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…
Author: Ken Ibenne
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…
At Tuesday’s Intra-African Trade Fair in Egypt Cairo, AfreximBank and Oando PLC linked a $800 million credit agreement to enable the company to purchase all of the shares of the Nigerian Agip Oil Company (NAOC). Remember that on September 4, 2023, Monday, Oando PLC stated that it had achieved a deal to acquire all of the shares of the Nigerian Agip Oil business (NAOC) from Eni, an Italian multinational energy business operating in 62 countries, including Nigeria. In the moderator’s words, the arrangement is “… a significant and strategic acquisition of 20% participating interest in the Nigerian Agip Oil Company…
The Central Bank of Nigeria (CBN) has declared that there is no longer a timeframe for how long outdated notes would be valid. Dr. Isa AbdulMumin, the director of corporate communications at the apex bank, made this announcement in Abuja on Tuesday night. He said that the CBN had told it of its intention to extend the deadline for the legal tender status of the previous design of N200, N500, and N1,000 denominations indefinitely. Remember that in October 2022, the CBN redesigned the N200, N500, and N1,000 currencies. Specific dates were then established for the discontinuation of the previous designs…
MTN Nigeria is reportedly interested in acquiring a stake in its competitor, 9mobile, according to reports yesterday. Assuming no unforeseen circumstances arise, the information acquired indicates that MTN Nigeria and Emerging Markets Telecommunications Service Limited (EMTS), which operates as 9mobile in Nigeria, is currently in the advanced stages of negotiations over a spectrum swap, making a telecom agreement a realistic possibility. According to Technology Times, 9mobile is looking into using the spectrum trade option to get back on its feet after its major investor and technical partner, Mubadala of the United Arab Emirates (UAE), left the company in 2017. Although…
The Nigerian Exchange Limited (NGX) had a fall in trading yesterday due to selling pressure in 17 stocks, including BUA Cement, which resulted in an N130 billion decline in market capitalization. In fact, yesterday’s closing value of 70,612.81 points on the All-Share Index (ASI) represented a decrease of 0.33 percent or 236.57 points. To finish at N38.795 trillion, the market capitalization also decreased by N130 billion. The decline in the value of major and medium-sized stocks, such as BUA Cement, Japaul Gold & Ventures, Nigerian Exchange Group, NEM Insurance, and Chams Holding Company, was the primary cause of the slump.…
The African Export-Import Bank (Afreximbank) has awarded a $150 million trade credit facility to United Bank for Africa (UBA) Plc. The facility is a component of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa (AKAFPA), and both institutions signed a trade finance agreement this past weekend in Cairo on the fringes of Afreximbank’s ongoing Intra-African Trade Fair. According to the agreement’s provisions, the facility will be used to support UBA’s clients by financing trade and trade-related transactions. Furthermore, by supporting expanded financing of trade enterprises across multiple Nigerian economic sectors, the facility will help lessen the negative consequences of…
As of July 2023, the Nigeria Deposit Insurance Corporation (NDIC) has paid out N45.45 billion in liquidation dividends overall, which was more than the guaranteed amounts to depositors of the 20 liquidated banks. In response to recent news reports claiming the liquidation of 20 banks, the Corporation’s Director of Communication and Public Affairs, Bashir Nuhu, made this announcement in Abuja. He clarified that the 20 banks mentioned in the reports were among those that had previously closed as a result of the Central Bank of Nigeria (CBN) rescinding their operating licenses between 1994 and 2018. He noted that by paying…
Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group, has alluded to the idea of a dual listing with the Saudi Exchange while highlighting how President Bola Tinubu’s economic reforms have made it possible for foreign investment to enter the nation. Speaking on the fringes of the Saudi-African Summit in Riyadh, Kwairanga said that the gathering offered a chance to explore collaboration between the Saudi government and Nigerian enterprises. He claimed that Nigeria had a chance to present itself at the summit and that the new government had implemented reforms. “We believe that we have opportunities to showcase what…
The 20-year partnership between Interswitch Group and ACI Worldwide, a leader in real-time payments software globally, has reached new heights as Interswitch’s relationship with ACI is now consolidated from reseller to strategic partner status in several Sub-Saharan African markets. Through the innovative Enterprise Payments Platform from ACI, the agreement will allow banks, fintech, and other financial institutions in the area to gradually update and change their payment infrastructure. Thanks to this partnership, Interswitch will be able to quickly adapt its technology stack to the full suite of payment solutions included in the ACI Enterprise Payments Platform. This will allow banks…
