Author: Ken Ibenne

A community inclusion effort has been launched by Hope PSBank, a Unified Payment Services Limited subsidiary, to include more individuals in the financial system. The program is intended to promote a cashless economy and ensure that Nigerians, particularly the unbanked, conduct transactions through electronic channels across the nation, according to Ogechi Altraide, the bank’s managing director, who spoke during a press conference to announce the initiative. She revealed that thanks to the program, Nigerians will be able to use Hope Wallet from their phones. The wallet owners could add money to the wallet at any agency-banking location in various cities…

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Friday moved to grant 48 licenses to investors, around seven years after the Muhammadu Buhari-led administration launched the Nigerian Gas Flare Commercialization Programme (NGFCP). The development aims to control decades of gas flaring in the oil producing region and enable the federation to generate billions of dollars in investment and signature bonuses. It comes at a time of energy crisis and transition and against the backdrop of the government’s decade of gas policy, according to Gbenga Komolafe, chairman of NUPRC. He added that the effort stimulates higher capital inflow to the Nigerian oil…

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As a result of Russia’s invasion of Ukraine, which drove oil and gas prices rising, Shell’s net profit climbed to a record $42.3 billion last year, the British energy giant announced Thursday. The group’s results statement showed that the post-tax sum was more than double what was reached in 2021. In 2022, revenue soared 45 percent to a stunning $381 billion, echoing enormous advances made by competitors. Massive profits for energy companies have angered the public in the midst of a cost-of-living crisis fueled by exorbitant energy prices. Greenpeace, an environmental advocacy organization, demonstrated outside Shell’s London offices on Thursday,…

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Lanre Gbajabiamila, the director general of the National Lottery Regulatory Commission (NLRC), has expressed confidence in the ability of the national lottery agency to support economic development and progress in the nation. Gbajabiamila said the NLRC is dedicated to making sure the game is well-regulated to satisfy international standards. She had visited the National Lottery Nigeria (NLN) in Abuja to assess their facilities before the start of the games. He emphasized that the commission is committed to responsible gaming and is not merely anticipating the game’s successful debut. Layi Onafowokan, the managing director of NLN, led Gbajabiamila on an examination…

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The cybersecurity company Sophos has published new research on the sophisticated financial fraud schemes known as CryptoRom scams, which take advantage of and dupe users of dating apps into making fictitious cryptocurrency investments. The first bogus CryptoRom apps, Ace Pro and MBM BitScan, allegedly managed to get past Apple’s stringent security measures, according to Sophos’ most recent research, “Fraudulent Trading Apps Sneak into Apple and Google App Stores.” It claims that in the past, fraudsters persuaded users to download unauthorized iPhone apps that were not authorized by the Apple App Store using workaround approaches. According to Sophos, both Apple and…

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Ajibola Olomola, Partner and Head of Deal Advisory, Mergers and Acquisition Tax and Regulatory Practice, KPMG Nigeria, has stated that businesses should be led by optimism, particularly as it relates to the country’s electioneering period. Olomola expressed confidence about the candidates running in the election, calling them individuals with strong ideas for moving the nation ahead. He addressed yesterday at the Franco-Nigerian Chamber of Commerce and Industry’s (FNCCI) business breakfast event with the theme, “Nigeria in 2023: Business, Politics and Everything in-between.” He asserts that these candidates have extremely dissimilar viewpoints, however each of them individually appears to be supportive…

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The nomination of Mrs. Abiola Bawuah as the Chief Executive Officer, UBA Africa has been made public by the Board of Directors of the United Bank for Africa (UBA) Plc, Africa’s Global Bank. Bawuah will supervise the Group’s operations outside of Nigeria on the African continent by joining the Group Board as an Executive Director. In addition to having global offices in New York, London, Paris, and the UAE, the operates in 19 other African nations outside Nigeria. Bawuah, a citizen of Ghana, is the organization’s first female CEO. Her selection illustrates UBA’s dedication to diversity even further. There are…

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The Federal Government may have to pay as much as N4.65 trillion this year to service its debt held by the Central Bank of Nigeria (CBN) if the Monetary Policy Committee (MPC) does not reverse course on its aggressive monetary tightening. The ways and means (W&M) were N22.7 trillion at the end of last year when President Muhammadu Buhari asked the Senate for permission to securitize the CBN facility. The President stated at the signing of the 2023 budget that if the attempt to convert to a bond is unsuccessful, the government could be forced to pay an additional N1.8…

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The All-share index and market capitalization increased by 0.1% to conclude the week at 52,657.88 points and N28.681 trillion, respectively, despite investors’ ongoing profit-taking in bellwether stocks, particularly GEREGU power. Similar to this, all other indices ended higher except for the NGX 30, NGX CG, NGX Premium, NGX MERI Growth, NGX Consumer Goods, and NGX Sovereign Bond indices, which declined by 0.7%, 0.05%, 0.45%, 1.21%, 1.09%, and 2.37%, respectively, while the NGX ASeM index ended level. In addition, investors transacted 756.7 million shares worth N13.6 billion in 18,248 deals on the floor of the Nigerian Exchange Limited (NGX), as opposed…

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On the Nigerian Exchange Limited (NGXequity )’s market yesterday, the bulls outperformed the bears thanks to gains in Geregu Power, TotalEnergies, and other companies, which increased market capitalization by N83 billion.  The All Share Index (ASI) specifically increased by 153.31 absolute points, or 0.29 percent, to close at 52,752.96 points. As a result, investors made N83 billion in profit as the market valuation increased to N28.733 trillion. Gains in medium and big capitalized equities, including Geregu Power, TotalEnergies Marketing Nigeria, Nigerian Exchange Group (NGXGroup), Stanbic IBTC Holdings, and Access Holdings, had an impact on the recovery. Moreover, the market breadth…

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The first national payment card for Nigeria, called AfriGo, has been unveiled by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement Systems (NIBSS). The CBN Governor, Godwin Emefiele, stated at the virtual launch yesterday that the card was created to take into account regional differences that the current card products have not adequately addressed. The card, which works like other international payment cards, is intended to increase financial inclusion in the nation and lessen reliance on foreign cards, according to Emefiele. He claimed that by obtaining an AfriGo card, Nigeria joined other nations that have local cards,…

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The Federal Government has been urged by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to continue the fight against the nation’s vandalized pipelines and rising crude oil output. PENGASSAN also urged that all persons detained in connection with pipeline damage be be charged with crimes, tried, and sentenced if convicted. Festus Osifo and Lumumba Okugbawa, the president and general secretary of PENGASSAN, urged the investigative panel to conduct a thorough investigation that would put an end to all forms of criminality in the sector in a communiqué that was released at the conclusion of its National…

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Stakeholders warned yesterday in Abuja that unless the continent develops a local market for its hydrocarbon resources, its 125 billion barrels and more than 630 trillion cubic feet (TCF) of natural gas reserves may remain untapped. Timipre Sylva, the minister of state for petroleum resources, and Gabriel Obiang Lima, the minister of hydrocarbons for Equatorial Guinea and the current president of the Organization of Petroleum Exporting Countries (OPEC), expressed concern for what would happen to Africa’s hydrocarbon resources in the face of energy transition and climate change initiatives. Sylva stated that attempts are already being made to create a market…

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The launch of eSIM (embedded SIM), a digital SIM that gives users access to the same features as someone using a physical SIM, has been announced by telecommunications services provider Airtel Nigeria. The eSIM has a number of advantages over traditional SIM cards, including rapid and easy online setup, environmental friendliness (plastic-free/zero carbon emission), and the ability to add a line without the need for additional devices. With the addition of this service, Airtel joins MTN and 9mobile in launching it in the Nigerian market first. Customers who wish to replace their current physical SIM cards with eSIMs must first…

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In order to cooperate and complete the Benin River Ports project, the Governor of Edo State, Mr. Godwin Obaseki, and the members of the Benin River Port (BRP) Project Committee have reached an agreement with the Port of Antwerp in Belgium. The governor and officials of the Port of Antwerp attended a meeting of the Benin River Port (BRP) Project Committee where this information was gathered. While Mr. Greg Ogbeifun, Chairman of the BRP Project Committee, led his team, Mr. Phillippee Droesbeke, Manager of Ports Project, Port of Antwerp International, led the Port of Antwerp delegations to the meeting with…

