Latest news with #Ibadan
Zawya
6 days ago
- Business
- Zawya
Nigeria: Oyo govt advocates technology-driven approach for agric transformation
The Director General of Agribusiness Development Agency in Oyo State, Dr Debo Akande, has advocated a technology-driven approach to agricultural development nationwide. He made the submission in his lecture titled, 'Industrialisation of Agriculture for Economic Development', as part of activities marking the 86th birthday of Ekaarun Olubadan of Ibadanland, Oba Adebayo Akande and the 18th anniversary of an Ibadan-based radio station, Splash FM 105.5, held at the Alumni Hall, University of Ibadan. 'We must embrace a value-chain-based approach involving the downstream, midstream and upstream sectors. Private sector-led processing, technological innovation, and science-driven practices as crucial to transforming agriculture,' he said. He decried the low budgetary allocation to the sector, adding that if the government must diversify from the oil and gas sector of the economy, the best alternative is the agricultural sector. The sector, according to him, is not just food security, as important as it is, but also a means for economic growth and development. He added that Nigeria needs to design policies and programmes that are not just focused on food security alone but could also address sustainable economic growth and development. 'Agriculture is not just food security, as important as it is, but also a means for economic growth and development. We need to design policies and programs that are not just focused on food security alone but could also address sustainable economic growth and development. 'Agriculture has gone beyond hoes and cutlasses, it's innovation and technology driven by science. L'Oréal, one of the largest companies in beauty and make-up, is looking for a scientific solution from the International Institute of Tropical Agriculture on green innovations,' Akande added. In his remarks, the celebrant, Ekaarun Olubadan, Oba Akande, dedicated his birthday to God, family members and associates for their support over the years. Speaking through the Managing Director and Chief Executive Officer of WestMidlands Communications, Atinuke Adetunji, Akande said he was overwhelmed with the calibre of people who surrounded him. The Ekerin Olubadan designate stressed further that unwavering support and love received daily from both the family members and associates have kept him going, which money cannot buy. He said, 'It is not every time a man gets to celebrate 86 meaningful years of life, nor is it every day that one sees a dream like Splash FM grow, thrive, and redefine a city's media culture for 18 vibrant years? 'But what is life, without the people who walk its journey with you? Today, I'm not just celebrating my birthday, I am celebrating you- my dear friends, family, colleagues, and loyal partners. 'I am overwhelmed by the love that surrounds me, by the laughter in this hall, by the kind words that have been spoken, and by the faces that have travelled near and far just to honour me. 'To my friends, your unwavering support, your constant check-ins, your belief in my person and vision, these are treasures money cannot buy. 'To my dear family, your love is my compass. To the entire team at WestMidlands Communications, past and present, thank you for giving meaning to a vision I once whispered to myself. You've turned a single frequency into a household name. You've taken radio beyond the studio, you've taken it into lives. 'I often say that Splash FM is not just a radio station, it is a voice of values, a companion, a teacher, an entertainer, and most importantly, a torchbearer.' Akande explained that Splash FM remained the first private radio station in Ibadan, and also the first to stream live on Facebook in the ancient city. He continued, 'As I look at all of you, I am reminded again that legacy is not only built in structures, it is built in values. I stand before you today not just as a Royal Majesty or a broadcaster, but as a grateful man.' In his opening remarks, the Chairman of the Governing Council of Lead City University, Prof Jide Owoeye, who chaired the occasion, said the commitment of the celebrant to civic education, youth empowerment, cultural promotion, and community health has turned media into a ministry. He commended the celebrant's choice of celebrating his birthday with an intellectual colloquium featuring eminent scholars and practitioners engaged in topical public discourse. He, however, charged the traditional rulers to allocate land to the cooperative to unlock rural transformation. 'To our traditional rulers, lead this revolution from your palaces. Allocate land, encourage cooperatives and open dialogue with agribusiness investors. 'To our youth, do not despise the soil. The tech you love can meet the land you ignore. Agro-entrepreneurship is not outdated; it is under-marketed,' he added.
BBC News
07-07-2025
- Politics
- BBC News
Olubadan of Ibadan Oba Olakulehin don die at di age of 90
Di Olubadan of Ibadanland, Oba Owolabi Olakulehin, don go join im ancestors. E die at di age of 90 as celebrations for im 90th birthday and di first anniversary of im reign as Olubadan of Ibadan land bin dey hapun. Tori be say e die early on Monday. Di late Olakulehin become di 43rd Olubadan for 2024, after e take over from Oba Lekan Balogun. Na Oyo State Govnor Seyi Makinde give am di staff of office. Former Oyo State Govnor, Rashidi Adewolu Ladoja, na next in line to di throne.
