Author: The Nation

  • A new turn

    A new turn

    The last time Kaduna State Governor Uba Sani made national headlines, it was not about himself. Well, it was but he could not preen because it was about someone else: his predecessor, Malam El Rufai. Now he can.

    There is a reason. After a few episodes of public cacophony, the former Kaduna State leader is as quiet as an extinct volcano.  His Napoleonic stature and hubris have, like the French general, been smarting from a Waterloo. He may be in his own version of Saint Helena. His past has bullied him into silence. Inquiries about his doings in office have cast a shadow over him, and he who often blasted any slight, minimised any threat, is now a mouse without a sound.

    Governor Sani had decided to cry out. He had a debt burden. He could not heed the two labour leaders’ fulminations about wage increase and other allowances. The government was barely afloat. The waves were heady, tumbling and roaring. Drowning beckoned.

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    But Governor Uba Sani has, in the past week, drawn attention. He acted, a performance as defiance against the odds of the past month and year. He was not in a joyful mood in the past drama. But this time, out of the slumber, it was defiance with a sunny face.

    In spite of the debt agony, he has found a way forward. He is punching debt in the eye, presaging its death sentence. He is pursuing a financial reengineering. But that was not on the surface last week.

    As other governors are planning their one-year anniversary, he is commissioning. Other than over 500 kilometres of  50 roads across the state, he set two important projects in motion. One was the Panteka Market. The other was a soya bean refining plant.

    The story of Panteka is now a metaphor for the trajectory of Gov. Sani’s stewardship. A rise out of the ashes. He met the state in a state of burn. The finances had caught fire when he became governor. Because of his relationship with his predecessor, he did not want to show him up. He wanted silence and to gradually work things out. But fire cannot hide. To put it out, he had to speak out.

    Ditto to Panteka Market, a popular place he commissioned. In January, it crackled and fell from flame to ashes. Last week, Governor Sani launched its first stage of restoration. After restoring, to refine it. After refining, to prosper.

    So, for him, launching the market was saying goodbye to despair. As an activist, he knows a lot about moving forward. The market is about human development, as it is about an enabling environment to buy and sell. It is for the skills and the learner of skills. For the electrician, plumbers, masons, painters, mechanics and more. But he looks beyond that.

    “It will be the biggest technology hub in northern Nigeria,” he exhaled. A humdinger of a claim.

    This is good news away from want and fear, away from airport without access, of hoodlums tearing away at night with ingenues and virgins, of priests beheaded and villagers in flight, of airspace without flights, of schools as entrapment.

    But this market is like the story of Prophet Joshua in Zechariah’s vision. The prophet, soaked in filth, is a metaphor of a path to reconditioning. But he is told that he is “a brand – or a piece of wood – plucked out of the fire.” That is Panteka Market. It is first a rescue and later a refinement. That is Sani’s vision. Out of the fire comes forth newness. As a market that started by fabricating metals, Panteka Market hopes to become like a metal chiseled out of a fire, like a gold bar.

    Kaduna used to be the north. It was the city of power and glory, where the north went to think and counsel, where it nurtured prosperity. Adams Oshiomhole once told me about his time in Kaduna when textile boomed and the city was a mecca of talent and investors.

    That is what Kaduna should be.

    The Panteka Market is not just a market, but a way of prosperity. Economic theorist and anthropologist, Karl Polanyi argued in his opus, The Great Transformation, that markets are not meant to be contained in one place. Panteka is a free market but, by definition, free market is a contradiction. A market is less a place than a state. It is fluid, active, mercurial, a source of interaction and thought, a magnet of peoples far and near. Hence the governor made the claim that it is a hub of northern Nigeria. A market cannot, therefore, serve as just a self-contained entity or else it will challenge the social order. A modern market is witchcraft. It is here but it flies everywhere.

    Panteka can occupy a real estate, but it is London, in Maiduguri, where persons may want to exchange goods and buy. It is in the buses and trucks on the highways and the computer, whirring from emails, WhatsApp and X, in boardroom brawls and debate and decisions.

