Donatus Eleko

Today marks exactly one year since Mr. Olayemi Cardoso assumed office as the Governor of the Central Bank of Nigeria (CBN). In the last 365 days, Cardoso has faced the daunting task of steering the nation’s monetary policy amidst a challenging economic landscape.

Under the one-year stewardship of Cardoso, the CBN has implemented a series of ground-breaking measures aimed at enhancing market transparency, improving financial stability, fostering a more secure investment environment, and shifting towards a market-driven exchange rate regime, to restore confidence and stabilise the economy.

From enhancing market transparency through restricting unearned income distribution to facilitating Nigeria’s delisting from the FATF Grey List, the CBN has demonstrated a steadfast commitment to strengthening the financial system.  The introduction of new guidelines for dormant accounts, the suspension of processing fees to encourage cash deposits, and the advanced use of Early Warning Systems further underscores the central bank’s dedication to promoting stability and trust within the financial sector.

Undoubtedly, his first year in office has been marked by some achievements and challenges that have tested his leadership and the institution’s resilience. Some of these challenges included a forex liquidity crisis exacerbated by limited dollar inflows and a volatile naira. However, owing to reform measures, the CBN recently reported a significant increase in remittance inflows, which peaked at $553 million in July 2024. The all-time high performance represented 130 percent increase from the corresponding period in 2023. In a statement, CBN’s acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the figure represented the highest monthly total inflows on record and reflected ongoing efforts by CBN to enhance liquidity in the country’s foreign exchange (FX) market.

Also, the CBN under Cardoso has recorded some progress in its fight against the soaring inflation rate in the country that had plagued the nation for years. By aggressively tightening monetary policy, the CBN aimed to curb excessive money supply, a key driver of inflation. The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, eased to 32.15 percent in August 2024, compared to 33.40 percent it was in July 2024. Inflation stood at 26 percent as of September 2023. Nigeria has faced severe inflationary pressure in the past year, due to the removal of petrol subsidy and a raft of measures adopted by the federal government, which the Cardoso-led central bank has deployed all monetary policy tools to fight.

Cardoso made inflation tackling his paramount mission and the essential path to achieving sustainable economic growth in the mid to long term as well as improving the standard of living of ordinary Nigerians.

With that, in the last one year, the CBN adopted an aggressive monetary policy stance that involved increasing interest rates. This, in theory, reduced spending and investment, thereby cooling down demand in the economy. Additionally, the bank has been implementing measures to mop up excess liquidity from the system, further tightening financial conditions. Precisely, in its fourth consecutive hike since February, the CBN recently increased the MPR by 50 basis points to 26.75 percent in July, from 26.25 percent.

The implementation of an Inflation-Targeting (IT) framework by Cardoso, aims to stabilise price levels, reduce currency volatility, and foster sustainable economic growth.

Under the current management, the CBN has implemented policies that foster confidence in the Nigerian economy, attracting foreign investors and encouraging business growth. There have been enhanced communication and strategic actions that have helped in minimising economic uncertainties and building trust among investors and the public.

Additionally, the Cardoso-led CBN has streamlined the forex market into a single framework, enhancing liquidity and reducing market distortions, cleared a $7 billion backlog of valid forex, reduced forex volatility, and increased external reserves to $37.9 billion as of July 2024, up from $33.6 billion in October 2023.

There has also been a visible improved monetary-fiscal coordination as the Fiscal and Monetary Policy Coordination Framework (FMPCF) was developed to improve synergy between monetary and fiscal policies, ensuring better economic management. The Financial Services Regulation Coordinating Committee (FSRCC) has also been strengthened with regular inter-agency meetings and collaborations on issues such as cryptocurrency frameworks and infrastructure financing. The Carbon Market Framework was also developed with the Nigerian Climate Change Council to attract sustainable finance and foreign investment.

Furthermore, in the last one year, the central bank has improved the communication of monetary policy decisions through strategic planning and engagement with media and stakeholders introduced podcasts, and enhanced social media presence to provide timely updates and engage the public effectively. It has also introduced big data for more informed monetary policy decisions through tools like Dynamic Integrated Analytic Modeling (DIAMoND) and Macro Diagnostic Framework and maintained high forecast accuracy and developed news-based indices for policy uncertainty.

To improve service delivery, it has also invested in capacity-building programmes to enhance staff competencies in economic analysis and policy-making.

Other Key Achievements in Past Year

Under Cardoso, in the last one year, one new bank was approved as a non-operating financial holding company; another transitioned from a merchant to a national commercial bank. Two banks received approval-in-principles (AIPs) for regional commercial licenses; one for regional non-interest banking.

Also, 16 new microfinance banks were re-licenced out of the 53 previously revoked microfinance banks and five new approvals were granted for operations as Finance Houses.

Equally, in line with the ambition of the current administration of achieving a $1 trillion economy by 2030, the CBN highlighted the need for stronger and better-capitalised banks which are better equipped to service the needs of a fast-growing economy, thus necessitating the call for recapitalisation.

In March 2024, the CBN announced an increase in the capital requirements for banks operating in Nigeria across the different licence categories, with a deadline of March 31, 2026. Options include equity issuance, mergers, or license adjustments. The new minimum capital base for commercial banks with international licences is N500 billion, while that for commercial banks with national licences is N200 billion. A N50 billion minimum is required for commercial banks with regional licences; for merchant banks with national licences N50 billion; and for national and regional non-interest banks, the base is N20 billion and N10 billion, respectively.

Regulatory Review for Bureau de Change

 Also, in the last one year, the central bank unfolded new licencing requirements, capital standards, and a franchise model to enhance forex distribution and oversight for BDCs. The new guidelines were issued according to section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and superseded the 2015 Revised Operational Guidelines for Bureau De Change in Nigeria and any other circular or guidelines on BDCs issued by the CBN.

The new guidelines introduced two categories of licences, which included Tier 1 and Tier 2 categories. Accordingly, existing BDCs are required to re-apply for a new licence based on their preferred category of licence and meet the minimum capital requirements for the licence category applied for within six months from the effective date of the Guidelines, which was June 2024. Tier 1 BDCs are required to have a minimum capital of N2 billion lodged with the CBN; and to pay N1 million non-refundable application fees and N5 million as non-refundable license fees. On the other hand, Tier 2 BDCs are required to have a minimum capital requirement of N500 million; and to pay N250,000 non-refundable application fees and N2 million as non-refundable license fees.   

Consumer Protection Practices

 There was a comprehensive review of consumer protection regulations in February 2024 to improve standards and address emerging Fintech risks, enhanced customer service standards and increased engagement with formal financial institutions. Precisely, a Pilot Consumer Protection Risk-Based Examination was implemented to proactively identify policy gaps and improve conduct among financial institutions (FIs). This risk-based approach complements traditional compliance checks by highlighting urgent risks that could affect financial consumer protection (FCP).

Also, in the last one year, the CBN has rigorously enforced sanctions to ensure compliance, deter unethical behavior, and enhance transparency within the financial sector; addressed 19,988 complaints from customers in eight months and resolved 15,306 (76.58%) cases.

To ensure consumer satisfaction in the financial system, it has facilitated refunds totaling approximately N7.05 billion and $714,569.03 to customers disputing financial service providers, underscoring a commitment to fair treatment.

Financial Inclusion

Through enhanced service delivery, the apex bank ensured the Implementation of the Unified Complaints Tracking System (UCTS) and development of USSD (*959#) for verification of licensed financial institutions. The Cardoso-led CBN launched the Women Entrepreneurs Finance Initiative (We-FI) Code on June 20, 2024, aimed at closing the nine percent gender gap in financial inclusion by improving access to financial services for women-owned MSMEs.

Also, the National Financial Literacy Framework has been updated and benchmarked against global standards to improve financial literacy and decision-making among youth, just as the Financial Education Curriculum Review was enhanced in Nigerian schools to align with global trends and promote financial inclusion.

Cybersecurity and AML/CFT/CPF Measures

Under Cardoso, consumer protection regulations have been fortified to boost confidence and safeguard against unethical practices. The central bank has increased its focus on consumer protection through enhanced regulations and educational initiatives to help consumers navigate the financial system effectively. In the last one year, the central bank adopted ISO 27001 standards and introduced a risk-based Cybersecurity Framework. It also conducted a Cyber and Technology Assessment to improve resilience and operational efficiency. In addition, it revised the guidelines to include Virtual Assets Service Providers (VASPs) and updated anti-money laundering measures to adapt to evolving digital asset trends.

It has also promoted adherence to regulatory standards and improved disclosure practices within the Fintech sector; introduced new guidelines to curb cybersecurity threats, increase diaspora remittances, and improve capital inflows; implemented stricter KYC and AML requirements, including linking Tier 1 and wallet accounts to BVNs or NINs, and enforced a temporary restriction on new account openings to prevent fraud and enhance industry integrity.

Financial System Regulation Reforms

In the last 365 days, the CBN revised the minimum Loan-to-Deposit Ratio (LDR), prohibited foreign currency (FCY) denominated collaterals for local currency (LCY) loans, and adjusted the Cash Reserve Ratio (CRR) Framework. These measures supported monetary policy and helped in stabilising the financial system. Also, it intervened in governance issues in three banks, revoked the licence of a national bank, and facilitated a merger to strengthen system stability.

 Facilitating Nigeria’s Delisting from the FATF Grey List

 The CBN has significantly enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s delisting from the Financial Action Task Force (FATF) Grey List. These efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation. In July 2024, the CBN introduced guidelines to improve the management of dormant accounts, unclaimed balances, and other financial assets. The objectives included identifying dormant accounts and unclaimed balances to reunite them with their owners; holding these funds in trust for rightful owners, standardising management practices and stablishing procedures for reclaiming warehoused funds.

The guidelines addressed issues such as inadequate compensation for funds and risks of fraudulent transactions, thereby reinforcing trust and confidence in the financial system. Also, to improve financial system resilience, the CBN prohibited banks from distributing unearned income, such as foreign currency (FCY) revaluation gains, for the financial year ending December 31, 2023. This measure strengthened banks’ countercyclical buffers and ensured investors received a clear picture of bank performance, fostering informed investment decisions and promoting market integrity.

Another remarkable measure adopted by the bank was its suspension of the processing fees on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates from May 6, 2024, to September 30, 2024.  Additionally, a 3-month waiver (from January 15 to April 15, 2024) was granted to Deposit Money Banks (DMBs) for depositing lower denominations (N50 and below) with the CBN at no processing cost. This initiative encourages cash deposits, strengthens financial intermediation, and aids in the effective transmission of monetary policy.

The CBN also improved its Early Warning Systems to monitor systemic risks and vulnerabilities. Key developments include monitoring of financial soundness indicators and net open positions as well as the implementation of regulatory sanctions on non-compliant banks. These measures facilitated timely intervention to manage potential contagion risks and ensure the safety and soundness of the financial sector.

Future Direction

Cardoso’s first year at the CBN has been marked by a delicate balancing act between addressing immediate economic challenges and laying the groundwork for long-term sustainable growth. While significant progress has been made in certain areas, inflationary pressure and forex challenges remain. The success of Cardoso’s tenure will ultimately depend on his ability to navigate these complexities and deliver tangible benefits to the Nigerian people. Therefore, there is a need for continued emphasis on maintaining a robust regulatory framework to support economic growth and stability. The CBN aims to position Nigeria as a leading financial hub in Africa, driving long-term economic development and growth. This can be achieved by sustaining the harmony between fiscal and monetary policy in the country.

