In order to facilitate the payment of international bills, utilities, and obligations as well as to increase global financial participation, Tranzfar, a provider of international payment solutions focused on cross-border money transfers from European Union countries to Africa, has launched its newest innovative product, the “Freedom Bank Account,” in Nigeria. Customers in Nigeria can open and maintain a foreign account with the Freedom Account to make quick transfers between United Kingdom bank accounts. Mr. Bankole Eniola, the chairman of Tranzfar, stated that the company provides cross-border payment solutions to Nigeria, Ghana, and Kenya from the United Kingdom, the United States,…
Author: Kings Nwachukwu
Mariam Katagum, minister of state for industry, trade, and investment, has emphasized the ministry’s commitment to promoting programs that would spur economic expansion and development, particularly for the nation’s Micro, Small, and Medium-Sized Enterprises (MSMEs). She made this statement yesterday in Lagos at the United Nations Industrial Development Organization’s (UNIDO) second visibility and awareness event, which was intended to highlight the milestones and successes in enhancing the ability of local MSMEs/manufacturers to produce high-quality Personal Protective Equipment (PPEs) and healthcare-related products. 162 MSMEs have benefited from and continue to benefit from the technical assistance and training given by four partner…
Dangote Cement reported an increase in overall cement sales of 6.2 percent to 20.8metric tonnes for the third quarter of 2022. This was accomplished in spite of the elevated inflation brought on by the unstable global economy. The business said that in addition to commissioning its power plant at Okpella, it is making good work on the deployment of grinding plants in Ghana and Cote d’Ivoire, which would further boost the supply of cement across its operational base. Dangote Cement’s Chief Executive Officer, Michel Puchercos, made this announcement at the weekend while presenting the third quarter results to the Nigerian…
Paul Scholes called Manchester United winger Antony a “clown” after his antics in Thursday’s 3-0 win over Sheriff Tiraspol. After receiving the ball just before halftime of United’s penultimate Europa League Group E match, the Brazil international became the topic of social media. When Diogo Dalot attempted to advance, Antony performed his signature skill move, circling the ball with his left foot. However, he overhit the pass, which resulted in a Sheriff goal kick as it went straight out of play. In Old Trafford, Antony had dazzled everyone, but he fell short when it counted. Erik ten Hag, the manager…
Experts have warned Nigerians and businesses about potential new assaults, citing the World Economic Forum’s Global Risk Report 2022, which revealed that the Ransomware menace increased by 435% in the previous two years. The third ThinkNnovation Cybersecurity Conference 2022, which was themed “Accelerating the adoption of Cybersecurity” and was put on by the Financial Institution Training Centre (FITC) and Nigeria Inter-Bank Settlement Systems (NIBSS), featured experts who said immediate action is needed to stop the tide. Experts from various industries in the financial services sector from across the world addressed the cybersecurity dangers and cautioned businesses and financial institutions to…
According to BusinessDay, securing Nigeria’s leaky pipelines that transport crude oil from wells to flow stations in the Niger Delta, where more than 90% of the country’s crude is explored, may save the continent’s largest economy $700m each month. The agreement between Tantila Security Services Limited, a business owned by Government Oweizide Ekpemupolo alias Tompolo, and the Nigerian National Petroleum Company (NNPC) Limited is expected to save the country $700 million in lost revenue each month, according to analysts at Financial Derivatives Company Limited (FDC). “Tompolo deal may salvage $700mn monthly,” according to FDC’s LBS October analysis. The Federal Government…
At a signing ceremony conducted yesterday at the US Embassy in Abuja, Union Bank of Nigeria Plc announced the first financial alliance with Mobihealth International, a provider of telehealth services. International recognition and honors have been bestowed to Mobihealth and its founder, Dr. Funmi Adewara, in recognition of their commitment to “providing everyone with timely access to quality and inexpensive healthcare and healthcare providers from all over the world.” A $1 million grant from the United States Trade and Development Agency (USTDA), which was also revealed in Abuja, is among the important funds the company has already secured. Speaking on…
