Laurent Favier, the consul general of France in Lagos, has stated that he is committed to strengthening France’s trade and economic ties with Nigeria. Favier made this revelation at the third CEO luncheon series, which was held in Lagos and was sponsored by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) and KPMG. He said that he was given the authority to implement strict programs and initiatives that harmonize bilateral relations because of his experience as a career diplomat and as head of division at the directorate of economic diplomacy in Paris, France. “Between France and Nigeria, we are not…
Author: Kings Nwachukwu
Stakeholders at the recently finished national conference on debt and development emphasised the need of bringing debt to a sustainable level in order to achieve relief amidst the mounting weight of debt. They maintained that as debt continues to be a tool used by wealthy, developed nations to subjugate developing nations, Nigeria and other African nations must have their debts cancelled. The conference’s organiser, David Ugolor, the Executive Director of the African Network for Economic and Environment Justice (ANEEJ), expressed concern about the country’s current debt, which is estimated to be worth N87.38 trillion as of March 2023, and the…
To increase its effectiveness, the Nigeria Deposit Insurance Corporation (NDIC) has obtained three ISO certifications. This was revealed in a statement released by the Corporation’s Director of Communication and Public Affairs, Bashir Nuhu, yesterday He claimed that the MSECB, a well-known worldwide supplier of audit and certification services, has awarded the three certifications. “The three ISO certifications are Information Security Management System ISO/IEC 27001:2013 (on how organizations manage and protect their information assets so that they remain safe and secure); IT Service Management System ISO/IEC 20000-1:2011 (on how to ensure effective and resilient services in today’s changing service delivery…
Union Bank of Nigeria, a financial services provider, has published its Sustainability and Innovation (CSI) report, which details the bank’s activities in three key areas: Citizenship, Sustainability, and Innovation. The report’s seventh edition, titled ‘Driving Inclusive Growth; Impacting Lives, Enabling Success,’ presents a comprehensive picture of Union Bank’s continuous commitment to promoting a sustainable future. It documents the bank’s commitment to implementing responsible business practices and making a positive difference in the lives of individuals and communities, and it provides an in-depth examination of the bank’s activities for the fiscal year in review, shedding light on its strategies, performance, and…
As the Federal Government, through the Ministry of Communications, Innovation and Digital Economy, disclosed plans to create an appropriate regulatory environment and improve digital infrastructure that would enable fintech to access funds, especially from angel investors, efforts to draw fintechs to the stock market and capitalize on their fundraising prowess to boost liquidity may have made some headway. Additionally, the government stated that it will work with the NGX to provide customized listing alternatives for startups via the exchange technology board, as well as to promote the export of tech-related goods and services. Speaking at a tech event over the…
In August 2023, the Foreign Exchange (forex) derivatives market segment saw a total turnover of $1.49 billion (₦1.14 trillion), indicating a fall of 57.76 percent ($0.79 billion) month over month from the July 2023 number. The MoM decline in FX derivatives turnover was caused by a decline in transactions of 13.38% ($0.21 billion) and 62.05 percent ($0.17 billion) in FX Swaps and FX Forwards, respectively, as well as a persistent lack of activity in the FX Futures market, according to the August FMDQ Securities Exchange Financial Market Report. In the near month contract1 (NGUS AUG) of the OTC FX Futures…
In order to provide unmatched value to its stakeholders and expanding customer base, Parallex Bank has entered the market with disruptive technologies and cutting-edge goods. This was announced by Olufemi Bakare, the bank’s managing director, at the formal opening of its new branch in Marina, Lagos state. He claimed that Parallex Bank’s implementation of solution-driven banking apps has made it possible for the company to provide unique, creative offerings, quick customer service, and first-rate response times. According to Bakare, the bank’s guiding principle is to work with partners who will go above and beyond what typical bank customers and relationship…
