The Bank of Industry (BOI) and Lagos Business School (LBS) Business Innovation Accelerator (BIA) program’s inaugural cohort recently graduated successfully, and the BOI has advised entrepreneurs to take advantage of the myriad chances and prospects the nation offers in order to prosper. The Managing Director of BOI, Kayode Pitan, stated that the strategic partnership between the two institutions was in the areas of capacity building and mentorship for entrepreneurs across the six geo-political zones of Nigeria during the graduation dinner of Cohort 1 of the BOI-Lagos Business School Business Innovation Accelerator (BIA) program. He stated that it was crucial to…
Author: Ken Ibenne
DHL Will Boost Its Investment In Nigeria And Assist SMEs DHL stated that it would keep making investments in the Nigerian market and support growth in order to provide accessibility for the nation’s small and medium-sized businesses (SMEs). In a conversation with media, Hennie Heymans, Chief Executive Officer of DHL Express in Sub-Saharan Africa, stated that DHL would continue to be at the forefront of economic investment and aid SMEs in maximizing their growth through its numerous programs. He emphasized the need of the company moving ahead with its investments in the nation so that it can keep growing its…
Karim Benzema Speaks On The Major Reason Why He Joined Al-Ittihad Karim Benzema has confirmed that his religion was the major driving force on why he decided to join Saudi Arabian side Al-Ittihad. Big Benz completed his transfer from Real Madrid to Al-Ittihad on Tuesday and was unveiled in front of 60,000 fans at the club’s King Abdullah Sports City. The Frenchman, who is 35 years old, joined the Saudi Champions on a three-year contract after leaving Real Madrid after his contract came to an end with Madrid. The Real Madrid’s second-highest goalscorer is set to earn around €200 million…
CITN Uses The Legislative Branch To Uphold The Charter The Chartered Institute of Taxation of Nigeria (CITN) is working with federal legislators to bolster its advocacy and advance the country. The Joint Tax Board (JTB), the Federal Inland Revenue Service (FIRS), and professional bodies within the Association of Professional Bodies of Nigeria (APBN), according to the institute, have all been key partners in its ongoing efforts to promote tax professionalism. Adedayo Adesina, CITN’s president and chairman of the council, made this statement at the institute’s 31st annual general meeting in Lagos. He asserted that the Institute’s leadership remained steadfast…
World Bank say Nigeria Having A High Food Security Concern The World Bank has kept Nigeria on its list of countries where food security is a major issue, along with Afghanistan, Somalia, South Sudan, and Yemeh, raising questions about the governments’ ability to weather the storm. Nigeria has appeared on the list before, but according to the World Bank’s most recent Food Security Update, these nations “remain of highest concern for the June to November 2023 outlook”. The assessment, which can be found on the Bank’s website, also rated Burkina Faso and Mali as “of the highest concern” in…
Liverpool Completes The Signing Of Alexis Mac Allister From Brighton Liverpool have finalised a £35 million agreement to sign midfielder Alexis MacAllister from Brighton on a five-year contract. The price for the Argentina playmaker, who helped Brighton finish sixth in the Premier League last season and earn their first-ever qualification for Europe, might increase to £55 million. The 24-year-old assisted Argentina in winning the 2022 World Cup while scoring 20 goals in 112 games for the Seagulls. Mac Allister, the player who signed a five-year contract with The Reds, exclaimed, “It’s a dream come true, and I can’t wait.” “I…
Use Of E-Commerce To Boost Economy Ngozi Okonjo-Iweala, the director general of the World Trade Organization (WTO), stated yesterday that it is the responsibility of the entire international community to assist members in utilizing the full potential of the digital economy for economic growth, job creation, and trade diversification. As a follow-up to the 12th Ministerial Conference’s decision to renew the program, particularly on its development dimension, she made this statement at a workshop organised under the Work Programme on e-Commerce. The workshop offered WTO members, including Nigeria, the chance to discuss global concerns covered by the work program with…
