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Business, Global

Why youth mobility and fishing are key issues ahead of UK/EU summit

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Why youth mobility and fishing are key issues ahead of UK/EU summit The right of young people to move freely between the UK and EU has emerged as a key negotiating point – along with fishing rights – ahead of a summit in London which the prime minister hopes will “reset” relations between the two sides. Before Brexit, people were allowed to come and go under “freedom of movement” rules. The EU would like a new “youth mobility scheme” but there are concerns about what impact this might have on UK immigration numbers. Fishing rights are another potential sticking point with the EU calling for an extension of the current post-Brexit deal, but UK fishing groups calling for changes to it. BBC Verify has been examining both issues and why they are important. What are the rules on youth movement? Since Brexit, UK and EU citizens no longer have an automatic right to live, work, or study in each other’s countries. To come to the UK for an extended period, EU nationals usually need specific visas – many of which require a sponsor. Following these new rules, there has been a significant drop in the number of EU students coming to the UK.     The UK does have an existing Youth Mobility Scheme (YMS) which allows young adults to live, work and study in the UK for up to two years. People from specific countries can apply but not from EU ones. They have to pay an application fee, the health surcharge, and have at least £2,530 in savings. Unlike most other visa schemes, the YMS does not require sponsorship. Last year, just over 24,000 YMS visas were issued – Australians were the largest single group, followed by New Zealanders and Canadians. View News Source Speak With Us

Business

Books from Nigeria dominate 2025 BCA African Business Book of the Year shortlist

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Books from Nigeria dominate 2025 BCA African Business Book of the Year shortlist The Business Council for Africa, in collaboration with BrandComms and African Business, is delighted to announce the shortlist of the BCA Business Book of the Year Awards. This annual competition, which is now in its third year, is dedicated to illuminating the compelling business narratives that promote Africa’s socio-economic development. In recognising the stories (re)shaping Africa’s business landscape, the BCA African Business Book of the Year awards brings together key figures in African publishing and business while honouring the talented authors and publishers responsible for bringing these stories of African entrepreneurship and resilience to life. This year’s BCA Business Book of the Year shortlist features an interesting mix from biographies of business leaders to a focus on manufacturing and capital market reforms, African economics and infrastructure, intra-Africa travel and the economics of skit making, gas as alternative feedstock for industry and Africa’s response to COVID-19. The judging panel is made up of respected African business and thought leaders as well as media executives: Arnold Ekpe, Chairperson of BCA, and chair of the Judging Committee; Chris Ogbechie, former Dean of Lagos Business School; Moky Makura, CEO of AfricaNoFilter; Terhas Berhe, Managing Director and Founder of Brand Communications; Omar Ben Yedder, Publisher of African Business and New African magazine and Anver Versi, Editor of New African and African Banker magazine.   Commenting on the BCA African Business Book of the Year awards, Arnold Ekpe still thinks Africans need to get better at telling their stories: “We have seen research that has quantified the cost of the risk premium we are paying. This is because we are simply not good at telling our stories, and more importantly our business stories. We are seeing more business books being published but the numbers are still tame given that many amazing businesses are emerging on the continent and that we are leading in many sectors, from tech to fashion to film to finance or mining.” The winner and runners-up for this year will be unveiled at the awards ceremony scheduled to take place in London on July 4th, 2025, at the Institute of Directors, 116 Pall Mall, London SW1Y 5ED, United Kingdom.   The winner will receive a trophy and $10,000! The second and third placed winners will receive $5,000 and $2,500, respectively. Last year’s winners were How Africa Trades by Professor David Luke; Africa is not a Country by Dipo Faloyin and Ethiopian Airlines: The African Aviation Powerhouse by Jozef Mols View News Source Speak With Us

Business

CBN Recapitalization: 95% of BDC operators risk shutdown by June 2025

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CBN Recapitalization: 95% of BDC operators risk shutdown by June 2025 The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed that the majority of the licensed currency traders are faced with uncertainty, as only less than 5% of its members have so far been able to meet the new capital requirement set by the Central Bank of Nigeria (CBN). There has been a lot of anxiety in the sector recently as the fate of most of these licensed Bureau De Change (BDC) operators hangs in the air, unless the June 3, 2025, recapitalization deadline is further extended. Recall that in May 2024, the CBN had increased the minimum share capital of Bureau De Change Operators to N2 billion for Tier 1 license and N500 million for Tier 2 license as against the previous threshold of N35 million for a general license. These directives were contained in the CBN’s revised Regulatory and Supervisory Guidelines for BDC operations in Nigeria. The guidelines were designed to enhance the regulatory framework amidst ongoing reforms in the foreign exchange market. Tier-1 BDCs are permitted to operate nationally, while Tier-2 BDCs will only be allowed to operate within one state of the Federation. The capital raising initiative is part of the CBN’s reforms to reposition the BDC sector better to fulfill its role in Nigeria’s foreign exchange market. The new guidelines were issued after consultations with stakeholders and in line with the powers vested in the CBN by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020. Meanwhile, the BDC operators had kicked against this increase in capital requirements from N35 million to N2 billion for Tier-1 BDCs, stating that it is against international best practices. They called on the CBN to review the N2 billion capital requirement for BDCs to fit into international standards and noted that the licensed currency traders were open to collaboration with the apex banks on some of these policies. In a bid to allow more time for its implementation, the CBN had in November 2024 extended the deadline for BDC operators to recapitalise by six months, with the new date set for June 3, 2025. The CBN decided to extend the deadline by six months due to the low level of compliance with the new capital requirements by the licensed currency traders Over 95% of BDCs yet to meet capital requirement However, there seems to be palpable fear and anxiety in the sector, with most of the BDC operators yet to meet the share capital limit as the deadline approaches.   In an exclusive chat with Nairametrics, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, revealed that only less than 5% of its members have so far been able to meet the new CBN recapitalization requirements for BDC operators. He hinted that over 95% of the BDC operators are at risk of shutting down, as their fate hangs in the balance except if the recapitalization deadline is further extended. On what will happen to the remaining 95% and whether ABCON is trying to make a case for the BDCs with the government, he said, ‘’Their fate hangs in the air except if the deadline is further extended. However, we are hopeful of the CBN Management’s humane considerations.   ‘’We are pushing for a lot of initiatives to ease the compliance of our members to the new financial capitalization requirements of N500 million and N2 billion, respectively.’’ On suggestions for its members to consider a merger, the ABCON President said, ‘’Yeah, we are strategically advocating for our members nationwide for mergers as we await an approved framework work, especially on consideration of existing capital by the CBN on the mergers initiative.’’ View News Source Speak With Us

