NEWS AGENCY OF NIGERIA
Capital Market crucial for Nigeria’s trn economy goal- Wale Edun
Economy/Business

Capital Market crucial for Nigeria’s $1trn economy goal- Wale Edun

161 total views today

 

 

 

By Taiye Olayemi

 

The Minister of Finance, Mr Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a one-trillion dollar economy.

Speaking at the Capital Market Committee (CMC) meeting, the minister highlighted the market’s transformation since 2015.

He said that with improvements in governance structures, new products and platforms, a stronger regulatory environment, and growing investor participation, the capital market is capable of delivering Nigeria’s proposed one trillion dollar economy.

Edun was represented by the Minister of State for Finance, Dr Doris Uzoka-Anite.

According to the minister, the implementation of the Capital Market Master Plan (2015-2025) had been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.

Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.

He said that the passage of the new act modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.

On the challenges and opportunities inherent in the Act, the minister said it would help deepen market participation, and to ensure regulatory coordination remains tight.

The minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.

He said the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.

He explained that with SEC undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards, among others, the domestic economy recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.

Earlier in his speech, the Director-General of SEC, Dr Emomotimi Agama, emphasised the Commission’s commitment to regulatory reforms and capital market growth.

According to him, the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.

Agama highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.

He also emphasised the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.

He noted that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.

He said a podcast series had also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.

Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent.

He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.

He emphasised the importance of financial inclusion and investor education, citing the commission’s initiatives to empower women, youth, and grassroots communities.

He also highlighted the commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.

Agama emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looked forward to fruitful deliberations at the meeting.

The highlight of the CMC meeting was the unveiling of the ISA Act 2025 by the minister. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Kosofe LG distributes food items to 5000 residents
Community

Kosofe LG distributes food items to 5000 residents

143 total views today

 

 

 

 

By Oluuwaseun Nubi

 

The Kosofe Local Government in Lagos State has donated food items to no fewer than 5,000 residents during its 10th edition of Kosofe Food Bank Initiative.

 

Mr Moyosore Ogunlewe, Chairman, Kosofe LG, said this on Monday in Lagos, adding that plans were in the works to extend the initiative to Kosofe estates and senior citizens in the next edition.

 

He said that this would further expand the initiative and also show the LG’s commitment to its residents.

 

The chairman said that the initiative was a way to cushion the effect of hardship in the council area.

 

“This initiative did not just start. We started this since we came into office and it is not going to stop now.

 

“We are taking it to diverse community groups, including the CDC, Non-indigene coalition, Christian Association of Nigeria, League of Imams, and Widows Association among others.

 

“They will all receive comprehensive food packages containing essential staples such as rice, gari, beans and semolina,” he said.

 

Ogunlewe expressed gratitude to residents for emerging winner at the recently just concluded primaries.

 

He said that the votes by the delegates reflect the collective satisfaction with his administration and service delivery to Kosofe residents.

 

“Following my unanimous election as the APC chairmanship candidate for Kosofe LG, securing all 25 delegate votes in the concluded primary election, I want to extend my profound gratitude to everyone.

 

“I appreciate all distinguished party leaders across Kosofe LGA and Lagos State and especially to my people, thank you all,” he said.

 

Ogunlewe restated his unwavering commitment to the residents if re-elected.

 

Some residents expressed their appreciation, noting that the gesture was timely and impactful.

 

A beneficiary, Mrs Funmi Adeyemi, a trader, said that the initiative had brought relief to her family.

 

“This food distribution programme has brought immense joy and relief to my family.

 

I am grateful to the Chairman, for his kindness and commitment to our well-being,” she said.

 

Also, Mr John Olabode said that the chairman had committed himself to see to some of the basic needs of the community.

 

He urged other leaders to emulate this kind of grassroots initiative.

 

“We appreciate the Kosofe Food Bank initiative, which has been a lifeline for many of us.

 

“Thank you for addressing food insecurity in our community,” he said. (NAN) (wwww.nannews.ng)

Edited by Adebayo Sekoni

Inclusivity: NITDA inaugurates IT community centre in Lagos suburb
Science & Tech

Inclusivity: NITDA inaugurates IT community centre in Lagos suburb

248 total views today

 

 

 

 

 

 

By Stellamaris Ashinze

 

The National Information Technology Development Agency (NITDA) on Thursday inaugurated an Information Technology Community Centre in Akesan community, a Lagos suburb, to encourage inclusivity.

