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Category: Business

  • Job creation: W/Bank inaugurates investment lab, woo Dangote, others

    Job creation: W/Bank inaugurates investment lab, woo Dangote, others

    The World Bank Group on Wednesday announced the inauguration of the next phase of its Private Sector Investment Lab(PSIL), focused on implementing proven solutions at scale.

    This is contained in a statement issued by the World Bank Online Media Briefing Centre made available to the media on Wednesday.

    The statement said the new chapter also expands the Lab’s membership to include private sector leaders in sectors critical to job creation in developing economies.

    It said these sectors included infrastructure and energy, agribusiness, healthcare, tourism, and manufacturing.

    “These industries have a proven ability to translate investment into broad-based employment and economic opportunity.

    “This  aligns  directly with the Bank’s sharpened focus on job creation as a core driver of development.”

    Ajay Banga, World Group President was quoted as saying, “with the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.

    “This isn’t about altruism, it is  about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It is central to our mandate.”

    The Lab brought together leaders from global financial institutions over the past 18-years to identify the most pressing barriers to private sector investment in developing countries and to test actionable solutions.

    The statement said that the work had now been consolidated into five priority focus areas that were being integrated across the Bank Group operations and they include, Regulatory and Policy Certainty.

    Others are Political Risk Insurance, Foreign Exchange Risk, Junior Equity Capital and Securitization.
    It listed the new members of the Lab to  include Bill Anderson, CEO, Bayer AG and Sunil Bharti Mittal, Chair, Bharti Enterprises.

    Others  are Aliko Dangote, President and CEO, Dangote Group, and Mark Hoplamazian, President and  CEO, Hyatt Hotels Corporation.

    The statement said the Lab’s founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, and Ninety One.

    Others are Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group.

    It said the Lab is chaired by Shriti Vadera, Chair of Prudential Plc.

    The statement quoted  Shriti Vadera, Chair, Prudential Plc. and Chair, Private Sector Investment Lab as saying, “We are grateful to the Lab leaders who helped deliver such important results in the first phase.

    “We welcome our new members’ support in continuing our focus on five key areas.”

    The statement also quoted Sunil Bharti Mittal, Chair, Bharti Enterprises, as saying, “The World Bank Group is leading the way with initiatives to grow economies and create opportunities in emerging markets around the globe.

    “I have seen firsthand the power of connectivity to transform lives by creating opportunities for businesses to grow and communities to thrive.

    “I hope that the successes of the telecommunications sector will be valuable as PSIL embarks on the next stage of its important work,” he said. 

  • Enugu A/port: Report of 80-year duration of concession untrue

    Enugu A/port: Report of 80-year duration of concession untrue

    The Ministry of Aviation and Aerospace Development on Monday, in Abuja disputed online reports claiming concession of Enugu international airport had been agreed upon.

    This is contained in a statement signed by Mr. Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development.

    According to Moshood, the online reports are utterly baseless and untrue.

    “Our attention has been drawn to certain online reports/stories suggesting that a certain lengthy period of concession has been agreed upon regarding the Enugu International Airport.

    “It is true that Government is considering proposals for concession of five major airports, this is a proactive measure to ensure these vital facilities meet and maintain international standards, given increasing financial demands of their operations.

    “Many of our airports are presently running at a loss, so they have to be subsidised each month by the Federal Government. It is noteworthy that this initiative to concession started from previous administrations. “

    He, however, said that at this stage, prospective concessionaires have indeed submitted various proposals, including different durations for the concession.

    He further said that the Ministry of Aviation and Aerospace Development had not established any fixed duration.

    According to him, all submitted proposals are currently undergoing thorough evaluation that will eventually be reviewed by the Infrastructural Concession Regulatory Commission (ICRC) before it is presented to the Minister for conveyance to FEC for approval.

    “We can confirm that this review process has not been concluded.

    “However, for the sake of transparency, Festus Keyamo, Minister of Aviation and Aerospace Development, directed, some months ago that the Aviation Labour Unions be included as part of the negotiating teams.

    “Therefore, we must state unequivocally that the information suggesting a predetermined concession duration is false, unfounded, and intended to cause unwarranted disaffection and mistrust in this process by those with entrenched interests.

    “Please be assured that the Ministry of Aviation and Aerospace Development is committed to a transparent process that adheres strictly to due process, “ he said.

    Moshood said that with the minister`s training and track record, he would not allow anything untoward to happen under his watch.

    “ He has so far run the ministry in a transparent manner and will not fall into the same mistake of the past.

    “We will ensure that all decisions are made in the best interest of the nation and the aviation sector. 

  • FCMB jumps PBT 71% to N111.9bn in 2024

    FCMB jumps PBT 71% to N111.9bn in 2024

    First City Monument Bank has recorded a 71 per cent rise in earnings to post N111.9 billion in gross profit for year end, December 31, 2024.

