FirstBank UK Limited, the UK arm of First Bank Nigeria Limited, has announced that it has implemented Bloomberg’s Trade Order Management System (TOMS). FirstBank UK will be able to streamline its fixed-income bond business by incorporating TOMS into its workflow. This will provide it access to a full suite of data and analytics, communications, and order and execution management solutions. FirstBank UK caters to a specific market segment for its African clientele. In order to control risk and maximize its inventory, the company offers market liquidity in cash bonds, mainly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds. The trading desk…
Author: Iken
According to Adegboyega Oyetola, Minister of Marine and Blue Economy, Nigeria has developed strategies to revitalize the maritime sector that address issues including security, human capital development, climate action, and management of the marine environment. According to a statement issued by his spokesperson, Ismail Omipidan, the minister made these remarks on Monday when speaking to IMO member nations during the organization’s 33rd General Assembly in London. This occurs as IMO Secretary-General Kitack Lim praised President Bola Ahmed Tinubu for establishing the ministry, citing the strategic and forward-thinking nature of the plan. Oyetola claims that the new ministry has made great…
Dr. Chinyere Almona, president of the Lagos Chamber of Commerce and Industry (LCCI), has identified discrepancies between the 2024–2026 Medium-Term Expenditure Framework (MTEF) and the federal government’s goal of building a $1 trillion economy in the next six years. According to the head of LCCI, the macroeconomic forecasts in the MTEF indicate that the economy will expand by 3.76 percent, 4.22 percent, and 4.78 percent in 2024, 2025, and 2026, respectively. However, the projected growth rates are not ideal for reaching a $1 trillion GDP by 2029, which would require an average growth rate of 21% over the following six…
At the conclusion of last week’s trading on the Nigerian Exchange Limited (NGX) equities sector, the insurance index led the gainers’ chart with 4.1 percent, helped by purchasing activity in Sovereign Trust Insurance (+27.3 percent) and Sunu Insurance (+17.7 percent). The banking index added 1.9% last week, trailing the industry. The increases were caused by price increases in Zenith (+3.9%) and GTCO (+5.4%). However, due to selling pressure on International Breweries (-5.6%), Champion Breweries (-4.2%), MTN Nigeria (-0.6%), and CWG (-4.2%), the Consumer Goods and AFR-ICT indexes fell by 0.5% and 0.3% w/w, respectively. As a result, the market closed…
Reiterating that it has put in place measures that will propel the compressed natural gas (CNG) project, the Federal Government has stated that it is committed to making sure there is enough gas in the nation. Olu Verheijen, President Bola Tinubu’s Special Energy Advisor, made this statement at Portland Gas’ groundbreaking ceremony in Lagos. In a statement, Verheijen—who was accompanied by Eriye Onagoruwa—said that the signing was in line with the recently announced Presidential Compressed Natural Gas Initiative (P-CNGI), which is an effort to transform the transportation sector, lower energy costs, boost economic growth, create a cleaner environment by lowering…
The company that produces Dano milk, Arla Foods Nigeria, has released a four-year energy transition plan that aims to construct a solar power plant with an installed capacity of 750KVA by 2027 for its state-of-the-art dairy farm in Kaduna State. Speaking during the 2023 Nordic Nigeria Connect inaugural session in Lagos, Peder Pedersen, the managing director of Arla Foods Nigeria, revealed this. According to Pederson, the energy transition plan is in line with the company’s sustainability strategy and goal to develop a dairy industry that, via taking steps to strengthen the earth and enhance the environment, would inspire and promote…
The federal government’s continuing Three Million Technical Talent (3MTT) program has begun hiring community managers. This was declared in a statement by the Ministry of Communications, Innovation, and Digital Economy. According to information provided by the ministry, 37 learning community managers will be hired nationwide as a result of the recruitment drive to oversee program participants’ activities. The ministry stated in a post on X: “We are seeking 37 Learning Community Managers across Nigeria to coordinate the activities of Community members as we commence the #3MTT initiative. The #3MTT Learning Community is a group of students that have complete access…
