On Tuesday, the World Bank and the Federal Government, via the Ministry of Solid Minerals Development, reaffirmed their commitment to working together to secure funding and technical assistance for the mining industry’s growth. Shubham Chaudhuri, the Country Director of the World Bank for Nigeria, expressed his satisfaction with the Tinubu administration’s renewed focus on the development of mineral resources during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake. He noted that the sector has the potential to significantly contribute to the country’s GDP due to the preponderance of economically viable minerals. Chaudhuri reaffirmed the bank’s…
Author: Ken Ibenne
The Central Bank of Nigeria (CBN) has decided to suspend processing fees on cash deposits beyond certain levels. Dr. Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), has praised this decision, stating that it will lessen the financial strain on businesses. Almona said that it was a great decision that ought to have favorable effects on big and small enterprises alike. She stated that the policy change will help business owners and the overall economy, particularly at this difficult time when they are fighting to survive. You may remember that, up until last week, processing…
According to estimates made yesterday, the annual cost of corruption and illegal cash flows in Nigeria and other African nations is $88.6 billion. The estimate of capital flight, provided by Lamin Barrow, the director general of the African Development Bank Group (Nigeria), is a significant source of capital flight and revenue drain on the continent, eroding prospects for attaining the Agenda 2063 goals of the African Union and the Sustainable Development Goals (SDGs). Barrow stated that the financial crisis, which is exacerbated by a lack of accountability and transparency, creates a vicious cycle of a fiscal sinkhole in Africa’s public…
The Central Bank of Nigeria (CBN) reversed course yesterday and stopped imposing “penalties” on deposits over N500,000 for individuals and N3 million for corporate entities. This move seems to be a desperate attempt to inject cash into the banking sector, which is in dire need of it. The decision was made in response to a growing anxiety about the banking system’s inadequate cash flow. According to a story by The Guardian, agent bank operators in certain regions of the country are charging as much as 10% for withdrawals, while commercial banks have begun limiting cash availability throughout. Less than a…
During its Annual General Meeting (AGM), the Bank Directors Association of Nigeria (BDAN) reported that its income for 2022 increased by 29.7% over the previous year. The association successfully ended its annual summit in Abuja over the weekend, and it then convened its 26th annual general meeting remotely. “The Association, led by Mustafa Chike-Obi, released its financial account for the year 2022, which concluded on December 31, 2022. In comparison with 2021 activities, the association’s overall income performance grew by 29.7% year over year, and N11.35 million in excess money went towards building the fund,” according to a statement from…
For the week ending on December 8, the FMDQ Spot and Derivatives markets reported a turnover of $557.8 million, which was 6.63 percent ($39.60 million) less than the $597.4 million realized the week before. The week-over-week (WoW) decline in total transactions, as reported by FMDQ Securities Exchange, was caused by a combined 4.6% ($26.81 million) and 67.7% ($12.79 million) decline in spot and futures turnover, respectively. The exchange clarified that no trades were made in the exchange-traded FX Futures or the Cleared Naira-settled Non-deliverable Forwards markets and that the WoW decline in FX derivatives turnover was exclusively caused by the…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) believes it is past time for Nigeria to start on a journey of rebirth and reorientation as a country to address the various difficulties it faces. An efficient reorientation campaign was essential to completing the process, the oil workers stated, noting that the nation was at a crossroads that had put many of its residents through challenges. Festus Osifo, the president of PENGASSAN, made this statement in Port Harcourt during the organization’s National Executive Council (NEC) meeting. He stated that Nigeria has to get rid of corruption, give education…
The application brought by the estate of the late Abubakar Garba Gobir against the Director General of the Securities and Exchange Commission (SEC) for disregarding a court order will be heard by the Investment and Securities Tribunal (IST) on December 15. In a ruling dated January 6, 2023, the tribunal ordered the SEC to uphold its ruling against FINMAL Finance and Services Limited and give the late ambassador’s estate N170,036,405.79 in accrued dividends. The estate approached the tribunal to seek remedy since FINMAL has not complied with the decision, even after being reminded in writing. In an attempt to enforce…
