By Rukayat Moisemhe

Money Lenders Association, has commended the continuous actions by the Federal Competition and Consumer Protection Commission (FCCPC) to sanitise the digital lending space in Nigeria, saying it is a welcome development.

Chairman of the Association, Mr Gbemi Adelekan, in an interview with the News Agency of Nigeria (NAN) on Thursday, said efforts of the FCCPC resulted in growth of online lending applications.

Adelekan, also the Managing Director of Trafalgar (Kwikpay Credit), said that the use of online lending applications, when compared to traditional financial institutions, had witnessed significant growth in the past few months.

He, however, noted that this growth also led to increase in default rate due to the economic situation and financial constraint for some customers.

He furthered stated that the growth in the industry had also attracted licensed players and some unregistered operators that were violating the consumer rights in the country.

Adelekan recalled that in August, 2022, the FCCPC issued interim guidelines on the registration of digital lending platforms in the country.

These guidelines, he stated, were necessary to curb these unlawful practices in the eco system and help to sanitise the industry.

According to him, the FCCPC has made significant progress in monitoring this important sector as the commission continues to investigate and track most of these illegally operating DMLs.

“While most licensed Digital Money Lenders (DML) are operating their loan app business ethically, in compliance with the prevailing laws of the land and lending principles, we also have a few bad eggs in the industry.

“Most of these unscrupulous lenders are unregistered and without the required licenses, thereby contravening various regulations and guidelines introduced by FCCPC and the various regulatory bodies of the government.

“These illegal operators use threatening and arm-twisting tactics as part of their collection strategy,” he said.

Adelekan stated that the continuous investigation and surveillance by the commission demonstrate its commitment to tackling these unwholesome practices head on.

He said that as of today, over 230 digital money lenders have been registered by FCCPC with 88 existing loan operators put on watch list.

He noted that the commission had also delisted 47 Loan apps from operating online on the google play store and also blocked the bank accounts of lenders violating the contraventions.

Adelekan charged the general public to desist from patronising illegal loan apps, saying any loan application that has approved and disbursed funds to you without the necessary verification was a red flag.

“The association advises the general public to exercise caution when applying for loans online, to only select licensed and approved Digital Money Lenders (DML) on the FCCPC’s website.

“This will help to reduce the rate at which these illegal loan apps name, shame and contravene the rights of consumers,” he said. (NAN)(www.nannews.ng)

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Edited by Ekemini Ladejobi

By Lucy Ogalue

Stakeholders say technological innovation, substantial investments, and effective policy frameworks are critical to securing Africa’s sustainable energy future.

The stakeholders spoke at the Africa Gas Innovation Summit (AGIS) 2024, held in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the summit’s theme is “Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation”.

Mr Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, said technology and innovation played a pivotal role in reshaping Africa’s energy sector.

Mr Olalekan Ogunleye, the Executive Vice-President Gas, Power and New Energy, NNPC Ltd, represented Kyari.

“There is no doubt that technology and innovation remain key levers for growth and development, as can be seen in the drastic transformation of our industry,” Kyari said.

He elaborated on NNPC’s strategic focus on research and technological advancements, underscoring the establishment of a dedicated entity for research, technology, and innovation (RTI).

He said; “the NNPC’s initiatives have led to significant progress, particularly in seismic mapping and multivariate analysis for evaluating source rock potential.

“Indeed, today, the RTI is the hub of the NNPC due to the great emphasis on research and innovation.

“I am urging the participants to embrace the challenge of providing customised solutions aligned with the priorities of the African energy sector.’’

Kyari expressed NNPC’s commitment to leveraging gas technology and innovation to enhance sustainability in Africa’s energy landscape.

“NNPC is pleased and proud to have this veritable summit join it in its quest to ignite the future and increase sustainability in Africa’s energy landscape,” he said.

Similarly, Madam Amina Benkhadra, the Director-General of Morocco’s National Office of Hydrocarbons and Mines (ONHYM), said there was an urgent need for major investments and innovative technologies to address Africa’s escalating energy demands.

“To unlock Africa’s energy future, we must develop major infrastructure projects and mobilise international investments.

“And the continent has strong potential in driving sustainable growth through gas and renewable energy.”

