Author: Ogochukwu Ndubuisi

Nigeria Targets N150bn Annual Income From Livestock Exports The Nigerian Export Promotion Council (NEPC) says Nigeria can generate over N150bn annually through livestock exports if it complies with international livestock market standards. The Executive Director (ED) NEPC, Nonye Ayeni said this at the on-going Value Chain Enhancement and Infrastructure Clinic for Effective Livestock Supply Chain and Innovative Market Orientation on Wednesday in Abuja. The clinic was organised by the Livestock Productivity Enhancement and Resilience Support Project (L-PRES). Ayeni, represented by Mr Macpherson Ileogben, Deputy Director, Product Development, NEPC, said there was need to enhance the value chain to leverage vast…

Egbin Power to host FG’s National Data Park, Compute Infrastructure In a significant move aimed at accelerating Nigeria’s digital economy, Egbin Power, Nigeria’s leading power generation company, has been identified as the ideal location to host the nation’s first National Data Park and Compute Infrastructure. The Hon Minister for Communications, Innovation and Digital Economy, Dr. Bosun Tijani, made this announcement during his visit to the power Plant, where he was received by Group Managing Director, Sahara Power Group, Dr. Kola Adesina (MFR) and the CEO of Egbin Power, Mokhtar Bounour, among others. The groundbreaking initiative, spearheaded by the Federal Government,…

ECOWAS Bank Approves €230m to Strengthen Infrastructure in West Africa The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of €230 million and $10 million to finance projects aimed at stimulating development and boosting economic activities in West Africa. A statement by the bank on Tuesday said the financing package was granted during the 91st irdinary meeting of the Board, held under the chairmanship, Dr George Donkor, President and Chairman of the Board of Directors of EBID. The statement said the facilities would be put towards the following projects: “A $50 million…

CBN to Offer Treasury Bills worth N800bln for Subscription The Central Bank of Nigeria (CBN) has revealed a plan to open N800 billion worth of Nigerian Treasury Bills (NTB) across standard maturities for subscription at the primary market auction (PMA) scheduled for Wednesday. Meanwhile, a total sum of N927.256 billion in Nigerian bills is expected to mature, suggesting the auction is for part-refinancing of the maturing amount – given that the total amount to be raised is below the amount for repayment. At the main auction for Wednesday, the Debt Management Office (DMO) on behalf of the CBN will launch…

Adeleke Seeks UK Investment in Osun Gov. Ademola Adeleke of Osun has appealed to the United Kingdom to focus on subnational investment in the state, describing the state as the heartland of South-western Nigeria. This is contained in a statement issued on Tuesday in Osogbo by Malam Olawale Rasheed, the spokesperson for the governor. The statement said the governor made the appeal at an investment working visit, hosted by the UK Prime Minister’s Envoy to Nigeria on Trade and Investment, Florence Eshalomi MP, in London. According to Adeleke, this is the time Nigeria and the UK should further close ranks…

Tinubu Mourns Pascal Dozie, Business Icon President Bola Tinubu has expressed his heartfelt condolences to the family, business community, and all Nigerians following the passing of Chief Pascal Dozie. The elder statesman, entrepreneur, and banker died at the age of 85. In a statement issued on Tuesday by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu acknowledged Dozie’s significant contributions to Nigeria’s economic landscape. According to the President, the late Dozie left an enduring legacy as the founder of Diamond Bank and the pioneering Chairman of MTN Nigeria. “Dozie was at the forefront of two…

SDG: UN, AU Deepen Alignment with Africa’s Agenda 2063 The United Nations (UN) and the African Union (AU) have intensified efforts to align the African Union’s Agenda 2063 with the UN Sustainable Development Goals (SDGs) Agenda 2030. Ms Botho Bayendi, Director of the Office of Strategic Planning and Delivery at the AU Commission, said this in a statement by the United Nations Economic Commission for African (UNECA). Bayendi said the initiative, called ”Two Agendas, One Framework”, aimed to harmonise Africa’s long-term development plan with global SDGs for more effective implementation at national levels. She spoke on the sidelines of the…

Nigerian Exchange Shrinks as Equities Investors Lose N658bn Equities investors lost more than N658 billion in the Nigerian stock market due to selloffs across sectoral indexes on Monday. The Nigerian Exchange (NGX) All-share index fell sharply after negative performance posted last week. The Nigerian equity market opened on a bearish note, as key performance indicators reflected a mix of outcomes. The market index reduced by 1.23%, shedding 1,295.02 basis points, to close at 104,216.87. However, the market value of all listed stocks in the Nigerian market fell by N658.23 billion, representing a decline of 1.00%, to settle at N65.49 trillion.…

$79.5bn loss: Binance Prays Court to Set Aside Order for FIRS to Serve it Binance Holdings Ltd. has prayed the Federal High Court in Abuja to set aside the ex-parte order granted the Federal Inland Revenue Services (FIRS) for substituted service of all court documents on it. Binance lawyer, Chukwuka Ikwuazom, SAN, told Justice Inyang Ekwo shortly after the matter was called on Monday. He informed the court that a motion had already been filed to the effect on Friday. He said their contention was that the rules of the court for such service had not been complied with before…

Court Hears EFCC’s Motion for Final Forfeiture of N228.4m The Federal High Court in Abuja will on May 28, hear the Economic and Financial Crimes Commission (EFCC)’s motion seeking an order for final forfeiture of N228.4 million linked to former Governor of Abia, Theodore Orji. Justice Emeka Nwite adjourned the matter to hear the motion after the EFCC’s counsel, Fadila Yusuf, informed the court that the agency had complied with the earlier order of court. Upon resumed hearing, Justice Nwite asked Yusuf what was the position of the matter. The lawyer said that the matter was slated for report of…