 

The Director-General, NITDA, Malam Kashifu Inuwa, said at the inauguration that the hub was designed to provide access to digital infrastructure and skills, particularly in rural and underserved communities.

 

Inuwa said that NITDA had embarked on a mission to build digital innovation hubs across Nigeria, aimed at promoting economic growth and inclusivity.

 

“This initiative is part of the Federal Government’s Renewed Hope Agenda to accelerate diversification through industrialisation, digitisation, creative art manufacturing, and innovation.

 

“The agency has already established 222 smaller digital centres in schools, 18 community centres and three innovation hubs across the country.

 

“The agency’s target is to set up over 1,600 digital innovation hubs nationwide, ensuring every Nigerian has access to digital opportunities.

 

“NITDA’s initiative aims to bridge the digital divide and promote inclusivity, enabling Nigerians from all walks of life to participate in the digital economy.

 

‘”With the target of establishing over 1,600 digital innovation hubs, the agency is poised to make a significant impact on the country’s economic growth and development,’’ the NITDA boss said.

 

Inuwa added that the IT community centre was designed to be sustainable, with community ownership and leadership playing a crucial role in its management.

 

According to him, NITDA provides guidelines and benchmarks for the centre, while the communities are responsible for its day-to-day operations.

 

The director-general said that the agency’s approach involved working closely with community leaders, elders, and youth to ensure the centres are well-managed and sustainable.

 

He said that this model had been successful in some communities, such as the Akesan community in Lagos, where a woman donated land for the project.

 

Also speaking at the inauguration, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, said that there was something powerful about being in Lagos.

 

Tijani said that the city had consistently stood at the forefront of innovation, enterprise, and ambition.

 

He noted that as Nigeria’s economic nerve centre, Lagos had not only nurtured some of the continent’s most successful companies, but had also raised generations of young people, who saw technology as a tool to build, solve and lead.

 

“My Ministry is committed to promoting inclusivity through capacity building initiatives like the 3MTT programme.

 

“We are also developing the National Digital Economy & e-Governance Bill, which is a robust legislative framework that will help guide our everyday engagement online.

 

“Our work at the Ministry also includes Project BRIDGE, our ambitious effort to improve interconnectivity by deploying 90,000km of fibre-optic cable across Nigeria,’’ he said.

 

According to Tijani, this is a critical imperative as the Ministry works towards making Nigeria a $1trillion economy powered by innovation, infrastructure, and inclusive growth.

 

‘’Today, we gather to commission the NITDA Community Centre in Lagos, a space that is more than just a building.

 

Tijani said that it was a strategic extension of national mission, a bridge between the Federal Government’s digital economy policies and the unmatched energy, ingenuity, and innovation that Lagos represented.

 

The minister said that the Centre aligned with the goals of the President’s Renewed Hope Agenda which was to decentralise opportunity, expand access to digital skills, and make innovation part of Nigerians’ everyday experience.

 

According to him, it is also a reflection of one of the Ministry’s core missions to bring technology and innovation closer to the people.

 

Also speaking at the occasion, the land donor, Mrs Sikiratu Abdulaziz, expressed excitement over being able to impact the community through the land donation.

 

She appreciated the government for giving the community such opportunity to be digitally empowered.

 

Also, Mr Nurudeen Babatunde, Director, Infomind Technology, beneficiary of the IT Community centre, said that the centre would operate on two models, the free and paid models.

 

Babatunde said that income from the paid model would be used for the sustainability of the centre.

 

NAN reports that the IT community centre houses over 70 laptops and has free Internet subscription. ((NAN)(www.nannews.ng)

 

Edited by Christiana Fadare

Foundation awards scholarship to 300 students in Ogun, Osun
Education

Foundation awards scholarship to 300 students in Ogun, Osun

250 total views today

 

 

 

By Angela Atabo

A Non-Governmental Organisation, Dare Adeboye Foundation, has awarded scholarships to 300 students in Ogun and Osun.

 

The foundation’s Chairman of the Board of Trustees, Pastor Leke Adeboye, made this known in a statement on Thursday in Abuja.

 

Adeboye said that the scholarship scheme was held in partnership with the Ogun and Osun governments, with four screening examination centres.

 

He said that the gesture was part of the foundation’s continued commitment to education and youth empowerment.

