The president of the Africa Development Bank Group (AfDB), Akinwumi Adesina, has hinted that Africa will need $2.7 trillion to upscale climate change adaptation by 2030. Mr Adesina made this known on Monday at the AfDB annual meeting themed:“Mobilising private sector financing for climate and green growth in Africa”, held in Sharm El Sheikh, Egypt. “Africa is being shortchanged by climate finance. Africa is choking. Africa will need $2.7 trillion by 2030 to finance its climate change needs,” Mr Adesina said. He said Africa, which is the world’s lowest emitter of greenhouse gases is “choking” and in dire need of…
Author: Elvis Eromosele
The Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday. According to the CBN, the financial institutions “failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020,…
Elvis Eromosele One of my earliest memories of a money fight was one between an alajo (thrift collector) and a borrower. The debtor was screaming at the top of his voice, ‘na money I borrow I no kill person.’ Then he added a clincher, ‘after all Nigeria self dey owe.’ It took the intervention of the Baba Oloja at that time to resolve the issue. The Baba Oloja’s intervention saved the day, prevented a fracas and led to the resolution. Nigerians are notorious when it comes to defaulting on debt. It doesn’t matter whether as individuals or corporate entities, the…
A health, safety, and environment (HSE) policy is a statement or document that outlines an organization.s commitment and approach to ensuring the health, safety, and environmental well-being of its employees, contractors, customers, and the general public. It typically includes the organization’s objectives, responsibilities, and guidelines for managing and mitigating risks, preventing accidents and injuries, and complying with relevant laws and regulations. The HSE policy serves as a framework for establishing and maintaining a safe and healthy work environment. What one expects in an organization with an HSE policy is that the training and equipment that exist in such an organization…
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Monday, revealed that the cost for the construction of the Dangote Petroleum Refinery was around $18.5 billion. This amount is significantly higher than the $9 billion Africa’s richest man, Aliko Dangote, mentioned when he set out to build the refinery in 2013. Dangote accounted for 50 per cent of the capital investment, while he secured the remaining 50 per cent from local and foreign deposit money banks (DMBs) through debt finance. Between 2013 and 2023 period, the businessman’s total net worth dropped from $25 billion to $13.6 billion,…
Stanbic IBTC Holdings Plc said it has commenced operations of its wholly-owned financial technology subsidiary. A statement said, having received all required regulatory approvals and licences to commence operations, the subsidiary would operate under the name, Stanbic IBTC Financial Services Limited. It said, “It will function primarily as a Payment Solutions Provider, focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings. “The launch of Stanbic IBTC Financial Services Limited marks an important milestone for Stanbic IBTC as the company seeks to remain at the forefront of the rapidly evolving financial services industry. “The subsidiary will…
Sam Altman, CEO, OpenAI, is in Nigeria to interact with select members of the tech community in an apparent move to broaden interests in burgeoning artificial intelligence. On Friday, Mr Altman was seen in pictures making the rounds on social media speaking with different stakeholders of the Lagos tech communities. Mr Altman also spoke to students at the MUSON centre about the future powered by artificial intelligence (AI). Between May and June, Mr Altman is scheduled to go to 17 locations around the world, including Toronto, New Delhi, Tel Aviv, Madrid, Brussels, and Singapore, with Lagos being the only African…
The total number of mobile subscriptions in Nigeria dropped by 1.01 million to 225.82 million in March 2023, indicating a 0.45 per cent decrease, according to the latest industry statistics released by the industry regulator, the Nigerian Communications Commission (NCC). This shows a decline in growth in the telecommunications sector for the first time in almost two years as mobile subscriptions have recorded a steady growth since June 2021. Mobile subscriptions fell from 226.84 million in February 2023 to 225.82 million in March 2023. However, the data from NCC indicated a 3.59 million increase from the 222.23 million mobile subscriptions…
Why do the most basic to protect the most precious? It’s a question you can ask the average person and not get the right answers, with the number of injuries, fires and deaths that go on around people, it’s still not enough to bring about a change in behaviour towards equipping the home and office with basic HSE equipment, the same way they would the latest entertainment gadget. You have to ask how many more markets need to burn down before it’s just basic for every one of them to be equipped with a basic fire station and safety drills.…
By Elvis Eromosele The manufacturing industry is crucial to a nation’s economy. It plays a significant role in generating employment, increasing productivity, and driving economic growth. In Nigeria, the manufacturing industry is a critical sector that contributes significantly to the country’s gross domestic product (GDP) through job creation, wealth creation, and increased tax revenue for the government. It has equally been identified as a key sector in the nation’s quest for diversification away from oil dependency. It can enable a country to reduce its reliance on imports, improve its trade balance, and increase its overall competitiveness. Manufacturing is almost all…