PRESIDENT Muhammadu Buhari has charged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years. The president gave the charge at the launch of the new MOFI and inauguration of the Governing Council and Board of Directors of the body shortly before the commencement of the Federal Executive Council meeting. The president also tasked the new board to “be the clearing house for the management of Federal Government’s investments and assets in line with global best practices with a view to…
Author: Elvis Eromosele
The first phase of the reconstruction and upgrading of the Eti Osa-Lekki-Epe Expressway has now been completed and delivered, with the infrastructure formally opened to vehicular traffic. Lagos State Governor, Babajide Sanwo-Olu was on Wednesday, accompanied by joyful residents to commission the 18.75-kilometre-long stretch from Eleko to Epe T-Junction, turning a two-lane rural roadway to a six-lane rigid concrete carriageway. The construction feat marked a significant improvement in the effort to redevelop the rural road, built over 40 years ago. Before reconstruction, the infrastructure was in decrepit shape due to an upsurge in average daily traffic volumes, subjecting road users…
Trans-Afam Power Ltd, a subsidiary of Transcorp Group, has announced the completion of the rehabilitation of its Afam 5 GT unit 20 Gas Turbine power generating unit. The company in a statement said the rehabilitated unit, located at Okoloma Afam, Ndoki in the Oyigbo Local Government Area of Rivers State, has been successfully commissioned and synchronised to the national grid, bringing an additional 138MW to its existing capacity. Transcorp Group had in 2013, through its power subsidiary, Transcorp Power Limited (TPL), acquired the 972MW gas-fired Ughelli Power Plant, which has since been transformed. With the acquisition of Afam Power Plc,…
The Space Exploration Technologies Corporation, SpaceX on Monday announced that it has commenced the operation of Starlink services in Nigeria, the first African country to receive such. Starlink is a satellite internet constellation operated by SpaceX launched in 2019. It provides satellite internet access coverage to about 46 countries, which is also targeting the global mobile phone service after 2023. “Starlink is now available in Nigeria – the first African country to receive service!” a tweet posted on the official page of the satellite firm read. SpaceX is an American spacecraft manufacturer, launcher, and satellite communications corporation headquartered in California. It…
Barring any unforeseen, the Federal Government may pay as much as N4.65 trillion servicing its debt held by the Central Bank of Nigeria (CBN) this year. Reports indicate that as of the end of last year when President Muhammadu Buhari sought the Senate’s approval to securitise the CBN facility, the ways and means (W&M) stood at N22.7 trillion. At the signing of the 2023 budget, the President said the government could incur an additional N1.8 trillion on interest payment if the plan to convert to a bond fails. The government, according to Buhari, had agreed to pay the CBN MPR…
…Pantami optimistic privacy law will boost investors’ confidence Nigeria’s data protection market is now valued in excess of N5.5 billion as Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami expressed confidence that a data protection law will boost investors’ confidence in the sector. A data protection bill was recently been approved by the Federal Government as an Executive Bill for legislative action by the National Assembly. Pantami who spoke in Abuja, this weekend, at a media meet organised by the Nigeria Data Protection Bureau (NDPB) to kick-start National Privacy Week, said the week-long activities by the NDPB…
President Muhammadu Buhari has approved a 10-day extension of the expiry date of the old Naira notes from January 31, 2023, to February 10, 2023. Announcing this in a statement on Sunday after a meeting with the President in Daura, Katsina State, Central Bank Governor, Godwin Emefiele, added that the President approved the 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their…
The Central Bank of Nigeria (CBN) has said that the total revenue collected as stamp duty in the last six years is N378.7 billion. The CBN governor, Godwin Emefiele, made this disclosure at the end of the Monetary Policy Committee (MPC) meeting in Abuja. Last year media reports quoted a member of the House of Representatives, Gudaji Kazaure as alleging that some government agencies misappropriated N89.09 trillion collected as Stamp Duty revenues. Mr Kazaure, who represents the Kazaure, Roni, Gwiwa, Yankwashi Constituency of Jigawa State, accused the government agencies of sabotaging the efforts of the Presidential Committee on the Reconciliation and Recovery…
The Lagos State Governor Babajide Sanwo-Olu, on Friday, signed the State’s N1.768 trillion “Budget of Continuity” into law to consolidate the development strides of his administration and satisfy the yearnings of the residents. The Governor said the fiscal document not only “aggressively” focuses on completing ongoing capital projects, but it would also expand intervention programmes and intensify social support to citizens and their means of livelihood. The budget was assented to at a short ceremony held at the Governor’s Office in Alausa. Sanwo-Olu said the spending would further demonstrate his Government’s determination to scale up good governance and quality service…
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has formally unveiled the Nigerian National Domestic Card Scheme, known as AfriGo, in a significant move to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria. Unveiling the first Central Bank-led domestic scheme card scheme in Africa in a virtual ceremony on Thursday, January 26, 2023, Mr. Emefiele said the new card scheme, done in collaboration with the Nigeria Inter-bank Settlement System (NIBSS), would provide more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive…