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Awka, Anambra State – In a significant move to uplift vulnerable community members and stimulate local economic growth, Prof. Lilian Orogbu, the House of Representatives member for Awka North and South Federal Constituency, has successfully empowered over 200 widows and youths in the region. The initiative provided essential skills and resources to help participants establish small-scale businesses. The empowerment program, a collaborative effort between the Federal College of Horticulture, Norton Innovation Services Ltd, and the Federal Ministry of Agriculture and Food Security, focused on equipping participants with practical business skills. This initiative aimed at addressing the economic challenges faced by these groups and promoting sustainable development within the community. Held at St. Mathews Parish, Amawbia, the program followed an intensive training session at Ndi Ichie village hall, Umudioka, Awka, from June 25 to 28, 2024. During the training, participants le...

In the midst of heated debates over the proposed traditional institution law in Sokoto State, the state’s High Court has issued an injunction restraining Governor Ahmed Aliyu from removing two district heads who were recently dismissed from their positions. The court order specifically protects Alhaji Buhari Tambuwal, District Head of Tambuwal, and Alhaji Abubakar Kassim, District Head of Kebbe, from being sacked. These district heads were among 15 traditional leaders removed by the state government on allegations of insubordination and aiding insecurity. The injunction was granted by Justice Kabiru Ibrahim Ahmed in response to separate lawsuits filed by the affected district heads. Represented by Senior Advocate of Nigeria, Prof. Ibrahim Abdullahi, the plaintiffs challenged their removal, seeking the court's intervention to halt the governor's actions. Justice Ahmed directed Governor Aliyu, the state's Attorney General, and the Sokoto Sultanate Council to maint...

Amazon is set to introduce a new discount section on its platform that will facilitate direct shipping from China. This move is aimed at offering more affordable products to customers while streamlining the supply chain. By allowing products to be shipped directly from Chinese manufacturers to consumers, Amazon hopes to reduce costs and delivery times significantly. The new discount section will feature a variety of products shipped directly from Chinese suppliers, bypassing intermediate warehouses. This initiative is expected to attract price-conscious shoppers and enhance Amazon's competitive edge in the e-commerce market. The decision aligns with Amazon's broader strategy of leveraging its global logistics network to improve efficiency and customer satisfaction. This direct shipping model is anticipated to lower prices and provide faster shipping options, making Amazon's offerings more appealing to a global audience. This launch represents a significant step ...

In response to the yen's drastic fall to a 38-year low against the dollar, Japanese Finance Minister Shunichi Suzuki has indicated that the government may intervene to stabilize the currency. The yen's sharp decline has raised concerns over the country's economic stability and inflation. Suzuki emphasized the government's vigilance and a strong sense of urgency regarding the yen's depreciation. He reiterated that all options, including market intervention, remain on the table to curb the yen's slide and support Japan's economy. The yen's weakening has been driven by diverging monetary policies, with Japan maintaining ultra-low interest rates while other central banks, particularly the U.S. Federal Reserve, have been aggressively hiking rates. This divergence has led to capital outflows from Japan, further pressuring the yen. Authorities are closely monitoring market trends and ready to take necessary actions to mitigate excessive volatility a...

Abuja, Nigeria –Members of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have made a strong appeal to stakeholders, urging them to support the organization’s bid for financial autonomy. This call to action aims to address the current issue of inadequate funding that hinders the commission from effectively carrying out its mandate. During a valedictory session for outgoing commissioners, RMAFC representatives highlighted the critical need for better financial support. The session saw significant contributions from various members who emphasized the impact of poor funding on the commission's operations and staff morale. Maryam Yusuf, Head of Information and Public Relations, released a statement in Abuja quoting Hon. Samuel Magbe, the member representing Benue State. “The Commission is not well funded,” Hon. Magbe lamented, stressing the urgent need for financial autonomy to ensure the commission can perform its duties effectively. Hon. Magbe pointed o...

A prominent member of the All Progressives Congress (APC) in Osun State, Mr. Olatunbosun Oyintiloye, has called on the governors of Nigeria's 36 states to ensure the recently released N260 billion intervention funds for the revitalization of Primary Healthcare Centres (PHCs) are used appropriately.  In a statement released in Osogbo on Sunday, Oyintiloye emphasized the importance of the funds, which were allocated by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, on May 24. The funds aim to improve the state of PHCs nationwide, particularly as many states are grappling with the spread of cholera and other health challenges. Oyintiloye praised President Bola Tinubu for the initiative, highlighting that the revitalization of PHCs is crucial at this time. However, he expressed concerns about potential mismanagement of the funds. "The only fear I have now is how this fund will not be diverted by the governors at this critical period of the...

