Business Archives - Page 8 of 84

Airtel foundation targets 10 million Africans with scholarships

The Airtel Africa Foundation, in collaboration with UNICEF, has unveiled an ambitious plan to directly impact over 10 million lives across the continent by 2030 through education, digital inclusion, environmental sustainability, and financial literacy programmes.

The announcement was made on Tuesday at a press conference in Lagos State, where the foundation was formally launched.

In his opening address, Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, said the foundation was committed to improving Africa’s socio-economic landscape through education and digital empowerment.

“We gather today to officially present the Airtel Africa Foundation to the world. This foundation carries forward our tradition of social investment and multiplies its reach with a sharper focus, a stronger platform, and a groundbreaking vision.

“For the first time, the world will see in one frame the projects we are delivering across the continent. These initiatives are already catching light in classrooms, in hospitals, in rural communities, and in cities, where digital access determines the difference between stagnation and opportunity,” he said.

Balsingh explained that the foundation was equipping schools with devices, internet connectivity, and teacher training to prepare young Africans for self-reliance in the digital economy.

Also speaking at the event, Chief Executive Officer of Airtel Africa, Sunil Taldar, described the goal as both a business imperative and a guiding philosophy.

“We have visited over 1,200 schools, impacted more than one million students, and trained 17,000 teachers in digital education across our 14 markets. A very large portion of the foundation’s investment will go into Nigeria,” Taldar stated.

Since its inception in July 2024, the foundation has been active in Nigeria and 13 other African countries, bridging the digital divide, equipping young people with 21st-century skills, and promoting economic resilience.

Chairman of the Airtel Africa Foundation, Dr. Segun Ogunsanya, described the initiative as a catalyst for change and a lasting legacy.

“What makes you rich is not what you have, but what you give,” he said.

Ogunsanya highlighted the foundation’s focus on creating pathways to higher learning through zero-rated educational platforms, device donations, and school refurbishment projects.

“We’ve given IT materials to teachers, installed smart TVs in classrooms, and reconstructed six schools across Nigeria — one in each region. Our target is to reach 10 schools for a geo-balanced impact,” he said.

The foundation has also introduced the Airtel Africa Fellowship, which offers full undergraduate scholarships in technology and STEM fields, mentorship opportunities, internships, and exchange programmes to groom Africa’s next generation of innovators.

“Beyond building schools, we are supporting students who cannot afford school fees through scholarships, and we are working towards building a major tech hub in Nigeria. Currently, we are sponsoring two Nigerian students in a university in India, and I am pleased to announce that 100 additional scholarships will be awarded to Nigerians,” Ogunsanya revealed.

He added that Airtel employees are central to the mission, with more than 1,100 staff volunteering their expertise for mentorship, coaching, and community projects across Africa.

FirstBank partners Lagos for E1 Lagos GP

In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3^rd and 5^th of October 2025. Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.

“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.

With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.

Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.

The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.

Lagos suspends wetlands reclamation projects over environmental concerns

The Lagos State Ministry of the Environment and Water Resources has ordered the immediate suspension of all reclamation projects across the state.

PUNCH Online reports that reclamation projects are engineered efforts to create new usable land from water-covered areas by filling them with sand, earth, rock, or other material for building construction.

Lagos Commissioner for Environment, Mr Tokunbo Wahab, in a statement personally signed on Thursday, justified the suspension on the basis that many works on wetlands, floodplains, and lagoons are proceeding without the required Environmental Impact Assessment approvals and drainage clearances.

He noted reclamation activities in high-profile areas, including Parkview, Banana Island, Osborne in Ikoyi, Victoria Island Extension, Lekki, Ajah, Oworonshoki, Lagos Mainland, Ikorodu, Ojo, and Badagry.

Wahab warned that unchecked reclamation poses significant environmental and social risks.

He said, “While reclamation may provide space for housing and infrastructure development, it also poses significant environmental and Social risks, including increased vulnerability to flooding, coastal erosion, disruption of livelihood (especially fishing), loss of wetlands and biodiversity, constriction of the Lagoons and their capacity, impairment of water quality, amongst others.

“With the low-lying topography of the State and its fragile ecosystem, the State Government cannot afford to allow this indiscriminate reclamation of the Lagoons, wetlands, and floodplains to continue unabated.

“Consequently, the Ministry is by this Notice directing all Reclamation Projects across the State with or without EIA approval and Drainage Clearance to be SUSPENDED IMMEDIATELY.”

