The number of account holders added to the bank verification number (BVN) monitoring list for engaging in fraudulent activity increased by 25% to 7,552 in just over nine months, supporting the rise in financial system fraud. The figure was 6,045 as of June 2014, according to the Central Bank of Nigeria (CBN). However, the number increased by 1,505 in less than a year to reach 7,552. This information was provided by Musa Jimoh, the director of the apex bank’s payment systems management division, yesterday at the 34th Seminar for Finance Correspondents and Business Editors being held in Calabar, the capital…
Author: Ken Ibenne
Nigeria is located in Sub-Saharan Africa, which the International Monetary Fund (IMF) has warned could suffer the most from a division of the world into two separate commercial blocs centered around China or the United States and the European Union (EU). Countries on the African continent that are not regarded as belonging to North Africa are referred to as Sub-Saharan Africa. A permanent decrease in real gross domestic product of up to 4% in sub-Saharan African economies after ten years, which is greater than what many nations suffered during the Global Financial Crisis of 2008–09, is predicted to occur, according…
The Central Bank of Nigeria (CBN) has stated that there are no plans to stop the distribution of new naira notes. Dr. Isa AbdulMumim, the bank’s acting director of corporate communications, denied the rumor that the regulator was considering withdrawing the recently redesigned N1000, N500, and N200 currency banknotes from circulation. “We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” he said. The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the bank with a sizable number of the redesigned bank notes,…
Ide John Udeagbaala, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has expressed sadness over the declining business environment in the nation, which he claims has put a significant burden on output. Udeagbaala claimed that this, among other issues, has contributed to the nation’s accelerating decrease in domestic production yesterday at a media briefing on the state of the country. He disclosed that the country advanced 15 places to rank 131 out of 190 countries in 2019 when the Federal Government started promoting its program on the ease of doing business (EoDB). The…
According to Mr. Temi Popoola, the chief executive of the Nigerian Exchange (NGX) Limited, efforts are being made to ensure that the Nigerian capital market reaches the net zero emissions target. Achieving net zero emissions means striking a balance between the amount of greenhouse gases released into the atmosphere and the amount of greenhouse gases removed from it. The NGX CEO stated that the bourse hopes to attain the target by looking into partnerships with organizations on sustainability efforts and overall market development at an event on Tuesday in Lagos. The new Group Chief Executive Officer (GCEO) of Ecobank Transnational…
In order to complete the Ajaokuta-Abuja-Kano pipeline, the Infrastructure and Commercial Bank of China (ICBC), Infrastructure Bank of China, and China Export Credit Agency (SINOSURE), which were expected to contribute $2.38 billion, or 85% of the project’s total cost, withdrew. As a result, the Nigerian National Petroleum Company Limited (NNPC Ltd) has already spent over $1.1 billion. The Group Chief Executive Officer of the NNPCL, Mele Kyari, confirmed an earlier exclusive report on the AKK project by The Guardian about the withdrawal of the initial financiers as a result of the contract’s inflation by 570 percent and said the national…
Total foreign transactions on the Nigerian Exchange Limited (NGX) fell by 53.16 percent last month, indicating that prolonged FX illiquidity, uncertainty, and other macroeconomic difficulties are having an impact on the capital market. According to the NGX’s Domestic and Foreign Portfolio Investment Report, between February 2023 and March 2023, foreign transactions decreased by 53.16 percent, from N19.62 billion (roughly $42.51 million) to N9.19 billion (roughly $19.94 million), while domestic transactions decreased by 19.06 percent, from N169.29 billion to N137.03 billion. The paper states that in 2022, total domestic transactions accounted for around 84% of all transactions, while overseas transactions accounted…
Through the financing of 115 electric-powered tricycles for the sole use of women transporters in the state, Sterling Alternative Finance, in collaboration with LINKS, Mata Zalla Women Cooperative, and Yar Baiwa Women Cooperative, has significantly improved intra-city transportation in the Kano metropolis. This was declared at the recently held groundbreaking ceremony for Kano’s first-ever electric vehicle charging station. With 115 participants, the partnership is a cooperative effort to promote gender empowerment, sustainable transportation, and environmental conservation in Kano State. Of these, 85 participants received training as commercial tricycle operators, and the remaining 30 participants received training as specialized mechanics for…