According to Benkhadra, Africa will require over 100 billion dollars annually in the power sector by 2030, with total investments reaching up to” three trillion dollars by 2050 to satisfy its increasing electricity demand.

The ONHYM director-general said gas remained the backbone of the global energy transition.

She recalled the African Atlantic Project, a strategic gas pipeline initiative that Morocco and Nigeria inaugurated as a key effort towards enhancing energy security and economic integration across West Africa.

Benkhadra then restated the importance of cooperation on the continent to ensure sustainability in Africa’s energy landscape.

“We must develop specific cooperation between African countries and other stakeholders worldwide.

“There is a need for deeper regional cooperation and public-private partnerships to drive investment on the continent.

“Morocco is committed to strengthening energy partnerships across Africa. We are dedicated to increasing and reinforcing our specific cooperation with all the African Sub-Saharan countries, especially in West Africa,” Benkhadra said.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, represented by his Permanent Secretary, Nicholas Ella, said effective policy frameworks and capacity building were crucial in fostering a thriving African gas sector.

“Our policies must be forward-looking, adaptable, and inclusive. They should address the unique challenges and opportunities of the African context.

“Such policies are essential for promoting transparency, accountability, and the equitable distribution of benefits within the gas sector,’’ he said.

According to the minister, there is a need for a skilled and knowledgeable workforce in the sector.

“Capacity building must be at the forefront of our agenda. This involves investing in education and training programmes, promoting technical and vocational education, and fostering a culture of continuous learning and professional development.

“The role of entrepreneurship and innovation is also underscored, with a call for support for entrepreneurs developing sustainable business models within the gas sector.

“By aligning our policies with global sustainability goals, we can position Africa as a leader in the global transition to a low-carbon economy,” Ekpo said.

The minister lauded the Africa Gas Innovation Summit 2024 as a significant milestone in the journey towards a sustainable energy future.b

” By embracing gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship, we can ignite the future and drive sustainability in Africa’s energy landscape.’’

The Summit Chairman, Olalekan Ogunleye, said technology and innovation were key to exploring the resources that would enable Africa to transition to gas.

He said: “let us key to this, not just for economic or global trends but for our community and development.

“So our quest should be supported, and we (NNPC and Nigeria) will support every effort Africa makes to ensure we explore this resource.

“Innovation and technology require huge funding, but we can source this by embarking on a short-mid-long term plan.

“And I am optimistic that this summit will provide an opportunity to synergies on how we can explore these resources, and I hope we find direction to this at the end of the day.’’

NAN reports that the two-day summit was attended by government officials, partners, and key stakeholders in the energy sector on the continent. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Rukayat Moisemhe

The Nigerian-British Chamber of Commerce (NBCC) has stated the need for Nigerian and British businesses to leverage their strengths and explore new frontiers at the forthcoming trade mission in the United Kingdom.

Mr Ray Atelly, President, NBCC, said this at a news conference on Thursday in Lagos.

Atelly said the 2024 NBCC Trade Mission slated for June 24 to 28 has the theme: “Unveiling Untapped Opportunities Across the UK and Nigeria.”

He said the advice was crucial to navigate the complexities of a post-Brexit and post-pandemic global economy.

Atelly noted that the trade mission was critical, particularly at this time when the Nigerian economy needed a rebirth especially via influx of foreign direct investments.

He said Nigeria’s dynamic economy, rich in resources and entrepreneurial spirit, presented a wealth of investment opportunities for UK businesses, particularly as Nigerian banks need capital to meet the new capital threshold set by the apex bank.

Atelly added that the UK, with its advanced infrastructure, diverse market, and robust legal framework, offered numerous opportunities for Nigerian businesses seeking to expand their footprint internationally.

“It is certainly not just a window but a big door of opportunities thrown open to investors all over the world, the United Kingdom particularly.

“The Central Bank of Nigeria Governor, Olayemi Cardoso, has agreed to feature in the trade mission and he will be delivering a paper on his programme for the banks (recapitalisation of Nigerian banks).

“It is, therefore, an opportunity for the financial institutions in Nigeria to join us on this mission to explore possibilities beyond borders,” he said.

