The Memorandum of Understanding for the start of the 5,600 km Nigeria-Morocco gas pipeline’s construction was signed last week Thursday by the Nigerian National Petroleum Company Limited and the Office National des Hydrocarbures et des Mines of Morocco. Following the signing of the Memorandum of Understanding (MoU) between the two countries and the Economic Community of West African States in Rabat, Morocco, according to NNPC, the much-anticipated Nigeria-Morocco Gas Pipeline project officially got underway. According to the statement, the two nations and ECOWAS carried out the MoU agreement on the project, which was an important step in achieving the Federal…
Author: Elvis Eromosele
The Nigerian National Petroleum Company, NNPC Limited, has announced that the unrelenting crude oil theft and dwindling production caused by insecurity is costing Nigeria about $700 million every month as no less than 470,000 barrels of oil are illegally siphoned off vandalised pipelines every four weeks. The NNPC’s Group General Manager in charge of National Petroleum Investment Management Services, NAPIMS, Bala Wunti, speaking with some journalists during a tour of the facilities of the NNPC, revealed that the oil pipelines around the Bonny terminal cannot be operated due to the activities of criminals. He noted that for this reason, about…
Nigeria’s leading fintech startup, Flutterwave has enabled the eNaira wallet on its platform for Nigerian merchants looking to make and receive payments. The integration was done amid a series of changes being made by the most capitalised African startup ahead of its much-talked-about Initial Public Offering (IPO). The eNaira is a Central Bank of Nigeria-issued digital version of the Nigerian Naira launched on October 25th, 2021. It allows seamless payments and facilitates payment across borders with ease as users only need to scan QR codes or generate one-time tokens on the wallet to perform transactions. With Flutterwave’s integration of the…
Kuba Microfinance Bank, one of Nigeria’s leading fintech startups, has incurred a loss of more than N6 billion. According to the financial report of the bank, it incurred a loss of N868 million in 2020. This indicates that between FY 2020 and 2021, Kuda Bank’s losses increased by more than 600 per cent. Investors King learnt that Non-Performing Loans (NPL) significantly contributed to the loss. The bank’s Non-Performing Loan stood at 69 per cent as at the end of the 2021 financial year. A closer analysis of the company’s financial report indicated that its revenue increased by 4,315 per cent…
Close to 90 million people have enrolled on the National Identification Number (NIN) database, according to the National Identity Management Commission (NIMC). NIMC Director-General and Chief Executive Officer, Aliyu Aziz, disclosed this on Friday in Abuja at an event to commemorate the fourth National Identity Day with the theme ‘Traditional Institution as Critical Stakeholders for Citizens Mobilisation’. “Without sounding immodest, NIMC has made great strides on so many fronts in the last three years,” he said. “From just over 1,000 enrolment centres and 2,000 enrolment devices across the country, NIMC in partnership with its licensed enrolment partners now has over…
The World Health Organisation (WHO) says medication errors contribute to more than three million deaths globally every year. Its Regional Director for Africa, Dr Matshidiso Moeti, made the declaration in her message to mark the 2022 World Patient Safety Day. The Day is observed annually on September 17 to raise global awareness about patient safety and to call for solidarity and united action by all countries and international partners to reduce patient harm. Moeti said the Day aims to raise awareness of the importance of people-centred care and preventing patient harm. She noted that medication errors were exacerbated by overwhelmed…
The annual Nigeria Media Capacity Development Report covering 2021 is out. The Nigeria Media Capacity Development Report is an annual publication of the Media Career Development Network to document various training programmes, activities and resources of media training and support organisations in the country. The publication of this annual report is to provide journalists and other media stakeholders access to the details of the tremendous work being done by the media NGOs and encourage better maximisation of the available opportunities. Click below to download the report: Media-Development-Report-2021
Nigeria’s full-year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all 36 states in 2021, according to a leading economist, Mr Bismarck Rewane. Last year, all 36 states in the country spent the equivalent of $9.8 billion, half of what the nation will spend this year to cover the controversial petrol subsidy payments, which goes largely to supporting the Nigerian elite, according to the World Bank. Subsidy payments have risen steadily from the N2.09 trillion spent in the years from 2015 to 2020 as against N1.57 trillion last year.…
Nigeria now seeks to export 500, 000 metric tonnes of cashew annually, Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has revealed. Adebayo, who disclosed this at a media briefing to herald the commencement of the 16th edition of the African Cashew Alliance in Abuja, said Nigeria currently produces about 260,000 metric tonnes of cashew nuts annually. He was represented at the event by the Permanent Secretary in the Ministry, Dr. Evelyn Ngige, He revealed that plans are underway to raise the annual production capacity of cashew nuts to over 500,000 metric tonnes, adding that: “Of the current production…
In the last five months, the Central Bank of Nigeria (CBN) injected $7.6 billion into the economy to stabilise the value of the naira. CBN’s banking regulator’s monthly economic reports on foreign exchange market developments state that the regulator intervened in the markets with $1.65 billion in January, $1.39 billion in February and $1.82 billion in March, while the injection in April was $1.56 billion and $1.18 billion in May. “Total foreign exchange sales to authorised dealers by the bank were $1.18 billion, a decrease of 24.4 per cent below $1.56 billion in April. “A breakdown shows that foreign exchange…