The Lagos State Government has officially signed an agreement for the development of a major housing project in Ikorodu.The Odonla-Odugunyan housing estate project, set to cover an expansive 9.98 hectares of land, will feature 704 modern 2-bedroom apartments across 44 blocks.The announcement was conveyed via the official Facebook page of the Lagos State Government on Friday.Accompanying the post was a picture of the Lagos State Governor, Babajide Sanwo-Olu, flanked by his Deputy, Obafemi Hamzat, and two other individuals. Each person was seen holding up a copy of the apparent agreement, signifying that the governor had signed the deal on behalf…
Author: Oladi Samuel
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Nigeria has reportedly renewed a currency swap deal worth $2 billion with China in a bid to strengthen bilateral trade and investment between both countries.As reported by Bloomberg, the renewal of the currency swap deal of $2 billion (15 billion yuan) was confirmed by the People’s Bank of China on Friday.The currency deal involves providing naira liquidity to Chinese businesses and yuan liquidity to Nigerian businesses, in order to reduce both parties’ dependence on the dollar for transactions.The deal was first signed in April 2018 for a period of three years amid dollar shortages in Nigeria. However, “the agreement is…
Access Holdings Plc, the parent company of Access Bank, has secured “full regulatory approval” from the CBN and SEC for its Rights Issue.The bank was the first of the FUGAZ to embark on a right issue earlier in the year where it sought to raise N351 billion, increasing its share capital to N600 billion. The bank confirmed in a recent notice to investors that it successfully raised the N351 billion becoming the first to surpass the CBN’s N500 billion minimum capital requirement for banks with international authorization, well ahead of the March 2026 deadline.According to the disclosure, the rights issue of…
Nollywood’s queen of comedy, Funke Akindele, has delivered another cinematic triumph with Everybody Loves Jenifa.The film has shattered records, grossing an unprecedented N783 million within its first 14 days in theaters.Released on December 13, 2024, the highly anticipated sequel has captured the imagination of audiences nationwide, achieving N511 million in just 12 days and cementing its position as the year’s highest-grossing film.On Boxing Day alone, the movie brought in a jaw-dropping N107 million, setting a new benchmark for daily box office.According to industry data, Everybody Loves Jenifa shattered records early on, earning N355.1 million within its first week. By its…
The Federal Government raised a total of N211.144 billion from its December 2024 bond auction, significantly lower than the N346.155 billion raised in November.The Debt Management Office (DMO), which conducted the auction, reopened two existing instruments: the 19.30% FGN APR 2029 (5-Year Bond) and the 18.50% FGN FEB 2031 (7-Year Bond).The auction reflected a marked decline in both subscriptions and allotments, emphasizing a shift in market dynamics.Decline in subscription and allotment volumes In the December auction, held on December 16, 2024, total subscriptions across the two bonds amounted to N278.82 billion.This figure represented a N90.765 billion reduction, or 24.56% decline, from…
The Federal Government has announced plans to upgrade 815 cattle markets across Nigeria to align with global best practices.This important initiative is part of broader efforts to modernize the livestock sector and significantly enhance its economic value.The disclosure was made by the Minister of Livestock Development, Idi Muktar Maiha, during a working visit to the Gongoshi grazing reserve in Mayo-Belwa, Adamawa, on Friday, as reported by the News Agency of Nigeria (NAN).According to the NAN report, Maiha outlined the government’s focus on upgrading cattle markets nationwide, aiming to align them with international standards and enhance facilities for stakeholders.“He further announced…
The federal government is set to take a major step towards improving the country’s electricity billing system with plans to purchase 10 million prepaid meters for distribution nationwide in 2025.This initiative, announced by the Minister of Power, Adebayo Adelabu, aims to address long-standing issues with estimated billing, which has left many Nigerian consumers frustrated and overcharged.During the commissioning of mobile power substations in Oyo and Ogun States, Adelabu shared details of the ambitious project, highlighting that the first batch of 2 million prepaid meters will be distributed to consumers before the end of the first quarter of 2025 as part…
In a landmark recognition of exceptional leadership and contributions to the real estate sector, Bldr. Ololade David Osungbohun, the Managing Director/CEO of Annuva Homes Limited, has been conferred with a Doctorate Award and Inducted into the prestigious Chartered Institute of Public Resources Management & Politics (CIPRMP), Ghana.This esteemed accolade highlights Bldr. Osungbohun’s trailblazing achievements in redefining real estate in Nigeria and his relentless pursuit of excellence in building innovative and impactful projects.The CIPRMP, an internationally recognised body promoting leadership, governance, and sustainable development selected him for his outstanding contributions to property development and management in Africa’s largest real estate market.A…
The Nigeria Customs Service (NCS) on Friday opened applications for recruitment of officers into various positions in its Superintendent, Inspector, and Customs Assistant cadres.This follows a recent announcement by the NCS that it had secured approval to recruit 3,927 officers in 2025, as part of its ongoing efforts to enhance trade facilitation and support the nation’s economic recovery.The Customs, while announcing the recruitment exercise warned Nigerians to be wary of scammers who may want to use the exercise to scam them.“Our recruitment process is completely FREE and FAIR. We DO NOT charge any fees at any stage of the recruitment…
In today’s rapidly evolving business landscape, Microfinance Banks (MFBs), Fintechs, and Other Financial Institutions (OFIs) face challenges that hinder their ability to drive financial inclusion and economic growth.From challenges with adapting to digital transformation, to navigating regulatory complexities, these institutions often lack access to scalable technology, technical expertise, and secure infrastructure needed to meet the growing demands of a tech-savvy customer base.These challenges, however, present immense opportunities for innovation, offering a chance to redefine traditional financial models and create lasting impact on both businesses and communities.This is the driving force behind Interswitch’s TechConnect Series, a dynamic platform designed to bridge…