In a significant move to enhance tax compliance, the Federal Government has filed a six-count charge against Wells Property Development Company Limited, accusing the firm of tax evasion. The charges were brought forward by the Federal Inland Revenue Service (FIRS) on behalf of the government. The legal action, as detailed in documents obtained exclusively by our correspondent on Sunday, alleges that Wells Property Development Company Limited engaged in multiple tax-related offenses. These include understating tax returns, making false declarations of earnings, and failing to deduct and remit taxes as required by law. The Federal Republic of Nigeria is listed as the complainant in the suit, with Wells Property Development Company Limited and nine individuals named as defendants. The government’s pursuit of these charges underscores a broader initiative to crack down on financial misconduct and ensure that all entities adhere to tax regulations. The FIRS, responsible for enfo...

Oluyemi Damilola The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, is poised to inaugurate the first-ever Nigerian Auto Industry Summit, aimed at uniting stakeholders to tackle the challenges facing the auto sector. Scheduled for June 27, 2024, at Radisson Lagos, GRA Ikeja, the summit will be hosted by the Director-General of the National Automotive Design and Development Council (NADDC), Mr. Joseph Osannipin. The summit, organized by the Nigeria Auto Journalists Association (NAJA) in collaboration with the NADDC, is themed "Reviving Nigeria’s Economy through the Automotive Sector." It aims to transform Nigeria into a leading automotive manufacturing hub in Africa by recommending practical solutions for the government to fully exploit the sector's potential for national development. Femi Owoeye, Chairman of the Nigerian Auto Industry Summit (NAISU) Organizing Committee, emphasized the importance of this summit, especially given Nigeria's c...

A new report from Oxford Economics Africa, commissioned by Malaria No More UK, has revealed that achieving the Sustainable Development Goal (SDG) of a 90% reduction in malaria incidence could significantly boost the Gross Domestic Product (GDP) of malaria-endemic African countries. The report projects a potential GDP increase of $126.9 billion between 2023 and 2030. The report underscores the urgent need to reinvigorate global efforts to eliminate malaria, emphasizing that this would not only save lives but also drive substantial economic growth. By estimating the impact on GDP and subsequently on international trade, the report provides a comprehensive analysis of the economic benefits of malaria reduction. The report details how GDP growth from malaria reduction could translate into trade benefits, including both bilateral trade and trade with 13 focus countries most affected by malaria. These countries include Nigeria, the Democratic Republic of Congo, Uganda, Mozambique...

The National Chairman of the Association of Greenfield Rice Producers, Marketers, and Entrepreneurs (AGRIPMENT), Chief Oludare Adekolu, has affirmed Nigeria's potential to significantly increase its rice production if genuine producers receive adequate support.  Chief Adekolu, who also serves as the Chief Executive Officer of Igbemo Rice Processing Company Limited, emphasized the association's role in uniting rice investors, farmers, millers, processors, and marketers nationwide. The goal is to connect these stakeholders with relevant entities to enhance rice production. In a statement released in Ado Ekiti on Friday, Adekolu explained that AGRIPMENT is actively linking rice farmers with entrepreneurs, government ministries, agencies, equipment suppliers, and financial institutions. This effort is aimed at accelerating the assistance required to develop and expand rice businesses across Nigeria. The association is in discussions with the Federal Ministry of Agricult...

The Senate has pledged to ensure strict accountability for every kobo spent in the N28.7 trillion 2024 Renewed Hope budget. This commitment was articulated by Senate Spokesperson, Yemi Adaramodu (APC, Ekiti-South), during a discussion with Saturday PUNCH regarding the budget's performance and oversight. President Bola Tinubu signed the N28.7 trillion appropriation bill into law on January 1, 2024, after it was submitted by the National Assembly. Upon signing, President Tinubu emphasized that the budget's implementation would be "efficiently pursued and vigorously monitored," insisting that all institutional mechanisms be held accountable. The National Assembly had passed the 2024 appropriation bill on December 30, 2023, increasing its size from the initially proposed N27.5 trillion to N28.7 trillion, marking a N1.2 trillion increase. Senator Adaramodu highlighted the significance of the 2024 budget, noting that it was the first budget fully handled by the ...