The directive added, “All approved Reclamation Projects across the State must be submitted for proper Documentation and Monitoring, while all on-going and intending ones must be subjected to the Environmental Impact Assessment (EIA) process with issuance of Approval Letter and Drainage Clearance from the Ministry of the Environment and Water Resources.”

The ministry warned that failure to comply will prompt the deployment of machinery to decommission illegal sites.

“Failure to comply with this directive within the next 7 DAYS after this publication shall leave the Ministry with no other option than to deploy appropriate machineries to decommission the reclaimed sites, including excavation and removal of fill, reconnecting of already blocked water channels on the lagoon, and the arrest and prosecution of anyone involved and/or found on the site of the illegality.”

Private sector key to future of Carnival Calabar, says festival chairman

The Chairman of Carnival Calabar, Gabe Onah, has called for stronger private sector investment to sustain the popular street party.

Onah made the call on the sidelines of the 21st Akwaaba African Travel Market on Tuesday in Lagos.

The chairman said the annual carnival, which would turn 20 this year, was originally designed as a strategy for community participation and economic development.

“Carnival Calabar must breathe beyond the stranglehold of government.

“For sustainability, the private sector has to take more than a passing interest,” he said.

Onah credited the continuity of the festival to successive governors of Cross River, such as Donald Duke, Liyel Imoke, Ben Ayade, and the present governor, Bassey Otu.

He, however, emphasised that the community buy-in and the welcoming spirit of Calabar’s people were just as significant.

“The smiles of our people, the restfulness of the city and our natural blessings – vegetation, mountains, waterfronts and greenery – are what make Calabar stand out,” he said.

Speaking on Akwaaba’s role in regional tourism, Onah described the event as the melting point for the travel and trade industry.

“In tourism, we will keep saying partners must collaborate, not compete.

“Akwaaba has successfully done this for Nigeria,” he said.

Highlighting emerging trends, he said today’s tourists are digital, unique and global.

Onah emphasised the need to embrace artificial intelligence in tourism promotion.

The chairman added that families were becoming more central to travel decisions, which he said informed the upgrade of the children’s carnival to a junior carnival in Calabar.

Onah also noted that there was a growing demand for takeaways and memorabilia, as visitors seek lasting connections to cultural experiences.

It can be recalled that PUNCH Online reports on January 11, 2025, that the Cross River Tourism Bureau reported that the 2024 Calabar Carnival drew over 300,000 tourists between November 1 and December 31, marking a 42 per cent increase from 2023.

The month-long festival also attracted an estimated 450,000 onsite spectators for signature events such as the Cultural Carnival, Children’s Carnival, and Bikers Carnival, while more than 1.2 billion viewers tuned in globally via DSTV and over 100 million through live online streaming.

Most visitors came from Abuja, Lagos, and Akwa Ibom, which boosted Calabar’s hotel occupancy rate to 68 per cent, with more than 90 per cent of hotels fully booked during the peak period in December.

According to the bureau’s Managing Director, Ekpenyong Ojoi, the festival generated significant economic impact, with hotel bookings valued at N2.79 billion and food sales estimated at N900 million.

Major events such as Funfest and the Calabar Fashion Show brought in N100 million, while nightclubs generated N400 million. Ancillary activities, including online streaming, car rentals, and food and drinks, added another N1 billion, while visitor transportation costs reached N8.87 billion, underscoring the carnival’s growing role as a key driver of tourism and revenue for Cross River State.

Carnival Calabar has shown its strength as both a cultural celebration and an economic driver for Cross River State. But as Chairman Gabe Onah noted, its long-term success will rely on greater private sector involvement to ensure the festival continues to thrive beyond government support.

VIDEO: Ajaokuta Steel Industry May Never Work, Says Dangote

The President of Dangote Petroleum Refinery, Alhaji Aliko Dangote, has said that the moribund Ajaokuta Steel Complex may never work, insisting that global technological advancements have overtaken the project.

Dangote, who spoke on Tuesday in an interview with journalists, stressed that while no nation can thrive without a functional steel industry, Ajaokuta’s prospects remain dim.

The business mogul said, “The steel we are talking about, we will definitely look at the opportunities of doing that. There is no nation that you can build without a steel industry. And honestly, between us here, Ajaokuta will not work. We can keep deceiving ourselves. We can keep being passionate about this. It’s not possible.”

Conceived in 1979, the Ajaokuta Integrated Steel Complex was designed to host a Metallurgical Process Plant, an Engineering Complex and auxiliary facilities. However, more than 45 years later, the multi-billion-dollar project has failed to take off, dogged by mismanagement and corruption.

