Author: Julius Alagbe

NCC to Simplify Mode of Tracking Data Usage for Customers The Nigerian Communications Commission (NCC), in a bid to improve transparency in the telecom industry says it will simplify the process of tracking data usage for customers The Executive Vice-Chairman of the NCC, Dr Aminu Maida, said this at the 93rd edition of Telecom Consumer Parliament (TCP), on Thursday in Abuja. The theme of the programme was: “Optimising Data Experience, Empowering Consumers Through Awareness and Transparency in a Consumer-Centric Telecom Industry”. Maida said that earlier this year, NCC analysed consumer complaints, revealing data depletion and billing issues as top concerns.…

ARADEL, Banks Stocks Drive Intraday Gain on NGX ARADEL Holdings, banking stocks are currently driving Intraday gains on the Nigerian Exchange trading platform. The market is trending positive after huge loss that dragged the local bourse all share index downward on Wednesday. Market sentiment was weak and key performance indicators nosedive amidst strong trading activities in the fixed income market yesterday. At mid-day, the NGX All Share Index witnessed a positive trajectory, reflecting a gain of 0.29%, Alpha Morgan Capital Limited said in note today.  Stockbrokers said this upward movement is a result of buying sentiment of investors in some…

Oyo State Approves N15bn for Ibadan Township Road Projects The Oyo State Government has approved over N15 billion for the rehabilitation and asphaltic improvement of some inner roads in Ibadan. The Commissioner for Public Works and Transport, Prof. Daud Sangodoyin, disclosed this on Wednesday in Ibadan while briefing newsmen on the outcome of the 12th State Executive Council meeting. According to Sangodoyin, the Council approved the award of the asphaltic improvement of 7.12 kilometres of Old and New Bodija Estate roads at the cost of N5.6 billion. He said the approval for the road projects was in fulfillment of Gov.…

FG Unveils Free Cesarean Section Initiative to Combat High Maternal Mortality The Federal Government has unveiled a nationwide free cesarean section initiative aimed at reducing Nigeria’s alarming maternal mortality rates. Prof. Mohammed Ali Pate, Minister of Health and Social Welfare, disclosed this on Wednesday in Abuja at the Joint Annual Review (JAR) which he said would serve as a vital platform for driving the Sector Wide Approach (SWAp) in Nigeria. Pate said under the initiative, cesarean sections and essential maternal care would be provided free of charge to eligible women across the country, targeting areas with the highest maternal deaths.…

Oando Targets 100,000bpd Oil Production after Acquisition Nigerian multinational energy company Oando is targeting a production of 100,000 barrels per day (bpd) by 2028, following its landmark acquisition of Eni’s Nigerian Agip Oil Company (NAOC) earlier this year. The announcement, along with the company’s future expansion plans and role in Nigeria’s energy transition, was shared during an exclusive Fireside Chat at the African Energy Week: Invest in African Energies conference. Speaking with Bloomberg News Correspondent Jennifer Zabasajja, Oando Executive Director Alex Irune discussed the company’s plans to contribute to Nigeria’s oil production and goal of exceeding 2 million bpd. He…

AIICO Pays N52.6bn Annuity in 5 yrs AIICO Insurance Plc has paid a total of N52.6 billion to its annuity customers in the last five years. Mr Joseph Ogedengbe, Annuity Product Manager, AIICO, revealed this at a one-day training programme on Wednesday in Lagos. He said that the amount was paid between 2019 and 2023. Ogendengbe explained that in 2019, the company paid N5.2 billion, N6 billion in 2020, N6.2 billion in 2021, N7.8 billion in 2022 and N12.6 billion in 2023. He noted that the company was committed to ensuring retirees receive their payments as and when due. According…

Australia to Ban Social Media Access for Under 16 Children Australian Prime Minister, Anthony Albanese on Thursday submitted a proposal to ban children younger than 16years from using social media. Albanese and Communications Minister Michelle Rowland pledged to legislate a minimum age limit of 16 years for social media access. The prime minister had previously announced an intention to introduce legislation to parliament for the age limit before the end of 2024 but had not committed to a specific cut-off age. He said that the legislation would take responsibility for enforcing the minimum age limit on social media platforms. “Social…

PSF Rwanda, LCCI Sign MoU to Strengthen Trade, Investment The Private Sector Federation of Rwanda (PSF) has signed a Memorandum of Understanding (MoU) with the Lagos Chamber of Commerce and Industry (LCCI) to strengthen trade and investment between the two countries. This is contained in a statement by Maureen Chukwura, the Communications Officer of the Rwandan High Commission in Nigeria. The Private Sector Federation of Rwanda which was established in 1999 promotes and represent the interests of the Rwandan business community. It was also set up to replace the former Rwanda Chamber of Commerce and Industry. The statement indicated that…

Interbank rates increased strongly in the money market due to OMO auction settlement in the absence of other inflows. 

The naira depreciated to N1681 against the US dollar in the foreign exchange (FX) market as increased demand for forex exposed persistent supply crisis.