Oluchi Chibuzor highlights the strengths and investment attractions of the United Bank for Africa Plc 

The United Bank of Africa (UBA) has solidified its position as a leading financial institution, not just in Nigeria, but across the African continent and beyond.

With its tagline “One Brand, Global Influence,” the financial institution has continued to demonstrate a commitment to providing innovative financial solutions to individuals and businesses alike.

For 75 years, the Pan-African bank has transformed from a mustard seed to a thriving global powerhouse, creating a strong footprint in 24 Global locations while igniting success.

With a presence in 20 African countries and four global centres: London, New York, Paris, and Dubai, UBA has established itself as a truly global financial institution. Its expansive network ensures that it can meet the needs of its customers wherever they are, delivering world-class banking services with a local touch.

Connecting Businesses in Africa

UBA is connecting people and businesses across Africa through retail, commercial, and corporate banking, innovative cross-border payments and remittances, trade finance, and ancillary banking services. The bank recognises the significance of micro, small and medium-scale enterprises (MSMEs) to the development of the African economy. Hence, it entered a $6 billion agreement with the African Continental Free Trade Agreement (AfCFTA) to show our commitment to the development of the MSMEs’ sector across the continent. Under this agreement, the bank provides businesses with the technical and financial solutions needed to succeed.

With this agreement, the bank promotes the development of MSMEs operating in four sectors under the first phase of the partnership which are largely import-dependent by providing technical and financing solutions for intra-African/domestic alternatives. These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.

One of the key initiatives of the AfCFTA is to improve access to finance and markets for MSMEs to encourage their growth and contribution to the socio-economic development of Africa.

UBA’s Group Managing Director, Oliver Alawuba, pointed out that the bank is focused on how to partner to move Africa forward particularly as it concerns MSMEs and women empowerment.

“We believe that African women can be more empowered to do more for African development and UBA is in the forefront of these initiatives. African trade is our key area of strength. Our presence in 20 African countries is mainly to drive inter-African trade.

“Our partnership with AfCFTA is also to drive inter-African trade. Inter-African trade is important. Africa needs to trade more with each other and that will further improve economic development across the continent

“I believe that this is the time for UBA, working with other corporate organisations and partners to develop the resources and opportunities that are available in the continent. We are today present in 20 African countries and four other countries outside Africa. Yes, Africa has tremendous opportunities. What we are saying is that we need to have partners, and institutions that will be able to harness these opportunities for the people.  UBA is well-positioned to facilitate business within Africa and the rest of the world. That is why we are here in this conference,” he added.

Deputy Managing Director of UBA, Muyiwa Akinyemi, who signed the agreement on behalf of the bank, noted that being Africa’s global bank, UBA remains committed to supporting the growth/development of SMEs across Africa. This is in line with our strategic focus on the SME segment being a catalyst to the economic development of Africa.

Muyiwa further said, “ Under this partnership, UBA will go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries that we are present and build sustainable business practices. We shall also be leveraging technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africa’s Global Bank.”

Also, UBA’s presence across four regions enables it to bring global expertise to local markets, driving economic growth and development. UBA’s business strategy is built on being the bank of choice for businesses across the African continent.

Using its extensive spread across the continent, it facilitates trade and also acts as the pivot for the inflow of investment capital. UBA provides corporate, commercial, SME, consumer, and personal (retail) banking services to more than 45 million customers, served through diverse channels: over 1,000 business offices and customer touch points with 2,669 ATMs, 87,223 PoS, and robust online banking services. Additionally, UBA offers pension custody and related services.

The bank has proven expertise and capacity in key sectors of economies across Africa, especially in oil and gas, infrastructure finance, agric, and commodity/export, and this positions the bank as a preferred partner for structured solutions to key governments and corporates operating in/into Africa. The Pan-African bank focuses on supporting people and businesses to succeed across Africa, Europe, Asia, and North America. Through its diverse range of financial products and services, it helps people fulfil their goals and enable businesses to prosper.

For UBA, serving customers is not just about profit as it strives to be with its customers every step of the way in their journey. Its overall strategic goal in its approach to business is defined by its strong desire to be the bank of choice for individuals and businesses across Africa and globally.

Global Brand, Digital Expansion

The UBA brand is built on the foundation of three core values that guide everything we do; Enterprise, Excellence, and Execution. It fosters a culture of innovation and excellence, driving growth through strategic initiatives and exceptional service. By transforming ideas into actionable solutions, UBA consistently delivers high-quality results on time, setting the highest standards across all our endeavors.

Additionally, UBA’s extensive network of branches and ATMs across Africa has been instrumental in driving financial inclusion. By expanding its reach to underserved communities, the bank has empowered individuals and businesses to participate in the formal economy. This strategic expansion has also facilitated cross-border trade and investment, fostering economic growth and development.

UBA has been at the forefront of technological advancements in the banking industry. The bank’s digital platforms, including mobile banking and online banking, have made it easier for customers to access their accounts and conduct transactions. Additionally, UBA has introduced innovative products and services tailored to meet the specific needs of different customer segments.

Corporate Social Responsibility

Beyond its core business, UBA has demonstrated a strong commitment to corporate social responsibility. The bank has undertaken various initiatives to support education, healthcare, and community development. By investing in the well-being of the communities it serves, UBA has reinforced its reputation as a responsible and ethical institution.

Financial Performance

UBA has been experiencing a significant surge in its share price, primarily driven by the positive financial results it has consistently delivered. UBA shares closed on Thursday, September 19, 2024, at N24.65 per share, compared with the N16.80 per share it was as of September 20, 2023.  Africa’s global bank is no doubt a growth and value stock combined making it the best bank to own for investors which would provide the necessary upside (Value) as well as the earnings (Growth) that would continue to underpin its stock price rise.

UBA’s growth has been accelerating in recent years as the vision of a pan-Africa lender begins to increasingly crystalise. This is driven largely by its financial performance which has continued to beat analysts’ expectations.

For instance, its audited financial results for the full year ended December 31, 2023, showed exceptional and impressive performance across all its major indicators.  The bank recorded an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08 trillion; representing a strong 143 percent growth. The bank’s total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap was a significant achievement and milestone in the history of the financial powerhouse.

Despite the highly challenging global economic and business environment, UBA in 2023, recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

Consequently, UBA Group Shareholders’ Funds rose from N922 billion as of December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2 percent compared to the prior year. Also, in the year under consideration, UBA Group’s cost-to-income ratio dropped from 59.2 percent in 2022, to 37.2 percent pointing to the Group’s improving efficiency.

In fulfillment of its promise to shareholders at its last Annual General Meeting, the bank offered a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. Also worthy of note, UBA in the review year, recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

The positive trend continued in the first quarter (Q1) of 2024. The UBA Group’s results as of March 31, 2024, showed outstanding year-on-year increases: Gross Earnings rose by 110 percent, from N271.1 billion to N570.2 billion; Interest Income grew by 130 percent, to N440.7 billion.  Operating Income increased by 115 percent, from N175.7 billion in 2023 to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 full-year audited financials, UBA again saw profit before tax rising significantly by 155 percent from N61.7 billion in Q1 2023 to N156.34 billion in Q1 2024; while profit after tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165 percent year-on-year.

The bank’s impressive performance has attracted increased investor interest, boosting demand for its shares. These positive results showcase UBA’s strong financial health, robust growth prospects, and effective management strategies.

Key factors contributing to the stock price appreciation include the bank’s consistent increase in revenue and profitability, coupled with its expansion into new markets.

Group Chairman, UBA, Mr. Tony Elumelu, appealed to shareholders to participate fully and re-invest their dividends in the bank’s recapitalisation drive which is set to commence in the coming days, saying this would ensure that they continue to enjoy even higher returns from their investments.

He said, “I call on you shareholders to re-invest a substantial part of your dividends in our rights issues which will be announced soon, as we will be giving you the first opportunity to own a share in all the countries where we operate, I am advising shareholders, as you get your dividends, reinvest a significant part of it. As for my board members and I, we would be investing 100% of the dividends we get, because If we don’t do so, it means we would be leaving food on the table for others who did not labour for it,” Elumelu stated.

As the bank continues to deliver positive results and execute its strategic plans, it is expected to maintain its upward momentum and attract further investor interest. In conclusion, UBA has no doubt emerged as a powerful force in the global banking landscape. With its strong Pan-African footprint, innovative financial solutions, and commitment to corporate social responsibility, UBA is well-positioned to continue its growth and success in the years to come.

Bennett  Oghifo

Kia Middle East and Africa has announced the regional launch of the Kia Sportage L, the long wheelbase is a dynamic addition to its renowned SUV lineup. 

Unveiled at an exclusive test drive event in Salalah, Oman, this September, the Sportage L is set to redefine the mid-size SUV market with its impressive enhancements and innovative features, according to a statement issued by Kia in Nigeria.

The Kia Sportage has established a strong global presence with over 7 million units sold across five generations. As a key player in Kia’s lineup for 30 years, it has built a reputation for reliability, innovation, and value. The introduction of the Sportage L marks a pivotal moment, showcasing Kia’s dedication to addressing diverse customer needs and adapting to evolving market trends.

The Sportage L boasts enhanced performance with two best-in-class high-performance powertrains: a 1.5T engine delivering 197 hp and a 2.0T engine with 233 hp, both paired with an 8-speed automatic transmission for improved performance and fuel economy. Designed with a longer body and best-in-class wheelbase (+155 mm), the Sportage L offers superior interior space, ensuring greater comfort and practicality. The luggage compartment now offers an impressive capacity of up to 1,829 litres with the second-row seats folded, making it perfect for family adventures and everyday use.

SooHang Chang, President, Kia Middle East and Africa, commented, “The Sportage has heritage has long been a cornerstone of Kia’s success, and while we continue to offer the model in select markets, the introduction of the Sportage L allows us to meet the growing demand for a larger vehicle with enhanced performance. This new model enables us to connect with an even broader audience and elevate their driving experience.”

Ahmed Soudodi, Vice President, Product & Marketing, Regional HQ, Middle East & Africa, Kia, added, “Our SUV lineup, including the Sorento, Sportage, Seltos, and Sonet, offers diverse options to cater to different customer needs and preferences. We are thrilled to introduce the Sportage L, which embodies Kia’s commitment to innovation and quality.”

The Sportage L features a robust suite of advanced technology and safety features. It comes equipped with a dual 12.3-inch panoramic screen, Smart Power Tailgate, 64-color mood lighting, and a Surround View Monitor, providing drivers with a seamless and enjoyable experience. The state-of-the-art safety package includes Forward Collision-Avoidance Assist, Lane Keeping Assistance, and Smart Cruise Control, ensuring the highest level of safety for all passengers. Additionally, the new model offers improved interior space, making it more comfortable and practical for everyday use. With its enhanced performance and modern design, the Sportage L stands out as a top choice in the mid-size SUV segment.