    The soya bean refining plant is less about the plant, although the plant is a very significant thing. It is bringing in a $50 million  investment. It is tapping into an agricultural potential dormant for a long time. The CEO licked his chomps to be in Kaduna. I learned he had long wanted to launch the project in Kaduna and nowhere else. But he was looking for the right atmosphere. Sani offered, and he obliged.

    It will bring jobs, but not just jobs. It will afford suppliers to the plant in markets near and far, not just about that. It is about a state regaining its pride and pride of place. Marxists say the material determines the immaterial. Sometimes and to some extent, of course. But in the final analysis, we don’t live for food and shelter. We live for pride, according to Athol Fugard, the playwright. Francis Fukuyama described it as prestige when he announced the death of communism in his book, The End of his History and the Last Man.

    But when a person cannot eat, he knows no pride. He settles for his food. Hunger can be exaggerated, especially when it confronts sentiment. May our hunger not be tested, apologies to BRF. Since independence, hunger has yielded to tribe and faith, or group in elections. We have always voted for who we love or hate but not what we want.

    Marrying Panteka with the Soya Bean refining plant shows an industrial vision of the new helmsman in Kaduna.

    It is a testament to his optimism. As George Bernard Shaw says, “Both optimists and pessimists contribute to society. The optimist invents the aeroplane, the pessimist the parachute.”

    Sani sees the aeroplane, an irony for a state that airlines had abandoned. Now, the major airlines are planning to bubble through its clouds. It also shows the work the new chief of defence staff, Christopher Musa, is doing up north. Southern Kaduna, few have noticed, is getting safer. We hope it gets better.

    While his predecessor is under probe, Governor Sani is an instance of manoeuvre in a time of financial headwinds. He has bought no new cars, not for himself or any in the state. After the sore experience of the past year, he is probably acting like Sir Andrew in the famous ballad: “I am struck and wounded/ I lay me down and rest awhile/ and I’ll rise and fight again.”

  • Palton Morgan Holdings runs health check for construction workers

    Palton Morgan Holdings runs health check for construction workers

    Palton Morgan Holdings, a frontline developer and investor in real estate that plays at the luxury end of the market, and MedPlus, a local healthcare provider, have partnered to provide free health checks for construction workers.

    Authorities of the construction company explained in a statement in Lagos over the weekend that the partnership aims to provide free health screening and check-up for all construction workers at their Paramount Twin Towers site. They hope this action will foster a culture of preventive care and ensure early detection of any health concerns.

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    The free health checks and screening were held recently and over 60 construction workers as well as Platon Morgan’s in-house engineers were present. Also present were Peter Raven, the company’s Director, Project and Construction Management, and other key players in the team.

    A major highlight of the event was an enlightening health talk delivered by Mr. Agdeoye Oyerinde, a representative of Medplus Pharmacy. He spoke on the significance of each medical screening carried out and the benefits of its findings as that helps in understanding one’s current health status. He was supported by other pharmacists who were tasked with screening, consultation, results review and treatment of the workers.

    The screening involved checking the workers’ health essentials, including blood pressure, visceral fat, blood sugar, muscle mass, malaria test and BMI measurements.

    Additionally, workers received personalized counselling on how to adopt healthy lifestyle practices and nutrition, all tailored towards meeting the demands of their job.

    He noted that the partnership between Palton Morgan and MedPlus underscores their corporate social responsibility in action, adding that it transcends mere construction of projects, embodying a commitment to nurturing a healthier and happier workforce.

    He noted further that, as construction projects soar to new heights, so do the health and well-being of the workers, leaving a lasting legacy of care and compassion that resonates with the city and its people.

  • Firm launches water front project

    Firm launches water front project

    A property development company, Design Union, has launched its maiden waterfront residential project in Barbados.

    Announcing the project at its sponsorship of the 60th Anniversary of the American International School of Lagos (AISL) at the Eko Hotel & Suites, Victoria Island, Lagos, Chief Executive Officer of Design Union, Anthony Aihie said the property is designed to raise the standards of exclusive living in a ‘breathtaking country where serenity, peace, and security intersect to deliver the mesmerising feeling of royalty’.

