NEWS AGENCY OF NIGERIA
NSE lauds Tinubu on appointment of seasoned professionals at NNPC Ltd
Economy/Business

NSE lauds Tinubu on appointment of seasoned professionals at NNPC Ltd

265 total views today

Appointment

By Angela Atabo

The Nigerian Society of Engineers (NSE) has commended President Bola Tinubu for appointing seasoned professionals to lead the Nigerian National Petroleum Company (NNPC).

NSEs’ President, Margaret Oguntala, stated this in a statement on Wednesday, in Abuja, describing the move as “putting the right peg in the right hole.”

Oguntala praised Tinubu for ensuring that individuals with vast engineering, technical and leadership experience would manage affairs in the NNPC Ltd.

She emphasised that the new leadership would usher in a transformative era for NNPC Ltd, fostering efficiency, transparency, and innovation in the oil and gas sector.

“NSE extends heartfelt congratulations to President Tinubu, on the appointment of Bashir Bayo Ojulari, as the new Group Chief Executive Officer.

“Ahmadu Musa Kida, as Non-Executive Chairman of NNPC Ltd and other board members.

“This significant decision underscores the President’s unwavering commitment to revitalising NNPC Ltd and enhances the energy security of Nigeria through the oil and gas sector.

“I commend President Tinubu for ensuring that individuals with vast engineering, technical, and leadership experience are at the helm of NNPC Ltd,’’ she said.

She said that the move aligned with global best practices in energy governance.

Oguntala said that the strategic appointment was pivotal to achieving sustainable energy security, infrastructural growth, and economic development.

She further expressed optimism that the new leadership would usher in a transformative era for NNPC Ltd, fostering efficiency, transparency, and innovation in the oil and gas sector.

She said that NSE remained committed to supporting the administration’s drive toward national development and energy sustainability.

According to her, NSE looks forward to a fruitful collaboration with NNPC Ltd under its new leadership.(NAN)(www.nannews.ng)

Edited by Dorcas Jonah/Kevin Okunzuwa

Experts advocate massive investment in energy, supply chain, AI for economic development
Economy/Business , General News , Health

Experts advocate massive investment in energy, supply chain, AI for economic development

390 total views today

By Adeyemi Adeleye

Some experts and professionals have called for massive investment in renewable energy, efficient supply chains and Artificial Intelligence (AI) to enhance businesses and catalyse Nigeria’s economy.

They spoke at the ST. RACHEAL’s People’s Consulting Ltd, 2025 Talent Development and Retention Summit Series 2, titled “Economic Opportunities”, on Saturday in Lagos.

Speaking virtually, a Business Analyst, Mr Oluwadara Adeosun, said that Nigeria was blessed with vast resources which should be explored for economic prosperity and to enhance quality of life.

Emphasising the critical role energy plays in businesses, Adeosun said that massive investment in renewable energy would be a game changer for the country.

Calling for collaboration between the public and private sectors in the development of renewable energy, the analyst said that this would positively impact all sectors of the economy including health and education.

“The opportunity is there should the private sector want to tap into it. It is a collaboration between the private and public.

“The opportunity in Nigeria is massive. We have oceanic waves, lakes, dams and solar.

“When we have more electricity in the country, it will improve quality of life, even our hospitals will be better,” Adeosun said.

Speaking, Dr Solomon Aigbavboa, a Supply Chain Expert, described supply chain as the lifeblood of any business either for individual or government.

According to Aigbavboa, supply chain leads to business success and sustainable sustainability, hence the need to ensure primary and secondary product flows in an effective and efficient manner for economic rebuilding.

He said that businesses needed supply chain because of high incidence of lost sales owing to sub-optimal production and inventory planning, harsh macro economy, inefficient maritime and inland transport distribution among others.

Aigbavboa said that supply chain management was critical in business for cost reduction, improved efficiency, practical action to mitigate risk and for customer satisfaction.

“Supply Chain management must be resilient to stand disruptions and absorb shocks.

“Supply Chain processes must be optimised ensuring consistency, efficiency, quality, and scalability

“If supply chain is not structured well, strong and dynamic, it will affect businesses.

“Supply chain enables businesses success, ensures business agility and responsiveness, sustainability, data -driven decision making, scalability and market expansion.

“We cannot do without supply chain if we must increase business activities,” he said.

He said that challenges of supply chain included power, infrastructure, inefficient distribution process, harsh macro-eneomy, forex, high outbound transport costs, diesels among others.

