Author: tolulope

Banks commence N6.98 USSD charge, customers kick

Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits. A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are...

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Nigeria among top three countries with electricity deficits – World Bank

The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. The bank disclosed this on Monday in a report, titled ‘Universal access to sustainable energy will remain elusive without addressing inequalities’. It said, “Significant progress has been made since 2010 on various aspects of the Sustainable Development Goal 7, but progress has been unequal across regions. “While more than one billion people gained access to...

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We’re planning four airports’ concession for 30 years – FG

Lagos State

The Lagos, Abuja, Port Harcourt and Kano airports will be on concession for a minimum of 20 to 30 years, the Federal Government said on Wednesday. It provided the explanation in a document on frequently asked questions about airport concession released by the Federal Ministry of Aviation in Abuja. In a document on the status of the road map/public private partnership projects concession of airports, made available to our correspondent, the government named the airports/parts that were up for concession. They include the Murtala Muhammed International Airport, Lagos: international and cargo terminals; and Nnamdi Azikiwe International Airport, Abuja: international, domestic and cargo terminals. Others...

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Oil hits $71 on rising demand hopes in US, China

First cargo of Nigeria’s new crude, Anyala, set for Europe

Oil prices were higher on Wednesday as negotiations over the Joint Comprehensive Plan of Action continued to falter, and as a rebound in oil demand in China, the United States and Europe threatened to outpace planned increases in supply. The international crude oil benchmark, Brent, rose by $1.09 to trade at $71.34 per barrel as of 7:00 pm Nigerian time, while the US West Texas Intermediate gained $1.11 to trade at $68.38 per barrel. S&P Global Platts reported that any resolution on the JCPOA remained far from certain as the fifth and final round of negotiations proceeded in Vienna, putting into question...

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Currency in circulation dips by N10bn

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

Currency in circulation dropped by N10bn from N2.81tn as of the end of March to N2.8tn as of the end of April, latest statistics from the Central Bank of Nigeria showed on Monday. According to figures from the CBN, the figure dropped by N50bn in February from N2.83tn as of January to N2.78tn as of the end of February. It had earlier dropped by N70bn in January from N2.9tn as of December 2020. According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November. The CBN defined currency in circulation as currency outside the vaults...

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Real estate firm inaugurates electrification project in Ogun

FG housing project

A real estate developer, Pelican Valley Nigeria, has inaugurated an electrification project at Pelican-Brief Estate, in Abeokuta, O gun State. The Chairman, Pelican Valley Nigeria Ltd, Babatunde Adeyemo, in his opening speech at the inauguration on Tuesday, expressed his gratitude to the Ogun State government for providing an enabling environment for real estate firms to thrive. He said the siting of the estate in that location was not by accident, adding that it took a lot of effort to get the right piece of real estate primed for development. He said, “My adventure towards igniting this proposed smart city started about two years...

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Only 22% of poorest Nigerian households have electricity access –World Bank

Gas supply increase raised power generation by 3,358MW – NNPC

Most poor households in Nigeria are not connected to the country’s electricity supply network as only 22 per cent of the poorest of them have access to grid power, the World Bank has said. It said this in its report on Nigeria Power Sector Recovery Programme, which was based on latest figures sourced from operators such as the Nigeria Electricity Regulatory Commission, the Rural Electrification Agency, the National Bureau of Statistics, power generators and distributors. An analysis of the detailed report by our correspondent on Friday showed that many poor Nigerians, particularly those in rural areas, were not connected to the country’s...

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Petrol imports rose by 100 million litres in January – NNPC

Latest figures in the financial and operations report of the Nigerian National Petroleum Corporation have shown that the imports of Premium Motor Spirit (or petrol) by the NNPC rose by 100 million litres following the dormancy of Nigeria’s refineries to refine crude. NNPC is the sole importer of petrol into Nigeria and the corporation manages the country’s refineries in Kaduna, Port Harcourt and Warri. It, however, said in its latest report that no petrol had been produced by the refineries for about 13 months running. An analysis of the report by our correspondent on petroleum product supply through NNPC’s Direct Sales Direct Purchase...

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Agro firm partners Sterling Bank to finance 200,000 farmers


An agro-based outfit, Makarois Global Resources, has said it has concluded arrangements, in partnership, with Sterling Bank to finance 200,000 farmers drawn from eight states, including Kano for the 2021 farming season. Addressing about 2,000 farmers’ cooperatives from eight senatorial zones at an interactive session held in Kano on Monday, the Managing Director of Makarois Global Resources Limited, Binchang Binfa, sensitised farmers on available financial sources for the 2021 farming season. According to him, the interactive session, among others, will link one million farmers from Kano, and seven other states, with access to market and finance, within the next three years. He added...

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All international airports’ll become fully operational soon – FG

FG approves Warri airport reopening for daylight operations

All five international airports in Nigeria will become fully operational to international flights in a couple of weeks, the Federal Government said on Monday. Speaking on behalf of the aviation industry at the COVID-19 Presidential Steering Committee meeting, the Director-General, Nigeria Civil Aviation Authority, Musa Nuhu, said the remaining international airports that had yet to commence international operations were almost set to resume. He said, “On the opening of more airports in Nigeria for international flights, three airports, Kano, Port Harcourt and Enugu were cleared by PTF (Presidential Task Force) to resume international flights. “Kano has resumed, Port Harcourt is almost there, just...

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