News

FG Unveils N10bn Plan To Boost CNG Usage Through Consumer Credit

Published

1 year ago

October 16, 2024

The Federal Government on Wednesday unveiled a N10 billion plan that would boost the conversion of about one million additional vehicles to compressed natural gas usage and the adoption of solar energy through the provision of consumer credit to income earners.

To achieve this, the Ministry of Finance Incorporated, MOFI, Nigerian Consumer Credit Corporation, Credicorp, and the Presidential Initiative on Compressed Natural Gas, PICNG, have signed a deal that would make N2.5 billion fund available to finance the conversion of vehicles to CNG by private individuals.

The fund, known as the Credit Access for Light and Mobility (CALM) Fund, will provide affordable credit for Nigerians to obtain CNG conversion kits and other energy-saving solutions, making essential services more accessible to Nigerians while promoting sustainability.

Speaking at the signing ceremony in Abuja, Managing Director, MOFI, Dr. Armstrong Takang said the fund will enable Nigerians to obtain loans through Participating Financial Institutions, PFIs, providing a pathway to sustainable energy without the financial burden of upfront costs.

Takang disclosed that MOFI will aggregate and expand the consortium fund, collaborating with private and institutional investors to grow the initial N10 billion fund.

He explained that the fund is one of the measures being put in place to solve the unintended consequences of petrol subsidy removal which has led to a spike in the cost of transportation and high tariffs in the electricity sector.

“The good news is that the Federal Government has a solution to that which is the CNG programme but we also recognize the fact that it is not possible for us to have to pay for everything up front especially for items that are capital intensive.

“That is why the Federal Government came up with the programme of consumer credit and we established the Nigerian Consumer Credit Corporation, Credicorp. We believe Credicorp is very important as Nigerians. We do not need to have to afford the total amount to buy the basic items that we need every day whether it is in terms of trying to convert our cars to CNG, or having to pay for the conversion kit upfront. It is capital intensive and most people cannot afford it, yet they need it.

“The government has provided an opportunity to have access to credit to afford items such as that. We also have major challenges with the increase in electricity in our homes. Most of us are paying more now and it is creating a challenge in terms of affordability. The fund will also allow Nigerians to acquire credits for solar systems”, he stated.

Also speaking, the Director/CEO of PICNG, Engr. Michael Oluwagbemi said the fund will address the high cost of mobility by creating an avenue to convert their vehicles to CNG without having to pay for it immediately.

“Credicorp is partnering with us to launch this access for private individuals to afford the cost of conversion and the cost of conversion is quite elevated given our current realities. Beyond immediate access to consumer credit to access this conversion kit and conversion at PICNG accredited conversion centres through the PFIs, this also in the long run will encourage domestic manufacturing of the kits”, he stated.

Engr. Oluwagbemi noted that with the deal, the programme expects an additional 500,000 to one million vehicles to be converted in the coming months besides the initial one million vehicles target set at the beginning of the programme.

On his part, Managing Director, Credicorp, Engr. Uzoma Nwagba said the goal is to enable people to have a better life by accessing goods and services that they would normally have to save up for.

Nwagba said the programme is tailored for Nigerians with a steady income stream, such as workers in both public and private sector, as well as business owners.

He pointed out that the programme would boost the demand side CNG conversions and solar panels, ensuring that producers have markets for their products across the country.

News

Okpebholo Slams ₦25bn Libel Suit On Edo PDP Chairman

Published

15 minutes ago

December 25, 2025

Editor

Governor Monday Okpebholo of Edo State has given Dr. Anthony Aziegbemi, a seven-day ultimatum to pay ₦25 billion in damages over alleged defamatory statements.

In a letter by the governor’s counsel, Ray Okezie, and addressed to Aziegbemi, the PDP State Chairmen was also requested to publish a public apology in three national dailies over the alleged defamatory statements.