According to Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), for Nigeria to be on track in the implementation of its decade of gas program, government should provide yearly status reports of the successes, issues, supports required, and targets completion dates. He made the suggestion at the just finished Nigerian International Energy Summit (NIES), which was held in Abuja and at which he also gave separate speeches at conferences for the industry. The head of the NCDMB advised that the agencies, entities, and stakeholders in charge of the numerous projects and initiatives listed in the…
Data from the Debt Management Office (DMO) shows that under President Muhammadu Buhari’s leadership, Nigeria’s debt to China has risen by a startling 209 percent. The government owed China $4.29 billion as of December 2022, up from $1.39 billion in June 2015, according to the office. According to the data study, China was responsible for 84.73 percent of Nigeria’s bilateral debt, with the remaining amounts coming from France, Japan, India, and Germany. DMO added that the loans from China had a concessionary interest rate of 2.50 percent per year, a 20-year term, and a seven-year grace period (moratorium). Under pressure…
According to AFP, many prominent media organizations from Western countries, Russia, China, and other states that formerly had either of those tags no longer displayed them. As of 0600 GMT, they comprised the accounts of National Public Radio in the United States, the official Xinhua news agency of China, RT in Russia, and CBC in Canada. Twitter, which the erratic billionaire Elon Musk purchased last year, has long identified accounts associated with state media or elected officials, particularly in China and Russia. According to the statement, the policy was centered on organizations that “are the official voice of the nation-state…
In a statement headed, “We Urge Abia State Governor To Revoke Permit Or Relocate Lokpanta Cattle Market,” the separatists’ spokesperson, Comrade Emma Powerful, called for the cancellation of any permits that may have been issued for the market’s installation. He revealed that IPOB has designated the land as the site for a modern and largest trade fair center in Africa, to ensure that their people (Biafrans) returning from Lagos and other parts of Nigeria can continue with their respective businesses unhindered, generating revenue for the state government. Clearly stated, rather than the market providing any benefits to the state, “it…
The study, which was cited in the story and appeared in various national media, said that Nigeria had fallen short of paying off its whole debt to China, which had grown to N110.31 billion during the previous two years. The principle and repayment fees were included in the China debt stock, the paper said. Between January 2021 and December 2022, the principal fee was N69 billion ($153.85 million), while interest costs came to N41.3 billion ($92.1 million). But the DMO advised the public to disregard the article, calling it untrue, in a reaction that was recently posted on its website.…
While briefing journalists on the results of the 14th Insurers Committee Meeting held in Lagos, members of the Publicity and Communications Sub-Committee disclosed this. The members claim that within the parameters of the standards, IFRS 17 establishes the fundamentals for the identification, evaluation, presentation, and disclosure of insurance contracts. Rasaaq Salami, Head of Corporate Communications and Market Development at NAICOM, said the commission would make sure operators complied with IFRS 17. Salami said that the commission had established sub-working groups to speed up the industry’s transition in an effort to get underwriting businesses ready for the new financial reporting methodology.…
As of April 2023, the Nigerian Communications Commission (NCC) had approved 1,985 phones for sale in the nation. Checks revealed that between January and the present, 24 new phone models have been approved in the NCC’s most recent update. The number was 1,961 in January before rising to 1,985 in April. The Guardian’s investigation revealed the presence of brands from Finland, France, America, Japan, the Philippines, Taiwan, South Korea, South Africa, and the United Arab Emirates. Nevertheless, over 300 models from Chinese firms have flooded and dominated the Nigerian market during the past 15 years. Tecno Mobile, Nokia, Wiko, Samsung,…
According to the Nigerian Sovereign Investment Authority (NSIA), about 245,000 direct jobs and 315,300 indirect jobs were created in the last ten years as a result of the SWF. Aminu Umar Sadiq, managing director and chief executive officer of NSIA, said this yesterday in Abuja at a media discussion. He declared that the agency was dedicated to continuing its approach of diversifying its holdings to maximize profits for the nation. At the end of its 2022 fiscal year, he claims, NSIA’s total assets amounted to N1.02 trillion. He claimed that the sum represented an increase of 10.5% from the N919.73…
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has cautioned that a number of recent economic shocks, coupled with a modest increase in per capita income in more than three decades, have placed emerging economies in grave risk if immediate action is not taken. During the beginning of a session on concessional financing at the ongoing World Bank and IMF Spring Meetings taking place in Washington, DC, Georgieva said the world must come together to close the gap that is now present. She made a suggestion that since the COVID-19 epidemic broke out, the IMF has given $24…
Yesterday’s trading on the stocks market of the Nigerian Exchange Limited (NGX) ended flat, maintaining a market size of N28,300 trillion. The All Share Index (ASI) closed at 51,953.41 points yesterday, just 0.01 point higher than the previous day’s closing value of 51,952.99 points. Market capitalization was N28.300 billion as well. Gains in medium and big capitalized equities, including Berger Paints, Skyway Aviation Handling Company, International Breweries, Dangote Sugar Refinery, and Multiverse Mining and Exploration, had an impact on the slight uptick. In the absence of a price decline in any of the heavy hitters, analysts at Vetiva Dealings and…
Investors who lost N700 billion in private placement fraud have renewed their appeal in response to persistent inflation and other socioeconomic problems. Investors have urged regulators to take action against companies who broke their commitments to list their shares on the Nigerian Exchange Limited (NGX) in order to make a profit on their investments 16 years after the issuing of the private placement. Additionally, they have demanded that the Companies and Allied Matters Act (CAMA) be reviewed in order to make it essential for businesses seeking private placements to list within a set period of time following issuance. They said…
Hussein Ejibunu, the acting Controller of the unit, stated during the handover at the Customs warehouse in Ikeja, Lagos, that expired, illegal, and other medications that did not adhere to the statutory importation standards were intercepted and confiscated at various places in the Southwest area. He claimed that the drugs, which were brought in from Malaysia and India, were stored in three containers measuring 39 feet, 40 feet, and 20 feet. He claimed that the medications, which have neither a production nor an expiration date, were made in India and that the importer is still at large. Ejibunu claimed that…
The Fund projects that growth will decelerate this year to 3.6% from its earlier January prediction of 4.2% and accelerate to 4.2% the next year. The IMF also predicted that global growth will decline from last year’s 3.4% to 2.8% before rising to 3% in 2024 in its estimates for the world economy, which were made public yesterday at the current Springs Meeting in Washington, DC. The COVID-19 and Russian-Ukraine war-related global economic recovery is on pace, according to the Bretton Woods institution, although it is still in a fragile position. It noted that despite persistently high inflation and recent…
The research was published in a new study titled “The State of Cybersecurity 2023: The Business Impact of Adversaries on Defenders” by the cybersecurity company Sophos. According to the company, one of the issues facing businesses is knowing how an attack occurs. Seventy-five percent of respondents stated they have difficulty determining the incident’s fundamental cause. In its global survey, Sophos stated that these issues made it difficult for organizations to implement proper repair, leaving them open to repeated and/or multiple attacks from the same or different adversaries. In addition, 71% of those polled said that timely remediation was a problem.…
Prior to the Spring Meetings of the World Bank and International Monetary Fund, yesterday’s media appearance by World Bank Group President David Malpass included the forecast. (IMF). The forecast was a sneak preview of the April World Bank Economic Outlook, which will be released today afternoon. The upward projection changes, according to Malpass, are predicated on China ending its lockdown strategy and advanced economies performing “somewhat better than expected” in January of this year. The head of the World Bank indicated that instead of the 2.1% growth seen last year, the United States’ gross domestic product (GDP) is forecast to…