In January 2024, PUNCH Online reported that President Bola Tinubu approved the restart of the light steel section of the plant after discussions with India’s Jindal Steel Group, which pledged $5bn investment in a new steel project in Nigeria during the G20 summit in New Delhi in September 2023.

Speaking further, Dangote, warned that Africa must avoid becoming a dumping ground for outdated industrial plans and imports that undermine job creation.

“But really, you know, come to think of it, we should be very careful, not only in Nigeria, but in the entire African continent. Because people are importing poverty into our nations and exporting our jobs out. And we have the most, you know, growing population in the world, the continent.”” he cautioned.

Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval, Surpasses Regulatory Capital Requirement

Wema Bank Plc (“the Bank”) announces the successful completion of its ₦150 billion Rights Issue, which opened on April 14th,2025, and closed on May 21st,2025. The exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

This Rights Issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the
₦200 billion minimum capital requirement applicable to commercial banks with national authorization.

In addition to the Rights Issue, Wema Bank also recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory reviews. This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth.

Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Moruf Oseni, Wema Bank’s MD/CEO, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey. According to Oseni, “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

The conclusion of these capital-raising initiatives reinforces the Bank’s prudential position and provides a solid foundation for long-term stability. It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.

Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the Bank is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders.

For more information, please reach out to investor.relations@wemabank.com or visit www.wemabank.com.

UBA to Empower Female Entrepreneurs, Drive Financial Inclusion with N5 Billion BOI MSME Fund

Africa’s global bank, United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth. It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you,”

The facility provides a maximum loan amount of N5million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola who highlighted the strategic importance of the targeted sectors to the nation’s continued growth, noted that the initiative will strengthen financial inclusion and set the country and indeed the continent on the path of sustainable development.

“We are structuring this facility to align with our broader mission of financial inclusion and economic empowerment. For us at UBA, we will be targeting Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development,” he noted.

Continuing, he said, “This facility is structured to ensure that businesses in these sectors can access affordable funding, expand their operations, and contribute meaningfully to the economy. We are excited to partner with BOI to make this a reality.”

Also speaking at the loan facility unveiling, Group Head, Marketing and Corporate Communications, Alero Ladipo, took time to highlight the competitive interest rate and government backing as well as urge business owners, especially women to take advantage of the initiative.

“What sets this program apart is its accessibility and affordability. We have worked closely with stakeholders to ensure the terms are business-friendly because we understand the challenges entrepreneurs face. I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away,” Ladipo stated.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology

The Alternative Bank Targets Women, Men, and Farmers with National Financial Inclusion, Entrepreneurship Drive

The Alternative Bank, one of Nigeria’s leading non-interest banks, has ramped up its efforts to promote economic empowerment and financial inclusion for market traders and smallholder farmers across the country. With a focus on improving access to banking services, the Bank is providing critical financial support to some of Nigeria’s most underserved communities.

The initiative, undertaken through an agreement between Sterling Financial Holdings Company and the Association of Market Women/Men and Farmers of Nigeria (AMWMF), aims to address the challenges faced by millions of market women, men, and farmers who have long been excluded from formal banking systems. According to the Central Bank of Nigeria, approximately 26% of Nigerian adults, or about 28.8 million people, remain financially excluded, with rural communities and informal sector workers being particularly affected. is working to change this by making essential financial services accessible to these groups, particularly women.

Through this new initiative, The Alternative Bank is opening access to formal financial services for over 16 million members of the AMWMF. The collaboration is designed to provide members with access to a range of banking services, including zero-fee accounts, microloans, and SME funding, aimed at fostering business growth and financial independence.

Korede Demola-Adeniyi, Executive Director at The Alternative Bank, shared her thoughts on the role of banks in supporting grassroots financial inclusion, saying, “To adequately bridge the financial inclusion gap, financial institutions must continue to devote resources towards removing the barriers that have historically hindered large segments of our population. For the unbanked and underbanked, the challenges go beyond the lack of physical infrastructure and extend to deeper issues of trust, financial illiteracy, and systemic exclusion from mainstream financial services.

“At The Alternative Bank, we are committed to breaking these barriers by offering tailored solutions and championing programs that empower people to take control of their financial futures. We believe that by simplifying access to financial services and addressing these long-standing obstacles, we can unlock the potential of millions of grassroots entrepreneurs and contribute to broader economic growth.”

Recognising education as a key factor in the country’s financial literacy gap, The Alternative Bank is offering the Association’s members access to financial literacy training and personalised business support, aimed at empowering them with the knowledge and skills to manage and grow their finances effectively. In addition, the Bank is also supporting business growth by offering no initial fees for point-of-sale (POS) terminals to vendors, making it easier for them to accept electronic payments.

