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Stanbic IBTC Fixes July 27 for 2024 Bloom Weekend

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Stanbic IBTC 2024 Bloom Weekend

By Modupe Gbadeyanka

The annual women’s event of Stanbic IBTC Holdings Plc tagged Bloom Weekend will be held for 2024 on July 27, at the Landmark Events Centre, Lagos, a statement from the company has confirmed.

This year’s theme is With Her. For Her, according to the disclosure made available to Business Post on Monday.

The dynamic event will celebrate women in its Blue Blossom community and feature several components, including a yoga session, village market, the Ladies At The Table Empowerment Series (LATTES), an all-day trade fair, and Small and Medium Scale Enterprises (SME) masterclasses.

It was gathered that LATTES will feature conversations with industry experts and thought leaders, on financial independence and stability, emotional well-being, and breaking barriers in career and business.

Following the LATTES session, the Blue Blossom trade fair will feature a broad showcase of products and services from women-owned businesses across various business segments.

Attendees can shop at discounted rates, network with fellow women, and discover investment opportunities. With a focus on economic empowerment, the trade fair will bridge the financing gap for women-owned businesses.

“Women who are new to, and already part of, the Blossom community are all invited to participate in this transformative weekend event.

“Whether you are an established entrepreneur, a budding professional, or simply passionate about women’s empowerment, the Bloom Weekend promises inspiration, knowledge-sharing, and meaningful interactions. Register now by visiting www.stanbicibtc.com,” the Executive Director for Business Development at Stanbic IBTC Pension Managers, Ms Nike Bajomo, said.

On her part, the Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, emphasised women’s indispensable contributions to societal progress.

She ardently voiced the necessity to stand beside women and aid them in surmounting the obstacles that frequently obstruct their path on the journey to attaining financial prowess.

“Our dedicated Blue Blossom community was formed to transform this vision into an actionable reality. Through our Blue Blossom initiatives, we equip women with resources, financial aid and advisory to help them achieve stated business objectives.

“The ultimate ambition of the Blue Blossom community is to foster an environment where women are encouraged and empowered to unlock their capabilities and achieve their utmost potential,” ms Bello stated.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Nigeria Customs Destroys N181m PMS Smuggling Network in Adamawa

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petroleum products

By Adedapo Adesanya

The Nigeria Customs Service has uncovered a major petroleum smuggling network in Adamawa State, cutting off fuel supply lines that have been draining national revenue and strengthening criminal economies along Nigeria’s northern borders.

National Coordinator of Operation Whirlwind, ACG Kolapo Oladeji, disclosed that officers recorded 55 seizures in eight weeks, blocking the illegal movement of more than 184,000 litres of PMS, a development he described as a significant economic breakthrough for the country.

“This operation is about protecting Nigeria’s strategic resources,” Mr Oladeji told journalists on Thursday at the Customs House in Yola. “Our mandate is clear: to shut down all illegal supply chains that empower criminal elements.”

The seizures, valued at N181.6 million in duty-paid terms, were intercepted across notorious smuggling corridors including Mubi–Sahuda, Farang–Belel, Gurin–Fufore, Maiha, Wuro-Bokki, Ribado waterways, Muninga and Bakin Kogi.

According to Mr Oladeji, items recovered include 2,642 jerrycans of 25-litre PMS, several 220-litre drums, and two large wooden boats used to ferry petroleum products across the border.

He stressed that the illegal PMS diversion is not just an economic crime but a direct threat to national stability.

“The smuggling network is a grave threat to Nigeria’s economy and internal security,” he said. “The illegal diversion of PMS weakens our revenue base and directly fuels non-state actors and cross-border criminal syndicates.”

Mr Oladeji added that intensified surveillance under Operation Whirlwind has “made it extremely difficult for saboteurs to move PMS out of the country,” in line with the directives of Comptroller-General Adewale Adeniyi.

Commending residents of border communities for supporting the operation with credible intelligence, the Customs chief urged them to remain vigilant.

“Your timely information has been invaluable,” he said. “Security is a collective responsibility, when you see something, say something.”

