The credit enhancement of Hotspot Network Limited’s debt issue has been announced by InfraCredit, a AAA-rated specialized infrastructure credit guarantee organization. This would allow the business to build, deploy, and commission 120 solar-powered rural telecoms base stations throughout 22 states in Nigeria. The credit enhancement is part of the second transaction under the Facility, the £10 million Climate Finance Blending Facility (Climate Facility), which is sponsored by the Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom. The organization said in a statement that the seven-year fixed-rate local currency debt issue deal is the first blended local currency loan…
Author: Kings Nwachukwu
The Nigerian Ports Authority NPA reported that in the first half of this year, it facilitated 3.5 million metric tonnes of export trade through the seaports notwithstanding the worldwide market’s decline of Nigeria’s agricultural exports. The National Agency for Food Drug Administration and Control (NAFDAC) has issued a warning that over 70% of Nigeria’s agricultural items exported outside of the country face decline, leading to substantial financial losses for exporters and the economy. This news comes at the same time as that warning. According to the agency, bottlenecks encountered by trucks transporting export containers from the warehouses to the ports,…
The Nigeria Civil Aviation Authority and the International Civil Aviation Organization (ICAO) have signed the Civil Aviation Masterplan (CAMP) to open up prospects in the aviation sector. During a visit to ICAO in Montreal, Canada, Captain Musa Nuhu, Director General of Civil Aviation Nigeria, and Juan Carlos Salazar, Secretary General of ICAO, signed the agreement with the assurance that the masterplan would open doors for the Nigerian aviation sector. This is a crucial step in repositioning the country’s aviation industry to realize its full potential and significantly contribute to the economic growth and development of the country, according to Nuhu.…
As of the end of the 2022 fiscal year, an underwriting company, Prestige Assurance Plc, reported a gross premium written (GPW) of N12.4 billion, up 34% from the N9.27 billion recorded in 2021. Funmi Oyetunji, the company’s chairman, said the underwriter has shown resiliency by boosting the top line despite the difficult financial environment while speaking at the company’s annual general meeting. Oyetunji added that the net premium earned during the reviewed period was N5.4 billion, an increase of 18% from N4.59 billion in 2021. “Shareholders should be assured that top-line growth, as well as margin progression, remains a priority…
The Lagos Chapter of the Association of Certified Fraud Examiners (ACFE) has raised concern about the rise of digital fraud in Nigeria and lamented its negative consequences on socioeconomic development. At the association’s sixth anti-fraud conference and investiture ceremony, Don Ogbonnaya, president of ACFE, sounded the alarm about how the illicit activity is draining the nation dry. While urging the government to stop the problem in its tracks, he claimed that solving it would require a coordinated effort from important parties. He urged anti-fraud workers to always be vigilant and aggressive, arguing that in order to outwit the dynamism of…
The onshore joint venture run by Shell Petroleum Development Company of Nigeria (SPDC) has been recognized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as the industry leader in the implementation of chapter three of the Petroleum Industry Act (PIA), which deals with host community development. This information was made public by NUPRC in Abuja during the selection of fund administrators for the host community trust funds. According to Olatokunbo Karimu, assistant director of the NUPRC’s host communities division, of the 61 fully established host community development trusts (HCDTs) in the sector, SPDC and its joint venture partners have 23,…
United States’ Queens Borough and the Lagos State Government have teamed together to promote cross-border technical advancements, give Nigerian businesses access to capital, and promote entrepreneurial and economic growth between the two cities. The alliance is a learning-exchange partnership with the goal of fostering cooperation, highlighting common interests, and laying the groundwork for successful future joint initiatives that will have a long-lasting effect on the innovation ecosystems in Lagos and Queens Borough. Donovan Richards, the president of Queens Borough, New York, stated that only 12% of the tech positions in the United States are held by people of color during…