The benefit of knowing the precise number of Nigerians without work following the COVID-19 outbreak has not been available to data users. The National Bureau of Statistics (NBS) published the most recent official data in the beginning of 2021. The data covered the final quarter of 2020, when COVID-19 was still having an impact on the economy. Non-governmental organizations have been forced to estimate the figures for the past two years using macroeconomic information and the trend of the economy. The Nigeria Economic Summit Group (NESG) estimated the country’s unemployment rate at 37% earlier in the year. The analysis stated…
In keeping with tradition, FMDQ Exchange conducted a listing celebration to commemorate the achievement of the Series 1 and Series 2 bonds being listed on the exchange in November 2022 and March 2023, respectively. Tumi Sekoni, managing director of FMDQ Exchange, is represented by Jumoke Olaniyan, senior vice president of the FMDQ Exchange’s business development division. commended the issuer and sponsors on their accomplishment and said that their choice to raise money from the debt markets via the Exchange’s platform was a tribute to the Exchange’s extremely effective time-to-market and unmatched listing and quote service. As she reiterated the exchange’s…
Marie-Laure Akin-Olugbade, a Cameroonian, has been named by the African Development Bank (AfDB) as the vice president in charge of the complex for regional development, integration, and business delivery. The appointment will take effect on April 1st, 2023. With nearly 31 years of experience, Akin-Olugbade is a seasoned senior executive who has provided technical, managerial, and strategic knowledge and leadership in the AfDB’s capital markets, treasury, asset management, and product development. Prior to being appointed, she served as the Bank’s acting vice president and director general of the West Africa region’s business development and delivery office. Akin-Olugbade oversaw the creation…
The Nigerian Exchange (NGX) Limited lost a further 1.88 percent after the end of trading on Wednesday, pushing it farther into the danger zone. It was noted that yesterday’s stock exchange suffered from persistent profit-taking activity as investors reduced their exposure to equities throughout the day. As a result, there was less activity overall, with decreases in trading volume, value, and deal volume of 33.50%, 12.90%, and 23.62%, respectively. This was due to the fact that investors traded 197.3 million shares for N2.7 billion in 3,506 deals as opposed to Tuesday’s 296.7 million share transaction worth N3.1 billion in 4,590…
The first quarter of foreign commerce was below expectations, according to the Nigeria Customs Service (NCS), Seme Command. Dera Nnadi, the Customs Area Controller for Seme Command, revealed this yesterday. He said the command earned N350 million in total from imports, which is N150.1 million or 23.09 percent less than the N455 million expected to be realized in 2022. He claims that the command’s Trade Liberalization Scheme (ETLS) for the Economic Community of West African States (ECOWAS) allowed for the transit of 425 trucks and 412 luggage declarations, with fees totaling N314.7 million and N58.8 million, respectively. He said that…
Nigeria has once again urged the UN and the international tax community to create a system of international taxes that is inclusive, egalitarian, fair, and beneficial to all in order to achieve the 2030 Sustainable Development Goals (SDGs). In his remarks at the Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in Tax Matters, held on Friday at the United Nations Headquarters in New York, Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service (FIRS), made the call. The global minimum tax proposed by the OECD Inclusive Framework has raised concerns from the Nigerian delegation due to…
Oil prices rocketed Monday as major producers shocked the market with a surprise supply cut of more than a million barrels per day. Equities largely gained after data revealed that US and European inflation continued to decline in November. The OPEC+ cartel’s decision, though, stoked worries about a new price increase that might force central banks to raise interest rates. Following the Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman decrease, which was the largest since the group reduced two million barrels per day in October, both major crude contracts rose by almost 8% at one point. It…