The Kia Sportage L’s exterior has been revamped with the X-Line styling package, highlighting a bold, rugged appearance. The new “Star Chain” grille—a sophisticated, large, blacked-out grille with a star-chain design—adds a dynamic edge, while the unique half-wrapped front bumper enhances the vehicle’s aesthetics and reinforces its sturdy SUV character. Inside, the horizontal layout and floating central console offer a sense of spaciousness and additional storage.

The Kia Sportage L model is now available at Kia showrooms across the region. For more information or to schedule a test drive, please contact your local Kia dealer.

Bennett  Oghifo

Over more than half a century, the Toyota Hilux has established a worldwide reputation for exceptional strength and durability, faithfully serving its customers in the world’s most challenging environments. During that time, it has also constantly evolved to become a genuine dual-use vehicle: it has retained all the toughness and reliability required for serious work duties while offering the comfort, refinement, on-road poise and safety for day-to-day and leisure driving. 

Now this evolution, according to the automaker, enters a new phase with the introduction of the model’s first electrified powertrain, the Toyota Hilux Hybrid 48V.

The 48V mild hybrid system strengthens the Hilux’s proposition as an ideal partner for business/commercial users, delivering multiple benefits. Performance is smoother and more refined, with less noise and vibration, whether driving on standard roads or tackling tougher terrain. Critically, this is achieved without compromising the pick-up’s off-road prowess – notably there is no impact on its deep water (700 mm) wading or its load-carrying capabilities.

The Hilux Hybrid 48V is launched in Double Cab format, with powerful styling that includes a three-dimensional grille and front bumper that emphasises its rugged strength.

New 48V hybrid technology

The 48V hybrid system uses Hilux’s well-proven 2.8-litre turbodiesel engine, equipped with a new electric motor-generator, a 48V lithium-ion battery and a DC-DC converter. The parts are designed for simple integration, avoiding the need for complex adjustments to the powertrain layout.

These new system components are built to withstand the kind of harsh operating conditions the Hilux is likely to encounter. For instance, the new electric motor-generator is positioned high enough to maintain the vehicle’s 700 mm wading capability.

The engine drives the electric motor-generator (a permanent magnet synchronous unit), which in turn charges the hybrid battery. When charged, the hybrid battery can supply up to an additional 12 kW of power and 65 Nm of torque to the powertrain under acceleration.

A two-arm tensioner provides the belt tension required by the electric motor-generator. This has been designed for use in diesel commercial vehicles and to withstand the demands of rough-road driving. It also helps secure improved acceleration response and a noise and vibration performance that is on par with gasoline-engine passenger vehicles. Strengthening and anti-slip measures include a high-strength fabric layer on the ribbed side of the belt. This reduces noise and helps maintain consistent performance in challenging conditions, for example when driving through deep water.

The 48V lithium-ion hybrid battery has 13 cells and a 4.3Ah capacity. Weighing just 7.6 kg, it is also sufficiently compact to be housed beneath the vehicle’s rear seats, with minimal impact on cabin space. Both the hybrid battery and the low-profile DC-DC converter are protected against water ingress.

The engine, a DOHC 16-valve unit, generates a maximum 204 DIN hp (150 kW) at 3,400 rpm and a muscular 500 Nm of torque between 1,600 and 2,800 rpm. It features common rail fuel injection, a variable nozzle turbocharger and a water-cooled intercooler. Exhaust emission control features include a particulate filter, Selective Catalytic Reduction and additional urea injection. In common with other Hilux models, the Hybrid 48V is compatible with HVO100 diesel, a non-fossil fuel made from 100% renewable sources.

Regenerative braking and smooth, quiet stop-and-start system

The Hilux Hybrid 48V system’s electric motor-generator delivers benefits in both on and off-road driveability. It provides a regenerative braking function, recovering energy produced when the driver comes off the throttle. Combined with engine braking, this saves fuel and makes driving easier.  On the road, acceleration when starting off and deceleration are smoother and more natural-feeling, contributing to a more composed and comfortable ride. When covering rougher, off-road surfaces, the motor generator enhances the Hilux’s ability to overcome obstacles. This is further helped by a 20% reduction in the engine’s idling speed, from 720 rpm to 600 rpm.

The power assistance provided by the electric motor-generator also reduces the engine load in low-efficiency running, contributing to improved fuel consumption and emissions performance.

The motor-generator’s operating status is indicated in the driver’s multi-information display with a read-out showing CHG (energy regeneration), ECO (providing assist) and PWR (providing assist).

The stop-start system delivers a more comfortable drive in traffic, thanks to quicker throttle response from standstill and quieter engine restart. The electric motor-generator operates in place of a conventional starter motor and is always connected. Thus, it provides faster, smooth response with minimal shock. 

The Executive Vice President, Downstream, Nigerian National Petroleum Company Limited, Mr. Dapo Olusegun, speaks to Peter Uzoho on recent developments in the oil and gas sector, especially on the partnership between the national oil company and the Dangote Refinery

What does the crude-for-naira deal initiative that was recently approved by the federal government entail?

The Federal Executive Council’s (FEC) directive on the sale of products in naira is a brilliant idea which is basically to help reduce the intensity in the chase of the United States dollars. What used to happen before this came into being was that the refinery would go out to chase dollars to pay for the crude and when we want to buy the refined products from the refinery, we would also go out and chase dollars in the same market for the refined products. We are transacting here in Nigeria, but then we’re putting pressure on the forex market at different points in time. This is simply a payment solution. The transactions are still in US dollars. Crude sales have always been in US dollars, and are still in US dollars. Bulk product sales are also in US dollars. That is because if the crude, from which the refined products are derived, is sold in dollars, the refinery would need dollars to pay for the crude. Refineries typically sell the products in dollars. But what this does is create a payment solution that takes out that need to go out to the market and chase dollars.

That is, the refinery going out in the market and chasing dollars to buy crude, marketers going out in the market and chasing dollars to buy products. So, it will create a situation where there’s some less volatility in that space, all things being equal. I said it’s a payment solution. What do I mean? The transactions are still going to be in the natural currency, which is the US dollar, but payment now will be done in naira. So, let’s give an example of the refinery buying a barrel of crude for $80, it’s still $80. When the payment is due, that payment will be converted on that due date to Naira, and it will paid in naira. Marketers, of which NNPC is one, go to the refinery, and buy products in bulk, in dollars when that payment is due, instead of NNPC going to chase dollars in the market, the NNPC pays for that product in naira. So, that’s what it says. It’s a simple payment solution, no more, no less. I must say also that today NNPC is the sole provider of petrol to the markets, and we understand why that is so. NNPC is a sole provider, not because NNPC wants to be, but because all the marketers are not playing in that space for reasons that we understand.

One, the paucity of US dollars and the volatility that was experienced in the foreign exchange rates. These marketers always want to make profits. They’re not set up to make losses. Where they cannot predict, they don’t want to play. For example, if you buy products you want to sell, and the currency moves against you, a loss crystallises immediately. When the exchange rates move; and you know, sometime last year, after the new government came in, it became obvious immediately that there was no provision for subsidy for the second half of the year and prices reflected in the market. But towards the end of the end to the beginning of this year, the exchange rates moved significantly, and it created a situation where the naira price being paid for petrol did not cover the cost of providing it. So, whatever you call that situation, petrol was not being sold at market price. And when you have a situation where you have a situation where a commodity is not being sold at markets, somebody has to pay for the difference.

So, that creates some sort of issues. But that issue cannot be solved by the crude-for-naira or product-for-naira solution, because it is simply a payment solution. I would like to add here that there was a false expectation that when the Dangote Refinery starts to produce, there would be a price drop or that it would be sold cheaply. Every business is set up to make a profit and every business must cover its cost for it to be sustainable. The crude was bought for a particular price and the refined product has to be sold for a particular price. So, with the crude-for-naira, there would be less scramble for dollars in the local forex markets, because the refinery is not chasing dollars, NNPC is not chasing dollars and with the installed capacity of the refinery, we should have some stability in product supply as long as the refinery runs well.

 There were allegations before the take-off of the Dangote Refinery that some agencies of government and the NNPC were frustrating the process by delaying its crude vessels unnecessarily, what can you say about that?

The NNPC has a stake of 7.25 percent in Dangote Refinery. It wouldn’t make sense for a shareholder to seek to frustrate a company that it has equity participation in. I can tell you that the NNPC has not at any time done anything to frustrate Dangote Refinery.  The reverse is the case. NNPC has gone out of its way to support Dangote Refinery, which is what we expect a shareholder to do. So, when you talk about delaying Dangote crude cargoes, all of these are business transactions. Some terms and conditions guide every type of transaction and the trade of crude oil and the trade of refined products is a global business. The terms and conditions are global terms and conditions and so there are conditions to be met before a cargo of crude can be released. If those conditions are not met, then it’s just normal business to wait until those conditions are met before you can release the cargo. So, that’s basically what it is. So it’s not anything. It’s not anything personal, we’re running a business and Dangote is running a business. All of the marketers and all companies are running businesses. You have terms and conditions that we all sign off to. It’s just us keeping to the terms and conditions of our business transactions. I can tell you, there’s nothing unfair going on. Everything that’s going on is according to the terms and conditions signed by both parties, and that is the way business should be done. It’s important to emphasise that the NNPC, with the Petroleum Industry Act (PIA), is now a for-profit company. It’s no longer the corporation of government under the NNPC Act. So, if the NNPC, for whatever reason, is unable to pay its bills, if, for whatever reason, NNPC is making a loss, the government cannot help the NNPC as they used to be in the past. When it was a corporation, if it makes a loss, the government bails it out. But today, as I mean, immediately, the PIA was enacted that became history. If NNPC fails to cover its cost today, the government cannot bail out NNPC. Do you know why? Because it will be illegal and the PIA does not allow it. So, the NNPC is operating purely as any other for-profit organisation. So, we have signed a contract and we will keep to the terms and conditions of the contract.

But what is the philosophy behind NNPC being the sole supplier of PMS?

NNPC being the sole off-taker is not different from what is happening. Why did the NNPC become the  sole supplier of petrol? That was because nobody else was going to do it. I need to let you know that nobody precluded any marketer from bringing in PMS. When the marketers go to NMDPRA to get the permit or licence to import, typically they will say, X amount of AGO, X amount of ATK and some of them include PMS.NMDPRA has been approving that. But they then go to the market, check the market indices, and say to themselves, ‘PMS is still being sold below cost, If I bring it in, I will make a loss.’ So, now they have approval to bring in AGO, ATK, and PMS. What do they end up doing? They’re bringing only AGO and ATK, they don’t bring in PMS because the market is still not right for them. So, it’s not because NNPC wants to be the sole provider or supplier of PMS, it’s because the other marketers won’t do it until it is profitable. If it’s not profitable, they won’t do it. That’s the same thing that’s happening with Dangote. I said earlier that the Dangote is a company. It’s going to sell at market price. The market price is still higher. I mean, the market value of PMS is still higher than the N766/litre or N765.99/litre that NNPC was selling previously offshore. As soon as the price allows for it, you will see other marketers go to Dangote to buy. Nobody is precluding them from buying. There is still this impression that the NNPC is a regulator. NNPC is not a regulator. The NMDPRA is the regulator and it is headed by a Chief Executive. They are the regulator for the mid-stream and downstream. The NUPRC is headed by a Chief Executive, they regulate upstream.

