Nigerian startups garnered $160 million in capital in the first three months of this year, despite a slowdown in fundraising throughout the continent, according to a new analysis from Africa: the Big Deal. The research states that throughout this time, 87 percent of all startup investments made in Africa went to Nigeria, Kenya, South Africa, and Egypt. Of the Big Four, Nigeria has the most funding ($160 million), followed by Kenya ($110 million), South Africa ($72 million), and Egypt ($53 million). “Startups based in these four countries received 87 percent of the investment, with Nigeria and Kenya receiving the majority.…
Author: Ken Ibenne
The Central Bank of Nigeria’s (CBN) Director of Financial Policy & Regulatory Department, Haruna B. Mustafa, has given explanations for why bank retained earnings are not included in the suggested capitalization procedure. The CBN Director explained that the purpose of the apex bank’s exclusion of retained earnings in the most recent episode of the podcast, which was posted on the bank’s website on Monday, is to guarantee that deposit money banks nationwide add new capital to their capital bases. He said, “We have just encouraged the banks to add new capital; our actions have no bearing on the potential composition…
The Nigeria Customs Service (NCS)’s Murtala Muhammed Airport Command brought in N45.23 billion in income during the first quarter of 2024, a 111.7% rise over the N21.3 billion brought in during the same time in 2023. This was revealed by Customs Area Controller Comptroller Mohammed Yusuf during a Monday briefing at the command, as the NCS declared on its official X (formerly Twitter) account. “A total of N45,232,483,538 was collected as revenue for the first quarter of 2024 by the Nigeria Customs Service, Murtala Muhammed Airport Command, indicating a 111.7% increase when compared to the N21.3 billion collected in the…
United Bank for Africa (UBA) Plc has announced its audited financial statements for the fiscal year ending December 31, 2023, which demonstrate remarkable and impressive success across all main performance parameters. The bank’s 2023 financials, which were submitted to Nigerian Exchange Limited (NGX) on Monday, revealed a remarkable increase in gross earnings, which increased from N853.2 billion at the end of 2022 to N2.08 trillion at the close, a robust 143 percent gain. Significantly, the banks’ total assets increased by 90.22 percent as well, surpassing the N10 trillion threshold and closing at N20.65 trillion in December 2023 (compared to N10.86…
In the pursuit of sustained economic growth, bolstered liquidity, and increased transactional activity across asset classes, safeguarding Nigeria’s capital markets from cyber threats emerges as a crucial imperative. Governance experts stress the necessity for cybersecurity literacy, tailored risk management metrics, and intensified strategic oversight to harness the benefits of artificial intelligence (AI) while mitigating cybersecurity risks. The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) recently convened a forum themed “The Implications of Artificial Intelligence and Cybersecurity to Capital Market Operations” to address these concerns. Simon Aranonu, Executive Director of Large Enterprises Directorate at the Bank of Industry (BoI),…
Oil prices rose in early Asian trading as optimism waned about the possibility of ceasefire discussions between Israel and Hamas to reduce Middle East tensions. U.S. West Texas Intermediate (WTI) crude increased by 35 cents to $86.78 per barrel, while Brent crude futures increased by 40 cents to $90.78 per barrel. A multi-session demonstration was called off on Monday following the completion of recent cease-fire negotiations between Israel and Hamas in Cairo. Due to the growing likelihood that geopolitical dangers would abate, Brent saw its first decrease in five sessions and WTI saw its first in seven. On Monday, Israeli…
A recent review by a TikTok user has ignited a conversation in the automotive world, challenging perceptions about luxury SUVs and raising intriguing questions about African innovation. His candid commentary on the Innoson G80, particularly in comparison to the iconic G-Wagon from Germany, offers a fresh perspective on automotive excellence. The reviewer wasted no time in questioning the status quo, asking, “Does Africa make a better G-Wagon than Germany?” This bold query immediately captures attention and sets the stage for a comparison that challenges traditional notions of luxury and craftsmanship. “Because the Nigerian innocent G80 is pretty sexy, and like…
