General News
Unity Bank Targets N8 Billion Half Year Profit
Unity Bank is poised to post a half year profit of N8 billion. This will mark a clean break from the loss recorded in the 2009 financial year.
The bank’s fundamentals indicate strongly that by the end of 2010, the bank’s profitability will climb to over N10 billion.
Falalu Bello, the group managing director said, “Our management accounts for the second quarter of 2010 will be released in a couple of weeks and we may surprise some people. Our business strategy is working and the results are truly expected.”
Ahead of the June 30 deadline for banks’ recapitalisation, the emerging fact that the Unity Bank is currently operating profitably has swayed the position of many financial analysts, who opine that it is another plus that will attract more investors to the bank.
Credible sources suggest that capital may have been sourced through new investors, sale of non-banking assets and divestment from non-core banking businesses as well as recovering, Bello affirmed, “We have raised funds from the various initiatives that we are implementing and are continuing to do so. We are submitting all details relating to this issue to the regulators and will only make public our position as soon as we obtain necessary approvals from the Central Bank of Nigeria (CBN) as required by law.”
This is coming even as the bank’s ongoing Rights Issue, which is aimed at reducing public sector holding in the bank, is expected to raise another N24 billion, indicating that Unity Bank may well be on its way to far exceeding the subsisting 10 per cent capital adequacy ratio required by the Central Bank of Nigeria (CBN)
On the issue of the new CBN policy of scrapping universal banking licenses against the background of some banks opting for regional banking, Bello said, “We are not a regional bank and have never been. Unity Bank is a national franchise with pan-Nigeria operations. We shall remain national in our operations and outlook. This had always been our strategy and it has not changed. With 222 fully operational branches spread across the country and still counting, we are one of Nigeria’s largest banks in terms of spread and we cannot change our position as one of the nation’s leading retail banks.”
It would be recalled that following the August 14, 2009 CBN/NDIC stress examination of the banking industry, Unity Bank was adjudged to have sound corporate governance and sufficient liquidity. The CBN however mandated the bank to increase its capital in order to be able to support its current level of operations. With current developments, analysts posit that the bank is well positioned for the future, even as it continues with it Rights Issue, the acceptance list of which opened on June 4 and will close July 13, 2010, as approved by the Securities and Exchange Commission (SEC).
General News
NITDA Deepens Digital Gender Inclusion with IgniteHer Bootcamp

In a powerful demonstration of its commitment to the Renewed Hope Agenda of the present administration of President Bola Ahmed Tinubu GCFR, the National Information Technology Development Agency (NITDA) has launched the second cohort of the IgniteHer Bootcamp for Women Entrepreneurs, a strategic initiative aimed at accelerating gender inclusion and economic empowerment through digital innovation.
The bootcamp, themed “Empowering Women Entrepreneurs for Growth and Innovation”, was launched in partnership with the Japan International Cooperation Agency (JICA) and brought together selected women entrepreneurs from across Nigeria, both physically and virtually, for rigorous training in digital skills, innovation management, business development, and investor readiness.
The NITDA Director General, Kashifu Inuwa CCIE, who declared the bootcamp open, reaffirmed the Agency’s role in aligning Nigeria’s digital development with the national priorities of reforming the economy for sustained inclusive growth and accelerating economic diversification through industrialisation and digitisation.
“Through IgniteHer, we are actualising President Bola Ahmed Tinubu’s Renewed Hope Agenda by expanding women’s access to technology and economic opportunity,” he stated.
The DG, who was represented by the agency’s Acting Director of the Digital Literacy and Capacity Building department, Dr. Ahmed Tambuwal, noted that inclusive innovation is a cornerstone of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0: 2024–2027), which supports national aspirations for inclusive growth, poverty eradication, and youth empowerment.
“We are not merely imparting skills; we are creating self-reliant entrepreneurs, change-makers, and leaders,” he added.
Inuwa disclosed that the IgniteHer Bootcamp is also a key component of the National Gender Digital Inclusion Strategy (NGDIS), through which NITDA is working to empower 12.7 million Nigerian women with digital literacy skills by 2027. He averred that the programme complements broader government efforts to bridge gender gaps, enhance productivity, and reduce unemployment, especially among young women.
Citing a report by the World Wide Web Foundation, the DG emphasised that closing the digital gender gap in Nigeria could unlock an estimated $13 billion in GDP growth over the next decade.
“This training is a step towards harnessing this economic potential and ensuring that women play an integral role in shaping the digital landscape of Nigeria,” he noted.
He therefore called on participants selected from over 12,000 applicants to seize the moment and shape the future of Nigerian entrepreneurship.
While highlighting NITDA’s leadership in strategic partnerships, the DG commended JICA and the Government of Japan for their ongoing collaboration in supporting digital empowerment through programmes like IgniteHer and the iHatch Incubation Programme, which provides startup support, mentorship, and innovation development to early-stage entrepreneurs.
“At NITDA, we believe that inclusive innovation is not just an ideal but a critical strategy that ensures the growth of a stronger economy, the development of smarter solutions, and the existence of more resilient communities. Through IgniteHer, we are dismantling barriers and replacing them with pathways to opportunity,” he concluded.
In his remarks, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, reaffirmed Japan’s long-standing commitment to innovation and gender inclusion in Nigeria. He announced that Japan, through JICA, is currently supporting two grant projects worth $30.9 million, focused on improving Nigeria’s startup ecosystem, strengthening the investment climate, and building an inclusive innovation hub.
The Ambassador also referenced the upcoming Tokyo International Conference on African Development (TICAD 9), themed “Co-create Innovative Solutions with Africa”, as further testament to Japan’s dedication to deepening Africa-Japan cooperation on digital transformation and entrepreneurship.
Lead Facilitator of IgniteHer, Hajiya Hafsat Salabi-Dange, described the programme as a catalyst for social and economic transformation. While praising NITDA’s visionary approach to development, she stated that the programme is a movement that is bridging the digital gender divide and fostering economic independence.
Encouraging the participants to remain curious, intentional, and bold, she said, “What you will gain here goes beyond business; it is a tool for community upliftment, national growth, and generational impact.”
General News
NAF, NIGCOMSAT to Boost Nigeria’s Security with Satellite Technology

Nigerian Air Force (NAF) and Nigerian Communications Satellite (NIGCOMSAT) Limited have entered into a strategic alliance aimed at advancing operational effectiveness, sovereignty, and sustainability through space-based innovations.
This was during a courtesy visit by Jane Egerton-Idehen, managing director and chief executive officer of NIGCOMSAT, to Air Marshal Hasan Bala Abubakar, chief of the Air Staff (CAS), at the NAF Headquarters in Abuja on Wednesday, August 7, 2025.
According to Air Commodore Ehimen Ejodame, director of Public Relations and Information, Headquarters, Nigerian Air Force, discussions during the meeting focused on leveraging NIGCOMSAT’s satellite capabilities to enhance the NAF’s mission-critical functions, particularly in the areas of secure communication, real-time intelligence, surveillance, and reconnaissance.
Both parties acknowledged that the future of national defence lies in digital dominance and home-grown technological solutions.
Abubakar stressed the urgent need for indigenous systems to support the evolving demands of modern air operations.
“We must continually seek innovative ways to improve our capabilities and reduce reliance on foreign systems.
Strategic collaboration with institutions like NIGCOMSAT is essential to ensure secure communication and real-time situational awareness across our theatres of operation,” the CAS said.
In her remarks, Egerton-Idehen praised the Air Force’s proactive approach and expressed NIGCOMSAT’s readiness to support the military with tailored satellite solutions that align with national security objectives.
“This partnership is not only timely but critical in strengthening Nigeria’s digital defence infrastructure.
NIGCOMSAT stands ready to deploy its expertise in support of the Nigerian Air Force and contribute meaningfully to national security,” she said.
Both organisations reaffirmed their shared commitment to advancing Nigeria’s security architecture through the use of indigenous space technologies.
General News
FG Announces New Fossil Fuel Tax

Federal government has announced it will impose a new 5 percent refined fossil fuel tax from January.
The surcharge, which has been signed into law by President Bola Tinubu to encourage clean energy use, could raise more than half a billion dollars annually.
The fee will apply to petrol and diesel, while cooking gas and compressed natural gas — which the government has tried to promote — are exempted.
Nonprofit group ActionAid Nigeria said the policy will “disproportionately impact the poor” and deepen inequality, noting that Nigerians have not recovered from the inflationary effect of the removal of fuel subsidies in 2023.
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