Uche Cecil Izuora Nigeria has demonstrated commitment towards supporting the operational takeoff of the Africa Energy Bank (AEB) by providing and fulfillment of her capital commitment. Similarly, Angola and Ghana have also fulfilled their capital commitments toward establishing the Bank, a milestone that represents 44 per cent of the minimum required funding from African Petroleum Producers Organization (APPO) members to initiate the bank’s operations. Dr. Omar Farouk Ibrahim, Secretary General of APPO, announced this progress during the Congo Energy & Investment Forum last week. The AEB aims to finance oil and gas projects across the continent, addressing funding challenges…
Author: Orientalnews Staff
Yemisi Izuora The Centre for the Promotion of Private Enterprise [CPPE], has launched a series of advocacy campaigns aimed at discouraging Nigeria from adopting any policy that would harm its determination to provide alternative energy efficiency. One of such is a reported plan to ban importation of solar panels which was credited to the Minister of Science and Technology Mr. Uche Nnaji, as a measure to promote domestic production of the panels. While kicking against such thinking, the CPPE, reminded Government that Nigeria has one of the worst energy accesses with a per capita electricity consumption of about 160kWh,…
Uche Cecil Izuora Oil production in Nigeria went down by 50,000 barrels a day to an average of 1.5 million per day, in line with its quota. Also, loading of the country’s Bonny Light crude grade faced delays following a fire at the Trans-Niger Pipeline. This is as the Organization of Petroleum Exporting Countries (OPEC) reduced crude oil production last month, with curbs in Nigeria and Iraq, before the group proceeds with long-delayed plans to revive halted output. The Organization lowered output by 110,000 barrels a day to 27.43 million per day, according to a Bloomberg survey. The cartel’s…
Yemisi Izuora President Ahmed Bola Tinubu, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Securities Act 2025. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth. The enactment of the ISA 2025 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market as well as to regulate the market to ensure capital formation, the protection of investors, and…
Tunde Bakare The Think Yoruba First Organization, a body, organization and institution committed to the protection, preservation, and promotion of Yoruba heritage, identity, and rights, has written to the National Assembly expressing their rejection of the proposed Federal Bill by Hon. Kalu Okezie. The Bill seeks to grant indigenous rights to Nigerians who have either lived in a particular place for ten years or have been married to an indigenous person for the same period. The group expressed the concerns that he Bill if passed into law, will not only erode the cultural and historical foundations of indigenous peoples…
Yemisi Izuora The Nigeria Deposit Insurance Corporation (NDIC), has given assurances to depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, that the Corporation has intensified efforts to ensure timely payments. Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023. In line with its statutory mandate, the Corporation…
Yemisi Izuora Guaranty Trust Holding Company Plc (GTCO) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8 per cent over ₦609.3billion recorded in the corresponding year ended December 2023. This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management. The Group recorded growth across all financial…
Joseph Bakare The Director General (DG) of National Youth Service Corps (NYSC) Brigadier General Olakunle Oluseye Nafiu has restated his administration’s commitment to ensure that all Corps Members enjoy high quality medicare throughout their service year. He added that Corps Members are exposed to series of risks and health hazards in the course of national service, hence, the need to provide a robust health package that would cater for them whenever the need arises. He stated this during his familiarization visit to the Director General and Chief Executive Officer of National Health Insurance Authority( NHIA), Dr Kelechi Ohiri, in…
Yemisi Izuora The Nigerian National Petroleum Company Ltd (NNPC) and Shell Nigeria Exploration and Production Company Ltd (SNEPCo) have donated vehicles including a specialised ambulance in support of security and health services in Lagos State. The Lagos State Security Trust Fund (LSSTF) received two vehicles while an intensive care unit ambulance was given to Federal Medical Centre, Ebute Metta. Speaking at the handover of the security vehicles, SNEPCo’s Country Security Manager Isaac Akinjogunla, who represented Managing Director Ronald Adams, said it “underscores our support for efforts by the Lagos State Government to ensure security in the state.” He called…
Francesca Odimgbe The Lagos State Governor, Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the country’s e-commerce sector, as well as its unique contributions to its economic development. He said that Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which, he said, has made it a household name. He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them. The Governor who was speaking…