Zawya
27-06-2025
- Business
- Zawya
Nigeria: Electricity distribution, challenges and efforts of IBEDC to change the narrative
Soji Ajibola examines challenges facing electricity distribution, consumers' perspectives, and efforts of Ibadan Electricity Distribution Company (IBEDC) to change the narrative. Electricity distribution has been one of the major challenges facing the various companies saddled with the responsibility nationwide. The challenges can be aptly described as 'It was in the beginning, so it is now.' While consumers are groaning over persistent darkness as being experienced nationwide, it was noted that nothing has changed except the names of the organization. Different administrations in the country have approached the challenges facing the power sector from different angles. In order to ensure the effectiveness of the sector, especially in the area of power generation and distribution, the administration of former President Goodluck Jonathan privatised the sector, which gave birth to the distribution companies, including Ibadan Electricity Distribution Company (IBEDC) nationwide. IBEDC was formed in November 2013 during the unbundling and privatisation of the Power Holding Company of Nigeria (PHCN). IBEDC inherited decades of systemic inefficiencies: dilapidated infrastructure, a poorly metered customer base, erratic load allocation, tariff deficits, billing inefficiencies, meter bypassing, staff-customer collusion, and weak revenue collection. Also, the company is being confronted with the vandalism of its equipment, which includes transformers and cables, while fraudsters, on the other hand, are not helping matters. These challenges were further compounded by broader macroeconomic pressures—policy volatility, inflation, and shifting regulatory frameworks. However, in its efforts to change the narrative, the management has since July 2022 embarked on critical reforms that have been instrumental in recent successes, which include its being regarded, within the industry, as Nigeria's most improved distribution company, underscoring its successful turnaround and commitment to excellence. The feat recorded, according to its Managing Director/CEO, Engr. Francis Agoha, is being attributed to the various policies put in place aimed at ensuring optimal performance. He said the management has not only sustained past gains but significantly recalibrated internal systems to deliver sustainable results. As a testament to the ongoing revival championed by the current leadership, IBEDC has successfully transitioned from a loss-making entity to a profitable enterprise. In its 2021 audited financial statement, the company reported a Loss After Tax of N62.89 billion, with total assets exceeding N557 billion. In 2022, the Loss After Tax reduced significantly to N17.90 billion. The 2023 audited financial report, conducted again by reputable audit firm Ernst & Young (EY), showed positive indications. The report translated to improvement from loss-making to profit after tax, which stands at over N8.9 billion, while total assets grew to over N685 billion. The fiscal prudence has significantly enhanced IBEDC's credibility with key stakeholders, including the Nigerian Bulk Electricity Trading (NBET) Plc, Market Operator, Transmission Company of Nigeria (TCN), and power generation companies (GenCos), while also restoring investor and regulatory confidence. It was also disclosed that IBEDC's monthly revenue collection more than doubled—from an average of N10 billion to consistently above N20 billion since December 2024. In February 2025, the company hit an all-time high monthly collection of N22.028 billion, following a N21.985 billion collection milestone in October 2024. Furthermore, IBEDC recorded its best Non-Maximum Demand (Non-MD) collection of N7.634 billion in January 2025. For effective and optimal performance, the company has introduced targeted interventions that are already delivering measurable results. This initiative underscores the customer-centric approach, including the launch of the Customer Care WhatsApp platform, personally championed by the Managing Director. This commitment to service excellence is further reflected in the recent string of awards the company has won for outstanding customer service. IBEDC has significantly improved customer experience and digital accessibility for easier, faster, and more convenient payment solutions. In July 2023, the company introduced the i-Recharge platform in collaboration with i-Recharge Tech-Innovations. This multi-channel payment solution allows customers to recharge via USSD codes, ATMs, POS terminals, and mobile money agents, providing broad access even in low-connectivity areas. Also in 2024, IBEDC introduced IBEDCPay, an innovative home-grown payment app offering a wide range of benefits to customers, including speed, biometric security, and transaction history. ALSO READ FROM NIGERIAN TRIBUNE: NSCDC, Immigration, others: FG postpones recruitment, changes portal IBEDC has also ramped up customer communication through dedicated weekly radio and television programs across its service areas. These programmes offer interactive platforms for customers to raise concerns, ask questions, and stay informed about ongoing improvements. The Managing Director added that the company's grassroots engagement strategy has further strengthened its relationship with customers. In the first half of 2024, IBEDC recorded approximately 3,000 monthly interactions across 18,000 communities. These touchpoints—facilitated by Distribution Transformer