC), closely working with the World Health Organization (WHO) and partners has activated a national Lassa fever multi-partner, multi-sectoral Emergency Operations Centre (EOC) to coordinate response activities at all levels. In combating this year’s outbreak, WHO is supporting the Nigerian government to coordinate technical assistance and operational support of partners including deployment of OneHealth Rapid Response Teams (NRRTs) to most affected LGAs. WHO has also mobilized experts to intervene in investigations, contact tracing, risk communication, and plans are underway

By Dipo Olowookere First Bank, First City Monument Bank and 10 other companies listed on the trading floor of the Nigerian Stock Exchange (NSE) have been fined a total of N49.1 million for failing to file their financial statements within the stipulated period expected of them. The other affected firms include Abbey Mortgage Bank, Academy Press, Fidelity Bank, International Breweries, Meyer Plc, Presco, Sovereign Trust Insurance, Sterling Bank, Vita Foam and Wema Bank. A breakdown of the fine showed that First Bank was asked to pay N2.1 million, Fidelity Bank to pay N2.7 million, Sovereign Trust Insurance to pay N2.1

By Adedapo Adesanya A former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has criticised the suspended CBN Governor, Mr Godwin Emefiele, for staying in office after he attempted to delve into politics last year. Speaking on Arise Television on Thursday, Mr Moghalu questioned Mr Emefiele’s policies and procedures during his nine-year tenure as the head of the country’s monetary body, highlighting the consequences of appointing individuals to sensitive positions without due diligence. Mr Moghalu said that the CBN under Mr Emefiele deviated from its core mandate. “You know, discussing the suspension of Godwin Emefiele is

By Dipo Olowookere A $15-million investment package has been approved by the board of African Development Bank (AfDB) to support infrastructure financing through the domestic debt capital markets in Nigeria. The facility was given to Infrastructure Credit Guarantee Company (InfraCredit), founded by the Nigerian Sovereign Investment Authority (NSIA) in collaboration with GuarantCo (part of the Private Infrastructure Development Group). These initial investors have been joined by the Africa Finance Corporation (AFC) and KfW, the German Development Bank. A statement issued by the AfDB explained that the investment package to InfraCredit comprises a subordinated loan of $10 million and a risk

By Adedapo Adesanya The Norwegian Floating Production Storage and Offloading (FPSO) leasing firm, BW Offshore, has closed the transaction for the sale of the Nigerian vessel, Abo FPSO, after several short-term charter extensions for $20 million. FPSO refers to a floating vessel located near an offshore oil field, where oil is processed and stored until it can be transferred to a tanker for transporting and additional refining. BW Offshore closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC). As part of the transaction, BW Offshore has entered

By Modupe Gbadeyanka The overnight rate on Tuesday increased to 32.25 percent from 25 percent in the previous session, while the Open Buy Back (OBB) rate appreciated to 30 percent yesterday from 22.50 percent two days ago. This came on the backdrop of the squeeze in system liquidity from the OMO and wholesale forex sales in the previous session. The rates are expected to remain elevated as there are no significant inflows expected into the system tomorrow and also with system liquidity currently estimated at N45 billion. Meanwhile, the treasury bills market traded on a slightly bearish note yesterday with

By Modupe Gbadeyanka The Oyo State government is planning to have a crucial meeting with area boys, cult groups and others in the state as part of efforts to put an end to incessant disruption of public peace. The Commissioner for Information, Culture and Tourism, Mr Wasiu Olatunbosun, said the meeting will involve the groups and security operatives in the state. Speaking on Thursday after a closed-door meeting with representatives of the militant groups, including Agbekoya, Odua People’s Congress, Vigilante Group of Nigeria, among others in Ibadan, the Commissioner said the move is to foster peace in the state. According

By Adedapo Adesanya  MultiChoice Nigeria has announced a price slash on its DStv and GOtv decoders starting Monday, February 1, 2021, for a limited time only. The slice in the prices will see the DStv HD decoder, dish kit with Compact package subscription drop from N18,600 to N9,900 on Confam package, while the GOtv decoder, GOtennae with GOtv Jolli package subscription will go from N8,400 to N6,900. DStv Confam is one of two recently improved DStv packages specially designed for the Nigerian family. With over 120 channels, DStv Confam offers the best of family time with international entertainment, kids, news