Where is the NNPC on the Port Harcourt Refinery?

When you give a projection, it depends on what kind of person you are. Are you an optimist or you are a pessimist? If you are an optimist, when you give a projection, it is usually based on a range. Nobody can see tomorrow and nobody can say exactly what is going to happen tomorrow. Even the best Wall Street Analysts, when they make their projections, still point out that it is subject to change. There is always a caveat. In your projection, some situations can occur. Port Harcourt Refinery achieved mechanical completion in December 2023. Anytime after that, it is expected to go into commissioning and eventually start to produce. But the issue is that it is not something that you can give an exact date. There is a process you have to go through and until you get to that place where things are operating as they should operate, you cannot say you have done it.  But you can always give your projection like I said. Laying out the facts on Port Harcourt Refinery, it achieved mechanical completion in December. By August, we fired up the burners. So if you want to ask id Port Harcourt Refinery has started the distillation process? The answer is yes, it has. Is it producing products to tanks now? No. So what happens in this process is that you ignite the burners and the distillation process starts. Remember that you’re going way above 300 degrees. You raise the temperature over time. If anything goes wrong, because at 300 degrees, a lot can go wrong, you have to bring it down.

You can’t intervene when at 300 degrees. We’ve done that four times since August on Port Harcourt Refinery and each time a different thing comes up we have to bring it down to fix it. We’re at that point now where I’m very confident and I had said earlier that before the end of September, we should see Port Harcourt Refinery running.  It actually started running in August, when we leaked the burners. The issue now is when will we get products out, because, as far as Nigerians are concerned is the product out? To them, that would mean the refinery is working. Now, let’s compare like for like. Dangote Refinery achieved mechanical completion in May last year, and that was when the commissioning was done. Dangote Refinery started producing AGO in March this year, which is about 11 months later. Port Harcourt Refinery, a brownfield refinery that we have rehabilitated, not a brand new refinery like Dangote refinery, achieved mechanical completion in December, and this is September, and we’re hoping to start producing middle distillates; same middle distillates that Dangote refinery started producing between March and April, we’re working towards producing it in September. Have we been inefficient? That’s the question we need to ask ourselves. Nigerians, there’s a need to be fair in our expectations. We can set the range of when we think it will happen, there is an optimistic end as well as a pessimistic end of that. But this is a process that has to go through. You cannot jump any of the processes, you must follow through. We’re optimistic and we believe that Port Harcourt Refinery will start producing middle distillates to tank this month and we’ve said that before.

By Remi Afon

The Global Cybersecurity Index (GCI) 2024, recently released by the International Telecommunication Union (ITU), underscores the urgent need for Nigeria to address its cybersecurity shortcomings. Despite being Africa’s largest economy and a rising tech hub, Nigeria’s performance in the GCI reflects several deep-rooted challenges that hinder its ability to effectively secure its digital infrastructure. In contrast, other African countries such as Mauritius, Rwanda, Ghana, Tanzania, and Kenya have made significant strides in cybersecurity, positioning them as regional leaders.

This analysis reviews Nigeria’s performance in the GCI 2024, identifies key factors behind its lower ranking, and draws lessons from African countries that have achieved higher standings.

Nigeria’s Performance in the GCI 2024

In the Global Cybersecurity Index (GCI) 2024, Nigeria is classified within the “Establishing” tier, reflecting significant gaps in its cybersecurity framework. The index assesses countries on five key pillars: legal measures, technical measures, organisational measures, capacity building, and cooperation. Nigeria’s ranking is indicative of systemic issues that prevent the country from establishing a resilient and coordinated cybersecurity structure.

While some progress has been made in recent years, Nigeria’s performance reveals several areas in need of urgent attention. These include the implementation of existing cybersecurity policies, investment in cybersecurity capacity building, and the revision of outdated legal frameworks. Without swift reforms, Nigeria’s digital ecosystem remains vulnerable to a range of cyber threats.

Key Factors Contributing to Nigeria’s Ranking

1. Lack of Implementation of the National Cybersecurity Policy and Strategy (NCPS)

Nigeria launched its National Cybersecurity Policy and Strategy (NCPS) in 2015 and was updated in 2021, with the aim to provide a comprehensive approach to securing its digital infrastructure. However, the lack of concrete implementation has limited its effectiveness. The policy has yet to be fully operationalised across government and private sectors, leading to fragmented and uncoordinated efforts in addressing cybersecurity challenges.

2. Inadequate Capacity Building

A significant issue for Nigeria is the lack of investment in capacity building. Government agencies and critical sectors lack the trained personnel and resources to handle growing cyber threats. There are limited training programs aimed at developing cybersecurity expertise within public institutions, leaving the country underprepared to respond to cyber incidents.

3. Outdated Cybercrime Legislation

Nigeria’s Cybercrime Act of 2015 is outdated and insufficient to address modern cybersecurity challenges. The legal framework lacks provisions for addressing emerging threats such as ransomware, advanced cyber espionage, deepfakes, and other AI-enhanced cyber-attacks. Without updates, law enforcement agencies face difficulties in effectively prosecuting cybercriminals, leaving gaps in Nigeria’s cyber defences.

4. Underfunding of Cybersecurity Initiatives

Nigeria’s cybersecurity efforts suffer from chronic underfunding. The country has not allocated sufficient financial resources to strengthen its cybersecurity infrastructure, including key initiatives such as the National Cybersecurity Coordination Centre (NCCC). Without adequate funding, the ability to build capacity, enhance infrastructure, and respond to cyber threats remains severely limited.

5. Delayed Operationalisation of the National Cybersecurity Coordination Centre (NCCC)

The NCCC was established to serve as a central coordinating body for national cybersecurity efforts. However, delays in its operationalisation have resulted in a lack of national coordination, weakening Nigeria’s response to cyber incidents. This gap has left critical sectors such as finance, telecommunications, and energy more vulnerable to attacks.

6. Inactivity of the Cybercrime Advisory Council

The Cybercrime Advisory Council, intended to provide strategic oversight on cybersecurity matters, has remained largely inactive. Without the guidance and leadership from this advisory body, Nigeria’s cybersecurity policies lack the high-level coordination needed to effectively tackle cyber threats.

Learning from Africa’s Cybersecurity Leaders

While Nigeria faces significant challenges, other African countries have made impressive progress in securing their digital environments. Mauritius, Rwanda, and Kenya are notable examples of nations that have successfully implemented comprehensive cybersecurity strategies, leading to higher rankings in the GCI 2024.

Mauritius: A Cybersecurity Success Story

Mauritius ranks in the “Role-modelling” tier, the highest among African countries in the GCI. Its success is driven by a comprehensive and well-implemented Cybersecurity and Cybercrime Strategy, which provides clear guidelines for both the public and private sectors.

Capacity Building: Mauritius has prioritised capacity building by investing heavily in developing its cybersecurity workforce. It has established ongoing training programs and partnerships with international organisations to upskill its cybersecurity professionals.

Modern Cybercrime Laws: The country’s legal framework is regularly updated to address emerging cyber threats. This ensures that Mauritius can respond effectively to the latest developments in cybercrime, providing a legal basis for prosecuting cybercriminals.

Rwanda: A Model of Focused Governance

Rwanda, ranked in the “Role-modelling” tier, has implemented a centralised and focused approach to cybersecurity through its National Cyber Security Authority (NCSA).

National Coordination: Rwanda’s NCSA plays a key role in coordinating national cybersecurity efforts, ensuring that government agencies and private sector players are aligned in protecting the country’s digital infrastructure.

Investment in Capacity: Rwanda has invested significantly in building a skilled cybersecurity workforce. This effort has been instrumental in increasing the country’s ability to detect, prevent, and respond to cyber threats.

Kenya: Building Cyber Resilience

Kenya also ranked in the ” Role-modelling” tier, has taken major steps to strengthen its cybersecurity infrastructure, driven by its growing role as a tech hub in Africa.

Public-Private Partnerships: Kenya has fostered strong public-private partnerships in cybersecurity, recognizing the importance of involving the private sector in national cyber defence strategies.

Legal Framework: Kenya’s Computer Misuse and Cybercrimes Act (2018) provides a modern legal foundation to tackle cybercrime, making it easier for authorities to address both domestic and international cyber threats.

Recommendations for Nigeria’s Cybersecurity Improvement

To improve our cybersecurity standing and safeguard our digital infrastructure, Nigeria must take decisive action. The following steps are critical to strengthening our cybersecurity framework:

Full Implementation of the NCPS: The Nigerian government must prioritize the full implementation of the National Cybersecurity Policy and Strategy. This includes setting clear action plans, monitoring progress, and ensuring compliance across sectors.

Invest in Capacity Building: Nigeria must invest in developing a skilled cybersecurity workforce. This can be achieved through partnerships with international organisations, NGOs like Cyber Security Experts Association of Nigeria (CSEAN), roll out training programmes, and initiatives that promote cybersecurity education and awareness.

Update Cybercrime Laws: The Cybercrime Act of 2015 should be revised to address modern cyber threats such as ransomware, IoT attacks, AI-related cyber-attacks and other advanced cybercrimes. A strong legal framework will empower law enforcement to effectively prosecute cybercriminals.

Increase Funding for Cybersecurity: Adequate funding is essential for Nigeria to build the infrastructure and human capital needed to respond to cyber threats. The government should allocate sufficient resources to support cybersecurity initiatives and capacity-building efforts.

Operationalise the NCCC: The National Cybersecurity Coordination Centre should be fully operationalised to provide central coordination for national cybersecurity efforts. This will enhance Nigeria’s ability to respond to incidents and coordinate actions across sectors.

Revitalise the Cybercrime Advisory Council: The Cybercrime Advisory Council must be reactivated to provide strategic leadership and oversight. A functioning council will ensure that cybersecurity efforts are cohesive and aligned with global best practices.

Conclusion

Nigeria’s position in the Global Cybersecurity Index 2024 reflects critical gaps in its approach to cybersecurity, particularly in the areas of policy implementation, capacity building, legal frameworks, and national coordination. As the digital landscape evolves, Nigeria faces growing threats that require immediate and strategic action.

By learning from the successes of Mauritius, Rwanda, Ghana, Tanzania, and Kenya, Nigeria can take the necessary steps to improve its cybersecurity standing and better protect its digital infrastructure. With the right investments, updated legal frameworks, and coordinated efforts, Nigeria can enhance its resilience to cyber threats and secure its place as a leader in Africa’s digital economy.

Remi Afon is the Founder GoLegit Africa (www.golegit.africa) and immediate past President, Cyber Security Experts Association of Nigeria (CSEAN)). He wrote from Lagos

Kayode  Tokede 

CashToken Rewards Africa is transforming the rewards landscape in Nigeria with its groundbreaking loyalty solution that offers customers real, tangible cash rewards.

Unlike traditional reward programs that tie customers to points, vouchers, or discounts, CashToken empowers Nigerians with immediate cash rewards and the chance to win life-changing prizes. 

CEO of CashToken Rewards Africa, Chief Lai Labode emphasized the company’s mission to offer Nigerians greater value for their everyday spending. He stated, “CashToken is designed to give Nigerians what they truly deserve—cash rewards that they can control.