Managers, Executives, and Communication Officers—are vital to resolving issues in real-time and fostering trust. The customer-centric approach, according to the Managing Director, is aligned with the Nigerian Electricity Regulatory Commission's (NERC) recent directive requiring DisCos to resolve at least 75% of customer complaints from Q1 2025 onward—a benchmark IBEDC is well-positioned to exceed, closing the metering gap. With a customer base exceeding two million, only 43% were metered as at 2024. The company is now aggressively addressing this gap, targeting a metering coverage rate of over 60% by the end of 2025. He stated that the ambitious goal is being pursued through multiple initiatives. Over 104,000 meters were deployed under Phase 0 of the National Mass Metering Programme (NMMP), while the revitalized Meter Asset Provider (MAP) scheme now offers improved meter availability and a more user-friendly online application process. In 2024 alone, over 69,000 meters were installed, and IBEDC was recognised by the Nigerian Electricity Regulatory Commission (NERC) as number one among all DisCos in Q2 2024 for meter installations. In January 2025, IBEDC launched the Presidential Metering Initiative scheme: Metering Acquisition Fund (MAF) to expedite deployment of meters in high-impact areas and along critical feeders, with an annual target of over 240,000 meters. Energy theft, the Managing Director said, remains one of the most critical threats to sustainable electricity distribution in Nigeria. Between January and October 2024, IBEDC recorded over 8,000 incidents of energy theft, including meter bypasses, illegal reconnections, and direct tampering. According to him: 'IBEDC has repositioned its Revenue Protection Team and intensified crackdown of offenders through a partnership with the Special Investigation and Prosecution Task Force on Electricity Offences (SIPTEO). Offenders are now being prosecuted under the full weight of the law, signaling a strong deterrent against future infractions.' Alongside enforcement, IBEDC is running extensive community awareness campaigns to educate customers on the financial and legal consequences of energy theft. Simultaneously, it is investing in smart metering solutions and Advanced Metering Infrastructure (AMI), enabling real-time monitoring, leak detection, and remote disconnection—critical tools for loss prevention and improved efficiency. With these combined measures, IBEDC aims to reduce its Aggregate Technical, Commercial, and Collection (ATC&C) loss rate from an average of 32.73% in 2024 to below 25% by the end of 2025. In fact, the company recorded its lowest-ever ATC&C loss rate of 24.30% in October 2024. IBEDC ranked 3rd best in ATC&C performance in Q4 2024, a testament to the impact of these measures. He added that IBEDC is also upgrading customer supply bands, and in Q1 2025, the number of Band B, C, D, and E customers migrated to Band A feeders surged from 30 in April 2024 to 126 by May 2025, increasing the share of customers receiving 20–24 hours of daily electricity. As part of efforts to strengthen infrastructure and address the growing demand for transformers across its franchise, IBEDC established a transformer repair workshop in 2023. Leveraging local expertise, the workshop delivers high-quality repair services. Since its launch, over 127 transformers have been successfully repaired, bringing relief to approximately 400 communities. This innovative initiative has significantly mitigated the high costs associated with transformer replacement, which have soared due to foreign exchange challenges. Investing in People and Performance IBEDC said it understands that a motivated, capable workforce is critical to sustained success. To support its team, the company recently implemented a 25% salary increase to help offset inflationary pressures and uplift staff morale. The revised Condition of Service of the company was signed and implemented in 2023. The conclusion of its 2023 performance appraisal exercise saw the recognition and rewarding of 1,327 employees with promotions, salary increments, and performance bonuses. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
10-06-2025
- Business
- Zawya
Nigeria: CBEX, investors jubilate as trade volumes return from initial zero balance
Investors on the Crypto Bridge Exchange (CBEX) platform are celebrating as trade volumes have been returned from a previous zero balance, sparking renewed confidence in the digital exchange's operations. Traders are now able to access their accounts and resume trading with renewed assurance, following weeks of tension and uncertainty. CBEX first gained attention in 2024 with promises of a 100% return on investment within 30 days, reportedly driven by AI algorithmic trading. Sporting Shanghai-inspired branding and high-profile 'offices' in Lagos and Ibadan, CBEX attracted numerous Nigerians through multi-level referral incentives. However, Tribune Online reported on April 14, 2025, that CBEX emptied the accounts of hundreds of investors without prior notice. This led to withdrawals stalling and users being locked out of their accounts, which subsequently prompted distressed investors to protest at physical branches. Subsequently, the Economic and Financial Crimes Commission (EFCC) began probe into the collapse of the platform and declared some suspects wanted before eventually making some arrests. Tribune Online also reports that the EFCC Chairman, recently announced that the anti-graft agency has been able to recover some funds from the platform.
