Author: Ogochukwu Ndubuisi

Sokoto Assembly Passes N526.9bn 2025 Appropriation Bill The Sokoto State House of Assembly on Tuesday passed the state’s 2025 Appropriation Bill of N526.9 billion The bill was passed during the assembly’s plenary session after the Chairman, House Committee on Finance and Appropriation, Alhaji Abdullahi Zakari (APC-Rabah), presented the committee’s report. Gov. Ahmed Aliyu presented the 2025 budget estimate to the assembly on November 29. Zakari said that following the Governor’s presentation, the committee commenced budget defence sessions for the various Ministries, Departments, and Agencies (MDAs) from December 4 to December 15, through its sub-committees. “These engagements allowed the MDAs to…

Katsina Assembly Approves N692.2 billion 2025 Budget The Katsina State House of Assembly has passed into law, the appropriation Bill of N692.244 billion for 2025 fiscal year in the state. The bill was passed during the assembly’s plenary in Katsina on Tuesday, presided over by the Speaker, Alhaji Nasir Yahaya-Daura. Gov. Dikko Radda, has on Nov. 25, presented over N682.2 billion for consideration and approval. Alhaji Lawal Yaro, Chairman, house standing committee on appropriation presented the bill which was subsequently passed into law. During the plenary, lawmakers deliberated and scruitinised the report, and unanimously adopted and passed the bill into…

ICPC Recovers N52bn, $966,900.83, Intercepts N5.9bn Diverted Funds The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered over N52 billion and 966,900.83 U.S. dollars in the last one year. The ICPC Chairman, Dr Musa Aliyu (SAN), disclosed this on Tuesday in Abuja at an event to mark his one-year anniversary as the Chairman of ICPC. Aliyu said that the commission also intercepted and stopped the diversion of N5.882 billion in 323 Ministries, Departments, and Agencies (MDAs) within the same period. He attributed the significant milestone achievement to the steadfast commitment to the rule of law, adaptation to…

Senate Passes 2024 Nigerian Insurance Industry Reform Bill The Senate has passed the 2014 Nigerian Insurance Industry Reform Bill, following the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions. The report was presented by the committee’s chairman, Sen. Abiru Adetokunbo (APC-Lagos), during Tuesday’s plenary session. Adetokunbo explained that the bill, which was read a second time on July 18, sought to consolidate various existing laws regulating insurance businesses in Nigeria. He listed the relevant laws to include the Insurance Act 2003, the Marine Insurance Act, Motor Vehicles Third Party Insurance Act, National Insurance Corporation…

Shelter Afrique, AU to Advance Housing, Urban Development in Africa Shelter Afrique Development Bank (ShafDB) and the African Union (AU) have signed a groundbreaking Memorandum of Understanding (MOU) to collaborate on addressing Africa’s critical housing and urban development challenges The partnership, which confers Shelter Afrique observer status at the African Union, aligns with Agenda 2063 and underscores a shared commitment to ensuring a high standard of living, quality of life, and well-being for all African citizens. The MOU outlines key areas of cooperation aimed at tackling Africa’s housing deficit, promoting sustainable urban development, and advancing capacity-building efforts. With approximately 53…

AfDB to Build New Headquarters in Abidjan The African Development Bank Group (AfDB) says it will construct a new state-of-the-art headquarters building in Abidjan, Côte d’Ivoire. AfDB said this in a statement on Tuesday that the decision was approved by the bank’s Boards of Directors. The bank emphasised the importance of maintaining a strong presence in the country and providing a modern work environment for its members of staff. The group added that its President, Dr Akinwumi Adesina, had received the title deed of the site hosting the institution’s headquarters building in Abidjan from the Dean of the Bank’s Boards…

Oando Energy Profit Dips by 31% as FX Exposures Impact Earnings Oando Energy Plc. profit after-tax slowed down by 31% at the end of third quarter of financial year 2024, its unaudited numbers showed. Profit-after-tax for the period was N76.3 billion, representing a decline of 31%, driven by foreign exchange losses and net finance costs. Revenue grew by 36% year on year to N3.189trillion at the end of 9M in financial year 2024 from N2.349trillion in the comparable period in 2023. The management believes the heavy revenue was positively impacted by exchange rate translations and higher crude oil volumes lifted…

MTN Nigeria Plc has announced appointments of three directors to enhance it board operations and drive growth with their wealth of experience, an official statement posted on the Nigerian Exchange said.

Transcorp Hotels Names Uzo Oshogwe MD/CEO Transcorp Hotels Plc has named Mrs. Uzo Oshogwe as the managing director and chief executive officer (MD/CEO), effective January 1, 2025. In an official statement, the hospitality company said Oshogwe is currently the MD/CEO of Afriland Properties Ltd, management, investment, and Development Company. With over 30 years of professional experience, she has held leadership positions at the United Bank for Africa Plc and Accenture UK. She holds a BSc. in Chemistry from Ambrose Alli University, Edo State, an MSc in Information Systems Design from the University of Westminster, London and a professional certificate in…

AfDB to Make $30million Equity Investment in AFC to Catalyse Climate Action The African Development Bank’s Board of Directors has approved a $30 million equity investment in Africa Finance Corporation (AFC) for the rollout of innovative “green shares” aimed at mobilising resources for climate action projects across Africa. The innovative financial instruments are expected to unlock significant funding for high-impact projects, including wind and solar power plants in Djibouti and Egypt and energy storage systems in Cabo Verde. AFC will leverage the green equity and mobilise debt funding from capital markets for on-lending to sub-projects. The board approval took place…