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The Abuja Electricity Distribution Company (AEDC) has cut off power supply in Abuja due to the ongoing strike action initiated by the Nigeria Labour Congress (NLC). In response to customer reactions, AEDC has appealed for patience while discussions with stakeholders are ongoing. The article explores customer reactions and questions regarding AEDC's participation in the strike.
Lafarge Africa Plc has reaffirmed its commitment to environmentally sustainable operations by investing in state-of-the-art technology. The company has installed a new bag filter technology at its Ewekoro plant, complying with Nigerian regulatory standards. Lafarge Africa aims to conduct its business with zero harm to people and minimize its environmental footprint. The company has also implemented measures to reduce fugitive emissions and conducted a social impact assessment to mitigate the environmental impact on local communities.
The National Pension Commission (PenCom) has urged employers and companies to refrain from using touts and agents when applying for pension clearance certificates. This practice is not only illegal but also goes against the provisions of the Pension Reform Act 2014. Employers are advised to directly contact PenCom for all matters related to the application process, which is free of charge and easy to navigate.
Nigerian equities opened the week with strong gains, recording a massive increase of N412 billion on demands in Dangote Sugar Refinery Plc and other major stocks. The market capitalization rose to N37.370 trillion, while the All-Share Index gained 1.11% to close at 68,279.14 points. The upturn was driven by price appreciation in large and medium-capitalized stocks, indicating positive market breadth.
Stakeholders will gather on October 5, 2023, to discuss investment opportunities and address challenges in Nigeria's energy sector. The conference will focus on Nigeria's energy transition plan and the need for increased investments to achieve the set goals. Various industry experts, regulators, and key players in the oil and gas sector are expected to attend the conference.
The solid minerals sector in Nigeria generated N193.59 billion in revenue in 2021, according to a report by the Nigerian Extractive Industry Transparency Initiative (NEITI). The report highlighted the significant increase in revenue from the sector and called for the implementation of sustainable strategies to boost revenue and reduce reliance on single minerals.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed investment. Led by Goat Capital, the funding round saw participation from FoundersX, Rebel Fund, Y Combinator, and Byld Ventures. Anchor offers APIs, dashboards, and tools for developers to embed and build banking solutions, and it aims to provide personalised services and flexibility at a lower cost.
President Bola Tinubu's government is facing numerous challenges three months after assuming power. These challenges include the impact of fuel subsidy removal, negotiations with the Nigeria Labour Congress, and handling the Niger and Gabon coup crises. Despite these difficulties, experts commend some of Tinubu's decisions in addressing the nation's economic issues.
The House of Representatives ad hoc committee on non-remittance to the National Housing Fund has summoned the CEOs of insurance companies to address their alleged N267 billion investment fund debt. The committee seeks to investigate the violation of the National Housing Fund Act, which mandates investment in real property development. Non-compliance from the insurance companies has raised concerns, prompting the committee to demand explanations and evidence of payments made to the Federal Mortgage Bank of Nigeria.
Nigerian Exchange Limited (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) have announced their collaboration to advance advocacy efforts, encourage listings, and enhance capacity development in the Nigerian capital market. This partnership aims to promote the advantages of listing for non-listed corporates and increase retail investor participation through digital transformation and strategic alliances with Fintech companies. NGX's commitment to building a thriving market and LCCI's dedication to the sustainable development of the Nigerian capital market will drive this collaborative effort.
The removal of fuel subsidy in Nigeria has significantly impacted the economy of Lagos, Africa's largest commercial center. The hike in petrol prices and weak local currency have led to a decline in business activities and commuting, affecting small businesses and low-income earners. While the move to end the subsidy was deemed necessary, it was done abruptly without proper preparations, exacerbating the economic hardship in Lagos.
The Nigerian Exchange Limited (NGX) has expressed its eagerness to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) in advancing advocacy efforts, encouraging listings, and enhancing capacity development. NGX aims to leverage technology and strategic partnerships to boost retail investor participation and create a thriving financial market.
Nigeria is taking steps to diversify its economy and reduce its dependency on oil by setting up a state-backed corporation in the mining sector. The Nigerian Solid Minerals Corporation aims to attract foreign direct investment and leverage the country's attractive investment climate. This move comes as part of President Bola Tinubu's efforts to improve Nigeria's investment climate and draw global capital to develop infrastructure.
Nigeria is set to establish the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments into the country's mining sector. As part of efforts to diversify from overreliance on oil, the corporation will seek partnership agreements with multinational companies to secure massive foreign direct investments. President Bola Tinubu is determined to improve Nigeria's investment climate, promote investments, and mobilize global capital to develop infrastructure. The corporation also plans to engage local financial institutions to promote investment in the mining sector, which has been largely overlooked in the past. This move signals Nigeria's commitment to bolstering its mining industry and driving economic growth.
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