Friesland And NDEP dropped On Tuesday, June 6, the NASD Over-the-Counter (OTC) Securities Exchange fell 0.28 percent as losses were reported by FrieslandCampina WAMCO Nigeria Plc and Niger Delta Exploration and Production (NDEP) Plc. As NDEP Plc declined by N1.06 to close at N245.15 per unit compared to N246.21 per unit the day before, FrieslandCampina Wamco Nigeria Plc dropped N1.26 in value to trade at N69.74 per unit as opposed to N71.00 per unit. The pair prevented the 1 Kobo price increase reported by Acorn Petroleum Plc, closing at 16 Kobo per share as opposed to 15 Kobo per share…
Nigerian Stock Exchange Rebound Tuesday saw a return of the bulls to control of the local stock market following a day earlier’s brief bearish domination brought on by profit-taking. Following investor bargain hunting in oil, technology, and a few financial equities, the Nigerian Exchange (NGX) Limited closed higher by 0.42 percent yesterday. Strong investor sentiment stemmed from the restored confidence, and the market breadth index rose as a result of 28 stocks’ price increases and 24 stocks’ bearish closing prices. Eterna jumped by 9.85% to N11.15, Cornerstone Insurance increased by 9.52% to 92 Kobo, Pharma Deko increased by 9.52% to…
Naira Continues To Decline On Tuesday, June 6, the Naira continued to lose value versus the US dollar and showed no signs of regaining it in the parallel market and peer-to-peer (P2P) segments of the foreign exchange (forex) market. On the black market, the Nigerian Naira fell against the US dollar during the session by N2, selling for N752/$1 as opposed to N750/$1 during the previous session. Compared to the previous day’s value of N775/$1, the value of the Nigerian Naira decreased by N5 to settle at N770/$1 in the P2P FX window. The Naira to the Dollar exchange rate…
Nigeria’s total imports decreased from N7.5 trillion in Q1 ‘2022 to N5.56 trillion in Q1 ‘2023, a decrease of 25.83 percent. However, the result for the previous quarter was greater than the N5.36 trillion reported for the fourth quarter of the previous year. Remember that the introduction of the naira redesign led to a cash shortage that had an impact on company activities in the period under review. Nigeria’s total trade in goods in the first quarter of 2023 was assessed by the National Bureau of Statistics (NBS) to have been worth N12.05 trillion, with exports valued at N6.49 trillion…
Unity Bank Gross Earnings Increased By N57 Billion In 2022 As Customer Deposits Increase Unity Bank Plc offered its shareholders something to smile about despite the economic difficulties that many businesses experienced in the 2022 fiscal year as its profitability improved throughout the time under review. According to the company’s 2022 audited full-year financial statements, which were submitted to the Nigerian Exchange (NGX) Limited, gross earnings increased by 13.1% to N57 billion from N50.2 billion in 2021, with pre-tax profit at N1.1 billion and net profit at N941.4 million. A quick analysis revealed that the total comprehensive income increased by…
Institute of Human Virology Nigeria Campus In Abuja cost 8 billion The Institute of Human Virology Nigeria (IHVN) has finished construction on its N8 billion twin tower, which will help it reach millions of Nigerians with high-quality healthcare. The seven-story structure in Abuja consists of office space that may be leased, clinical laboratories for training, research, and diagnosis, functioning clinic space for patient care, and bio-specimen repositories for managing and storing bio-specimens. Multimedia lecture auditoriums, meeting spaces, a mini-conference room, offices, and a multi-level parking lot are all included in the first phase. Dr. Charles Olalekan Mensah, chief operating officer…
CBN Denies Weakening The Naira Even as it reaffirmed its commitment to gradual rate convergence, the Central Bank of Nigeria (CBN) claims that the naira has not been depreciated. Dr. Kingsley Obiora, the deputy governor in charge of economic policy, announced this yesterday in Abuja at the retreat of the Fiscal Liquidity Assessment Committee (FALC). It appears that the CBN has not formally altered the rates despite the Import and Export Window having done so. According to a report, the local currency had been depreciated to N631/$ by the top bank. The Investors and Exporters (I&E) window was trading at…
FG and Labor Unions Disagree Over Removal of Subsidy : Nigeria’s labor unions and the federal government have not yet reached an agreement about the removal of the latter’s fuel subsidy. On Wednesday night, the two parties met, but it was called off after they couldn’t come to an agreement. On Monday, the federal government stated that the premium motor spirit (PMS), often known as gasoline, would no longer get a subsidy. Yesterday, the Nigerian National Petroleum Company (NNPC) announced an increase in the price at the pump. The federal government delegations challenged the labor union representatives’ contention that the…
