Investment

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Business Planning Investment Oil and Gas

Shell’s plan to diversify will not affect Nigeria negatively – minister 

Abuja, Jan. 18, 2024 – Heineken Lokpobiri, the Minister of State for Petroleum Resources, says Shell’s diversification plans will not affect Nigeria negatively. He said rather, Shell’s decision would only create opportunities for indigenous companies with the capacity to acquire and professionally manage these assets Shell announced its decision to sell its onshore assets to a consortium of five Nigerian companies earlier this week. The minister said Nigeria would speedily consent to the Shell offshore assets sale upon the presentation of the necessary documentation to the government. He was reacting …

General News Investment Oil and Gas

Otedola visits Dangote Refinery, congratulates Aliko on successful launch

Lagos, Jan. 17, 2024 – Femi Otedola, the Chief Executive of Geregu Power Plc, has congratulated his friend, Aliko Dangote, on the successful launch of Dangote Refinery production line on Friday, Jan. 12, 2024. Otedola said he visited the factory, which he described as the “8th Wonder of the World” on Wednesday to see the world’s largest single-train petroleum refinery in the world. He expressed his sentiments via a post on his official X handle after the visit. “Today I visited the 8th wonder of the world: the Dangote Oil …

Commodities Investment

Local value addition is key to development of mineral sector – Alake

Riyadh (Saudi Arabia), Jan. 11, 2023 – Dele Alake, the Minister of Solid Minerals Development, says local value addition is key for the development of the sector in Nigeria. The minister said this during a panel discussion at the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia. He called for international support to enhance local value addition in the mining sector a this was crucial in fostering the growth of both the mining industry and the broader African economy. He said that the focus should now move from the …

General News Investment

FG suspends Halima Sheu, CEO of National Social Investment Agency

Abuja, Jan. 2, 2024 – Ms Halima Shehu, the Chief Executive of the National Social Investment Program Agency (NSIPA), has been suspended from office over allegations of financial impropriety. President Bola Tinubu approved her suspension on Tuesday and also ordered investigation into her activities. Dr Akindele Egbuwalo, the National N-POWER Program Manager, has been directed to take over from her. Her appointment was confirmed just three months ago by the Senate. Halima was a former National Coordinator of the Conditional Cash Transfer Programme. She has also worked in the Federal …

Business Planning Capital market Investment Money market

Edun inaugurates MOFI board, calls for transparency in asset management

Abuja, Dec. 22, 2023 – Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, on Friday inaugurated the board of the Ministry of Finance Incorporated (MOFI).  He urged the board members to strive to triple the value of national assets to N100 trillion within the 10 years. He said there was immense potential in the national assets to bolster the government financially. The minister estimated the current value of these assets at N18 trillion, but added that the value could be higher with proper valuation. He advised …

ICT Investment

Telecom operators get reprieve as Katsina State waives Right of Way charges

Abuja, Dec. 10, 2023 – The Katsina State Government has waived the payment of Right of Way (RoW) charges imposed on telecom operators by state governments.   Mr Ibrahim Kaula, the Chief Press Secretary to the Katsina State Governor, Dikko Radda, announced the development at the weekend. The RoW charge is the levy imposed by state governments on telecom operators for laying optic fibre cables across their states. The rate varies from state to state.  The imposition of this levy has frustrated many telecommunication projects in the country. The Nigeria Communication …

Investment Money market

COP28: Global and African partners pledge $175m to AGIA

Dubai, Dec. 4, 2023 – In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the continent. The new pledges will also advance AGIA towards its first close of $500 million of early-stage project preparation and development blended capital. The Alliance is a partnership of the African Union Commission, …

Investment Money market

Islamic Development Bank pledges to assist Nigeria on crisis, poverty alleviation

Dubai, Dec. 3, 2023 – The Islamic Development Bank (IsDB) has pledged to assist Nigeria to scale up its response to humanitarian crisis and poverty. Dr. Muhammad Sulaiman Al Jasser, the Chairman and Group Chief Executive of the Bank, made the commitment during a sideline panel discussion at the Climate Change Conference (COP 28) in Dubai, United Arab Emirate. He said the decision was part of efforts of the bank to align with the objective of the “Paris Agreement.” Al-Jasser said climate change had exposed countries to the consequences of …

ICT Investment Tech

Maida urges Nokia to invest in Nigeria’s ICT R&D

Abuja, Nov. 27, 2023 – Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), has requested Nokia Networks to increase its investments in Research and Development (R&D) to support the growth of Information and Communication Technology (ICT) in Nigeria. Maida spoke when a delegation from Nokia Networks of Finland led by the Deputy Minister, Under-Secretary of State for International Trade from the Ministry for Foreign Affairs of Finland, Jarno Syrjala, visited the Commission recently to explore further opportunities for mutually-beneficial relationships. …

Investment Money market

Africa Health Network secures $20m funding from Africa50, Africinvest

Nairobi (Kenya), Nov. 23, 2023 – Africa Healthcare Network (AHN), a leading provider of dialysis services in Africa, has secured $20 million in equity and debt funding from Africa50 and AfricInvest, two leading African institutions, and Tokyo-based Ohara Pharmaceutical Company. The funding will enable AHN to accelerate its growth and address significant gaps in the availability of high quality and affordable renal care across Africa. Africa50, which led the equity funding, invests in high-impact, high-growth businesses and projects across the continent.  AfricInvest, which provided debt financing through its Transform Health Fund …