Trading on the Nigerian Exchange Ltd. (NGX) closed negatively, with investors losing N72.51 billion on Monday.

The market capitalisation, which opened at N67.418 trillion, fell by 0.10 per cent to close at N67.345 trillion.

Similarly, the NGX All-Share Index (ASI) dropped by 0.10 per cent, settling at 107,937.74 points.

The total value of shares traded was N12.806 billion across 17,095 deals on Monday.

By the close of trading, 20 companies recorded gains, while 42 equities declined in value.

Nigerian Breweries led the gainers, rising by 10 per cent, gaining N3.30 to close at N36.30. Cadbury followed, increasing by 9.97 per cent to N32.00.

Ikeja Hotel topped the losers, shedding 10 per cent, dropping N1.40 to close at N12.60. Learn Africa also fell by 10 per cent, losing 43k to settle at N3.87.

Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price.

Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

A statement explained that it is part of its efforts to better serve its customers and Nigerians in general.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country. However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the President has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market. The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.

The federal government has taken over Keystone Bank following a ruling by the Lagos State Special Offences Court.

The troubled bank announced the takeover in a statement on Tuesday.

The trial judge, Justice Rahman Oshodi, ordered the ownership transfer and the forfeiture of 6.3 billion units of ordinary shares to the federal government at a nominal rate of one naira per share.

“At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the bank previously held by the shareholders in favour of the Federal Government of Nigeria,” said the financial institution. “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

On January 10, 2024, the Central Bank of Nigeria announced the dissolution of the bank’s “previous board and management” for corporate governance breaches.

The apex bank followed this action by appointing a new board and management for the bank.”

“Subsequently, the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank,” the statement said.

Despite the crisis, Keystone said, “We assure our customers that the bank remains safe, healthy, strong, and resilient.”

The Kano government says it has earmarked N16.6 billion for the agricultural sector in this year’s budget to achieve food security and increase citizens’ income.

The Commissioner for Budget and Economic Planning, Musa Shanono, disclosed this while giving the 2025 budget breakdown on Thursday.

Mr Shanono said about N3 billion was earmarked for constructing the 3.1 billion litres Dansoshiya Dam and providing flowing channels.

He said the Kano State Agricultural and Rural Development Authority and Kano State Agro-Pastoral Development Project Intervention Programme would receive N5.6 billion to enhance agricultural productivity and competitiveness.

“Improved inputs for farmers will get N815 million for purchasing demonstration seeds, fertilizers, and agrochemicals,” he said.

The commissioner also said N571 million would go into constructing onion beds in the three senatorial districts. He said N391 million was budgeted for programmes targeting women in agriculture under the value chain development.

He said the government would spend N167 million to procure veterinary clinics and essential materials. Mr Shanono also said N162 million was budgeted to establish a pasture museum at Kadawa to support KSADP.

“These investments demonstrate the state government’s commitment to developing its agricultural sector, creating opportunities for farmers and herders, and ensuring food security for its citizens,” he explained.

The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the Naira closed trading at N1,522.68 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Wednesday, recorded a high of N1,514.00 and a low of N1,504.00.

The Naira has enjoyed relative stability against the US dollar since Dec. 2024, when the Central Bank of Nigeria’s (CBN) introduced sustained sweeping reforms.

The apex bank on Tuesday in Abuja, introduced more measures, leading to additional health for the local currency.

The News Agency of Nigeria (NAN) reports that the apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.

CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.

The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.

Dr Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), in an interview with NAN on Wednesday, praised CBN for the waiver for his members.

Gwadabe called for support and compliance to CBN’s ongoing reforms, resulting in sustained stability of the local currency.

He also appreciated the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market.

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Gwadabe said.

The Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States.

The refinery resorted to crude importation as local supply challenges hindered the new $20 billion refinery’s push to reach full refining capacity.

Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year.

However, low local crude supply from the Nigerian National Petroleum Company Limited is currently a challenge to this plan to ramp up daily production.

