Business

Govt Demands Payment Of $750m On NITEL

Published

15 years ago

November 8, 2010

The Bureau of Public Enterprises (BPE) has demanded for the second tranche payment for the Nigerian Telecommunications Ltd (NITEL) and its mobile arm, M-TEL.

According to the BPE, the demand is for a 30 per cent bid security on the $2.5 billion bidded for the telecommunications companies. The 30 per cent is amounting to $750 million

The BPE letter was received on Monday, October 25, 2010, by Messrs. New Generation Consortium, according to the spokesman of the BPE, Mr. Chukwuma Nwoko in a statement.

President Goodluck Jonathan had approved that the BPE conclude the privatisation of NITEL and M-TEL. The President also approved that the New Generation Telecommunications Consortium pay a bid security of $750 million as a pre-condition for the issuance of an offer letter in its bid to acquire NITEL and M-TEL.

In accordance with the provisions of the Requests For Proposal (RFP), the bid security sum is to be paid within 10 calendar days from the date of receipt of notification by BPE. The balance of the bid amount of $1, 750 million should be paid within 60 days from the date of the issue of an offer letter.

New Generation Consortium had emerged the preferred bidder with an offer price of $2.5 billion during the opening of financial bids for the privatisation of NITEL and M-TEL, which was held on February 16, 2010 in Abuja. The reserve bidder is Omen International with an offer price of $956,996,091.

The National Council on Privatisation (NCP) had at its meeting of March 12, 2010, set up an eight-member ad-hoc committee under the chairmanship of the Attorney-General of the Federation to review the NITEL/ M-TEL sale transaction. The committee found out that the transaction complied strictly with due process as outlined in the BPE’s Procedures Manual and that necessary approvals were obtained through the Technical Committee (TC) and the NCP at every stage of the transaction.

Meanwhile, the Paris-based Eutelsat has disclosed that it lost its satellite, W2B, after it failed to reach orbit moments after launch.

Eutelsat operates 20 positions on the geostationary satellite orbit, covering Europe, the Middle East, Africa and a large part of Asia and the Americas.

A statement from Eutelsat Communications noted that “W3B was scheduled to be located at 16° East to replace Eutelsat’s EUROBIRD 16, W2M and SESAT 1 satellites. With the loss of W2B, the three satellites will now remain in full service at 16° East until the arrival of W3C, whose launch is on track for mid-2011.

“Eutelsat will also immediately initiate a new satellite programme, called W3D, for a planned launch in the first quarter of 2013.”

According to the Chief Executive Officer of Eutelsat Communications, Michel de Rosen, ”The loss of W3B is a disappointment for Eutelsat and for our customers.

We share it with our partners, in particular Thales Alenia Space and with the insurance community. Our attention is now focused on delivering the W3C satellite to 16° East in mid-2011 and on initiating a new programme to compensate for this loss.

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

17 hours ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos

Business

President Tinubu Approves Extension Ban On Raw Shea Nut Export

Published

17 hours ago

February 27, 2026

The Tide

President Bola Ahmed Tinubu has approved the extension of the ban on the export of raw shea nuts for a further one year, from February 26, 2026, to February 25, 2027.

Bayo Onanuga, Special Adviser to the President on (Information and Strategy) who disclosed this on Wednesday, February 25, 2026 stressed the Federal Government remains committed to policies that promote inclusive growth, local manufacturing, and position Nigeria as a competitive participant in global agricultural value chains.

The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

By: Nkpemenyie Mcdominic, Lagos

Business

Crisis Response: EU-project Delivers New Vet. Clinic To Katsina Govt.

Published

18 hours ago

February 27, 2026

The Tide

A Non – Governmental Organisation (NGO), Mercy Corps, has handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

Speaking during the handover ceremony, Wednesday, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support peace and development in the state.

While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for livelihood.

Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction on the timely and successful implementation of the project in Danmusa.

He stated that although Mercy Corps began its operations in the state in 2023, security challenges, had initially prevented the organisation from accessing some areas, including Danmusa.

Ikita said that the project would improve access to essential services, strengthen livelihoods and contribute to sustaining peace in the community.

“The project involves the upgrade of a veterinary clinic from a two room structure into a fully functional six office facility, embarked on to strengthen livestock healthcare services in the area.

“The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

“It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them.