General
NIPOST Adopts 3 Word Addresses
By Modupe Gbadeyanka
Nigeria’s postal service, NIPOST, has announced adopting the innovative global addressing system called what3words.
Nigeria is the seventh country to adopt what3words, and the third in Africa.
The system is already being used for mail deliveries in Mongolia, Sint Maarten, Côte d’Ivoire, Djibouti, Tonga and Solomon Islands.
Nigeria is Africa’s largest economy and its most populous country with approximately 184 million inhabitants. It has the seventh largest population in the world.
Nigeria’s poor addressing system means that only 20 percent of its inhabitants receive mail at home.
Seventy-nine percent of homes and businesses cannot receive deliveries to the door, and the remaining one percent receive their mail using one of the 478,000 P.O. boxes throughout the country.
A postcode system does exist, but only 5 percent of mail gets properly addressed with the postcode, hampering the efforts of NIPOST to improve its quality of service.
Determined to improve this situation, NIPOST has set itself the ambitious target of increasing home delivery to 70 percent within the next 2 years and 90 percent by 2020 through the Mail for Every House Initiative (MEHI), and has adopted what3words to help it achieve these goals.
The innovative global addressing system has divided the world into 57 trillion 3m x 3m squares, each with a unique 3 word address.
It means that every home and business in Nigeria has a simple and accurate address that is easy to remember and to use.
For example ///bracelets.hesitations.mutes refers to the exact 3m x 3m square at the entrance to the main post office in Nigeria’s capital, Abuja.
Available in 14 languages, with many more currently in development, what3words is used in over 170 countries by governments, postal services, logistics companies, emergency services and NGOs, as well as individuals.
It is more accurate than traditional street addresses, simpler than landmark-based directions, and easier to remember and communicate than GPS coordinates.
The system has built-in error detection and is available through a free mobile app and API integration. The system even works offline, without a data connection.
“We are very pleased to be collaborating with what3words as an addressing solution with huge potential to unlock opportunities,” said Barrister Bisi Adegbuyi, Nigeria’s Postmaster General. “Better addressing is a key to NIPOST’s agenda, which aims to transform, innovate, and deliver more services to more people all over the country”.
Young people make up 62 percent of Nigeria’s population, and this is reflected in the significant increase in cross border e-commerce in the country; 53,612 parcels and packets were handled in 2016 (approx. 200 per day) which is up 70 percent since 2014.
The e-commerce market is currently worth $12 billion, but there is still huge potential for growth. With improvements to infrastructure, innovation around payment systems and a reliable addressing system, Nigerian e-commerce could be set to take off at an incredible scale.
“With a rapidly growing ecommerce ecosystem, Nigeria is a very exciting country to be working with,” said Chris Sheldrick, CEO and Co-founder of what3words. “Postal services have a critical role in building a strong economy and NIPOST are firmly focused on the future, and are taking steps to modernise and grow their capacity and range of services.”
By Emmanuel Udom
The Abeokuta diocese of the Catholic Church in Ogun State is set to hold a one-day training for all parish correspondents across its over 69 parishes in the state.
Business Post gathered that the training is planned for Saturday, May 3, 2025, at the St Peter & Paul Catholic Hall, located at Itesi along Adetan Road in Abeokuta, Ogun Sstate.
The training will commence from 10 am to 2.30 pm and the event is coming ahead of the church’s Communications Week (ComWeek) fixed for May 25 to June 1, 2025, at the same venue.
The Social Communication Director for the diocese, Fr Gregory Fadele, in a statement said all parish correspondents are expected to be at the venue of the training on or before 9.30 am for registration.
He, however, disclosed that no proxy arrangements would be allowed as refreshments, stationary, certificate of participation, and others would be given to each correspondent drawn from all the parishes of the Catholic church in Ogun State.
By Adedapo Adesanya
African Export-Import Bank (Afreximbank) has backed plans to set up an oil trading house called Africa Trading Minerals (Atmin), which will finance the purchase of refined petroleum products by African and Caribbean oil buyers.
The bank has invested $3 billion in the trading house, which it expects to finance about $10 billion to $14 billion of Intra-African petroleum imports.
Atmin will be based in Dubai, the United Arab Emirates, and is expected to have around 15 employees.
It will start with crude and then expand into oil products and minerals, according to reports.
Afreximbank will be a controlling shareholder at Atmin, while employees will own some 15 per cent of the firm.
The move takes place as oil majors and Western banks retreat from Africa, and the continent is facing a decline in oil and gas production due to under-investment, while also spending $30 billion annually on fuel imports.
It is also seeking to address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of $30billion annually in petroleum import costs due to inadequate refining.
Key products to be traded are refined petroleum products including but not limited to Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The eligible exporters are refineries operating in Africa.
According to Reuters, Atmin will be run by Mr Ajay Oommen,a former Shell executive who worked for the oil major for for 17 years as well as Mr Vikram Thakur, who worked for 18 years at Shell, including in business development, trading origination and structured finance, as well as Mr Joseph Kanaan, a trader at Shell for 11 years.
Speaking on this, Mr Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the development will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa.
“It will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products.
“The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa,” he said.
By Modupe Gbadeyanka
A popular Lagos-based socialite, Mr Emeka Daniel Okonkwo, otherwise known as E-Money, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
The younger brother of a well-known musician, KCee, whose real name is Mr Kingsley Okonkwo, was reportedly arrested by the agency on Monday night at his residence at Omole Estate, Lagos.
He was accused of spraying foreign currency at a public function recently, an act believed to be against the Foreign Exchange Act.
At the time of filing this report, the EFCC has not reacted to reports of E-Money’s arrest.
The organisation is said to be looking into the matter with a view to prosecuting the socialite for the alleged offence.
He was said to have been flown to Abuja for questioning and should be taken to court to face the full wrath of the law if the agency is certain that he has committed an offence.
Recall that some days ago, E-Money was at the 50th birthday of another socialite, Mr Obinna Tochuukwu Iyiegbu, otherwise known as Obi Cubana, in Abuja.
He was also spotted at the wedding ceremony of Iyabo Ojo’s daughter in Lagos.
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