Connect with us

Business

Fidelity Bank, Others Bag $650 Euromoney Deal

Published

14 years ago

on

Five Nigerian banks have been selected as winners for the Euromoney Project Finance Deal of the year in the Telecommunications sector. Fidelity Bank, GTBank, First Bank, Access, and UBA Plc were chosen due to their $650 million syndication financing for Etisalat Nigeria.

Euromoney is a leading global source of financial information spanning international baking finance, capital markets news, analysis, FX, asset management, investment banking, M & A, private banking, debt and equity markets.

The Project Finance magazine’s Deal of the Year award is a category that recognises the best deals in Europe and Africa, according to BBC business news.

Managing Director of Fidelity Bank, Reginald Ihejiahi, stated that Fidelity’s involvement in the project was a clear demonstration of the bank’s commitment to developing access to credit and the Nigerian economy, citing examples of other projects that had the bank’s involvement.

He said, “”We see it as a national challenge which we must meet. Experience has shown that all over the world, every economy is supported by its people and their institutions.

“Our commitment can be seen by the number and value of the projects we have financed over the last nine months despite the challenges our industry faced within the period. Fidelity Bank has a very good track record in project finance deals in Nigeria.

“The bank was involved in the $25.5m Independent Power Plant and the $16m Independent Power Plant Project for the Island Power Limited as well as the $28m 15 MW Alausa Power Limited, all for the Lagos State Government and in power generation.  In manufacturing and processing, the bank financed the N5.5 billion galvanising plant for Dorman Long Plc, and the N4.5 billion Ethanol Plant project for NOSAK Industries Ltd. Fidelity Bank was also involved in the $70 million Aluminum Can manufacturing plant, the first of its kind in sub- Sahara Africa, financed for GZI industries in Agbara, Ogun state.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

22 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

22 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

22 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending