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Ayodele Attributes Cost of Transactions to High Lending Rate

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Mrs. Sola Ayodele, managing Director, Spring Bank Plc has attributed the high lending rate charged by banks operating in the country to the high cost of transactions.
Ayodele at the recent 2010 banking review report by Afrinvest Limited said, the Central Bank of Nigeria Governor, Mallam Sanusi need to be commended for his effort in ensuring that the real sector are funded.
She pointed out that “the three critical areas that needed to be tackled are power, transportation and agriculture. Once these sectors are taken care of the lending rate are bound to drop.”
She called on both the private and public sectors to collaborate by investing in these sectors because of the significant ripple effect on the economy, adding that banks have started the process of negotiating with stakeholders to find ways it can be of help.
Mr. Ike Chioke, managing director, Afrinvest Limited in his review of the banking sector reform stated that the banking system has undergone remarkable changes over the years in terms of the number of institutions, ownership structure and the depth and breadth of operations.
According to him, “The changes have been influenced largely by opportunities presented by the deregulation of the financial sector, globalization of operations, technological advancements and adoption of regulatory guidelines that conform to international standards”.
He recalled how the CBN prone the banks from 89 to 25 and later 24, stressing that some of the perceived temporary dislocations evident in the nation’s financial system, from the crash in deposit rates to falling yields on government paper, are symptomatic of a longer term structural re-balancing currently taking place. According to him, “Afrinvest Research believes that ultimate objective behind the various reforms initiated by the CBN is to move the industry towards an environment where single digit interest rates are the norms rather than the exception. Should Nigeria get to that promised land, Sanusi in his capacity as the nation’s treasurer would have won the battle to save the economic soul of the country by creating an environment wherein the real sector can access sustainable long term finance for economic development”.
Commenting on the shrinking credit to the private sector, Chioke said that the lingering effect of the special audit conducted by the CBN on the banks are that credit to the private sector has practically thinned out as banks have directed focus on debt recovery.


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FG Launches the Happy Woman App Platform

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Federal government has unveiled a new digital platform to connect millions of women to finance, skills training, and market opportunities, in what officials call the country’s largest technology-driven women’s inclusion initiative to date.

The Happy Woman App Platform, which was unveiled at the Presidential Villa in Abuja, would serve as a single interface for women to access funding facilities, business development support, governmental initiatives, and critical services.

The digital drive comes as Nigeria grapples with expanding gender gaps in financial access, with women much less likely than males to maintain bank accounts or obtain formal credit, limiting their capacity to grow informal enterprises they primarily run.

Yet women remain central to the economy, accounting for a large share of micro and small enterprises that contribute nearly half of the country’s GDP.

According to the Social Institutions and Gender Index, only about 35 percent of Nigerian women have a bank account at a financial institution, compared with 55 percent of men, underscoring the depth of persistent financial exclusion and the urgency of targeted interventions.

The launch coincided with the expansion of the Nigeria for Women Programme, which the administration now plans to scale nationwide to reach 25 million women.

President Bola Tinubu, represented by vice president Kashim Shettima, said the scale-up is central to Nigeria’s economic growth strategy.

“A nation that relegates its women is a nation bound for implosion,” he said, adding that women must be placed “at the centre of national planning and productivity.”

The expanded programme builds on a pilot phase in six states that reached over one million women, many organised into Women Affinity Groups to access grants, savings schemes and livelihood support.

The government says the new app will streamline beneficiary registration, payments and training, reducing leakages and improving delivery.


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Indigenous Firm Deploys 400,000 Smart Electricity Meters in 2025

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MOJEC International Limited has revealed that it deployed over 400,000 smart meters nationwide in 2025, representing a significant year-on-year growth for the indigenous smart meter manufacturer.

This performance reflected a 33.3 percent increase over the 300,000 meters deployed in 2024, highlighting the scale and acceleration of MOJEC’s metering operations.

Chantelle Abdul, group managing director, attributed the sustained impact to deliberate investments in infrastructure, people, and technology.

“MOJEC operates two state-of-the-art meter production facilities with a combined installed capacity of up to five million meters annually. This scale enables us not just to meet current demand, but to support Nigeria’s long-term metering and energy efficiency goals,” she said.