    The Nigerian Exchange Ltd confirmed the bank’s performance record through a corporate statement.

    The growth was impacted by a 56.6 per cent decline in revaluation income and a 1.9 per cent fall in Net Interest Margin.

    The Group’s gross revenue stood at N794.4 billion for December 2023 end, marking a 53.9 per cent jump from N516.4 billion in the previous year.

    This growth was driven by a 75.2 per cent rise in interest income and an 8.7 per cent increase in non-interest income.

    Non-interest income growth was constrained by a 55.7 per cent year-on-year drop in other gains, from N89.3 billion to N39.6 billion.

    Net interest income rose by 27.6 per cent, from N176.6 billion in the prior year to N225.3 billion by December 2024.

    Yield on earning assets improved to 16.2 per cent. However, Net Interest Margin declined by 1.9 per cent due to a 122 per cent rise in funding costs.

    Operating expenses increased by 45.7 per cent, year-on-year, to N229.1 billion.

    This was driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures.

    The cost-to-income ratio closed at 59.9 per cent for the period ending December 2024.

    Net impairment loss on financial assets declined by 30.7 per cent year-on-year to N41.2 billion, down from N59.5 billion.

    Consequently, the cost of risk lowered to 1.8 per cent from 3 per cent.

    The Group’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 per cent and investment management by 27.9 per cent, while the banking group declined by 7.7 per cent.

    Group earnings remained diversified, with non-bank subsidiaries accounting for over 30 per cent of profits.

    Loans and advances increased by 28 per cent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024.

    Total assets grew by 59.5 per cent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024.

    Customer deposits rose by 39.4 per cent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024.

    On recapitalisation, the statement read, “In line with the CBN’s directive, the Group focused on strengthening the banking franchise and building a more resilient balance sheet in 2024.

    “We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS.

    “Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking License.

    “The capital injection has enabled First City Monument Bank Ltd. to secure its National Banking License and raise its capital adequacy ratio to 18 per cent.

    “This has created essential buffers to support asset creation in select segments.”

  • 36th Enugu Int’l T/Fair attracts 200 companies – Official

    36th Enugu Int’l T/Fair attracts 200 companies – Official

    The Enugu Chamber of Commerce, says it expects over 200 indigenous companies to participate at it’s forthcoming 36th Trade Fair. 

    The Chamber disclosed also that it expects participation from Chinese, Indian, Tunisian and Ghanaian companies.

    The Director-General of the Chamber, Mr. Uche Mba told newsmen in Enugu on Tuesday that about 100 indigenous companies would exhibit at the Fair.

    The week-long Fair, will kick off on April 4.

    The theme of this year’s fair is “Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition”.

    Mba said that over 120 Medium, Small and Nano Enterprises had indicated interest to exhibit their products and services at the Fair.

    He said Chinese, Indian, Tunisian, Ghanaian companies have indicated interest and working to have their stands at the fair.

    “Within the West African sub-region, the High Commissioner of Ghana sent in an official from Abuja to come and inspect the trade fair premises some days ago.

    “He was sent to make sure that it will be a good one for them and to make necessary arrangements.

    “So, for now, lots of companies within the West African sub-region have indicated interest and will be there live during the fair,’’ he said.

    Mba said that the Chamber had put strategies in place to ensure that stakeholders benefit from participation in the Fair.

    “We took a bold step for the first time in November 2024 and signed a Memorandum of Understanding with Xavier Communications, to develop a robust marketing plan and attract companies.

    “The chamber is putting finishing touches on an additional air conditioned tent, which is the biggest tent ever in the country, at the fair ground to ensure that where possible, all exhibitors would display indoors.

    “This move was in our quest to revive the glory of the Enugu International Trade Fair and give the exhibitors, participants and general public coming to the Fair a positive experience.

    “We are particularly happy that this step has proven to be in the right direction as we have been receiving streams of enquiries and interests from corporate/multinational organisations and institutions declaring interest to participate in the forthcoming fair,” he said.

  • MOFI Real Estate Investment Fund set to radically tackle national housing deficit

    MOFI Real Estate Investment Fund set to radically tackle national housing deficit

    • Secures NGN250 Billion in Pilot Fundraising, Fully Subscribes Series 2 Offer

    The MOFI Real Estate Investment Fund (MREIF) has successfully completed its NGN250 billion pilot fundraising, marking a significant milestone in Nigeria’s housing finance sector.


    The NGN100 billion Series 2 issuance was fully subscribed, reflecting strong private sector confidence in the fund’s structure and long-term potential.

    The announcement was made in a statement by Sani Yakubu, Executive Director (Coordinator) of MREIF, confirming that institutional investors demonstrated robust demand for the offer.

    MREIF has emerged as a credible, market-driven investment platform, backed by Aaa and AA ratings from Agusto and GCR, respectively.

