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UK-based group to investment $245 million in 100 Nigerian businesses

A UK based organization is to partner local investment funds to disburse $245 million to 100 Nigerian businesses.



A UK-based development finance institution, CDC Group, has finalized plans to invest US$425 million as an aid to 100 businesses and 38,000 jobs in Nigeria.

This is sequel to its partnership with 40 investment funds such as Afreximbank, African Capital Alliance and Indoram, NAN reports

In a virtual visit to the country by the board of the organization led by Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, the UK Government-funded organization stated that all earnings from its investments are ploughed back to improve the lives of millions of people in Africa and South Asia.

CDC Group noted that it paid a virtual visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to discuss and ascertain the impact of CDC’s aid to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth.

The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said

Commenting on the rationale of the aid, the Chief Executive of the CDC Group, Nick O’Donohe said that, “Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment.

“Looking forward, we will continue to prioritise the post-COVID-19 recovery as part of the Build Back Better agenda.

“We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment,” O’Donohoe further remarked.

In a glowing tribute and commendation to the group, British High Commissioner to Nigeria, Catriona Laing CBE said CDC has been pivotal to creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria.

“CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritized in order to help Nigeria and indeed, Africa, mitigate the impact of COVID-19,” the envoy said.

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LCCI tasks FG and DisCos to ensure smooth transition to new electricity pricing

Dr Yusuf emphasized that the government should ensure there is a smooth transitioning to the new tariff pricing regime.



The DG, the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, has called on the FG and electricity distribution companies (DisCos) to adopt a strategic approach to the nation’s electricity pricing, so as to facilitate a smooth transition to new electricity pricing regime.

He made this appeal during an interview with the News Agency of Nigeria (NAN) in Lagos on 5 January 2021.

Reacting to the recent statement by the management of the Nigerian Electricity Regulatory Commission (NERC) that there was no 50 per cent increase in electricity tariff as widely reported in some media, Dr Yusuf emphasized that the government should ensure there is a smooth transitioning to the new pricing regime, in order to minimise shocks and risk of pushback from the consumers.

The LCCI DG explained further that the commercial arguments for a hike might be strong, as there was need for the importance of reckoning with the economic, social and political ramifications of such price reviews.

Hence, in this regard, the Government needs to be strategic and gradual while implementing the transition framework to the new pricing regime. He advised that to facilitate a smooth transition, the contexts of the transition should have a moderate effect on price movement at this time, as electricity is a product of high social significance.

What they are saying

Dr Muda Yusuf, in his words, said:

  • “Context matters in policy conceptualisation and implementation, and we need to worry about social and economic contexts. These contexts should have a moderating effect on price movement at this time, especially for a product of high social significance. It is important to take these factors into account in order not to put the entire reform process at risk.”

What you should know

  • In October 2020, after series of backlash at the back of the increase in electricity tariff, the Federal Government and the organized Labour agreed to provide a tariff relief of N10.20 per kilowatt-hour for Nigerians for the next 3 months.
  • In line with the resolution made by the FG and Labour union, the immediate relief would be provided to citizens for a 2 to 3-month period (which will not exceed December 31, 2020), as this timeline would be used to conclude an extended scope of work for the Technical Committee.
  • However, in the recent statement made by the management of NERC, the Commission revealed that in compliance with the provisions of the EPSR Act and the nation’s tariff methodology for biannual minor review, the rates for service bands A, B, C, D and E have been adjusted by NGN2.00 to NGN4.00 per kWh to reflect the partial impact of inflation & movement in forex.
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Bank Customers condemn vilifying posts about FCMB on social media

BCAN has called for caution over the condemnation of FCMB MD following allegations of infidelity.



The Bank Customers Association of Nigeria (BCAN) have detested the attempt by some social media commentators and publishers to disparage the image of the First City Monument Bank (FCMB) in the face of the ongoing controversies over alleged extra-marital affairs of the bank’s Managing Director, Mr. Adam Nuru, describing the act of the commentators as unjustifiable.