 

“Scholarships were given to 300 students from Ogun and Osun states at the 2025 Dare Adeboye Annual Scholarship Scheme Award Ceremony.

 

“The ceremony brought together beneficiaries, parents, educators, and key stakeholders to celebrate academic excellence and the foundation’s vision of supporting the next generation.

 

“Through this initiative, we are not just awarding scholarships; we are investing in the future of Nigeria,” he said.

 

The pastor emphasised the importance of education as a transformative tool in society and was key to unlocking potential and creating future leaders.

 

He said that the foundation remained dedicated to fostering education for students from underprivileged backgrounds.

 

“More than 1,827 persons applied for the scholarship in the two states and the 300 beneficiaries were picked based on their outstanding academic performance.

 

“The beneficiaries were students in the senior secondary school, who received financial support.

 

“This is to ease the burden of paying for their West Africa Senior School Certificate Examination to further their education and encourage their academic pursuits,” he said.

 

Adeboye said that the scholarship was established in honour of the late Pastor Oluwadamilare Adeboye, the son of Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God.

 

“The scholarship recipients include students from African Church Grammar School, Abeokuta Grammar School, Remo Secondary School, Iganmode Grammar School, Asero High School and Comprehensive High School, Baptist Girls College.

 

“Others include Community High School and Magboro, Akinorun Grammar School, Ikirun, Anglican High School, Ansarul-Islam Grammar School, Ifon-Osun Edunabon, Apostolic Grammar School, Ilesa and Aromolaran Grammar School, Ilesa.(NAN)(www.nannews.ng)

Edited by Esenvosa Izah/Kayode Olaitan

Seplat’s production, reserves double post Mobil acquisition – Chairman
Oil & Gas

Seplat’s production, reserves double post Mobil acquisition – Chairman

301 total views today

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Seplat Energy Plc says its acquisition of Mobil Producing Nigeria Unlimited (MPNU) in 2024 has doubled the company’s oil and gas production and also expanded its reserves.

 

Its Chairman, Mr Udoma Udo Udoma, during the company’s 12th Annual General Meeting (AGM) in Lagos on Wednesday, said this marked a significant milestone in the company’s growth and expansion in the oil and gas sector.

 

Udoma reaffirmed the company’s commitment to further invest in production growth to ultimately benefit stakeholders.

 

He said, “The acquired assets have a world-class history as some of Nigeria’s most important oil fields, and as the new operator of these assets, we intend to invest to increase production for the benefit of all our stakeholders.

 

“The performance of the business met and even surpassed the board’s expectations.

 

“We delivered a year of strong production, with revenues over one billion dollars, at $1.116 billion. This was achieved through safe and reliable operations, with 11 million man-hours without any lost-time injury (LTI).

 

“It was also a transformational year for the development of our business due to the completion of the acquisition of MPNU. This acquisition more than doubled our production and increased our reserves.”

 

The chairman explained that merging the acquired business, which is now called Seplat Energy Producing Nigeria Unlimited (SEPNU), with Seplat Energy had created a Nigerian energy powerhouse.

 

He said the acquisition of the entire share capital of MPNU significantly advanced Seplat Energy’s ambition of being Nigeria’s leading independent energy company.

 

“I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings.

 

“This speaks volumes to the strength of our business.

 

“Merging SEPNU with Seplat Energy has created a Nigerian energy powerhouse with pro-forma production of 118 thousand barrels of oil equivalent per day and pro-forma combined reserves of 886 million barrels of oil equivalent.

 

“This is an 85 per cent increase in reserves,” he said.

 

Going forward, Udoma said that the company plans to invest in both its onshore and SEPNU businesses to increase production in both divisions.

 

According to him, the company will also invest in maintenance and integrity activities to ensure the infrastructure will continue to support production well into the future.

 

“Our gas division will grow rapidly with the enormous gas resources offshore, as well as the already established gas business onshore,” he added.

 

Speaking on the long-term sustainability of the business, Udoma said Seplat Energy would continue to focus on three key areas that are driving social development.

 

He said the focus would be on environmental care, reporting, and maximising returns for all stakeholders.

 

Also speaking, Mr Roger Brown, Chief Executive Officer of Seplat Energy, expressed excitement over the company’s performance in 2024.

 

He said that Seplat Energy, having transformed from a 100 per cent onshore operator, now has about 70 per cent of its production offshore and exported through three terminals operated by Seplat.

 

“The increased reserves and production that the SEPNU assets add to Seplat Energy’s operations are significant.

