Posts in category: General Article

Lagos State government has served contravention notice on over 200 property owners and occupiers in the Òkun Ajah Waterfront scheme in Eti Osa LGA over encroachment on government land, urging them to come forward with relevant documents or remove the buildings before the expiration of the ultimatum.

The state’s commissioner for waterfront infrastructure development, Hon Yacoob Ekundayo Alebiosu, who gave the order during an inspection of the area at the weekend, said the seven-day ultimatum was issued to all the affected property owners and occupiers in the area encroaching on government land for them to provide relevant documents.

He said they are required to come with relevant documents and approvals that back their occupation of the land, adding that many properties and buildings in the area contravened the law by illegally taking possession of the land not allocated to them by the government.

He said four contravention notices had earlier been served on the illegal occupants in the Okun Ajah scheme, he said the government cannot continue to watch and see the state’s commonwealth turned to private investments.

Alebiosu, therefore, urged owners of such buildings to voluntarily remove their encroaching properties before the expiration of the ultimatum.

He also said, if they allow the government to use its funds to enforce the directive, the cost of such operation shall be recovered from the property owners.

The commissioner also said that the ministry has gone through all the processes required in Okun Ajah and that this is the last one. “We have served over 200 houses today alone, based on several contraventions. We’ll return with the Ministry of Physical Planning to take possession.”

Fielding questions from journalists after the exercise, Alebiosu said there are several properties in Okun Ajah without waterfront clearance, saying a lot of encroachments have been identified with people building without approval.

“We’re always guided by the law, we have issued notices, stop work orders have also been served, despite that, they kept at it, continued with their work, and we are left with no option.

“We have been meticulous, we had followed through all the processes before we got to this stage, we are now at the final stage of enforcement, we have been here severally, we even met with resistance from some of them, but the law has to take its course,” he said.

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President Bola Ahmed Tinubu has launched the multi-billion-naira agricultural empowerment programme supplied by the Yobe State governor

Hon Mai Mala Buni for distribution to at least 5,340 farmers in the state.

The President represented by the Vice President Kashim Shettima has while launching the programme at the August 27th Stadium Damaturu, described governor Buni’s huge investment and intervention in the supply of thousands on farm implements including 100 tractors among others as against stride towards turning agriculture from subsistence farming to commercial or mechanized for food security in the country.

President Tinubu stated that a nation as diverse and vibrant as Nigeria, the provision of sufficient and nutritious food should be a fundamental priority that must be pursued with dedication and vigour across all ties of government for better results.

“The Yobe State Agricultural Empowerment Programme couldn’t have come at a better time. There is no way we are going to achieve our grand goals as a government whether at a state or national level until we support and empower our famers.

“We must ensure that they have the tools, resources and knowledge to optimize their production capacity. By doing so we not only enhance our agricultural output but also contribute to our collective quest to ensure that every Nigerian is well fed and fully engaged in the economic drive of our nation.

“Every intervention to boost agriculture plays a crucial role in the local economy. Initiatives like this enhance food security, offers new avenues for employment particularly for our youths and women who are the backbone of our rural community,” he said.

The president used the forum and commended the people of Yobe State for demonstrating strong resilience to reclaim their means of livelihood after encouraging improvement in the security situation across the state and the northeast sub region.

“This support by the Yobe State government will therefore make agriculture attractive and improve the farming population in the state to attain food security and economic prosperity.

“With the improvement in security in Yobe state and the north east generally, it is my hope that people will take the advantage of such interventions to move from subsistence farming to commercial agriculture.

“The establishment of four sesame seed processing factories in the state and the cargo airport to promote international trade in sesame seed, gum Arabic and livestock, I am more than confidence that this programme will enhance the production capacity of Yobe State and drives its partnership with the federal government, other states and corporate organizations to achieve the desired diversification.”

He reaffirmed the government’s commitment to modernising the agricultural sector, including the livestock industry.

The President said the recently approved Ministry of Livestock Development is intended “to improve livestock production in the country and to change the destiny and narratives of our livestock production.”