In order to address the nation’s electricity issues, the Nigerian government signed a historic memorandum of understanding (MoU) to begin construction of a gigawatt (GW) solar PV manufacturing facility within the nation. The agreement represents Nigeria’s resolve to improve power efficiency and its commitment to a sustainable and independent future. It was concluded at the current 28th session of the Conference of Parties (COP28) in Dubai, United Arab Emirates. Dr. Lazarus Angbazo, the leader of Infrastructure Corporation (Infracorp), negotiated the deal with two partners, the African Green Infrastructure Investment Bank and Solarge BV of the Netherlands. The agreement is thought…
The trade surplus increased by 47% quarter-over-quarter (QoQ) to N1.89 trillion from N1.28 trillion reported in the second quarter (Q2), marking a slight improvement for Nigeria’s external sector in the third quarter (Q3). Crude accounted for N8.5 trillion, or 82.5 percent, of the nation’s total exports, as was to be expected. The value of non-crude oil exports was N1.8 trillion, or 17.5% of total exports, of which N677.56 billion, or 6.6%, came from non-oil items. Nigeria’s overall merchandise trade was estimated by the National Bureau of Statistics (NBS) to be N18.804 trillion in its quarterly report on international trade in…
First City Monument Bank (FCMB), a member of the FCMB Group Plc dedicated to promoting equitable and sustainable growth, and the Chartered Institute of Bankers of Nigeria (CIBN) jointly acknowledged and honored Ngozi Kekwaaru and Auwalu Alkasim, two honorable Nigerians, for their honesty. At the 58th Annual Bankers’ Dinner and Grand Finale of its 60th Anniversary festivities, held in Lagos, CIBN presented the Outstanding Integrity Award to Kekwaaru, a member of the staff of the Eko Hotel and Suites, and Mallam Alkasim, a tricycle driver in Kano. While Alkasim was awarded for returning N15 million that a passenger in his…
TERRA: In advertising, being unique in a sea of creative talent is something that many aspire to, but only the very best can achieve. The journey to win the most prestigious Grand Prix Award and the Best Campaign of the Year 2023 at the LAIF Awards and ADVAN African Awards, respectively, across all brands and categories in Nigeria was not only a triumph for Terra Cube, the new kid on the block in the seasoning cubes market but also a testament to its unwavering dedication to redefining excellence. About a year ago, Terra Cube embarked on its marketing adventure with…
In an attempt to combat the nation’s growing food insecurity and poverty, the federal government said that it plans to produce 31 million metric tonnes (MT) of grains by 2024. Dr. Aliyu Sabi Abdullahi, the Minister of State for Agriculture and Food Security, clarified that Nigeria needs 312,555.69MT of seed for its five main crops—rice, maize, wheat, soybeans, and sorghum—for around 31 million MT of grains to be produced in the upcoming year. At the sixth Seed Connect Conference and Exhibition, with the theme “Global Declaration of Food Emergency – The Role of the Seed Industry and Ensuring Africa’s Food…
Dr. Chinyere Almona, the director-general of the Lagos Chamber of Commerce and Industry (LCCI), has pushed the federal government to urgently enhance its budget performance for capital expenditure in 2024. Speaking in Lagos, Almona stated that the nation’s infrastructure sector faces grave consequences due to the capital expenditures’ poor performance in comparison to recurring expenditures. The DG called the state of affairs and stated that immediate action is required. She continued by saying that the planned N27.5 trillion ($33.4 billion) budget for 2024 is the largest in the history of the nation and represents a 21.4% increase over the N22.65…
The Economic Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) should work together to track and report local and international financial transactions involving corporations, multinational corporations, and high-net-worth individuals. The call was placed yesterday as FIRS Chairman Zacch Adedeji was visiting Ola Olukoyede, the Executive Chairman of the anti-graft agency, at his Abuja office. Socioeconomic activities “are speedily transcending from bricks-and-mortar to a digital and knowledge-driven economy,” according to Adedeji, who stressed the importance of the relationship. The chairman claims that in order to monitor financial activities, FIRS makes use of data, information, and intelligence from unaffiliated…
