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FG Signs $1.3bn Sold Minerals Refinery Deal With AFC

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By David Torough, Abuja

Nigeria moved to reposition its economy at the weekend with the signing of a landmark $1.3 billion alumina refinery agreement, even as escalating tensions in the Middle East threaten to send global oil prices soaring above $100 per barrel.

In Abuja, the Federal Government and the African Finance Corporation (AFC) sealed a Memorandum of Understanding to jointly finance three strategic mining projects, a $1.

3 billion alumina refinery, a nationwide geoscience mapping initiative and the establishment of a special investment vehicle to unlock mineral assets.

Minister of Solid Minerals Development, Dele Alake, described the agreement as “a landmark deal” that would transform the mining sector, deepen local value addition and significantly increase its contribution to Gross Domestic Product.

The refinery is designed to process approximately one million tonnes of bauxite annually using a modern Bayer-process flowsheet, supported by an on-site gas-fired cogeneration plant for steam and electricity. It is projected to operate for about 20 years at 95 per cent utilisation, producing an estimated 19 million tonnes of alumina over its lifespan.

Economic projections indicate an annual GDP contribution of $1.2 billion, over $25 billion in total economic value across the project lifecycle, and about $8 billion in foreign exchange earnings.

Executive Secretary of the Solid Minerals Development Fund, Fatima Shinkafi, described the transaction as the largest in the fund’s history, noting that the $1.3 billion capital expenditure signals renewed investor confidence in Nigeria’s mining reforms.

Beyond the refinery, the partners will embark on a comprehensive geoscience mapping exercise to generate credible data on Nigeria’s mineral deposits, long seen as a major constraint to large-scale investment. A joint strategic investment vehicle will also be created to accelerate exploration and development once mapping and feasibility studies are completed.

The signing ceremony was witnessed by AFC President and CEO, Samaila Zubairu, alongside senior government officials, reinforcing the administration’s push to diversify the economy away from crude oil and tap into deposits of bauxite, lithium, gold, iron ore and rare earth minerals.

However, while Nigeria seeks to reduce dependence on oil revenues, developments in the Middle East could once again underscore the economy’s vulnerability to global energy shocks.

Analysts predict oil prices will jump sharply when markets open following US and Israeli strikes against Iran, raising fears of a prolonged regional conflict. Brent crude, which traded above $72 on Friday, could surge to between $85 and $90 per barrel in early trading, according to energy analysts — with the possibility of breaching $100 if tensions escalate.

At the centre of concern is the Strait of Hormuz, the strategic maritime corridor that handles roughly 20 per cent of global oil consumption. While not formally closed, major shipping companies are reportedly suspending transit due to soaring insurance costs and security risks.

Energy consultancy Rystad Energy warned that a prolonged blockade could remove between eight and 10 million barrels per day of crude supply from global markets — a gap analysts say would be difficult to offset even with strategic reserves held by OECD countries.

The last comparable price spike occurred at the onset of the Russo-Ukrainian War, when crude surged above $100 per barrel, triggering global inflationary pressures.

Economists caution that sustained high oil and gas prices could dampen growth, raise inflation, and hurt sectors such as aviation, maritime transport and tourism. Gas markets are also expected to react strongly, given Qatar’s key role in global liquefied natural gas exports.

The potential energy shock presents a delicate balance for oil-importing nations and major economies heading into election cycles, as higher fuel costs threaten consumer confidence and economic stability.

For Nigeria, the refinery deal signals a long-term strategy to diversify and industrialise its solid minerals sector. Yet in the short term, the nation — like much of the world — may once again feel the ripple effects of turbulence in the global oil market.

BUSINESS

PalmPay Marks IWD with Tech Training for Women

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PalmPay, a financial technology company, says it will bridge the gender gap in tech through a three-day digital finance and technology training programme for young Women.

This was part of activities to commemorate the International Women’s Day (IWD) 2026.

The company, in a statement on Tuesday in Lagos, said the initiative, tagged “Purple Woman 3.

0”, was designed to equip women with practical and job-ready skills needed to thrive in the digital economy.

PalmPay noted that the training, scheduled to hold from March 5 to March 7, would bring together 100 selected women aged between 18 and 30 through a competitive application process.

It explained that participants would undergo intensive, hands-on training in digital finance and technology, facilitated by industry experts, to enhance their employability and career prospects.

According to the company, the programme aligns with the theme of International Women’s Day 2026, which focuses on the need to empower women through access to skills and opportunities.