The first in a series of real estate roundtable and breakfast meetings in Nigeria has been announced by Knight Frank, the biggest independent residential and commercial property consultant in the world. Real estate, construction, and technology: The Future of Real Estate Services is the theme of this issue. The event starts promptly at 8:30 am on October 21, 2022, at the Wheatbaker Hotel in Ikoyi, Lagos. It includes educational talks given by well-known experts in the building, tech, and real estate sectors. The future of real estate is a topic that is being discussed on a global scale and has…
A range of retail products offered by First Bank of Nigeria Limited are intended to improve the operations and survival of diverse businesses around the nation. The offerings, Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF), and Commercial Mortgage (CM), will increase enterprises’ ability to meet both short-term and long-term demands, which is necessary to continuously influence the socioeconomic growth of the nation. The purpose of CM is to provide established small and medium-sized firms with the finance they require to purchase commercial real estate. This product is set up to use the building itself as collateral to finance the…
Travel agencies will complain to the National Assembly next week about the disorderly state of international travel in the nation in an effort to get lawmakers to intervene on the foreign airlines’ protracted delayed fund situation, which is shattering the aviation industry. Under the auspices of the National Association of Nigerian Travel Agencies (NANTA), over 2000 travel agencies will protest the Central Bank’s withholding of about $300 million, the Federal Government’s apparent lack of interest in finding a long-term solution, and the subsequent exposure of Nigerian travelers to exorbitant fares. The Guardian learned yesterday that the crisis has not abated…
To prevent negative economic spillovers on other G24 members, the central banks of Emerging Markets and Developing Economies (EMDEs) have been asked to coordinate their inflation reactions responsibly. The G24 claimed that despite COVID-19’s pushback decreasing, there is still no respite from the storm. “COVID-19 is waning, but the global economic outlook has severely darkened as multiple compounding crises unfold. Global growth is slowing,” it said. The committee made notice of the worrisome rise in poverty, hunger, water scarcity, cost of living pressures, and food and energy insecurity, which has exacerbated already-existing economic problems and heightened vulnerabilities in fragile nations.…
Stakeholders are concerned about energy security in Africa as the continent’s expanding need for petroleum products, particularly for storage and distribution, is threatened by the ongoing Russia/Ukraine conflict. While the International Energy Agency (IEA) defines energy security as “uninterrupted availability of energy sources at an affordable price,” stakeholders at the African Refiners and Distributors Association (ARDA) are concerned that shocks related to energy insecurity could affect the majority of African nations due to inadequate storage and distribution infrastructure. Anibor Kragha, ARDA’s executive secretary, lamented port-related difficulties while expressing significant concerns about the continent’s infrastructure for the storage of petroleum products.…
Adebola Williams, co-founder of RED | For Africa and chairman of AW Networks, has been selected as one of the Choiseul 100 Africa Laureates by the Institut Choiseul, a Paris-based organization, for the fourth year running. The Choiseul 100 Africa is an annual list of dynamic and forward-thinking young leaders under the age of 40 who have a significant impact on the socioeconomic development of Africa. The “Top 100 Young Commercial in Africa” list for 2022 features 100 of the continent’s most promising young leaders who are positively disrupting all areas of the economy and showcasing a vast array of…
54 highly qualified African public servants have been chosen by the Aig-Imoukhuede Foundation to take part in the second cohort of the AIG Public Leaders Programme, which is run in collaboration with Oxford University’s Blavatnik School of Government. Emerging African public sector executives have a rare opportunity to strengthen their leadership abilities and gain the knowledge and skills required to bring about change in their organizations through the AIG Public Leaders Programme (AIG PLP). The program offers a top-notch executive education experience taught by some of the foremost public policy experts and professors in the world through the Blavatnik School…
According to the World Bank, 389 million more people live in extreme poverty in Sub-Saharan Africa (SSA) than in any other area, accounting for 60% of the global total. The Bank states that the area has the highest poverty rate in the world, at roughly 35%. The Bretton Woods institution stated that each nation in the region would need to achieve per-capita GDP growth of 9% annually for the rest of this decade in order to meet the 2030 poverty objective. For nations whose per-capita GDP growth averaged 1.2% in the ten years before to COVID-19, that is a remarkably…