In bilateral talks with ministers and representatives from the Kingdom of Saudi Arabia, Bangladesh, Brazil, and Jamaica, Adegboyega Oyetola, the Minister of Marine and Blue Economy, expressed Nigeria’s interest in learning from these countries about how to establish coast guards to protect the nation’s waterways and maritime space. According to a release, Oyetola also had bilateral discussions with officials from Greece, Qatar, and Mexico while in London, United Kingdom for the 33rd General Assembly session of the International Maritime Organization (IMO). In the meeting with Adm José Augusto V. da Cunha de Menezes, the Brazilian Chief of the Navy’s General…
According to the most recent Sustainable Banking Report 2023, by 2030, retail investor money of $94 billion might be committed to climate initiatives in Nigeria. The study, which highlights the ability of individuals to fight climate change, is based on investor interest from a survey of 1,800 respondents in ten growing markets across Asia, Africa, and the Middle East. It finds a $3.4 trillion global potential for climate investment. According to the report, $60 billion might go towards mitigation themes like energy storage, renewable energy, and energy efficiency, which are expected to draw the greatest investments, while $34 billion could…
The Federal Government emphasized that power engineers would now be subject to new laws as it expressed worries yesterday in Abuja about the growing quack culture in the electrical industry. Remember that as of 2021, 636 fire incidents nationwide were reported to have been caused by electrical discharge, while 447 cases were attributed to electrical equipment. The Federal Fire Service had previously determined that electrical sparks were the primary cause of fire incidents nationwide. In a similar report, the Nigerian Electricity Regulatory Commission (NERC) stated that between January 2020 and September 2021, at least 156 Nigerians lost their lives and…
Nigerian bankers are seeking a special commercial court to deal with backlogs of financial-related cases amidst worries over the rising losses to cybercrimes. A backlog of financial cases and knowledge gaps in the judiciary are raising concerns as the growing challenges may truncate the projected growth of the industry in Nigeria if urgent actions are not taken, bankers said yesterday in Abuja. They also expressed readiness to recapitalize in line with the expectations of the Central Bank of Nigeria (CBN) amidst the depreciation of naira. Speaking at an event hosted by the National Judicial Institute (NJI) and the Chartered Institute…
The KFW Development Bank has contributed €25 million to the development of micro, small, and medium-sized enterprises (MSMEs) and the renewable energy sector in Nigeria through the Development Bank of Nigeria (DBN) Plc as part of its efforts to revive the country’s flagging economy. Tony Okpanachi, the managing director and CEO of DBN, commented on the events at the DBN office in Lagos, stating that KFW has consistently supported Nigeria’s economy in a number of areas and expressed a desire to see MSMEs and the energy sector recover. He declared: “We recently inked an arrangement for a €25 million credit…
In Nigeria’s insurance sector, Heirs Insurance Group, an underwriting company, has launched its first loyalty program. Customers may take advantage of amazing discounts from a broad range of retail partners across the country with this program, which promises benefits beyond insurance. Customers who showed their loyalty card at partner sites would receive up to 50% off items or services, according to the insurance company. Transcorp Hilton Hotels, I-fitness Gyms, 3AL Automobile Garage, Oriki Spa, Roving Heights Bookstore, and Figo Digital Business Cards are some of the current partners in the Heirs Insurance Rewards program. Ifesinachi Okpagu, Chief Marketing Officer at…
The Federal Government of Nigeria intends to establish the Council for Small and Medium Scale Enterprises in Nigeria (SMEs) in order to assist the country’s more than 40 million small enterprises. The Senior Special Assistant to the Vice President of Job Creations and SMEs, Tola Adekunle-Johnson, made this announcement Wednesday in Abuja during the graduation of 5,300 SMBs from Google’s Hustle Academy. With 4,400 participants from Nigeria and over 10,300 entrepreneurs having participated since the program’s launch in 2022, this graduation signified the program’s ongoing influence. With a focus on the unique obstacles faced by small and medium-sized enterprises (SMBs)…
In the past year, there has been a 25.18 percent increase in the price of kerosene and a 1.7% increase in the price of cooking gas. In its October 2023 report on household kerosene and cooking gas, the National Bureau of Statistics (NBS) reports that the average retail price per liter of household kerosene (HHK) paid by consumers in October 2023 increased from N1,041.05 in October 2022 to N1,303.16, indicating a year-over-year increase of 25.18 percent. On a month-over-month basis, nevertheless, the gain from N1,299.03 in September increased by 0.32 percent. The average retail price of refueling a 5 kg…
