“The transfer shall take effect upon the completion of the transaction in accordance with the terms of the Business and Assets Transfer Agreement between the parties,” the statement noted.
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The facility, funded by South Korea through KOICA, is expected to provide training, technology, incubation and other business support to entrepreneurs.
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Mr Onakoya, however, said existing contractual agreements could delay the transmission of the lower policy rate to borrowers.
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In a surprise move on Tuesday, the CBN, at the end of its rate-setting meeting, pared down the benchmark rate to 23 per cent from 26.5 per cent, a push Olayemi Cardoso, the bank’s governor, called “an operational reset” to improve the effectiveness of monetary policy and aid the shift to an inflation-targeting framework.
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The President described the investment as a major step towards unlocking Nigeria’s long-dormant gas resources for industrialisation, job creation and economic growth.
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The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved petrol import permits covering about 830,000 metric tonnes for multiple oil marketers ahead of the fourth quarter of 2026, PREMIUM TIMES has learnt.
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