• Sterling Bank launches agribusiness facility for women, youths

    Sterling Bank launches agribusiness facility for women, youths
    Sterling Bank Plc has  launched a new product, Sterling Women and Youths in Agriculture Finance code-named SWAY-AgFin, to provide low-cost financing at single-digit rates to young men and women entrepreneurs in the agribusiness value chain across the country.
    Mrs. Bukola Awosanya, Group Head, Agric Finance and Solid Minerals Financing for Sterling Bank, who disclosed this in a statement in Lagos yesterday, explained that SWAY-AgFin was designed by Sterling Bank in collaboration with Master
  • Flared gas capable of generating 28,700 GWH of electricity

    Flared gas capable of generating 28,700 GWH of electricity
    ***Gas flaring dips by 23.8% to N379bn in 10 months
    By Michael Eboh
    As the age-long battles over gas flaring in Nigeria’s oil industry seem intractable, a total of $1 billion, about N379 billion, has been recorded as the cumulative value of gas lost to the recorded incidents in 10 months of this year.
    The industry data available to Energy Vanguard shows that oil and gas firms operating in the country flared 286.8 billion standard cubic feet, SCF, of gas between January and October 2020.
    H
  • Fidelity, UBA win big at BAFI awards

    Fidelity, UBA win big at BAFI awards
    Fidelity Bank Plc and the United Bank for Africa Plc (UBA) have clinched double awards at the 2020 edition of BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos.
    While Fidelity Bank was named Commercial Bank of the Year the bank’s Managing Director/Chief Executive Officer, Mr. Nnamdi Okonkwo was honored as the banking sector CEO of the Decade for “transforming Fidelity Bank into one of the fastest growing and most trusted financial services brands in Nige
  • NLPGA: Osinbajo, others to discuss gas as pivotal enabler for economic recovery

    NLPGA: Osinbajo, others to discuss gas as pivotal enabler for economic recovery
    Osinbajo
    By Ediri Ejoh
    Vice President Yemi Osinbajo, is set to lead global industry leaders drawn from the Americas, Europe, Asia and Africa at the Nigeria Liquefied Petroleum Gas Association (NLPGA) 10th International LPG Conference themed; “LPG: Pivoting Economic Recovery for Households and Industries in Nigeria and Africa”.
    In a statement obtained by Vanguard, the NLPGA, stated: “This year’s conference, which will be hosted virtually due to the mood of the times, and i
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  • Nigeria’s oil rig count dips by 30% in one month

    Nigeria’s oil rig count dips by 30% in one month
    Stock photo of an offshore oil rig
    By Prince Okafor
    Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month.
    The rig count is a reflection of the level of exploration, development, production and general activities taking place in the petroleum sector.
    This shortfall is coming at a time the Organisation of Petroleum Exporting Countries, OPEC, also witnessed a significant drop in its rig count, having recorded
  • LASG begins clampdown on tank farm operators without license

    LASG begins clampdown on tank farm operators without license
    Governor Babajide Sanwo-Olu
    By Prince Okafor
    Sequel to the proliferation of illegal terminal operators across Nigeria, the Lagos State Government said it would close all illegal tank farm operators in the state this week.
    Vanguard gathered that the move was necessitated, following constant fire outbreaks in oil facilities in the state, especially with most of them operating with regular state’s fire service facilities.
    The Ministry of Physical Planning and Urban Development had earlier in
  • CBN boosts dollar supply with new rules on domiciliary accounts, remittance

    CBN boosts dollar supply with new rules on domiciliary accounts, remittance
    CBN
    By Babajide Komolafe & Elizabeth Adegbesan
    In an apparent move to boost dollar supply into the economy, the Central Bank of Nigeria (CBN) yesterday introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency.
    Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred. Also foreign currency cash withdrawal from domiciliary accounts was r
  • UBA gets double honours at BAFI awards

    UBA gets double honours at BAFI awards
    Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and Other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend. The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well attended ceremony comprising bank CEO’s,
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  • Fidelity Bank wins Commercial Bank of the Year

    Fidelity Bank wins Commercial Bank of the Year
    Fidelity Bank Plc at the weekend clinched the award for Commercial Bank of the Year  award, while its outgoing CEO, Nnamdi Okonkwo and Dr Godwin Ehigiamusoe,  Founder/CEO of LAPO Group, jointly won CEO of the Decade award at the 2020 edition of BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos.The bank won the award in recognition of its support for economic activities in the real sectors of the economy, particularly for its consistency in enhancing the dev
  • FG urged to deliver capital project with value

    BudgIT Foundation  has raised concerns over the capital projects breakdown in 2021 proposed budget; currently marred by opacity, duplications, fragmentations and other critical issues that create loopholes for corruption and misappropriation of limited public funds.
    The government had offered hope that capital projects in the 2021 budget would be accompanied by precise GPS coordinates to encourage project monitoring. Not only was this not provided in the budget proposal, many capital p
  • Ecobank launches smart SME agency banking to empower small businesses