Governor Buni has while speaking said his administration decided to embark on the supply of the multi-billion naira farm implements with a view to boosting the agricultural production being the major occupation of the people of Yobe State.

He said, “In spite of all the challenges, agriculture remains the major preoccupation of our people. With the improvement in security across the state, farmlands are now accessible in almost all the local government areas.”

The governor who outlined some of the majors taken by his administration to rejuvenate agriculture which include an Agricultural Summit, constitution of a Steering Committee on Revitalization of Agriculture, and partnerships with organizations like the Bill and Melinda Gates Foundation among others said the state government, in collaboration with the federal government, has established Livestock Development Centres to address farmer-herdsmen clashes and boost meat and dairy production.

He commended president Tinubu for the visit, describing it as a significant milestone towards boosting agriculture for food security.

Buni said the distribution arrangement was made based on 30 farmers in each of the 178 electoral wards of the state making a total of 5,340 farmers to benefit from the scheme.

“Except for the tractors and fertilizer, all the other agricultural equipment and inputs are to be given out free to our large-scale, medium, and subsistence farmers.”

He said that the tractors are to be in the custody of the State Agricultural Development Programme at the Headquarters in Damaturu andthe zonal offices in Buni Yadi, Geidam, Gashua, Nguru, and Potiskum, to be hired out to individuals and group farmers.

“The Agricultural Development Programme would be carefully monitored to ensure service efficiency, effective maintenance, and accountability in proceeds accruing from the hire of the tractors”.

The Governor warned the beneficiaries in strong terms that the government would not tolerate any act of sabotage to frustrate their commitments to make agriculture attractive, profitable, sustainable, and economically viable and to guarantee food sufficiency and food security in the state.

“Therefore, the government would deal ruthlessly with any official, individual, or group who tests our will in this regard. I hereby direct the security agencies to arrest and impound tractors and other machines crossing the border lines of the state, while such saboteurs are made to face the full wrath of the law.

“Let me use this opportunity to passionately appeal to the good people of Yobe State to take advantage of this laudable opportunity to embrace agriculture for us to cultivate and produce what we eat to ensure food security and economic development.

“You will recall the sad and unfortunate experiences we had in Yobe, Borno, and Adamawa states during the trying moments of adverse security challenges when our people could not access their farmlands as peace eluded this part of the country”.

“We know better what the absence of peace means. We have many sad stories to tell from our horrible experiences. We cannot afford to invite any other threat to peace and security. Therefore, we should jealously guard the peace we now enjoy and never be part of any plot to disturb our hard-earned peace.

“We must not create opportunities for our common enemies to take advantage of any form of protest to send us into another dark and horrible experience. Therefore, Yobe state is categorically saying NO to protests, and would not participate in any form of protest by whatsoever name,” the governor emphasized.

The items distributed include 100 Zoom Lion Tractors, 10 IMC Double Cabin 4-wheel drive vehicles for extension service supervision, 200 motorcycles for extension workers, 300 sets of ox-drawn ploughs, 5,349 small ruminants (goats), 1,349 hand-push planters, 889 hand-push plough machines, 590 hand-push tiller machines, 4,202 solar-powered irrigation water pumps, improved assorted seeds, and 72,000 bags of fertilizer.

The event was attended by the Chairman of Progressive Governors Forum (PGF), Governor Hope Uzodinma of Imo State, APC Deputy National Chairman (North), Hon. Ali Bukar Dalori, APC Deputy National Chairman (South), Chief Emma Eneukwu, Senator Osita Izunaso, the Special Adviser on Political Affairs to the President, Alh. Ibrahim Masari, members of National and State Assembly, Traditional rulers among others.

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No fewer than 31 companies have raised N586.86 billion Commercial Paper (CP) in the first six months of the year to boost their respective working capital.

Commercial Paper (CP) is a commonly used type of unsecured, short-term debt instrument issued by corporations, typically used for the financing of payroll, accounts payable and inventories, and meeting other short-term liabilities. Maturities on commercial paper typically last several days, and rarely range longer than 270 days.