Ex-UBA Employees Will Benefit From Loan: United Bank for Africa (UBA) Plc has relaunched the UBA Alumni Network Programme, with the goal of strengthening ties and giving specific incentives to former workers, such as loan restructuring. The new UBA Alumni Network will now offer a wide range of benefits aimed to empower and engage ex-staff members throughout their travels, expanding on the services it promised when it was first introduced two years ago. UBA’s Group Managing Director, Oliver Alawuba, welcomed the ex-staff during the UBA Alumni relaunch on Friday in UBA House, and expressed the bank’s commitment to repositioning…
ECA And AfDB Worried About Growing Debt : Akinwumi Adesina, president of the African Development Bank (AfDB), and Hanan Morsy, deputy executive secretary and chief economist of the Economic Commission for Africa (ECA), have expressed regret over the high costs of debts incurred by African governments, noting that this was preventing nations from making crucial investments in infrastructure, health, and education that would help the African Continental Free Trade Area (AfCFTA) come into existence. Morsy emphasized the urgent need to reform the global debt architecture in light of the fact that debt servicing accounts for nearly half of Africa’s…
For the fiscal year that ends on December 31, 2022, Stanbic IBTC Distributes N45.35 Billion In Dividends, an increase of roughly 17% above the N38.87 billion given to shareholders in the fiscal year of 2021. Shareholders approved a final dividend of N25.91 billion, the same amount for the second year in a row, during the 11th annual general meeting held in Lagos. The group paid an interim dividend of N19.44 billion to shareholders in 2022, up from N12.96 billion in 2021. The group’s gross revenue increased by 39.15%, from N206 billion in 2021 to N287.54 billion in 2022.Profit before tax…
SAA Introduces Pupils To Professions In Aviation: People and students who want to work in the aviation business are being introduced to intriguing employment opportunities by South African Airways (SAA). The campaign, according to SAA’s country manager Kemi Leke-Bamtefa, aims to increase children’s access to resources and change their consciousness by altering their views, values, and attitudes. She stated this at the inaugural SAA Aviation Career Day for Nigerian youth in honor of 2023 Children’s Day, highlighting the value of partnership among airlines. “Sixty is per cent of Nigerians Is under the age of 25, Nigeria has the youngest population…
The energy juggernaut Schneider Electric has given electricians the tools and technical know-how they need for secure installations. Ajibola Akindele, the country president of Schneider Electric in West Africa, said this at a networking event to thank partners who have helped the company grow in the energy sector and guaranteed partners and consumers of quality and effective service. Akindele continued by saying that her clients’ global energy management goals continue to be the company’s top priority. He stated: “At the core of Schneider Electric is a passion for people. To guarantee the safety of our customers, an initiative has been…
Following CBN 0.5% Rate Hike, The Stock Market Declines By 0.20 Percent About 24 hours after the Central Bank of Nigeria (CBN) announced a 0.5% increase in the benchmark interest rate to 18.5%, the local stock exchange declined by 0.20 percent. almost 24 hours since CBN announced a 0.5% increase in the benchmark now the local stock exchange declined by 0.20 percent As investors chewed over the rise in the Monetary Policy Rate (MPR) and the drop in the gross domestic product (GDP) to 2.31 percent in the first quarter of 2023, it was noted that the bears broke the…
Naira to Dollar, risk Drops To N760/1$ On The Black Market The naira appears to have lost its long-standing N750/ Dollar barrier as it sank below N760/$ Wednesday, four days before the inauguration of a new administration Naira has now depreciated so low with over 300% compared to the previous administration. The uncertainty risk associated with a change in national economic management may have begun to be priced in by the market. Although they were unable to explain the unexpected increase, some dealers told The Guardian yesterday that the demand for foreign exchange (FX) has increased since the start of…
Akinwumi Adesina and African leaders yesterday at the African development bank (AfDB) general meeting criticized the global financial system for trapping some African nations in debt in the face of harsh socioeconomic realities. At the commencement of the annual general meeting of the African Development Bank (AfDB) in Sharm el Sheikh, Egypt, the African development bank and the leaders declared that a review of the financial system is urgently needed to survive because the international financial institutions have not been fair to the struggle of poor African nations. Nigeria, however, was noticeably absent from the summit despite having a public…