“We believe that every Naira spent should have the potential to bring even more value to our customers’ lives. Whether it’s N6 or N3,000,000, our goal is to make every transaction count. This is what sets CashToken apart from traditional rewards programs. We’re not just building customer loyalty; we’re building a system that puts cash directly in the hands of Nigerians.”

The Chief Commercial Officer of CashToken Rewards Africa, Stella Oshorinde shared the company’s vision: “We’ve always believed that when it comes to customer rewards, cash stands above all else. For too long, Nigerian consumers have been limited by rewards systems that require them to spend within a business. With CashToken, we offer something different—cash that customers can use however they choose.”

Chinedu Eze

Oil marketers and airline operators have confirmed the steady supply of aviation fuel, known as Jet A1, since Dangote refinery started supply of the product to local consumers, even though the prices of the product have increased.

It was learnt that the cost of aviation fuel in Lagos is between N1,230 and N1,240 per litre, N1, 265 per litre in Abuja and N1, 290 per litre in Kano, which are higher than the cost of the same product earlier this year at N900 per litre in Lagos.

The CEO of Cleanserve Energy, an oil marketing company, and former Managing Director of Arik Air, Chris Ndulue, told THISDAY that the supply of the product had been more reliable, as it is coming from the Dangote facility, envisaging there will be no future scarcity of the product, except if there are hiccups in crude supply.

According to him, there is no doubt about the high capacity of Dangote Refinery, noting that such local supply has brought sanity in the market, to enhance quality control.

“We are now getting supply from Dangote Refinery. So, there is reliability in the supply and the prices start from N1, 230 in Lagos, but increases due to transportation cost as they move the product to other parts of the country. The Jet A1 is available only in Lagos from where the product is supplied to every part of the country. The Dangote Refinery can supply Jet A1to the whole of West Africa. It is not easy to articulate the size of the refinery projects, despite criticisms.

“I can say that there is improved quality; although the quality is supposed to be the same, but it is easy to maintain a new machine. Supplies from local refinery have also brought sanity to the market because it is easier to enforce quality control now,” he said.

Ndulue also stated that there would be minimal contamination of the product with local supply because when it was being imported it moves from the vessels to primary and secondary depots and other storage system and in the process the product gets contaminated, if not properly handled.

It was learnt that airfares may have come down relatively compared to two months ago when the price was higher.

Available information revealed that tickets could cost as low as N87, 000 in Aero Contractors, if purchased three weeks ahead. Other airlines sell a bit higher than Aero Contractors, which sells the cheapest currently.

“Price of tickets depend on when you buy but I can say that the fares have come down a bit because you can get tickets from N87, 000 to N113, 000 in Aero Contractors and in other airlines you can get from N92, 000 to N126, 000 and in business class, Aero sells from N170, 000 to N190, 000, but other airlines sell higher,” a protocol officer at MMA2, terminal in Lagos told THISDAY.

Checks revealed that some airlines have increased capacity in terms of aircraft acquisition. Airlines such as Ibom Air, Value Jet, Aero Contractors and Air Peace have added more equipment. This, experts said, may have helped to bring down the airfares.

“We have passed the lowest point in terms of capacity. The lowest was in June/July. Some airlines have added more aircraft. Ibom Air added another A220, Aero Contractors added two additional aircraft; so are ValueJet and Air Peace. Hopefully, Ibom Air will add two more aircraft before December,” disclosed senior official of one of the major airlines.

THISDAY gathered that Air Peace would add two additional Boeing B777, four Boeing 737-800 NGbefore December and there has been a boost in their fleet currently. They are also expecting Embraer E175 and E190 in the coming months.

In a recent interview with Aviation Correspondents, the Chief Executive Officer/Founder of CITA Aviation Fuelling Company Limited, Dr. Thomas Ogungbangbe, noted that until the Dangote Refinery started refining aviation fuel, Nigeria has been importing the product, even when the refineries owned by government were working.

“Over the decades, it has been myriads of challenges when it comes to the issue of aviation fuel because incidentally, we have never had a situation in Nigeria where we have a refinery that could make a litre of aviation fuel. So even when the three refineries were working, they were not configured to crack aviation fuel. So over the decades, we have always imported jet fuel and it got to a particular point of getting out the products every six weeks,” he said.

Appraising the sourcing of the product from Dangote facility, he assured that there would continue to be reliability in supply, as long as Dangote has access to crude but insisted that the prices of the products may not come down.

“The refinery on its own may not have any impact, in terms of pricing because the refinery was set up as a profit-making venture. They also buy crude using the global benchmark and they also need to make profit. So we do not anticipate that they are going to be selling at some discounts because there is a world benchmark. Even if they sell way below what it is, which means you are probably promoting the kind of practice that we have gone beyond, where people buy products at a cheap price and they take it out again to other countries to go and sell because it is criminally attractive.

“We will not go through that route again. I do not see a major reduction in pump price coming, but where the pricing advantage will come from based on Dangote Refinery is that if I take a vessel of product from Togo because we don’t have the facility in Nigeria where we can have our big ship to tack and lighten and do some ship to ship transfer. We do all of that in Togo and between Togo and here, just for a vessel, you will spend like one million dollars. And, of course as entrepreneurs, you need to recoup your money. So if you take that off, it is a lot. It’s not only in petroleum products. It is applicable to even other items. If we are able to restore security back to Nigerian waters, even if it it is outbound Lagos, it will go a long way to reducing the unit cost of items. In fact, it may affect aviation fuel by almost N20 a litre,” Ogungbangbe said.

He also dismissed the possibility of modular refineries producing aviation fuel, saying they may not have the critical equipment needed to refine the product.

“Modular refineries cannot make jet fuel because for you to make jet fuel, there are conditions precedent to cracking the crude. Any crude that would be used to produce Jet A1 must have to go through the hydrogen chamber. The hydrostatic process is a very expensive one. And that is what is even lacking in our refineries in Port Harcourt, Kaduna and Warri, which was why they could not produce Jet A1 all these years,” he said.

The Minister of Aviation and Aerospace Development of Nigeria, Festus Keyamo, has emphasised Nigeria’s unique geographical advantage in becoming the central hub for air transportation in Africa.

He made this known when he addressed the global aviation community at the International Route Development Conference, themed: “Network Cargo 2024 in Moscow, Russia.”

The conference, focused on enhancing global partnerships through the highest standards of freight forwarding services, attracted transport ministers and industry leaders from across the world, all seeking to establish efficient and competitive cargo routes.

During his keynote speech, the Aviation Minister said: “Geographically, we are in the best position to be the real hub of Africa. If you look at the map, we are equidistant to South America across the Atlantic, to Europe, and to Asia. We are about 6 to 7 hours to Doha, Dubai, and Brazil. With our population, we have the dream to develop a real hub for Africa.”

Keyamo further highlighted Nigeria’s untapped aviation potential, citing the significant volume of international traffic originating from the country. However, much of this traffic is currently serviced by foreign airlines.

“If you look at it, most of the flights originating from Nigeria are not indigenous. Airlines from Ethiopia, Egypt, Morocco, and other countries feed on our traffic. They know that Nigerians travel all over the world,” he remarked.

To address this imbalance, the Minister expressed the Nigerian government’s commitment to increasing the capacity of local airlines.

Arthur Eriye

The Managing Director of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, has disclosed that the Commission is building six multi-purpose emergency shelters in Bayelsa, Delta and Rivers states for the Internally Displaced Persons (IDPs), in the event of flood in the Niger Delta region.

Ogbuku, who spoke during a press conference at the NDDC headquarters in Port Harcourt, said the commission was taking proactive steps to ameliorate the impact of the perennial flood in the region.

The NDDC boss observed that the project was conceived as a response to the frequent flooding challenges faced by Niger Deltans.

He noted that facilities at the emergency shelter would include essential amenities such as a school, hospital, cafeteria, police post, and recreation centre, which would provide comprehensive support to the communities in times of distress.

He explained: “We have six of these facilities currently under construction in Otuokpoti and Odi, in Bayelsa State, while the ones in Delta State are being built in Patani and Ozoro and another two in Rivers State.”

Speaking on the NDDC Youth Internship Scheme, Ogbuku affirmed that entrepreneurial and skills enhancement were key components for unlocking the potentials of the youths in the Niger Delta region.

He said that the objective was to get the youths to acquire meaningful and self-sustaining skills that would improve their lives, support their families and communities, and thus, ensure peace in the Niger Delta region.

Eromosele Abiodun

Licensed customs agents in the country have called on the federal government to utilise maritime fund for the purpose of its establishment, which is to develop and implement shipping and maritime infrastructure for Indigenous Maritime Operators (IMO) as contained in the Nigeria Maritime Administration and Safety Agency (NIMASA) Act.

The agents stated this in a petition addressed to President Bola Ahmed Tinubu tagged, “The Urgent Need to Implement Shipping and Maritime Infrstructure With the Maritime Fund for Indigenous Operators as Contained in Nigeria Maritime Administration and Safety Agency Act. 17 of 2007.”

The agents in the petition signed by the National President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the umbrella body of clearing agents in Nigeria, Mr Lucky Amiwero, stressed the need for the government to develop and promote Shipping and Maritime Infrastructure such as, Transportation, bounded warehouses and equipment for effective cargo delivery system,   “by the Importers-Exporters/ Licensed Customs Agents (LCA) who are the main contributors of the 3 per cent  freight earnings  of inbound and outbound  cargoes.

“The development and promotion, will create effective cargo delivery system, thereby making our ports efficient in cargo turn around time, it will create employment and build capacity for enhance cargo delivery system in Nigeria Ports.”

They added, “The Maritime   Infrastructure for Indigenous Operators  prescribed in Section 22-(k) states, ‘Develop and implement policies and programs which will facilitate the growth of local capacity in ownership, manning and construction of ships and other Maritimeinfrastructure.’  The shipping infrastructure for Indigenous operators is prescribed in section 39-(2): states, the agency shall develop and implement policies and measures to promote Indigenous ownership of ship and shipping infrastructure.”

Infrastructure, the agents said, includes a variety of systems, “it is the basic facilities and system serving a country, region, community or other area, and encompasses the services and facilities necessary for its economy households and firms to function, composed of public and private infrastructures.

“Infrastructure is often categorized as hard or soft, hard infrastructure is the tangible and physical, which include Transportation, bonded warehouse and equipment etc, while soft infrastructure is the service required to maintain the economic health, and social needs of the nation. It is also, clearly defined in Section 36 ofthe interpretation of Infrastructure Concession Regulatory Commission (Establishment) Act No 18 of 2005.B

The agents added that the maritime Fund under section 16-(2)-(a) provides 25 per cent of its revenue to the maritime fund adding that the maritime fund was established under section  17-(1).

“The Money under Section 17-(4) is to promote the development of indigenous Shipping and shipping Infrastructure in Nigeria. The beneficiaries of the Maritime fund under section (4) of this Section shall be Nigerian Citizens and Companies,” they exolained.

The Nigerian Institute of Public Relations (NIPR) has announced the appointment of Basil Agboarumi as the Chairman of the Management Committee for its newly established ‘NIPR Aviation Hub.’