    He said with access to boats, yachts, and some of the world’s most beautiful beaches, The Pier Waterfront Apartments will be the perfect getaway location for the truly discerning.

    According to him, the project exemplifies the firm’s track record of developing multi-sector architectural masterpieces using best practices that meet international standards.

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    He said it would   follow in the footsteps of its predecessors like Eden Heights and Aihie Villa, which won the International Property Awards for Best Architecture in Nigeria in both Multiple and Single Residences categories.

    “Investing in these premium waterfront apartments automatically qualifies buyers for permanent residency and eventually citizenship of this picturesque Caribbean paradise. With a great educational system, low crime rate, excellent infrastructures, stable currency, and political climate, intending residents will be delighted with this lovely Island whose passport is ranked 17th on the Global Index with access to 158 countries visa-free,”  he added.

  • CAC partners NASENI for enhanced operations

    CAC partners NASENI for enhanced operations

    The Corporate Affairs Commission (CAC)  in partnership with National Agency for Science and Engineering Infrastructure (NASENI) is exploring ways to enhance its operation through the use of artificial intelligence, AI, high-powered computing and other products and services.

    The Registrar General, CAC, Hussaini Ishaq Magaji said the operational capacity of the CAC Registration Portal had been speedily increasing since his assumption of office in October 2023, highlighting the need for it to explore more technology-driven solutions from the right partners to support and sustain the system.

    He stated this during a meeting with the Executive Vice Chairman EVC/CEO, NASENI Khalil Suleiman Halilu, in Abuja, noting that the Commission’s desire to explore artificial intelligence to register companies within minutes in line with global best practices can only be achievable through partnerships.

    According to him, “NASENI as a developer of a series of technology solutions, including solar, had a role to play in the quest to take CAC to the next level”.

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    Speaking, the Naseni EVC said the agency was working on an energy solution that would cover the entire Naseni building and institute upgrade, which is extendable to the CAC, though lamenting that some private technology companies often exploit government agencies through the sale of double solutions or unwanted products. NASENI Technology services will soon be in place to offer alternative solutions at a reasonable cost and to also stand the taste of time.

    Engr. Bernard Ozigis Omeiza, Director Technology Business Development, highlighted some of the activities and achievements of the agency since its inception revealing that eight products were set for the market while it prides itself on having the best solar panel in the country.

    Bashir Aliyu, S.A. ICT to the Naseni Boss, revealed that the agency was working in collaboration with NITDA, the National Centre for AI Robotics, Ministry of Communications and Data Economy to replicate the technology used in countries like the United Arab Emirates and Saudi Arabia, amongst others, to improve their AI capacity.

  • Bid round: PwC cautions on policy shift, merging investors

    Bid round: PwC cautions on policy shift, merging investors

    As the government is finalising plans to conduct another bid round in the nation’s oil and gas sector, PricewaterhouseCoopers (PwC) Limited has advised that it ensures that the process is sufficiently reassuring such that it will not be a policy change that may put the investors in a precarious situation.

    While underscoring the pressing need for investments in the oil and gas bid, its Partner, Cyril Azobu, who agreed there are people who are genuinely willing to invest, nevertheless noted that they also want the government to show that commitment, that “if I put my money in this asset, you’re not going to come back with some other policies that would constrain me over the development of those assets.Where government begins to merge people and then award them a block, government must also be sure that the people it’s merging are people who can work together. I mean, don’t just put – because somebody is getting favours and then he’s not matched with another person who might be serious, get serious people, and who have provided clear proposal, clear bid”, Azobu said.

    Those bids must be assessed and ensured that the right people, the qualified people who meet the requirements are given the blocks, not the friends and cronies, he insisted.

    According to Azobu, there must be proper diligence from the government to ascertain that people who are serious investors are not speculators, not people who would buy and then wait for other people to come and, invest in them.

