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Lasimra, Globacom Agree on Modalities For Optic Fibre Project

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15 years ago

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Lagos State Infrastructure Maintenance and Regulatory Agency (Lasimra) and Globacom have agreed on several conditions in executing the Glo1 optic fibre cable laying project in Lagos.
The agreement which was reached between both parties in Lagos recently is sequel to the landing of Glo1 submarine cable in September last year and the readiness of the company to lay its fibre cable across the country for broadband service penetration as earlier promised.
Lasimra is the agency responsible for the regulation and maintenance of telecom infrastructure in Lagos, whose portfolio also covers the granting of right of ways for underground cable laying in Lagos metropolis, while Globacom owns Glo1, an undersea cable.
The meeting between Globacom and Lasimra was convened to agree on modalities for utilizing the permit to execute optic fibre cable project in Lagos, which was granted to Globacom recently by the State Government.
Both Lasimra and Glo1 agreed that the project should be executed at minimal pain to the citizenry of the state, and that in utilizing the permit, any damage to the state infrastructure such as roads and existing underground facilities of service providers should be avoided in the interest of all.
Joe Igbokwe, general manager, Lasimra, said the agency would monitor the project closely and requested that Globacom should forward its work plan to the agency ahead of the commencement of the project.
The meeting resolved that Lasimra should publish the project in all National dailies to intimate and seek the cooperation of all and sundry.
It was also agreed that Globacom should simultaneously at not more than three project sites at a time so as to minimize the attendant pain to the public, for ease of traffic management and for effective monitoring of project execution by LASIMRA officials. It is expected that LASIMRA should mount its site boards at the project site, so as to stamp its authority on the project.
Other agreement reached at the meeting include, none excavation across roads; execution of overnight project in critical high traffic areas so as not to compound the chaotic traffic situation in such areas; deploying trial pits before embarking on wholesale excavation of project sites so as to confirm the existence of underground facilities such as telecom and electric cables, water and gas pipes, and to avoid damaging them; and the active involvement of Lasimra in attendant road reinstatement works, upon project completion, so as to ensure standard. 

 


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UK Minister for Africa Visits Nigeria to Deepen Strategic Partnership

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2 days ago

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May 31, 2025

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L-r: UK Government’s Minister for Africa, Lord Collins of Highbury MP, Nigeria’s Minister of Foreign Affairs, Hon. Yusuf Tuggar and UK Trade Envoy to Nigeria, Florence Eshalomi MP, at the Ministry of Foreign Affairs in Abuja, yesterday
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The United Kingdom’s Minister for Africa, Lord Collins of Highbury, has concluded a three-day visit to Nigeria, aimed at reinforcing the UK-Nigeria Strategic Partnership.

He reaffirmed the UK Government’s strong commitment to deepening trade and investment ties between the United Kingdom and Nigeria.

During his visit, Lord Collins met with senior Nigerian government officials, business leaders, civil society representatives and United Nations agencies.

These engagements underlined the UK’s long-term drive to support Nigeria’s prosperity and stability while deepening bilateral cooperation for transformative growth across our shared priorities.

A key highlight of the visit was Lord Collin’s bilateral meeting with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, in which both parties reaffirmed their unwavering commitment to strengthening economic ties and promoting regional security. The Minister was joined by the UK’s Trade Envoy to Nigeria, Florence Eshalomi MP.

Lord Collins also met with Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, and discussions focused on opportunities to strengthen engagement between UK’s parliament and Nigeria’s National Assembly and the importance of furthering women’s participation in politics.

Speaking on his visit, the UK Government’s Minister for Africa, Lord Collins said: “Nigeria and the UK share a rich, ambitious relationship: one that is deeply rooted in respect.

“Our Strategic Partnership is at the forefront of this, and my visit has focused on how our countries can continue deepening our cooperation on key issues such as trade and investment to drive economic growth and deliver prosperity for us all.”

The Minister held discussions with United Nations representatives on the ongoing reform of the UN system, its implications for Nigeria and how the reform can effectively support those most in need, particularly in Northeast Nigeria, whilst also contributing to global humanitarian efforts.

Lord Collins also met with civil society leaders to discuss electoral integrity and governance reforms, reinforcing the UK’s commitment to democratic values and community empowerment.

He later visited Nigeria’s Anti-Kidnap Fusion Cell: a key security initiative supported by UK expertise through the National Crime Agency and the Integrated Security Fund, which plays a vital role in enhancing local safety and combating serious crime.

Also commenting on the visit, the British High Commissioner to Nigeria, Dr Richard Montgomery, said:  “Driving growth is central to the UK’s foreign and development policy. Lord Collins’ visit to Nigeria underscores the UK’s unwavering commitment to deepening our shared prosperity through expanded trade and investment. We are proud to stand alongside Nigeria as it forges a resilient and dynamic economy.”

This visit underscores the UK’s enduring partnership with Nigeria – built on mutual respect, shared goals, and a vision for a prosperous future for both nations.