The appointment, approved by the NIPR Governing Council, was confirmed following the Council’s 115th meeting held on Saturday, August 24, 2024.

Agboarumi brings a wealth of experience and expertise to the role, having previously served as Managing Director of Skyway Aviation Handling Company (SAHCO) PLC, one of the leading players in Nigeria’s aviation industry. 

He also held the position of Executive Director, Corporate and Governmental Affairs at leading conglomerate, SIFAX Group, where he oversee key corporate communications and industry engagement strategies. 

The distinguished career in the aviation sector makes him a well-considered choice for the Chairmanship, reflecting the trust NIPR has in his ability to lead this pivotal initiative.

The NIPR Aviation Hub will be operated as an enterprise, with a Management Committee comprising five to seven members. This initiative reflects NIPR’s commitment to driving excellence within the aviation industry and supporting the role of public relations in the sector. 

Kayode Tokede

Veritas Kapital Assurance Plc, has declared an astounding N2.33 billion net profit for the  2023 fiscal year, about  1,101per cent increase from N193.93 million for the 2022 financial year. 

The Chairman of Veritas Kapital’s Board of Directors, Mr Nahim Ibraheem disclosed this at the company’s 47th Annual General Meeting (AGM) held recently in Abuja.

According to him, the performance was a reflection of the company’s unwavering commitment to enhancing shareholders’ value and revolutionising its business offerings and brands to deliver a consummate customer experience.

“During the year under review, your company also remained resilient by recording 67 per cent growth in Gross Premium to N7.298 billion from N4.369 billion in 2022.

“Insurance revenue also grew by 41 percent to N7.1 billion in 2023 from N5.04 billion in 2022.

“Also showcasing resilience, the company’s Profit Before Tax (PBT) grew to N2.417 billion in 2023 from N221.5 million in 2022, a growth rate of 991 percent,” he explained.

However, the Chairman said  negative global and domestic economic realities where some challenges the leadership  of the company had to contend with  in steering affairs of the company during the period. 

“Dubbed the year of resilience by analysts and economic observers alike, the growth of  global economy in 2023 was indeed nothing short of miraculous, as elevated inflation and  other aggressive headwinds diminished global economic growth.

“In the domestic economy, a keyword that continued to make the rounds in policy, business and consumer circles in 2023 was inflation.

“High inflation in 2023,according to analysts, was largely precipitated  by the sweeping market reforms  being implemented by the current administration  since transition  to new government in May 2023. 

“From domestic standpoint, removal of fuel subsidy, which  caused the price of petrol to rise by 220 percent in  November 2023, as well as the depreciation of the Naira by over 50 per cent also contributed to it.

“Despite the limitation in consumer spending, the Nigerian insurance sector continued to showcase its resilience.

“According to the National Insurance Commission (NAICOM), the industry crossed  the N1 trillion premium forecast in full-year 2023, compared to N726 billion  recorded in 2022, a growth of 27 per cent,” he said.

Also, the Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche expressed profound satisfaction with the company’s performance within the period.

She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

The Managing Director said the company was strengthening commercial contacts with significant and key companies in critical sectors such as oil and gas and aviation to attract profitable business from the sectors.

Shareholders who attended the AGM, extoled the company’s board and management for remaining focused and dogged in steering the company to profitability   despite the current economic challenges facing businesses in Nigeria.

Global multi-orbit satellite provider, Avanti Communications, and IHS Nigeria, part of the IHS Holding Limited group, have been recognised for their work in connecting rural Nigeria at the 2024 World Space Business Awards.

Each year at World Space Business Week, Novaspace, a merger of Euroconsult and SpaceTec Partners, award the most forward-thinking businesses and innovations contributing to the future of the global space sector.

CEO, IHS Nigeria, Mohamad Darwish, said: “We are deeply honored to receive this award, recognizing our commitment to innovation and social responsibility in expanding global connectivity. As one of the largest independent tower companies globally, IHS Towers is dedicated to helping bridge the digital divide, particularly in Nigeria, where we operate more than 16,000 towers..” 

CEO at Avanti, Kyle Whitehill, said: “The mission to provide cost-effective, reliable, and sustainable internet solutions is more than a professional endeavour; it is a mission we each carry personally at Avanti. Access to the internet is not a luxury, it is a necessity. It opens doors to education, healthcare, economic opportunities, and global connectivity. For too long, the remote and hard-to-reach regions of Africa have been left in the dark, disconnected from the boundless potential connectivity brings.”

Stories By Chinedu Eze

Nigeria Immigration Service (NIS) has significantly reduced visa on arrival fees in order to encourage tourism and Foreign Direct Investment (FDI).

The organisers of Akwaaba African Travel Market, which started the campaign for the reduction of the fees, commended the Minister of Interior, Olubunmi Tunji-Ojo, the Minister of Tourism, Lola Ade-John and the Comptroller General of NIS, Mrs. Kemi Nanna Nandap, for the reduction in fees.

Akwaaba African Travel Market Organiser, Ambassador IkechiUko, while commending them said as a direct beneficiary of improved inbound tourism access ‘I say thank you’ on behalf tourism practitioners and others who joined in the advocacy to get it reviewed we are very grateful.

Uko said he admired the prompt resolution of the visa issues by he Federal Government.

“I had made a post about my frustrations with visa for my delegates coming from all over Africa. I had complained that online visa on arrival was very expensive and the Nigerian Embassies in East Africa were not giving visas forcing everyone to go online. Some people shared my post with the Minister of Tourism and she called me to find out the details. After explaining the situation to her she promised to engage her colleague the Minister of Interior. I am happy to say that between the Ministers of Interior Olubunmi Tunji-Ojo, the Minister of Tourism Lola Ade-John and the Comptroller General of Immigration, Kemi Nanna Nandap they resolved the issues. My first delegates are arriving now and I am happy that resolution is not just for my event. The new measures will be applied across board to all African visitors to Nigeria,” Uko said.

The Abuja Chamber of Commerce and Industry (ACCI) has applauded the Federal Government for its proactive efforts in creating a more conducive business environment, which is now yielding tangible results through increased investments in Nigeria. The Chamber lauded the government’s Economic Stabilisation Plan as a key driver in attracting foreign direct investment (FDI) into the country, evidenced by the Coca-Cola system’s commitment to an additional $1 billion investment in Nigeria’s beverage and manufacturing sector.

Professor Adesoji Adesugba, First Deputy President of the Abuja Chamber of Commerce, expressed the Chamber’s delight at the growing investor confidence being fostered by the government’s policies. He noted that the Coca-Cola system’s significant investment is a testament to the effectiveness of the government’s initiatives, particularly the ongoing economic reforms aimed at ensuring sustainable growth.

“The Economic Stabilisation Plan of the Federal Government is highly commendable and is already delivering promising outcomes. The Coca-Cola system’s decision to accelerate its investments in Nigeria to $1 billion reflects the positive impact of an enabling business environment,” said Adesugba. He further acknowledged the government’s comprehensive approach to creating business-friendly policies and encouraged other companies to take advantage of Nigeria’s improved business climate.

Professor Adesugba also lauded President Bola Ahmed Tinubu’s “Renewed Hope” agenda, stating that the administration’s efforts will drive Nigeria toward long-term economic prosperity.

In a related development, the ACCI is set to commence the 19th Abuja International Trade Fair (AITF), which will take start from **Monday September 20 to October 1, 2024, at the Abuja Trade and Convention Centre, Lugbe. This prestigious event, now in its 19th edition, has become one of Nigeria’s most significant multi-sectoral trade platforms, offering local and international exhibitors a prime opportunity to showcase their products and services, enter new markets, and forge valuable business relationships.

This year’s theme, “Mobility Options for Transportation, Trade Financing, and Taxation,” reflects a strategic focus on key areas that are critical for business growth and development. The AITF will explore solutions to reduce logistical challenges, enhance supply chain efficiency, and lower operational costs. It will also address the need for sustainable financing and effective taxation strategies in today’s global economy.

AITF 2024 is expected to attract over 500 exhibitors, displaying more than 10,000 products, services, and solutions to nearly 100,000 attendees over the 12-day event. The trade fair will provide a platform for knowledge sharing, networking, and collaboration among entrepreneurs, policymakers, and industry leaders. Discussions will focus on sustainable business practices, equitable financing, and innovative taxation strategies, all aimed at fostering a more resilient and inclusive economy.

The Abuja Chamber of Commerce and Industry continues to work toward the sustainable growth and development of businesses within the Federal Capital Territory (FCT) and across Nigeria. Through its various partnerships with business groups, international chambers, and trade associations, the ACCI remains committed to promoting economic and industrial development.

First City Monument Bank (FCMB), in partnership with the Tulsi Chanrai Foundation (TCF), has restored the vision of about 150,000 visually impaired Nigerians in Kebbi State through its long-running Priceless Gift of Sight initiative. Since 2009, the programme has provided free eye tests, optical services, and surgeries, transforming lives across all 21 local government areas in the state, ensuring that many regain their sight and lead more productive lives.

At a recent outreach event in Birnin-Kebbi, marking the 15th anniversary of the initiative, the wife of Kebbi State Governor Hajiya Nafisa Idris expressed deep appreciation for FCMB’s long-standing efforts in combating avoidable blindness.

“We are grateful to FCMB and Tulsi Chanrai for their support in restoring sight to thousands of people suffering from cataracts and other eye defects. By doing this, you have restored hope and empowered individuals to lead productive lives,” she said.

Group Head of Corporate Affairs at First City Monument Bank, Diran Olojo, emphasised the Bank’s dedication to creating an inclusive and sustainable society through initiatives like the Priceless Gift of Sight.

“This programme is about empowerment and inclusivity. Since 2009, over 400,000 Nigerians in Kebbi, Cross River, Ogun, Imo, Abuja, Katsina, and Adamawa states have benefitted. Our partnership with Tulsi Chanrai has helped prevent avoidable blindness, allowing many to regain their vision and reclaim their lives,” Olojo stated.

One of the beneficiaries, Muhammad Maganda, shared his emotional journey of overcoming blindness and returning to farming after a successful surgery. “I was going blind and felt helpless. Thanks to this initiative, I regained my sight and can now work again. I am forever grateful to FCMB and the doctors,” Maganda said.

Leading engineering construction company, Julius Berger Nigeria Plc in fulfilment of its commitment to progressively sustain its Corporate Social Responsibility, CSR objectives Wednesday donated sundry educational materials to Abuja’s school for children from poorest households.

The items ranging from state-of-the-art laboratory equipment, 20ft well-refurbished containers made suitable for staff room and laboratory, 200 back packs, 2,000 notebooks, copies of the literature book, What Sunny saw in the sun and 50 pieces of mosquito nets, to KNOSK N100 A-Day Charity Secondary School, Kuje.

The exercise elicited excitement and effusive gratitude from beneficiaries even as they had kind words for Julius Berger.

Before the items were officially handed over to the proprietors of the school, the leader of Team Julius Berger to the occasion and the company’s Head of Corporate Communications, Mr. James Agama told the staff and students that, “in deliberately giving to operational communities, Julius Berger always seeks to underscore the importance of such communities to its operations. It is a cardinal aspect of our corporate belief that any effort made to uplift communities around our operational environments is not wasted but puts a smile in the faces of the beneficiaries.”