On November 30, the largest Container-RORO (CONRO) ship—the first to visit West Africa—is scheduled to arrive at Nigeria’s multifunctional roll-on-roll-off (RORO) terminal, the Port Terminal Multifunctional Limited (PTML), in Lagos. The MV Great Lagos, a new, ultramodern gigantic Container-RORO ship owned by the Grimaldi Group, is a 250-meter-long, 38-meter-broad, and over 45,000-ton megastructure that is a marvel of contemporary engineering and environmental concern. Launched in April of this year, the ship has a rolling freight capacity of 4.7 kilometers, 2,500 car equivalent units (CEUs), and 2,000 twenty-foot equivalent units (TEUs). The Grimaldi Group recently inaugurated the second ship in the G5-class,…
The African Energy Chamber (AEC) predicts a sharp decline in the output of crude oil on the continent in 2024, which might provide a significant economic challenge for Nigeria and other African nations that produce gas and oil. The N26.01 trillion 2024 budget is based on oil production of 1.7 million barrels, notwithstanding Nigeria’s economic struggles brought on by poor oil production, theft, vandalism, and an unreliable operating environment. In October, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said that as of September 2023, the country’s oil production had reached 1,346,562 barrels per day (bpd). According to the AEC’s “State…
Insurance industry experts have emphasized that critical illness insurance is a must for Nigerians to protect their health in the nation. The Coronation Life Assurance Limited organized a webinar session for industry experts with the theme *safeguarding your health: the importance of critical illness insurance.” Wole Famurewa, the anchor for CNBC Africa, served as moderator. The experts contended that by educating the general public about health insurance, millions of Nigerians may break free from the bonds of debt and dependency, leading to a significant improvement in the nation’s overall health. Abdul-Rasheed Akolade, Assistant Director of Underwriting and Marketing at Africa…
By volume, the financial services sector led last week’s transactions at the Nigerian Exchange Limited (NGX). With 1.2 billion shares valued at N11.5 billion in 12,775 deals, it dominated the activity chart and accounted for 59.4% of the overall stock turnover volume. The services sector came in second with a turnover of 131.2 million shares worth N539.7 million in 2,263 trades, followed by the oil and gas sector with 328.7 million shares worth N3.2 billion in 4,713 deals. Relative to volume, trading in the top three stocks—Japaul Gold and Venture Plc, Fidelity Bank Plc, and Jaiz Bank Plc—accounted for 488.1…
The unstructured supplementary service data (USSD) may soon be shut down, according to telecom operators who revealed that deposit money banks’ (DMBs’) debts have reached N200 billion. Telecom providers stressed that although there have been negotiations, significant steps have been taken, primarily by the banks and that no significant settlement has been achieved on the problem. Bank customers who conduct mobile transactions, such as fund transfers using shortcodes, checking account balances and bank details, and other activities that can even be completed without data or Internet connections, will no longer be able to do so due to the shutdown of…
Given its growth trajectory over the past seven years, Edo State has the potential to overtake the United States as the world’s largest economy, according to the governor of Edo State, Godwin Obaseki, the chairman of the board of trustees of Alaghodaro Economic Summit Ltd./Gte, Dr. Asue Ighodalo, the chairman and chief executive officer of the Dangote Group, Aliko Dangote, and other attendees of the 2023 Alaghodaro Investment Summit. They pointed out that the state has experienced an economic boom of more than 140%, rising from $10.6 billion to $25.8 billion, thanks to the administration of Godwin Obaseki’s gradual changes…
The Paint Manufacturers Association of Nigeria (PMA) has voiced worry about the actions of paint adulterators and fakers in the paint business, claiming that the problem is causing its members to lose money on a regular basis as a result of the unethical behavior of unscrupulous persons. The Chairman of the PMA, Ambolu Babatunde, stated at the PMA’s 2023 annual meeting in Lagos, titled “Post fuel subsidy removal-Survival strategies for paints manufacturers,” that faking and adulteration of premium brands are major challenges in the paint industry, and that the challenge has defied some proposed solutions. He bemoaned that the reputation…