Team Hi-Tech, under the direction of Afolabi Ayanfe and Sophia Ezeh, emerged victorious in the first FCMB Hackathon Challenge, taking home the N3 million grand prize for developing the digital financial solution Padi4Life. Through a collaboration with Ingressive For Good (I4G), the hackathon introduced a fresh group of tech enthusiasts and promoted creativity and inventive problem-solving. After 60 teams competed in a 72-hour hackathon with over 2,900 entries, Team Hi-Tech’s Padi4Life made the final shortlist. Peer-to-peer lending, asset tokenization, and blockchain-driven investing and engagement features made it stand out. For their KoloPadi solution, Rita Onwudiwe and Augustus Shaminga of Team…
Following its conclusion in Lome, Togo, United Bank for Africa (UBA) Plc was crowned the African Champion of the Year 2023 at the Africa Financial Industry Summit. The Africa Financial Industry Summit (AFIS) is widely known for its recognition of exceptional accomplishments in the financial sector. It is organized by Jeune Media Group, producers of the pan-African periodicals Jeune Afrique and African Report. According to a statement from the bank, UBA received the award in recognition of its outstanding work and major influence in reshaping the financial sector in Africa. The organizers claim that this enormous recognition is proof of…
The Lagos Chamber of Commerce and Industry (LCCI) has voiced concern over the ongoing increase in inflation, pointing out that it is limiting consumer savings and spending as well as production efficiency. Dr. Chinyere Almona, the Director-General of the LCCI, expressed regret that Nigeria’s inflation, which increased to 27.33 percent in October from 26.72 percent the month before, is continuing to rise rather than decline. According to her, this is a rise of 0.61 percentage points, and the naira’s constant devaluation can be attributed to rising food and gasoline costs. The yearly inflation rate for consumer prices increased by 6.24…
Over-the-top (OTT) business messaging traffic is expected to reach 375 billion messages in 2028, up from 100 billion messages in 2023, reducing the quality of SMS networks and costing telecoms operators in Nigeria and other parts of the world more than $3 billion in SMS business messaging revenue over the next five years. In a new report, Juniper Research stated that pricing is critical to OTT business messaging growth, noting that lower SMS network quality is being driven by the increased prevalence of fraud, while operators’ SMS costs continue to rise to sustain revenue despite declining demand for business messaging…
Adebayo Adelabu, the Minister of Power, stated yesterday that commercialization would have been a better course of action for the nation than privatization. During an interactive session with journalists in Abuja, the minister announced that the government had initiated investigations into the legality of extending the distribution licenses. It was emphasized that the license copy held by the Ministry of Power was scheduled to expire in December. Adelabu revealed that a rise in electricity prices is not anticipated anytime soon because the nation’s political climate necessitates an improvement in the quality of the power supply. He bemoaned the fact that…
The Central Bank of Nigeria (CBN) Regulatory Sandbox is now free for all association members to use thanks to a partnership between the Fintech Association of Nigeria (FinTechNGR) and EMTECH, which aims to further enhance the financial technology (FINTECH) ecosystem. As CBN’s technical partner for the Regulatory Sandbox, EMTECH provides startups and businesses with a sophisticated onboarding process to enable them to enter the Regulatory Sandbox of the top bank. The arrangement would allow FinTechNGR to provide free access to the CBN Regulatory Sandbox for all of its registered members, according to the organization’s Chief Operating Officer (COO), Dr. Babatunde…
Given the significance of the position and the difficulties with accountability in the country’s public institutions, Nigerian audit stakeholders have tasked Shaakaa Chira, the recently appointed Auditor-General of the Federation (AuGF), with exercising creativity in the performance of his duties. Speaking in separate interviews, the stakeholders noted that one of the main issues facing the next Auditor-General is going to be insufficient financing. Chira’s appointment as the substantive AuGF was accepted by President Bola Ahmed Tinubu last month, in accordance with the Federal Civil Service Commission’s (FCSC) recommendations. The Senate last Thursday confirmed him. Adolphus Aghughu, who retired from that…
The lack of infrastructure required to generate new products and services, together with inadequate investment in research and development (R&D), have been connected to Nigeria’s underwhelming performance in terms of innovation in the global arena. A capital market professor, Prof. Uche Uwaleke, stated that Nigeria is one of the underperforming nations in terms of innovation due to low investment in R&D, a lack of infrastructure, and a skilled labor force that is necessary to support innovation for business development and the commercialization of new products and services. The conference was held in Lagos over the weekend with the theme “Navigating…
Multichoice, the company that owns DStv and GOtv, has stated that a new price bundle would go into effect on November 6 – this might mean more suffering for Nigerians. This occurs at a time when Nigerians are still battling the fallout from the elimination of gasoline subsidies, the rising cost of living, the depreciating value of the Naira, currency issues, and general unrest. MultiChoice is raising its prices for the third time in 2023 with this new hike, which takes effect on Monday. The increase is almost twenty percent. “On Monday, November 6, 2023, we will adjust our prices…
Yesterday saw significant trading in Airtel Africa shares and 36 other stocks, pushing the Nigerian Exchange Limited (NGX) All-Share Index (ASI) to 70,581.76 points, the highest level ever reached by the Nigerian stock market. In particular, the ASI increased by 1,345.57 points, or 1.94 percent, at the reopening of trading for the month of November, closing at 70,581.76 points. Additionally, the market capitalization closed at N38.778 trillion, up N739 billion. The Year To Date (YTD) return increased by +37.7% as a result of the development. Gains in medium- and large-cap equities, such as those in Airtel Africa, Presco, FBN Holdings…
Through their flagship product, PAYREP, digital payment service bank 9 Payment Service Bank (9PSB) and licensed super-agent service provider XCHANGEBOX have formed a strategic alliance to offer agent banking solutions to small and medium-sized businesses (SMEs) in rural areas. The cooperation was signed at the 9PSB headquarters in Victoria Island, Lagos. The partnership aims to further enhance financial inclusion, enable co-creation of solutions that will assist revolutionize customers’ payment experiences in Nigeria, and close the gap between the banked and the unbanked/underbanked. The PAYREP Agency Platform will be used as a means of offering customized services to its agents, SMEs,…
In Abuja, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Exxon Mobil Producing Nigeria Unlimited filed a lawsuit, which was dismissed by Hon. Justice Inyang Ekwo of the Federal High Court. As per the court report that was obtained in Abuja yesterday, Mobil had challenged the authority of NMDPRA to oversee specific aspects of its operations, such as butane lifting. The company contended that these aspects were part of its Oil Mining Leases (OMLs) and therefore fell under the exclusive regulatory jurisdiction of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The company’s attorneys argued in their Originating Summons,…
The public and private financial sectors have been urged by the Financial Reporting Council of Nigeria (FRC) and Planet Governance Advisory Limited (PGAL) to implement effective and efficient risk management, compliance, and good governance processes through the use of a risk-based audit approach. During a two-day corporate governance seminar on governance, risk, and compliance (GRC) in Lagos, they made the call. Various industry board members, compliance officers, internal auditors, managers and their deputies, GRC professionals, legal experts, regulatory representatives, company secretaries, information technology (IT) professionals, and managers in charge of governance, risk management, and compliance activities attended the training. The…
The Lagos Business School (LBS) and the National Institute of Marketing of Nigeria (NIMN) have partnered to advance data-driven research, diaspora investment, and capacity building that would boost enterprises and economic growth. The National Institute of Marketing of Nigeria (NIMN) President, Idorenyen Enang, made the announcement of the partnership yesterday in Lagos. He noted that the marketing sector makes a significant contribution to the GDP of the nation and that the field of marketing as a whole has enormous potential. According to him, the strategic cooperation with LBS will benefit the entire business ecosystem as well as the overall economy.…
Peak Internet traffic at the Internet Exchange Point of Nigeria (IXPN) increased from 300 Gbps to 500 Gbps this year on its infrastructure, with plans to reach one terabyte by the end of 2024. IXPN Chief Executive Officer Muhammad Rudman revealed this in Lagos and credited the achievement to the addition of multiple local and international content providers exchanging traffic locally via the exchange point. According to Rudman, IXPN has more than 120 linked members, including all mobile network operators in Nigeria, Internet service providers (ISPs), and other network operators in the nation, in addition to some of the major…
The necessity for increased knowledge and transparency on the processes involved in vehicle financing in Nigeria has been emphasized by industry stakeholders. They contend that greater understanding is necessary to make the area more hospitable. It is true that purchasing an automobile in Nigeria, new or old, is expensive. These days, very few Nigerians are able to easily buy a car without taking out a loan. In addition, because of the high interest rates, the amount of business in the bank-dominated auto financing industry is declining. In order to assist many Nigerians, especially the working class, who require a loan…
The International Monetary Fund (IMF) has been encouraged by G24 to expand the region’s (South Africa’s) representation on its executive board. Speaking on behalf of the group, Côte d’Ivoire’s Minister of Economy and Finance, Adama Coulibaly, reaffirmed the G24’s support for the fundamental objectives of ending extreme poverty and promoting shared prosperity while assisting developing countries in achieving the Sustainable Development Goals (SDGs) at the ongoing spring meeting of the Bretton Woods Institution in Marrakesh, Morocco. A consortium of poor nations, the G-24 was founded in 1971. Its objective is to collaborate in order to synchronize developing nations’ stances on…
International remittances in Naira to mobile wallets are now powered by Thunes, a cross-border payments infrastructure provider, in collaboration with Airtel Nigeria’s subsidiary Smartcash Payment Service Bank Limited (Smartcash PSB). One of the first financial services companies to enable naira payouts to wallets is Smartcash PSB, which debuted in 2022. The Central Bank of Nigeria approved this payout mechanism in June 2023. Through this collaboration, customers of Smartcash PSB will be able to receive inward remittances from all countries directly into their Smartcash accounts by just providing their phone numbers, which also function as account numbers. The recipient receives funds…
In response to allegations of wrongful disengagement and refusal to pay severance benefits to over thirty departing employees, the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has threatened to use all of its networks to organize affiliate trade unions and employees to picket Heritage Bank’s headquarters. Olusoji Oluwole, National President of ASSBIFI, spoke at a press conference and bemoaned the unfair labor practices being carried out against workers employed by the lender. He also expressed concerns about the safety of the salaries of affiliated unions and Nigerians whose savings and salaries are held by the bank,…
September saw a three-month high for total inflows through the Investors and Exporters Window (I&E) window, rising by 49.1% month over month to $1.31 billion. 881.4 million dollars came in during August, based on information gathered from the FMDQ Securities Exchange. An analysis of the activities showed that the decline in inflows was primarily due to overseas inflows, while local inflows contributed to the overall growth. More specifically, non-bank corporate inflows (+89.3% m/m) and exporters (+49.7% m/m) contributed to the $55.2 percent m/m increase in local inflows to $1.26 billion. The considerable fall of the currency since June has not…
States Jigawa and Ondo outperformed others to hold the top two spots in the second quarter (Q2) of the 2023 States Fiscal Transparency League, which was released by BudgIT. A civic organization called BudgIT employs innovative technology to make public information easier to understand. By doing so, it encourages a community of engaged people and empowers them to demand accountability, institutional changes, effective service delivery, and an equal society. Four states—Sokoto, Benue, Ogun, and Enugu—performed poorly as well, ranking 36th, 35th, 34th, and 33rd, respectively, according to the report. According to BudgIT, the program builds on the State Fiscal Transparency,…
Purchasing Managers’ Index (PMI) data by Stanbic IBTC Bank claims that business activities saw improvement in September, 2023. This marginal improvement happened in September and the headline index moved from 50.2 to 51.1, according to the PMI data. A reading above 50 portrays improved business activities while any reading below 50 also portrays that businesses are in a declining state. The report was compiled by S&P Global Market Intelligence and it read that solid cost pressures showed that companies in the private sector were under pressure last month despite new order growth accelerating. Also, the report noted that input prices…
Nigeria’s vital sectors will receive $1 billion in commitments from Proparco, a French development finance organization (DFI). In its fifteen years of business in the nation, Proparco has strengthened clients’ financial capacity and provided loans to a wide range of clients, including start-ups in the tech, agribusiness, and renewable energy sectors as well as growth-stage companies and local and pan-African financial institutions. Speaking to The Guardian in Lagos, Françoise Lombard, CEO of Proparco, stated that banks and investment funds, which finance SMEs and start-ups in important development sectors like agriculture, healthcare, education, energy, and financial services, handle the majority of…