The Hajj pilgrimage, one of the five pillars of Islam, is an annual event that attracts millions of Muslims from around the world to the holy city of Makkah in Saudi Arabia. This year, the pilgrimage is particularly notable as it proceeds with strict health measures, including vaccinations, to ensure the safety of the participants amid ongoing global health concerns. Among the pilgrims is Abba Limawa, a 52-year-old Nigerian from Dutse Local Government in Jigawa State, whose recent act of honesty has garnered widespread admiration and highlighted the values of integrity and righteousness central to the pilgrimage. While making his way to pray at the Masjid Haram (Mosque), Limawa stumbled upon a waist bag. Initially, he considered ignoring it, preoccupied with his intent to perform his religious duties. However, a second thought struck him—what if the bag belonged to a fellow Nigerian, particularly one of the older women in their group? This possibility spurred him into actio...

Nigeria has embarked on an ambitious plan to revolutionize its digital infrastructure, aiming to significantly enhance its fibre optic network. This move comes just weeks after the Federal Government approved a special purpose vehicle (SPV) to support the delivery of an additional 90,000 km of fibre optic cable, bringing the total to 125,000 km. The expansion will position Nigeria as having the third-longest terrestrial fibre optic backbone in Africa, behind only South Africa and Egypt. The Minister of Communications and Digital Economy, Bosun Tijani, announced the initiative during the kickoff of Nigeria Week in Washington, United States. Tijani, a co-founder of CcHUB, Nigeria’s first tech hub, has been a vocal advocate for prioritizing broadband development to propel Nigeria's digital economy forward. During the event at the World Bank headquarters, Tijani engaged in discussions with the World Bank Global Digital Development team, focusing on the country’s digital eco...

In a significant move, Guinness Nigeria has announced its exit from the Nigerian market, selling its controlling shares to Singaporean conglomerate Tolaram Group. The decision comes after the company endured severe financial losses amid the challenging economic environment under President Bola Tinubu’s administration. Guinness, which has operated in Nigeria since 1950, recorded a staggering N61.9 billion loss after tax between July 2023 and March 2024. This loss was a sharp decline from the N5.9 billion profit generated in the same period last year. The financial setback followed President Tinubu's decision to float the naira, aiming to unify the currency's value on the official and parallel markets. However, the move led to significant devaluation of the naira, adversely impacting many multinational companies, including Guinness Nigeria. Diageo, the parent company of Guinness, decided to sell its 58.02% majority stake to Tolaram Group, a deal announced on June 11, ...

Nigeria’s import bill for the first quarter of 2024 has surged to N12.64 trillion, marking a substantial 39.65% increase from the previous quarter and an astounding 95.53% rise from Q1 2023, according to the latest report from the National Bureau of Statistics (NBS). The report highlights that refined petroleum products and agricultural food items were the primary imports, underscoring the country’s heavy reliance on these commodities. The value of agricultural goods imported rose sharply to N920.54 billion, a 29.45% increase from Q4 2023 and a 95.28% jump from Q1 2023. Raw material imports by manufacturers also saw a significant rise, reaching N1.47 trillion, up 51.78% from the last quarter of 2023 and a staggering 164.18% from the same period last year. China maintained its position as Nigeria’s top trading partner, contributing 23.18% to total imports. Other major trading partners included India, the United States, Belgium, and the Netherlands. Key imported commodities w...

Mowe, Ogun State, June 11, 2024 — In a significant step towards bridging the digital divide in Nigeria and across Africa, several organizations have collaborated to equip young people with essential digital skills. The one-week training and development programme, themed “A World of Unlimited Possibilities,” was held at the Redemption City of God in Mowe, Ogun State. The event, organized by the Incubator Team, attracted a diverse group of young participants from Nigeria, other African countries, Europe, and beyond. At the closing ceremony, Professor Funsho Odesola, National Secretary of the Redeemed Christian Church of God, emphasized the need for Nigeria’s educational system to adopt a digital curriculum that aligns with the current industrial revolution to close the knowledge gap. “I’ve said in many forums that the present education we have doesn’t connect with the reality of the future. The future is in the digital age. Every six months, new advancements emerge, rendering...

Lagos, June 11, 2024 — The Standards Organisation of Nigeria (SON) recently hosted operators of the Special Economic Zones (SEZs) to address concerns and clarify aspects of the Special Economic Zones Conformity Assessment Programme (SEZCAP). This initiative aims to enhance the quality and safety of both locally manufactured products and imports within Nigeria. Dr. Ifeanyi Okeke, Director-General of SON, underscored the importance of ensuring that products intended for the Nigerian market comply with Nigerian Industrial Standards and other regulatory supports. Represented by Onucheyo Enebi, Dr. Okeke highlighted that SON is extending its services to SEZs in Kano, Calabar, and Lagos to bolster standardisation efforts. "The SEZCAP is designed to improve the production, importation, sales, and distribution of quality products, ensuring that they meet the stringent requirements set by Nigerian Industrial Standards," said Okeke. "This will not only protect consumer...