After returning from the national holidays, the stock market declared that the 62nd anniversary of Nigeria’s independence would be celebrated on a bearish note because losses suffered by blue-chip stocks, particularly International Breweries and Redstar Express, had reduced the capitalization by N71 billion. Following yesterday’s trading on the Nigerian Exchange Limited (NGX), the market value of listed stocks fell by 0.3% to N26.38 trillion from N26.45 trillion recorded the day before. Similar to this, the all-share index (ASI) lost 144.64 basis points, falling from 49024.16 points traded the day before to 48879.74 points. In comparison to the 356.73 million shares…
The Central Bank of Nigeria (CBN), which currently forbids commercial banks and other financial institutions from handling linked transactions, has been urged to reconsider its anti-crypto policy. Additionally, it is advised to put more emphasis on efficient and effective transaction monitoring and reporting systems rather than outright bans. The second annual Blockchain Associations Forum (BAF) Member Summit, which was hosted digitally and attracted attendees from over 53 countries, advanced the cause. The summit was conducted to discuss national digital asset plans, crypto asset policies, and the direction of the world economy. Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), a…
The stocks sector of the capital market has continued to be severely impacted by rising interest rates, insecurity, and other domestic economic issues as well as uncertainty in the global economy, with investors losing N1.484 trillion in the third quarter (Q3). The all share index (ASI), which tracks the performance of publicly traded stocks, decreased by 5.39 percent to end the third quarter at 49,024.16 basis points (bps), down from the opening price of 51,817.59 bps on July 1, 2022. Similar to this, market capitalization, which represents the entire market value of all outstanding shares of listed businesses, decreased by…
To proactively safeguard the 46 free trade zones against economic sabotage, the Federal government set up a Special Economic Zones Security (SEZSEC) organization. The Directorate of State Security (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Customs Service (NCS), and the Nigeria Immigration Service are already expected to supply services in addition to those given by the SEZSEC outfit (NIS). Adeniyi Adebayo, the Minister of Industry, Trade, and Investment, revealed this yesterday in Abuja as he decorated 37 officers from various academic fields. Adebayo said: “The reason we decided to establish the unit is to provide adequate…
The Central Bank of Nigeria (CBN) has begun closing down its special intervention fund with a pledge to collect “every kobo disbursed so far,” with inflation control taking the top priority in terms of its mandate. The apex bank stated that it has “locked the door” to the funds as part of its gradual tapering strategy, with the exception of those that are still crucial to the economy, such as those related to small and medium-sized businesses and power. Out of the N9.3 trillion distributed as of yesterday, N3.7 trillion have been retrieved so far, according to the monetary authority.…
Operators in the printing industry have bemoaned the devaluation of the naira and its effects on the industry, as well as the rising cost of electricity. They have called on the government to impose higher tariffs on imported goods to promote domestic manufacture. Olugbenga Ladipo, the managing director of Academic Press PLC, claimed in an interview with The Guardian during the company’s 58th annual general meeting held over the weekend in Lagos that the business is being strangled by rising administrative and manufacturing costs. He claimed that among other things, most businesses struggle with rising material costs. “We are having…
According to the Securities and Exchange Commission (SEC), the Investments and Securities Bill (ISB) 2022’s approval would improve the capital market’s performance and make economic diversification easier. Lamido Yuguda, director general of the SEC, announced this last week in Abuja during the public hearing on the ISB 2022 and the Chartered Institute of Stockbrokers Bill. Yuguda emphasized the importance of the bill’s passage and implementation as a necessary step in reviving the economy. Therefore, he urged important players to realize the goal. “The Bill expands the definition of a Collective Investment Scheme (CIS) to include schemes offered privately to qualified…