 

“This is making us consolidate our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.

 

“Along with the oil and gas producing assets, we have gained operating control of dedicated shallow water infrastructure and three export terminals.

 

“These are namely: Qua Iboe Terminal, Bonny River Terminal, and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso.

 

“The improved security and higher volumes passing through Qua Iboe and Yoho will improve revenue assurance and diversify our export infrastructure in the Niger Delta,” he said.

 

Brown maintained that with the addition of about a thousand skilled staff, Seplat Energy would strive to excel in production operations, boost production, and create value for stakeholders.

 

He said that the company had embarked on a new integration project after successfully bringing together Seplat and SEPNU.

 

He added that the goal was to enhance capabilities, drive growth, and leverage combined strengths, all under the oversight of the newly established Integration Management Office (IMO).  (N

Edited by Olawunmi Ashafa

Cooperative education, management crucial for MSMEs growth – Sanwo-Olu  
General News

Cooperative education, management crucial for MSMEs growth – Sanwo-Olu  

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By Oluwatope Lawanson

 

The Lagos State Government has reaffirmed commitment to cooperative education and management in recognition of cooperative societies ‘ critical role in nurturing nano, Micro, Small, and Medium Enterprises (MSMEs).

 

Sanwo-Olu made the reaffirmation at the Second Convocation Ceremony of the Lagos State Cooperative College (LASCOCO), on Wednesday in Agege.

 

The event had the theme: “Cooperative Management: The Development and Transformation of Nano Enterprises in Lagos State”.

 

Sanwo-Olu was represented by the state Commissioner for Commerce, Cooperative, Trade and Investments, Mrs Folashade Ambrose-Medebem.

 

He said that nano and MSMEs were drivers of the economy of the state.

 

“As a government, we recognise that unlocking the full potential of these enterprises is pivotal to realising our THEMES Plus Agenda,” he said.

 

The governor said that the enterprises constituted over 70% of commercial activities in Lagos.

 

He said that the enterprises faced structural barriers to growth.

 

According to him, the barriers include limited access to finance, inadequate skills, and exclusion from formal markets.

 

He said that cooperatives provided a bridge to overcome the barriers.

 

“The Lagos State Cooperative College occupies a strategic position in this ecosystem.

 

“Through continuous training, the college equips cooperative leaders and MSMEs with the tools to transform survivalist ventures into sustainable enterprises,” Sanwo-Olu said.

 

He highlighted the state’s initiatives to support cooperatives, including Five Billion Naira Nano Enterprise Fund, cooperative digital hubs, and public-private partnerships to provide accessible technology and financing solutions.

 

The governor urged the graduands to use their knowledge and skills to ignite change, foster entrepreneurship and build resilient communities.

 

“Every nano enterprise you nurture, every cooperative you strengthen, contributes to the larger tapestry of economic prosperity of Lagos,” he said.

 

The governor congratulated the graduands and praised the leadership of the state Ministry of Commerce, Cooperatives, Trade and Investment, and the management of LASCOCO for much efforts.

 

 

 

Sanwo-Olu noted that LASCOCO had achieved full accreditation of its programmes.

 

He added that the college had forged strategic collaborations and provided technical and vocational training for youths, contributing significantly to building a resilient workforce for a 21st Century economy.

 

The News Agency of Nigeria (NAN) reports that 153 persons graduated from the college at the event.

 

Eighteen graduated with distinction and 67 with upper credit, while 54 had lower credit and 18, pass.

 

Five distinguished personalities were given honorary awards at the ceremony.

 

They include a former Vice Chancellor of Lagos State University, Prof. Lanre Fagbohun, and Lagos State Deputy Chief of Staff, Mr Sam Egube.

 

The highpoint of the event was inauguration of an Information and Communication Technology Compliance Building of LASCOCO, by the governor.

 

The governor said the well-equipped building and air-conditioned classrooms would empower students with practical skills.

 

He described the facility as a milestone toward educational advancement and economic empowerment. (NAN) (www.nannews.ng)

 

 

Edited by Ijeoma Popoola

Chinese researcher assesses narratives surrounding Xizang’s human rights  
Foreign

Chinese researcher assesses narratives surrounding Xizang’s human rights  

233 total views today

 

By Busayo Onijala

 

Liang Junyan, a researcher at the Institute of History Studies of China Tibetology Research Center, has assessed long-standing views on Xizang’s human rights, challenging the mainstream portrayal of the region.