The 12 million barrels of crude has already left the United States and will land in Nigeria next month, according to the news from African Report.

“About 12 million barrels of crude have departed the U.S. and should arrive in Nigeria by February,” an insider source told The Africa Report.

Dangote Petroleum Refinery is said to be importing more crude oil as supply from the NNPC becomes insufficient for fuel production at the $20bn Lekki-based facility.

Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year.

The NNPC is reportedly struggling to supply 350,000bpd to the Dangote refinery from the 450,000bpd crude meant for Nigeria’s local consumption.

With its current production capacity of 500,000bpd, officials said there is a need to look beyond the shores of Nigeria for the feedstock.

It was said that the feedstock needed by the refinery daily cannot be solely supplied by the state-owned oil company, NNPC.

Recall that in July, President Tinubu ordered the NNPC to sell crude oil to local refineries in naira.

According to the crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria signed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, the Dangote refinery would require 550,000 barrels of a blend of Nigerian crude oil daily, 17.05 million barrels monthly, and 99.55 million barrels between January and June 2025.

The Dangote refinery is already building eight more tanks to store imported crude. The facility is planning to stockpile imported crude oil as local supplies become unreliable.

Officials of the refinery were quoted as saying that low crude supply from the NNPC “is driving import dependence.”

The building of eight additional tanks will see crude storage capacity at the refinery jump by 41.67 per cent to 3.4 billion litres.

“Importing crude from other countries instead of buying locally means that our crude stockpiles will have to be higher,” the Vice President in charge of the oil and gas business at Dangote Industries, Devakumar Edwin, was quoted as having said recently.

In May 2024, the refinery reportedly issued a term tender for the purchase of two million barrels of West Texas Intermediate Midland crude monthly for 12 months starting in July last year, amounting to 24 million barrels of crude in one year.

Scores of Nigerians have been robbed of N1.1 billion as hacker Sunday Ozimede allegedly broke into the Moniepoint payment system through a dark web operation.

Justine Enang, the prosecutor of the Lagos Police Special Fraud Unit (PSFU), said this while announcing Mr Sunday’s arraignment on Friday.

Mr Enang said Mr Ozimede was arraigned in the Lagos Division of the Federal High Court on charges bordering on conspiracy and obtaining N945,728,076 million by false pretence.

Mr Ozimede was accused of planting a bug in Moniepoint’s data system, causing financial loss to the microfinance bank to the tune of N145 million.

According to the prosecutor, Mr Ozimede acted contrary to section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015, as Amended in 2024, along with section 14 (1) of the same Act.

“His act contravened section 18(2) (b) and (d) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” Mr Enang told the court.

However, the defendant denied the allegations and pleaded not guilty to the charges against him.

After hearing from both parties, Justice Ambrose Lewis-Allagoa admitted N50 million bail to the defendant, with one landed property owner as a surety.

The prices of grains and other staple food items are steadily decreasing in markets across Kaduna State against the skyrocketed prices in 2024.

Checks by correspondents in Kaduna showed that the prices of food items like rice, beans, yams, garri and noodles had been reduced even though not much.

At the Sheikh Abubakar GumiMarket, Kaduna’s central market, a 50kg bag of foreign rice sold for about N125,000-130,000 before was now sold between N120,000 and N123,000.

Also, yams, which were in some weeks in 2024, sold for N7,000 per tuber and N28,000 for a set of five, now sell from N5000 to N6,000 and N2,500 for medium ones by those who sell on bonanza.

A local measure of eight cups of beans, which was initially sold for N3,000 to N3,500, now costs N2,500, while a measure of garri, previously sold for between N1,400 and N1,500, now costs N1,200.

A carton of Indomie noodles previously sold at N7,700 now sells at N7,500.

Some consumers, who spoke to journalists in separate interviews, said they hoped that the prices of food items would continue to crash.

