An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria has said that in two years it covered N307 billion. The committee said this when it submitted its report to the Federal Government and urged for strict implementation of relevant laws including the AMCON Act, that ensures that the recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON. According to the Committee Chairman Prof. Bolaji Owasonoye, who presented the Interim Report to the Vice President “between 2020 and 2021, AMCON made significant recoveries which are…
Author: Elvis Eromosele
The World Bank Group says it has designed an innovative initiative to accelerate electrification in Africa to achieve universal access by 2030. This is contained in a statement obtained from the World Bank website on Wednesday in Abuja by the News Agency of Nigeria (NAN). According to the bank, the Multilateral Investment Guarantee Agency (MIGA), the International Finance Corporation (IFC), and other development agencies will promote private investment in Distributed Renewable Energy (DRE) systems to electrify targeted areas quickly and efficiently. “The Distributed Access through Renewable Energy Scale-Up Platform (DARES) calls for joint action by government, private investors, and development…
Access Bank says it is investing a billion dollars to boost 10 million Small and Medium Enterprises (SMEs) in Africa over the next five years. Mr Seyi Kumapayi, the Executive Director in charge of African subsidiaries said this on the sidelines of a two-day SMEs Immersion Round table in Lagos. The News Agency of Nigeria(NAN) reports that the theme of the SMEs round table is: Enhancing the Capabilities of SMEs Across Africa. Kumapayi said that Africa had about 1.4 billion people, which was about 17 per cent of the world’s population. “However, from a Gross Domestic Product (GDP) standpoint, we…
Global leaders who attended the Africa Adaptation Leaders’ Event, convened by African Union Chair President Macky Sall of Senegal, Global Center on Adaptation CEO Patrick Verkooijen, and African Development Bank Group President Akinwumi Adesina, have rallied around climate adaptation for Africa. The event which took place at the global climate summit (COP27) in Sharm El-Sheikh, Egypt, underscored the critical need for climate adaptation in Africa and responded to the call for the capitalization of the Africa Adaptation Acceleration Program (AAAP). African Union Chair President, Macky Sall said the event is a pivotal step in the fight against climate change adding…
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said in Lagos that the quality of life is now being measured in terms of digital connectivity that promotes businesses, and the social and economic well-being of the citizens. Danbatta, who spoke Wednesday through NCC’s Director of Digital Economy, Dr. Augustine Nwaulunne, in a keynote at the 2022 Africa Tech Alliance Forum in Lagos on Wednesday, said digital connectivity has a major role in advancing the gains of development and sustaining the future, as well as attaining the needed quota in attaining a sustainable future…
The Federal Government has revealed in Abuja, that the $550 million loan borrowed from World Bank and African Development Bank (AfDB) is currently being spent to electrify rural communities across Nigeria. The fund, targeting unserved and underserved communities, comes under the Nigeria Electrification projects (NEP) and is implemented by the Rural Electrification Agency (REA). About 267 agreements totalling $395 million have already been assigned for renewable electricity deployment, REA said in a media parley in Abuja while adding that $350 million of the loan came from the World Bank while the $200 million loan came from AfDB. The agency, in…
THE Management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, has announced that His Excellency, Brigadier General Buba Marwa, chairman of the National Drug Law Enforcement Agency, NDLEA, will deliver the Realnews 10th Anniversary Lecture. Brig Gen. Marwa’s acceptance to deliver the lecture was communicated to Realnews in a letter dated May 31, 2022, and signed by Lieutenant Colonel M.I. Aminu, military assistant to the chairman. The lecture on “Drug Abuse among Youths in Africa: Implication for Nigerian Economy and 2023 Elections” will hold at the Sheraton Hotel, Lagos, on Thursday, November 17, 2022. Marwa, former Governor of…
The Toyota automobile company, in China, has recalled 14,799 defective Lexus vehicles, according to a statement by the Corps Public Education Officer (CPEO) Federal Road Safety Corps (FRSC), Bisi Kazeem, on Friday in Abuja. Kazeem said “FRSC wishes to draw the attention of the motoring public, particularly those who are using Lexus NX260, Lexus NX3650h, and Lexus NX400h+, manufactured between March 31, 2021, and April 26, 2022. “This is because faulty programming of the Lane Keeping Assist (LKA) System, has been observed and this has prompted the company to recall the categories of the listed vehicles. “According to the report…
Across the globe, about two billion mobile phones are sold yearly; this is according to the telecoms group, the Global System for Mobile telecommunications Association (GSMA). Besides, GSMA, which represents the interests of mobile operators worldwide, uniting over 750 operators with nearly 400 companies in the broader mobile ecosystem, including Nigeria, said 85 per cent of mobile phones are not formally recycled, limiting the life cycle of the materials used to build them, and reducing opportunities to improve digital inclusion by extending access to affordable re-used devices. This information was contained in the ‘GSMA’s Strategy Paper for Circular Economy: Mobile…
The Federal Government has said it will soon harmonise taxes paid by jetty operators in a bid to tackle incidents of double taxation and promote ease of doing business in the country. The Minister of Transportation, Mu’azu Sambo, disclosed this in Abuja in a meeting with the technical sub-committee of the Presidential Standing Committee on Private Jetties (PSCPJ), led by its Chairman, Joseph Ororo. He noted that operators are more often made to pay multiple registration fees by different regulatory agencies such as the National Inland Waterways (NIWA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). Speaking on the…