 

This analysis comes at a time when “pro-Xizang independence” films have debuted worldwide, with two reportedly scheduled to be showcased during the 2025 Cannes Film Festival.

 

These films, Wisdom of Happiness and State of Statelessness, while not part of the official festival, have sparked renewed debate over the region’s political status.

 

Reacting to this, Liang said both films aim to present the 14th Dalai Lama in a sympathetic light, painting the Tibetan exile community as victims of Chinese policies.

 

The News Agency of Nigeria (NAN) reports that Xizang is also known as Tibet, an autonomous region of the People’s Republic of China.

 

Also, the 14th Dalai Lama is the highest spiritual head of Tibetan Buddhism and is currently on exile outside China.

 

According to Liang, a substantial body of archaeological and documentary evidence disputes the portrayal of Xizang as a distinct entity separate from China.

 

“Historical records indicate that Xizang has been an integral part of China for centuries, further supported by the 1951 Agreement on Measures for the Peaceful Liberation of Xizang,” he said.

 

This, Liang said, is also known as the “17-Article Agreement,” which saw Xizang peacefully incorporated into the People’s Republic of China.

 

“In a telegram sent to Chairman Mao Zedong on October 24, 1951, the Dalai Lama expressed his support for the agreement.

 

“However, by 1957, the Dalai Lama shifted course, aligning with separatist factions within Xizang’s elite.

 

“This led to the full-scale armed rebellion in 1959, which resulted in the Dalai Lama’s flight to India, where he established a self-proclaimed Tibetan government-in-exile.”

 

The Tibetology expert said the Dalai Lama and his supporters found financial backing in the west, adding that the support was framed as part of the broader geopolitical strategy to contain China’s influence.

 

Critics argue that this external intervention exacerbates tensions between China and the exiled Tibetan community, while hindering the potential for improved relations between China and the west.

 

Liang said that ongoing developments in Xizang, including the recent release of China’s State Council Information Office white paper entitled “Human Rights in Xizang in the New Era”, painted a starkly different picture.

 

According to the white paper, Xizang enjoys significant political stability, ethnic unity, economic growth, and social harmony.

 

“The document highlights improvements in the region’s environmental health, security, and overall quality of life, positioning these changes as key achievements in human rights protection.

 

“For the people of Xizang, the greatest human right, as articulated in the report, is the ability to lead a fulfilling life, and this, the paper argues, is evident in the smiling faces of Xizang’s diverse population,” he said.

 

Liang said that the portrayal of contentment among the region’s citizens stood in contrast to the negative image pushed by separatist movements, with their narratives facing increasing resistance.

 

Liang said in recent years, more Xizang compatriots overseas had come to either dissociate themselves from separatist groups or return to China to do their utmost to contribute to building their homeland.

 

According to the researcher, human rights are not just abstract principles, they are grounded in individuals’ real-life experiences and emotions.

 

“At its core, the greatest human right is the ability to live a happy life, something the people of Xizang are clearly enjoying.

 

“It is inevitable that no matter how hard separatist forces hype things up, they can’t affect the stable, harmonious social situation in Xizang,” Liang said. (NAN)

Edited by Ijeoma Popoola

Seplat prioritises well revival, output growth
Business

Seplat prioritises well revival, output growth

211 total views today

 

 

By Taiye Olayemi

 

Mr Samson Ezugworie, Chief Operating Officer of Seplat Energy, says the company is prioritising the revival of existing wells in its SEPNU asset.

 

 

 

Speaking at Seplat Energy’s 12th Annual General Meeting on Wednesday, Ezugworie noted plans to invest in further drilling campaigns to boost performance and increase production output.

 

 

 

He added the company is increasing gas volumes through ongoing activities at the Sapele Integrated Gas Plant (SIGP).

 

 

 

Ezugworie outlined Seplat’s strategy to maximise production potential, aiming to drive business growth and unlock further opportunities.

 

 

 

“2024 was a year of notable achievement, including the addition of SEPNU assets following a Change-in-Control in December.

 

 

 

“We included 19 days of production from SEPNU, contributing to a full-year output of 52,947 barrels of oil equivalent per day (boepd).

 

 

 

“This marked an 11 per cent increase compared to 2023, which had a range of 46,000–52,000 boepd.

 

 

 

“Our focus remains on reviving existing wells, increasing drilling campaigns and boosting gas volumes through SIGP,” Ezugworie said.

