General News
First Bank, Others to Raise N1.2 Trillion
First Bank of Nigeria Plc, Diamond Bank, Zenith Bank and Guaranty Trust Bank Plc, are set to float N1.2 trillion bonds from the nation’s capital market.
First Bank of Nigeria has concluded plans to raise N500 billion, while Zenith, Diamond and GTB are planning to raise N300 billion, N200 billion and N200 billion respectively.
First Bank and Diamond Bank have already received approvals from both the shareholders and appropriate regulatory authorities to float the bond, while Zenith Bank will on October 30 seek approval from its shareholders to raise fresh capital up to N300 billion ($2 billion) at an extraordinary general meeting.
GTB has also received the Securities and Exchange Commission’s nod to source for N200 billion bonds.
Olabisi Onasanya, Group Managing Director and Chief Executive Officer, First Bank Plc, said the bond would be primarily used to finance long term projects.
He explained that the bank has discovered that government alone cannot provide the finance necessary for the development and building of required infrastructures in the country.
Onasanya said the board would ensure that the bond would not be convertible to shares in order not to dilute the interest of shareholders.
“As we have discovered that the attempt by stakeholders to leave the government alone to develop the infrastructures in the past has not helped matters as most of the existing infrastructures have gone worst due to long years of neglect and new ones were rarely built, the bank has decided to participate in financing this aspect of the economy to develop the entire economy. These are long term projects and the bank will be able to use proceeds from the bond to finance these projects for the benefit of all Nigerians and the economy as a whole,” he said.
The bond will be used to restructure the bank’s balance sheet in a way that the bank will no longer use the short and medium term funds for long term projects.
Dr. Kingsley Moghalu, the deputy governor nominee of the Central Bank of Nigeria for financial surveillance, disclosed that the next port of call in the on-going cleansing are the mortgage and micro finance banks, even as he warned that it would no longer be business as usual in the operation of the commercial banks and other financial institutions in the country.
He assured that this time the apex bank will be proactive and not reactive so as to prevent what happened in the banks from repeating itself.
However, Moghalu, disclosed that the CBN would now beam its searchlight on the mortgage and micro finance banks, saying that there is every indication that the two specialised banks have derailed.
General News
Trump Ends Funding for Malaria, Other Global Health Programs
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The Trump administration has ceased funding for roughly 5,800 global health programs, including those that support providing vaccines, life-saving medications, and emergency health care to millions of people around the world.
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Donald Trump
On Wednesday, the U.S. State Department began sending out a wave of emails informing thousands of health groups, refugee camps, tuberculosis clinics, and polio vaccination projects that they would no longer receive funding from the U.S. Agency for International Development (USAID), per the New York Times.
The funding was distributed to a wide range of programs, including those for HIV treatment, malaria prevention in Africa, and maternal health care in Nepal.
More major projects now canceled due to the funding cut include: a $90 million malaria prevention contract, a project in the Democratic Republic of Congo that provided water for 250,000 displaced people living in conflict zones, HIV care and treatment in Lesotho, Tanzania, and Eswatini run by Elizabeth Glaser Pediatric AIDS Foundation, a $34 million medical supply management contract in Kenya, 87 shelters in South Africa that support thousands of women who have survived rape and domestic violence, a Yemen community health program in Yemen that identified malnourished children, and a severe acute malnutrition treatment project in Nigeria that serves millions of children and women.
“People will die, but we will never know, because even the programs to count the dead are cut,” Dr. Catherine Kyobutungi, executive director of the African Population and Health Research Center, said in a statement.
General News
NAFDAC Withdraws Registration of Artemether/Lumefantrine Oral Suspension over Stability Concerns
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National Agency for Food and Drug Administration and Control (NAFDAC) has announced the discontinuation of the registration of Multi-Dose Anti-Malarial (Artemether/Lumefantrine) dry powder for oral suspension.
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Professor Mojisola Adeyeye, director-general, NAFDAC,
The decision follows stability concerns, as studies have shown that the reconstituted formulations lose efficacy over time.
The announcement was made in a public alert No. 01/2025, released on the agency’s website.
NAFDAC confirmed that the suspension applies to all locally manufactured and imported Multi-Dose Artemether/Lumefantrine dry powder for oral use.
Consequently, the agency will no longer accept new applications, renewals, or variations for any local or imported Multi-Dose Artemether/Lumefantrine dry powder for oral suspension.