Nigeria, Ethiopia, Malawi, Sierra Leone, and Zimbabwe are the Sub-Saharan African (SSA) countries with the biggest rise in food inflation in February this year, according to a new World Bank analysis. According to the most recent edition of the Africa Pulse study, a biannual analysis of the African economy, the main causes of inflation in the region’s countries continue to be food inflation and the depreciation of national currencies. It stated that by February 2024, double-digit annual rates of food inflation were observed in 14 out of 40 Sub-Saharan African nations having monthly food price data, with Ethiopia, Malawi, Nigeria,…
The News Chronicles’ findings indicate that 5.8 million unmetered customers pose a challenge to the federal government’s ambitious goal of supplying premium power to every individual. Minister of Power Adebayo Adelabu revealed the federal government’s intention to reduce the number of power sectors from five to one within the next three years over the weekend. The Nigerian Electricity Regulatory Commission classifies electricity into five bands: A, B, C, D, and E. Each band entitles customers to a specific minimum number of hours of power supply per day. During a weekly briefing last week, Adelabu stated, “This tariff review conforms with…
Microsoft has underscored the transformative potential of technology, particularly artificial intelligence (AI), in addressing many of Africa’s challenges. Among these difficulties are those related to finances, agriculture, health, and security. According to Microsoft, by 2030, artificial intelligence might boost Africa’s GDP by almost $1.2 trillion, this sum is reportedly a portion of the $15.7 trillion estimated total that technology may contribute to the world economy by that same year. Theo Watson, a commercial lawyer with Microsoft Africa, revealed this in his talk at the virtual African AI Journalists Academy session titled “AI Opportunity in Africa.” According to Watson, the $1.2…
French media firm Vivendi’s Canal+, on Monday, initiated an all-cash obligatory bid to acquire all remaining shares of South African broadcaster MultiChoice, valued at 35 billion rand ($1.9 billion), according to both entities. Following an indicative offer of 105 rands per share made by Canal+ on February 1st, which MultiChoice rejected on the grounds of undervaluation, comes this offer of 125 rands per share. Canal+, MultiChoice’s largest shareholder, increased its stake in the company above the 35 percent threshold, necessitating the required offer. Based on calculations by Reuters, MultiChoice, in which it currently holds a 36.6% interest, is valued at…
The Chartered Institute of Bankers of Nigeria (CIBN) has surpassed the N1 billion mark, achieving a net operating surplus of N1.371 billion in 2023, marking a significant 63.60 percent increase from N837.943 million in 2022. Dr. Ken Opara, the immediate past president and Chairman of the Council, CIBN, disclosed the institute’s financial performance during the 2024 annual general meeting. He reported that the institute’s overall revenue rose from N2.065 billion in 2022 to N2.782 billion in 2023. Furthermore, Opara highlighted that the institute’s total assets surged from N7.821 billion in 2022 to N9.119 billion in 2023, reflecting a gain of…
Nigerians who have registered for a National Identification Number (NIN) will soon be able to request a National ID card with payment functionality for all kinds of social and financial services, according to the National Identity Management Commission (NIMC). The ID card will be powered by NIBSS’s AfriGO, a national domestic card scheme, and will be introduced by NIMC in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS). The National ID card, which is loaded with verifiable National Identity features, is supported by the NIMC Act No. 23 of 2007, which requires NIMC…
The Nigerian Electricity Regulatory Commission (NERC) has stated that all consumers who were incorrectly billed at the increased rate should be repaid using energy tokens by April 11, 2024. Days after the regulator allowed a tariff hike of more than three times for consumers receiving at least 20 hours of power supply each day, the distribution companies (DisCos) received this directive. The increase in the tariff from N68 to N225 per kilowatt-hour (kWh) has been met with widespread criticism. In a statement released on Saturday, the regulator instructed all DisCos to give all impacted customers as much information as possible.…
The Lagos State government has issued a demolition warning to the owner of the $200 Landmark Beach Resort, a popular tourist destination, since it obstructs the proposed path of a 700-kilometer coastal road connecting the state with Calabar. Paul Onwuanibe, 58, told CNN that he received notice in late March to leave his multimillion-dollar beach resort because it was going to be demolished in seven days. According to Onwuanibe, the Landmark property, which is valued at more than $200 million, is home to over 80 businesses and directly supports over 4,000 jobs. The corporation also states that it pays more…
