Author: Ken Ibenne

The Ibese factory of Dangote Cement’s management stated that the action was taken to demonstrate the company’s dedication to the welfare of the locals in all communities. With the signature of the new agreement, each of the host communities will have the right to particular initiatives that will improve their residents’ quality of life and ability to support themselves during the next five years, from 2022 to 2026. The signing of the CDA represents the start of a new dawn for the Company and the host communities in the implementation of the laid out social investment initiatives within the company’s…

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A new program called 56Bridge has been released, promising to reinvent the hiring process and cut costs by as much as 80%. The software, developed by BridgeGap Consults Limited, automates recruitment plans from beginning to end, providing both candidates and recruiters with the flexibility missing from the conventional structure. A prospective employee’s process begins with building a profile and CV, followed by completing an employment exam, looking through available positions, and finally attending job interviews from any location. On the other hand, a company may use the app to shortlist individuals, run job exams, and receive pre-recorded interview videos from…

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In order to guarantee a consistent and uninterrupted electricity supply for the residents of Ishokan Phase 1 Estate, Mercy Land Estate, and Mercy Land Phase 1 in Ayobo, Lagos State, Ikeja Electric Plc has signed a tripartite interconnected mini-grid agreement with Enaro Energy Limited and the Ayobo community. The program is in keeping with the Nigerian Electricity Regulation Commission’s objective, which is to guarantee a stable and dependable supply of electricity in all communities throughout the nation by forming alliances between distribution corporations and independent power producers. The agreement, which was inked in Lagos at Ikeja Electric’s corporate headquarters, would…

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Five prominent indigenous oil and gas businesses reported N625.08 billion in revenues for the first half of 2022, a 40.7% increase over the N444.25 billion they brought in during the same period in 2021. Although these companies’ revenues increased by 40.7%, data from 2021 that was collected from the Nigerian Exchange Limited (NGX) revealed that both endogenous and external problems that are currently hindering the nation’s business environment had a detrimental impact on their performances. Ardova Plc reported revenue of N126.6 billion for the first half of the year 2022, an increase of 45.96% from the N86.770 billion reported in…

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Airtel Africa, a telecommunications company, and Citibank have agreed to a revolving credit facility of $125 million for their respective branch offices and subsidiaries in sub-Saharan Africa. This information is provided in a statement titled, “Airtel Africa’s First Sustainability-Linked Loan Facility,” which was signed by Simon O’Hara, Group Company Secretary. According to the statement, the facility will comprise loans denominated in both local currency and US dollars and is consistent with the company’s strategy to issue financing through its local operating entities. The telecom company has operations in 14 African nations, mostly in East, Central, and West Africa. Bharti Airtel,…

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One of the issues preventing the expansion of renewable energy in Nigeria is the prevalence of untrained and unprofessional solar installers as well as inferior inputs and components. The Minister of Finance, Budget and Planning, Zainab Ahmed; the Minister of Power, Abubakar Aliyu; the Nigerian Electricity Regulatory Commission (NERC) and the Standard Organization of Nigeria (SON), among other experts, policy actors, and financial institutions, would explore the challenges and potential solutions anticipated, according to Gennex Technologies’ Managing Director, Mr. Patrick Ilo. The colloquium with the theme “Delivering Sustainable Energy Across Africa” is slated to take place on August 16, 2022…

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A recent study by the International Monetary Fund (IMF) reveals “new fertility facts” that are questioning long-held beliefs about the relationship between childbirth, years of schooling, and income level. This comes in the wake of increased worry about Nigeria’s burgeoning population. It notes that the only locations where the inverse association between income and fertility rate still holds true are low-income nations like Nigeria and other African nations. According to the Population Division of the UN Department of Economics and Social Affairs, Nigeria would have 375 million people and rank fourth in the world in terms of population in 28…

