Author: Olu Anisere

Galaxy Backbone MD Urges Stakeholders to Support Local Developers The Managing Director of Galaxy Backbone, Prof. Ibrahim Adeyanju, has called for strategic procurement policies that support indigenous technology developers and reduce Nigeria’s dependence on foreign digital platforms. Adeyanju made the call on Tuesday in Abuja at the Cybersecurity Forum and Workshop organised by the Nigeria Computer Society (NCS), themed “Digital Sovereignty: Building an Agile and Resilient Nation”. He expressed concern that Nigeria continues to rely heavily on foreign data centres, cloud infrastructure, and core technology systems, exposing national data to external risks. “Most citizens’ data; health records, educational records, and…

Imo Reduces Debt Profile by 23%, Says Uzodimma Gov. Hope Uzodimma of Imo says his administration has reduced the state’s debt profile from N126 billion to N97 billion, representing 23 per cent reduction. Uzodimma said this during a “State of the State Address” presented at the House of Assembly on Tuesday. According to him, the reduction was a clear sign of his administrations’ prudent financial management. He also said that his administration had pursued reforms that not only increased the state’s revenue but also attracted investment and enhanced transparency. He also said that his administration devised a modern digital revenue…

EFCC Arrests Former NNPCL Officials Over Alleged $7.2bn Fraud Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries. Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance…

Dangote Cement Pays Shareholders N502.6 Billion Dividends Dangote Cement paid shareholders N502.6 billion in dividends for the financial year 2024. More than 85% of the sum is expected to go to Dangote Industries Limited, the majority shareholder, according to the company register of members. Shareholders approved the dividend payout which translates to N30 kobo per share, at the 2024 Annual General Meeting, held in Lagos on Monday.  In the same vein, the company also significantly increased its social investments by 469.8 per cent to N13.2 billion. The corporate social responsibility (CSR) activities were in education, healthcare, agriculture, infrastructure, and economic…

Angola Becomes Shareholder in Africa Finance Corporation Africa Finance Corporation (AFC) Africa’s leading infrastructure solutions provider, today announced that the Republic of Angola has become its latest sovereign shareholder. This strategic equity investment further strengthens Angola’s partnership with AFC and underscores the country’s confidence in AFC’s mandate to accelerate sustainable development and regional integration through transformational infrastructure. As a member of the Africa Finance Corporation since 2022, Angola has deepened its strategic partnership with the institution through a landmark equity investment commitment of US$184.8 million. This bold move reflects Angola’s confidence in the AFC’s institutional strength and its ambition to…

Oil Prices Decline Below $70 After Israel, Iran Ceasefire Oil prices plunged sharply during early trading hours on Tuesday, hitting a one-week low after a cease-fire between Israel and Iran eased concerns over supply disruptions in the oil-rich Middle East. International benchmark Brent crude fell by 2.34%, trading at $67.85 per barrel, down from $69.48 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) declined by about 2.35%, settling at $65.57 per barrel, compared to $67.15 in the prior session. On Monday, prices fell about 8.5% during the day, after cease-fire reports following Iran’s barrage of missiles…

Mining: FG backs establishment of plant with $400m FDI projection The Minister of Solid Minerals Development, Dr Dele Alake, has announced the Federal Government’s support for the construction of a plant in Nasarawa state. Alake said this in statement by his Special Assistant on Media, Segun Tomori, on Sunday in Abuja, He said the plant was projected to generate more than 10, 000 jobs nationwide, adding that it has a projection of 400 Million dollars in Foreign Direct Investment (FDI). According to him, the project is Africa’s largest rare earth and critical minerals plan, which will be funded by a…

SEC Bans Independent Directors of Public Companies from Becoming Executive Directors The Securities and Exchange Commission (SEC) has banned independent directors of public companies from transitioning into executive director roles within the same company or group. In a circular to public companies and capital market operators in Abuja on Friday, the commission said the practice undermined the principle of board independence and weakened the value of having an impartial voice in a company’s governance. SEC also introduced a three-year cooling-off period before a chief executive officer (CEO) of a public company could be appointed as chairman of the same company.…

NGX Urges Financial Sector to Adopt AI Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), has urged financial sector stakeholders to embrace Artificial Intelligence (AI) to drive efficiency and improve customer satisfaction. Kwairanga made this call in Lagos on Thursday while speaking at the SUPERNEWS Artificial Intelligence Confab (SAIC’25), held in Lagos. The theme of the conference was ‘The Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience.’ He said AI is one of the most transformative technologies of our time and should be adopted to make Nigeria’s financial sector globally competitive. “AI is…

Oil prices Rise Sharply in 1-Week over Israel, Iran Conflict The prices of crude oil rose sharply over a week as Israel and Iran conflict stoke pressure on supply from the Middle East. Crude oil prices surged 11% over the past week ending June 19, as geopolitical tensions reached new heights. Brent crude’s spot price rose from a closing level of $69.65 per barrel on June 12—the day before Israel launched attacks on Iranian targets—to $77.32 by June 19. The US benchmark, West Texas Intermediate (WTI), also climbed 11% during the same period. Markets reacted sharply after Israel launched a…