As investors snatched up shares in the banking sector with the anticipation of selling them at greater prices in the coming days, the bulls dominated the trading floor of the local stock exchange on Monday. The Nigerian Exchange (NGX) Limited remained in positive territory for a longer period of time thanks to this persistent buying pressure throughout the opening trading session of the new week. Yesterday, the energy sector experienced selling pressure as it fell 0.64 percent, but this was not enough to affect the share market at the close of trading. This came as a result of the insurance…
President Joe Biden warned yesterday’s G-7 summit in Japan that the hardline Republicans who have maintained what he called a “extreme position” on the ongoing debt limit talks “won’t prevent a default by doing something outrageous.” The biggest economy could default on its debt obligations as early as June 1, 2023, which could result from the executive’s failure to win support from the Republican-controlled House of Representatives to raise the debt ceiling. Biden’s warning highlights the impending crisis the global financial system faces. With a current national debt of $31.5 trillion, the United States has already surpassed its critical borrowing…
In the last eight years, the total amount of foreign transactions conducted on the equities market has decreased by nearly 75%. This decline can be attributed to market uncertainty, political risk, foreign exchange (FX) illiquidity, and other obstacles. According to a review of the Nigerian Exchange Limited’s (NGX) Domestic and Foreign Portfolio Investment Report, total foreign transactions, which peaked at N99.11 billion in January 2015, fell to N24.9 billion by January 2023. Similar to this, total foreign inflow, which made up 48% of all market activity in 2015, decreased to 9% by January 2023. However, within the same time span,…
Leading energy and infrastructure company Sahara Group to Upgrade Power Industry. The group claimed that improving performance throughout the value chain would need increasing human capital capacity through investments in education, technology, and artificial intelligence. Kola Adesina, Executive Director of Sahara Group, commented on the group’s expansion plan, stating that the organization has made significant strides in the industry in which it operates Egbin Power, the largest thermal plant in sub-Saharan Africa, Ikeja Electric, the largest distribution company in Nigeria, and First Independent Power Limited (FIPL). According to him, the Group contributes 25% of Nigeria’s power production and distribution, making…
MTN’s Second Media Fellowship in Nigeria has started. The second edition of the MTN Media Innovation Program (MTN-MIP-2) starts with 20 professionals in collaboration with Pan-Atlantic University (PAU). The program is a component of the telecom company’s effort to offer learning opportunities for industry best practices. Twenty eventually made it through from all genres of the almost 3,000 media professionals who applied, according to MTN. Participants in the six-week program would receive in-depth instruction on how to use technology to produce effective media content over the course of six months. MIP aims to promote sustainability and drive excellence within the…
Foreign airlines yesterday disputed the central bank’s recent upward revision of the rate of exchange (RoE) and the ensuing increase in the cost of overseas travel, claiming that these factors were to blame for both. It is inaccurate to refer to the currency rate that applies to international flight tickets sold in Nigeria as the IATA exchange rate, according to the airlines operating under the auspices of the International Air Transport Association (IATA). You may recall that the foreign airline rate of exchange, which affects the cost of overseas travel, has risen for the third time in less than two…
The World Bank President has been requested by the Socio-Economic Rights and Accountability Project (SERAP) to halt any payments on the $800 million loan to the federal government and to ask the next administration to offer convincing justifications for the loan. SERAP encouraged the World Bank and the lender’s president, Mr. David Malpass “to reopen discussions on the reportedly approved $800 million loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.” The federal government stated in…