Ibadan, June 11, 2024 — FBNQuest Trustees, a subsidiary of First Bank of Nigeria Holdings, has launched its Estate Planning Initiative in Ibadan, Oyo State, aimed at equipping residents with strategies to safeguard their assets and legacies for future generations. The inaugural event, themed “Preserving Legacies across Generations,” attracted a diverse audience eager to learn about estate planning and intergenerational wealth transfer. Through informative sessions and expert-led discussions, attendees gained valuable insights into asset allocation, will drafting, and the prevention of potential disputes among beneficiaries. According to a statement made available to The PUNCH, the initiative’s primary goal is to empower individuals to make informed decisions about their estates, ensuring that their wishes are respected and their legacies preserved. The event emphasized the importance of estate planning in securing the financial future of individuals and their families. Baba...

Lagos, June 11, 2024 — The Lagos State Government has pledged to mobilize resources for transitioning to a low-carbon economy and supporting those impacted by climate change. This commitment was announced by the Commissioner for Environment and Water Resources, Mr. Tokunbo Wahab, during the 10th Lagos State International Climate Change Summit. The summit, themed “Accelerating Climate Finance and Championing Local Adaptation Initiatives,” emphasized the urgent need for action in combating climate change. Wahab highlighted the state's determination to create resilient infrastructure capable of withstanding climate impacts. “This year’s summit is therefore not just a forum for discussion, but a clarion call for action,” Wahab stated. “We must accelerate our efforts to mobilize climate finance and channel it towards projects that prioritize local adaptation initiatives. This means investing in infrastructure that can withstand the impacts of climate change, empowering commu...

  Abuja, June 11, 2024 — The Federal Government of Nigeria has significantly reduced its electricity subsidy burden from N3 trillion to N1 trillion through the introduction of a higher tariff for Band A consumers, according to Minister of Power, Mr. Adebayo Adelabu. This announcement was made during a public hearing on electricity tariffs organized by the House of Representatives Joint Committee on Power, Commerce, National Planning, and Delegated Legislation in Abuja on Tuesday. Minister Adelabu emphasized that the government could not sustain the N3 trillion subsidy, which necessitated the introduction of higher tariffs. “Without an increase in electricity tariffs, the expected subsidy would have been close to N3 trillion,” he said, highlighting that the new model requires Band A consumers to bear the cost, thus easing the financial load on the government. He noted that even with the increased tariffs, electricity from the national grid remains cheaper than alternativ...

  Ahead of the Sallah celebration on June 16th, Governor Abdullahi Sule of Nasarawa State has directed the immediate payment of June salaries to civil servants. The announcement was made during an empowerment program organized by Commissioner for Special Duties, Humanitarian Affairs, and NGOs, Hon. Magret Elayo. Governor Sule also instructed the chairmen of Nasarawa's 13 local government areas to use their savings to pay workers’ salaries before the holiday. He emphasized the need to test the veracity of the local governments' claimed savings, urging them not to wait for funds from Abuja.  “Sunday is going to be Sallah day. You have enough savings in accounts that whether money has not come from Abuja, you can pay salaries," he stated, ensuring that the state government will also fulfill its salary obligations without issues.

Abuja, June 6, 2024 - The National Bureau of Statistics (NBS) has reported that Nigeria's Value Added Tax (VAT) collection reached N1.43 trillion in the first quarter of 2024. This marks a 19.21% increase from the N1.20 trillion recorded in Q4 2023.  The report detailed that local VAT payments accounted for N663.18 billion, foreign VAT payments contributed N435.73 billion, and import VAT added N332.01 billion. The accommodation and food service sector showed the highest growth rate at 59.15%, followed by administrative and support activities at 47.79%. In terms of sectoral contributions, manufacturing led with 26.72%, information and communication followed with 17.42%, and mining and quarrying activities contributed 15.42%. Conversely, the activities of households as employers, extraterritorial organizations, and water supply services recorded the smallest shares. Year-on-year, VAT collections increased by 101.65% from Q1 2023, highlighting significant growth in the nat...