Hafsat Muhammad said she now buys a local measure of rice at N2,100 against its initial price of N2,400, adding that a local measure of corn, which cost N1200 before, now goes for N900.

Similarly, Ummi Shuaibu, a businesswoman, said she bought bags of maize immediately after the harvest to resell after some months, but her plans changed after the prices of food items began to come down.

” A bag of corn that used to be N60,000 is now around N50,000 to N55,000; that is why I must sell it off as soon as possible,“ she said.

Some shareholders of First Bank of Nigeria Holdings Plc., on Wednesday called for the removal of chairman, Femi Otedola.

The group of shareholders, who own 10 per cent shares in the company, called for an Extra-Ordinary General Meeting to be held within 21 days, as provided by Section 215 (1) of the CAMA law, to achieve their demand, amongst others.

According to them, Mr Otedola emerged the FBN Holdings chairman by acquiring significant amount of shares with the influence of immediate past Central Bank of Nigeria (CBN) governor, Godwin Emefiele, adding that the bank’s former Chief Executive Officer, Adesola Adeduntan, assisted Mr Otedola, to take over the bank, as ordered by Mr Emefiele.

They claimed that Mr Otedola became a non-executive of the bank but without security clearance by the State Security Service and the Economic and Financial Crimes Commission.

After the takeover however, Mr Otedola ousted Mr Adeduntan; the then bank chairman, Tunde Hassan-Odukale; Executive Director Tosin Adewuyi; Group Head, Folake Ani-Mumuney; including a journalist and non-executive director of the bank subsidiary, Ijeoma Nwogwugwu, for authoring a critical article.

Stakeholders claimed that with Mr Otedola as chairman, his personal employee at Holdco, and another at the bank, he had seized control of the bank and did what he wanted. They also feared that with the private placement of N360 billion shares, he would have absolute control and turn First Bank to his piggy bank without checks, balances and corporate governance.

They believe that if not for Mr Emefiele, Mr Otedola could not have passed the fit and proper test, after he ruined several banks with non-performing loans sold to AMCON.

ThisDay reports that the African Export-Import Bank (Afreximbank), has granted Mr Otedola a $45 to 50 million loan, which is about N90 billion. According to a source, the loan will “enable him (Otedola) to take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer.”

A source also alleged that Mr Otedola’s preference for private placement is targeted at gaining control of the financial institution as his private estate.

This development comes after the recent organisational shakeup, which witnessed about 100 senior staff members being laid-off, including top executives, for its corporate restructuring and repositioning plan for 2025, after the confirmation of Olusegun Alebiosu as the bank’s managing director and chief executive officer (CEO) in June 2024.

The price of de-stoned local rice has dropped marginally by six and 10 per cent in Enugu markets, causing many residents to shift patronage to the brand.

The dealers in the commodity attributed the positive development to the harvest season for local rice.

A popular Ogbete Main Market trader, Rose Nwakwo, said that a 50-kg bag now goes for N78,000 as against N84,000 in November.

Another dealer at Garki Market, Enugu, Chidi Orji, said that a five-litre paint container goes for N6,500 as opposed to N7,500.

Mr Orji urged the residents to buy as much as possible before the price would increase again.

Most rice retailers and hawkers selling in cups and bushels are currently stockpiling the commodity.

Eunice Madu, a grain seller in Mayor Market, said she was only stocking bags of the brand for the yuletide.

“I must confess we are selling out almost all our available bags of de-stoned local rice, popularly known as ‘Abakaliki rice’, ahead of the yuletide.
“Most people are turning to it due to its price drop and improved processing and de-stoning qualities,” she said.

Meanwhile, a buyer, Edwin Okoh, expressed joy over the price drop, saying that his salary could get him more than 50kg of the brand for his family.

“It is a thing of joy that the price has gone down to some extent, at least I can get more than a bag for me and my extended family during this yuletide,” he said.

