Author: Olu Anisere

FG Unveils Metering Project Teams to Combat Oil Theft The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has inaugurated Metering Audit and Advance Cargo Declaration project teams, to promote transparency and accountability in the upstream oil and gas. The Commission Chief Executive, Mr Gbenga Komolafe, who spoke at the inauguration of the project teams, on Wednesday in Abuja, said the projects were designed to combat crude oil theft and boost revenue. It will be recalled that the Federal Executive Council (FEC) had approved a 21 million dollars contract to audit metering and measurement equipment in the 187 oil flow stations in…

AEDC, Transafam Power Partner to Deliver 50MW to Abuja Commercial Hub The Abuja Electricity Distribution Company (AEDC) and the Transafam Power have signed a Memorandum of Understanding to deliver 50 Mega Watts (MW) of embedded power to Idu commercial hub in Abuja. The MoU was signed for the companies by Mr Chijioke Okwuokenye, the Acting Managing Director of AEDC and Mr Vincent Ozoude, the Managing Director of Transafam Power Ltd, in Abuja on Wednesday. Okwuokenye said that the MoU was in fulfillment of of the Nigerian Electricity Regulatory Commission (NERC)’s requirement for AEDC to provide 82 per cent of embedded…

Wema Bank Wins Awards for Sustainable Finance, Digital Innovation Nigeria’s Tier-2 lender, Wema Bank Plc, has been recognised for its role in sustainable finance and digital innovation, winning three awards at the Digital Banker Global Sustainable Finance Awards Gala 2024. The bank made this known in a statement on Wednesday in Lagos. The awards include Outstanding Sustainable Finance-SME Finance, Best Digital Platform for Sustainable Finance and Sustainable Finance Professional of the Year-Africa. The global award ceremony is dedicated to celebrating the world’s preeminent, groundbreaking and cutting-edge financial service institutions. The awardees must have distinguished their unrivalled standards in incorporating Environmental,…

Moniepoint Calls for Collaboration to Boost Financial Inclusion Fintech company, Moniepoint, has emphasised the need for a collaborative approach between the government and private sector to build trust and drive financial inclusion in Nigeria. A statement by the company on Wednesday, said Tosin Eniolorunda, Group Chief Executive Officer, Moniepoint Inc, made the assertion during a recent high-level policy dialogue between the Nigerian government and private sector stakeholders. Eniolorunda said that this was crucial to expanding access to financial services for underserved populations. The founder of the Moniepoint said that the event, held in Washington DC, brought together government officials, regulators,…

Housing Finance: FMBN Delivers 39,000 New Homes in 31 Years -MD The Federal Mortgage Bank of Nigeria (FMBN), says the bank has, within 31 years, delivered 39,000 new homes under the National Housing Fund (NHF) scheme. The bank’s Managing Director/Chief Executive, Mr Shehu Osidi, said this when he presented a paper at the ongoing 18th Africa International Housing Show on Wednesday in Abuja. Osidi said: “Since its re-establishment in 1993, the Bank has delivered about 39,000 new homes, about 25,500 mortgages and over 120,000 micro housing loans, all within a single-digit interest rate lending regime. “Under the National Housing Fund…

NGX Sheds N68bn as Investors Exit Positions Tier-1 Banks The equities market of the Nigerian Exchange (NGX) shed more than N68 billion on Wednesday, extending previous day loss as market reacted negatively to interest rate hike. The poor outturn stemmed from selloffs in GTCO (-0.11%), UBA (-5.07%) and FBNH (-1.60%), outweighing the uptick in WAPCO (+0.82%), investment firm CardinalStone Securities limited said in an update. The market index or All-Share Index reduced by 120.95 basis points, representing a decrease of -0.12% to close at 100,365.17, stockbrokers at Atlass Portfolios Limited said. Major downside to today trading session was sell-offs witnessed…

Eurobonds Default: Fitch Affirms Ghana Credit Rating at ‘RD’ Fitch Ratings has affirmed Ghana’s long-term foreign currency (LTFC) issuer default rating (IDR) at ‘RD’ and long-term local-currency (LTLC) issuer default rating (IDR) at ‘CCC’. RD, indicates Ghana has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. In the rating note, Fitch said it typically does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below. Explaining its decision, Fitch said the affirmation of the LTFC IDR at ‘RD’ reflects that Ghana is still defaulting on its outstanding Eurobonds following…

GCR Affirms Dangote Cement AA+ (NG) Rating GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+ (NG) and A1+(NG), respectively, accorded to Dangote Cement Plc. In its latest rating note, the emerging market ratings agency said concurrently, it has also affirmed the national scale long-term issue rating of AA+ (NG) accorded to each of Dangote Cement Plc’s existing Senior Unsecured Bonds. It stated that the company’s N3.6 billion series 1 Tranche A Senior Unsecured Bond was fully redeemed in May 2024, and the rating has been withdrawn. The outlook on the ratings is stable.…

FG Tasks NBTI on Research-Based Solutions to Insecurity, Agric Sector Challenges The Federal Government has urged the National Board for Technology Incubation(NBTI) to step up research on finding solutions to Nigeria’s insecurity and challenges in the agriculture sector. Mrs Esuabana Nko-Asanye, the Permanent Secretary, Ministry of Innovation, Science and Technology, made the call in his keynote address on Wednesday in Keffi while declaring open a Four-Day Retreat for Directors and Centre Managers. The theme of the retreat is “Renewed Hope: Empowering NBTI Leadership for Technological Advancement and Economic Transformation.’’ Nko-Asanye said she was hopeful that the capacity building event would…

Kuda, SeerBit Partner to Enhance Seamless Online Transaction Kuda, a Fintech company, has partnered SeerBit, a payment gateway, to boost seamless online transaction for its customers. Mr Musty Mustapha, Managing Director of Kuda MicroFinance Bank, said this in a statement on Wednesday in Lagos. According to him, the quick and safe payment option removes the need for typing in debit card details when making online payments. “Nigerian fintech’s retail customers can now look out for ‘Pay With SeerBit’ option on local websites and apps, then pay directly from their Kuda account with their secure Kuda Pay ID. Online fraud remains…