The Debt Management Office (DMO) praised President Bola Ahmed Tinubu for his bravery in ending the contentious fuel subsidy, calling the program a waste of the nation’s resources. At a one-day technical roundtable on the economic strategy for President Bola Ahmed Tinubu’s administration, organized by ActionAid Nigeria, Director-General of DMO Patience Oniha made the commendation. She claimed that removing subsidies and unifying the currency will greatly improve the economy, notwithstanding some difficulties in implementation. Oniha stated: “It is essential to recognise that the situation of the economy needed critical and urgent attention to avoid a deterioration in major economic and…
A new service called “Spectranet Jara” has been introduced by Spectranet in an effort to reward users and increase customer loyalty. With the introduction of Spectranet Jara, all data recharges made through all of Spectranet’s channels for renewal, including their Self Care Portal, mobile apps, Exclusive shops, and Authorized Dealer locations, are now qualified to collect loyalty points of up to 10% of the recharge’s overall value. Maneesh Kulshrestha, the chief executive officer, described the JARA initiative’s operating model and revealed that regardless of the plan chosen, customers would be able to earn loyalty points worth up to 10% of…
Yesterday, contract employees requested salary hikes and threatened to strike, disrupting Polaris Bank’s business operations. The drama began when the bank made the decision to give full-time employees a significant wage raise of 100% owing to inflation and rising gasoline prices, which caused unrest and agitation among its contract workforce. On Tuesday, the drama went viral across social media platforms. The contract employees complained in the film about being ignored and the obvious pay inequality as well as the dearth of career advancement chances within the company. They contended that even if they carried out the same responsibilities as their…
In accordance with the 2010 Guidelines for Oil and Gas Insurance Business, the National Insurance Commission (NAICOM) has stated its commitment to fostering an environment where insurers can expand their financial capacity to be able to underwrite large risks. At the Oriental News Summit in Lagos, which had as its theme “Building Local Content Synergy Between the Oil and Gas and the Insurance Sector in Nigeria,” the Commissioner for Insurance, Sunday Thomas, made this statement. In accordance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, it urged the nation’s oil and…
In its half-year (H1) result, First Bank of Nigeria Limited, the commercial banking division of FBN Holdings Plc, reported a profit before tax (PBT) of 188.8 billion, an increase of 214.6 percent year over year (Y/Y). It posted N60 billion over the comparable quarter of last year. According to the figures submitted to the stock exchange yesterday, its gross earnings increased by 82.4% to $607.7 billion from the $333.2 billion reported in the comparable period the previous year. Its non-interest income was $229 billion, up 112% from the H1 2017 total of $108.1 billion. Net interest income increased by 52.1%…
Dele Kelvin Oye, national president of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has urged greater public-private sector cooperation to support the nation’s free trade zones and advance economic growth and development. The head of NACCIMA spoke outside the urgent meeting on the activities of free trade zones, which was hosted by the Nigeria Economic Zones Association (NEZA) in coordination with the Nigeria Export Processing Zones Authority (NEPZA) and the Oil and Gas Free Zones Authority (OGFZA). Oye praised the initiative and stated that the meeting would be a great forum for addressing the urgent…
CBN And CBE Establish Nigeria-Egypt Fintech Bridge A memorandum of understanding (MOU) was signed by the central banks of Egypt and Nigeria in order to create a fintech bridge between the two countries. Dr. Isa AbdulMumin, the apex bank’s director of corporate communications, said as much in a statement, adding that the signing took place during the Seamless North Africa 2023 Conference, which was hosted at the Egypt International Exhibition Centre in Cairo. This follows a number of interactions on payment system, financial technology, and financial inclusion in Africa issues. Aishah Ahmad, the CBN’s Deputy Governor for Financial System Stability,…
Dr. Oluwatoyin Madein, the Accountant-General of the Federation, has given IPPIS service providers the job of attempting to permanently fix the bugs and difficulties with the payroll platform. She delivered the reprimand during a gathering with IPPIS service providers over the weekend in Abuja. Engagements with IPPIS service providers and other stakeholders were started by the Office of the Accountant General of the Federation (OAGF) as part of initiatives to develop long-term solutions to problems and challenges in the IPPIS’s operations. Madein stressed that it is crucial to embed efficiency in the payroll system’s operations in order to justify the…