The Central Bank of Nigeria has imposed a daily withdrawal limit of N100,000 on Nigerians using the point-of-sale service to withdraw cash. The bank also restricted PoS to cash-out of N1.2 million daily.

The latest CBN directive, a repeat of its draconian 2022 policy during a nationwide cash scarcity, is worsening the plight of millions of Nigerians who need cash daily to buy food and everyday necessities.

Across Nigeria, banks’ ATMs are often empty, subjecting millions of Nigerians to pay a higher charge to obtain a small amount of cash from PoS agents.

The CBN issued the current cash-limit directive on Tuesday in a circular titled ‘Cash-out limits for agent banking transactions’.

“All principals of agents are to comply with the following directives immediately: i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.

“Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” stated the apex bank’s memo.

The Federal Executive Council (FEC) has approved €161.33 million for the Siemens power project and N1.7 billion for the purchase of an office complex for the Nigeria Electricity Liability Management Company (NEMCO).

The approvals were announced by the Minister of Power, Adebayo Adelabu, yesterday after the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu at the State House, Abuja.

The Siemens project, part of the Presidential Power Initiative, focuses on upgrading Nigeria’s transmission infrastructure.

Adelabu explained that Phase One involves the engineering, procurement, construction, and financing of upgrades to 14 existing substations and the construction of 21 new ones nationwide.

As part of the initial rollout, five key substations have been identified for upgrades.

These include the Onitsha 330/132 KV substation under the Enugu Electricity Distribution Company, the Offa 132/33 KV substation under the Ibadan Electricity Distribution Company, the Abeokuta 330/132 KV substation, the Ayede 330/132 KV substation, and the Sokoto 132/33 KV substation.

Adelabu said the project builds on the successful completion of the pilot phase and aims to resolve transmission bottlenecks that have long plagued Nigeria’s power sector.

“This initiative will stabilize and expand the transmission segment of the power sector value chain in the near future,” he said.

He noted that the approval aligns with recent discussions between President Tinubu and German President Frank-Walter Steinmeier, aimed at fast-tracking the Siemens initiative to boost Nigeria’s power supply.

In a separate approval, the FEC also sanctioned the N1.7 billion purchase of an office complex for NEMCO in Abuja’s Wuse 1 District. The purchase cost includes a 7.5% Value Added Tax.

Established under the 2005 Electric Power Sector Reform Act, NEMCO is tasked with managing legacy liabilities in the power sector.

Adelabu explained that the acquisition of the office complex was necessary to address rising rental costs and accommodate the company’s growing workforce.

“NEMCO currently occupies the facility, and outright purchase will ensure operational stability while supporting its expanded mandate,” he said.

Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi yesterday said in collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), intercepted over 695,000 liters of smuggled Premium Motor Spirit (PMS) petrol.

He said the interception was as a result of fighting against economic saboteurs who ventured into smuggling and diversion of petroleum products.

Adeniyi made the revelation while drawing global attention to the transformative role of NCS in safeguarding Nigeria’s borders at the 18th Africa Security Watch Conference in Doha, Qatar.

This was contained in a press statement the National Public Relations Officer, Chief Superintendent of Customs Abdullahi Maiwada issued yesterday.

The statement shared a comprehensive account of the Service’s achievements in balancing security enforcement with trade facilitation.

In his keynote address titled “Protecting National Security Through Effective Border Control: The Nigeria Customs Example,” Adeniyi emphasised the vital role of border management in national security, describing borders as more than just geographical boundaries.

According to him, borders are critical gateways that determine a nation’s capacity to protect its citizens, safeguard its economy, and foster security.

The CGC highlighted how the NCS, empowered by the Nigeria Customs Act 2023, has successfully redefined its operational priorities to address emerging threats, enhance efficiency, and improve collaboration.

Adeniyi noted that the Nigeria Customs Act 2023 represents a legislative milestone that has repositioned the NCS to thrive in a dynamic environment.

