• Monday, June 17, 2024
businessday logo

BusinessDay

Five things to know to start your Thursday

Cart23OCT027b

FG partners with UN to raise $5bn yearly for poverty alleviation

The Ministry of Humanitarian Affairs announced plans to raise $5 billion annually for Nigeria’s Humanitarian and Poverty Alleviation Trust Fund.

A meeting, led by Minister Betta Edu, involved UN agencies, donors, and NGOs to create a coordinated response to Nigerian crises.

President Tinubu lauded contributions but stressed the need for better coordination and government-led initiatives.

The UN pledged support for Nigeria’s efforts to address humanitarian challenges, emphasising the importance of coordination and aligned priorities.

Major Geregu shareholder sells one million shares

Amperion Power Distribution Company Limited, the majority stakeholder in Geregu Power Plc, sold one million shares at N399 per share, totaling N399 million.

This follows previous cross-deals totaling N1.89 billion. The buyer wasn’t disclosed. The parent company, owned by Femi Otedola, held 82.45 percent, while Otedola’s personal stake was at 0.00005 percent.

The power company’s Q3 post-tax profit surged to N11.36 billion.

Africa’s private financing poised to surpass 2022’s $19.8m — Report

Private financing flows in Africa will hit $19.2 billion in 2023, surpassing 2022’s $19.8 billion record.
Ecofin Pro Transaction Journal data revealed this surge, marking a new high since 2017.

Although annual transactions reached 940, surpassing 2020–2022, they fell short of 2019’s peak at 1,071.

The median transaction value crossed $3 million, the highest since 2017’s $3.5 million. Despite fewer deals surpassing $100 million compared to 2022, factors like global interest rates and the Ukrainian crisis have moderated Africa’s transaction growth post-2022.

Nigeria faces 2.3m b/d loss due to Egina oil spill

An oil spill response firm joins Total Energy and NIMASA to address a crude oil spill at Egina, potentially costing Nigeria 2.3 million barrels.

The spill occurred during loading operations on November 15, 2023, off Port Harcourt. Despite efforts by multiple agencies, the spill continues to spread.

TotalEnergies conducts aerial surveillance, applying dispersants, as stakeholders collaborate to control the pollution, led by NIMASA’s Director-General, Bashir Jamoh.

No Gaza hostage release before Friday, says Israel

The release of hostages under a temporary truce between Israel and Palestinian Hamas militants will not happen before Friday, Israel’s national security adviser said, thwarting hopes of relatives that some would be freed on Thursday.

Israel and Hamas agreed early on Wednesday to a ceasefire in Gaza for at least four days, to let in humanitarian aid and free at least 50 hostages held by militants in the enclave in exchange for at least 150 Palestinians jailed in Israel.

The starting time of the truce and release of hostages captured by Hamas during its Oct. 7 attack on Israel has yet to be officially announced.

An Egyptian security source said mediators had sought a start time of 10 a.m. on Thursday.

“The negotiations on the release of our hostages are advancing and continuing constantly,” Israeli National Security Adviser Tzachi Hanegbi said in a statement released by the prime minister’s office. (Reuters)