He also stated the need to explore and unveil untapped opportunities that exist within both economies.

Atelly said on the Nigerian front, opportunities existed in the transportation, educational and technology areas while for Nigeria in the UK, opportunities were in housing, food exports and culinary delights.

He stressed that Nigeria must expend efforts such as this to replace businesses that were being lost, noting that the net gain was in the country’s favour.

He pledged that the NBCC would continue to be at the forefront of fostering strong bilateral trade relations between Nigeria and the United Kingdom.

“This trade mission is a testament to our commitment to deepening economic ties, promoting business opportunities, and enhancing mutual growth and development,” he said.

The Director General, NBCC, Mrs Ebere Njoku, said the trade mission would high the vast and often underused opportunities in Nigeria’s key sectors such as agriculture, technology, manufacturing, and energy.

Njoku said the knowledge exchange in best practices between business leaders would foster innovation and collaboration between Nigerian and British business leaders.

“The UK-Nigeria relationship is built on a foundation of shared history and mutual interests.

“This trade mission is not just about business; it is about building bridges, fostering understanding, and creating a future where both nations can thrive together.

“As Nigeria navigates challenging economic conditions due to the decline in global oil prices, it has become imperative for us to diversify our economy and reduce our dependence on crude oil.

“The NBCC Trade Mission stands as a beacon of opportunity, aimed at attracting foreign investments to Nigeria with a focus on our non-oil sectors,” she said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC) has frowned at the increasing sale of adulterated and contaminated foods in the markets.

The Acting Executive Vice Chairman of the Commission, Dr Adamu Abdullahi, said in Abuja on Thursday, that some traders were engaging in various forms of adulteration without minding the health implications on consumers.

Abdullahi said this at a one-day sensitisation for traders, farmers, Civil Society Organisations (CSOs) and the public on forceful ripening of fruits, adulterated palm oil, contaminated meat and grains.

Abdullahi said the move was to ensure a healthier society in line with President Bola Tinubu’s Renewed Hope Agenda.

He said the Acts that established the Commission gave them powers to evacuate fake and adulterated products from the markets to avoid purchase by consumers.

According to him, we have to renew the hope of our people to be alive and healthy first.

“We have allowed the love of money to supercede everything that we do.

”We will go the markets to sensitise the traders, educate the public and sellers that adulterated and fake products are not allowed in the markets and if they see any, they have somewhere to report.

”We are going to markets in the states, the grassroots, farms to find out the sharp practices going on and to ensure we get a healthier society in line with President Tinubu’s Renewed Hope Agenda.

”We have to ensure that the goods in the markets are according to the standard that they should be,” he said.

Mr Femi Stephen from the Federal Ministry of Health and Social Welfare, described adulteration as the addition of substandard substances that had same properties with the food stuff which they are mixed.

On adulteration of palm oil, Stephen said they are being adulterated with dye, lard (animal fat from pork) and transformer oil (paraffin).

Stephen said that adulteration had been linked to various health challenges.

He listed some health issues linked to adulteration to abdominal pain, nausea, brain damage, stomach disorder, cardiac arrest, liver disease and breathing difficulties.

Stephen urged farmers to seek experts’ guidance in the application of pesticides to avoid poisoning.

Dr Promise Ogbonna from the National Agency for Food, Drug Administration and Control (NAFDAC) said that forceful ripening of fruits was detrimental to health.

Ogbonna said that calcium carbide used for forceful ripening of fruits were arsenic and phosphorus which had been said to be carcinogenic.

Dr Edozie Ugwu, the Vice-President, North Central, National Association of Nigerian Traders (NANTS), commended the FCCPC for the sensitisation.

Ugwu said that many Nigerians had lost their vital body organs to the adulteration of food.

He said the market associations would collaborate with the Commission and other government agencies to ensure that the law penalised any trader found wanting in the practice.

”What we intend doing is to take this back and sensitise our traders on the importance of avoiding these adulterated foods.
”We plead that this be extended to various markets,” he said.

The News Agency of Nigeria (NAN) reports that various market associations including market women associations and members of Food and Hygiene Association of Nigeria were present at the event. (NAN)(www.nannews.ng)

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Edited by Ekemini Ladejobi