The National President of the umbrella body of bank customers in Nigeria, Dr. Uju Ogubunka, in a chat with, condemned the ongoing efforts of some agents on social media platforms to denigrate the FCMB brand through photo-shopped posts that don’t represent the ideals the bank had been noted for over the years.

The chartered banker and former Registrar/Chief Executive Officer of the Chartered Institute of Bankers of Nigeria (CIBN), while reacting to enquiries by correspondents on the alleged infidelity of the bank’s chief and raging calls for his sack and other issues relating to the saga, said most of the calls were not logical when analysed within the context of professionalism and implications for the financial system.

According to him, since the issues being raised remain just allegations, there is need for everyone to wait until investigations promised by the bank’s board on the matter are completed and the findings made known before passing judgment on the embattled Mr. Nuru.

This is, according to you, an allegation. No right-thinking person relies on allegations to take action. Perhaps, the exception is investigative action. As per the question on people calling the CBN to sack the MD, CBN is not the employer of the CEO. So, action, if there is any to be taken, is not for the CBN to take.

“Again on the denigrating postings by some Nigerians or commentators on social media about FCMB, I want to say it is not the business of bank customers to take position on issues that are said to be allegations. So, it will be honourable for BCAN members to ‘mind their business’.

Ogubunka stated that only investigations can show if the bank chief has breached any banking industry code of ethics, whereby necessary actions can be therefore taken. He advised that people should desist from tarnishing the image of the bank and that of the Managing Director.

The Nigerian banking industry has a Code of Ethics which can situate the issue when or if investigated and results show a breach of the ethical code. I suggest that premium should not be placed on the unverified and unconfirmed ‘allegation’. Science and technology have advanced so much that the determination of paternity can easily be ascertained.

“There is no need to tarnish or damage peoples’ and institutions’ names, based on allegations,” Ogubunka stressed.

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Lagos directs all public, private schools to resume on January 18

The Lagos State Government directed all public, private schools in the State to resume on January 18.



The Lagos State Government has announced that all public and private schools below the tertiary level in the State should resume for the second term 2020/21 academic session from Monday, January 18, 2021.

This is coming a day after the state government had announced that all schools below tertiary level would remain closed indefinitely.

While making the disclosure on Monday, January 4, 2021, the Lagos State Commissioner for Education, Mrs. Folasade Adefisayo, stated that the directive is in line with the Federal Government’s position to curtail the spread of the second wave of the COVID-19 pandemic in the State.

The statement from Adefisayo partly reads, ‘’The Lagos State Government has announced that all public and private schools below the tertiary level in Lagos State should resume for the second term 2020/21 academic session from Monday, 18th of January, 2021.’

She enjoined all schools to comply with all the outlined COVID-19 requirements for resumption, saying that “The directive is not only for the improvement of the overall school operations but for the safe reopening of academic activities to support the Lagos State Government’s quest for a full return.’’

The Commissioner advised all schools to come up with flexible plans where students and teachers who feel sick can teach or learn from home through available online platforms, adding that schools should also strive to prevent any COVID-19 infection among all students and staff.

Mrs. Adefisayo, therefore, enjoined teachers, students and visitors to wear facemasks at all times, observe physical distancing, embrace regular handwashing with soap under running water and maintain a high standard of personal hygiene within the school premises.

What you should know

  • The Lagos State Government had yesterday, announced the indefinite closure of all public and private schools below tertiary level, who were scheduled to resume on January 4, 2021, due to the outbreak of the second wave of the coronavirus disease.
  • This is also coming 2 weeks after the Lagos State Governor, Babajide Sanwo-Olu, had directed the indefinite shutdown of all public and private schools, as part of the state’s public health directives to prepare the state for the second wave of the coronavirus pandemic.
  • The Federal Government had also asked the various state governments to strictly enforce the Covid-19 protocols as advised by the National Centre for Disease Control (NCDC), due to increase in the number of confirmed cases across the country.

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