Business
Cement Manufacturers Urges To End Use of Coal – Fired Power in Productions
The Secretary General of the United Nations, António Guterres, has called on global cement and concrete manufacturers to end the use of coal-fired power in their productions if the industry is to meet its 2050 net zero carbon emission targets.
The cement sector is the third largest industrial source of pollution, emitting more than 500,000 tons per year of sulfur dioxide, nitrogen oxide, and carbon monoxide.
António Guterres, made the call during the Global Cement and Concrete Association (GCCA)’s international conference on ending carbon emissions by 2050; the two days event took place in Zurich
Guterres told the 200 cement and concrete industry leaders at the
conference that he wanted to see “concrete pledges from the concrete industry.”
Concrete is “fundamental to building a better world… and we have no time to lose, if we are to limit the global temperature rise to 1.5 degrees centigrade.
“Science tells us that requires cutting global greenhouse emissions by almost half by 2030.
That means taking a quantum leap in climate action – and slashing global emissions. Starting now,” he said.
The UN Secretary General set out three ambitions for the industry, including ending the use of coal-fired power in cement production, working more closely with governments, especially G20 countries, to speed up decarbonisation, and setting ambitious emission targets and transition plans, in line with UN guidelines.
Also, the Chief Executive of the GCCA, Thomas Guillot, noted that concrete is the second most-used material on earth after water and the backbone of modern infrastructure.
“It is used to build homes, schools, hospitals, roads, bridges, tunnels and helps to provide clean water and green energy.
” But with so much of it used around the world, it currently accounts for 7% of global CO2 emissions.
The world’s leading manufacturers – all members of the Global Cement and Concrete Association – have pledged to eliminate those emissions by 2050, in line with GCCA’s Roadmap for Net Zero Concrete – the first heavy industry to set out such a detailed plan,” he said.
Business
NAFDAC misleads the Senate to ban sachet alcohol – MAN
Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.
Photo by Ochefa / Ohibaba.com; 28 January 2026
The leadership of the Manufacturers Association of Nigeria (MAN), on Wednesday accused the nafdac to have misled the Senate to approve the ban on sachet alcohol and PET bottles.
The leadership of the association made the accusations on the occasion of the 10th edition MAN Media Personality Awards/ Presidential Media Luncheon, held in Lagos.
Francis Meshioye, the president of the association, and Segun Ajayi-Kadir, Director -General of MAN, emphasised that NAFDAC didn’t provide the Senate with empirical data showing the negative impacts of alcohol on children.
“Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.
It is clearly written on the sacrhet it is for people 18+; the companies producing them have done the campaigns; they have NAFDAC numbers. So NAFDAC should do its job.
They misled the Senate they didn’t give enough information to the Senate,” said Ajayi – Kadir.
Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”
Business
CBN grants Opay, Moniepoint, Kuda Palmpay and Paga national banks status
With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
• CBN Governor Olayemi Cardoso
THE Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint, to national status, allowing them to operate across the country following compliance with regulatory requirements.
The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and agent networks, effectively outgrowing their previous regional licenses.
The Director of the Other Financial Institutions Supervision Department, Yemi Solaja, confirmed this development in Lagos at the annual conference of the Committee of Heads of Banks’ Operations,
He said: “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
Solaja emphasized the importance of physical presence for customer support, noting “Most of their customers operate in the informal sector.
They need a clear point of contact if any issues arise.
”With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
The reform follows previous enforcement actions, including 2024 penalties of N1 billion each on Moniepoint and Opay for KYC non-compliance, underscoring the CBN’s ongoing efforts to strengthen standards in digital finance
Business
Afreximbank terminates credit rating with Fitch
Fitch cut Afreximbank’s credit rating to one notch above “junk” status last year, citing high credit risks and weak risk-management policies, and put it on a “negative outlook” – rating agency terminology for another downgrade warning.
African Export-Import Bank (Afreximbank) has terminated its credit rating relationship with Fitch Ratings.
In an announcement on its website, Afreximbank explained that it’s decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission and its mandate.
The bank maintained that it’s business profile remains robust, underpinned by strong shareholder relationships and the legal protections embedded in its Establishment Agreement, signed and ratified by its member states.
Reuters, in an additional report , said that Afreximbank has been in a battle over whether it must take losses on loans to debt-defaulted countries, including Ghana and Zambia, which turns on whether it enjoys so-called “preferred creditor status”.
Fitch cut Afreximbank’s credit rating to one notch above “junk” status last year, citing high credit risks and weak risk-management policies, and put it on a “negative outlook” – rating agency terminology for another downgrade warning.
It has also said that any weakening of preferred creditor status at institutions like Afreximbank “could lead to negative rating action.”
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