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Jim Ovia Talks ‘Africa Rise And Shine’ On CNBC Africa [VIDEO]

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The Founder/Chairman of Zenith Bank Plc, Mr Jim Ovia, in a recent sit-down discussion with CNBC Africa, speaks of his new book, Africa Rise and Shine and his lessons for business success.

This is coming a few days to the much-anticipated launch of the book slated for September 17, 2018.

Africa Rise and Shine is available on  AmazonJumia and Konga

Watch video excerpts below:

 

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Army Seeks Nigerians’ Support In War Against Terrorism, Says “We Can’t Do It Alone”

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The Nigerian army has urged the public to provide support in the fight against terrorism. Christopher Musa, the Chief of Defence Staff, noted that Nigeria is facing “asymmetric warfare” with non-state actors operating in various parts of the country.

In a video message on Friday, Musa emphasized that while the army is dedicated to restoring peace, success requires a “whole-of-society approach.”

He mentioned that Nigeria has a significant history of peacekeeping efforts both in Africa and internationally. Musa outlined the country’s current security challenges, including “Boko Haram and ISWAP in the northeast,” “banditry in the northwest,” “pipeline vandalism and sea piracy in the south-south,” and IPOB’s push for “secession” in the southeast.

Despite these ongoing issues, the armed forces are fully committed to ensuring peace across the nation. Musa also highlighted efforts to enhance “troop welfare” and training, aimed at creating a sense of normalcy in markets, schools, and the economy, especially in affected regions.

He reassured Nigerians that the military is a professional force focused on fulfilling its mission to restore “peace and security.” Musa urged the public to continue supporting the “government, the armed forces, and other security agencies” in this effort.

He concluded by stating, “We cannot do it alone… Together, we will succeed.”

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Lagos Government Asks Residents Along Ogun River To Relocate As Oyan Dam Plans Water Release

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The Lagos state government has called on residents living along the Ogun riverbanks to “relocate to higher grounds” due to the planned water release from Oyan dam by the Ogun-Osun River Basin Development Authority (OORBDA).

Tokunbo Wahab, the commissioner for environment and water resources, emphasized that the relocation is crucial as the release is part of the dam’s annual operations, which are guided by “real-time hydrological data,” rainfall forecasts from the Nigerian Meteorological Agency, and flood outlook reports from the Nigeria Hydrological Services Agency (NIHSA).

Wahab explained that releasing water from the dam will help “preserve the integrity of the dam” and mitigate its socio-economic impacts on Lagos.

Although rainfall in the Oyan river catchment area reached 984.1 mm in 2024, lower than the 1,540.8 mm recorded in 2023, it is still considered “within safe operational levels.”

He noted that current water releases are at 208 m³/s, with “only two gates opened at 12 percent capacity each,” ensuring controlled discharge.

Additionally, 62.1 percent of the dam’s flood control capacity is still intact, which means there is no imminent risk of releasing excess water beyond safe limits.

Acknowledging the difficulties faced by residents in affected areas like Kara, Mile 12, Agiliti, Ikosi Ketu, Owode, Ajegunle, and Odo-Ogun, Wahab pointed out that “while the flooding experienced in these areas has often been attributed solely to water released from the Oyan Dam, this is not entirely the case.”

He further clarified that the downstream section of the Ogun River is influenced by “a complex network of over 52 tributaries” that contribute to rising water levels.

Wahab added that the OORBDA has started dredging the Ogun River from Ikorodu to the Isheri axis as a proactive measure to “deepen the river channel and enhance its capacity to carry water,” which will reduce the risk of flooding during periods of high inflow.

He assured that the state government will “continue to closely monitor the situation” and work with relevant agencies and communities to address the challenges.

Wahab urged Lagos residents to avoid “indiscriminate dumping of waste” in unauthorized areas, refrain from littering roads with pet bottles, and stop blocking drains with silt or construction materials.

He also warned against “constructing buildings within and around drainages” and discharging human waste into drains and canals.

In conclusion, Wahab appealed to residents to “support our efforts by complementing the government through regular clearing of drains on their frontages.”

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FG Officially Ends Fuel, FX Subsidies, Unveils Housing Finance Plan To Tackle Unemployment

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The Federal Government has officially ended “fuel and Foreign Exchange (FX) subsidies,” Finance Minister and Coordinating Minister of the Economy, “Wale Edun,” announced on Thursday during the presentation of the Nigeria Development Update by the World Bank in Abuja.

Edun disclosed that the subsidies had significantly strained the nation’s economy, costing Nigeria around “N10 trillion,” which is about five percent of the country’s Gross Domestic Product (GDP).

“Fuel and FX subsidy are extinguished,” the minister stated, marking a major shift in economic policy.

In response to growing unemployment, the government is launching a new plan focused on housing finance.

The initiative includes a mortgage scheme with near single-digit interest rates, intended to boost construction and generate considerable job opportunities.

At the same event, Central Bank of Nigeria (CBN) Governor, “Olayemi Cardoso,” discussed the recent half-percent interest rate hike by the Monetary Policy Committee (MPC), attributing the increase to inflationary pressures.

He assured that future policies would be “data-driven and evidence-based.”

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