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The Nigerian Exchange Limited (NGX) has been ranked as the second best-performing exchange in Africa in the second quarter of 2023. Despite concerns about inflation and weak macroeconomic conditions, the Nigerian stock market has remained strong, attracting investors' confidence. The bullish trend can be attributed to favorable policies introduced by President Bola Tinubu's administration and the recent formation of the country's economic cabinet. Analysts anticipate a broadly favorable market in the second half of 2023, projecting strong earnings performance for listed Nigerian corporates.
The Nigeria Civil Aviation Authority (NCAA) has suspended the air operator certificate (AOC) and air transport licence (ATL) of XEJET, a local airline, due to concerns over the authenticity of its insurance documents. The suspension will remain in effect until the investigation is concluded. This move highlights the importance of maintaining stringent safety measures in the aviation industry.
The Edo State government is set to tap into the vast untapped potential of solid minerals in the state. With abundant deposits of coal, lithium, and dolomite, the state can generate billions of dollars in revenue. To achieve this goal, the government has established new units in the Ministry of Mining and Energy. The commissioner for mining and energy, Hon. Enaholo Ojiefoh, shared these plans during an interactive session with the press. The government aims to create a comprehensive database of investments, opportunities, and stakeholders in the mining sector to facilitate the harnessing of these resources.
The Nigerian National Petroleum Company Limited (NNPCL) has voiced its concerns over the lack of transparency and disregard for due process in the ongoing onshore asset divestment deal between ENI and Oando. NNPCL highlights the importance of adhering to the Joint Operating Agreement and securing consent from all parties involved. Failure to do so may result in legal implications and fracture hydrocarbon exploration. This article delves into the details of the NNPCL's concerns and emphasizes the importance of respecting agreements in the oil and gas sector.
CDLP Hub Ltd, also known as Concept De Là Paix, celebrated its 1st year anniversary in grand style in Ibadan, Oyo State. The event was attended by notable personalities, CEOs, top entrepreneurs, friends, and family. The CEO and founder, Mr. Peace Adedokun, reiterated the company's commitment to simplicity and innovation in his speech.
A lack of financing is hindering Africa's transition to a green and fair future. Despite being rich in natural resources and having great potential for renewable energy, the continent receives only 2% of global clean energy spending. The International Energy Agency (IEA) and the African Development Bank Group have called for a doubling of energy investment in Africa by 2030, with two-thirds of that going into the clean energy sector. It is essential to increase funding and create an investment environment that encourages private investors to participate in clean energy projects.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed funding led by Goat Capital. The fintech offers APIs, dashboards, and tools to help developers embed banking solutions. Anchor aims to deliver personalized services and flexibility at a lower cost while addressing financial inclusion in Nigeria's rapidly changing digital banking landscape. With over 270 clients, the YC-backed firm has generated $550 million in annualized total transaction volume. It plans to improve compliance systems, invest in value-added products, and onboard more customers following the latest funding round.
Athan Achonu, the governorship candidate for the Labour Party in Imo State, Nigeria, has unveiled his vision to transform the state into Africa's version of Silicon Valley. He plans to develop 10,000 coders across all local government areas in the state and establish IT E-Kiosks to interconnect them. This youth empowerment initiative aims to create job opportunities and boost the state's Gross Domestic Product (GDP) through the flourishing ICT sector. Achonu also intends to consolidate the health system master plan and revitalize the healthcare sector.
Nigeria is facing a severe inflation crisis, with prices of goods and services skyrocketing. This has led to a decline in economic growth and has significant implications for businesses across various sectors. Olaniyi Yusuf, Chairman of NESG, has outlined some solutions to tackle this crisis and help businesses remain resilient. From renegotiating supply contracts to implementing dynamic pricing and investing in digital transformation, businesses can adopt proactive measures to mitigate the impact of inflation and maintain profitability.
Chairman of the House of Representatives Committee on China-Nigeria relations, Hon. Jaafar Yakubu, has dismissed media reports claiming that Chinese companies are involved in illegal mining activities in Nigeria. According to the lawmaker, Chinese companies are crucial to the growth of the mining industry in the country, providing capital, equipment, technology, and cooperation with local miners. Yakubu emphasized that mining owners are primarily local Nigerians, and any illegal mining activities require the cooperation of locals in host communities. This article explores the role of Chinese companies in Nigeria's mining industry and clarifies misconceptions about their involvement in illegal mining.
Asiwaju Michael Olawale-Cole, President of the Lagos Chambers of Commerce and Industry (LCCI), emphasized the importance of government policies in enhancing local production and reducing import dependency. Speaking at the 2023 LCCI Agro Fair and Symposium, Olawale-Cole highlighted the need for favorable business environments, access to funds and land titles in the agriculture sector. He also noted that the current government's promise to create an enabling environment could attract more foreign companies to invest in Nigeria's agriculture industry.
Ambassador Idris Busari, a prominent Lagos business tycoon and media consultant, expresses his support for Adebayo Adelabu as the best choice for the power sector in Nigeria. He believes that Adelabu's transformation plan will bring stable power supply to the country sooner than expected. Busari emphasizes the need for support instead of criticism, as the power sector plays a crucial role in the socio-economic development of Nigeria.
Minister Nyesom Wike has pledged to revamp the Abuja Urban Mass Transportation Company (AUMTC), addressing the challenges faced by the company. He expressed his vision to transform Abuja's transportation system into a world-class one. Wike also aimed to tackle the issue of "one chance" operators and emphasized the need for everyone to prioritize the well-being of government-owned assets. The House of Representatives Committee on Mass Transit expressed unwavering support for the Minister's efforts.
The Enugu Electricity Distribution Company (EEDC) has clarified that the current loss of power supply in certain areas is a result of the Nigerian Labour Congress (NLC) strike, which forced the shutdown of Transmission Company of Nigeria (TCN) stations supplying EEDC's injection substations. The affected TCN stations include New Haven, Ohiya, and Egbu transmission stations, leading to disrupted supply to customers in several districts. EEDC assures customers of continuous monitoring and timely updates while seeking understanding during this inconvenience.
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