The rights issue of 63,342,455 ordinary shares of 50 kobo each by VFD Group Plc, valued at N197.33 per share and valued at N12.499 billion, has been placed on the Nigerian Exchange Limited (NGX) Daily Official List. The extra shares listed on NGX resulted from VFDs’ Rights Issue based on One (1) Ordinary Share for Every Three (3) Ordinary Shares Held as of the Close of Business on October 12, 2023 on Nigerian Exchange Limited, according to the NGX in its weekly report, which Nairametrics was able to view. The report stated that the total issued and fully paid-up shares…
Former vice president Atiku Abubakar on Friday declared that Nigerians’ suffering would worsen as a result of the Tinubu administration’s recent increases in electricity rates. In a statement he signed, Atiku, the presidential candidate of the main opposition Peoples Democratic Party (PDP), chastised the administration for implementing yet another round of changes without providing sufficient warning or a suitable post-reform strategy to ease the pain. As a result of the removal of the PMS subsidy and the floating of the national currency, he stated, “Nigerian citizens are going through excruciating difficulties at this time due to the increase in electricity…
As semiconductor prices rebound, Samsung Electronics announced on Friday, April 5 that it anticipates first-quarter operational profits to increase more than tenfold year over year. The company is the flagship division of the massive South Korean conglomerate Samsung Group, which is by far the biggest family-controlled corporation in Asia’s fourth-largest economy. The internet company predicted operational profits from January to March to increase by 931.3 percent to 6.6 trillion won ($4.89 billion) in a regulatory filing. During the same period last year, operating profits came to almost 640 billion won. The Yonhap news agency in South Korea, citing its financial…
KPMG has asserted that Nigeria must tackle the foundational supply-side constraints fueling cost-push inflation; otherwise, the efficacy of the Central Bank of Nigeria’s (CBN) monetary tightening measures might be constrained. The News Chronicles referenced Issue 15 of KPMG’s Nigerian Flashnotes publication, wherein the firm underscored the importance of a balanced approach that addresses both cost-push and demand-pull inflationary forces. It called for collaborative efforts between monetary and fiscal authorities to eliminate the supply-side barriers contributing to inflation. The document stated: “We acknowledge that price stability is a prerequisite for economic expansion. In monetary policy playbooks, we also acknowledge that increasing…
The average annual maintenance cost of a car in Nigeria stands at N845,000, with projections indicating an upward trend due to increasing component and service expenses. However, only a small fraction of this expenditure finds its way to reputable repair shops, as over 90% of car owners prefer roadside mechanics lacking experience. This practice often results in inadequate maintenance and frequent breakdowns on the roads. Hephzibah Iniodu, Chief of Staff at Cardio Autotec, disclosed these insights during the launch of the company’s auto repair mobile application, stressing that used vehicles will continue dominating the market amidst the current economic conditions.…
Air Peace Airline has said that it has chosen to expand capacity on its London route as a result of the tremendous interest and demand for the route. It follows that there are now additional seats available. Air Peace would like to express its gratitude to the Nigerian community for their support, both in Nigeria and the UK. The airline released a statement saying, “We would be doing our best to make the whole country proud, and we do not take it for granted.” BusinessDay was informed by Stanley Olisa, an Air Peace representative, that the airline expanded its capacity…
According to Forbes World’s Billionaires List 2024, Aliko Dangote and Abdulsamad Rabiu’s combined wealth fell by $3.8 billion in a single year. Every person who has been verified as a billionaire is ranked and their net worth is continuously updated on Forbes’ wealth-tracking website. Every five minutes, while the corresponding stock markets are open, the value of each person’s publicly traded holdings is updated. See also: In Q1 2024, Femi Otedola, valued at $1.7 billion, re-enters Forbes’ list of billionaires. Four billionaires from Africa’s largest economy are listed on the annual list; South Africa has six, and Egypt has five.…
