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Buhari Doubles Npower Beneficiaries to 1 Million, Increase GEEP by 1 Million, School Feeding by 5 Million

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Sadiya Farouq

In an effort to speed up the process of lifting 100 million Nigerians out of poverty in the next 10 years, President Muhammadu Buhari has directed the Ministry of Humanitarian Affairs, Disaster Management and Social Development to double the number of Npower beneficiaries from the old 500,000 to 1 million.

The President also instructed the ministry to increase the number of beneficiaries of the Government Enterprise and Empowerment Programme (GEEP) by another 1 million and expand the beneficiaries of the Home-Grown School Feeding by 5 million.

Sadiya Farouq, the Ministery disclosed this on Monday during a ministerial media briefing in Abuja.

She said: “In a bid to realise Mr. President’s commitment to lift 100 million Nigerians out of poverty in the next 10 years, the ministry places significant emphasis on youth empowerment by strategically ascertaining youth engagement as a foundational objective in implementing the following strategies: double the scope of the National Social Investment Programmes.

“Mr. President has graciously approved the expansion of all NSIP programmes. Such as increase of N-Power beneficiaries from 500,000 to 1,000,000, increase GEEP beneficiaries by 1,000,000 and increase of beneficiaries of Home-Grown School Feeding by 5,000,000.”

This was coming a few days after the ministry through the support of the Central Bank of Nigeria launched NEXIT for the Batch A and B exited Npower beneficiaries to apply for the apex bank job options. For a detailed breakdown of how to register for NEXIT, click here.

Speaking on the success of the National Social Register, the minister said around 3.7 million households comprising of more than 15.5 million individuals have been captured so far.

In championing Social Inclusion, deliberate efforts were made to capture vulnerable youth and groups which included Women, People with Special Needs, in the expansion of the National Social Register by one million households. Also, in the Economic Sustainability Plan, we have over 1,000,000 urban poor in the National Social Register.

“As of June 2020, 4.41 per cent of the total number of individuals captured in the National Social Register are recognised as persons with special needs. This comes to a total of 685,090 persons with special needs in the National Social Register.

“About 3.7 million households comprising of more than 15.5 million Individuals have been captured on the National Social Register. Of that number, over 2.8 million of the households which comprise of 13.5 million individuals are eligible for Conditional Cash Transfer. This numbers are spread across the 36 states and FCT. The numbers are further broken down to 7.6 million males and 7.9 million females as shown on the screen,” she said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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