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     “You need to check the financial and technical capability of the prospect, if you’re bidding for an asset, you must have the financial stance, the financial capacity or capability to be able to develop that asset”, he argued.

    He said that the investor must also have the technical know-how, so you’re not just somebody who is a businessman who may, even if you have the money, but you don’t have the technical capability to develop that asset. So, the combination of your technical and your financial capabilities are very important in ascertaining who to give those assets so that the process is seen to be transparent, the Partner added.

    If we have available blocks, certainly they should be put up for bid. As long as it would result in attractive investment into the oil and gas and generally for the country, it’s a good development. In fact, the more opportunities we have to invest, not only onshore but also offshore, the better it is for our climate.

    Azobu stressed the need to ramp up production generally as a country. He observed that Nigeria has had very significant disruption in the sector resulting to production been really down. According to him, the earlier the country got investment up in the oil and gas sector, the better for us as a country, recalling there’s a whole lot of move to diversifying from oil and gas. The more benefits we can get from the resources that we have the better for us as a nation, he added.

    Azobu noted that the petroleum industry act (PIA) definitely encourages investment adding that the laws enable the sale of oil blocks adding the difference this time around is that the government is looking for serious investors.

    “Government is looking for men, people who have big pockets and can really invest. I think that the previous big rounds have, yes; there have been some, activity around some of those blocks that were previously sold. But it seems like a whole lot of the investors and people who bought those blocks have not really done much work”, he expressed.

    While commending the government for relaxing the signature bonus, Azobu noted that previously there used to be huge signature bonus paid for the blocks. According to him, some of the buyers of those blocks, particularly locals, complained that they paid so much money and they needed to look for money to be able to invest in those blocks.

    According to Azobu, with what government has done this time which is softening on the signature bonus, whoever buys those blocks will now have sufficient funds to develop them and kick it off, take it off to production.

    “It just shows that government is not just interested in money that they can get in the short term. They are interested in the long run, in the long-term benefits that, developing those blocks will give to the nation. So it’s not much about immediate signature bonus, but it’s really about the development of those blocks, so that we can ramp up our production as a nation and our output can be bigger and we can earn more revenue”, Azobu expressed.

    Professor of Petroleum Economics, Prof. Wumi Iledare, said the benefits of regular bidding for hydrocarbon resources is tangible, adding it’s an important process to grow hydrocarbon reserves and expand production capacity for sustainable development in a petroleum dependent economy.

    Iledare said the bid rounds whether successful or not should be on a regular schedule in my opinion to optimise petroleum resources development.

    While noting the PIA is very specific on the process the professor of petroleum economics observed that the act has no provisions for oil exploration and exploration licences expressing the opinion it should be a hydrocarbon bid round.

    John Adidi, a Chartered Accountant, agreed that any successful bid round would lead to an increase in the Rig Count in the Nigerian Upstream Sector adding it’s a good development as it would ultimately increase the crude oil production capacity of the country and boost government revenue apart from generating employment opportunities and increase Foreign Direct Investment (FDI) into the country.

    The chartered accountant said the proposed bid round would also attract more players in the sector as one of the major hurdles – the payment of Signature Bonus will be waived. This, according to him means that one of the major cash flow challenges to effective participation by investors has been removed.

  • 70 Indonesian firms to explore trade, investment opportunities in Nigeria

    70 Indonesian firms to explore trade, investment opportunities in Nigeria

    Nigeria’s quest to drive Foreign Direct Investments (FDIs) and increase trade is set to receive a significant boost with about 70 Indonesian companies and prospective investors set to storm the country next month, to explore opportunities for increased investment, trade, and partnership between Nigeria and Indonesia.

    The visit of the 70 Indonesian companies to Nigeria is on the behest of the Nigerian Indonesian Chamber of Commerce and Industry (NICCI) in partnership with the Indonesian Embassy in Nigeria led by the Indonesian Ambassador to Nigeria, Amb. Dr. Usra Hendra Harahap.