    Ecobank launches smart SME agency banking to empower small businesses
    Ecobank Nigeria has launched Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, Head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank of Nigeria (CBN) vision for financial inclusion across the country.  Aside improving financial inclusion, this campaign also aims to
  • HOSCON seeks to takeover pipeline surveillance contracts

    HOSCON seeks to takeover pipeline surveillance contracts
    Oil-bearing communities, under the aegis of Host Communities of Nigeria, Producing Oil and Gas, HOSCON, has called for the termination of all existing oil pipeline surveillance contracts across the country, accusing the current contracts of fuelling crisis in the Niger Delta.
    Speaking to Vanguard in Abuja, National Chairman of HOSCON, Dr Mike Emuh, also accused the government of violating the provisions of the local content initiative by awarding Nigeria’s waterways’ surveillance co
  • Recession: Reckless spending’ll compound Nigeria’s economic woes –Obi

    Recession: Reckless spending’ll compound Nigeria’s economic woes –Obi
    Adewale Sanyaolu
    Former Governor of Anambra State, Mr. Peter Obi, has warned the country’s economic managers against reckless spending of its resources, saying such a habit would compound the nation’s economic woes as it battles to spend its way out of recession.
    Obi stated this during a live interview on Arise Television flagship progamme; The Morning Show monitored in Lagos, yesterday.
    He said that unlike the 2015 episode when the country borrowed so much to exit recession, it cann
  • NSE migrates 4 coys from ASEM to Growth Board

    NSE migrates 4 coys from ASEM to Growth Board
    Chinwendu Obienyi
    The Nigerian Stock Exchange (NSE), yesterday announced the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and the Initiates Plc from the Alternative Securities Market (ASeM) to the Growth Board.
    In the same vein, the exchange launched the associated Growth Board Index while stating that the migration follows the receipt of applications from the affected  companies requesting to be migrated from ASeM, and consequent screening and approval by the Nati
  • AU-African peer review’ll promote socio-economic growth –Commissioner

    The on-going African Union- African Peer Review Mechanism (AU-APRM) Self-Assessment Process for Ogun State will promote socio-economic growth and good governance, as well as integration among African countries.
    Ogun State Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, stated this during an awareness/sensitisation Townhall meeting and official flag-off of Nigeria’s 2nd AU-African Peer Review (AU-APRM), Self-Assessment for Ogun State by Governor Dapo Abiodun, at the Ob
  • MAN recommends new strategies for better border operation

    Bimbola Oyesola and Merit Ibe
    Ahead the Federal Government’s  plan to reopen the nation’s land borders,  the Manufacturers  Association of Nigeria (MAN) has advised it to among other strategies  diplomatically engage  Niger and Benin Republics on trade data sharing for an enhanced performance when the ban is lifted.
    The Association  also recommended  that the Federal Government  should establish joint border patrols with neighboring countr
  • FCCPC issues merger review regulations 2020

    The Federal Competition and Consumer Protection Commission, November 23, 2020, issued the Merger Review Regulations (MRR) 2020 with its accompanying ancillary instruments. The regulations establish a composite framework for the application of rules with respect to notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act 2018.
    In addition to the MRR, the ancillary instruments that have also been issued include, the Merger Review Guidelines (MRG) 202
  • Gowon to chair CIoTA national transport summit

    Steve Agbota
    Former Head of State, General Yakubu Gowon (rtd.), would chair the second National Transport Summit of the Chartered Institute of Transport Administration of Nigeria (CIoTA), which starts December 1 in Abuja. CIoTA National President, Dr. Bashir Jamoh, disclosed this in Lagos at a press conference ahead of the three-day event.  
    Jamoh said the summit would have a full complement of industry stakeholders, who would be brainstorming to chart the way forward for the
  • Export proceeds, remittances diverted to parallel markets weaken Naira –Experts

    The continued diversion of export proceeds by exporters and diaspora remittances to the parallel market are responsible for the ongoing depreciation of the Naira against the dollar, global foreigm exchange (forex) dealers have said.
    Trading Desk Manager, AZA, a global forex trading portal, Murega Mungai, said the depreciation of the Naira would continue until there is regulatory sanctions against the perpetrators of the act, especially exporters.
    The Central Bank of Nigeria’s (CBN) Foreign
  • Potentials of online business remains largely untapped

    Potentials of online business remains largely untapped
    Deborah Ukaumunna
    Mr. Chima Nwokoro is a business development consultant and founder of 5TT Partners, in this interview, he decried the lack of awareness on an online investment and the immense potentials of online businesses among Nigerians most especially the youths.
    Nwokoro is an online investment expert and coach. He is the brain behind the 5TT Profit Club, a popular online platform with over 260,000 investors under his tutelage. According to Nwokoro, his focus is to teach individuals, most
  • We have shocking Christmas package for smugglers –Shuaibu, Customs strike force boss

    We have shocking Christmas package for smugglers –Shuaibu, Customs strike force boss
    Zika Bobby
    As the Yuletide period approaches, Ahmadu Bello Shuaibu, the Officer in Charge of Customs Strike Force in Zone A, covering South West tells newsmen in this interview, that his men have commenced total anti-smuggling blockade to curb, prevent and seize prohibited items.
    He said his men, in collaboration with other units of the Nigeria Customs Service are adopting a combined approach of intelligence, tact, enforcement and knowledge driven mode to prevent revenue loss.
    Excerpts:
     