RNZ News
10-06-2025
- General
- RNZ News
Nigeria's dog owners hit with surging pet food prices amid cost of living crisis
Keeping animals as pets is a recent trend in Nigerian society. Photo: 123rf By Ben Ezeamalu , Reuters Nigeria's two-year-old cost of living crisis, which has seen the price of grocery staples like rice rise over 100 percent since 2023, has reached the relatively affluent class of dog owners, who are struggling to feed their pets because of soaring food costs. Keeping animals as pets is a recent trend in Nigerian society, where traditionally people were more likely to live with chicken or goats reared for food. Over the past two decades, there was a rise in the number of households in urban areas keeping pet dogs, often for security in a country plagued by violent crime, but also for companionship. No precise data are available on dog ownership, but a 2023 survey by research agency TGM Statbox indicated that around 42 percent of Nigerians own pets. However, in a sign of economic hard times hitting across society, that is an increasingly expensive luxury. One dog owner, Peter Anthony, a student who lives with his parents in the southwestern city of Ibadan, said feeding his German Shepherd, Flora, was never previously a concern for the family. "Before the whole high cost of living saga, feeding her was so easy," he said, waiting for Flora at a pet hospital where she had been treated for an ear condition. "But now, by the time you pick out that money from your pocket, you'd know that something has left you," he said. The family now feeds Flora a smaller daily ration of noodles mixed with fish or eggs, Anthony said. Flora's owners are among the lucky ones who are still able to keep their dog healthy, even footing vets' bills. In a crisis that began when government removed a fuel subsidy and devalued the naira currency in May 2023, inflation has been in double digit territory, hitting 34.80 percent last December, the highest in three decades, before easing to 23.71% in April. Latest World Bank data shows that 31 percent of Nigeria's more than 200 million citizens live below the international extreme poverty line of $2.15 per day. While pet owners are not among the country's poorest, they are feeling the pinch. Some dog breeders say they are reducing their activity because so many pet owners are struggling. Sarah Mokelu, who has a business importing dogs from Russia, has reduced the frequency of her trips there to about once every three months, from twice a month previously, because of surging prices and a drop in sales. During her twice a month trips, she said she would bring between 15 and 20 dogs. Now, during her last trip in May, she brought in six dogs. "Feeding has really humbled a lot of people," said Mokelu, 63, at her home in the Ejigbo neighbourhood of Lagos. "There was a feed we bought about six months ago for 40,000 naira ($25.70), now we're buying for 70,000 naira." This price, for a 15-kg (33-lb) bag, is the same as the country's minimum monthly wage of 70,000 naira. Akindele Olunloyo, CEO of a dog importing company called Pet Lovers Nigeria, said all of his costs - animals, food, transport, permits, airport fees - had risen so much that he had changed his business model. Olunloyo runs an online platform that helps Nigerians buy and sell pets. He said 90% of the people on the site were interested in buying and selling dogs at a price range of 20,000 to 100,000 naira, well below the price he might charge for an imported dog, which could be in the 300,000-500,000 naira range. "I now import only for clients who are interested in buying their own food, high net worth Nigerians who place specific orders," he said. Several breeders said they had switched from imported dog foods to cheaper alternatives, like mixing rice or noodles with fish eggs. As imported dog food has become unaffordable for many, business has improved for local pet food producers. "People not being able to afford the foreign kibbles ... made people to look in our direction," said Theresa Iwhewhe, who owns a pet hospital and pet food producing company in Ibadan. There is hardly any data on locally produced pet foods. But research firm ReportLinker says imports into Nigeria are expected to decline to 769,000 kg by 2028, down from around 1.3 million kg in 2023. - Reuters