The drive, which began in Oyo State, will extend to 15 other states across Nigeria’s geopolitical zones throughout the course of the year and has since received strong support from AMWMF’s leadership. Erelu Dr. Becky Olubukola, the National President of the Association, praised the collaboration as a crucial step towards realising the association’s vision of creating an environment where every member has the opportunity to thrive. She emphasised that, by working with financial institutions like The Alternative Bank, the association could vastly expand opportunities for its members and help drive local economic development.

In addition to banking services, The Alternative Bank is also exploring innovative solutions to meet the diverse and evolving needs of grassroots entrepreneurs. This includes the deployment of electric-powered tricycles for market vendors to help with the transportation of goods and the introduction of health and medical kiosks in underserved areas to improve access to basic healthcare. Furthermore, the Bank is committed to creating wealth for the Association’s members through initiatives like its waste-to-wealth program, which enables participants to convert waste materials into viable income-generating ventures.

Naira strengthens against dollar, closes week at N1,534.72

The Naira closed the week on a positive note, gaining 4.52 kobo against the U.S. dollar at the official market on Friday.

According to the latest figures from the Central Bank of Nigeria, the Naira traded at N1,534.72 per dollar.

The figure represents a modest gain of 0.05 per cent on Thursday, when it was valued at N1,534.79 to the dollar.

However, the Naira had experienced minimal losses earlier in the week, trading at N1,535.62 on Wednesday and N1,535.24 on Tuesday.

The trading week began with a minor decline of 20 kobo on Monday.

NAN

Reps to probe refineries’ TAM, crude access bottlenecks

The House of Representatives Committee on Petroleum Resources (Downstream) has resolved to carry out an investigation into the Turn Around Maintenance of the four state-owned refineries.

The Committee’s resolution is coming a few days after the House Committee on Petroleum Resources (Midstream) made a similar commitment to unravel why, despite an investment of $18bn in TAM, the refineries are not functioning optimally.

The Committee also announced plans to probe the bureaucratic bottlenecks on the path of local and modular refineries in accessing crude oil.

Speaking at a news conference on Wednesday, Chairman of the Committee, Ikenga Ugochinyere (PDP, Imo) expressed worry over the reported shutdown of the Port Harcourt and Warri refineries, a few weeks after they resumed production.

The Committee, he said, would unmask the reason for the failure of the maintenance operations given that the company which carried out the maintenance has a reputation for excellence in service delivery.

He also announced the setting up of multiple technical sub-committees to tackle critical challenges and pending investigations in the sector.

He said, “These technical sub-committees shall work towards fast-tracking the investigation of pending referrals to the committee, address crucial matters and developments that have arisen, which threaten sustainability in the downstream sector, to make the downstream sector stronger and more viable.”

The issues for investigation are the allegation of Dangote Refinery’s planned takeover of petroleum products transportation/retailing; turnaround maintenance of refineries, current state of the refineries, and suggested way out.

Others are OVH acquisition and complaints from the Nigerian National Petroleum Company Limited Retail staff, including House-ordered re-investigation; complaints of lack of feedstock by modular refineries and strategies to strengthen small/modular refining operations; review of Petroleum Industry Act to identify areas for amendment to strengthen the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the incorporation of artisanal refiners into the official petroleum refining value chain, among others.

Speaking on the significance of the sub-committees, Ugochinyere said, “This initiative is aimed at addressing threats to the viability and sustainability of the downstream sector. We are committed to delivering real reforms that will ensure efficiency, fairness, and competitiveness across the board.”

The House Committee is expected to receive reports from the sub-committees in the coming weeks as part of expanded legislative efforts to reposition the nation’s oil and gas industry.

The House is considering amending the Petroleum Industry Act to address emerging issues not covered by the extant law, saying the committee intend to put together all such areas of amendment for the approval of the House to strengthen NMDPRA/downstream petroleum sector.

He disclosed that the Committee resolved to dismiss the petition asking for the dissolution of the NMDPRA because the PIA confer the appointing powers on the President, saying, “We cannot go back to the old order where every government fires people anyhow.

“We are not out to protect anybody. If anyone is found to have been engaged in corrupt activities, the law should be allowed to take its course.”

Ugochinyere, who represents Ideato South/Ideato North Federal Constituency, Imo state, assured that the 10th House will work against any attempt at creating a monopoly in the nation’s oil and gas industry, in the interest of all Nigerians.