    The fund aims to bridge Nigeria’s housing finance gap by mobilizing capital into the sector.

    Following MOFI’s sole investment in the NGN150 billion Series 1 offer, the full subscription of Series 2 highlights increasing private sector participation, positioning MREIF as a key player in unlocking long-term, low-cost mortgage financing at scale.

    Wale Edun, Minister of Finance and Coordinating Minister of the Economy, described the successful closure of the pilot phase as a turning point for Nigeria’s housing sector.

    “The full subscription of the Series 2 offer demonstrates the pent-up demand for structured, long-term housing finance and affirms the private sector’s confidence in MREIF as a sustainable investment vehicle,” Edun stated.

    MREIF is designed to tackle housing supply and demand constraints by offering affordable mortgage financing with up to 20-year repayment tenors at interest rates as low as 12%.

    A rate that is significantly lower than commercial rates and off-take guarantees for developers; and, unlocking financing for large-scale housing projects.

    According to Dr. Armstrong Ume Takang, MD/CEO of MOFI, the fund is opening new investment opportunities in Nigeria’s housing sector.


    “MREIF is unlocking new investment frontiers in Nigeria’s housing sector. This fully subscribed series demonstrates investor confidence in the fund structure and its long-term potential, which MOFI fully supports,” Takang said.

    The coordinator also noted that with MREIF’s NGN1 trillion multi-tranche programme now in progress, future fundraising rounds will focus on increasing private sector participation and accelerating housing development, as the fund is structured to integrate with commercial banks, mortgage institutions, developers, and other financial players to expand access to housing finance.

    He also noted that investor engagement opportunities are now open, and institutional partners are encouraged to participate in upcoming rounds.

    The MOFI Real Estate Investment Fund (MREIF) is a Securities and Exchange Commission (SEC- approved) and regulated investment vehicle focused on expanding homeownership and strengthening Nigeria’s housing sector.

    By combining public and private sector capital, MREIF seeks to improve housing affordability while driving economic growth.

    With NGN250 billion already raised, the fund is a key driver of investment in long-term housing finance.

  • NNPC Ltd,  Ssonic petroleum sign  80mmscf/d gas supply deal 

    NNPC Ltd,  Ssonic petroleum sign  80mmscf/d gas supply deal 

    The NNPC Gas Marketing Ltd. (NGML), and NIPCO Gas Ltd., have signed an agreement with Ssonic Petroleum Ltd. to supply natural gas to the company’s proposed Liquefied Natural Gas (LNG) plant in Lagos State.

     NGML, a subsidiary of the NNPC Ltd. and its Unincorporated Joint Venture (UJV) partner, NIPCO, executed the Gas Sale and Purchase Agreement (GSPA) with Ssconic to supply gas to its plant located at Lekki Free Trade Zone, Lagos state.

    The NNPC Ltd.’s Spokesperson, Olufemi Soneye, in a statement on Friday in Abuja, said under the terms of the agreement executed, the NGML-NIPCO UJV would supply 80 million standard cubic feet (mmscf) per day of natural gas for 20 years.

    Managing Director, NNPC Gas Marketing Limited (NGML), Justin Ezeala and CEO of Ssonic Petroleum Ltd, Ifeoma Douglas, sign an 80mscf Gas Supply Agreement between the two companies for the proposed LNG Plant in Lekki Free Trade Zone, Lagos.

    He said the gas supply agreement was part of efforts by the NNPC Ltd. to boost domestic gas utilisation for the nation’s industrial and economic growth.

    This development , he said would promote the use of gas as a cleaner, cheaper and more environmentally friendly fuel in keeping with the goal of reducing global warming. 

  • Don’t invest in ‘Pro-Vest’, ‘My Share’ schemes – SEC warns 

    Don’t invest in ‘Pro-Vest’, ‘My Share’ schemes – SEC warns 

    The Securities and Exchange Commission (SEC) has warned the public against investing in ‘Pro-vest’ investment scheme and ‘My Share’ operating under UYJ multi trade Ltd.

    SEC in a notice in Abuja on Friday said Pro-vest was being promoted by Promiseland Estates Ltd., and Promiseland Building & Construction Ltd. which called themselves Investment Advisers/Fund Managers in the country’s capital market.

    The commission said that MY SHARE operating under the name, UYJ Multi trade Ltd., was also parading as an Investment Adviser/Fund Manager in the market.

    SEC said both companies were not registered to operate in any capacity in the country’s capital market.

    The commission described the investment schemes as illegal and warned the public against dealings with them.

    ”The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.

    ”The public should also refrain from engagement with MY SHARE and UYJ Multi trade Ltd. or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

    ”The investing public is, therefore, reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting with them,” the commission said

    SEC reiterated that transacting in the country’s capital market with unregistered and unregulated entities would expose investors to the risk of fraud and potential loss of investment. 