According to the Nigeria Deposit Insurance Corporation (NDIC), arrangements have been made to pay the first liquidation dividend to Peak Merchant Bank depositors and former employees (deposits). According to a statement made yesterday and signed by Bashir Nuhu, the NDIC’s director of communication and public affairs, the verification effort will allow depositors of the closed bank to cross-check and determine the details of their accounts as well as any outstanding amounts. He urged eligible stakeholders of the closed bank to visit any NDIC offices or the NDIC website at www.ndic.gov.ng to verify their claims beginning on September 18 and continuing…
The Nigerian Union of Pensioners Contributory Pension Scheme (NUPCPS) has urged the federal government to promote the social welfare of retirees and workers in order to foster economic growth. This was the group’s presentation at the eighth annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, with the theme “Role of Insurance and Pension in Building Sustainable Economic Growth Under the New Government.” Bisan John, Secretary of the Union, stated that the government’s pension arrangement in the country is much below standard, as pensioners from public service are unable to meet their commitments. According…
The market capitalization increased by N339 billion as a result of yesterday’s higher company performance, as investors continue to shift their portfolios toward dividend-paying stocks in preparation for the 2023 half-year earning season. The all-share index (ASI) increased by 618.68 points, or 0.93 percent, to settle at 67,378.88 points yesterday as trading came to an end. Market capitalization consequently increased by N339 billion to settle at N36.877 trillion. Gains in equities with medium and large market capitalization, including Dangote Sugar Refinery, NASCON Allied Industries, Transcorp Hotels, Nigerian Aviation Handling Company (NAHCO), and Guaranty Trust Holding Company (GTCO), had an impact…
The Eritrean government has vowed to receive assistance from the African Development Bank (AfDB) in growing its blue economy, industrial processing zones, financial markets, agricultural, and energy sectors. During a recent visit to President Isaias Afwerki of Eritrea, Dr. Akinwumi Adesina, President of the African Development Bank, made this statement. Adesina expressed his admiration for the nation’s sense of direction, commitment, resolve to advance, nationalism, patriotism, independence, and self-sufficiency as well as its abilities, skills, and ingenuity. He said that the bank will make sure that the nation benefited from the blue economy, particularly through aquaculture, marine resources, and the…
Nigeria had 5.47 million metered electricity consumers in the second quarter of 2023, up 10.4% from the 4.96 million reported in the second quarter of 2022. Only 3.1% more people were added from the 5.31 million registered in the previous quarter on a quarter-over-quarter basis. Pre-paid meter prices were recently approved for an increase by the Nigerian Electricity Regulatory Commission (NERC), and the change took effect on September 6, 2023. Stakeholders have criticized the higher rates on the grounds that they would deter consumers from buying meters. A single-phase meter would now cost N81,975.16 kobo, as opposed to the former…
For the week ending September 8, 2023, FMDQ Securities Exchange reported a total turnover in its foreign exchange (FX) spot and derivatives markets sector of $445.58 million. The amount is down $105 million (19.2%) from the $551.48 million recorded for the week ending September 1, 2023. The exchange reports that despite a 15.28 percent ($0.11 million) gain in FX derivatives turnover, the week-over-week (WoW) decline in overall turnover was driven by a decline of 19.25 percent ($106.01 million) in FX spot turnover. While there was a persistent dearth of activity in both the Exchange Traded FX Futures and Naira-Settled OTC…
The Central Bank of Nigeria (CBN) intervened to break the standoff between telecom operators and deposit money banks (DMBs) over the accumulated N120 billion in unstructured supplementary service data (USSD) debt, according to the Nigerian Communications Commission (NCC). Prof. Umar Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), revealed this yesterday in Lagos and claimed that the situation had been fairly settled. He emphasized that the USSD was crucial in closing the gap in the country and that financial inclusion has already reached 70% with the aid of the telecoms sector. At the Telecom Executives and Regulators Forum…
All businesses must adhere to the legislation regulating the remittance of employees’ pension contributions to retirement savings accounts (RSAs) by December 31, 2023, or risk penalties, according to the National Pension Commission (PenCom). The panel also stated that fines for employers who don’t make employee pension contributions will be double. “Section 11 (six) of the Pension Act 2014 states that any employer who fails to remit the contributions within the time prescribed shall, in addition to making the remittance already due, be liable to a penalty to be stipulated by the commission,” PenCom said in a notice. The amount of…
