Author: Olu Anisere

Experts Urge FG to Liberalise Power Sector for $10bn Investment Some experts have called on the Federal Government to fully liberalise the electricity sector to unlock 10 billion dollars in private sector investments and ensure reliable power supply. They said this in separate interviews with the News Agency in Lagos on Sunday. They also said that further liberalisation of the sector by the government would attract substantial investments. The Chief Executive Officer of Economic Associates, Dr Ayo Teriba, urged the government to relinquish its monopoly and open up the industry to more private sector participation across its value chain. “Just…

Privatise Oil, Gas Pipelines for Energy Security- PETAN Chairman Mr Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria (PETAN), has called for the privatisation of Nigeria’s oil and gas pipelines. He described it as a “commonwealth solution” to ensure the efficiency and sustainability of the nation’s critical oil and gas industry. Ogunsanya said this in a statement on Saturday after the just concluded Nigeria International Pipeline and Security Conference (NIPITECS) held in Abuja. He explained that the “commonwealth solution” offers an opportunity for private investors to hold 51 per cent ownership of the nation’s pipelines. Ogunsanya said oil…

NAICOM Issues Operational Licence to NPF Insurance Company The National Insurance Commission (NAICOM), has issued operational licence to Nigeria Police Force Insurance Company Limited. A notice by NAICOM in Abuja on Friday, said the issuance of the licence would enable NPF insurance to commence general insurance operations in the country. The Commission said the company had successfully fulfilled all registration requirements. It said the Commissioner for Insurance, Mr Olusegun Omosehin, formally handed over the licence to NPF Insurance. #NAICOM Issues Operational Licence to NPF Insurance Company# Sule Presents N382.57bn 2025 Budget to Nasarawa Assembly

Interbank Rates Dip as FAAC Credit Boosts Liquidity The financial system closed with a liquidity deficit, which kept the short-term benchmark interest rates elevated in the money market. Banks maintained their borrowing habits as they faced pressure from weak funding profiles in the market. Interbank rates declined after inflows from the Federal Account Allocation Committee (FAAC) lifted liquidity balance in the financial system. The reduction in money market rates was short of expectations, reflecting a deficit balance in the system. In their separate notes, investment analysts said liquidity balance improved, though still in deficit for fifth consecutive days According to…

BEDC Builds New 33kv Feeder Line to Improve Power Supply in Edo The Benin Electricity Distribution Company (BEDC), says it has completed a new 33 KV feeder to improve power supply to the Federal Secretariat and some communities in Ikpoba-Hill in Benin. The Chief Technical Officer (CTO) of BEDC, Engr. Lawani Jonathan disclosed this during the inauguration of the new feeder line at Ihovbor station in Edo. Jonathan said the new line was constructed from the Ihovbor station under the Transmission Company of Nigeria (TCN). “The 33KV line will supply electricity to two injection substations, which would power the Federal…

GCR Affirms Tangerine General Insurance Financial Strength Rating of A-(NG) GCR Ratings has affirmed Tangerine General Insurance Limited’s national scale financial strength rating of A-(NG), with a stable outlook. In its latest rating note, GCR said Tangerine General Insurance Limited and its subsidiary, Total Health Trust Limited (THT), collectively referred to as the sub-group within the wider Tangerine Group (the group), accounting for approximately 33% of the group’s revenue and total assets as of 31 December 2023. In this regard, the financial strength rating of Tangerine General reflects the strengths and weaknesses of the sub-group but capped at Tangerine Group’s…

The Central Bank of Nigeria (CBN) towards what appears to be the last lap of its intermittent weekly FX intervention

LCCI Calls for Targeted Fiscal Support for manufacturers, Farmers The Lagos Chamber of Commerce and Industry (LCCI) has called for targeted fiscal interventions to support manufacturers and farmers, aiming for more inclusive Gross Domestic Product (GDP) growth. LCCI Director General, Dr. Chinyere Almona, said this in a statement on Wednesday in Lagos, in reaction to the National Bureau of Statistics (NBS) GDP growth report of 3.46 percent. She said that the recent statistics reporting growth in economic activities and the latest 25 basis point hike in interest rates by the Monetary Policy Committee of the Central Bank presented a reality.…

Abidjan-Lagos Corridor Highway, a Potent Economic and Industrial Hub – AfDB The Abidjan-Lagos corridor highway is set to become a powerful economic and industrial hub courtesy of the Spatial Development Initiative promoted by the African Development Bank (AfDB). Mr. Mike Salawou, Director of the Infrastructure and Urban Development Department at the AfDB, said this in a statement. Work on the 1,028km transnational coastal motorway is due to begin in 2026 and is earmarked for completion by 2030. The highway connects Côte d’Ivoire to Nigeria while crossing through Ghana, Togo, and Benin. “Under the AfDB’s leadership, feasibility studies, financing options for…

Cryptocurrency market capitalisation rose on Wednesday as price of Bitcoin (BTC-USD) picked up again.