    T
  • Bishop Sam Zuga plans to reduce unemployment in Africa with Zugacoin

    Bishop Sam Zuga plans to reduce unemployment in Africa with Zugacoin
    By Rita Okoye, Lagos
    Archbishop Sam Zuga has unveiled his plans to alleviate unemployment in Africa in line with his vision 0202-2020.
    This he plans to execute through his newly created cryptocurrency called Zugacoin.
    According to the cleric, the purchasing of the currency would be likened to investing in Real Estate business.
    He sheds more lights on the reason he is bent on making the lives of every Nigerian youth better.
    ‘Zugacoin will create over 10 million jobs, individuals, state gove
  • Digital technology will enhance Nigeria’s socio-economic development – Perm Sec

    Digital technology will enhance Nigeria’s socio-economic development – Perm Sec
    By Stanley Uzoaru, Owerri
    Permanent Secretary, Ministry of Communications and Digital economy, Musa Istifanus, has maintained that digital technology will help enhance the socio-economic development of the country by increasing the contribution of ICT to the GDP.
    Istifanus who disclosed this yesterday at the 8th National Council on Communications and Digital Economy, taking place in Owerri, Imo State noted that his Ministry has been rejigged for this purpose.
    He further said that the policy thru
  • Ecobank Nigeria launches smart SME agency banking campaign to empower small businesses

    Ecobank Nigeria launches smart SME agency banking campaign to empower small businesses
    Ecobank
    Ecobank Nigeria has launched a Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition.
    Emeka Agada, Head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to supporting the Federal Government and Central Bank Of Nigeria’s vision for financial inclusion across the country. Aside from improving financial inclusion, this campaign
  • No country can grow without the success of its SMEs – Daniel Folley

    No country can grow without the success of its SMEs – Daniel Folley
    By Rita Okoye, Lagos
    Having trained and empowered over 100,000 African Entrepreneurs through his work as a founder, trainer and coach at Daniel Folley SME Clinic, Daniel Odunayo Folorunsho, professionally known as Daniel Folley, an internationally published photographer/filmmaker, tech and digital entrepreneur has come to the conclusion that no country can grow without the success of its SMEs.
    The serial entrepreneur made this revelation while recalling his foray into tech and digital entreprene
  • Unilever becomes wholly British company

    Unilever becomes wholly British company
    Consumer goods giant Unilever said Monday that it has become a wholly British company, completing a historic merger of its Dutch and British corporate entities to end its double-headed structure.
    The new group, Unilever PLC, will now be headquartered in London under a so-called unification strategy designed to make it more responsive to economic challenges including coronavirus.
    Unilever, which has experienced strong demand for hand cleaners and household cleaning products during the deadly Cov
  • Recession: FG blows hot over tax evasion

    Recession: FG blows hot over tax evasion
    By Okwe Obi, Abuja
    The Federal Government has expressed disappointment over incessant tax evasion by some Nigerians, especially now that the country is under recession, noting that the civil disobedience contributes to the government’s inability to deliver democratic dividends.
    Government decried that Nigeria’s economy is already being threatened by the novel COVID-19 pandemic.
    The Secretary to the State Government of the Federation, Boss Mustapha, who spoke at the second edition of
  • SON to prioritise NIS products, partners police

    SON to prioritise NIS products, partners police
    By Merit Ibe
    The Standards Organisation of Nigeria (SON) has emphasised its commitment to ensure that only goods that meet the Nigerian Industrial Standards (NIS) will be sold in the nation’s market henceforth.
    This is even as the organisation has declared renewed partnership with the Nigerian Police to increase its level of enforcement activities in the country.
    The Director General, SON, Mallam Farouk Salim, gave the hint to prioritize NIS products when he received the Alaba Internationa
  • Over 40 entrepreneurs plan mega summit

    Over 40 entrepreneurs plan mega summit
    By Fred Itua, Abuja
    Poised towards refocusing the entrepreneurship drive of Nigerians and policy makers for more effectiveness, Strength Africa, an indigenous company is set to hold a ‘Start Up Summit’.
    The summit which will bring together over 40 renowned entrepreneurs with demonstrable track record spanning 20 to 30 years as panelists, seeks to educate, expose, share experiences and proffer solutions for attaining the right environment for entrepreneurship to thrive.
    Addressing new
  • FCMB organises tax seminar for businesses, advocates synergy among stakeholders

    FCMB organises tax seminar for businesses, advocates synergy among stakeholders
    First City Monument Bank (FCMB) has urged business owners in Nigeria to keep pace with current and emerging realities in the corporate environment, especially on taxation, in order to make their respective businesses competitive and enhance overall performance.
    In addition, the bank has tasked stakeholders in the Nigeria’s Small and Medium Scale Enterprises (SMEs) ecosystem to build a more robust relationship that would enable SME entrepreneurs to effectively understand the country’