Also speaking, Head of Microsoft, Nigeria and Ghana, Mrs Olatomiwa Williams, who spoke on AI, said that the innovation was transforming businesses and unlocking economic growth for nations.

Williams, who joined virtually, said that any organisation could harness and adopt AI to drive efficiency and effectiveness, saying “AI is already fueling global economic space. A nation that adopts it will lead”.

According to her, Nigeria has a golden opportunity to leverage AI in key economic sectors including agriculture, finance, education, medicical diagnostics and prescription, manufacturing sector among others to compete with the rest of the world.

“AI has enormous opportunities for businesses and entrepreneurs. It develops solutions, increases efficiency, job creations.

“We must continue to invest in AI innovations.

“It is important for everyone to collaborate. We need to look into our educational curriculum to ensure AI is embedded. AI revolution is not waiting for us, we must act faster.

“Business leaders should adopt AI, policy makers should create enabling environments for AI growth.

“Youths should embrace learning not just as customer but as innovators to grant economic prosperity, create new jobs and secure Nigeria,” Williams said.

She listed the challenges in AI ecosystem to include infrastructure, regulation uncertainties among other.

On concerns that AI could stifle creativity, Williams said that AI had not come to stop human creativity but to enhance it.

She, however, said that though Nigerian government had embraced the innovation,  there was still a long way to go in embracing technology.

Other speakers who spoke on businesses, economy and health in the nation included a Sales Expert, Mr Bunmi Adimula; a Tech Law expert, Mrs Ngozi Nwabueze; Mr Orji Uka, a Legal Practitioner with TEMPLARS, among others.

The Lead Visioner and Chairman of ST. RACHEAL’S PHARMA, Mr Akinjide Adeosun, said that the event was to bring in people of diverse backgrounds in their efforts to change the society.

Adeosun urged Nigerian leadership to invest in renewable energy especially solar to power businesses.

Adeosun said that Critical Success Factor (CSF) in anything business included strategic insight, clear communication and compelling Emotional Intelligence.(NAN) (www.nannews.ng)
Edited by Vivian Ihechu

Plateau Govt. generates N3.3bn IGR in January
Economy/Business

Plateau Govt. generates N3.3bn IGR in January

256 total views today

By Polycarp Auta

The Plateau Internal Revenue Service (PIRS) says it has generated more than N3.3 billion as Internally Generated Revenue (IGR) in January.

Dr Jim Wayas, the Chairman of PIRS, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Jos.

Wayas said this achievement aimed at meeting the service’s’ target of N52 billion in 2025.

“We started 2025 on a strong footing; in January alone, we have already generated slightly above N3.3 billion.

“This is a departure from what we generated in the past; in January 2024, for instance, we generated N1.6 billion only.

“So, it means that we are starting on a better footing towards meeting our target for the year,” he said.

Wayas said that in spite of the tough economic realities, the service had adopted some friendly measures towards improving the IGR of the state.

“We know that the economic situation is not too good; people are struggling.

“Economic activities are not booming as they should, but the idea is that we are not strangulating businesses to fund government activity or businesses.

“What we are doing is to also encourage business. For the Nano businesses, we are not even saying, come and pay by all means, because we know they are trying to survive.

“Like I will always say, we are not taxing the seed, that is the capital, but we are taxing the income you make out of the capital,” he explained.

The chairman, who said that the government was bridging the infrastructure deficit in the state, called on the residents to pay their taxes regularly for better service delivery. (NAN)(www.nannews.ng)

Edited by Nyisom Fiyigon Dore

Tinubu congratulates Ovia on Freedom of City of London admission
Business

Tinubu congratulates Ovia on Freedom of City of London admission

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By Salif Atojoko

President Bola Tinubu has congratulated Mr Jim Ovia, the founder and chairman of Zenith Bank Plc, on his admission to the prestigious Freedom of the City of London.

President Tinubu described the honour as a fitting recognition of Ovia’s exceptional contributions to business, innovation, and technology.

He also highlighted Ovia’s significant role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.

“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria,” the President said.

Tinubu said Ovia’s visionary leadership would continue to inspire generations.

The President commended Ovia for being a distinguished ambassador of Nigeria’s private sector and wished him continued success in his future endeavours.

Admission to the Freedom of the City of London is a prestigious honour bestowed upon individuals either for their service to the city or for their significant achievements. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

CSCS Group posts 11.95bn PAT in 2024
Economy/Business

CSCS Group posts 11.95bn PAT in 2024

277 total views today

 

 

 

 

 

By Taiye Olayemi

 

The Central Securities Clearing Systems (CSCS) Group has announced a profit after tax (PAT) of N11.95 billion for the 2024 financial year.