Nigerian businesses have continued to raise funds to finance their businesses through issuance of Commercial Papers (CPs) championed by FMDQ Securities Exchange Limited. This is as access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations such as working capital needs, funding expansion aspirations and existing debt obligations.

As at June 30, 2024, 31 companies cutting across several sectors of the economy, have raised and listed a total of N583.86 billion Commercial papers on the floor of the FMDQ Securities Exchange.

Dangote Sugar Refinery raised up to N128.87 billion CP in the period under review. Flour Mills of Nigeria listed N91.16 billion CP, while Dangote Cement issued N65.3 billion CP on FMDQ

Other Companies are Nosak Distilleries, Romco Recycling Company, AB Microfinance Bank, Lagos Free Zone Company, Veritasi Homes & Properties, Dufil Prima Foods, Hillcrest Agro Nigeria, Golden Oil Funding SPV, Coronation Merchant Bank, Fewchore Finance Company, Mecure Industries, Smart Residence, Daraju Industries, Capitalisage Technology, VFD Group, DLM Capital, Fidson Healthcare, Johnvents Industries, African Foundries, Coleman Technical Industries, UACN, Skymark Partners, Trust Bank Holdings, Capitalstage Technology, Fintrak Software Company, FBNQuest Merchant Bank, Eunisell, SKLD Integrated, Robust International Commodities, and Afrinvest (West Africa).

The chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion stated that the issuance of Commercial Papers (CPs) has become the trend in the Nigerian capital market used by companies to finance their operations.

He noted that “when businesses require a cash injection to meet working capital requirements, they turn to commercial papers rather than borrowing from Nigerian commercial banks on a short-term basis. CPs are typically issued at a discount to face value, reflecting the prevailing market interest rates in the country.

As a result, it is cheaper for companies to raise capital through the commercial paper markets than borrowing from commercial banks because bank lending comes with higher interest rates.”

Speaking on the trend, the vice chairman of Highcap Securities, David Adonri, said,, the high-interest rate was pushing companies to seek alternative sources of funding;

He said, “Generally when interest rates are increasing in the bank, a lot of fund users explore other avenues to raise funds at a lower cost. CP is one of those avenues, especially to finance working capital and it therefore means that most of the demands for funds within this period have been short-term.

“The cost of raising money via CPs may have been lower than borrowing directly from the bank. With the interest rate hikes in the economy, the banks may have latched on to that to increase their lending rate. That may have escalated to a point beyond the comfort of the fund users, so they resort to the use of commercial papers.”

Also, the chief executive officer at Cowry Asset Management Limited, Johnson Chukwu noted that “the high-interest rate environment was making companies head to the money market to seek funding. This is also helped by the fact that it is easier to issue commercial papers.

“The second and most important fact is that we are now dealing with a high-interest environment. During this period of high-interest rates, borrowers do not want to borrow long-term debts at such high interest rates.”

The chief executive officer of Wyoming Capital and Partners, Tajudeen Olayinka, said, “since, CP is cheaper than bank loans and overdrafts, it is natural that companies in the real sector of the economy with good credit ratings would find it useful as a short-term funding source, especially when the cost of capital is prohibitive.

“For companies in the financial services sector, their stock in trade is money, and so, will readily make use of the CPs market whenever they have difficulty mobilising deposits from traditional customers. So, this is why you have seen a surge in CP listings in the fixed-income market.”

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For the 15 consecutive years, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

Commenting on this achievement, the group managing director/CEO of Zenith Bank Plc, Dr. Adaora Umeoji, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the founder and chairman, Dr. Jim Ovia, whose visionary and transformational leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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President Bola Tinubu on Thursday, called for the enhancement of the economic value of bilateral relations between Nigeria and partner nations.

The President spoke when he received Letters of Credence from the Ambassadors of Portugal, Jorge Adao Martins Dos Santos; the Socialist Republic of Vietnam, Biu Quoc Hung; and the State of Kuwait, Salim Khalifa Mohammed Almuzayen, at the Presidential Villa.