The Nigerian Actuarial Society Discount Rate Committee (NAS-DRC) was established by the National Insurance Commission (NAICOM) to solve some of the industry’s difficulties and advance international accounting standards. The committee will also see to it that the international financial reporting standards (IFRS-17) are swiftly implemented in insurance contracts. The NAS-DRC was established to enable the establishment of standardised discount rate factors for use by the insurance industry and other stakeholders in the financial services sector, according to Sunday Thomas, Commissioner for Insurance, who spoke during the inauguration last weekend in Abuja. He claimed that doing this will benefit underwriting companies…
Guidelines for the conduct of promotional activities, particularly by Mobile Network Operators (MNOs) in the industry, have been released by the Nigerian Communications Commission (NCC). The Nigerian Communications Commission (NCC) stated that the Guidelines were developed to define minimum rules and standards for promotional marketing by licensed communications operators in Nigeria, citing the authority granted to it by Section 70 of the Nigerian Communications Act, 2003, to regulate this. NCC defines “Advertisement” as any message, expressed in any language and delivered through any medium, the content of which is under the direct or indirect control of the advertiser with the…
There are signs that 8.9 million of the 12 million automobiles on Nigerian roads are being driven across the nation with bogus insurance policies. The Guardian’s research revealed that just roughly 3,013,205 Third Party Motor policies are currently in effect, leaving 8,986,795 million drivers in the nation who are driving with forged, expired, or non-insurance documents. Stakeholders in the insurance business have continued to express serious worry about this trend. Commercial vehicles were charged N7,500 for Third Party Motor Insurance in 2022, whilst the price for private saloons and SUVs was fixed at N5,000. The Guardian investigations then discovered that…
Insurance operators in the nation have stated their readiness for the full adoption of the new reporting standard in the nation as underwriting organizations around the world get ready to transition from International Finance Reporting Standard (IFRS) 4 to IFRS17 by the implementation date of 2024. The International Accounting Standards Board (IASB) produced IFRS 17 (formerly known as IFRS 4 Phase II), an International Financial Reporting Standard that introduces new guidelines for disclosing profit emergence from insurance contracts and is initially slated to go into effect on January 1, 2023. Raphael Akomolede from Leadway’s Finance Department discussed the new IFRS…
The Nigerian Exchange Limited (NGX) has stated its desire to collaborate closely with the Nigerian Bar Association Section on Business Law (NBA-SBL) in order to improve the marketplace for stakeholders and strengthen corporate governance practices among listed companies. The NBA-SBL delegation was welcomed by the CEO of NGX, Jude Chiemeka, at the “Bell Ringing Ceremony” to announce the 17th edition of the International yearly Business Law conference and exhibition, scheduled for July 5–7, 2023. Jude Chiemeka praised the group for its activities, which have had a positive impact on the Nigerian capital market. In order to maintain investors’ faith in…
After several weeks of upswing, The Nigerian Exchange Limited (NGX) stopped and closed on a negative note yesterday as profit-taking in Total, Presco, and 31 other stocks reduced market capitalization by N672 billion. The market value of publicly traded stocks fell by N672 billion, or 1.99%, to N33.059 trillion from N33.731 trillion recorded the day before. The All Share Index likewise declined, falling from 61949.24 points traded the day before to 60715.04 points, a loss of 1234.20 basis points. While 44 stocks made up the losers chart on the price movement chart, 33 stocks saw their prices rise. Eterna Plc…
Owners of Micro, Small, and Medium-Sized Enterprises (MSME) in Nigeria have been urged to use cloud services to boost productivity, adaptability, and innovation. This was the viewpoint expressed by IT professionals at the webinar series hosted by Rack Centre with the subject “Promoting Cloud Neutrality: Cloud Adoption as a Cost-Effective and Efficient Direction for MSMEs.” MSMEs are estimated to number 41 million in Nigeria, according to SMEDAN, the Small and Medium Enterprises Development Agency of Nigeria. Indeed, the conversation about cloud adoption by businesses in Nigeria has become vital given the revolution being experienced in the digital realm, according to…
Dr. Muda Yusuf, CEO of the Centre for Promotion of Private Enterprises (CPPE), has ordered the Central Bank of Nigeria (CBN) to take action to reduce the high market volatility that has accompanied official foreign exchange (FX) trading since the current model’s adoption on June 14. The warning comes as the Investors and Exporters (I&E) window continues to see exceptionally high intra-day volatility, raising concerns about the potential for market manipulation. Wide swing has reportedly become a characteristic of the official window, according to The Guardian. The dollar fluctuated on Friday between N461.5 and N841, which is quite unusual even…