While also approving the company’s 10 kobo dividend, Afriland Properties Plc shareholders have urged the federal government to use the success shown in agriculture to close the N21 trillion housing sector deficit. The company’s shareholders lamented the escalating cost of construction supplies and the scarcity of housing for the middle-class populace at the 2021 annual general meeting, which was held last week in Lagos. Sunny Nwosu, the founder of the Independence Shareholders Association of Nigeria (ISAN), claimed that the protracted housing deficit would not be remedied unless the government set aside a financial allocation and expanded involvement in other sectors.…
Kunle Elebute, senior partner and chief economist at KPMG Nigeria, has warned chief executive officers (CEOs) that if they are not well-prepared and lack the proper staff to handle economic difficulties, their companies risk going out of business. The obstacles facing today’s CEOs are undoubtedly greater than they were in the past, according to Elebute. At the CEO luncheon of the Franco-Nigerian Chamber of Commerce and Industry, which had as its theme “Business governance and society; the duty of the modern CEO,” he revealed this yesterday in Lagos. In order to sustain their companies, Elebute, who doubles as the Chairman…
The National Lottery Regulation Commission yesterday praised Dangote Cement’s management for regularly giving back to its throngs of customers by holding an annual promotion in which participants might win enormous sums of money and other priceless products. Afam Ojeh, the Principal Administrative Officer of the National Lottery Regulation Commission, spoke on behalf of the commission and urged the customers to recognize Dangote’s kind gesture as the company annually thanks its clients for their business with the promotion. “The Management of Dangote Cement should honestly be praised by the Customers as the Company Paid Heavily to the Federal Government To Be…
Oil and gas companies have been ordered to pay the Federal Government more than $2 billion in debt, according to Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI). Orji claims that the government is in desperate need of money to fund its numerous projects. At yesterday’s NEITI-Companies Forum sensitization on Extractive Industries Transparency Initiative (EITI) validation, Orji provided the keynote address. The country desperately needs the money, he said, so businesses should take all reasonable steps to pay their owed taxes, royalties, and rentals to the appropriate institutions. “I am here to consult with leaders…
The Federal Government declared Monday in Abuja that new regulations are being explored to address important challenges in the sector, notwithstanding the uncertainties facing the upstream sector of the Nigerian petroleum industry. The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) stated seven new regulations are being examined along with stakeholders to grow the sector in light of the sector’s divestment and decreasing funding for exploration and production. Aspects of acreage, the environment, management of the environmental remediation fund, safety, usage, decommissioning and abandonment, as well as the frontier exploration fund are all addressed by the laws. Although Nigeria finally enacted the…
Federal pensioners won’t have delays in receiving their pension payments after retirement, according to the National Pension Commission (PENCOM). The panel added that the N14.5 trillion pension fund was not sitting on its hands because N9.5 trillion of it was invested in federal government securities, N1.23 trillion in stocks, and 35% of it was in the money market. This information was provided to the Senate Committee on Finance by the Director-General (DG), PenCom, Aisha Dahir-Umar, during a recent meeting with government departments regarding the Fiscal Strategy Paper and Medium Term Expenditure Framework (MTEF) for the years 2023 to 2025. (FSP).…
The Nigerian Export Promotion Council (NEPC) is leading an interagency team to the United Kingdom (UK) as part of strategic steps to address the issue once and for all and reduce the instances of export rejects. Without a doubt, export rejection has been a significant barrier to the expansion of the country’s non-oil export economy. The National Food, Drug and Administration Control (NAFDAC), Nigerian Agricultural Quarantine Service (NAQS), Nigerian Customs Service (NCS), National Aviation Handling Company (NAHCO), and Skypower Aviation Handling Company Limited are some of the organizations taking part in the fact-finding mission (SAHCOL). Others include the Federation of…
In the second quarter (Q2) of the year, the Federation Account Allocation Committee (FAAC) distributed to the 36 state governments a total of N767.05 billion in net value. The sum was derived from a number of account components, including statutory allocations, a 13% share of derivation, and an electronic money transfer fee. The value-added tax and ecological funding are some others (VAT). The payment represents the net amount owed to the states after taking into account any obligations the state governments have undertaken, such as the transfer of 50% of the ecological fund to the Niger Delta Development Commission/Hydroelectric Power…