The President in a statement by presidential spokesman, Ajuri Ngelale expressed his appreciation for Nigeria’s long-standing relations with Portugal and the shared interest in the areas of trade and culture, as well as partnership in oil and gas, which has translated into gains for both countries.

“It is good to have you in Nigeria. I am happy you are familiar with Nigeria and the environment. I believe that with your presence, our bilateral relations will be further improved. I am happy you are also present in other West African countries.

“I have been informed of your economic interest in Nigeria. We need to work together for more localised productions as regards mineral deposits. I have an open-door policy, and you can always reach me through the Ministry of Foreign Affairs and my Chief of Staff, Right Honourable Femi Gbajabiamila,’’ the President said.

In his response, the Ambassador of Portugal said investors from his country have a keen interest in Nigeria, and that the trade with Nigeria on gas predated the war between Russia and Ukraine, and will be sustained.

“I will work on our agreements on improving economic relations. There is no shortage of interest in the areas of development where we can be partners. We are one of the highest buyers of gas from Nigeria, and we remain grateful for the supplies.

“We have long-standing mutual relations when it comes to energy. Before the Russia and Ukraine war, we have been getting our gas from Nigeria.

Portuguese companies are also handling the rail line construction from Kano to Niger Republic. It will be ready in two years,’’ the Portuguese Ambassador said.

In his meeting with the Ambassador of Vietnam, President Tinubu said the manufacturing sector in Nigeria is ready to benefit from the automating skills and technology of the Asian country.

“Thank you for coming to work in Nigeria. We share a lot with Vietnam in terms of diversity and values.

“We really value our bilateral agreements with your country, Vietnam, especially in the area of technology. We look forward to adding more value to the partnership with you in terms of collaboration for development,’’ the President said.

Responding, the Vietnamese Ambassador said: “Under your leadership, I see Nigeria overcoming most of her challenges and taking its place among the happiest people in the world.’

Ambassador Hung added that he is in the country to strengthen relations and improve economic ties.

In another meeting, President Tinubu thanked the Ambassador of Kuwait for his country’s long-standing good relations with Nigeria and extended his appreciation to the Emir and the Crown Prince.

“I am glad we are pulling strings to enhance the value of our relationship. We are both committed to the development of our people and will explore opportunities for economic ties. I have an open-door policy so you can always reach me,’’ the President said.

The Ambassador of Kuwait assured the President that he would do his best to strengthen bilateral ties for the mutual benefit of both countries.

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Omolola Oloworaran

A civil society organisation with a cardinal focus on entrenching transparency in the pension industry, Pension Transparency and Accountability Initiative (PTAI), has commended President Bola Tinubu for nominating
Omolola Oloworaran for the position of director-general of National Pension Commission (PenCom).

This is even as PTAI has cautioned saboteurs, who have been allegedly sponsoring media attacks on Oloworaran’s credibility, career path, and family background in a desperate attempt to discredit her, to desist from doing so as such hate-induced criticism could be inimical to the development of the sector especially at a time the pension industry needed technocrats like her to give the sector a new lease of life.

The national coordinator of PTAI, Alhaji Bello Usman Bello, who gave the warning in a press statement made available to LEADERSHIP, said the nominee possesses the needed requirements, including career path as a finance expert to head the Pension Commission.

According to him, Oloworaran wields unscathed integrity in her decades of career in banking, investment management, consultancy, pension administration and more, making her a perfect fit at this critical time to regulate the pension industry especially as senior citizens crave for value as retirees and pensioners.

Bello said, “We find malicious publications questioning the qualification of Oloworaran very funny and laughable, lacking in indepth, truth and fact. For the avoidance of doubt, no part of the Pension Reformed Act of 2014 excludes a person who has worked in the financial sector from being appointed as the Director General of PenCom, in fact, such is a clear added advantage as pension itself an aspect of the financial sector. This why financial institutions today have a dedicated department that manages pension matters.

“It smacks of clear lack of understanding that those querying her qualification have been dangling as aspect of the PRA 2014 which states that for anyone to be appointed as PenCom DG, such person must have qualification in pension matters. We now ask, what is pension matters as stipulated in the Act Financial sector is vast and broad, covering several aspects, which pension itself is inclusive. We find their argument paperweight and devoid of any substance.