He added that the ideals and policies that guide the operations of KNOSK N100 A-Day Charity Secondary School, Kuje are commendable and worth supporting, Agama urged the school and students to use the items donated to further the educational and knowledge goals of the students.

Responding, co-founder of the school, Mr. Kingsley Bangwell said, the school was designed for children from poorest households whose parents can’t afford to send them to government schools.

He said, “The importance of education and a conducive learning environment cannot be overemphasized. The donations from Julius Berger are really something of great joy and credible impact in the lives of our children. First, we have been in dire need of a science laboratory for the longest time.”

The co-founder and the Head of Academics, Mrs Irene Bangwell, was effusive with thanks and prayers for Julius Berger. “…I want to specially thank Julius Berger Nigeria Plc for every donation the company made to us here. At KNOSK, it is important that when we bring these kids to our school, they must be emphasis on how we close the gap in their learning and still teach them what they are supposed to be taught. What Julius Berger has done for us will accelerate closing the gap.”

The visionary founder of PharmaChill Technology, a pioneering smart thermal box technology, Adedayo Adefarakan, has made a public call to hospitals, Public Immunization Coordinators, NGOs, and brands to collaborate on transforming the last mile delivery of temperature-sensitive pharmaceuticals in Nigeria.

PharmaChill tech represents a breakthrough in healthcare logistics, offering a solution that monitors, logs, and reports geo-temperature data in real-time. With the ability to raise alarms in case of temperature anomalies, PharmaChill ensures the integrity and safety of sensitive biopharmaceuticals, minimizing damage and risk to patients.

“I believe that transparency and visibility in the last mile delivery of temperature-sensitive pharmaceuticals are crucial for ensuring the efficacy of healthcare interventions,” said Adedayo Adefarakan, Founder of PharmaChill. 

“By leveraging the capabilities of PharmaChill Boxes, we can revolutionize vaccine transportation and pharmaceutical distribution in Nigeria, ultimately saving lives and advancing public health goals.”

In recognition of its innovative approach and social impact, PharmaChill tech recently received the prestigious GreenHouse awards for its contributions towards several UN Sustainable Development Goals. The accolade comes with a significant boost, as PharmaChill tech secured $8,000 in funding to support its mission of improving healthcare access and delivery in Nigeria and Africa.

Adefarakan also thanked the management of GreenHouse for their support, belief and inspiration. “Special thanks goes to Tania Del Matto, the Director of GreenHouse at United College, University of Waterloo. Tania’s invaluable coaching and advisory have played a pivotal role in shaping our strategy and refining our pitch. Her expertise, encouragement, and commitment to the growth of PharmaChill have been instrumental in our success. To Tania and all those who believed in us, thank you for your belief, support, and inspiration. We are truly grateful for the opportunity to learn and grow under your guidance.

Adefarakan emphasizes the importance of collaboration in realizing the full potential of PharmaChill Boxes. “We invite hospitals, Public Immunization Coordinators, NGOs, and brands to join us in this transformative journey,” he said. 

“Together, we can harness the power of technology to overcome logistical challenges and ensure that temperature-sensitive pharmaceuticals reach those who need them most.”

PharmaChill’s innovative solution not only promises to enhance the efficiency and reliability of healthcare logistics but also aligns with the broader global agenda for sustainable development. By partnering with PharmaChill,tech stakeholders have the opportunity to contribute to positive change and make a tangible impact on public health outcomes in Nigeria.

Adedayo Akinwale in Abuja

The Independent National Electoral Commission (INEC) has released revised regulations and guidelines for the recall of a member of the National Assembly, House of Assembly of a state or Area Council of the Federal Capital Territory (FCT).

The INEC National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, in a statement Thursday appealed to constituents interested in the recall of their elected representatives to be guided by the provisions of the regulations and guidelines in preparing and submitting their petitions to the commission.

The commission released the guidelines after its meeting held Thursday to review the final preparations for the Edo State governorship election holding on Saturday, September 21, 2024.

Olumekun added that the commission also considered and approved the revised Regulations and Guidelines for the Recall of members of the National and State Assemblies and Councillors in the Area Councils of the Federal Capital Territory (FCT).

He noted: “The commission has, in the last few weeks, received a number of requests from different groups across the country for the recall of their representatives in the National Assembly and state Houses of Assembly. 

“Some of them have even requested the commission to initiate the process of the recall on their behalf.

“For clarity, the process is initiated by the voters in a constituency. The commission only implements their request in line with Sections 69, 110 and 160 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Sections 2(c) and 113 of the Electoral Act, 2022.

“Accordingly, the commission has reviewed the regulations and guidelines, providing a detailed procedure for recall.”

The commission added that the 10-page document has been uploaded on its website and social media platforms for the guidance of prospective petitioners and for public information.

Stories By Emma OKonji

Nigeria, Africa’s largest economy, is rapidly transitioning into a knowledge-based economy with the prospects of adoption of Artificial Intelligence (AI), which is an enabler of growth, innovation, and increased productivity. This was the focus of discussion at the 4th edition of Nigeria Information Technology Reporter’s Association (NITRA) ICT Growth Conference themed, “Impact of AI on National Development: Prospects, Policies and Challenges in Nigeria,” held in Lagos.

At the conference, key ICT media voices from broadcast, print and online platforms including; Editor and Chief Operating Officer at DigiVation Network TV, Hilary Damissah; ICT Editor at Daily Independent Newspapers, Justus Adejumo; and Editor at TechEconomy, Peter Oluka, lent their thoughts to the subject matter of AI alongside other stakeholders in the sector.

Setting the tone for the conversation, while moderating the panel session, Damissah, stirred concerns about the natural anxiety people have, inclusive of Nigerians on the advent of any new disruptive technology like AI and sort to know the preparedness of the nation in terms of policy, security, and probable socio-economic effects of navigating the dangers of AI in a developing economy.

Responding, the Chief Information Security Officer, Digital Encode, Mr Oluwakayode Olatunji, explained that while AI is evolving, Nigerians have to adopt its usage into daily activities. He stressed that AI would not take away jobs, but rather create digital jobs.

Adejumo noted the need for media to be knowledgeable about subject matters in order to always disseminate the right information. “We should have better education, that means as the societal gatekeepers, media professionals, have to be deliberate in acquiring new trainings, build capacities and acquaint themselves more with global trends.” 

Co-founder Hyperspace and NeuRal AI, Dr. Oluseyi Akindeinde, noted that though Nigerians may not readily possess the skills at this point in time, but however said it was a growing trend that doesn’t necessarily require a certification for its adoption, deployment, and use. “AI is a general-purpose technology. It is a piece of technology that can be used across several industries, just like the internet,” Akindeinde said.

Oluka who represented the President of the Nigeria Internet Registration Association (NiRA), Mr. Adesola Akinsanya, spoke about how organisations like NiRA intend to ensure the domestication of local content and consideration for our unique socio-cultural interest is factored in the narrative of the unfolding AI scenario in Nigeria.

MWC 2024 to Explore Role of Connectivity in Africa

GSMA MWC 2024 will return to the Kigali Convention Center from 29-31 October 2024, where Africa’s largest and most influential connectivity event, will convene innovators and political leaders from across the entire continent, geared towards driving the digital economy forward and enabling socio-economic growth.

MWC Kigali will deliver a range of keynotes and panel sessions hosted by industry thought leaders and leading enterprises, focused around the four event themes: Connected Continent, The AI Future, FinTech, and Africa’s Digital DNA.

Recently confirmed speakers include  Airtel Africa’s CEO, Sunil Taldar; Amini’s Founder & CEO, Kate Kallot;  the GSMA’s Director General, Mats Granryd; the ITU’s Secretary-General, Doreen Bogdan-Martin; Lelapa AI’s CEO and Co-founder, Pelonomi Moiloa; MTN Group’s FinTech CEO, Serigne Dioum, among others.

For the first time in Africa, the GSMA Ministerial Programme will be hosted at MWC Kigali, marking a new chapter in the commitment to advancing the digital agenda in Africa. The programme will convene the most influential telecommunications leaders from across the African continent to discuss policy and regulatory topics key to the region.

The Mobile for Development (M4D) team will once again play a central role at the event, driving innovation in digital technology to reduce global inequalities. M4D will host the ‘Mobile for Development Theatre’, a dedicated space for keynote sessions, panels, and discussions. Themes will range from AI for impact and humanitarian innovation, agriculture and climate, to digital inclusion and gender. Also returning this year is the Mobile Money Leadership Forum, which will explore key trends and innovations in mobile financial services.

Zoho Launches AI-rich Version of Zoho Analytics

Zoho Corporation, a leading global technology company, has launched a new version of Zoho Analytics—Zoho’s self-service BI and analytics platform.

Among more than 100 other enhancements, Zoho Analytics has developed powerful new AI and ML capabilities, enabling diagnostic insights, predictive analysis, and automated report and dashboard generation.

Additionally, Zoho Analytics now includes a custom ML model-building studio, seamless integration with Open AI, 25+ new data connectors, and third-party BI platform extensions. The latest version has added power, intelligence, and flexibility to serve a broader range of businesses and users than competitors in the market.

Giving further details, Country Head, Zoho Nigeria, Kehinde Ogundare, said: “Zoho Analytics, launched as Zoho Reports in 2009, entered the market long before technology had caught up with Zoho’s forward-thinking vision for business intelligence. Since then, Zoho has made considerable investments around automation, no-code/low-code development, third-party integration, machine learning, and Zia, Zoho’s in-house AI engine. The latest version of Zoho Analytics is one of the first solutions from the company that takes advantage of every one of these decades-long investments. The result is a democratised platform that is powerful, intelligent, and flexible enough to benefit everyone and anyone.”

Chinedu Eze

Many Nigerians, especially those conversant with air transport in Nigeria have criticised the decision of many state governors investing in airport development. They see it as misplaced priority because there are always more critical projects that will benefit majority of the citizens of the state.

Most often they cite provision of potable water, healthcare system, education and road infrastructure. Such criticism is germane when it is considered that many state governors who hitherto invested in airport infrastructure seemingly wasted the funds expended because today either the airport is abandoned or it is grossly underutilised.

Exasperated with the continuous financial demands of such airports, some of the state governments had begged the federal government to give approval so that the Federal Airports Authority of Nigeria (FAAN) could take over the management of the airports.

However, investing in airports cannot be fully written off or condemned because some state governments have utilised their facilities well. For example, the Delta State government built an airport in Asaba, at the nose of the major commercial centre in the South East, Onitsha. That airport has been busy from the day it became operational. Anambra State government is currently building hub of businesses at the Chinua Achebe International Cargo Airport, Umueri, with the help of private investors.

Also, Akwa Ibom State built an airport and it has been busy ever since it was unveiled. The state government went further to establish an airline, which is the second biggest carrier after Air Peace. Not only that; the state government also built Maintenance, Repair and Overhaul (MRO) facility, which when opened will become the largest maintenance facility for aviation industry in West and Central Africa.

Some aviation industry observers are of the view that the state governments that built some of these airports are nudged to do so for selfish reasons: to have airports that would serve their purpose because in some of those states, majority of the citizens are literally traumatised economically that they will never be able to afford air travel. So, the government operates aircraft charter services to bring top officials to and from the airport to other destinations in Nigeria. The facility is there for their purpose.