    The delegation are billed to be in the country for the 3rd edition of the Nigerian-Indonesian Investment and Trade Forum (NIITF 2024) which holds in Abuja next month under the theme: ‘Indonesia Meets Nigeria: An opportunity for Expansion of Bilateral Investment and Trade.’

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    Speaking at a media parley at the weekend, NICCI President, Ishmael Balogun, said while in the country, the business delegation will be exploring opportunities in diverse sectors of the Nigerian economy such as agriculture, renewable energy, and power generation, among others.

    The NICCI boss reiterated that the Chamber’s vision is to promote bilateral trade and investment between Nigeria and Indonesia, noting that in achieving this vision, it positioned Nigeria as the number one investment destination in Africa. “Currently, Nigeria is Indonesia’s number one trading partner in the continent of Africa with trade balances of $4.7 billion as at 2022,” he said.

    Balogun said the board and management of NICCI is very intentional in the continuous promotion and engagement between the two countries either through trade forums, trade fairs, bilateral symposiums and deliberations that continues to create opportunities for interactions and negotiations that promotes bilateral trade and investment balances.

    He stated that both the inaugural and second edition of the NIITF were held in Jakarta, Indonesia, in October 2022 and 2023 respectively. However, this year’s edition, he explained, is holding in Abuja, Nigeria to enable the Indonesians experience “Nigeria in its full entirety.”

    The keynote address for this year’s NIITF is expected to be delivered by Nigeria’s President Bola Ahmed Tinubu.

  • Nigeria seeks participation in $260b global drones market

    Nigeria seeks participation in $260b global drones market

    Nigerian companies are seeking active participation in the evolving global drones, robotics and artificial intelligence technology market set to hit $260 billion  in the next six years.

    Estimated currently at $35.28 billion, the value chain experts say  has the transformative capacity to enhance industry performance in agriculture, mining, health services, delivery/logistics, rescue, security, inspection, surveillance, survey , mapping, entertainment and sports.

    Investigations reveal that drones, robotics  and allied value chains  have  potential  to create jobs in small and large scale businesses.

    But, for Nigerian companies to optimise the huge potential from the value chain, experts have canvassed the formulation of the national plan / framework to deepen participation.

    Speaking in an interview, convener of the  Drone Technology Conference & Exhibition, Mr Fortune Idu said the Federal Government must move fast by putting in place an institutional framework that will guide the regulations of drone operations in Nigeria.

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    Such a framework/ policy Idu   said should encompass a window for all government security and regulatory agencies to define their responsibilities in the fast evolving value chain where drones are  utilised.

    He said though the Nigerian Civil Aviation Authority (NCAA), has developed regulations for drone operations in Nigeria, he noted that the bulk of drone operators play outside the aviation sector, a development that required a holistic approach  to harmonise the  scope of the business.

    He said the importance of developing a strong regulatory framework has become compelling as the current laws governing drone operations cannot adequately manage such a fast – moving industry.

    Idu emphasized : “There is more to drones than flying for recreation and visual line-of-sight operations. The future of this sector is still unfolding.

    ‘It is expanding rapidly and will revolutionize air transportation.

    On his part, Permanent Secretary of the Ministry of Aviation & Aerospace Development, Dr Emmanuel Meribole said the Federal Government will scale up measures through regulation to put Nigeria in a leading position in the drones market on the continent.

    Meribole said : “  African nations like Rwanda, Uganda, and Ghana are actively participating in this global race for leadership in drones  technology. Recent regulatory developments, including amendments to ICAO annexes and the approval of new procedures, lay the foundation for an international regulatory framework for the  operations.”

     But, he said  Nigeria is actively engaging personnel of relevant authorities to ensure the regulation  prioritizes safety and security above other  considerations.

    Meribole said the Nigeria Civil Aviation Authority (NCAA) , has been mandated to  provide robust oversight for drones operations with relevant provisions in its regulations, which  sets out requirements for certification, registration, operations, and surveillance of drones.