The organized private sector (OPS), in support of the Micro Pension Plan (MPP), which aims to increase retirement savings, has been urged by the National Pension Commission (PenCom) to step up its campaign. Head of PenCom’s Micro Pensions Department Dauda Ahmed said, “The MPP was introduced by the Pension Reform Act (PRA) 2014 to allow individuals working in organizations with fewer than three employees and self-employed individuals to voluntarily participate in the contributory pension scheme and save for their retirement age.” She was speaking during the Commission’s special day at the recently concluded Lagos International Trade Fair, which was organized…
The French Development Agency (AFD) has granted the Bank of Industry a €100 million credit line to support the growth of green finance in Nigeria. In the past five years, the bank has collaborated with partners to secure nearly $5 billion from various international financial institutions to support President Bola Ahmed Tinubu’s vision of creating a climate-smart Nigeria. Dr. Olasupo Olusi, the Managing Director and Chief Executive of the Bank of Industry (BOI), hinted at this yesterday at the Joint International Chief Executive Officers (CEO) forum of the Association of Development Financing Institutions in Asia and the Pacific (ADFAP) and…
A partnership between Saudi Export-Import Bank (Saudi EXIM), a leading export credit agency in the Kingdom of Saudi Arabia, and United Bank for Africa (UBA) Plc aims to improve economic cooperation between the two countries’ economies and boost business growth. In order to do this, yesterday saw the signing of a Memorandum of Understanding (MoU) by both organizations, which aims to promote trade and economic cooperation between them. During the Saudi and Arab African Summits in Saudi Arabia, the Memorandum of Understanding was inked. The main objective of the collaboration between UBA Group and Saudi EXIM Bank is to foster…
According to data from the Nigeria Extractive Industries Transparency Initiative (NEITI), the federation account of the country was allocated N14.38 trillion in 2020–2021. This statement was made yesterday during the launch of the 2020–2021 NEITI Fiscal Allocation and Statutory Disbursement (FASD) Industry Report by NEITI Executive Secretary Dr. Orji Ogbonnaya Orji. The Nigerian National Petroleum Company Limited (NNPCL) sent a total of N1.55 trillion, or 10% of the total transferred to the federal account during the period under review, according to a breakdown of revenue remittance to the federation account. The report also revealed that N2.7 billion, or 18.83 percent…
In order to assist the Investment in Digital and Creative Enterprises (I-DICE) program, which is being headed by the office of Vice President, Senator Kashim Shettima, Nigeria and the French government have inked a $116 million funding agreement. The $116 million is a portion of a $600 million financing agreement from a group of development partners aimed at generating employment opportunities in the creative and digital technology sectors of the Nigerian economy, according to Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, who made this announcement via his X handle. According to Tijani, the finance partners are the…
CardinalStone Partners Limited, a multi-asset investment management company based in Nigeria, won four prizes at the recently held BusinessDay Banks and Other Financial Institutions (BAFI) awards in Lagos. The company won the titles of “Mid-Market Investment Bank of the Year,” “Investment Management Firm of the Year,” “Investment Research Firm of the Year,” and “Stockbroking Firm of the Year.” October 28, 2023, saw the Lagos Continental Hotel host the BAFI Awards, an event designed to honor and celebrate companies and professionals that have excelled in the financial sector. CardinalStone’s Group Managing Director, Michael Nzewi, responded to the historic victories by saying,…
Market capitalization climbed by N155 billion yesterday, as trading on the equities sector of the Nigeria Exchange Limited (NGX) reopened in a positive light, following advances recorded by major bluechip stocks, particularly Seplat Energy and BUA Cement. In fact, yesterday saw an increase of 0.40 percent, or 282.69 points, in the All-Share Index (ASI), which closed at 70,479.62 points. In a same vein, the market capitalization value increased by N155 billion total, closing at N38.712 trillion. Price increases in large- and medium-cap stocks—Seplat Energy, BUA Cement, GlaxoSmithKline Consumer Nigeria, Oando, and Fidelity Bank—were the main driver of the performance’s upward…
Insurance company Noor Takaful Limited has generated N4.97 billion as its gross premium contribution for the 2022 financial year, despite the challenging economic climate in the nation. At its sixth annual general meeting in Lagos, the underwriter made this revelation. It stated that the company’s board had recommended paying a dividend of N46.84 million, or three kobo per ordinary share, based on the company’s performance. The National Insurance Commission (NAICOM) authorized the audited result breakdown, which revealed the insurance company’s contribution for the fiscal year that concluded on December 31, 2022. Profit After Tax rose from N422.72 million in 2021…
