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Nigeria Seeks Fresh N76bn Loan for Power, Road Projects

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By Dipo Olowookere

The Federal Executive Council (FEC) on Wednesday approved the sourcing of a fresh $247.3 million (about N76 billion at the official rate of N306/$) for the provision of rural electrification projects in the country as well some road projects in Lagos State.

Minister of Finance, Mrs Zainab Ahmed, who briefed newsmen on outcome of yesterday’s FEC meeting, said government is optimistic that these projects, when completed, would significantly boost the nation’s economy.

Giving a breakdown of the external loan, the Minister said $150 million would come from the African Development Bank (AfDB) and used specifically on rural electrification projects.

She said further that $50 million would be sourced from Africa Grow Together Fund for other electrification projects, while $20 million from French Development Agency would be loaned to the Lagos State government to build new roads and rehabilitate existing ones.

It was disclosed that another $27.3 million IADE facility was approved as part of the ‘North Core Dorsal Regional Transmission Project, which would be part of the West Africa Power Pool projects with a total loan requirement of $640 million.

According to Mrs Ahmed, the projects were to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso “with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participant countries.”

“Council approved three memos for Ministry of Finance. First, it approved a $150 million loan facility from AfDB and $50 million loan from African Grow Together Fund to finance the Nigerian electrification project. The project is a nationwide initiative to be implemented by the rural electrification agency.

“The project aligns with the strategy of the federal government on electrification of rural communities. The project has four components: First is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities, and the third is energising education while the fourth component is institutional capacity building.

“The impact of the project when fully implemented, about 500,000 people will be able to have access to electricity for about 105,000 households. The maximum power that will be generated will be 76.5 megawatts installed generating capacity part of which is 68,000 megawatts of solar.

“Eight universities will benefit from this scheme and about 20,000 small, micro, medium enterprises across different communities in the nation.

“The second approval is the North Core Dorsal Regional Transmission Project. This is a project that is part of the pipeline for the West Africa power pool priority projects. The intention is for the creation of a regional power pool in the region of West Africa. The pool project aims to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participants.

“The project is in the total sum of $640 million, out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact, which is a total loan of $27.3 million IADE facility, a concessionary loan.

“This is a loan that the four countries are taking together; the other three countries have concluded theirs. So, this is one of the final stages for Nigeria to conclude its process,” the Minister explained to journalists in Abuja yesterday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Lagos Assembly Cautions Obasa Over Speakership Claims

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lagos assembly land use charge

By Adedapo Adesanya

The Lagos State House of Assembly has warned its former Speaker, Mr Mudashiru Obasa, to stay clear of the position because his impeachment on on January 13 remains sacrosanct.

A statement signed by Mr Ogundipe Olukayode on behalf of the Assembly said it was imperative to clarify that over two-third of the legislative arm of government in the state are solidly behind the new Speaker, Mrs Mojisola Meranda.

The lawmakers said nothing could change the decision taken to remove Mr Obasa, who was in the United States at that time.

On his return last week, Mr Obasa addressed the media and said he remained the Speaker of the Lagos State House of Assembly. At the briefing at his residence in the GRA area of Ikeja on Saturday, he challenged any leader in the state to tell Lagosians when and where he told them he wanted to succeed Governor Babajide Sanwo-Olu.

He also said it was not a sin not to nurse an ambition to lead the state come 2027.

“Having (an) ambition to become a governor is not a sin. Is it, however, I said it on the floor of the house when the budget was presented that I had no thoughts of governorship but that does not mean I am not qualified or that I lack experience and I still maintain that,” he said.

In response, Mr Olukayode said as elected representatives of the people of Lagos, the assembly members owe the public good governance and harmonious relationship with other arms of government.

Mr Obasa had reportedly kept the Lagos State Governor delayed for one hour before the budget presentation to flex his powers.

On his part, Mr Sanwo-Olu said he had no hand in the removal of the Agege lawmaker.

“The position of the house remains the same and nothing has changed. The position being canvassed by former Speaker, Mr Obasa is uncalled for and unparliamentary,” the House statement on Sunday said.

Mr Olukayode further explained that the majority of members elected Mr  Obasa as speaker for the 10th Assembly and later took a majority decision to remove him.

The lawmakers’ mouthpiece appealed to the former speaker to toe the line of peace and harmony as being followed by others.