He also reflected on the significant strides made in 2024, which marked a year of unparalleled achievements for the Service, adding “Under my leadership, the NCS generated a record-breaking ₦5.1 trillion in revenue, a feat that underscores the agency’s innovative use of technology and improved compliance frameworks.”

“We have equally strengthened partnerships with both domestic and international stakeholders. The CGC noted that this achievement was not merely about numbers but also reflected the efficiency and resilience of the Customs workforce,” he said.

Adeniyi, however, described how, through intelligence-led operations, the NCS has intercepted several arms shipments, including 844 rifles and 112,500 rounds of live ammunition in Onne Seaport.

“These efforts have significantly disrupted the proliferation of small arms and light weapons, which remain a persistent threat to national security. Additionally, the NCS’s collaboration with the National Drug Law Enforcement Agency (NDLEA) led to so many interceptions of illicit drugs.” CGC Adeniyi said.

He also brought attention to the Service’s role in combating wildlife trafficking, detailing how officers intercepted 4,200 kilograms of pangolin scales and ivory, underscoring the NCS’s dedication to biodiversity conservation and international compliance.

The CGC revealed that the use of geospatial technologies, such as satellite feeds and geo-mapping, has enhanced the Service’s surveillance and enforcement capabilities, ensuring that these operations are not only effective but sustainable.

In addition, a Gala/Award Night convened as part of the African Security Watch Conference held on Thursday 12 December 2024, in Doha, Qatar, the NCS clinched the coveted ‘Best National Security Service in West, East, and Central Africa 2023/2024’ award. The CGC also shared the spotlight, receiving recognition for his exemplary leadership and contributions to the organization’s achievements.

These accolades recognise the Service’s outstanding performance in fortifying Nigeria’s borders, enhancing trade facilitation, and curbing transnational crimes through innovative enforcement strategies and technological advancements.

Swedish company OSE System AB, the owner of the OurEcolution brand, has announced a Foreign Direct Investment (FDI) of $275 million in sustainable building materials production.

The investment will support the construction of 10 plants across various locations in Nigeria and enhance the country’s waste-to-wealth housing initiatives.

This development was disclosed by Mr. Rotimi George, Board Chairman of Ekopanely Nigeria Limited, during the unveiling of a new building material that uses rice straw as a key component.

The pilot building is situated at GORA Farms in Karu Local Government Area, Nasarawa State.

Subsequent projects will be executed in collaboration with rice-producing state governments, with support from the World Bank.

The National Agency for Science and Engineering Infrastructure (NASENI) has acquired the model plant franchise on behalf of the Federal Government, further cementing Nigeria’s public-private partnership (PPP) efforts in delivering affordable housing via sustainable methods.

Ekopanely Nigeria Limited, which has been engaged in research and development since its incorporation in 2011, is spearheading this initiative.

The company has adopted the Build and Operate Franchise (BOF) system to establish manufacturing plants across selected locations in Nigeria.

Four production lines will be installed at each plant during the initial phase, with plans to scale up to 20 production lines over the implementation timeframe.

The BOF model ensures franchisees are shielded from operational and managerial responsibilities.

Franchisees are only required to provide suitable plant locations and contribute counterpart investment capital, receiving a share of the profit after tax and other economic benefits.

The innovative building materials utilise rice straw, converting agricultural waste into valuable construction inputs.

The initiative aligns with Nigeria’s quest for sustainable development and economic diversification.

Geo-cost farmers and contributors to the National Housing Fund (NHF), primarily federal, state, and local government employees, will benefit from mortgage loans designed to make housing affordable.

Mr. George noted the importance of collaboration between state governments and the organised private sector, the largest employers of labor and contributors to the NHF scheme.

This synergy, he said, will expedite the delivery of affordable housing as envisioned under the National Affordable Housing Development Act.

“This project is a win-win opportunity for state governments,” George stated.

“Instead of direct cash benefits, state governments participating as franchisees will receive building materials to support their social housing initiatives, ensuring the benefits of this investment remain within their jurisdictions.”

