E-Financial
BoI, UNIDO Partners to Boost Industrial Energy Efficiency
The Bank of Industry (BOI) and the United Nations Industrial Development Organisation (UNIDO) have partnered to improve the nation’s industrial energy efficiency, a move both organisations described as apt to increase industrial profitability, efficiency while also operating at international best standards.
The Managing Director, BoI, Olukayode Pitan, at the launch of the Industrial Energy Efficiency (IEE) and Resource Efficiency and Cleaner Production (RECP) Project Investment Committee, said the hidden costs of fossil fuels are enormous and include environmental hazards, air pollution, water pollution hence, the need to seek alternatives to ensure sustainable environments.
He noted that the benefits of IEE and RECP are many and include reduced cost of production, improved profitability, resourcefulness and competitive edge while others are improved health and stronger economy.
“Therefore, the participation of BoI in this arrangement demonstrates a strong commitment to bank to stability and many of these projects will enable industries align with energy management systems and energy systems organisation which will lead to reduced environmental pollution, global industrial power generation level, reduced costs of production and increase in company’s general stability,” he said.
In his words: “We believe that sustainable banking is the future and will result in long term resilience for the world as a whole and will contribute to the survival of future generations.”
Also speaking, Mr. Jean Bankole, the Country Representative and Regional Director, UNIDO Regional Office Hub, represented by the Environment Expert, Oluyomi Banjo, said globally, industries account for one-third of total energy consumption and for almost 40 per cent of worldwide CO2 emissions, noting that the International Energy Agency (IEA) has emphasised that industries will need to reduce their current direct emissions globally by about 24 per cent in comparison to 2007 levels.
He added that the need to reduce energy consumption, environmental degradation, and resource depletion by industries in emerging economies is especially evident, since global growth in industrial production since 1990 has been dominated by emerging economies like India and China, both of which accounted for over 80 per cent of increased industrial production during this period.
He said the inauguration of the Project Investment Committee was collectively developed and submitted by UNIDO on behalf of Nigeria in 2017 under the Global Environment Facility (GEF) 6 programming cycle.
According to him, the outcome of the project is targeted at industries to develop an expert base for Nigeria, which could also be exported to other countries in Africa and beyond.
“This project will address to a good extent the questions on how industries can improve their efficiency, increase profitability, operate at international best standards, comply with regulations and maintain improved relationship with policy makers.
“A pilot financing RECP-IEE scheme will be executed through the Bank of Industry of Nigeria and Issues around ISO 50000 and 14001 will be executed through Standards Organisation of Nigeria (SON).
“We hope to support not less than 75 industries across five sectors of food and beverage, wood and furniture, steel and metals, textiles and garment and petrochemicals. We will develop the capacity of the Organized Private Sector (OPS) and develop not less than 300 Nigerian RECP-IEE experts.”
In his words, the Risk Officer, Dr. Ezekiel Oseni, said the reason for the partnership is to promote efficiency in the way that local companies power their machines.
“We know that the costs of production is so high and about 40 per cent of its is attributable to energy. So there is need for reduction of that cost of production. So bringing in industrial energy efficiency, we believe that is going to make our companies some opportunity to be able to compete effectively with goods coming from overseas and even for them to be able to export to other countries as well,” he added.
Nigerian Computer Society (NCS) has expressed concern over the Federal Government’s decision to replace Remita Payment Service Ltd with the Treasury Management and Revenue Assurance System.
Dr. Sirajo Aliyu, president, NCS, who spoke a press conference in Lagos, highlighted the potential impact of the decision on Nigeria’s indigenous Information Technology (IT) sector.
Remita, a subsidiary of SystemSpecs Software Technology Group, has provided payment solutions for individuals and organisations for nearly two decades, maintaining a 100 per cent Nigerian workforce. The government’s move, announced on 4 March, has raised concerns about its implications for local IT firms and the wider economy.
Dr Aliyu warned that replacing Remita could send the wrong message to local IT companies, discouraging investment in homegrown technological solutions.
He emphasised that the Treasury Single Account (TSA), powered by Remita, was a fully indigenous project that had been globally recognised for its success.
“We are concerned that this decision could undermine confidence in Nigeria’s IT industry.”
“While the government has the right to make changes, such decisions should involve extensive consultation with stakeholders to avoid unintended consequences,” Aliyu stated.
He added that the TSA had improved transparency, increased government savings, and enhanced operational efficiency in fund management. The sudden replacement of the platform, he cautioned, could disrupt these benefits.
Prof. Charles Onyeukwu, vice-president, NCS, also urged the government to reconsider its decision, noting that Remita had been selected through a rigorous process involving both local and international firms.
He suggested that instead of replacing the system, an Application Programming Interface (API) could be introduced to allow additional service providers to integrate with it.
“We believe a collaborative approach would ensure continuity while enhancing the system’s functionality,” Onyeukwu said.
A memo from the Office of the Accountant-General of the Federation confirmed that the Treasury Management and Revenue Assurance System would be implemented in two phases, starting on 4 March 2025.
The new system is designed to streamline revenue collection and payments across ministries, departments, and agencies.
The NCS, Nigeria’s premier body for computing and IT professionals, has called on the government to engage with Remita and other stakeholders to find a solution that supports both national development and the growth of the indigenous IT sector.
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
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