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JMG Offers Solutions for Greener Environment

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JMG Clean Energy

JMG Limited, a premier provider of electro-mechanical solutions in Nigeria, joins the world in celebrating this year’s International Day of Clean Energy, which promotes the transition from fossil fuels to renewable energy sources.

Observed annually on 26th January, the global event was declared by the United Nations General Assembly as a call to raise awareness and mobilize action for a just and inclusive transition to clean energy for the benefit of people and the planet.

Marking this year’s event, JMG Limited, a leading company that caters to a wide array of business and industrial requirements, reaffirms its commitment to meeting the needs of its customers through solutions that add value to their operations and the society.

The company’s Group General Manager, Rabi Jammal, stated that commemorating the global day is crucial as it inspires individuals, communities, businesses, and governments to adopt sustainable energy solutions and their attendant economic and social benefits.

He said this helps to foster environment conservation and palliate the crisis with non-renewable fuels, such as gas and oil, which aligns with what JMG’s product offerings enable.

According to him, JMG’s specialised solutions are eco-friendly and can upgrade the places where people work and live. Its slogan, “from power to plug,” emphasises the transformation by highlighting its wide range of clean energy solutions for homes and businesses.

He averred that the company’s products can be used to power structures, cool environments, transport people in buildings, enhance industrial output, and expand its portfolio with products that offer more energy efficiency to help reduce their electricity bills and save on fuel expenses, thereby curbing the issue of emission.

In line with its clean energy initiative, the company prioritises sustainable power solutions, offering solar and cost-effective hybrid options, including Lithion inverters and batteries since 2018 and Livfast inverters & batteries in 2022.

In 2024, the company expanded its solar power offerings with LONGi solar panels, Deye lithium batteries, and Must solar inverters, providing a comprehensive range of alternative power solutions to customers.

JMG Limited has attained significant milestones in its commitment to excellence, environmental responsibility, and occupational health and safety by acquiring three key ISO Certifications, 9001:2015, 14001:2015, and 45001:2018, which attests to its dedication to maintaining high standards in its operations.

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Olam Agri to Sustain Significant Investments in Workforce, Food Value Chain

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Olam Agri food commodities

By Aduragbemi Omiyale

The managing director of Olam Agri in Nigeria, Mr Anil Nair, has assured us that more investments in the company’s workforce will be made for economic growth.

He gave this assurance while reacting to the recognition of the organisation as a Top Employer for the fifth consecutive time by the Top Employers Institute.

“As we celebrate this recognition, we also look to the future. Olam Agri is committed to scaling our HR practices to ensure alignment with global standards.

“We will continue to make significant investments in our people and the food value chain, enriching lives and driving economic growth.

“Our goal is to create an environment where our employees can excel and thrive, and we are dedicated to achieving this.

“Olam Agri’s continued success as a Top Employer reflects its unwavering dedication to fostering growth, well-being, and excellence in its operations,” he stated.

Also commenting, the firm’s Regional Head of Human Resources, Jaideep Biswas, said, “Our people-centric strategy aligns with the dynamic demands of the global talent landscape, embedding diversity, equity, and inclusion at the core of our operations.

“This certification validates our approach, but we’re not stopping here. We remain committed to helping our workforce thrive in a rapidly evolving work environment.”

In the annual HR Best Practices Survey of the Top Employers Institute, Olam Agri in Nigeria was named the Top Employer because of its exceptional workplace culture, innovative HR strategies, and growing appeal to talent locally and globally.

“Consistency in a not-so-consistent world is remarkable. Amidst technological advances, economic shifts, and evolving social landscapes, it’s inspiring to see organisations like Olam Agri rise to the challenge.

“This year’s certification celebrates those who continue to lead with people-first strategies, setting the standard for enriching the world of work,” the chief executive of Top Employers Institute, Mr David Plink, said.

The institute evaluates organisations based on a comprehensive survey covering six key HR domains and 20 topics: People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, and Wellbeing.

Since 2020, Olam Agri’s operations in Côte d’Ivoire, Ghana, Nigeria, South Africa, and the Africa region have consistently earned top rankings, solidifying its reputation as an employer of choice.

As a leading agribusiness in food, feed, and fibre, Olam Agri is deeply committed to making a positive impact on its workforce, customers, host communities, and stakeholders.

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