PalmPay, since its launch in 2024 and through the Purple Woman initiative, had trained 150 women in key areas such as Data Analysis, Software Engineering and Product Management.

It noted that outstanding participants in the 2026 edition would also have the opportunity to secure internship placements with the company for practical industry experience.

The firm reiterated its commitment to supporting women’s inclusion in technology through continuous capacity-building programmes.

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Smart Cash Boosts Digital Banking Access with Zero-transaction-charge Service

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Smart Cash Payment Service Bank says it is removing transaction charges and paying competitive interest on savings to address the cost barriers that keep some Nigerians outside the formal financial system.

At the media launch of its zero-transaction-charge and daily interest payments on savings service in Lagos on Tuesday, the bank said the move is a practical step toward easing the financial pressure on low-income earners, traders and small business owners.

According to the bank, the service, tagged “No Be Cho Cho Cho”, signals a shift from promises to practical action under the regulatory framework of the Central Bank of Nigeria (CBN).

Its Managing Director, Ayotunde Kuponiyi, explained that millions of small traders and micro businesses still operate outside the banking system, often because of cost and trust concerns.

He said removing transaction fees was one way to lower the entry barrier and encourage wider participation in the digital economy.

Kuponiyi said, “For many small traders, those small charges matter. They may look insignificant, but over a month they reduce income. By removing them, we are saying your money should work for you, not against you.

“Financial inclusion is about real people; the woman selling in the market, the artisan, the small business owner. When they can save securely and move money freely, they grow their businesses and create jobs.

“This is not a short-term campaign. It is part of our long-term commitment to make digital banking accessible and affordable.”

He added that the bank’s savings product pays interest daily and does not penalise customers for frequent withdrawals, a feature he said was designed with informal earners in mind.

Ada Uba, Head of Legal and Company Secretary of Smart Cash, said the bank, a subsidiary of Airtel Nigeria, received its payment service banking licence in 2022 and had since focused on expanding access to simple and affordable financial services.

She said the new campaign was designed to help more Nigerians connect to formal banking without feeling burdened by routine charges.

Also, Head of Product and Partnerships, Oti Omaghomi, said the zero-charge policy applies to peer-to-peer transfers, transfers to other banks and bill payments.

He explained that customers could open accounts digitally using their National Identity Number or Bank Verification Number, in line with CBN regulations.

According to him, the bank leverages the nationwide network of its parent company to reach customers even in rural communities.

“We understand that access is not just about having an app. It is about coverage, reliability and simplicity. That is why we built the onboarding process to be straightforward and inclusive,” he said.

On trust and security, Omaghomi assured customers that transactions are monitored round the clock, with automatic reversals for failed transfers.

“Banking runs on trust. We have a 24-hour monitoring system and clear processes to resolve failed transactions quickly. Customers should feel confident that their funds are protected,” he said.

Also speaking, another official, Obianuju Onwidi, said users who buy Airtel airtime or data through the platform receive instant cashback, in addition to free transfers and savings interest.

“The goal is simple; remove the fear, remove the hidden charges, and give customers value. When people feel respected by their bank, they stay,” she said.

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IWD: Ecobank Unveils ‘Ellevate’ to Promote Women Entrepreneurs’ Growth

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Ecobank Nigeria, has unveiled an enhanced version of its gender financing initiative, ”Ellevate” by Ecobank, as part of activities commemorating 2026 International Women’s Day (IWD).

A statement by the bank on Wednesday, said that the upgraded programme reinforced the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.

Originally inaugurated to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its commercial banking segment, the enhanced ”Ellevate” programme now adopts a broader, more inclusive structure.

The new framework extends across all business segments, positioning ”Ellevate” as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.

The Managing Director of Ecobank Nigeria, Bolaji Lawal, said the enhanced programme further strengthened the bank’s ambition to be the financial partner of choice for women entrepreneurs.

“Since its inauguration in Nigeria in July 2021, ‘Ellevate’ has delivered meaningful impact for SMEs and women-led businesses.

“This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” he said.

Lawal also said that the expanded structure offered improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints.

He said beyond lending, the programme integrated digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.

He added that a core pillar of the enhancement was structured market access.

He explained that, through the bank’s ”MyTradeHub” online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs would be better positioned for cross-border trade expansion and participation in Africa’s regional value chains.

According to him, the initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability.

”This is complemented by access to custom wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.”

Lawal noted that the programme aligned with Ecobank’s broader ambition to drive inclusive growth by empowering women as critical contributors to economic development.

“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth.

“Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.

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