Business, Oil and Gas, Uncategorized

Sahara Group GMD backs Tinubu’s energy reforms

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Sahara Group GMD backs Tinubu’s energy reforms The Managing Director of Sahara Group, Kola Adesina, has expressed strong confidence in the energy sector reforms introduced by President Bola Tinubu’s administration. This was contained in a statement on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. Onanugas said in an interview for a forthcoming State House TV documentary marking the president’s second year in office, Adesina praised the government’s efforts to improve transparency, regulatory clarity, and investor confidence in the petroleum and power sectors. “The most significant shift I have seen—without a doubt—has been the government’s willingness to confront the long-term inefficiencies within the petroleum sector. President Bola Ahmed Tinubu’s courage in removing the fuel subsidy and market distortions hasn’t been rivalled in the history of Nigeria,” Adesina said. According to him, the removal of the fuel subsidy has helped create a more sustainable energy environment and enabled better planning by businesses and policymakers. “The energy sector today is stronger and more sustainable. We can now plan. The macro and micro elements are beginning to work together, and there’s strong potential for long-term benefits,” Adesina added. He noted that investors now enjoy fairer competition and more predictable market conditions. “For us, it’s about the free market, open market, and transparency. Nothing beats that. When there’s no clarity or consistency, investment becomes difficult. But now, we know how to price. It’s open to everyone in the market—whether investing or buying—and you know reform is here and guiding every process,” he stated. Adesina also commended the implementation of the Petroleum Industry Act (PIA), describing it as a “game-changer” for the sector. “PIA is now easier to relate with—unlike before when policy inconsistencies were the order of the day. Private sector players like us want to invest with the confidence that policy won’t change after we’ve committed scarce resources,” he said. On the power sector, the Sahara Group GMD said the government had made progress in resolving longstanding financial obligations and boosting investor morale. “We’ve seen movement on the payment of legacy debts, especially in the power sector. Once the government clears those debts, new investors will come in, and existing ones—like us—will deepen our investments. There’s life in the business again,” Adesina added. He also spoke on Nigeria’s energy transition plans, saying the president’s push for gas-to-power and compressed natural gas (CNG) adoption was already yielding results. He said, “CNG is now the order of the day—the President has made that a focal point. The carbon credit scheme is also expanding.” Adesina concluded that the Tinubu administration had laid a strong foundation for long-term gains in the energy sector, even if short-term challenges persist. “We’ve had a very complex situation, and while the road ahead won’t be easy in the short term, things will improve. The foundation has been laid. It’s being worked on and re-engineered to ensure that prosperity can truly be democratised and felt by the last man, at the last mile,” he concluded. View News Source Speak With Us

Business, Oil and Gas

We ‘ll resume oil drilling up north says  NNPC Ltd, GCEO

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Oil drilling to resume in North, says NNPCL GCEO The Group Chief Executive of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has disclosed that the state-owned energy firm would resume oil drilling in the northern part of the country. Ojulari stated this in an interview with BBC News Hausa on Monday, as this comes over two years after the past administration of former President Muhammadu Buhari launched the crude oil drilling project on the border of Bauchi and Gombe states. Ojulari said the suspended project will be resumed under his leadership. Recall that northerners had expressed joy over the plan by President Buhari to turn the region into an oil-rich zone like the Niger Delta. But the project failed to continue for undisclosed reasons. But the new GCEO of the NNPC, Ojulari, urged residents of the region to calm down because the national oil firm will return to work, he told the BBC. “We will continue with the oil drilling in Kolmani and other places. After the oil drilling, we will also ensure that we complete the gas pipeline from Ajaokuta to Kano,” Ojulari said. According to him, these projects will allow previously closed companies to reopen so they can continue operating and open new ones. “This will bring benefits to the region, which will lead to everyone benefiting because wealth will increase. Therefore, we must return and continue this project,” he said. Also, recall that in November 2022, Buhari launched a crude oil drilling project in the Kolmani area on the border of Bauchi and Gombe states in the northeast of the country, marking the first time that oil drilling had begun in the north. After this, the NNPCL announced that crude oil drilling in Nasarawa State, located in the north-central part of the country, would commence in March 2023. However, this has yet to take place since then, even as Nigerians demand an explanation for the suspension of the project. In the interview, Ojulari added that he is also a northerner, expressing surprise over the reaction of some northerners when his appointment was announced. He asked the northerners and the entire country to support him and to help him with prayers to successfully move the region and the country forward. View News Source Speak With Us

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