Business

Taiwan Seeks Better Ties with Nigeria, following Tinubu’s St. Lucia Visit

We, the people and Government of Taiwan, wholeheartedly congratulate H. E. President Tinubu for his visions and concrete actions of extending Nigeria’s connection with the Caribbean Island state, just like Taiwan has made diplomatically with St. Lucia.

Published

8 months ago

July 16, 2025

OhiBaba

445 Views

•Andy Yih-Ping Liu

TAIWAN’S Representative/ Head of Mission in Nigeria Andy Yih-Ping Liu has congratulated Nigeria’s fresh diplomatic engagements with St. Lucia and the Caribbean States.

Liu, in a statement yesterday, asserted that President Bola Ahmed Tinubu’s most successful state visit to the Caribbean nation of Saint Lucia was truly a landmark achievement in Nigeria’s diplomacy.

The statement reads: “We, the people and Government of Taiwan, wholeheartedly congratulate H. E. President Tinubu for his visions and concrete actions of extending Nigeria’s connection with the Caribbean Island state, just like Taiwan has made diplomatically with St. Lucia.

“Taiwan (ROC) and St. Lucia, as well as three other Caribbean island nations, St. Kitts and Nevis, St. Vincent and the Grenadines, and Haiti, have long established diplomatic relations with full-fledged embassies setting in each other’s capitals.

“Our diplomatic presence of embassies, together with Development and Technical Aid of medical, agricultural, women and youth empowering, trade and investment strengthening, sustainable development, etc., have truly assisted St. Lucia as well as other Caribbean nations to grow well economically and socially.”

Liu noted that during President Tinubu’s visit, he would have toured some facilities jointly developed by the Taiwanese government and St. Lucian authorities.

“We’re proud to offer our helping hands that produce fruitful results, and we certainly welcome wholeheartedly that Nigeria will also be joining this humanitarian and economic collaborations in the Caribbean area.

“We are extremely delighted to witness President Tinubu graciously receiving the conferment of Knight Commander of the Order of Saint Lucia (K.C.O.S.L.) in recognition of his efforts to strengthen ties between Africa and the Caribbean.

This has showcased His Excellency’s visionary exploration and escalation of Nigeria’s ever-growing international status, and his grand movements in deepening the collaboration with the Organisation of Eastern Caribbean States (OECS).

“Prime Minister Philip Pierre, that H. E. President Tinubu has met in St. Lucia, visited Taiwan to attend President Ching-Te Lai’s inauguration ceremony on May 20th, 2024.

Also, St. Lucia’s Senate President Madam Alvina Reynolds, that President Tinubu has also met, visited Taiwan to attend our National Day Celebrations on October 10th, 2024.

All these have demonstrated how cordially the diplomatic relations between Taiwan and St. Lucia have been, and our bilateral cooperation have truly showcased Taiwan is such an indispensible and healthy partner for St. Lucia, as well as other Caribbean nations.

“Taiwan (ROC) has survived the heavy pressure from across the Taiwan Strait, and flourished outstandingly in the world, both democratically and economically on nation building.

“We the Taiwanese people are privileged to share our advanced know-how and technology to any country globally, so that we can work together in weathering through all sorts of challenges.

It is therefore, once again, we would like to congratulate dearly for President Tinubu’s diplomatic achievements in his landmark State Visit to St. Lucia, and also sincerely express our goodwill for any future strengthening of Nigeria-Taiwan relations, either in this great nation of Nigeria or in our shared diplomatic allies of St Lucia and the Caribbean states.

“Taiwan remains humble and ready to share its vast knowledge with Nigeria in various fields of comparative advantages, and we would appreciate deeply that His Excellency President Tinubu and Nigeria to view and regard Taiwan as a most advanced and developed, healthy partner, to build substantial relations, like what we have contributed and collaborated in Saint Lucia,” he said.

Related Topics:Featured Nigeria-Taiwan relations

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CBN places suspicious BVNs on 24-hour watchlist

These provisions are set to take effect from 1 May 2026.

Published

1 day ago

March 13, 2026

OCHEFA

22 Views

Photo: Olayemi Cardoso , CBN Governor

To combat fraud, the Central Bank of Nigeria (CBN) has unveiled new regulations aimed at strengthening fraud control and digital banking security across the country.

These provisions are set to take effect from 1 May 2026.

In a circular issued to all banks, other financial institutions and payment service providers, the apex bank details amendments to the Revised Regulatory Framework for Bank Verification Number (BVN) operations and additional requirements for instant payment services.

Under the new BVN framework, financial institutions are required to maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions.Any BVN placed on this list will remain there for a maximum of 24 hours, during which the account holder will be contacted to provide clarification.

The circular also sets age restrictions for BVN enrolment, limiting registration to individuals 18 years and above, and restricts phone number amendments linked to BVNs to a single change.

Access to BVN databases will now be exclusively for CBN-licensed financial institutions, with the central bank retaining the right to grant access in extenuating circumstances under existing laws.

Business

Indorama, Nigerian Breweries and Genesis Power plan 45,000 tons rPET Plant in Lagos

The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.

Published

1 day ago

March 13, 2026

OCHEFA

23 Views

Indorama Ventures Public Company Limited, Nigerian Breweries Plc and Genesis Power and Energy Solutions Ltd have entered a strategic partnership to establish one of Africa’s largest state-of-the-art recycled PET (rPET) production facilities in Nigeria.

Located in Lagos, the site represents an investment to develop a facility capable of producing up to 45,000 tons of food grade rPET resin yearly, with start up targeted in the first half of 2027, a statement by the partners said.By converting post consumer PET bottles into high quality recycled material for packaging applications.

The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.

The project is expected to support recycling capacity in Nigeria, subject to regulatory approvals, technical validation and operational implementation.

Together, the partners aim to establish commercially viable rPET operations that enable responsible growth and long-term environmental impact.

Commenting on the landmark partnership, Executive President of Petchem and Chairman of ESG Council at Indorama Ventures, Yash Lohia, said: “This partnership marks a defining milestone in our global recycling journey. By establishing our largest recycling facility to date and one of the largest rPET sites in Africa, we are bringing Indorama Ventures’ global expertise, proven technologies and long-term vision for circularity to a region with immense growth potentials.

This investment reflects our belief that scaling sustainability solutions locally is essential to building resilient, sustainable packaging systems that deliver lasting environmental and economic value.”

Chairman and CEO of Genesis Energy, Akinwole II Omoboriowo, said: “This compelling initiative demonstrates Genesis’s commitment to deploying capital to climate-resilient investments by leveraging clean energy as a strategic nexus to advancing viable economic opportunities.

The investment is also a testament to how cross-sector partnerships can enable sustainable industrial development. By combining circular economy principles with resilient infrastructure and energy solutions, the initiative supports long-term environmental impact and local value creation.”

Business

CBN restricts mobile banking apps operation to one device

In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”

Published

1 day ago

March 13, 2026

OCHEFA

25 Views

The Central Bank of Nigeria on Friday restricted the operation of mobile banking applications (apps) to one device.

This was contained in a circular to all banks and other financial institutions and payment service providers (PSP) announcing additional guidance for the operations of instant payments (IP) in Nigeria.

In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”

The circular read: “The Central CBN in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria.

All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.“Migration to another device shall trigger automatic re-activation and authentication.

“Customers shall have the option to opt-out of opt-in to IP service at any time and for any given period.

This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.

“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.“

However, customers can physically visit the financial institution to effect transfer during this period.

“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.