General
Lagos Remits N25bn to Retirement Savings Account
By Adedapo Adesanya
Over N25 billion has been paid into the Retirement Savings Account (RSA) of retirees by the Lagos State government, the Governor, Mr Babajide Sanwo-Olu, has said.
Mr Sanwo-Olu made the disclosure at the 81st retirement bond certificate presentation to retirees of the state public service in Lagos recently.
The Governor, who was represented at the presentation by Mrs Olubunmi Fabanwo, Chairman of the Lagos State Civil Service Commission, noted that this has been the tradition since his administration came on board 18 months ago.
He said that retirees were workers in the mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatal agencies of the state government.
“I am happy to report that 5,819 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) in the past 18 months of my administration.
“It is gratifying to note that since the advent of this administration, the state government has paid over N25 billion into the RSA of the state’s retirees,” he said.
According to him, the state government has also remitted over N2 billion to the respective RSAs of 471 retirees through the Pension Fund Administrator (PFA) for the month of December.
Mr Sanwo-olu said that with such commitment and performance, it was not surprising that retiring officers in the state looked forward to retirement with more confidence and joy.
The Governor said that Lagos State had continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance.
“Let me assure you that the state government through the Lagos State Pension Commission (LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily but also receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.
“I will continue to run an open government of inclusion that will ensure no one is left behind.
“We must therefore be determined to contribute to the change that is much expected to bail our country out of her present situation and make life worth living for everyone,” he said.
In her address, Mrs Ajibola Ponnle, Commissioner for Establishments, Training and Pensions, lauded the Governor for ensuring the availability of funds to the commission for the payment of retirement benefits as and when due.
“Despite the global pandemic and its impact on the Nigerian economy, the state government has made continuous monthly payments of accrued pension rights into the RSA of retirees a priority to enable them to have access to their retirement bond benefits,” she said.
Mrs Ponnle said following the emergence of Lagos State as the winner of the National Pension Commission (PenCom) award for the best compliant state in the Federation consecutively and consistently, the ministry and LASPEC were committed to maintaining the rating.
She said this would be done by improving on timely payment of retirees’ pensions and other applicable benefits upon disengagement from service.
The Commissioner congratulated the retirees and advised them to embrace the joy and challenges of their new phase of life.
“Do not hesitate to contact LASPEC or even the Ministry of Establishment, Training and Pensions, should you require clarification or advise regarding the modalities surrounding your retirement benefit matters,” she said.
Mr Babalola Obilana, Director-General, LASPEC, said the event was designed as the state government’s special gift for the retirees for the festive season.
Mr Obilana informed the retirees about the official launch of the RSA transfer window system by PenCom on November 16, which permits RSA holders to transfer their accounts from one PFA to another once a year.
“The activation of the RSA transfer process will engender competition and improve service delivery in the pension industry while asserting the rights of RSA holders to determine which PFA manages their pension contribution and retirement benefits,” he said.
The DG appreciated stakeholders, PFAs and Insurance companies for their relentless efforts toward the success of the CPS.
General
Apostle Femi Lazarus Emerges Most Streamed Podcast in Nigeria on Spotify
By Modupe Gbadeyanka
A report released by Spotify has revealed that in 2024, Apostle Femi Lazarus was the most streamed podcast on its platform, closely followed by Motivation Daily by Motiversity.
Podcasts are one of Africa’s favourite ways to tell stories. With almost 4 billion minutes of podcast audio played in Sub-Saharan Africa in 2024, the continent’s appetite for this content is loud and clear.
South Africa, Nigeria, and Kenya listened to the most shows this year, with South Africa contributing over 2 billion minutes. If you started playing podcasts on one device today, it would make for about 30 centuries of listening.
“The numbers don’t lie. Podcasting is here to stay because it lets creators take control of their narratives and tell these stories on their terms while bringing their community along for the journey,” the Sub-Saharan Africa Podcast Manager for Spotify, Ncebakazi Manzi, stated.
Motivational shows around issues like managing finances, relationships, personal goals and health remain popular across the three leading countries. Shows like “The Diary Of A CEO with Steven Bartlett”, “Motivation Daily by Motiversity” and “The Success Addicted Podcast” have attracted listeners who want to get their lives in order and learn from the stories of inspirational people.
Audiences in Nigeria and South Africa embrace shows about spirituality. “Christian Motivation” had one of the most shared episodes in South Africa while “Apostle Joshua Selman” maintained his popularity in Nigeria for another year. As the continent’s second-largest podcast market, Nigeria listened to 700 million minutes in 2024 and it created half of the new shows published in Sub-Saharan Africa this year.
Even though spirituality dominated Nigeria’s top charts, the continued popularity of shows like “I Said What I Said” and “The HonestBunch Podcast” tell us that listeners also want conversation-style shows. Listeners in Kenya and South Africa also showed an affinity toward these shows.
A good laugh with friends
The “ShxtsnGigs” podcast, an opinion show hosted by two best friends James and Fuhad, tapped into audiences’ hunger for conversational shows. The humorous podcast has made its way to the top charts in six of the top 10 podcast-playing African countries. In Kenya, The 97s Podcast has been inspired by this approach where funny and frank chats between hosts Trevor, Frank and Dante have led the podcast to take the number-one spot in the country for the first time.
Kenya’s broader listening data shows that relationships are a meaningful taking point. Seven of the 10 most shared episodes in the country discuss love, sex lives and dating. Julia Gaitho’s “So This Is Love” holds three out of the top five most shared podcast episodes in the country. Her interviews resonated because she draws lessons from her guest’s stories about lost lovers.
Some listeners just wanted to laugh through the pain. Ensemble shows like “Mic Cheque Podcast” and “The Sandwich Podcast” made Kenyans feel like they were hanging out with a close circle of friends. When difficult topics come up, moments of infectious laughter help lighten the mood.
Women creators like Murugi Munyi, Julia Gaitho, Sharon Machira and Lydia K.M. take this comedic approach to a new level on shows like “The Messy Inbetween” and ‘It’s Related, I Promise’. This genre contributed heavily to the country’s 400 million podcast minutes streamed in 2024.
Below are the most streamed and shared podcasts for the year;
TOP STREAMED PODCASTS IN SOUTH AFRICA |
TOP STREAMED PODCASTS IN NIGERIA |
TOP STREAMED PODCASTS IN KENYA |
2. Motivation Daily by Motiversity 3. Success Addicted Podcast with the voice of Earl Nightingale ; Napoleon Hill ; Jim Rohn and many more |
TOP SHARED PODCAST EPISODES IN SOUTH AFRICA |
TOP SHARED PODCAST EPISODES IN KENYA |
TOP SHARED PODCAST EPISODES IN NIGERIA |
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General
Watt Renewable Secures $15m Loan for Hybrid Solar Power Plants in Nigeria
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
General
NMDPRA Denies Restricting Gas Supply to Gencos
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
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