  • Stock market gains N91bn

    Stock market gains N91bn

    The Nigerian stock market closed the week on a positive note on Friday, with market value growing by N91 billion.

    Specifically, market capitalisation which opened at N67,102 trillion, closed at N67,193 trillion, gaining N91 billion or 0.14 per cent.

    Similarly, All-Share Index improved by 146 points or 0.14 per cent to close at 107,821.39, compared to 107,675.46 posted on Thursday.

    On the price movement chart, 34 stocks recorded price depreciation against 26 gainers.

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    Red Star Express led the losers’ chart, dropping by 9.96 per to close at N6.60 per share.

    Also, Learn Africa fell by 9.84 per cent to close at N3.30 per share, Multiverse Mining and Exploration dropped by 9.72 per cent to close at N9.75 per share.

    Also, Cadbury Nigeria inched down by 9.62 per cent to close at N26.30 per share.

    Linkage Assurance Plc lost by 5.80 per cent to close at N1.30 per share.

    Austin Laz and Company led the gainers’ chart with a 10 per cent gain to close at N2.09 per share.

    This is followed by Oando with a gain of 9.94 per cent to close at N58.05 per share while Caverton increased by 9.67 per cent to close at N2.95 per share.

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    Also, John Holt rose by 9.62 per cent to close at N7.98 and PZ gained 9.09 per cent to close at N35.40 per share.

    A total of 458.26 million shares worth N14.078 billion were exchanged in 12,213 transactions, compared with 423.42 million shares worth N9.57 billion exchanged in 11,112 transactions on Thursday.

    On the activity table, Zenith Bank maintained the lead in volume and value of deals, exchanging 122 million shares worth N5.9 billion.

  • Rural Electrification Agency gets new Chief Executive Officer

    Rural Electrification Agency gets new Chief Executive Officer

    President Bola Ahmed Tinubu has appointed Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA).

    According to a statement by Bayo Onanuga, Special Adviser to the President, Information  & Strategy “the appointment, effective from January 23, 2025, is for an initial term of four years.

    Aliyu has been acting as the agency’s managing director since March 2024 until his appointment.

    He has over 20 years of experience in energy and organisational development in the private and public sectors. He has played key leadership roles in the on-grid and off-grid power sectors, as well as the water resources and transportation sectors of Nigeria’s economy.

    READ ALSO: Addressing challenge of frequent grid collapse in Nigeria

    Previously, he was head of the Project Management Unit at the Nigeria Electrification Project; General Manager of Corporate Services, Projects, and Research, and Deputy General Manager at Nigeria Bulk Electricity Trading PLC (NBET).

    President Tinubu anticipates that Aliyu will leverage his extensive expertise to further the REA’s mission of providing rural communities with reliable electric power and contributing to the administration’s Renewed Hope Agenda on sustainable energy and power.

  • Ecobank promotes savings culture, rewards N42m to customers

    Ecobank promotes savings culture, rewards N42m to customers

    Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to customers through its Super Rewards ‘Millionaire Geng Promo’.

    The initiative is part of bank’s strategy to reward customers’ loyalty, and deepen financial inclusion for all classes of Nigerians.

    Speaking at the grand finale of the promo on Friday in Lagos, Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, said that the initiative was designed to reward customers for cultivating a strong savings habit.

    “It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

    She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

    “We want our customers to trust the process. Every winner is verified, and we ensure fairness at every stage,” she added.

    Ogunyemi also noted the increasing awareness of savings amid economic challenges.

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    “With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

    “This has led to a steady rise in deposits across the banking sector,” she said.

    Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

    “Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

    “This initiative is about showing our customers that every amount saved adds up over time,” she said.

    Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

    “A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

    “Month after month, deposits have increased, which is very encouraging,” she added.

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    About the credibility of the Millionaire Geng Promo, Ogunyemi reassured customers of the programme’s transparency.

    “At first, many people didn’t believe in this initiative. But we have ensured transparency by involving regulators for quality assurance, airing every draw live, and bringing past winners to share their stories,” she explained.

    She further emphasised that savings, beyond just winning rewards, provide financial security.

    “The most important thing is that everyone who saved has already won, not just in the promo but in their financial journey. Whether it’s N1,000 or N50,000, it all adds up,” she noted.

    Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

    “With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

    “Across the banking industry and within Ecobank, savings deposits have consistently grown.

    “We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

    She reiterated the bank’s commitment to supporting customers on their financial journey.

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    “The impact of this initiative has been significant. We have seen an increase in deposits, and more customers are realising the benefits of financial discipline.

    Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

    “First and foremost, I would like to congratulate all our winners.

    “It is important to note that what gave them the opportunity to win was their commitment to saving.

    “We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

    “The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

    He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

    “I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

    Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

    A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

    Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively.