The Central Bank of Nigeria (CBN) has announced a revision of the tenure limit for executive management and non-executive directors of banks and financial institutions. According to the review, the executives can only serve a cumulative tenure of 20 years across the banking industry. In a circular addressed to all deposit money banks, signed by the director of financial policy and regulation department, Chibuzor Efobi, the bank said the review is part of measures aimed at strengthening governance practices in the banking industry. “The tenure of executive directors (ED), deputy managing directors (DMD) and managing directors (MDs) shall be in…
Author: Elvis Eromosele
United Nations Development Programme (UNDP), First City Monument Bank (FCMB) and the Centre for Food and Research (CEFTER) of Benue State University have supported 25 early-stage Agritechs that were winners at the grand finale of the 2022 Agrohack Challenge held in Makurdi, Benue State, with funding. The selected Agritechs received varying amounts of funding to help them scale their businesses and develop innovative solutions that address challenges in the agriculture sector. The funding ranges from N600,000 to N2.4m. The startups will also receive access to business support services, incubation, and networking opportunities. Achesa, a startup raising the income of smallholder…
By Elvis Eromosele Voting is an essential aspect of democratic governance, as it is the only way through which the people can exercise their power to choose their leaders and shape their future. Nigeria, a country blessed with abundant human and natural resources, is poised for another democratic exercise as her citizens head to the polls to elect their leaders. It is time to get it right with a leader that will ensure that ALL citizens partake of the country’s blessedness. As we approach election day, every eligible citizen must come out and vote. Voting is not just a civic…
the Nigerian Upstream Regulatory Commission (NUPRC) has revealed that an estimated 40 per cent of the volumes of crude oil losses in the Nigerian petroleum industry are due to measurement inaccuracies and not theft as is popularly believed. Gbenga Komolafe, Chief Executive, NUPRC, who revealed this at the start of the week said the revelation followed a forensic audit on crude theft numbers, conducted by the commission covering the period from January 2020 to November 2022. He disclosed this in Lagos at the Petroleum Club Quarterly Dinner. Komolafe noted that the forensic audit was to ascertain with accuracy the stolen…
Meta, Facebook’s parent company, has announced it is testing a new subscription service called ‘Meta Verified’ that would allow Facebook and Instagram users to pay to have a verified account. According to the company, the Meta Verified would be available for direct purchase in Australia and New Zealand starting later this week. The company said it would cost $11.99 on the web and $14.99 on iOS and Android. The new development comes months after Twitter announced the relaunch of its monthly charge blue verification mark. Twitter had in December last year announced that the platform would start charging $8 a…
The Nigerian Communications Commission (NCC) has dedicated its Consumer Toll-Free Number 622, to serve as the 2023 Presidential Election Incident Hotline to enable voters and members of the public across Nigeria to report any issues that may affect them, or others, during the elections on Saturday, February 25, 2023. This step is to support the Independent National Electoral Commission (INEC), in its patriotic commitment, towards the conduct of hitch-free elections in Nigeria. In a notice signed by the Executive Vice Chairman, NCC, Prof. Umar Danbatta, the toll-free number 622 is the second-level complaints centre through which consumers of telecommunications services…
The Federal Government has reiterated its commitment to increase the capacity of the national electricity grid to 25,000 by 2025. Goddy Jedy-Agba, Minister of State for Power, stated this while flagging off a transmission project for the improvement of electricity supply at Ididep, Ibiono Council, Akwa Ibom State. In a statement made available to journalists, Jedy-Agba said the project is the construction of 2 x 30/40MVA, 123/33kv Substation with six feeders, which is projected to be completed in 18 months. In 2013, the Federal Government took a bold step at privatising the power sector. The change in ownership was against…
Two months after it launched at the end of November 2022, the chatbot has amassed 100 million users, beating apps such as TikTok, which took nine months to reach that milestone and Instagram which took 30 months. The invention of California startup OpenAI, ChatGPT is being hailed as the most exciting thing that has happened in technology since the advent of the internet, the first search engine or the launch of the iPhone. There is been a lot of hype, but it is largely justified. ChatGPT can answer queries in 95 languages in a human-like conversational style, learning from your…
By Elvis Eromosele There is a popular theory that Nigerians are resilient. The CBN naira redesign policy put that famous theory to the test in several ways. People have been stretched in a myriad of directions in the scramble to overcome the scarcity of new naira notes. Banking halls, ATM points, and POS stations are packed out with people seeking cash to handle everyday transactions. Every day over the last couple of weeks has been a nightmare for most Nigerians. Many have struggled to pay for the essentials including food not because they don’t have money but simply due to…
Nigeria can earn $40 billion as revenue on a yearly basis from software development if it is adequately harnessed and backed with the right policies. Kashifu Inuwa, Director-General, National Information Technology Development Agency (NITDA), who revealed this at a joint stakeholder meeting with the Federal Inland Revenue Service (FIRS) and all IT-enabled companies in Nigeria noted that the country is blessed with the required talents to achieve this. Citing a recent PwC report, which revealed that there was a need for about four million software developers globally and that Nigeria could supply two million of that talent given its youthful and…