Author: Ogochukwu Ndubuisi

FG Targets 6 States for Pilot Ranching Programme The Federal Government has identified six states and the Federal Capital Territory (FCT) for the pilot implementation of its National Ranching Policy. Minister of Livestock Development, Alhaji Idi Maiha, disclosed this after briefing President Bola Tinubu on the ministry’s activities at the Presidential Villa, Abuja, on Tuesday. Maiha said the pilot programme would commence at the Wase Grazing Reserve in Plateau as a proof of concept for the new ranching model. He identified the states as Benue, Plateau, Nasarawa, Kaduna and Adamawa, alongside the FCT. According to him, the areas were selected…

Senate Gives Seplat Energy, Others 48-Hour Deadline The Senate has issued a 48-hour ultimatum to Seplat Energy, Network E&P Nigeria Ltd., and other oil firms to appear before its Public Accounts Committee. The directive followed the companies’ failure to attend Tuesday’s investigative hearing in Abuja to answer audit queries contained in reports reviewed by lawmakers. The Other companies handed the ultimatum include All Grace Energy Ltd. and Aradel Energy. The audit queries are contained in the 2021, 2022 and 2023 reports submitted by the Nigeria Extractive Industries Transparency Initiative (NEITI). Chairman of the committee, Sen. Abdul Ningi, criticised the absence…

Excess liquidity in the banking system increased sharply on Tuesday, up by about 57% to 6.81 trillion

NMDPRA Tasks Investors, Regulators on Infrastructure for W/Africa Petroleum Trading Hub The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has called for increased investment in infrastructure, logistics and operational efficiency to position West Africa as a credible petroleum pricing and trading hub. Its Chief Executive Officer, Mr Rabiu Umar, made the call on Tuesday in Abuja at the second edition of the West Africa Refined Fuel Market Conference. Umar said that West Africa must urgently bridge infrastructure gaps across refineries, pipelines, storage terminals, ports, jetties, rail networks, road corridors, marine logistics, strategic reserves and digital trading platforms. ‘Infrastructure is…

CBN Opens Applications for 2nd Cohort of Regulatory Sandbox Programme The Central Bank of Nigeria (CBN) has announced the commencement of the second cohort of its Regulatory Sandbox Programme, with a new dual-track structure. The structure was designed to support responsible innovation in virtual assets and data-enabled financial services. The programme, which opens for applications on Aug. 12 and closes on Aug. 31, will run under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track. A statement by the Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, said the VASP…

Abia State Introduces Digital App to Track High-Risk Pregnancies The Abia Government has introduced a digital application, `CyTrack’, to identify and track high-risk pregnancies to improve maternal healthcare and reduce maternal and child mortality in the state. The Commissioner for Information, Mr Okey Kanu, disclosed this on Monday while briefing journalists on the outcome of the State Executive Council meeting, in Umuahia. Kanu said that the application had been piloted successfully in tracking teenage pregnancies and monitoring the cases through delivery, enabling health officials to identify and manage potential complications. He said that the initiative formed part of the health…

Japan Commits $3.5m Grant to Boost Nigeria’s Rice Seed Production The government of Japan on Monday provided about 587 million Japanese yen, equivalent to 3.5 million US Dollars, to strengthen rice seed production and boost agriculture and Nigeria’s food security. Japanese Ambassador to Nigeria, Mr Hideo Suzuki, disclosed this at the handover ceremony of the Project for the Enhancement of Rice Seeds Production System at the National Cereals Research Institute (NCRI), Badeggi, Bida Local Government Area of Niger. Suzuki explained that the project would strengthen NCRI capacity to produce high-quality breeder and foundation rice seeds, thereby improving the quality of…

CIBN, Lagos Govt Partner to Boost SME Growth, Banking Innovation The Chartered Institute of Bankers of Nigeria (CIBN) has called for stronger collaboration with the Lagos State Government to boost SME growth, financial inclusion and banking innovation. The President and Chairman of Council of CIBN, Dr Dele Alabi, made the call in a statement by Mr Taofik Sanni, CIBN’s Acting Head, Corporate Communications and Brand Management, on Monday in Lagos. Alabi spoke during a courtesy visit to Gov. Babajide Sanwo-Olu at Lagos House, Alausa, Ikeja. He said stronger collaboration between CIBN, banks and the state would support Micro, Small and…

Oil prices rose on Tuesday as renewed concerns over a potential escalation…

Guaranty Trust Bank, or GTBank, has increased its quarterly spending by 100% to $40,000…