“If there is anything they have succeeded in telling the world, it is that the Kogi princess, beautifully decorated with the anointing of beauty, wisdom and favour is more than qualified for the job which Mr. President in his wisdom and knack for excellence has graciously appointed her to do. Those having their eye fixed on it can now go get themselves busy with something else. We can trade excellence for mediocrity at a time her expertise is needed to consolidate on the achievements of her predecessors,” Bello stated.

Oloworaran is expected to appear before the Senate for confirmation hearing as the substantive Director General of PenCom.

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A total of N1.354 trillion in revenue from the June 2024 federation account has been allocated to the federal government, states, and local government areas across Nigeria.

The distribution occurred during the July 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja, presided over by the minister of finance and coordinating minister of the economy, Wale Edun.
According to a communiqué from FAAC, the N1.354 trillion total distributable revenue includes N142.514 billion from statutory revenue, N523.973 billion from Value Added Tax (VAT), N15.692 billion from electronic money transfer levy, N472.192 billion from exchange differences, and an augmentation of N200 billion.

In June 2024, the total revenue available was N2,483.890 billion.

After deducting N92.112 billion for collection costs and N1.1 billion for transfers, interventions, and refunds, “the remaining gross statutory revenue for June 2024 was N1,432.667 billion. This figure shows an increase of N208.773 billion from the N1,223.894 billion received in May 2024,” a statement from the Office of the Accountant General of the Federation said.

The VAT gross revenue for June 2024 amounted to N562.685 billion, an increase of N65.020 billion from the N497.665 billion available in May 2024.

From the total distributable revenue, the federal government received N459.776 billion, the states got N461.979 billion, and the LGAs received N337.019 billion. Additionally, N95.598 billion, representing 13 percent of mineral revenue, was allocated to the states benefiting from derivation revenue.
Regarding the N142.514 billion in distributable statutory revenue, the FG received N48.952 billion, the States received N24.829 billion, and the LGAs received N19.142 billion. Another N49.591 billion, representing 13 percent of mineral revenue, was allocated to the benefiting states.

From the N523.973 billion in distributable VAT revenue, the federal government received N78.596 billion, the states received N261.987 billion, and the local government areas received N183.391 billion.
In terms of the N15.692 billion money transfer levy, FG received N2.354 billion, states: N7.846 billion, and the LGAs: N5.492 billion.

For the N472.192 billion from exchange differences, the federal government was allocated N224.514 billion, the states received N113.877 billion, and the LGAs received N87.794 billion. Additionally, N46.007 billion, representing 13 per cent of mineral revenue, was given to the benefiting states.
From the N200.000 billion augmentation, the federal government received N105.360 billion, the states received N53.440 billion, and the LGAs received N41.200 billion.

The communiqué further noted that in June 2024, there were significant increases in companies income and VAT, with marginal increases in Import and Excise Duties and EMTL. However, there were notable decreases in royalty crude, petroleum profit tax, rentals, and CET levies.

The balance in the Excess Crude Account (ECA) stood at $473,754.57.

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The Global Initiative for Food Security and Ecosystem Preservation (GIFSEP), a non-governmental organisation (NGO), has urged stakeholders to ensure effective sensitisation to promote renewable energy solutions.

Executive director of GIFSEP, David Terungwa, said this in an interview with the News Agency of Nigeria on Monday in Abuja.

Terungwa said that the NGO had for long been clamouring for solar power, recognising its immense potential to address energy needs of the nation.

“We have undertaken various initiatives to make solar power more accessible such as conducting training sessions on solar system installation and maintenance in communities.

“Our organisation has taken the initiative to Owukpa in Benue and Internally Displaced Persons (IDPs) camps in Borno.

“We began the year with an organised yet enjoyable time to reflect on our previous year’s work and recharge for a productive year ahead in our steadfast commitment to empowering individuals, communities and nations for resilience,’’ he said.

The executive director said GIFSEP was honoured with prestigious AFRKAVUKA Awards 2024 as Solar Saviour for 350 Africa.