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The first solar-powered Internet and voice service provider in West Africa, Tizeti, plans to expand its operations there as well as into Ghana and Togo, two new neighboring countries, as part of its commitment to closing the digital divide in Africa. It also plans to investigate listing its Nigerian subsidiary. The company is investigating an Initial Public Offer (IPO) in the stock market for investors/shareholders with over 2.8 million subscribers on its platform, over N11 billion in revenue over 10 years, and no debt, while setting its sights on expanding its footprint across the Francophone and Anglophone countries in West…

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The Consumer Goods sub-(CGS) sector’s operations have continued to be hampered by rising inflation, a lack of foreign currency, and an all-around challenging operating environment. At the same time, the listed companies in the sector have experienced a recent decline in earnings and a bleak outlook. The sector, which tracks the performance of consumer companies listed on the Nigerian Exchange Limited (NGX) floor, declined by 8.12% in July, falling from 623.99 index points to 573.27 points. The All-Share Index, which tracks the performance of publicly traded firms, ended July with a loss of 2.8% month-to-date (MTD), and the market capitalization…

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For the half-year (H1) period that concluded on June 30, 2022, Nigerian Breweries (NB) Plc reported revenue of $274.03 billion and profit after tax (PAT) of $19.08 billion. When compared to the $209.22 billion reported during the same period in 2021, the company’s revenue increased by 31%. The PAT increased by 142.8%, from $7.86 billion to $19.08 billion, according to the figures. Similar to this, basic earnings per share in 2022 were 237 kobo as opposed to 97 kobo in the same period in 2021. In a statement signed by Uaboi Agbebaku, the company secretary and legal director, the profit…

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The Chinese Yuan swap deal can be reopened to combat the threat as Nigeria battles excessive inflation, analysts have suggested. On April 27, 2018, Nigeria and the People’s Republic of China held a ceremony in China to officially sign the three-year agreement. The $2.4 billion exchange agreement aims to strengthen connections and lessen the need for dollars in bilateral commerce. The currency swap agreement was specifically made to finance trade and investment between China and Nigeria, preserve the integrity of the financial system, and promote other related goals that might be agreed upon by both countries. It aimed to provide…

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The National Cocoa Management Committee (NCMC), established by the Federal Government yesterday, would oversee the restoration of the Nigeria Cocoa Board and guarantee that cocoa farmers receive the Living Income Differential (LID) of $400 per tonne to raise their level of living. Exporters of cocoa in Ghana and Cote d’Ivoire have benefited from the LID that the two nations implemented as a premium for their product and as a strategy to supplement the prices of the cash crop on the global market. According to unconfirmed claims, exporters have been shipping cocoa of a Nigerian provenance to Ghana or Cote d’Ivoire…

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MTN, a technology company, has introduced home broadband services in Nigeria with a target audience of 40 million MSMEs and 43 million homes. In addition, MTN claimed that this service is expected to hasten the adoption of broadband in line with the Federal Government’s goal of reaching over 70% adoption by 2025. The telecommunications business pointed out that Nigeria, which has a population of over 200 million, now boasts a connectivity rate of about 44.3%, while other African nations like South Africa, Egypt, and Kenya have respective Internet penetration rates of 68, 74, and 48%. It also noted the strong…

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The Federal Government has been urged by the National Health Health Authority (NHIA) to use the contentious one kobo per second call fee to pay for insurance coverage for disadvantaged Nigerians. The Authority recommended the administration to include the fee to the Finance Act. It also argued that NHIA should get the N10 per litre sugar tax in order to provide health insurance for the underprivileged. At a one-day workshop on the NHIA Act, Prof. Mohammed Sambo, the director general of the NHIA, revealed this. He said: “NHIA is saying, for every call you make, we can take one kobo…

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The Federal Government’s Micro Small and Medium Enterprises (MSME) Survival Fund has benefited approximately 1,258,183 beneficiaries, according to Tola Adekunle, Project Coordinator, MSME Survival Fund and Guaranteed Offtake Scheme. In fact, the Buhari-led administration established the MSME fund in 2020 to mitigate the COVID-19 pandemic’s consequences, particularly on the nation’s vulnerable MSMEs and independent contractors. At a town hall meeting for beneficiaries in Lagos, Adekunle said the Project Delivery Office (PDO) collaborated with a number of partners to drive the five distinct tracks intended to support and sustain the livelihood of vulnerable MSMEs and self-employed people who were most impacted…