First Bank of Nigeria Limited has announced the introduction of a humanoid robot, the first of its kind in Nigeria’s financial services industry, as part of its commitment to offering cutting-edge financial solutions. The robot has video banking capabilities, and artificial intelligence (AI) will play the part of a helpful branch employee. A humanoid robot can interact with consumers verbally and via a touch screen attached to their chest. The robot’s functions include answering consumer questions about cash deposits, withdrawals, and ATM cards. The robot also helps with complaint management because customers may submit a complaint via QR and receive…
The winners of the “Innovation Challenge,” a technology-driven hackathon designed to test students’ ability to come up with creative solutions, received $3,000 from ENGIE Energy Access. ‘The Industry Discourse’ (TID), this year’s energy event, is where the hackathon will be held. The annual industry discourse, which focuses on bridging the gap between students and the energy industry to foster synergy and give young people the chance to positively impact Africa’s energy future, is the largest student-led energy conference in the sub-Saharan Africa (SSA) region. ENGIE Energy Access supported the Industry Discourse and showed its commitment by giving a cash contribution…
By 2024, Nigeria’s total pension assets under management (AuM) are anticipated to reach N4 trillion, with an industry growth projection of 15.9% during the following three years. Following the unification of exchange rates, which will ultimately lead to the repatriation of funds previously invested in international money markets and reignite foreign interest in naira-denominated assets, growth is anticipated to be driven by increased investments from pension fund administrators and institutional clients. The company added that among other things, a rise in the size of infrastructure funds, REITs, and segregated portfolios will likely boost development. The company lamented the Nigerian asset…
Oil prices increased on Monday as traders weighed potential supply interruptions against worries about rising global demand, which might be exacerbated by political unrest in Russia. The US West Texas Intermediate (WTI) futures advanced by 21 cents or 0.3 percent to $69.37 a barrel, while Brent oil futures rose by 33 cents or 0.5 percent to end at $74.18 a barrel. A compromise that stopped the heavily armed Russian mercenaries’ Saturday assault on Moscow saw them withdraw from Rostov in southern Russia. The decision aroused concerns about President Vladimir Putin’s hold on power despite the course reversal. Fighters from the…
For the year ending December 31, 2022, Cornerstone Insurance Plc, an underwriting company, announced N1.089 billion as a dividend to shareholders at six kobos per ordinary share of fifty kobos, each, as opposed to N908 million it declared in 2021. This information was presented at the organization’s 31st annual general meeting in Lagos. The overall premium written increased from N20.92 billion in 2021 to N22.25 billion, a six percent increase. According to Segun Adebanji, the chairman of the underwriter, notwithstanding difficulties during the year under review, life insurance premiums increased by 4%, from N5.36 billion the year before to N5.62…
Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has announced the formation of two business advisory committees, one made up of influential corporate leaders and the other of well-known members of civil society. The formation of these organizations intends to increase her involvement with businesses and civil society around the globe and will offer a casual forum for viewpoint-exchange and dialogues with important stakeholders. Aigboje Aig-Imoukhuede, the founder and chairman of Coronation Capital Limited, will oversee operations alongside Thomas Cueni, director general of the International Federation of Pharmaceutical Manufacturers and Associations, John Denton, group chairman of Standard Chartered,…
On Wednesday, June 21, the American Dollar appreciated against the Nigerian Naira in all foreign currency (FX) market divisions, including the Investors and Exporters (I&E), black market, and peer-to-peer (P2P) windows. When compared to the previous day’s value of N756.61/$1, the Naira fell by N6.56 or 0.87 percent in the I&E segment. This happened despite a decrease in forex turnover of 28.28%, or $38.03 million, to $96.44 million from $134.47 million. In addition, the local currency lost N5 to trade at N765/$1 compared to the rate of N760/$1 in the previous session on the black market, while the Naira lost…