The Nigerian Electricity Supply Industry (NESI) continues to grapple with a severe financial crisis as electricity distribution companies (DisCos) remitted only N21.95 billion (9.33%) out of the N235.09 billion worth of electricity they received from the National Grid in March 2024. Despite collecting N100.44 billion in revenue, DisCos paid just N17.238 billion to power generation companies (GenCos) and N4.72 billion to gas suppliers. The Nigerian Electricity Regulatory Commission (NERC) had set the DisCos' remittance obligation at 9.47%, leaving the government to cover the remaining 90.53%, a responsibility it has not fulfilled. With the Federal Government failing to release any of the N450 billion electricity subsidy for 2024, the sector faces a mounting debt crisis, with GenCos owed N3.7 trillion. Col. Sani Bello (Rtd), GenCos’ Board Chairman, highlighted the dire consequences of this liquidity crisis, including stalled investments and potential nationwid...

The Honorable Commissioner of Health for Lagos State, Professor Akin Emmanuel Abayomi, has issued a directive to food traders to cease using harmful preservatives. Speaking at a World Food Safety Day 2024 event in Ayobo Market, Agege, he highlighted the dangers of chemicals like sniper in food preservation, which can cause severe health issues. Represented by Dr. Ajayi Theophilus Folarin, Abayomi emphasized ongoing efforts to educate traders on food safety. Executive Chairman of Orile Agege LCDA, Babatunde Johnson, noted the program's impact in enlightening traders about safe food handling practices. Yetunde Poopula, Chairman of Street Food Safety, stressed the importance of maintaining hygiene to prevent food-borne diseases. Food trader Friday Eze praised the initiative, noting the benefits of using natural preservatives like neem oil. The event underscored the need for vigilance in food safety to protect public health.

The Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole (SAN), has voiced serious concerns over a significant hike in electricity tariffs by the Ibadan Electricity Distribution Company, impacting the university's budget. In a message to staff and students, Egbewole revealed that the institution's monthly electricity bill had soared from N70 million to N230 million, deeming the situation "unsustainable." He urged the university community to reassess their electricity usage and adopt more responsible consumption habits. The administration is negotiating for alternative power solutions, with new buildings incorporating provisions for such sources. Egbewole expressed gratitude for the resilience shown during recent disruptions and reassured the community of the administration's commitment to tackling these economic challenges. The vice chancellor's message underscores the urgency for sustainable energy practices and fiscal responsibility ...

The Niger Delta Development Commission (NDDC) presented its 2024 budget, totaling N1.91 trillion, to the Senate Committee on Niger Delta Affairs. Managing Director Dr. Samuel Ogbuku, supported by senior management, outlined the budget's focus on security, job creation, youth and women empowerment, social welfare, education, and infrastructure. Ogbuku emphasized that the budget, labeled "Budget of Renewed Hope Agenda," aims to shift the commission from transactional to transformational efforts, prioritizing sustainable economic development. Key figures include proposed borrowing of N1 trillion, with N324 billion expected from the federal government and N25 billion from the ecology fund. Additionally, oil companies' contributions are projected at N375 billion, alongside N5 billion from internally generated revenue. The commission plans to invest in critical infrastructure and complete over 200km of roads in the Niger Delta by the end of 2024. Public-Private-...

The Standards Organisation of Nigeria (SON) recently convened a meeting with operators of Special Economic Zones (SEZs) to address the implementation of the SEZ Conformity Assessment Programme (SEZCAP). This initiative aims to ensure that both locally manufactured and imported products meet Nigerian Industrial Standards. SON's Director-General, Dr. Ifeanyi Okeke, represented by Onucheyo Enebi, emphasized the organization’s commitment to extending its services to SEZs in Kano, Calabar, and Lagos. This effort is intended to boost standardization activities, ensuring products for the Nigerian market comply with quality and safety standards. Dr. Olufemi Ogunyemi of the Nigeria Export Processing Zones Authority and Comptroller General of the Nigeria Customs Service, Mr. Adewal Adeniyi, were commended for their cooperation in this initiative. Akinware Ayodele, Head of the Mandatory Conformity Assessment Programme, highlighted the importance of SEZCAP in maintainin...

The gross written premiums of eight major Nigerian insurance firms surged by 22.43% year-on-year, reaching N367.66 billion in 2023, up from N300.31 billion in 2022. This growth reflects the broader industry's performance, with the National Insurance Commission reporting a premium income of N1.003 trillion for the sector, a 27% increase from N790 billion in 2022. The insurance industry’s growth has been driven by several factors, including aggressive risk repricing, asset valuation upsurge, and devaluation of the naira, which increased the premiums on dollar-denominated policies. Furthermore, the rise in micro-insurance and takaful insurance contributed significantly to the overall premium income. The Manufacturing Africa programme by the UK government has supported the Nigerian insurance industry by offering advisory services for financial analysis and strategic business planning. This has enabled companies to expand their capabilities and generate substantial foreign direct invest...