    He said : “ Additionally, we have encouraged the creation of a dedicated drones  unit within the NCAA and the integration of drones  operations into national civil aviation policy, demonstrating the government’s commitment to responsible use of drones .

    “ We call on our research centres to develop solutions for applications and production capabilities to make Nigeria a leading player in this industry and not a dumping ground. Collaboration between government, industry, and research institutions is essential for maximizing the benefits of drones  technology while addressing potential risks.

    “ While the Ministry of Aviation & Aerospace Development desires the advancement associated with the use of drones, focus must at all times remain on protecting civil aviation and countering their exploitation by non-State armed groups and terrorists.

    “We must find a balance between the significant benefits drones  offer across various industries and incidental risks to aviation infrastructure and national security.”

  • CITN demands halt to illegal tax collection by non-state actors

    CITN demands halt to illegal tax collection by non-state actors

    The Chartered Institute of Taxation of Nigeria (CITN) has urged all levels of government to stop non-state actors from collecting taxes from residents across the country.

    This demand was made by CITN’s President and Chairman of Council, Samuel Agbeluyi, while speaking at the inauguration of the CITN Abuja Liaison Office over the weekend. Agbeluyi, emphasised the institute’s intention to ensure their recommendations reach the appropriate authorities stating that, “We’re not just sending our communique to the Federal Ministry of Finance,”  he explained, “We are also sending it to the National Security Adviser.”

    This approach acknowledges the complex nature of the problem of illegal taxation across the country.  While the Ministry of Finance oversees tax policy and collection at the federal level, the involvement of non-state actors often has security implications that extend beyond purely financial matters.

    Despite the challenges, Agbeluyi expressed confidence that the government will listen to the CITN’s recommendations.  “The government at various levels has a history of listening to sound advice,” he remarked.  “We are sure they will do so again this time.”

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    When pressed for a definitive statement on the proposed course of action, Mr. Agbeluyi was unequivocal. “There is no alternative but to stop them,” he declared.  “The government must take action.  This is why I mentioned the National Security Advisor’s role.  It’s the only way forward. You cannot allow non-state actors to play such a vital role as tax collection.  It’s unsustainable,  uncivilised, and lacks accountability.”

    Agbeluyi emphasised the detrimental impact of non-state actor tax collection on Nigeria’s tax-to-GDP ratio.  “When people say Nigeria’s tax revenue is low,” he explained, “this is one of the contributing factors. 

    The taxes collected by non-state actors are not remitted to the national treasury.  This skews our data and hinders economic planning.”

    The CITN President shed light on the identity of these non-state actors.  “They include area boys, warlords, and individuals who have no legal authority to collect taxes,” he elaborated.  “These groups are often harassing residents and businesses alike.”

    Mr. Agbeluyi pointed out that non-state actor tax collection is particularly prevalent at the local government level.  “Some local government leaders hire these individuals due to past political support,” he revealed.  “This practice must stop if we are to operate in a civilized environment.”

  • NAMA targets facilities upgrade with N40b intervention

    NAMA targets facilities upgrade with N40b intervention

    The  Aeronautical Information Management Association of Nigeria (AIMAN) has called on the Minister of Aviation and Aerospace Development, Mr Festus Keyamo  to prevail on the Federal Government to intensify efforts towards implementing the Aeronautical Information Services (AIS) Automation in Nigeria.

    Former  President of AIMAN, William George Ngerem disclosed this at the weekend during the 2024 World AIS Day in Lagos.

    He commended  Keyamo for facilitating the approval of a N40 billion intervention fund for NAMA, which he said would be deployed  towards the completion of AIS automation, upgrading of navigational aids, surveillance and communication facilities.

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    Ngerem appealed to the  Minister and the Managing Director of the Nigerian Airspace Management Agency (NAMA), Engr Umar Farouk to sustain the  unprecedented commitment towards achieving AIS automation, saying the  completion of the digitization project for aeronautical information systems   would enhance air to ground communication as well as attract other benefits to the Nigerian airspace.