Aziegbemi was said to have allegedly accused the governor of using thugs and non-state actors to carry out official duties.

“In the letter dated December 22, 2025, and titled ‘Demand for Damages and Apologies for Defamation of the Character of the Executive Governor of Edo State, Senator Monday Okpebholo,’ the PDP Chairman was said to have in a press statement of December 7, 2025 portrayed Okpebholo as an unintelligent, dishonest, and, lawless person.

“Accordingly, we have the instructions of our client to demand from you the sum of N25, 000,000,000.00 (Twenty Five Billion Naira only) being compensation for the damage you have inflicted on his reputation through your said press release.

“The above stated sum must get to our client within seven (7) clear days from the date of this letter. In addition, you are required within seven (7) days to publish a retraction of the said press release in three (3) National Newspapers which must include the Guardian and the Vanguard newspapers,” the letter partly reads.

The governor’s counsel threatened to proceed on legal action in any Nigerian court should the PDP State Chairman fail to comply with the demands

News

YULETIDE: UBTH CMD Charges Nigerians To Be Hopeful In Coming Year

Published

3 hours ago

December 25, 2025

Editor

The Chief Medical Director of the University of Benin Teaching Hospital (UBTH), Prof. Idia Ize-Iyamu has urged Nigerians to remain optimistic about the upcoming year, despite current challenges.

Prof. Ize-Iyamu expressed optimism that the coming year would bring improvements for everyone.

The CMD made these remarks during the Nine Lessons and Carol night /End of Year Party organized by UBTH for staff and students held in Benin.

Prof. Ize-Iyamu encouraged everyone to place their trust solely in Christ to overcome the numerous challenges facing the country.

She expressed her gratitude to the hospital community for their support during her first four months in office.

Prof. Ize-Iyamu assured them that the coming years hold many opportunities and that hope in Christ would transform lives daily, just as Christ’s birth brings joy and is the reason for the season.

She also extended her appreciation to everyone in the spirit of the season.

“I want to appreciate everyone in the spirit of the season. Our commitment to excellence and professionalism remains at UBTH.

“UBTH CARES and just like Christ cares. As we celebrate Christ and the season. Let’s hope on him. When you have Christ, you have hope.We are hopeful that the coming year will be better as a people and institution,” Ize-Iyamu said.

The ceremony’s highlight featured a visit to the hospital wards where the CMD distributed gifts to patients and newborns, with management, staff, and students in attendance.

News

Christmas: Edo Deputy Gov Preaches Unity, Hope

Published

3 hours ago

December 25, 2025

Editor

The Deputy Governor of Edo State, Hon. Dennis Idahosa has called on residents of the state to embrace unity, love, and renewed hope as Christians celebrate Christmas.

In a statement by his Chief Press Secretary, Mr Friday Aghedo, Idahosa emphasised that Christmas represents values that unite people, regardless of tribe, religion, or politics, promoting compassion, generosity, and peace.

He described the birth of Jesus Christ as a timeless reminder of the values of peace, sacrifice, and compassion, which he said are critical to societal growth and harmonious coexistence.

He urged Edo people to take advantage of the festive season to strengthen communal ties, extend goodwill to the less privileged, and recommit themselves to the collective development of the state.

The deputy governor further said that Christmas underscores the importance of shared humanity and collective responsibility in building a prosperous society.

“Christmas is a season that reminds us of the power of hope and shared humanity.

“As a people, we must continue to stand together, support one another, and work collectively for a more prosperous Edo State,” Idahosa said.

He reassured residents of the state of the firm commitment of the Governor Monday Okpebholo-led administration to enthrone good governance, inclusive development, and people-oriented policies aimed at improving the welfare and well-being of all Edo citizens.

Idahosa also appealed to residents to celebrate the season responsibly and sustain peace and harmony before, during, and after the festivities.

He wished Christians a joyous Christmas celebration and prayed for a peaceful, progressive, and prosperous Edo State.