Author: Aishat Olalere

FCMB Group announced a total dividend of ₦9.901 billion for shareholders from the financial service company in 2023 following a strong earnings performance. The announcement was made at the annual general meeting, shareholders approved a ₦150 billion capital raise for the group ahead of the recapitalization deadline set for the first quarter of 2026. At the group’s just concluded meeting with shareholders, its board of directors got approval to increase share capital from ₦9,901,355,390.50 divided into 19,802,710,781 to ₦19,802,710,781.00 divided into 39,605,421,562 ordinary shares of 50k (fifty Kobo) each. The group’s banking division, FCMB Limited, needs extra capital infusions totaling…

Festus Keyamo, SAN, the Minister of Aviation and Aerospace Development disclosed that the Federal Government was spending ₦1bn monthly to power the Murtala Muhammed Airport, Lagos. This was made known at the ministerial press briefing in Abuja to mark President Bola Tinubu’s first year in office. Keyamo said the ministry is planning to reduce the heavy cosy by investing in solar power systems. The ministry was bypassing the power distribution companies to buy electricity directly from the generating companies, saying that method would save the Federal Government about N300m. “We want to run our airports with solar and that will…

Ten major financial institutions in Nigeria have accumulated around ₦438 billion from digital transactions in 2023. The earnings of the banking group from electronic transactions rose by 37.54 percent from ₦318.64 billion in 2022 to ₦438 billion in 2023. Electronic channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sale payments, as well as credit and debit card transactions. E-business income includes revenue from electronic channels, card products, and related services. The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria. Some of the…

Dr Ebenezer Onyeagwu, the Group Managing Director/ Chief Executive Officer of Zenith Bank Plc, has bagged the award of the Best Banking CEO of the year in Africa. The award was presented at the International Banker 2024 Banking Award for the second consecutive year. The award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with Onyeagwu’s completion of his five-year tenure on Friday. Onyeagwu expressed delight at the award in a statement issued on Monday by the bank. He dedicated the award to the founder and Chairman of Zenith Bank, Dr Jim Ovia, for his…

The agricultural sector got a boost of ₦309billion in the past one year. The Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this at the ministerial briefing in Abuja while speaking on achievements made in the agriculture sector since Tinubu assumed office on May 29, 2023. Nigeria is currently working in partnership with Brazil to provide mechanisation tools worth ₦1.6 billion to be added to the available machine. The harvest corps led to injection of the amount to the economy. Speaking on the activities of the agriculture ministry on Monday, Kyari said the Federal Government launched the dry season…

President Bola Ahmed Tinubu-led Federal Executive Council has awarded 51 contracts worth ₦6.27trillion across the federation in eight months. The contracts, spanning from October 16, 2023, to May 14, 2024, are for procuring, constructing, and developing various infrastructure projects. They were allocated to facilitate development across critical sectors, including roads, bridges, train systems, and airports. In total, 43 road projects and three airport contracts were awarded, among others. President Bola Ahmed Tinubu in his inaugural speech on May 29 last year, promised massive development of infrastructure. He stated, “We shall continue the efforts of the Buhari administration on infrastructure. Progress…

Africa will lead the global agenda on renewable energy and green transition. The continent has abundant solar potential and serves as a catalyst for driving green energy initiatives worldwide. Those were the words of Dr. Akinwunmi Adesina, President of the African Development Bank (AfDB) at a media conference in Nairobi, on the sidelines of the ongoing AFD annual meetings 2024 while articulating Africa’s inherent advantage in renewable energy. Adesina said there is a lot of interest in green hydrogen, green ammonia, fertilisers, jet fuels, and other things that require renewable energy, such as solar energy. He added that Africa’s abundant…

The Rural Electrification Agency has signed two Memoranda of Understanding to generate 500 megawatts of renewable energy to electrify rural communities across the nation. The agency earlier signed a 250MW agreement with Husk Power, saying these agreements represent a significant step forward in realizing its vision of providing electricity for 23 per cent of the 85 million Nigerians with no access to electricity. On Thursday, the REA Managing Director/Chief Executive Officer, Abba Aliyu, signed a 250MW agreement with EM-One, a renewable energy company, at the Eko Hotels, Lagos. “The MoU with EM-One signifies a combined commitment to deliver an additional…

The Speaker of the House of Representatives, Tajudeen Abbas, along with the Minister of Blue Economy, Gboyega Oyetola, and other stakeholders, on Monday, advocated for the creation of a shipping regulatory agency for the nation. The call was made in Abuja at a public hearing of the Shipping Council’s Repeal and Enactment of the Shippers’ Council Economic Regulatory Bill which was organized by the House Committee on Shipping Services, Port and Harbor, Maritime Safety, Education, and Administration at the National Assembly Complex. It was sponsored by the lawmaker representing Jibia/Kaita Federal Constituency, Katsina State, Sada Soli. Sada said, “This re-enactment bill…

The Minister of Power, Adebayo Adelabu, gave an assurance that the Federal Government is focused on the timely completion of the 378.3 megawatts Egbema Power Plant in Imo state. He further revealed that “it is currently 70 percent completed.” The assurance was made at the weekend during an inspection visit to the power plant. He commended the Governor of Imo, Hope Uzodinma, for his dedication to collaborating with the Niger Delta Power Holding Company to complete the power projects in the state. Adelabu said the completion of the Egbema power plant and associated transmission projects will improve the electricity supply…