General News
LCCI Proposes Recapitalisation Guidelines for Rescued Banks
Lagos Chamber of Commerce and Industry (LCCI) has proposed guidelines for recapitalisation for the banks recently rescued by the Central Bank of Nigeria (CBN).
LCCI second quarterly report released and presented by Otunba Femi Deru, the President of the Chamber listed guidelines which are mandatory for the smooth recapitalisation of the challenged institutions.
The report stated that the proposed recapitalisation of the rescued banks and the decision of the CBN to invite investors has generated intense concerns among stakeholders in the banking industry.
According to the report, “Our position is that the process should be done in line with the relevant laws and within the statutory framework prescribed under the Companies Allied Matters Act (CAMA) and the Banks Other Financial Institutions Act (BOFIA).”
Enumerating the guidelines, LCCI said the necessary first step should be to invite existing shareholders to recapitalise their banks failing which new investors will be called upon to take up any outstanding shares.
LCCI added that in the process of recapitalisation, the Board of Directors of the affected banks in consultation with CBN should call a Board of Directors meeting to fix the amount of recapitalistaion required and articulate the modalities for rights offer.
It explained that an Extraordinary General Meeting should be held by the Board to approve the scheme subject to the approval by the CBN.
“Deadlines should be fixed for payment of the rights offer. Only offers not paid up by the set deadline will be available to new investors. After conclusion of all the payments, a final Extraordinary General Meeting should be called to elect new directors.”
“In our view this is the appropriate course of action to follow in this matter,”
LCCI also lamented that the rate of unemployment in the Nigerian economy is currently one of the highest in the world standing at 19.7 percent.
The Chamber stated that over 50 percent of the youths in the urban areas are unemployed saying that it is a very disheartening situation for parents who had laboured and strained to educate these youths.
According to the Chamber, the state of affairs has assumed the dimension of an economic and social crisis adding that there is a relationship between rising criminality and unemployment.
Proffering solutions to the unemployment crisis, LCCI proposed that there is an urgent need to increase support for SMEs and business start-up through capacity building and funding, encourage domestication of private and public sector spending in order to boost the multiplier effect of domestic spending on the economy, promote sectoral linkages in the economy in order for economic sectors to be mutually supportive and to give a greater attention to the agricultural sector which he said has enormous job creation potentials.
LCCI said that the credit crisis which was triggered by the banking sector reforms in the second quarter of the year has made investors face challenges in accessing credit saying that the issue is not that of scarcity of loanable funds or absence of liquidity but is a case of tight credit criteria
LCCI pointed out that in the first six months of the year, the stock market recovery was slow adding that all share index grew by 25 percent while market capitalisation grew by 23 percent.
It added that with increased liquidity in the banking system and the low returns in the money market, there is expectation for a much faster recovery in the market than is presently the case.
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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