 

This reflects 18.7 per cent increase from the N10.08 billion recorded in 2023.

 

According to the company’s financial report, released on its website on Friday, CSCS also reported a profit before tax (PBT) of N13.84 billion in 2024, up from N11.20 billion in 2023.

 

Additionally, the company’s total operating income rose from N19.02 billion in 2023 to N26.09 billion in 2024.

 

This underscores a significant growth in its financial performance.(NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

All banks safe, sound — NDIC assures customers
Economy/Business

All banks safe, sound — NDIC assures customers

343 total views today

By Ginika Okoye

The Nigeria Deposit Insurance Corporation (NDIC) has urged members of the public to continue their banking activities without fear, assuring that all banks remain safe and sound.
Hawwau Gambo, the Acting Head, Communication and Public Affairs Department of NDIC in Abuja on Sunday, reiterated the corporation’s commitment toward safety of depositors’ funds in all licenced banks.
Gambo said the corporation was reacting to concerns raised by depositors of the defunct Heritage Bank whose balances exceeded the maximum deposit insurance limit of N5 million.
She said the corporation had made significant progress in reimbursing the insured deposits of N5 million maximum per depositor.
According to her, it is instructive to state that depositors yet to be paid their insured deposits are largely those without Bank Verification Number (BVN) or alternate accounts in other banks.
She said the alternate account would enable the corporation to fetch the accounts from the Nigeria Inter-Bank Settlement System (NIBSS) database to effect payment.
Gambo said that other depositors in that category were those with Post No Debit (PND) restrictions on their accounts.
“Additionally, some accounts have Know Your Customer (KYC) limitations such as Tier One accounts that places restrictions on the maximum lodgment of funds, while others have name mismatches that required resolution,” she said.
Gambo urged depositors with further questions to reach the corporation through an email address claimscomplaints@ndic.gov.ng or call the Claims Resolution Department on the following numbers from 9:00 a.m. to 5:00 p.m.:
0810 422 0807; 0810 931 3326; 0903 819 7064; 0906 465 7140. (NAN)(www.nannews.ng)
Edited by Edith Bolokor/Chioma Ugboma
Heritage Bank: NDIC begins payment of depositors with balances above N5m
Economy/Business

Heritage Bank: NDIC begins payment of depositors with balances above N5m

315 total views today
By Ginika Okoye
The Nigeria Deposit Insurance Corporation (NDIC) says it will declare the first tranche of liquidation dividends from Heritage Bank’s asset realisation in April.
According to NDIC, it will thereafter begin payment to uninsured depositors of the bank.
Hawwau Gambo, the Acting Head, Communication and Public Affairs of the Corporation in Abuja on Sunday, said the depositors would be paid on a pro-rata basis.
Gambo said the payment would be in line with Section 72 of the NDIC Act 2023 on the priority of claims.
She said the Corporation was reacting in response to concerns raised by depositors of the defunct Heritage Bank whose balances exceeded the maximum deposit insurance limit of N5 million.
The official said the Corporation had intensified efforts to ensure timely payments.
“For clarity, the referenced section states that where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria (CBN) following the revocation of its licence, the assets of the insured institution shall be available to meet its deposit liabilities.
“Such deposit liabilities shall have priority over all other liabilities of the insured institution.
“The NDIC has made substantial progress in disposing the physical assets and recovering some of the debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.
“As a clear demonstration of this commitment, the Corporation commenced the realisation of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums.
“Consequently, other claimants of the failed Heritage Bank, including creditors, and shareholders will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed,” she said.
On depositors of the defunct bank who were yet to be paid their insured deposits, Gambo said that only depositors without Bank Verification Number (BVN) or alternate accounts in other banks were affected.
She said that other depositors in that category were those with post no debit (PND) restrictions on their accounts.
“Additionally, some accounts have Know Your Customer (KYC) limitations such as Tier 1 accounts that places restrictions on the maximum lodgment of funds, while others have name mismatches that require resolution.
“Some depositors who have been paid may also be unaware that they have received payments due to lack of mobile phone transaction alerts on their alternate accounts into which the insured sums were paid by the NDIC.
“Therefore, depositors are advised to check their alternate bank accounts, as some payments may have been processed without their immediate knowledge.” (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
Business experts outline start-up success tips
Economy/Business

Business experts outline start-up success tips

315 total views today

By Rukayat Moisemhe

Experts have emphasised the importance of team alignment, a high-performance culture, employee engagement, and effective leadership in attracting funding and ensuring business sustainability for entrepreneurs and start-ups.