Nigerian Exchange Group (NGX): Following losses in several blue-chip companies, particularly FBN Holdings (FBNH) and Access Bank, the Nigerian Exchange Limited (NGX) maintained a sliding profile at the conclusion of yesterday’s operations, resulting in a further N191 billion decline in market capitalization. The all-share index (ASI) closed at 104,181.32 points after losing 336.82 points, or 0.32 percent. In addition, the market capitalization decreased by N191 billion, ending at N58.905 trillion. Price declines of major and medium-capitalized companies, such as those of FBN Holdings (FBNH), Access Holdings, Stanbic IBTC Holdings, NEM Insurance, and Guaranty Trust Holding Company (GTCO), were the primary…
According to the Nigerian Electricity Regulatory Commission (NERC), the newly approved electricity pricing is expected to result in a N1.14 trillion reduction in the fiscal year 2024 subsidy. In a statement released on Wednesday in Abuja, Mr. Musliu Oseni, the Vice Chairman of NERC, made this announcement. To counteract the effects of macroeconomic shifts, Oseni claims, the Federal Government has indicated that it intends to switch to a tailored subsidy scheme. “With the newly approved tariffs, subsidies for the 2024 fiscal year are expected to reduce by about NGN1.14 trillion in furtherance of the Federal Government’s realignment of the subsidy…
The Africa Export-Import Bank (AFREXIMBANK), Woodhall Capital, and Sterling Bank, a division of Sterling Financial Holdings Company PLC, have joined forces to introduce AFREXIMBANK Tradelink, a cutting-edge digital supply chain finance solution. Under the auspices of the Africa Trade Gateway (ATG), the innovation was introduced to give banks on the continent the means to collect market data, link buyers and sellers, and enable local currency transfers among African nations. With its debut, Sterling Bank became Nigeria’s first bank. The cooperation is a distinctive and creative arrangement that makes use of the combined qualities of both organizations to provide Nigerian businesses…
Chams Holding Company Plc reported a profit after tax of N20.2 million in fiscal year 2023, the company’s first profit since 2019. Compared to the N375.2 million loss after taxes reported in 2022, the N20 million posted reflects a 106% improvement. The group reported N9.6 billion in revenue in 2023, up from N5.1 billion in 2022, according to its audited financial statement for 2023, showing a 90% revenue rise. The IT company’s card solution, which brought in N3.6 billion, was its main source of income. Its new membership solution came in second, bringing in N2 billion. Important Points (FY 2023…
The World Bank has expressed satisfaction with Nigeria’s performance in the competition to guarantee the digital identification of its citizens via the Nigeria Identity for National Development (ID4D) initiative. In a report released yesterday, the bank stated that the National Identity Management Commission (NIMC) is making progress and that the country’s current state of affairs in Nigeria is adequate. By June 2024, NIMC is anticipated to have provided 148 million Nigerians with their National Identification Number (NIN) as part of the ID4D initiative. According to the most recent data provided, 104.16 million Nigerian individuals have received NINs from the Identity…
Treasury bills valued at N1.64 trillion were up for auction by the Central Bank of Nigeria (CBN). The higher stop rates offered, according to the Nigerian Treasury Bills (NTBs) on March 27, 2024, drew a lot of attention from investors, which supports the rising trust in Nigeria’s financial instruments. According to the research, there were three different types of NTBs available, with tenors ranging from 91 days to 182 days to 364 days. The allotment date was March 28, 2024, one day after the auction date of March 27, 2024. Among the three categories, 182-day NTBs with an offered sum…
Limits on trade and payment services transactions on the Pan African Payment and Settlement System (PAPSS) have been lifted by the Central Bank of Nigeria (CBN). Payment transfers throughout Africa are made possible by the cross-border financial market infrastructure known as PAPSS. This was revealed by the CBN in a circular that the director of the trade and exchange department, Hassan Mahmud, signed. This came after the CBN’s efforts to increase foreign exchange inflows, especially by facilitating intra-African commerce, and the recent liberalisation of the Nigerian foreign exchange market. The amount of money that can be traded on the PAPSS…
In the fourth quarter of 2023, Nigeria’s Terms of Trade (ToT) for all commodities had a decrease of 0.22 percentage points. A decrease in the TOT shows a higher value of imports relative to exports. TOT measures the value of the nation’s trade with other nations. Comparing the Q4’23 performance to the 0.03 percent achieved in the third quarter, a greater rate of decline is indicated. According to data on terms of trade and commodity price indices from the National Bureau of Statistics (NBS), the ToT has been declining since Q3’22, when it saw a decrease of 0.50 percentage points…
