Author: Ogochukwu Ndubuisi

AfDB Secures N3.4trn for Agro-Industrial Processing in Nigeria Africa Development Bank (AfDB) and its partners have mobilised 2.2 billion dollars (about N3.4 trillion) to implement special agro-industrial processing zones in Nigeria. Dr Akinwumi Adesina, the outgoing President of AfDB disclosed this in a paper presented at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos. In a copy of the presentation obtained by the News Agency of Nigeria (NAN), Akinwumi said the fund would be deployed to implement the phase two of the special agro-industrial processing zones covering 24 states. He recalled that the bank and its partners…

FG Requires N3trn to Complete NNPCL-Funded Road Projects The Federal Government requires ₦3 trillion to complete road projects awarded under the Nigeria National Petroleum Company Limited (NNPCL) tax credit scheme. Works Minister David Umahi in Abuja while briefing newsmen. He said that following the NNPCL’s decision to halt funding from Aug. 1, President Bola Tinubu directed the ministry to explore alternative sources of financing to ensure no project is abandoned. “Our President is a man with a large heart. Despite the funding stoppage by NNPCL, Mr President, as Chairman of the Federal Executive Council (FEC), directed that alternative funding mechanisms…

Heirs Insurance Launches ₦5million Grant to Empower Retirees/Pre-Retirees Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has launched the Heirs Insurance Retirement Dream Competition, to empower retirees and pre-retirees with grants to actualise their retirement aspirations. With a ₦5 million prize pool, the competition invites senior citizens between the ages of 50 and 75 years, across Nigeria, retired or approaching retirement and have previously been in paid employment, to share their retirement goals for the opportunity to turn those long-held dreams into reality. Three winners will be selected. The top entry will receive a ₦2.5 million grant, while the first and…

Tatum Bank Unveils New Digital Banking Channels In line with its commitment to delivering cutting-edge and customer-centric banking experiences, Tatum Bank proudly announces the official launch of its suite of digital banking channels which includes the Tatum Mobile App, Corporate Internet Banking platform and POS machines, carefully designed to offer customers ease, convenience, and control over their finances — anytime, anywhere. The Tatum Mobile App, is equipped with an intuitive mobile experience that empowers users to enjoy app’solute freedom in managing their accounts, making transfers, requesting services, and accessing support from the palm of their hands. For business clients, the…

Egbin Power, Ikeja Electric, FIPL Deny Reports of Receiver/Manager Appointment Egbin Power Plc, Ikeja Electric Plc (IE), and First Independent Power Ltd. (FIPL) have refuted media claims alleging the appointment of Mr Kunle Ogunba, a Senior Advocate of Nigeria (SAN), as Receiver/Manager over their operations. Mr Babatunde Osadare, Chief Legal and Regulatory Officer of Ikeja Electric, clarified the situation in a statement on Wednesday in Lagos, describing the reports as misleading. Osadare explained that the claims stemmed from advertorials published in ThisDay Newspapers on Aug. 6, which suggested that the Senior Advocate had been appointed to oversee the three companies.…

GMO: We Are Also Consumers, Cannot Develop Poison, Scientists Say Some Nigerian scientists in the biotechnology space have dismissed the controversies surrounding Genetically Modified Organisms(GMOs) as unfounded, saying they are also consumers therefore cannot develop poison. In interviews with the News Men in Abuja on Wednesday, the experts said that GMOs had come to stay in Nigeria. Prof. Abdullahi Mustapha, Director-General, National Biotechnology Research and Development Agency (NBRDA), challenged critics to produce evidence of the toxicity of GMOs. “Science is not hearsay but factual. There is control across the globe for the production of everything relating to GMO scientifically. “GMO…

NCC Introduces Stricter Governance Framework for Telecoms Operators The Nigerian Communications Commission (NCC) has introduced a stricter corporate governance framework for telecom operators, aimed at enhancing transparency, internal controls, and risk management across the industry. The Executive Vice-Chairman of the Commission, Dr Aminu Maida, made this known during the inauguration of the 2025 Guidelines on Corporate Governance on Wednesday in Lagos. Maida said the new framework was designed to ensure long-term sustainability for telecom businesses, networks, as well as instill investor confidence. “Corporate governance is no longer a soft requirement. It is now strategically imperative, especially in a sector that…

SPE Commends Shell for $5 Billion Bonga Investment The Society of Petroleum Engineers (SPE) has praised Shell’s $5 billion Final Investment Decision (FID) on the Bonga North project, calling it a significant industry boost. Dr Amina Danmiani, Chairman of the SPE Nigeria Council, gave the commendation on Tuesday at the 2025 SPE Nigeria Annual International Conference and Exhibition (NAICE) in Lagos. Danmiani said the Bonga North project, announced late last year, contains over 300 million barrels of recoverable oil equivalent, with peak output expected at 110,000 barrels daily. She commended Shell’s ongoing commitment to Nigeria’s energy sector, aligning with the…

CBN Offers Investors 23.70% on 245-Day OMO Bill, Raises N2.12tn The Central Bank of Nigeria (CBN) offered 23.70% as the spot rate on OMO bills maturing in 245 days to investors and raised N2.12 trillion as part of an efforts to mop up excess liquidity in the financial system. On Tuesday, the CBN conducted an open market operation where bills worth N600 billion were floated for subscriptions. The OMO bills floated at the primary market auction conducted on Tuesday were split across the 105-day and 245-day maturities. The authority received significant bids from deposit money banks actively playing at the…

Lagos Govt Declares 176 Estates Illegal Over Lack of Planning Approval The Lagos State Government has declared 176 estates across Eti-Osa, Ajah, Ibeju-Lekki, and Epe illegal due to lack of planning approval from the Ministry of Physical Planning and Urban Development. These estates have been given a 21-day ultimatum to process their layout approvals or face sanctions. The declaration is due to the estates’ failure to obtain mandatory layout approvals, which is a violation of planning regulations. This non-compliance compromises the sustainable development goals and the T.H.E.M.E.S+ Agenda of the Lagos State Government, undermining the state’s urban planning framework. Some…