UK Reinforces Relations With Cameroon and Chad

By Adedapo Adesanya African Development Bank (AfDB) President, Mr Akinwumi Adesina, has called for investments in renewable energy in Africa, pointing out the continent’s rich energy mix. In his keynote address (on September 4) during a session on Harnessing Africa’s renewable energy potential’, held at the ongoing Africa Climate Summit in Nairobi, Kenya, Mr Adesina stressed that “Every economy can only go as far as the energy it produces.” Mr Adesina underlined Africa’s tremendous potential in energy—from hydro and wind power, solar, to geothermal—which remains untapped in the face of a staggering electricity deficit on the continent. Africa has an

Kestér Kenn Klomegâh South Africa hosted the 15th BRICS summit from August 22 to 24. The BRICS (Brazil, Russia, India, China and South Africa) members have thoroughly discussed a wide range of significant issues, including the bloc’s expansion, common currency, investment and trade, the bloc’s strategy and geo-policy. We already know that BRICS members consistently champion the rights and interests of Africa and also play an increasing role and influence in the global governance system – particularly international financial and economic organisations. Holding the 15th summit, especially this crucial time, within the context of the emerging multipolar world, BRICS discussed

By Adedapo Adesanya Russian President, Mr Vladimir Putin, told the BRICS summit participants in South Africa on Thursday that Moscow intends to deepen ties with African countries for food and fuel supply. Speaking in a video link address, Mr Putin said Russia was interested in developing “multi-faceted ties” with Africa, which has been roiled by fuel and food price rises resulting from the conflict in Ukraine. This is coming after the country exited the Black Sea grain deal in July. This move has seen grain prices soar, hitting many African countries very hard. Russia and Ukraine are among the world’s

By Adedapo Adesanya The International Finance Corporation (IFC) has disclosed that it made record financing in Africa to accelerate the continent’s energy transition, develop greener manufacturing, increase intra-Africa trade, strengthen smaller businesses, and boost local food production, including in more challenging fragile and conflict-affected regions in the fiscal year 2023. In a statement corroborating the release of its numbers which spanned between July 1, 2022, and June 30, 2023, IFC disclosed that it put $11.5 billion in investments across 40 countries, the largest ever annual commitment for the continent. Giving a breakdown, the World Bank agency said the support includes

By Dipo Olowookere One of the leading banks in Africa, the United Bank for Africa (UBA) Plc, last Friday, launched the maiden edition of its Campus Ambassador Programme with the induction of the first 15 brand ambassadors. A statement issued by the bank’s spokesman, Mr Ramon Nasir, explained that the 15 successful candidates were selected from among 200 students across tertiary institutions in Nigeria through a rigorous screening exercise in line with set criteria. The colourful inauguration ceremony was held at the UBA house in Lagos with the Deputy Managing Director of the firm, Mr Victor Osadolor, and other senior

By Adedapo Adesanya The Naira moved in different ways against the United States Dollar at the foreign exchange (forex) market segments on Monday, appreciating in the Investors and Exporters (I&E) window, and losing in the Peer-to-Peer (P2P) and parallel market segments. In the P2P forex window, the value of the Nigerian currency against its American counterpart went down by N4 to N742/$1 from N738/$1 and in the black market, it lost N2 to trade at N722/$1 in contrast to last Friday’s value of N720/$1. But at the spot market, the local currency appreciated against the greenback by 33 Kobo or

By Dipo Olowookere Europe’s leading marketplace for local services, StarOfService, has successfully raised $10 million in Series A investment. It follows two previous seed funding rounds worth $2 million in total and will accelerate the French start-up’s ambitious expansion plans to take the global leadership position. StarOfService, launched in 2013, handles more than two million requests online from customers looking to find local services to meet specific needs, anything from wedding photographers, plumbers, language teachers and DJs, to Pokémon Go ‘masters’ for hire. The platform generates over €800m in business volume to the service professionals listed on its site –

By Adedapo Adesanya The National Human Rights Commission (NHRC) has condemned the killing of a lawyer, Mrs Bolanle Raheem, by a member of the Nigeria Police Force in Ajah, Lagos. The Executive Secretary of the commission, Mr Tony Ojukwu, made the condemnation in a statement while reacting to the gruesome murder of Mrs Raheem on Christmas Day. He described the incident as regrettable, adding that the officer, identified as ASP Drambi Vandi, attached to the Ajiwe Police Station, had fallen short of standard operating procedure and professional ethics of the NPF. ”The hierarchy of the Nigerian police, as a matter

By Dipo Olowookere Renewed bargain hunting triggered a 0.20 per cent rebound on the floor of the Nigerian Exchange (NGX) Limited on Friday as investors look forward to Monday’s swearing-in of Mr Bola Tinubu as the next President of Nigeria. Investor sentiment improved yesterday as the stock exchange finished with 42 price gainers and 11 price losers, indicating a positive market breadth index. NASCON topped the gainers’ chart after it appreciated by 10.00 per cent to N15.40, Conoil rose by 9.98 per cent to N47.95, NEM Insurance improved by 9.95 per cent to N4.75, NCR Nigeria increased by 9.68 per

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured citizens that the perennial fuel scarcity in the country would soon become “a thing of the past.” Mr Baru gave this assurance while delivering a goodwill message during the ‘NNPC Day’ held at the 39th Kaduna International Trade Fair, in Kaduna on Wednesday. He said the state-owned oil firm was committed to providing the necessary assistance for Nigeria to attain competitive edge in non-oil sectors of the economy. “NNPC is suited to providing the enabling environment for the nation to optimise its

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted consignments of illicit drugs, including cocaine, methamphetamine, and its precursor chemical, ephedrine going to the United Kingdom, Saudi Arabia, New Zealand and Cyprus. The interceptions were made at the Murtala Muhammed International Airport (MMIA), Lagos; the Nnamdi Azikiwe International Airport, Abuja; and at the offices of some courier companies. At least three traders at the Trade Fair Complex in the Ojo area of Lagos, with Mr Nwudele Basil Christopher, Mr Chiedu Ezenwani Francis and Mr Donatus Nwojiji arrested in connection with attempts to export the 52.10

By Adedapo Adesanya The Benin Electricity Distribution Company (BEDC) has decried rising cases of vandalism across its franchise states. In a press statement signed by its Head of Corporate Affairs, Mr Adekunle Tayo, the DisCo stressed that aside from being an economic crime, it is an act of sabotage against the good purpose and intents of the company. It, therefore, canvassed that vandalism should attract tougher laws to be enforced to protect public property, especially electricity infrastructure. BEDC appealed to members of the public to be vigilant and security conscious on the activities of some criminal elements in the society