He said the award had recognised the organisation’s commitment to promoting sustainable and renewable energy in Nigeria, especially among underserved communities.

Terungwa said that the award highlighted among others, Ghana Reducing Our Carbon 350 (350-GROC) commitment to promoting the adoption and use of renewable energy in the country.

He explained that the 350-GROC is a Non-Governmental Organisation (NGO), formed with the aim of mobilising and empowering young people in promoting renewable energy adoption.

“We are thrilled to share that we have been honoured with the prestigious AFRIKAVUKA Awards 2024 as “Solar Saviour” by 350Africa.

“The award serves as a springboard for us to continue advocating renewable energy adoption and taking on projects that alleviate energy poverty in communities and across the country in a sustainable manner.

“It signifies a boost in motivation for our dedicated team to create greater impacts,’’ he said.

According to him, more individuals and communities will benefit from renewable energy, opening up additional partnership opportunities to promote global adoption of renewable energy for a sustainable world.

“Our planet is not just a place we live in. It is a home we share with all living creatures.

“Therefore, let us protect our planet. Otherwise we will be the ones that will need the protection, then it might be too late’’ he said.

Terungwa said GIFSEP was founded on the ideals of environmental education, climate change adaptation and mitigation, renewable energy and sustainable development.

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To foster more private sector participation in the drive towards the achievement of the Sustainable Development Goals (SDGs) in Africa, the Sterling One Foundation has announced African Export-Import Bank (Afreximbank) as its strategic partner in hosting the third edition of the Africa Social Impact Summit (ASIS).

The event, to be held from July 25 to July 26, 2024 in Lagos, will focus on identifying strategies to mitigate risks in the continent’s investment opportunities to boost impact investment flows, drive policy-influencing conversations, and foster effective partnerships for sustainable growth.

Private sector involvement in driving social impact has hitherto been touted as a key component for achieving the SDGs, given the funding capacities of the sector to drive scale and the opportunity to champion responsible consumption through policies, production processes, output, and specific projects.
Having Afreximbank, the continent’s leading multilateral financial institution devoted to financing and promoting intra – and extra – African trade will help drive conversions in the development financing space.

CEO of the Sterling One Foundation, Olapeju Ibekwe explained that “ASIS brings together leaders from across sectors to share learnings, ideas, and plans for accelerating the achievement of the Sustainable Development Goals in Africa.

“Trade is a fundamental piece of this development process, and there are few organisations in Africa with the insights to drive increased productivity for the continent like Afreximbank.”
Regional chief operating officer, Anglophone West Africa at Afreximbank, Eric Monchu Intong highlighted that the Bank’s collaboration with Sterling One Foundation in hosting the Summit is part of the long-standing and strategic relationship with Sterling Bank Nigeria as it presents an opportunity to support participating organisations.

Intong added that this will be achieved through knowledge sharing on Afreximbank’s mandate, programmes and facilities through which innovative financing solutions are deployed in a bid to increase Africa’s share of global trade.

“We are excited about this partnership as it gives us an opportunity to strengthen alliances for our shared destiny, prosperity and the economic emancipation of our continent under the African Union Agenda 2063 – the Africa we want. We are particularly pleased with its multisectoral approach as we understand that one organisation or one sector alone cannot drive the level of sustainable growth the continent requires,” he added.

Intong added that Afreximbank has been at the forefront of driving key economic development initiatives across Africa, the Intra-African Trade Fair (IATF) that attracted deals and transactions valued at $43.8 billion in 2023, African Medical Centre of Excellence (AMCE), a 500-bed quaternary hospital under construction in Abuja, Nigeria to specialise in haematology, oncology, cardiology and general medicine including a nursing and medical school.

According to him, the AMCE will also be rolled out in five other African countries to turn the continent into a medical tourism hub. Other initiatives include, the AfCFTA Adjustment Fund, the Afreximbank Africa Collaborative Transit Guarantee Scheme and the Afreximbank Africa Trade Centre, among others.

The Africa Social Impact Summit, now in its third year, will be held in Lagos.

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