 


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PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

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3 days ago

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May 30, 2025

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Femi Hanson, Head of Marketing & Communications at PalmPay (center), with beneficiaries of the CSR initiative in Kano State.
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In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.

This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.

“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”

Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.

The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.

In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy.  PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.

As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.

 


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EFCC Witness Admits Writing Off Arik Air’s $2.3M Debt Amid N76Bn Fraud Trial

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4 days ago

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May 29, 2025

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A former Group Executive Director of Union Bank PLC, Mr. Austine Obigwe, on Wednesday testified before the Lagos State Special Offences Court sitting in Ikeja, detailing how he wrote off a $2.3 million debt owed by Arik Air to his private company, Staal. Obigwe is one of the witnesses of the Economic and Financial Crimes Commission (EFCC) on the matter.
Recall that when he was first interrogated before the matter was adjourned, the same Obigwe claimed that Arik was a healthy company that had no financial challenges up to the time he left the service of Union Bank in 2009. But pressed further today, he accepted that Arik was an irresponsible, badly run, immoral company, which also owed him a whopping 2.3 million dollars, which he had to write off because of his business relationship with the promoter of Arik Air Limited.
Obigwe appeared as a prosecution witness in the ongoing trial of the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, and four others, who are standing trial over alleged financial misappropriation amounting to alleged N76 billion and $31.5m., etc.
The EFCC arraigned the defendants on a six-count charge bordering on conspiracy, stealing, and abuse of office. The defendants include Kuru, the former Receiver Manager of Arik Air Limited, Mr. Kamilu Omokide; Arik Air’s Chief Executive Officer, Captain Roy Ilegbodu; Union Bank of Nigeria PLC; and Super Bravo Limited.
They all pleaded not guilty to the charges, and Justice Mojisola Dada subsequently granted them bail in the sum of N20million each, with one surety in like sum.
Under cross examination, Mr. Obigwe informed the court that, in 2011, two years after he exited Union Bank, Arik Air was indebted to his private company, Staal, in the sum of $2.3 million. He stated that the amount was never repaid but that he had written it off due to the operational difficulties faced by the airline at the time.
“I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges,” Obigwe told the court. The witness also confirmed that following his exit from Union Bank, he formally became a consultant to Arik Air and other companies.
When asked whether the founder of Arik Air, Sir Johnson Arumemi-Ikhide, was a personal acquaintance, he responded in the affirmative, noting that although he currently has no formal relationship with the airline, he maintains a relationship with Arumemi-Ikhide, who is also his church member.
During cross-examination by defence counsel, including Olasupo Shasore, SAN (for the second defendant); Olalekan Ojo, SAN (for the fourth defendant); and Tayo Oyedepo, SAN (for the fifth defendant), Mr. Obigwe stated that in 2009, he participated in an inspection of 26 aircraft belonging to Arik Air.
According to him, the aircraft were found to be airworthy and in good condition, based on assessments provided by Lufthansa. “I had no reason to doubt Lufthansa’s evaluation,” he said, adding that the purpose of the inspection was to ensure that the airline’s fleet had not been depleted.
When asked about the airline’s compliance with its loan obligations, Obigwe testified that during his tenure at Union Bank, there were no complaints from other financial institutions suggesting that Arik Air was defaulting on its loan obligations. He also confirmed that, to the best of his knowledge, Arik Air was servicing its loan with Union Bank during his tenure.
Responding to a letter dated April 23, 2009, allegedly written by AMCON to Union Bank concerning a N46.11 billion debt owed by Arik Air, the witness denied knowledge of the letter, even though he was still in the service of Union Bank at the time, and was the Group Executive Director whose directorate supervised the Arik transaction.
On the character and management of Arik Air, the witness said: “I can only speak for the period I was there. When I was at Union Bank, Arik Air was one of the best companies.”
When questioned on the options available to lenders when a loan becomes non-performing, Obigwe responded that the lender may choose to transfer the loan to another bank, reassign it, or enforce the security tied to the loan. He also acknowledged that a lender is legally empowered to dispose of the security in the event of default by the borrower in other wards justifying the decision of AMCON to have intervened in Arik to recover the Arik Air debt, which Union Bank sold to AMCON on the directive of Union Bank when AMCON was established by the Federal Government to mop-up all non-performing loans in the banks.
The matter was adjourned till June 4, 2025, for the continuation of the trial. On the last adjourned date, Obigwe, who is the second prosecution witness, and was led in evidence by Dr Wahab Shittu (SAN), told the court that he was a Group Executive Director in Corporate and International Banking at Union Bank.
The court was also able to establish that the witness, while in the service of Union Bank as Group Executive Director, Corporate and International Banking, Union Bank had a business relationship with the promoter of Arik, which was regularised and formalised into a full-fledged consultancy arrangement shortly after he exited Union Bank, which implied that even as ED, Union Bank, he may not have operated in the overall interest of the bank due to his relationship with the Arik owner.

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