 

 

 

He said Seplat’s legacy business delivered an average working interest production of 48,618 boepd, aided by various positive factors.

 

 

 

These included strong results from 2024 drilling, new gas output from SIGP, and improved Oben gas production after maintenance.

 

 

 

Ezugworie explained that operational gains also came from sustained efficiency on the Trans Niger Pipeline (TNP).

 

 

 

“SEPNU production delivered an annualised average of 4,329 boepd.

 

 

 

“Our 2025 guidance targets 120,000–140,000 boepd, with Q1 already showing 131,561 boepd—aligned with our forecast,” he said

 

 

 

Seplat CEO Roger Brown said the company is committed to enhancing Nigeria’s energy landscape while supporting healthcare, education and empowerment.

 

 

 

He highlighted Seplat’s milestone of conducting 100,000 eye tests under the Eye Can See programme.

 

 

 

“Over 1,000 teachers were supported through our educational programmes.

 

 

 

“In 2024, we launched the Youth Entrepreneurial Programme (YEP) as part of our social investment efforts,” Brown said.

 

 

 

YEP equips young people with practical skills in renewable energy, preparing them for careers in clean energy.

 

 

 

“The programme empowers youth and communities while supporting Nigeria’s energy transition.

 

 

 

“It also aligns with SDG 13.3 — building knowledge and capacity to combat climate change,” he added.

 

 

 

Chief Financial Officer, Mrs Eleanor Adaralegbe, said 2024 financials were buoyed by increased production, particularly SEPNU’s 19-day contribution.

 

 

 

Total revenue reached N1.652 trillion, reflecting strong output despite slightly lower oil prices.

 

 

 

Adjusted EBITDA was N796 billion, including $99 million from SEPNU, a 20.3 per cent rise on 2023.

 

 

 

“After $235 million in taxes, net profit stood at $145 million. We generated $383 million cash from operations,” Adaralegbe said.

 

 

 

She explained that the net debt rose to $898 million due to the acquisition of MPNU.

 

 

 

Seplat retained strong credit ratings and successfully refinanced its $650 million bond in March 2025.

 

 

 

“Our bond yield priced inside Nigeria’s sovereign bond—a first for Seplat.

 

 

 

“We anticipate further improvement in financial performance in 2025, as a larger and stronger company,” Adaralegbe said. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Experts eye drones as catalyst for economic leap
Aviation

Experts eye drones as catalyst for economic leap

331 total views today

Experts eye drones as catalyst for economic leap

 

 

By Itohan Abara-Laserian

 

Stakeholders in the aviation sector have charted paths to explore how drone regulation, training, and certification could fast-track Nigeria’s growth in vital economic sectors.

 

 

 

The discussion unfolded at the 5th Drone Technology Conference and Exhibition (Dronetecx 2025), with the theme: ‘Determining the Future of UAS in Nigeria’.

 

 

 

The News Agency of Nigeria (NAN) reports that unmanned Aircraft Systems (UAS), commonly known as drones, are attracting growing attention from regulators, operators, and technology entrepreneurs.

 

 

 

Mr Godwin Balang, Director, Aerodrome and Airspace Standards at the Nigerian Civil Aviation Authority (NCAA), revealed that no drone in Nigeria currently meets certified standards.

 

 

 

He explained that the absence of certification is due to a lack of written national standards, which the NCAA is now working to develop.

 

 

 

Balang referenced ICAO’s Annex 6, Part IV, a future-facing framework not yet implemented globally for Certified Category RPAS.

 

 

 

He noted that most Nigerian drone operators currently fall under ‘open’ or ‘specific’ categories.

 

 

 

He clarified that while ROC is for certified drones, operational authorisation suits those in the specific category.

 

 

 

Balang stated that the NCAA will use Specific Operational Risk Assessment (SORA) to approve specific category drone operations.

 

 

 

According to him, approval types will vary depending on whether the drone is in the certified category or not.

 

 

 

“Certified RPAS will require compliance with Nigeria’s aviation regulations covering licensing, training, airworthiness, and maintenance.

 

 

 

“However, drones outside this category will continue to be authorised on a case-by-case basis,” he said.

 

 

 

Balang also highlighted General Aviation as a hidden engine for Nigeria’s economy, particularly through regional airstrip access.

 

 

 

He said efforts are underway to use airstrips to connect rural areas and boost local economies.

