Dr Joy Ogaji, Executive Secretary, Association of Power Generation Companies (APGC), last week, revealed that generation companies were being owed about N1.75 trillion for power generated for the electricity market since 2013. Ogaji spoke during a panel session at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos. The session’s topic was: ”Power Sector Dilemma: Issues, Challenges, Opportunities and Strategic Key Solutions.” She said the liquidity challenge of the Nigerian Electricity Supply Industry had made operating in the generation value chain very difficult for the companies. Ogaji said GenCos were currently owing their gas suppliers about N1…
Author: Elvis Eromosele
MTN Nigeria Communications Plc has started 5G trial services this week to begin its launch of fifth-generation mobile telecommunications in seven cities across Nigeria’s six geo-political zones. Commercial 5G services will become effective from October, less than six weeks away, in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, Nigeria’s biggest operator by subscription and turnover said in a statement. By October, the operator expects to be running its 5G services on no less than 600 cell sites all over Nigeria. It will be recalled that in December 2021, after 11 rounds of bidding that lasted eight hours, MTN…
Olam Agri, a leading agribusiness in food, feed, and fibre, has appointed Ashish Pande as the new Country Head of Olam Agri in Nigeria, effective 23rd September 2022. Ashish has been instrumental in establishing Olam Agri’s animal feed business, successfully integrating the acquired Dangote Flour Mills, setting up Crown Flour Mills’ extensive fleet operations, and overall leading a successful wheat milling business in Nigeria. He will lead Olam Agri to its next stage of growth in the country which is an important market for the company globally. Under Ashish’s leadership, the flour milling business unit of Olam Agri, Crown Flour Mill Limited’s immense contribution to…
The 70 per cent national broadband target set by the Nigerian government before 2025 is set to be achieved if recent data from the Nigerian Communications Commission (NCC) is to be believed. The NCC revealed that the country’s broadband penetration moved from 40.9 per cent in February 2022 to 44.5 per cent in July 2022. The Executive Vice Chairman of NCC, Prof. Umar Danbatta, who disclosed this in Abuja recently noted that the increase in broadband penetration is a good omen for Nigeria’s broadband and digital economy pursuit. He stated that such growth will help to accommodate emerging technologies and…
Nigeria and the United States government have reached an agreement on the return of over $23 million of the Abacha loot. The agreement signing ceremony held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami, Tuesday. While Mr. Malami signed on behalf of the Nigerian government, the U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the U.S government. According to Mr Malami, the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge. Nigeria has…
Interswitch, Africa’s leading integrated payments and digital commerce company, is set to hold its first raffle draw for the selection of the first batch of winners for an all-expenses-paid trip to attend the Interswitch One Africa Music Fest in Dubai. The draw, which is slated to hold on August 31, 2022, will be the first in a series of draws for the selection of 20 lucky winners who will attend the biggest African music fest in the Emirati city of Dubai. This year’s event marks Interswitch’s third consecutive headline sponsorship of the grand music event that brings together top music…
Actis, a leading global investor in sustainable infrastructure, has recently concluded a first close of its real estate fund, Actis West Africa Real Estate Income Fund (NREIF) at $45 million. Anchor investors in the first close included Stanbic IBTC Pensions Managers, the First City Monument Bank Pensions Limited and Pensions Alliance Limited. The Fund will invest in market-leading, stabilised real estate assets across West Africa, with a special emphasis on Nigeria. All assets in the portfolio will attain a minimum standard of IFC (International Finance Corporation) Edge certification. NREIF will acquire and manage real estate assets across various sectors, including…
By Elvis Eromosele The Nigerian telecommunications sector must have nine lives. No, it is not a cat. It is however almost always in a near constant mortal struggle with the forces that be – read, government and its agents. The fact that it’s still here means that it has somehow managed to survive, remained sustainable and even dared to thrive. It is a phenomenon that ought to be studied. Every indicator shows that the telecom sector remains the bright spot in the nation’s weak economy. It drives socio-economic development, boosts productivity and contributes to improving the lives of citizens like…
By Elvis Eromosele Nigeria is Africa’s largest ICT market, accounting for 82 per cent of the continent’s telecom subscribers and 29 per cent of internet usage. This is according to Wikipedia. It goes on to say that globally, Nigeria ranks 11th in the absolute number of internet users and 7th in the absolute number of mobile phones. The National Bureau of Statistics (NBS), has equally established that the telecommunications sector is the largest segment of the Information and Communications Technology (ICT) sector. Today, Nigeria has one of the largest telecoms markets in Africa, contributing over 17 per cent to the…
By Adetunji Faleye Widespread hunger in Nigeria has shown clearly that the post-pandemic period has been very difficult for consumers more than the pandemic era when the man-made virus inflicted heftier punishment on the human race. Intensely, most families struggle to get their three-square meals set on the table in the face of skyrocketing foodstuff prices at every opportunity dollar shakes the table against naira. Sadly, while the exchange rate of naira to dollar keeps falling, the rate at which Nigeria’s naira loses value against most currencies in Africa is beyond comprehension. This has drastically reduced purchasing power of most…