     He described AIS personnel as professionals who  collects, collates, processes and disseminates aeronautical information necessary for the safety, regularity and efficiency of air navigation for all airspace users.

    The Aeronautical Information Management Association of Nigeria (AIMAN),  he said is an  affiliate of the International Federation of Aeronautical Information Management Association (IFAIMA) with  members domiciled in Nigerian Civil Aviation Authority(NCAA), Nigerian Airspace Management Agency (NAMA) and Nigerian College of Aviation technology (NCAT).

    He also appealed to the Federal Government to review its policy on 50 per cent  automatic deduction at source from internally generated revenue of Federal Government agencies and ensure that NAMA is exempt from it  due to the critical role the agency plays in the sector. He said  the  safety of air travel should be given priority over economic considerations.

    On his part, the  Managing Director of NAMA, Engr Umar Farouk disclosed that the agency was at the verge of flagging off the AIS Automation, having attained about 90 per cent  completion.

    He affirmed that the agency was “leaving no stone unturned in its drive to commission this laudable project given that the integration of AIS Automation into the operations of NAMA would boost our revenue generation profile.

    “We know that digitalization is key to development. We know that AIS Automation will bring about Geographic Information System (GIS) which will guide and enhance our operations.

    “It will also digitalize NOTAM (Notice To Airmen) systems. It will help to automate weather observing systems as well. It will provide pilots with accurate data for operations. It will also help to collaborate in decision making system, so, there is no going back on Automation,” Farouk said.

     Farouk stated that in view of the centrality of AIS automation to the entire gamut of operations of the agency, several categories of AIS staff had either been trained or were presently undergoing training on automation to ensure that the imminent takeoff is seamless.

  • Baobab Nigeria to explore new opportunities

    Baobab Nigeria to explore new opportunities

    Baobab Nigeria’s Board Chairman, Rotimi Oyekanmi, announced that the financial service provider for micro, small, and medium-sized enterprises (MSMEs) is ready to expand its reach and unlock new growth opportunities by leveraging its national presence and international expertise.

    During a press briefing in Lagos, Oyekanmi highlighted Baobab Nigeria’s commitment to innovation, collaboration, and customer-centricity to drive sustainable development and foster inclusive economic growth across the country.

    “As part of the global Baobab Group, we are confident in our ability to navigate challenges and seize opportunities to empower entrepreneurs and build a brighter financial future for all Nigerians,” Oyekanmi said.

    He emphasised the company’s dedication to making a meaningful impact on the lives of millions of entrepreneurs in Nigeria and beyond, using the combined strengths of Baobab Group’s international reach and Baobab Nigeria’s local expertise.

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    Acting CEO Eric Ntumba noted that since its inception, Baobab Nigeria has disbursed N229.66 billion in loans to support MSMEs, with women receiving about 56.3 per cent of these loans compared to 40.4 per cent for men.

    The company has issued 343,036 loans, with an outstanding loan portfolio of N40.95 billion as of April 2024. Loan amounts range from N1,000,000 to N150 million and above.

    In 2023, Baobab Nigeria achieved 112 per cent of its loan disbursement target, 124 per cent of its Gross Loan Portfolio (GLP) target, and 117 per cent of its deposit target.

    Board member Christina Reifschneider emphasized the company’s commitment to client proximity, with 38 branches across 16 states and Abuja. “We ensure entrepreneurs have easy access to financial services,” she stated. Reifschneider also underscored Baobab Nigeria’s commitment to transparency through its 7-pronged Client Protection Policy, which includes measures like preventing over-indebtedness and ensuring responsible pricing.

    Reifschneider reiterated Baobab Nigeria’s dedication to empowering entrepreneurs and driving financial inclusion. The company’s products and services, such as the MyBaobabApp, Jollof+ Savings App, and Point-Of-Sales machines, have created a niche in the market. This success is supported by robust IT infrastructure, high liquidity, access to funds, and strong, diverse international ownership.

    “Our focus is to delight our customers, and our satisfaction surveys show they are pleased with our services,” Reifschneider concluded.