They made the call at the American Business Council (ABC) Business-for-Business (B4B) Revenue Acceleration Programme on Friday in Lagos.

Mrs Edememe Oladiji-Wusu, Executive Director, Semper Discens Ltd., noted that the growth of Africa rested on the shoulders of entrepreneurs.

She stated the importance of team alignment with an organisation’s goals and the need to reinforce the vision over.

Oladiji-Wusu said that when vision, execution, and culture aligned, business growth becomes an intentional act.

According to her, teams that are aligned, that bring their heads, hearts, and hands to work make scaling possible.

She emphasised the need to foster synergy between sales, marketing, and operations while ensuring that every team member understood that their individual contribution connected to the organisation’s vision.

Oladiji-Wusu said the event aimed at building Small and Medium Enterprises (SMEs) would help drive their alignment process to enhance the scalability of organisations.

“Alignment is not automatic and as leaders, you must actively reinforce it to ensure people see how their role connects to the bigger picture to drive engagement.

“It is important to note that clear communication, goal cascading, and leadership reinforcement are key to staying in sync.

“When you are able to get your team aligned, your customers will be getting the same quality of service, whether or not you are in the organisation.

“Regardless of who the customers are facing, they are getting the same high quality service, because there has been alignment, there is vision clarity, and it is reinforced over and over again,” she said.

Napa Onwusah, Founder, B4B Partners, stressed the importance of ensuring that early stage businesses effectively scale their revenue operation in competitive markets in line with organisational visions and goals.

Onwusah noted that what investors were looking to see in any start-up was traction and ability to scale locally and internationally.

She said once traction and scalability was established companies and venture capitalists would be eager to invest.

She urged entrepreneurs and startups to understand the basics of revenue, the different parts from product to sales and how to motivate and keep a sustainable sales engine.

She advised that business owners in scaling their businesses, also set up and scale their sales engines, stating that a very solid sales engine translates to better revenue generation.

Onwusah noted that the programme partnership with the American Business Council was a very important step to support the operations of businesses and startups in the countries.

“A lot of founders come from the tech background, so they do not have an understanding of sales engines, sales systems or even revenue mechanics.

“For startups, the first thing you need to do is to make sure that you are either being mentored or educated about some of the things people have done before you, so you are not trying to reinvent the wheel.

“The second thing is working with partners like ABC that can provide you with the support you need, either through accelerators or through training or information and lastly, you must implement the knowledge you’re getting,” she said.(NAN)

Edited by Vivian Ihechu

GTCO Plc records N1.266trn pre-tax profit in 2024
Economy/Business

GTCO Plc records N1.266trn pre-tax profit in 2024

305 total views today

 

 

 

 

By Taiye Olayemi

 

 

 

GTCO Plc has announced a pre-tax profit of N1.266 trillion for the 2024 financial year.

 

 

 

This represents a significant increase from the N609.3 billion reported in 2023.

 

 

 

The company made this known in a corporate disclosure released through the Nigerian Exchange Ltd. on Friday.

 

 

 

Its gross earnings surged to N2.12 trillion, up from N1.13 trillion in the previous year.

 

 

 

The company also posted a profit-after-tax of N1.017 trillion, an 88.4 per cent rise from the N539.6 billion reported in the previous year.

 

 

 

This achievement marks the highest ever profit reported by the bank in its history. (NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024
Economy/Business

Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024

1,028 total views today

 

By Taiye Olayemi

Stanbic IBTC Holdings has announced plans to pay N38.87 billion in dividends to its shareholders for the financial year ended Dec. 31, 2024.

This is a 36.3 per cent surge from N28.505 billion paid to its shareholders in 2023.

The company disclosed this in a corporate disclosure through the Nigerian Exchange Ltd., on Friday.

The disclosure reads: “A Final Dividend of N3.00 per ordinary share of 50 kobo each, that is N38,870,991,489.00

“Subject to deduction of appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of members at the close of business on Friday 11 April 2025.

“This is in addition to the Interim Dividend of N2.00 paid in September 2024, thus bringing the total of 2024 dividend to N5.00.

“The Register of Shareholders will be closed from Monday 14 April to Friday 18 April 2025.

“On Friday May 16, 2025, dividends will be paid electronically to shareholders whose names appear on the register as at the close of business on Friday April 11, 2025.

“It will be paid to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.(NAN) (nannews.com.ng)

 

Edited by Kevin Okunzuwa

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