Meanwhile, THISDAY investigations revealed that the Ebonyi State government has not only established an airport; it may have also ordered for three Embraer E170 aircraft, which obviously indicates that it wants to operate an airline, thus taking a cue from the Akwa Ibom State government. This may have caused the state government huge amount of money and sustainability of such project is precarious.

But an insider revealed to THISDAY that there could be a lot of goodies coming from Ebonyi State in terms of airport development and air transport. According to the insider, Ebonyi State government has completed a plan, which has been ratified by the state assembly, to establish an airline. This plan is yet to be subjected to the Air Operator Certificate (AOC) process of the Nigeria Civil Aviation Authority (NCAA), which will take a while.

“But the state government is desirous of establishing an airline as quickly as possible and on the interim, they are talking to Air Peace and United Nigeria Airlines to start flight service to the airport. The name of the airline is Ebonyi Air. The governor, it was learnt, is working on acquiring the airplanes. “After the acquisition they will prepare for certification. The AOC will take up to 10 months,” a source said.

On the face value, many Nigerians familiar with air transport in the South East believe that the potential travelling public by air from Ebonyi may not justify scheduled flight service from the airport due to low patronage but this was debunked by the insider who is a seasoned aviator and also very close to the Ebony State government. According to him, when Ebonyi airport begins operations it will lower passenger traffic in Enugu, “because most of the passengers who travel through Enugu airport now are either going to Ebonyi or Itigidi or Ogoja in Cross River State and even from Benue near Ebonyi State. All these travellers will divert to Ebonyi airport when it starts operation. Enugu airport runway is in bad shape and currently they suffer low load factor,” the insider said.

He also said that because of the airport in Ebonyi many investors, especially Chinese who want to invest in agriculture and mining have indicated interest to come to Ebonyi State and this will trigger other businesses. He also said that because of the deterioration of Enugu airport runway, the Ebonyi airport would have a head start from Enugu when it would be inevitably closed for rehabilitation, noting that those who chose to travel from Ebonyi would be reluctant to go back to Enugu anytime it is reopened.

The Ebonyi airport runway was shut down for rehabilitation because it did not meet the requirements of a standard airport runway. THISDAY learnt that the runway has rigid pavement due to horizontal expansion system with sealant built like a normal road. So, with mid temperature, the sealant on the pavement will dissolve and cause Foreign Object Debris (FOD) on the runway; hence, the decision to resurface it, which has been done.

The insider sees a huge potential of the airport to airlift perishables and other cargo produce from Benue, Cross River and Ebonyi states.

“In terms of security, the airport has central CCTV. Every critical equipment has been installed or is about to be completed because all the contracts for these had been awarded and all the payments made, from the control tower to installation of airfield lighting to high quality fire tenders and it is the only airport so far that has emergency operations cetnre, a facility they are trying to install at the Lagos airport. It is also the only airport in Nigeria that has five cargo warehouses inside the terminal. In addition, the airport has massive energy supporting equipment, which is secondary power supply. They are five 1000 KVA generators and equivalent capacity in solar farms,” the source said.

Travel expert and Coordinator of AviaCargo Committee of the Federal Airports Authority of Nigeria (FAAN), Ambassador Ikechi Uko, told THISDAY that the airport remained a smart one but when the committee visited, the members identified some gaps in the cargo facility.

“We observed some gaps when we came and I hope they have corrected them. What they built is a passenger airport, but they have to correct those gaps in other to have seamless processing of cargo for freighting,” he said.

However, a social critic in the state, Mr. Abia Onyike, who did not condemn the airport, told THISDAY that the former governor of the state, David Umahi, recklessly spent the state’s resources on elephant projects that did not benefit the majority of the people, alleging that the former governor claimed he spent N47 billion on the airport but the actual expenditure was about N12 billion. “So, Umahi should account for the remaining money. He should resign as Minister and testify on what he used the remaining money to do,” Onyike said.

But a Senior Special Adviser, Media to Umahi, when he was governor, dismissed the allegation and told THISDAY that with the meagre resources Ebonyi State had, “it takes a prudent man like Umahi to transform the infrastructure of the state as he did with the little resources available when he was governor. He is one in a million.”

Although critics may not see a profitable venture in the decision of Ebonyi State government to establish an airline, but it becomes onus on the state government to prove its critics wrong.

Emma Okonji

Tackling systemic barriers towards the participation of young women in Africa’s workforce will drive an estimated $287 billion to its economy by 2030, boosting GDP by 5 per cent, according to a new report commissioned by the Mastercard Foundation. 

Conducted in collaboration with McKinsey & Company, the study reinforces the crucial role of women’s economic empowerment in driving the continent into a new era of transformational growth.

The report tagged, “Young Women in Africa: Agents of Economic Growth and Transformation By 2030 – Mastercard Foundation,” outlines a series of immediate, actionable solutions for government, private sector, and civil society to reverse the steep decline of young women’s contribution to Africa’s GDP from 18 per cent in 2000 to just 11 percent in 2022.

According to the report, the most pivotal areas to tackle include care burdens that restrict women’s access to the labour market, poor education completion rates, the need to bolster competitive skills in key sectors and adopt gender-inclusive employment policies, and lack of access to financial services. 

The report notes that effective private sector-led approaches and government-funded models focused on expanding childcare centres and employer-provided childcare can alleviate the burden of care on young women and create over 11 million jobs by 2030. With agriculture, education, food and accommodation, trade, wholesale, and retail sectors among Africa’s highest employers of young women, the Foundation advocates for the roll out of apprenticeships and boot camps to accelerate women’s participation in these high-growth areas. The ICT sector is also identified as a leading industry to catalyze substantial productivity, boasting a higher rate of remuneration for women compared to men in Nigeria, Ghana and Uganda.

The study spotlights Namibia as a key model for other African nations to follow in prioritizing the economic benefits of gender equality, having increased women’s economic participation from 40 per cent to 42 per cent in just five years. Egypt, the Democratic Republic of Congo, Ethiopia, Kenya, Mali, Nigeria, Rwanda, Senegal, Tanzania, and Uganda have the potential to achieve the fastest growth should they replicate Namibia’s strategy, the report advised.

Speaking on the launch of the report,  Director, Gender Programs at the Mastercard Foundation, Marieme Esther Dassanou, said: “Empowering young women in Africa is both an economic imperative and a transformative opportunity for the continent. By addressing systemic barriers, enhancing skills, and fostering gender-inclusive policies, we can unlock $287 billion in additional GDP by 2030. We need to create environments where women can succeed as employees and entrepreneurs, ensuring Africa’s growth will be inclusive, sustainable, and driven by the full potential of its young women’s population.”

Women’s unemployment rates have historically been higher than those of men, a disparity further exacerbated by the COVID-19 pandemic. Only 26 per cent of girls complete secondary school, and the high burden of unpaid care work keeps 35-to-40 per cent of women out of the workforce. Furthermore, financial inclusion remains a significant challenge, with 63 per cent of African women being unbanked compared to 52 per cent of men, the report added.

The Foundation also plans to expand successful programmes aimed at transforming the educational landscape for women and girls. Over the next seven years, the Foundation plans to scale its long-standing partnerships with Campaign for Female Education (CAMFED) and Forum for African Women Educationalists (FAWE) with $360 million to support more than 70,400 young women and girls in completing their education journeys, starting their own businesses, or accessing employment opportunities.

Kayode Tokede

Sterling Financial Holdings Company Plc has taken a major step toward meeting the Central Bank of Nigeria’s (CBN) recapitalisation requirements for its subsidiaries with the infusion of $50 million of fresh capital in a single decisive move.

This capital injection of approximately N75 billion was achieved through a private placement from a consortium of domestic investors and ultra-high-networth groups in Lagos last week and is in the final stages of approvals by the regulators.

Speaking at the signing ceremony for the placement, the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi, said that this capital raise signifies the market’s confidence in the vision and potential of the enterprise.

According to Odubiyi, “The investors’ decision to entrust Sterling HoldCo with their hard-earned capital is built on our ability to challenge the norm in Nigeria’s financial services sector. Our investors recognize that beyond the profits declared,and dividend payouts, we are an enterprise that has consistently demonstrated capacity for innovation, creating and leveraging new opportunities within and outside the industry to deliver value to all our stakeholders.”

Odubiyi continued by saying, “From our modest beginnings as a merchant bank, we have evolved into a dynamic enterprise with a proven track record that extends well beyond conventional banking. Now powered by an embedded technology stack that is flexible to the unique demands of the market, we are more than confident in our ability to capture major growth opportunities in Nigeria and beyond.”

The Group CEO concluded, “Our vision, performance, and journey continue to be rewarded with the highest form of investor confidence – more capital. This infusion of funds not only reflects the trust our investors place in us, but also serves as a powerful endorsement of our strategy and future potential. With it, we reaffirm our commitment to driving social, sector, and economic growth beyond banking.

“By investing in and incubating new subsidiaries, we will prioritise value creation that stimulates and sustains growth for both the enterprise and the nation’s economy. Our investment strategy is anchored in sustainable practices that will deliver long-term value for society and consistent returns for investors.”

Last year, Sterling HoldCo transitioned from a commercial bank to a full-fledged financial holdings company with two subsidiary banks: the specialized financing arm, The Alternative Bank, and the conventional commercial bank, Sterling Bank. With several key businesses in the pipeline, the holding company is strategically positioned to seize opportunities beyond those available to its peers.

Sterling HoldCo’s performance has seen a steady rise in its fortunes with a 51% increase in its profit before tax in H1 2024 compared to the same period in 2023, and a 19% growth in the total assets of the company in just the first half of 2024.

Sterling is renowned for its HEART of Sterling strategy, which focuses major investments into the Healthcare, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy, as well as its bold brand voice and enviable talent management practices.

Nume Ekeghe

Infinity Microfinance Bank Nigeria Limited has received an A- long-term rating from DataPro, one of Nigeria’s foremost compliance, corporate governance, and fraud risk management consulting firms.

The bank in a statement noted that this new rating represents an upgrade from its previous BBB+ rating, indicating improved financial stability and operational performance. The bank also received a stable outlook, signaling positive expectations for its future.

DataPro’s assessment was based on a comprehensive review of both qualitative and quantitative factors, including industry dynamics and market intelligence. The quantitative analysis was derived from the bank’s audited financial statements and management accounts.

The A- rating reflects Infinity Microfinance Bank’s strong performance in several critical areas such as capital adequacy, profitability, liquidity, corporate governance, and regulatory compliance. DataPro also highlighted the bank’s ability to sustain its healthy financial profile over the medium to long term.

“This rating upgrade is a testament to Infinity Microfinance Bank’s continued commitment to sound financial practices, positioning it as a key player in Nigeria’s microfinance sector,” DataPro noted.

MD/CEO, Infinity Microfinance Bank,  Gabriel Oludotun Adewunmi, said:  “Our improved rating from the previous BBB to A- is supported by the bank’s very good liquidity position, good profitability, steady growth, strong ability to meet our obligations and good asset quality being accomplished by competent management team and well focused board over the years.”