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Entrepreneurs in Nigeria are concerned about banks’ failure to issue new naira notes as the Central Bank of Nigeria’s deadline approaches in just a few days (CBN). According to the Guardian study, less than 40% of the banks are already dispensing the new naira notes at the counter and through Automated Teller Machines (ATM). A visit to a few commercial banks in Isolo, Lagos, and Ota, Ogun State, revealed that many clients, especially business entities, were regularly depositing outdated naira notes. Surprisingly, some clients who went up front for large cash withdrawals were let down when they discovered that they…

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The Comptroller-General of Customs, Hameed Ali, has approved the appointment and reassignment of the agency’s management members to improve strategic and effective service delivery following the statutory retirement of some employees of the Nigeria Customs Service (NCS). Compt. Timi Bomodi, the national public relations officer, announced in a statement that 20 officers had been promoted to managerial positions. Ali congratulated the newly appointed officers and thanked the agency’s retired management team members for their meritorious service and support. He also urged them to step up their efforts to ensure that the service meets its goals of generating revenue, combating smuggling,…

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The African Development Bank (AfDB) stated that the continent’s economic outlook for 2023 appears “solid” while urging “strong policy initiatives” to counteract the effects of growing inflation and moderate growth. The regional bank examined growth prospects of African countries on a case-by-case basis in its 2023 Africa’s Macroeconomic Performance and Outlook, even though the average growth decreased from 4.8 to 3.8 percent at the end of last year. This year, the growth is predicted to increase to 4% before dipping to 3.9% by 2024. In Nigeria, the African Development Bank predicted that growth will average 3.2% from 2023 through the…

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Zeenab Foods, the owner of the Nigeria Sell Trade House in China, plans to export 20 containers of ginger and sesame seeds to China valued at $1.5 million in an effort to improve foreign exchange profits through agricultural export. The Nigeria Export Trade House in China would be put into operation by March 2023 thanks to the exporting being done in collaboration with the Nigeria Export Promotion Council (NEPC). As the 20 containers were being transported to the seaport, the Managing Director of NEPC, Dr. Ezra Yakusak, in the person of Mr. Babajide Falake, revealed that the council had established…

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Members of the African private sector have demanded that the Pan African Payment Platform be fully operationalized, that work on Rules of Origin be completed, that negotiations on the schedule of tariff offers be finished, and that all issues pertaining to the effective implementation of the Africa Continental Free Trade Area be swiftly resolved (AfCFTA). At the Lighting of the Africa Trade Torch for the implementation of the AfCFTA, which was held concurrently in Zambia and other member state countries, they took the decision yesterday. Francis Meshioye, the president of the Pan-African Manufacturers Association (PAMA), urged support for the African…

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President Muhammadu Buhari has given the Nigerian National Petroleum Corporation Limited his approval to invest N1.9 trillion in the rebuilding of 44 federal roads under the tax credit scheme with four months left in his presidency. At the conclusion of yesterday’s Federal Executive Council (FEC) meeting in Abuja, media assistant for media and publicity (Office of the Vice President) Laolu Akande disclosed that the approval was part of the Federal Government’s Phase 2 Road Infrastructure Development and Refurbishment Investment Tax Credit Policy, which will be carried out by NNPCL and its subsidiaries. He stated: “So, the Council approved the proposal…

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Listed stocks recovered losses to close positively yesterday, helped by buying interest in 20 stocks, including Airtel Africa Plc, and the All-Share Index (ASI), which increased by 0.7%. The ASI increased by 352.49 absolute points, or 0.67 percent, to settle at 52,701.31 points at the end of yesterday’s trading. As a result, investors made N192 billion in profit as the market valuation increased to N28.705 trillion. Gains in medium- and large-capitalized stocks, including Airtel Africa, Nestle Nigeria, MRS Oil Nigeria, Flour Mills of Nigeria, and Vitafoam Nigeria, were impacted by the upturn. Looking ahead According to United Capital Plc, “We…

