The African Export-Import Bank (Afreximbank) plans to support Nigerian airlines with 25 aircraft via a leasing subsidiary, using dry lease financing to boost their competitiveness.The dry lease financing model allows airlines to lease aircraft without crew, maintenance, or insurance, offering greater operational control.Mrs. Helen Brume, Director of Project and Asset-Based Finance at Afreximbank, announced the initiative at the close of the Airline Economics Growth Frontiers Global conference in Dublin on Wednesday, which gathered aviation experts from around the world.The News Agency of Nigeria (NAN) reported the announcement on Thursday.The initiative aims to fill gaps in aviation infrastructure, improve competitiveness, and…
Author: Oladi Samuel
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The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has said that the planned increment in telecommunications tariffs to be approved by the Nigerian Communications Commission (NCC) should not be more than 60%.Tijani stated this while featuring on a Channels TV program on Wednesday, where he insisted that the 100% increment requested by the telecom operators is impossible.According to him, the government is doing a lot of other things policy-wise to ease the burden on the telecom operators and ensure the industry’s sustainability.Responding to a question on the possible percentage increment the NCC may likely come up with…
The Nigerian Communications Satellite (NIGCOMSAT) has partnered with Eutelsat, a global satellite communications leader, to deploy Low Earth Orbit (LEO) satellite services in Nigeria.This was disclosed by Aisha Bantam, Head of Corporate Affairs at NIGCOMSAT, in a statement issued in Abuja on Wednesday.A Low Earth Orbit (LEO) satellite is a satellite that orbits close to the Earth, typically at altitudes between 500 and 2,000 kilometers. This proximity allows for faster data transmission with minimal delay, making it ideal for high-speed internet and real-time applications. Unlike traditional geostationary satellites that orbit at approximately 35,786 kilometers above the Earth, LEO satellites operate…
The Federal Government has announced plans to distribute N75,000 cash transfers to an estimated 70 million ‘poorest of the poor’ Nigerians by 2025.This was disclosed by Prof. Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction, during his appearance on The Morning Show on Arise Television on Wednesday.Prof. Yilwatda revealed that the ministry aims to deploy the program across all 36 states of the federation by the end of January 2025, targeting the registration of up to 18.1 million Nigerian households through the National Identity Number (NIN) system.“We want to deploy by the end of January across 36 states to…
Following the groundbreaking success of the first Wellosophy Bootcamp, Oriflame Nigeria has launched Wellosophy Bootcamp 2.0, an eight-week wellness transformation program set to inspire, motivate, and empower even more Nigerians to live their healthiest lives.The initiative kicked off on Saturday, 11th January 2025 with 200 selected participants from across the country who will embark on a journey toward improved well-being.Building on the success of Wellosophy Bootcamp 1.0 Oriflame Nigeria’s first bootcamp was nothing short of revolutionary. With over 100 participants across six cities, the program delivered life-changing results, transforming the lives of many through an expertly crafted regimen of nutrition, physical…
The Hook Creative has added international luxury brands Hennessy and Moët & Chandon to its portfolio after a fiercely competitive business review and pitch exercise involving some of the industry’s leading creative agencies in NigeriaMoët Hennessy Nigeria selected The Hook Creative for its exceptional creative execution, strategic insights, and innovative, data-driven strategies designed to elevate the brands.According to sources familiar with the business, “The Hook Creative Agency stood out due to its well-thought-out, highly strategic plans, which are future-forward and perfectly suited to propel the brands to new heights”. The brief spans all facets of marketing, with the aim of…
Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.There is a subsisting commercial transaction between…
Ghana’s annual inflation rate ended December 2024 with a notable increase of 80 basis points, climbing to 23.8%.According to data from a bulletin released by the Ghana Statistical Service (GSS) in early January, this rise was primarily driven by significant increases in the prices of food and non-alcoholic beverages.The report highlighted a consistent marginal increase in inflation over four consecutive months, climbing from 23% in November to 23.8% in December.This December figure marks the highest inflation rate since April 2024, when it stood at 25%, surpassing May’s rate of 23.1%.Food and non-alcoholic beverages emerged as the primary contributors to this…
The headline inflation rate in Nigeria experienced a slight increase, reaching 34.80% in December 2024, as reported by the National Bureau of Statistics.This marks a marginal rise of 0.20% from November 2024’s rate of 34.60%, primarily driven by the increased demand for goods and services during the festive season.In December 2024, the headline inflation rate of 34.80% was 5.87% higher than the rate recorded in December 2023, which stood at 28.92%.This year-on-year increase indicates a significant rise in the cost of living compared to the same month in the previous year.On a month-on-month basis, the headline inflation rate in December…
The Nigerian Communications Commission (NCC) has granted approval to Mobile Network Operators comprising MTN, Airtel, Globacom, and 9mobile, to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks from their networks.This follows years of complaints by the telecom operators over the non-payment of debt owed by the banks for the USSD service, for which the banks continue to charge their customers.According to a notice issued on Wednesday by the NCC, the banks to be disconnected include First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank.If…