Ekopanely has partnered with NASENI and rice-producing state governments to bring this vision to life.

The World Bank’s involvement further strengthens the project’s sustainability and scalability. The initial capital investment at each plant will not only create jobs but also drive significant revenue for participating states and franchisees through increased production output.

With Nigeria’s housing deficit requiring innovative solutions, the OSE System AB initiative represents a vital step toward leveraging technology and sustainable practices to meet the growing demand for affordable homes.

Dangote Refinery and Neptune Oil jointly announced the first-ever export of Premium Motor Spirit, PMS, from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

The 650,000 barrels per day refinery disclosed this in a statement on Wednesday.

Dangote Refinery said that the feat is the result of a strategic collaboration between the two companies, underscoring their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demands.

Reacting, Aliko Dangote, President and CEO of the Dangote Group, noted that the export of PMS to Cameroon is a tangible demonstration of the group’s vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.

On his part, Antoine Ndzengue, Director and Owner of Neptune Oil, emphasised that the partnership with Dangote Refinery marks a turning point for Cameroon by becoming the first importer of petroleum products from this world-class refinery.

“We are bolstering our country’s energy security and supporting local

economic development. This initial supply, executed without international

intermediaries, reflects our commitment to serving our markets independently and efficiently,” he stated.

This comes months after Dangote Petrol hit the Nigerian market on September 15, 2024.

Bitcoin has shattered the $100,000 milestone, riding a wave of investor confidence sparked by U.S. president-elect Donald Trump’s pro-crypto pivot.

The world’s largest cryptocurrency surged as high as $103,800 on Thursday, marking a 50 per cent rise since Trump’s November election win.

The rally intensified after Trump nominated crypto advocate, Paul Atkins, to lead the Securities and Exchange Commission (SEC), signaling a shift toward a more favorable regulatory environment.

Atkins’ appointment, along with Trump’s pledge to make the U.S. “the bitcoin superpower of the world,” has electrified the market.

“Bitcoin reaching $100k is an incredible milestone for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we will never stop building.”

Trump’s crypto-friendly administration has also tapped Howard Lutnick for the Commerce Department and Elon Musk to co-lead the “Department of Government Efficiency,” humorously dubbed “DOGE” after the popular cryptocurrency Dogecoin, which has soared 150 per cent since election day.

According to Financial Times on Thursday, this surge marks a stark contrast to the sector’s downturn two years ago, when the collapse of FTX and regulatory crackdowns sent Bitcoin plummeting to $16,000.

Now, institutional money is flowing in, with BlackRock’s Bitcoin ETF alone managing $45 billion in assets.

Cameron Winklevoss, co-founder of Gemini, summed up the sentiment: “This bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”

With $4.4 billion pouring into crypto ETFs since November, and companies like MicroStrategy planning to raise $42 billion for further Bitcoin investments, analysts predict a “golden era” for digital assets under the incoming administration.

Zenith Bank Plc has been named the ‘Bank of the Year, Nigeria’ at The Banker’s Bank of the Year Awards 2024 held in London on Wednesday.

In a statement on Wednesday, the lender stated that the award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, was in recognition of its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.

The Banker’s ‘Bank of the Year’ recognition is among the most coveted and widely regarded awards in the banking industry.

Speaking on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Adaora Umeoji, said, “We are delighted and honoured to have been recognised as the Bank of the Year, Nigeria in The Banker’s Bank of the Year Awards 2024. This award is a testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.

“It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy. We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s number one bank.”

Umeoji also hailed the founder/chairman of Zenith Bank Plc, Jim Ovia, for his visionary role in laying the foundation for a reputable, dominant and globally recognised financial institution known for innovation, superior performance, and the creation of premium value for all stakeholders.

Zenith Bank has earned numerous awards in recent times.

The bank was recognised as the number one bank in Nigeria by Tier-1 capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. It was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

In November, Zenith Bank opened its Paris Branch following the granting of the final approval by the French regulator, the Autorité de Contrôle Prudentiel et de Résolution.