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For the six months that ended on June 30, 2022, Notore Chemical Industries Plc reported group revenue of N26.28 billion, an increase of 178.7% over the N9.43 billion for the comparable period in the 2021 half-year. In the same period, the company also reported N2.6 billion in net profit before tax, an increase of 116.4 percent over the prior year. Group Managing Director and Chief Executive Officer (CEO) of Notore Chemical Industries Plc, Mr. Ohis Ohiwerei, stated in a statement that the modest increase in revenue is due to increases in production output and plant reliability, which are benefits of…

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Despite promises from several of the operators, the Nigeria Deposit Insurance Corporation (NDIC) issued a warning Wednesday that it does not protect investments with fund managers. The Corporation said in a news release issued under the name Bashir Nuhu, Director, Communication and Public Affairs Department, that the clarification was required to raise awareness of the significant risks associated with dealing with unlawful fund managers. In recent years, the business of investing with fund managers has exploded, with many boasting tempting monthly returns on such products. A handful of those who made promises do follow through, but the bulk run off…

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In light of the impact such taxes would have on the expansion of the sector and the creation of jobs, stakeholders in the small and medium-sized enterprises (SME) sector have urged the government at all levels to refrain from imposing excessive taxes on small firms. They demanded that local, state, and federal governments harmonize the taxes they impose on MSMEs in order to lessen their financial burden and benefit the country. They asserted that the sector still employs more than half of the labor force in the nation as of right now and warned that failing to address concerns about…

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In order to mobilize domestic resources for profitable ventures, the stock market is crucial. Since it indicates the reallocation of assets among various economic units within an economy, the stock market is recognized as a crucial element of the majority of economies. Market performance is correlated with an economy’s overall health. The stock market lost more than N1 trillion in eight trading days last week as a result of the Central Bank of Nigeria’s (CBN) decision to tighten monetary policy by raising the Monetary Policy Rate (MPR) by 100 basis points to 14%, the second increase this year, in an…

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United Bank for Africa (UBA) Plc, the largest bank in Africa, recently finished its Kiddies and Teens Draw, which was held in Lagos, and awarded 20 children with N200,000 apiece as scholarship prizes. Because their parents or guardians had consistently maintained standing instructions of N10,000 to their child’s or ward’s UBA Kiddies or Teens Accounts for a six-month period, the winners had qualified to win in this year’s first draw. The draw is a creative, ground-breaking initiative of its kind that UBA conceptualized with the specific goal of instilling a savings culture that positions children and teenagers for a secure…

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The top provider of electronic payment systems in Nigeria, eTranzact International Plc, reported a profit before tax (PBT) of N536.4 million for the fiscal year 2021. According to the company’s managing director/chief executive officer, Olaniyi Toluwalope, the performance represents a 1286.6% improvement over the N1.87 billion loss reported in the same period. He described the result as the start of a magnificent future. The company is leading the anticipated shift to a holding structure in the electronic payment system, which is why performance has increased. A new directive from the Central Bank of Nigeria (CBN) forbade businesses from running switching,…

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There may not be any relief from the aviation fuel crisis, which is affecting both airlines and the sector as a whole, until the Dangote Refinery starts operating. Hadi Sirika, the minister of aviation, made this statement in response to the aviation fuel’s skyrocketing price, which just set a new record high of N1000/litre. On Wednesday, local aircraft companies made hints that the cost of jet fuel had continued to rise, with prices in Lagos hovering about N900 and N1000 per liter, respectively. The operators had already issued a warning to the general public to prepare for the worst case…

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Following news that founder Jack Ma was giving up control of the business’s digital payments division, shares in the world’s largest online retailer, Alibaba, declined for the third day in a row. The Wall Street Journal reported on Thursday that Ma’s as-yet-unannounced plans to relinquish control of Ant Group are a part of a plan to placate Chinese regulators and resurrect Ant’s initial public offering. Alibaba’s gains from earlier in the week when the company revealed it would seek a primary listing in Hong Kong to better access China’s enormous pool of investors were erased by reports regarding Ma’s choice.…