She further noted that MOJEC’s expansive installer ecosystem, comprising over 5,000 trained professionals nationwide, remains a critical enabler of its delivery advantage, ensuring speed, quality, and compliance across diverse terrains and markets.

The company stated that the deployment surge reflected growing confidence by Distribution Companies (DisCos) and sector stakeholders in MOJEC’s technical capacity, delivery speed, and end-to-end metering solutions.

According to Monday Ubogu, MOJEC’s head of installation, the scale and consistency of delivery set the company apart.

“Within the first three quarters of the year, MOJEC completed about 300,000 installations, accounting for roughly 40 percent of total installations nationwide during that period.

“The momentum continued into the final quarter with an additional 150,000 meters deployed, highlighting our operational depth and nationwide reach,” he said.

Ubogu added that MOJEC’s performance builds on decades of sector engagement, spanning key national metering initiatives including CAPMI, MAF, Vendor Financing, MAP Phases I & II, and NMMP 0, with the company having deployed nearly four million meters since the privatisation of NESI.

According to the company, a substantial portion of the deployment was driven by MOJEC Meter Asset Management Company (M3AC), the Group’s asset management subsidiary, which accounted for about 350,000 installations.

 


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Globacom Donates ₦1Bn to Lagos State Security Trust Fund

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In its bid to contribute its quota to the consolidation of security in Nigeria’s commercial capital, Lagos, telecommunications giant, Globacom, has thrown its weight behind the Lagos State Security Trust Fund (LSSTF) with a donation of ₦1 billion.

The generous donation was announced at a Private Sector Breakfast Meeting with CEOs, convened at the instance of the Executive Governor of Lagos State, Mr Babajide Sanwo-Olu, on Friday, January 30, 2026 and shows the company’s commitment to fostering public safety which would in turn, culminate in enhanced prosperity and social re-engineering in the state.

The donation, which is the biggest private-sector intervention from the telecommunications sector to the Fund in recent years, again shows that Globacom is a responsible, responsive and people-oriented corporate citizen.

Globacom disclosed that the intervention emphasized deeper collaboration between government and the state’s business community especially in relation to security, innovation and economic resilience—an agenda which the digital solutions company has unabashedly supported through sustained social investments.

The Executive Secretary/CEO of the Fund, Dr. Ayo Ogunsan, in his display of appreciation described Globacom’s largesse as “a powerful demonstration of corporate citizenship and a strategic investment in the stability of Lagos State,” saying since LSSTF was established to bridge funding gaps in security infrastructure, it desired voluntary contributions from corporate bodies and well-meaning collaborators.

Dr. Ogunsan promised that the ₦1 billion donation will significantly enhance the Fund’s capacity to address critical priorities for 2026, including multipurpose security helicopters and drones, Armoured Personnel Carriers (APCs), water cannons, digital communication equipment and Smart CCTV systems. These assets, he added, were germane to proactive policing, rapid response and intelligence-led operations across the state.

He therefore encouraged Lagosians to support businesses that invest in the safety and development of the state, saying, “When companies step forward to secure our environment, residents should reciprocate by patronizing them. Their support directly impacts the protection of lives, property and economic activity.”

A statement from Globacom explained that the donation was an expression of the company’s staunch belief in Nigeria’s future. “At Globacom, we see security not as a government burden alone, but as a shared responsibility. When people feel safe, enterprise grows, creativity flourishes and hope becomes practical. Our support for the LSSTF is about protecting the everyday dreams of millions of Lagosians,” he noted.

With this donation to the LSSTF, Globacom has furthered its tradition of investing directly in the conditions like safety, confidence and stability which help commerce to thrive. Consequent on the support, LSSTF is gingered to raise the bar of security thereby concretizing Lagos State’s position as Nigeria’s safest and most vibrant commercial hub.

This recent financial intervention from Globacom is in tandem with its avowed commitment to social responsibility that is practical, timely, scalable and aligned with national priorities.

The company’s interventions in the past decades have spanned relief efforts for flood-affected communities, support for displaced persons, advanced youth skills through structured training programmes, and investments in education, culture and digital inclusion.


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