Even though President Muhammadu Buhari’s previous administration had approved the International Cargo Tracking Note (CTN), it is yet to be put into practice. The implementation of the contentious CTN for all ports nationwide was approved by the Federal Executive Council in February 2023. Through its operations, the CTN is expected to plug revenue leaks and produce between $90 million and $235 million in revenue annually for the government. The CTN, which was created to increase cargo security and transparency, is a crucial document in international shipping and trade. Additionally, it mandates that prior to shipment, authorities be informed in detail…
The proposed Standard Transfer Specification (STS) prepaid meter upgrade using Token Identifier (TID) has caused some concern, but Aliyu Tukur Tahir, the managing director/chief executive officer of the Nigerian Electricity Management Services Agency (NEMSA) and the chief electrical inspector of the Federation, allayed that concern yesterday. NEMSA, according to Tahir, would make sure that all electricity meters and other equipment used by the Nigerian Electricity Supply Industry (NESI) are of the proper standard, specification, safety, and quality to precisely measure and record the electrical energy used. In a statement issued by Tahir and signed by Ama Umoren, Head Communication and…
Moniepoint Microfinance Bank said that financial inclusion is a promise to help communities, grow companies, and make Nigerians better off. The bank also disclosed that it had expanded its services into the personal banking sector in order to meet the Central Bank of Nigeria’s (CBN) target of achieving 95% financial inclusion by 2024. The bank’s acting managing director, Babatunde Olofin, said the bank’s enlarged participation in the financial inclusion campaign is an opportunity to fuel the financial happiness of millions of people throughout the continent during a recent discussion on financial inclusion in Lagos. He claimed that while intending to…
Voice and video calls will soon be available for X (previously Twitter) users on the microblogging network. Elon Musk, the owner of X, who made the announcement yesterday, claimed that the capabilities will put X directly in competition with social media applications like WhatsApp, Telegram, and others that provide the same services. Users of X wouldn’t require phone numbers to place calls, according to Musk. He said the capabilities would be compatible with iOS, Android, Mac, and PC operating systems, enabling users to make calls on both their laptops and mobile devices. Musk stated on X that: “Video & audio…
Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), has promised to make efforts to bring investments into the gas sector in order to maximize its potential for fostering national growth. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), and he made this statement during the first meeting with ministry personnel in Abuja. He stated that his goal is to increase gas supplies to thermal plants so that the nation’s consumers can produce more energy. He emphasized that Nigeria has the lowest gas use among the top 20 gas-producing countries in the world, necessitating additional investment in the…
Leading rating agency Agusto & Co said that the banking sector’s loan book climbed by 27% in the 2022 fiscal year, a feat made possible by greater activity at the differentiated cash reserve requirement (D-CRR) window, a larger deposit base, and the depreciation of the naira. The agency said in its 2023 assessment on the Nigerian banking sector that despite regulatory challenges that limited its performance during the previous three years, the sector has persevered. The agency claims that the banks have supported this expansion with extra investments in capital raising and credit risk management. The agency identified the adoption…
Mustafa Chike-Obi, chairman of Fidelity Bank Plc and the Bank Directors Association of Nigeria (BDAN), has counseled bankers to support the current administration in attaining its goals and objectives in order to create a better Nigeria. In order to make their jobs easier, Chike-Obi also urged bankers to use financial technologies such as artificial intelligence (AI) while keeping up with technological advancements. This was said by him over the weekend in Lagos at the Chartered Institute of Bankers of Nigeria (CIBN)’s induction event for 1,212 new members. Chike-Obi, a virtual speaker, said: “We have seen dramatic change in our economy…
The latest report by the Nigerian Exchange Limited (NGX) revealed that the total value of transactions executed by domestic investors outperformed those of foreigners with an 88 percent share of the turnover, indicating that macroeconomic challenges have continued to negatively affect foreign investors’ appetite for equities. The total domestic transactions in July reached N662.4 billion, up 83.5% from the N361 billion registered in June 2023, according to the Domestic and Foreign Portfolio Investment report issued by the NGX. However, overall foreign transactions somewhat declined from N45.74 billion (or $60.49 million) to N40.54 billion (or $52.58 million), a fall of 11.4%.…
Concerns exist over the procurement of ships, the upgrading of Certificates of Competence (CoC), and the introduction of decarbonization in the marine sector in order to involve Nigerian seamen in international trade. When the management of NLNG Shipping and Marine Services Limited (NSML) invited maritime media to Lagos yesterday, these were the topics of conversation. Although the company is supervising the construction of a new LPG vessel for a company in South Korea, Abdulkadir Ahmed, the Managing Director of the NLNG Shipping and Marine Services Limited (NSML), said managing the vessel after it is finished will provide opportunities to engage…
The Nigerian Communications Commission (NCC) said that the restriction on the importation of whole-body subscriber identification module (SIM) cards is one of the primary accomplishments of some of the policies it introduced, particularly with regard to the promotion of local content. According to NCC, the prohibition has not only reduced the need for foreign money (FX) by the sector but has also given Nigerian SIM card manufacturers a local opportunity worth over N55 billion, creating both direct and indirect employment opportunities. Prof. Umar Danbatta, the Executive Vice Chairman of the NCC, made this announcement yesterday in Lagos at the ongoing…
Startups will get $350,000 as part of Google’s Ai First Accelerator Programme Google has completed plans to assist companies in Nigeria and other African nations in using technology to address regional issues. The American company detailed the initiative through its Google for Startups Accelerator Programme: AI First, aiming to encourage African startups trying to apply artificial intelligence (AI) to solve problems, particularly those surrounding them. Participants will gain access to Google’s AI know-how, technical resources, including up to $350,000 in Google Cloud Credits, mentorship from seasoned AI professionals, and priceless networking opportunities, the tech giant claims. According to Google, the…
In order to help businesses, notably small and medium-sized firms, finance their advertising campaigns, Mastercard, a global leader in digital payment solutions, has teamed up with Dochase Adx, a top digital advertising platform. For its data-driven approach to performance marketing, data analytics, and business growth, the Dochase advertising platform is well-known. Businesses can enjoy a 5% discount and custom advertising options made to target their audience by integrating Mastercard’s Business Card financing, according to a release. According to the statement, this relationship is a waypoint for extending market reach, sparking conversations, fostering consumer loyalty, and improving returns on investment. Brands…
A memorandum of understanding (MoU) has been signed by the Plateau State Government and ValueJet Airline to conduct frequent flights between Jos and Abuja. The arrangement, according to The Guardian, aims to maintain flight operations on the route and maintain the viability of the Jos-Abuja route. Recall that ValueJet had its first flight on October 10, 2022, and that flight service to Jos, Plateau State, started in February 2023. The MoU was signed at ValueJet’s corporate headquarters in Lagos. Capt. Omololu Majekodunmi, the managing director of ValuJet, signed on behalf of the airline, while Jatau Davou Gyang, the commissioner of…
The Chartered Institute of Stockbrokers, the Association of Securities Dealing Houses of Nigeria (ASHON), and the Nigerian Exchange Limited (NGX) have all expressed a willingness to work with the Federal Government via the Ministry of Finance Incorporated (MOFI) to facilitate market development and listings. Temi Popoola, the Chief Executive Officer of the NGX, praised MOFI for its role as the custodian of government investments and assets at the Closing Gong Ceremony held in honor of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos. She emphasized that NGX was eager to collaborate with the ministry to…
With the First City Monument Bank (FCMB) Energy Finance Loan, Nigerian homeowners and small business companies (SMEs) can now borrow up to N10 million to buy solar panels, batteries, inverters, and other green energy equipment. The loan is intended to support renewable energy use in homes and small enterprises like hospitals, schools, restaurants, bars, shops, hotels, and fashion establishments. The Managing Director of FCMB, Mrs. Yemisi Edun, commented on the energy loan product, calling it “another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”…