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Nigerians’ level of living has gotten poorer over the past year as the cost of necessities has risen steadily. The average retail price for refilling a 5 kg cylinder of liquefied petroleum gas (cooking gas) increased by 103.92 percent from N2,068.69 in June 2021 to N4,218.38 in June 2022, according to data from the National Bureau of Statistics (NBS), which was released yesterday. The price of 1 kg of beans (white, black eye, sold loose) increased on an annual basis by 24.17 percent from N431.79 in June 2021. According to the data, the price of LPG jumped 7.57 percent month…

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The Federal Government has urged investors to look at developing the nation’s 42 billion barrels of bitumen reserves, which has a $110 billion global market value. The Director-General of the Nigerian Geological Survey Agency, Dr. Abdulrasaq Garbar, said the nation has the sixth-largest bitumen reserves in the world while addressing potential investors at a virtual clarification session organized by the Ministry of Mines and Steel Development in partnership with PwC Nigeria. According to him, the mineral was underutilized for many years, which created a huge opportunity for local Bitumen production in place of the nation’s Bitumen imports. Although there have…

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According to Sanjay Pradian, the global CEO of the Open Government Partnership (OGP), Nigeria can stop over $15 billion in illicit money flows if it can implement the Corporate Affairs Commission’s Beneficial Ownership register and end the practice of anonymous ownership of corporations (CAC). According to Sanjay’s disclosure, the World Bank found that between 1980 and 2010, 70 percent of corruption cases involved anonymous shell companies. He also stated that it is predicted that banning anonymous companies will help stop the $15 billion in illicit funds that flow out of Nigeria each year. “If the government must combat corruption, it…

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John Mfon, a member of the Federal Capital Territory’s (FCT) National Youth Service Corps, has introduced “middey,” a multiple payment financial application, to improve money administration and payroll management for both commercial and public organizations. Mfon, who is also the Managing Director of Middey Technologies Ltd., stated at the platform’s presentation in Abuja that the new solution would also offer third-party support for effective settlement of payroll responsibilities. He said that the company’s brand-new, fully automated platform will make it simple for both small and large firms to conduct seamless transactions. Mfon stated: “Middey has been created to address payment-related…

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To lessen the negative effects of international operations on the economy, local manufacturers in the nation have encouraged the Federal Government to create durable national anticipatory policy measures against external impacts. The lingering effects of the COVID-19 pandemic and the current Russian-Ukrainian war, according to the Manufacturers Association of Nigeria (MAN), added to the already pressing local issues. They pointed out that, in addition to the necessity for zealous management of world peace, a succession of global events and the lessons learned call for national governments to start acting draconian in order to handle these phenomena going future. Although the…

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Francis Anatogu, Senior Special Assistant (SSA) to the President on Public Sector Matters and Secretary of the National Action Committee (NAC) on African Continental Free Trade Agreement (AfCFTA), claimed that when the inter-African trade policy fully takes off, it will reduce poverty in Nigeria and increase citizens’ capacity to create wealth. This was mentioned by Anatogu at the CEO Luncheon/Dinner of the Manufacturing Association of Nigeria’s (MAN) Toiletries and Cosmetics Manufacturing Group (T&C group) in Lagos. Although he observed that inter-agency cooperation was required if Nigeria was to fully profit from the agreement, he portrayed the regional trade pact as…

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Abike Dabiri-Erewa, the chairman of the Nigerians in Diaspora Commission (NIDCOM), stated that despite the coronavirus pandemic in 2021, remittances from Nigerians in the Diaspora now stand at $20 billion. Speaking at a news conference in Abuja to announce the 16th National Diaspora Day Celebration, Dabiri-Erewa argued that the economic contribution of Nigerians living abroad was too great for them to be excluded from important national decision-making processes. The hybrid event’s topic is “Diaspora involvement in global challenging times for national development,” and it is set to take place on July 25 in Abuja. Dabiri-Erewa stated that this year’s theme…

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