Author: Aishat Olalere

The General Manager of Regulation and Compliance at the Transmission Company of Nigeria (TCN), Ali Bukar, stated on Thursday, at the National institute of physics webinar series 2.0 with the tittle “Policy, Regulatory and Technical Constraints in Achieving Energy Security in Nigeria: The Way Forward “, that out of an estimated population of 230 million, only 13,112,134 Nigerians are officially registered to use electricity. Bukar also added that among the total of over 13 million customers, 44.23% have been provided with meters, and from the entire Nigerian population estimated at 230 million, merely 2.52% are metered. 60% of customers with meters are…

The Democratic Republic of Congo (DRC) is looking to unlock its billions of estimated oil reserves by signing deals with oil companies and its neighbors to boost exploration, production and export. Last July, the country signed an agreement with Angola for the joint development of Block 14, situated on the maritime border of the two countries. Last May, the DRC signed an agreement with Uganda that would see oil produced from the DRC’s Albertine Graben transported via the planned East African Crude Oil Pipeline and onward to global markets. It also signed an agreement with Equatorial Guinea in 2022 for the…

The Eastern and Southern African Trade and Development Bank Group (TDB Group), Japan International Cooperation Agency (JICA), Citibank, and SMBC Group (SMBC) have signed a EUR 240 million facility agreement aiming to foster and facilitate private sector development in less developed countries (LDCs). The signing ceremony took place on February 26th, 2024, at TDB Group’s Operations Hub in Nairobi, Kenya. The line of credit is composed of a long-term project finance tranche from JICA, and a short-term trade finance tranche from SMBC and Citibank. The facility is expected to increase access to finance for MSMEs, enabling them to invest in growth,…

The Central Bank Nigeria issued a stern warning to all primary mortgage banks, Development Finance Institution and Microfinance Bank in the country regarding the timely submission of regulatory returns. In a press release issued on its website dated March 5 with reference number FPR/DIR/PUB/LET/001/022, and signed by its Director, Financial Policy and Regulation, Dr. Valentine Ururuka, the CBN expressed dismay over the late and non-rendition of periodic returns related to the Financial Institutions’ Annual reports. According to CBN, “Primary Mortgage Bank shall be construed as any company that is licensed to carry out primary mortgage banking business in Nigeria.” The…

The Minister of Finance and Coordinating Minister of Economy, Wale Edun, lamented on Wednesday during an interface with the senate committee on finance that the current inflation in the country was as a result of the N22.7 trillion minted by the central Bank of Nigeria through ways and Means overdraft for the Federal Government from 2014 to 2023 under former President Muhammadu Buhari. Edun said the minting of naira in trillions was carried out without any corresponding productive activities. The consequences of the Eight years of minting money without productivity is high inflation confronting the country now. The Senate had…

According to an analysis of the state government approved budgets for the 2024 fiscal year, it was revealed that 24 state out of 36 states in Nigeria wont be able to pay their workers salary this year without waiting for the federal allocation from the central government. 11 (with the exclusion of Cross River State) out of the 36 state will only be able to independently pay their workers salaries without depending on the federal allocation. some of the state with good internal revenue are Lagos, Kano, Anambra, Edo, Enugu, Imo, Kaduna, Kwara, Osun, Ogun and Zamfara. The 24 states…

It was shown that West Texas Intermediate (WTI) gained traction with a similar price surge on ICE Brent crude oil price. The global market prices of oil increased following a report that revealed a large drawdown in US crude investory. The market faced pressures from various uncertainties affecting both the demand and supply sides. ING said in a note that Yesterday WTI prices rose above US$80 per barrel as the Energy Information Administration (EIA) inventory report showed a large drawdown for products, raising hopes for strong fuel demand for the upcoming driving season in the US. The EIA’s weekly US…

The Managing director of Foremost life insurer of African Alliance Insurance Plc, a stalwart with over 63 years of expertise in the life assurance sector, Mrs. Joyce Ojemudia, stated that it has paid over N40 billion claims from 2019 to 2023. She also added that the company remains committed to swiftly and professionally settling all valid claims, ensuring enduring happiness and satisfaction for our valued customer. The substantial claims payment by African Alliance, winner of the 2022 “Claims insurance Company of the Year” award,  spanned diverse business units such as Group life N5.1bn, Individual life N7.5bn, Esusu N3.4bn, Takaful N2.8bn…

In an exclusive interview on Tuesday, the National Vice president of Independent Petroleum Marketers Association of Nigeria (IPMAN) said marketers existing filling station would serve as CNG refilling points to hasten the adoption of gas in the country. Members of the Independent Petroleum Marketers Association of Nigeria have disclosed they are in talks with the Federal Government to commence the sale of compressed natural gas in their filling stations. The Federal Government have been making efforts to invest in gas as a cheaper and cleaner alternative to petrol and diesel due to the removal of fuel subsidy. However, the unavailability…

Former Nairobi senatorial aspirant Margaret Wanjiru is counting losses after unknown people invaded and demolished her church. On Wednesday, March 6, unknown people demolished part of Jesus Is Alive Ministries church located along Haile Selassie Avenue. Speaking to the press, the preacher slammed the Kenya Kwanza government, claiming the demolition was politically staged. The politician wondered why her properties were being demolished, yet she invested a lot in the Kenya Kwanza campaigns. “I wasn’t campaigning to be repaid like this. It is very sad that this is the government that we campaigned for. I am yet to believe that they…