Author: Aishat Olalere

Jos Electricity Distribution Company (JEDC) acquired prepaid metres for ₦7.29 billion between August 2020 and April 2024. Mr Abdu-Bello Mohammed, Managing Director of JEDC stated this during a one-day Information Session, organised by the Association of Nigerian Electricity Distributors (ANED) with JEDC customers in Jos on Friday. The session with the theme, “Building Consumer Awareness and Strengthening the Customer Service Capacity of Electricity Distribution Companies” was to interact and share information with customers. The MD explained that the procurement of the energy-measurement prepaid metres was to close the metering gap. The company is conscious of its responsibility to its customers…

Access Bank controls 17% of Nigerian banking assets in 2023, according to the latest ratings note by Fitch. Fitch affirmed the bank’s National Long-Term Rating at ‘A+(nga)’ with a stable outlook. It said Access Bank’s credit ratings are driven by its standalone creditworthiness, as expressed by its viability rating (VR). Fitch Ratings said it has affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a positive outlook. The Nigerian lender’s viability reflects the bank’s high sovereign exposure relative to capital and the concentration of its operations in Nigeria, according to Fitch. It said Access Bank’s National Long-Term…

Baobab Microfinance Bank have announced the launch of new mobile application, the Jollof+. The institution said the new innovation would strengthen the saving culture among Nigeria. The launch of the product took place in Lagos where the acting Chief Executive Officer of the Bank, Eric Ntumba, said the app will allow customers to earn up to 24 percent annually on savings. He described the Jollof+ app as a cutting-edge savings application aimed at mitigating the negative impact of inflation on the savings of Nigerians. “The current inflation rate in Nigeria has risen to 33.69 percent in April this year which…

The Chartered Institute of Bankers of Nigeria and the Association of Corporate Affairs Managers of Banks have pledged to work together to improve the experience and satisfaction of bank customers. The newly inaugurated President of The CIBN, Professor Pius Olanrewaju, said this at the third ACAMB Stakeholders Conference 2024 held in Lagos on Thursday with the theme ‘Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience’. The Chartered Institute of Bankers of Nigeria and the Association of Corporate Affairs Managers of Banks stated their readiness to bolster customer experience in the banking sector. Prof Olanrewaju highlighted how…

On Thursday, the equity market experience its fourth consecutive bullish run as investors gained about ₦259 billion. The Nigerian Exchange market capitalisation and benchmark index appreciated by 0.46 percent. The benchmark index close at 99.276.03 point while the market capitalisation close at ₦56.16 trillion. The increased trading activity dominated the day’s trade with the exchange recording 32 gainers and 12 losers on Tuesday. At the close of trading on Tuesday, the equity market sustained its bullish trend as investors gained ₦294 billion. Top gainers of the day included International Energy Insurance and Seplat Energy which added 10 per cent to…

Nigeria’s position in the global economy has dropped from 32nd to 42nd place. This was disclosed by the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, He added that the country has slipped from being the first in wealth management and accumulation to the fourth position in Africa. He added that the economic metrics and rankings look tough but there is room for improvement in the Nigerian economy. He said, “Our ranking among African countries has declined. Last year, our GDP growth was 2.98 per cent; South Africa was 1.93 per cent, Kenya four per cent, and…

The Federal Government has inaugurated a 5.2 million Standard Cubic Feet per day (mmscfd) Compressed Natural Gas (CNG) plant in Lagos. Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, during the inauguration of the plant said the development would provide an alternative source of fuel for Nigerians and it will also lessen the impact of subsidy removal on petrol in the country. He also added that the use of CNG as a transport fuel is a mature technology used globally and the cleanest burning fuel in terms of Nitro-oxide and soot emissions. “It can be employed to power…

Gross Domestic Product (GDP) increase should indicate availability of job which ensures growth in the nation. The President of African Development Bank (AfDB), Dr Akinwumi Adesina, disclosed this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in Nairobi. Adesina said we have to ensure that our growth also gives value to the youth and women. We do not need GDP. It does not matter how that GDP is. We have to make sure that it is creating quality jobs for our people. He identified youth unemployment as a critical issue,…

Dele Ayanleke, the National President of Miners Association of Nigeria (MAN) disclosed that he is not entirely opposed to the Federal Government’s proposed increase in mining license rates. He said this in an interview with the News Agency of Nigeria(NAN) on Thursday in Abuja. He however urged the government to be considerate in the review. Ayanleke stated that the initiative aims to enhance the government’s ability to effectively transform the mining sector. The association acknowledged that factors like inflation and the exchange rate have increased the cost of operating the government. He added that the government was expected to take…

The Federal Government has electrified more than 15 federal universities and teaching hospitals with hybrid solar grids with a combined capacity of 35.5 megawatts. This was revealed by the Chief Executive Officer and Managing Director of the Rural Electrification Agency, Abba Aliyum He disclosed this at the just-concluded Alliance for Rural Electrification Energy Access Forum in Lagos. The aim is to supply 24-hour electricity to 350,000 students while giving 50,000 lecturers access to electricity. Aliyu said the Nigeria Electrification Project, funded by the World Bank and the African Development Bank, is a $550m project. One of the universities, he said,…