He also acknowledged the media’s role in raising awareness about the economic and security implications of petroleum smuggling, describing public enlightenment as crucial in sustaining recent gains.

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Ekpo Laments Slow Progress in Decade of Gas Initiative

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Decade of Gas Initiative

By Adedapo Adesanya

The Minister of State for Petroleum Resources, Mr Ekperikpe Ekpo, has expressed his frustration towards the partial progress in Nigeria’s flagship Decade of Gas Initiative, advocating that it must now be aggressively accelerated.

Launched by the late former President Muhammadu Buhari in 2021, the scheme is a national policy drive declaring 2021–2030 as the country’s “Decade of Gas.” with the goal of transforming Nigeria from an oil-dependent economy into a gas-powered industrial nation, using its vast natural gas reserves (one of the largest in Africa) for economic growth.

However,  speaking recently at the 14th Practical Nigerian Content (PNC) Forum in Yenagoa, Mr Ekpo said the policy has delivered some gains in LPG penetration, CNG rollout, and gas commercialisation, but “not at the scale Nigeria urgently requires.”

“We have made progress, but not enough,” the minister admitted. “The pace has been slower than expected, and we must move with far greater urgency.”

He cited persistent infrastructure gaps, gas supply volatility, funding constraints, and delayed policy execution as major setbacks.

“Critical pipelines are behind schedule. Feedstock shortages still hamper power and industries,” he said. “These challenges have limited the full realisation of the Decade of Gas vision.”

The minister, however, outlined a renewed push to accelerate delivery through tighter regulatory coordination and investment incentives.

“We are strengthening inter-agency alignment to remove approval bottlenecks,” Ekpo said. “The PIA gives us the fiscal tools to unlock more capital into midstream and domestic gas programmes.”

He noted measurable progress in domestic LPG consumption, clean cooking expansion, and flare gas commercialisation, calling them “strong foundations that must now be scaled up.”

“Our goal remains clear: affordable gas for power, households, industries and transport,” he said. “We are not abandoning the Decade of Gas; we are intensifying it.”

Mr Ekpo said the government will prioritise early delivery of key projects such as OB3, AKK, NLNG Train 7, Brass Fertiliser, and several gas-based industrial hubs.

“These projects will determine whether the Decade of Gas becomes a transformative legacy or a missed opportunity,” he warned.

The minister urged industry players, financiers and host communities to recommit to the national gas agenda.

“We need every stakeholder on board,” he said. “Nigeria cannot afford to slow down at a time when global markets are shifting and opportunities are emerging.”

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Power Supply Returns as Ikeja Electric Fixes Powerline Jumper Cut Issue

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Ikeja Electric Disconnect Electricity Supply1

By Adedapo Adesanya

Electricity supply was restored to residents of some parts of Lagos on Wednesday morning following a blackout spurred by a jumper cut that occurred in the Powerline area of Mosan-Okunola Local Council Development Area (LCDA) late on Monday.

The Ikeja Electricity Distribution Company (IKEDC) had announced a power outage in parts of its franchise, affecting the Ogba, Ikeja, and Alausa axis of Lagos on Tuesday.

In a message to customers, the DisCo said the power outage was due to a jumper cut at the Transmission Company of Nigeria’s (TCN) injection substation (ISS).

A jumper cut is an electrical fault that occurs when a jumper cable is damaged, disconnected, or intentionally severed.

The DisCo said the TCN’s technical team was already working to resolve the issue.

“Dear Customer, the current power outage is due to a 132kV jumper cut at the TCN Injection Substation (ISS),” the message read.

“The TCN technical team is already working to clear the fault to ensure supply is restored as soon as possible.”

Mr Kingsley Okotie, spokesperson of Ikeja DisCo, had also clarified that the power outage did not affect the entire franchise area of the company.

“It doesn’t totally affect the whole of our franchise. The message was sent to only customers in areas affected,” he said.

“We are still working to resolve the issues; that’s where we are at the moment.”

Our correspondent, who witnessed the development, reported that the jumper cut occurred around 11 pm on Monday, December 8, when a large spark occurred at the structure, leading to an immediate seizure of power supply. There was yet another minimal spark, but power was restored afterwards, likely from a back up source.

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