 

 

 

On his part, Capt. Wilson Tijo, aviation professional, stressed that Nigeria must adopt ICAO’s eight Critical Elements to operate certified aircraft safely.

 

 

 

These include legislative frameworks, safety systems, trained personnel, and robust oversight mechanisms.

 

 

 

Conference convener, Mr Fortune Idu, said drone technology can drive economic empowerment across Africa.

 

 

 

He noted that drone applications extend to health, farming, emergency response, and creative sectors like cinematography.

 

 

 

“This is a youth-led technology that creates fast-track paths to entrepreneurship,” Idu said.

 

 

 

He stressed the importance of public awareness campaigns to ensure safe and secure drone operations nationwide.

 

 

 

Also, Capt. Olusina Akinsere, senior NCAA officer, highlighted NCAA’s 2023 RPAS regulations as a major step toward drone safety and compliance.

 

 

 

The event drew regulators, drone operators, tech entrepreneurs, and government representatives, uniting to shape Nigeria’s drone future. (NAN)

 

Edited by Kamal Tayo Oropo

Foundation, Sanwo-Olu donate funds to paediatric surgical patients in general hospitals 
Health

Foundation, Sanwo-Olu donate funds to paediatric surgical patients in general hospitals 

211 total views today

 

 

 

 

By Kemi Akintokun

 

Orunsii Welcare Foundation, in collaboration with the Office of the First Lady of Lagos State, Dr Ibijoke Sanwo-Olu, on Tuesday, donated funds to three general hospitals for paediatric surgical support.

 

The donations were made at the General Hospital Odan, Lagos; Randle General Hospital, Surulere and the Alimosho General Hospital in Igando.

 

The Project Coordinator of Orunsii, Dr Olumide Sojinrin, said the donation is targeted toward meeting the health needs of vulnerable children whose parents can’t afford to pay for surgical procedures.

 

Sojinrin, also the Medical Director of Randle General Hospital, commended Sanwo-Olu for supporting the foundation to impact the lives of little children who are the most vulnerable in society.

 

According to him, the intervention will not be a one-off thing.

 

“Since we started this foundation, we’ve been doing certain things to support communities, and one of the things we noticed was that some parents find it difficult to pay for their children’s surgery

 

“To support these people, we came together and tried to raise funds and identify certain hospitals where they provide these services.

 

“So that those who truly need this support will get it through this seed fund donated.

 

“We are grateful to the wife of the Governor for her immense support to the organisation and for always being passionate about the well-being of children,” Sojinrin said.

 

He said the foundation, initiated in 2021, focused on mental health, care for the elderly, environmental health promotion and support for children who require paediatric surgery to live a normal life.

 

Also speaking, Dr Ibijoke Sanwo-Olu, commended the foundation for evolving an initiative that supports the most vulnerable members of society during their most challenging moments.

 

Sanwo-Olu noted that Orunsii’s vision aligned with hers and that of the state government.

 

“I must acknowledge the strong partnership between my office and the Orunsii Welcare Foundation, built on a shared commitment to the health, welfare, and future of every Lagosian, especially vulnerable children, youths, and the elderly.

 

“The Foundation has once again demonstrated this commitment by leveraging the 2025 Pediatric Surgical Care Initiative to bring healing and relief to patients here at General Hospital, Odan, as well as in health facilities in Alimosho and Surulere.

 

“We must all continue to advocate for a compassionate healthcare system and a society led by kindness and care,” Sanwo-Olu said.

 

Dr Aduke Mofe, the Medical Director of General Hospital, Odan, Lagos, applauded the foundation for the laudable initiative to support paediatric surgical patients who are unable to foot their medical bills

 

Mofe, represented by Dr Akinyele Akinlade, the Deputy Medical Director, said the hospital, which is the oldest hospital in the country, will use the funds judiciously to bring succour to vulnerable paediatric surgical patients.

 

The Medical Director of Alimosho General Hospital, Dr Ayodapo Soyinka, commended the foundation and Sanwo-Olu for assisting paediatric surgical patients.

 

“Oftentimes, we have a lot of patients who can’t afford to pay for surgery, especially parents of children in need of paediatric surgery.

 

“Having a fund like this will go a long way for such children to undergo the needed surgery to live a meaningful and healthy life as they grow,” he said. (NAN) (www.nannews.ng)

 

Edited by Oluwafunke Ishola

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