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Nigeria Spends N2.7tn On Infrastructure

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The High Level Stakeholders Retreat on Public Private Partnership (PPP) has heard that Nigeria spent N2.7 trillion on infrastructure development in the last three years.

At the meeting in Uyo on Friday, Ms Imeh Okon, the Senior Special Assistant to the President on Infrastructure, of the sum, N100 billion has been injected into rail projects.

“What we have done as a government is to go back to the 25-year Master Plan on the rail sector. All what you are seeing right now is in terms of rail infrastructure as a result of the Master plan that was on ground.”

She said that the essence of the retreat was to bring stakeholders together to deliberate and develop on policies that would be suitable for the country.

She said that the Federal Government was committed to the development of infrastructure in the country, adding that infrastructural development would enhance growth.

The Presidential Aide, however, said that revenue generation was a major challenge since the country depended on oil for revenue and the price of oil was not stable in the international market.

“The challenge we have seen is revenue; because we are largely dependent on oil to generate revenue and the price of oil has affected government spending.

“So, we are going to partner with the private sector to develop most of our priority infrastructure projects.”

Mr Chidi Izuwah, the Acting Director-General, Infrastructure Concession Regulatory Commission (ICRC), noted that infrastructure deficit was the major challenge to the nation’s development.

According to him, increase in infrastructure will boost prosperity, growth and peace in the country.

Izuwah said that the Ibom Deep Seaport being a PPP project would come to reality on or before April 2019.

“Ibom Deep Seaport is a PPP project that is going to bring 2.5 billion dollars of investment and change the landscape of infrastructure in the country.

“It will have solutions to traffic congestion in Lagos port because those goods that normally go to Lagos will come here.

“I can assure you before April, the contract for Ibom Deep Seaport will be signed and the approved consortium will start immediately.

“The President is committed to developing infrastructure, without infrastructure, we cannot have inclusive growth and development.

“The stakeholders conference is to re-define our strategies and create investment to develop infrastructure across all parts of Nigeria,” Izuwah said.

In his opening remarks, Mr Gabriel Aduda, the Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Federal Government, said that the retreat was organised to discuss infrastructure improvement delivery framework in Nigeria.

Aduda added that the retreat was also put together to examine the legal and operational framework for infrastructure development in the country.

 

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Fidelity Bank Supports Modupe Cole Memorial School, Lagos

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Fidelity Bank Supports Modupe Cole Memorial School, Lagos

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In continuation of its drive to alleviate the impact of economic hardship and suffering among indigent Nigerians, Fidelity Bank Plc recently donated food items to Modupe Cole Memorial Childcare and Treatment Home School in Akoka, Lagos.

CAPTION:

L- R. Tolulope Rojaiye, Team Member, Brand and Communications, Fidelity Bank Plc; Osho Olufunmilayo Bamidele, Vice Principal 2, Modupe Cole Memorial Childcare and Treatment Home School; and Victoria Mbonu, Class President, Intellect Nexus Inductee Class, Fidelity Bank Plc; during a Corporate Social Responsibility (CSR) donation event executed by Fidelity Bank at Modupe Cole Memorial Childcare and Treatment Home School, Akoka, Lagos recently.

The donation which aligns with the Bank’s Corporate Social Responsibility (CSR) pillars of education and health, was championed by the Intellect Nexus Class of 2024 under the Fidelity Helping Hands Program (FHHP). Through this initiative, Fidelity Bank staff identify community needs, raise funds to address them, and receive matching support from the bank to implement impactful projects.

Explaining the bank’s commitment to supporting its host communities, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr. Meksley Nwagboh, noted that, “At Fidelity Bank, we recognise the symbiotic relationship we have with the communities where we operate. This informs our decision to not only provide our host communities with relevant financial services but to also impact them with developmental projects.

“We are inspired by the great work being done here at Modupe Cole Home School and our donation is a small token of appreciation for this as we aim to support the well-being of these exceptional children.”

On his part, the Vice Principal of the school, Mr. Isiaka Ajani, expressed gratitude for the bank’s consistent support noting that Fidelity Bank’s gesture is a huge encouragement to the school.
“We say thank you for the gift items that you have brought to us today, and this shows that we are not alone in the mission to provide care and education to children with special needs.

“This institution is a testament to the belief that there is ability in disability. We have children here who have passed common entrance examinations and gained admission into higher institutions despite their challenges. It is our mission to help them achieve their potential.

“The school had made effort to provide academic and vocational training programs in bead-making and hairdressing, and specialized care for residents with severe disabilities for its 476 residents, many of whom have been abandoned by their families.” He stated.

Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 255 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Access Bank to Host Pioneering Africa Trade Conference in Cape Town

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Access Bank to Host Pioneering Africa Trade Conference in Cape Town

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.

Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.

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Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw

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Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.

The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.

Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.

We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”

Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.

Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes.

Customers who save in multiples of ₦10,000 will increase their chances of winning.

New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.

Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.

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