According to NAFDAC, stability studies revealed that reconstituted Artemether/Lumefantrine oral suspension becomes unstable after mixing, leading to a loss of efficacy.
“This loss can have severe health consequences, including treatment failure, increased risk of complications, and, in extreme cases, death,” the agency stated.
All NAFDAC zonal directors and state coordinators have been instructed to conduct surveillance and remove all affected products from circulation.
The agency has also directed importers, distributors, retailers, healthcare professionals, and caregivers to immediately halt the importation, distribution, sale, and use of these medications.
NAFDAC has urged healthcare professionals and consumers to report any suspected sale of these products or related substandard medicines to the nearest NAFDAC office or via the agency’s toll-free number: 0800-162-3322. Reports can also be submitted via email at [email protected].
Additionally, individuals are encouraged to report adverse reactions through the Med-Safety mobile app, available on Android and iOS, or via email at [email protected].
NAFDAC confirmed that this notification would be uploaded to the World Health Organization (WHO) Global Surveillance and Monitoring System (GSMS) as part of its regulatory measures.
General News
NITDA Empowers Civil Servants with IT Project Clearance Training
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In line with the presidential priority areas of reforming the economy for sustained inclusive growth and improving governance for effective service delivery, the National Information Technology Development Agency (NITDA) has commenced a training programme for 1000 civil servants from various MDAs on Information Technology (IT) Project Clearance processes in creating a digitally viable workforce in the public sector towards achieving the desired digital transformation mandate of the present administration.
The opening of the capacity building programme for ICT, Budget, Finance and Planning Officers of Federal Public Institutions, held at the Public Service Institute of Nigeria (PSIN) in Kubwa, Abuja, will be conducted in batches to equip participants with essential knowledge, skills, and best practices.
It aims to enhance collaborative planning, budgeting, and management of ICT system acquisition, deployment, operation, and sustainability in the public sector, ensuring a whole-of-government approach to digital projects.
In his opening remark with the theme, “Empowering Public Sector ICT Excellence Through Strategic Planning and Effective Funding”, the DG NITDA, Kashifu Inuwa CCIE, emphasised the critical role of strategic planning and funding in enhancing public sector service delivery.
While reiterating the agency’s commitment to digital transformation through the implementation of its Strategic Roadmap and Action Plan (SRAP) 2.0, the DG who was ably represented by the agency’s Director of IT Infrastructure Solutions department, Mr Oladejo Olawunmi, underscored the importance of equipping public sector employees with the necessary tools and knowledge to drive digital initiatives effectively.
Disclosing that NITDA is spearheading digital transformation efforts through its SRAP 2.0, he stated, “This plan aligns with national priorities and aligns with our strategic pillars such as talent development, digital infrastructure, cybersecurity, innovation, and policy-enablement to foster a sustainable digital economy”.
However, Inuwa acknowledged the challenges hindering digital transformation in the public sector, including inadequate collaboration among stakeholders, short-term project planning, poor ICT infrastructure maintenance, software licensing issues, and insufficient capacity-building. These barriers, he noted, have contributed to suboptimal outcomes in government-led digital initiatives.
Noting that most project stagnations or failures are attributed to inadequate integration of modern trends such as cloud computing, remote support, and enterprise network services into project planning, Inuwa averred that the agency has strengthened its IT projects clearance process to ensure that digital initiatives are well-conceptualized, planned, and executed in alignment with intended objectives.
“While there have been notable achievements, only 12 percent of Federal Public Institutions, FPIs comply with the process, necessitating a whole-of-government approach for full alignment with national digital transformation goals,” he revealed.
Emphasising that effective resource allocation ensures initiatives are adequately funded and properly executed to deliver real value to the public, he urged participants to manage public funds prudently and prioritise projects that yield measurable outcomes.
“We will explore how to optimize budgeting processes, improve financial oversight, and build systems that ensure transparency and accountability.
“This event has been structured with your professional development in mind, with sessions led by experts in the field, interactive discussions, and practical case studies that will provide you with actionable knowledge you can apply in your respective roles,” he concluded.
Highlighting the critical role of ICT, project, finance, and planning officers, Inuwa admonished participants to take full advantage of the program’s sessions, designed to strengthen their expertise in strategic planning, monitoring, evaluation, and financial management.
“Each of you plays a crucial role in the management and distribution of resources, the planning and implementation of programmes, and ultimately the delivery of services to our communities. Together, you form the backbone of efficient and transparent governance,” he concluded
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