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World Bank approves $1.57bn for Nigeria to improve healthcare services, address flooding

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The World Bank says it has approved three new financing totalling $1.57 billion to support Nigeria.

The Washington-based organisation announced in a statement on Monday.

The international lender said the approved funds will support the federal government in strengthening human capital through better health for women, children and adolescents.

World Bank also said the approved projects would also help build resilience to the effects of climate change such as floods and drought through improving dam safety and irrigation.

“The World Bank has today approved three operations for a total of $1.57 billion to support the government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation,” World Bank said.

“The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

“The HOPE-GOV and HOPE-PHC programs combined will support the government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

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“The SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.”

According to the international lender, the HOPE-GOV programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors.

“It will particularly focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors,” the World Bank said.

“The program will increase availability and effectiveness of financing for basic education and primary healthcare service delivery, enhance transparency and accountability of financing and improve recruitment, deployment and performance management of basic education teachers and primary healthcare workers by federal, state, and local governments.

“In support of the government’s newly launched reforms in the health sector, under the Health Sector Renewal Investment Initiative, the HOPE-PHC project will improve the quality and utilization of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to substantially reduce maternal and under five mortality and to improve the resilience of the health system— benefiting 40 million people, especially vulnerable populations.”

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The World Bank also said the HOPE-PHC project is financed by a concessional $500 million International Development Association (IDA) credit and an additional $70 million in grant financing from the Global Financing Facility for Women, Children and Adolescents (GFF).

“The GFF support includes $11 million from the UK Foreign, Commonwealth & Development Office (FCDO) and $12.5 million from the Children’s Investment Foundation Fund (CIFF) through joint financing with the GFF to help close the financing gap for primary and community healthcare and maternal newborn care at hospital-level, while also supporting government efforts to ensure sustainable financing for family planning commodities,” World Bank said.

“The SPIN Program will help Nigeria to protect citizens from floods and drought through enhanced dam safety and operations. The project will further support the provision of new and improved irrigation and drainage services over an area of 40,000 hectares.

“This will help up to 950,000 people that includes households, farmers, and livestock breeders to directly benefit from more reliable, climate-resilient, and efficient irrigation, water supply and increased agricultural productivity through improved irrigation water management.

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“Through the SPIN project, the government will develop a master plan for hydropower and a structured public private partnership transaction for a hydropower project.”

FUND WILL ADDRESS DIFFICULTIES FACED BY WOMEN, GIRLS 

Commenting on the development, Ndiamé Diop, World Bank country director for Nigeria, said the new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians, especially women and girls around access and quality of services.

“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable,” Diop said.

“The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation.”

He also said the World Bank is ready to work with the federal government and other stakeholders to deliver the programmes.

Diop added that the direct positive impact of the project on people and livelihoods is enormous.

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‘We are changing lives every day’ —  Oando restates commitment to a sustainable energy future for Nigerians

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In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive of Oando, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources. 
“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.
Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.
While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.
“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.
He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.
Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.
“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”
 Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”
He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.
 “We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.
Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.

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Marketers can’t lift petrol without NNPC approval – Dangote refinery

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The Dangote Petroleum Refinery says it has not received any payment from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products.

 

In a statement on Thursday, Anthony Chiejina, the company’s group chief branding and communications officer, told IPMAN that the refinery cannot be held accountable for payments made to the Nigerian National Petroleum Corporation (NNPC), adding that no approval has been received from the national oil firm on the sale of petrol to marketers.

 

On October 29, Aliko Dangote, founder of the Dangote Industries Limited (DIL), said the refinery currently holds over 500 million litres of petrol, but oil marketers are not buying the product.

 

In a counter-response, the IPMAN said its members had been unable to load petrol from the Dangote refinery for days.

 

Speaking on Channels Television’s Sunrise Daily programme on October 30, Abubakar Garima, IPMAN’s president, said the association has paid N40 billion to the NNPC, but still cannot source the product.

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In the refinery’s latest statement, the organisation said it currently has no direct dealings with IPMAN.

 

“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them,” the refinery said.

 

“Consequently, we cannot be held responsible for any payments made to other entities.

 

“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us.

 

“In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”

 

Dangote refinery reiterated its ability to meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel.

 

The Chiejina said the refinery is capable of loading 2,900 trucks per day and has also been evacuating petroleum products by sea.

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He advised IPMAN to register with the refinery directly and make direct payments, noting that there is “more than enough petroleum products to satisfy the needs of their members”.

 

“It is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu,” Chiejina said.

 

The company also encouraged all stakeholders to collaborate and heed Tinubu’s advice, promoting a unified approach rather than engaging in media conflicts and unnecessary propaganda.

 

On October 10, IPMAN had asked the NNPC to sell PMS to its marketers at the Dangote refinery rate or refund the oil marketers’ money.

 

During the television programme, the president of IPMAN said the marketers’ monies have been with the national oil company for three months.

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Wema Bank Releases Q3 2024 Unaudited Results

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Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

 

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023: ₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

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Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

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