According to the lender, this is part of its global expansion strategy and commitment to serving clients wherever their businesses are around the world.

Over 2,000 abandoned mining pits in the country are expected to be revived under a Memorandum of Understanding (MoU) between Nigeria and France.

Minister of Solid Minerals Development Dele Alake stated this at the weekend.

The MoU was signed during President Bola Ahmed Tinubu’s State visit to France.

In a statement by his Senior Special Assistant on Media Segun Tomori, Alake explained that the agreement would open new opportunities for the remediation of the abandoned mining pits.

The minister added that the MoU had boosted President Tinubu’s efforts at repositioning the country’s solid minerals sector for international competitiveness.

He stated that both countries agreed to develop joint projects to promote and diversify the sector’s value chain for both countries.

The minister added that the two countries identified critical minerals such as copper, lithium, nickel and cobalt as rare earth elements that are essential for clean energy technologies.

The key component of the MOU, according to the statement, is the promotion of sustainable mining activities by executing projects and programmes that reduce the environmental impact of mining.

It also includes the establishment of joint extractive and processing projects through co-financing by public and private entities to diversify and secure the supply of critical minerals and decarbonise energy projects critical to the value chain.

Under the MoU, both countries agreed to collaborate on research, training, and Franco-Nigerian student exchanges for knowledge and skills transfer.

Alake signed for Nigeria while the Inter-Ministerial delegate for Critical Ores and Metals of France, Benjamin Gallezot signed on behalf of his country.

Both nations agreed to adopt international best practices in the execution of projects conceptualised to improve the conditions of the local populace affected by mining whilst placing a premium on transparency.

Through regular bilateral and multilateral training, seminars and events, administrators of institutions in the critical metals sector are expected to improve their capacity to manage the sector’s value chain.

Alake promised that the ministry would leverage the partnership to open up the mining sector to French investors.

The Lagos State Government, through the Commissioner for Environment and Water Resources, Tokunbo Wahab, has reiterated that it has no plans to ban sachet water in the state.

Wahab stated this in a statement posted on his X handle on Sunday in response to a viral video circulating on social media. The video showed individuals bursting packs of sachet water in factories and on buses, sparking rumours of a government ban.

Dismissing claims that the operatives in the video were state government enforcement officers, Wahab clarified that the Governor Babajide Sanwo-Olu-led administration remains focused on addressing plastic waste through sustainable and inclusive measures.

This was outlined in the ministry’s release following an Engagement Workshop held on 3 October 2024.

The commissioner’s tweets read, “My attention has been drawn to a viral video showing some individuals bursting sachet water packs at factories and on buses. I wish to categorically state that these individuals are not enforcement officers from any Lagos State Government agency or the Lagos State Ministry of Environment and Water Resources.

“Upon investigation, it was confirmed that the individuals in question are enforcement officers from the National Agency for Food and Drug Administration and Control. Their actions are part of an enforcement exercise targeting sachet water that does not comply with NAFDAC regulations and is in the interest of public health and safety.

“It is important to emphasise that Lagos State has not banned sachet water and does not have plans to do so. Our focus remains on effective plastic waste management. As part of our commitment, we are implementing mandatory Extended Producer Responsibility (EPR) for producers of polyethylene terephthalate (PET), sachets, and carrier bags of no less than 40 microns.

“To further support this initiative, the Lagos State Government, in collaboration with Producers and Producer Responsibility Organisations (PROs), is establishing a Plastic Waste Management Fund. This fund will be financed by contributions from producers and major importers and will be jointly managed to address the growing challenges of plastic waste in the state.”

The commissioner urged the public to disregard any misinformation suggesting a ban on sachet water in Lagos.

In mid-October 2024, the state government clarified that the ban on single-use plastics and Styrofoam, set to take effect in January 2025, will not include sachet water and PET bottles.