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According to its most recent monthly production data, the Organization of the Petroleum Exporting Countries (OPEC) yesterday maintained its key projections for 2023 oil supply and demand even as it raised output. The cartel also raised concerns about the prospects for Russian oil output and the expansion of the world economy. The estimate for this year’s growth in the world oil demand is 2.22 million barrels per day (b/d). Although the group’s most recent Monthly Oil Market Report (MOMR) acknowledges a “better performance in China’s economy on the back of its reopening from Covid-19 limitations,” it revised its prior projection…

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According to President Muhammadu Buhari, the revisions to the African Continental Free Trade Agreement (AfCFTA) will result in an increase of more than 15% in Nigeria’s non-oil exports to other African nations. At the ninth annual African Shippers’ Day, which had the following theme: “African Continental Free Trade Agreement: A Veritable Platform for African Shippers to Mainstream Into Global Trade” held in Lagos. Buhari listed the export products, which included textiles, clothing, leather, wood, and papers, as well as metals, electronics, cars, transportation equipment, and industrial machinery. Other items include animals for the agricultural and food industries, fisheries, meat, poultry,…

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The first oil well in Nassarawa State is scheduled to be drilled by the Nigerian National Petroleum Company Limited (NNPC) in March 2023. Oil Well Nassarawa  When Governor Abdullahi Sule led a delegation of notable state natives on a courtesy visit to the NNPC in Abuja, Mallam Mele Kyari, the company’s group chief executive officer, revealed this. He said the findings of exploratory activities had confirmed the existence of significant hydrocarbon resources in the state. As investments in fossil fuels have decreased as a result of the global energy transition, he urged swift action on the project. “This work must…

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According to statistics from the Nigerian Inter-Bank Settlement System (NIBSS), the value of online bills, or “E-Bills,” has increased by 53%. Mobile Phone Transfer According to the most recent NIBSS data, the amount of bills paid electronically went from N2.3 trillion in 2021 to N2.8 trillion in 2022. E-Bills Pay is a real-time, account-based online service that makes it easy to pay bills from an account. It guarantees immediate credit for payments and receipt of collections for billers and merchants hired through the platform. The platform is being utilized to pay for things like utility bills, cable TV plans, hotel…

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Between now and 2025, the Ogun State Government plans to invest a total of N392.7 billion in infrastructure as part of its strategy to improve the state’s economic standing and position it as a leader among its contemporaries. The spending envelope, which represents 26% of the state’s planned total expenditure outlay for the period, which is estimated to be N1.5 trillion, is included in the Medium Term Expenditure Framework (MTEF). As the state’s economy shifts from manufacturing to services, the government has set education and health as two of its top priorities, allocating 14.3 and 11% of the total budget,…

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Nigeria plans to export gasoline  According to information released by the Nigerian National Petroleum Company Limited (NNPC), the nation will begin exporting Premium Motor Spirit in the middle of 2023 as local refining capacity is expected to increase to 1.1 million barrels per day. Mele Kyari, the group chief executive officer of the commercialized company, promised the world virtually at the 13th Global UAE Energy Forum that the nation will also raise crude oil output to 2.2 million barrels per day, even if this is not the first time such a pledge has been made. Nigeria’s economy has struggled to…

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In order to reach a total demand of 100.48 million barrels per day (bpd), the United States Energy Information Administration (EIA) has boosted its estimate of the growth in the world’s oil demand for 2023 by 50,000 barrels per day (bpd) to 1.05 million bpd. The total oil demand forecast for 2024 was also calculated at 102.2 million bpd, an increase of 1.73 million bpd year-over-year and predominantly driven by consumption in China and India. “We forecast that America and other liquid fuels will increase by 1.1 million barrels per day (b/d) in 2023 and 1.7 million b/d in 2024.…

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The Minister of State for Petroleum Resources, Timipre Sylva, came under fire from the civil rights organization Human Rights Writers Association of Nigeria (HURIWA) on Wednesday for declaring he won’t mind purchasing gasoline at N300 per liter because other nations charge higher prices than Nigeria does, and N300 is nothing when compared to the US dollar and the British pound sterling. Raising Fuel Costs In a statement, Emmanuel Onwubiko, the national coordinator for HURIWA, claimed that Sylva’s remark was grotesquely insensitive to the condition of Nigerians, who had endured months of petrol scarcity and high per-liter prices. The group also…

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