Stakeholders have differing opinions on the Nigeria Deposit Insurance Corporation’s (NDIC) and the Federal Inland Revenue Service’s (FIRS) proposal to spend a combined N8.7 billion this year on software alone. The Ministry of Budget and Economic Development has issued the budget for government-owned businesses (GOEs) for 2024, which includes N8.7 billion. To further its goal of tax reform in 2024, FIRS intends to spend N3.5 billion on software acquisition. With N5.2 billion, the Nigeria Deposit Insurance Corporation (NDIC) has the largest software budget among GOEs, with the sum being the second-biggest. The Federal Competition and Consumer Protection Commission (FCCPC), which…
Author: Ken Ibenne
Africa’s fintech business is predicted to grow significantly over the next six years, reaching a valuation of $65 billion, with potential increases in work, investments, and policies. The fintech revenue in Africa is expected to rise at a compound annual growth rate (CAGR) of 32% by 2030. By then, the African fintech market would have a valuation of over $65 billion, based on a recent analysis from QED Investors and Boston Consulting Group (BCG). According to the survey, the leaders of Africa’s fintech race are South Africa, Nigeria, Kenya, and Egypt. A portion of this can be attributed to the…
The 2023–24 Carabao Cup final between Chelsea and Liverpool will be their second meeting in the previous three years. That day, the Reds overcame their opponents from London. A match that concluded with a score of 0-0, favouring Jurgen Klopp’s team. The Blues, who lost the first leg 1-0 at Riverside Stadium, will be hoping for a better outcome after cruising over Middlesbrough 6-2 on aggregate. They have performed well in the Carabao Cup, defeating teams like Brighton, Blackburn Rovers, and Newcastle United en route to Wembley, despite their dismal performance in the Premier League. Liverpool has had a fantastic…
According to the federal government, its goal for the fiscal year 2024 is to reach a 25% revenue to GDP ratio. This was said on Wednesday by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, when he opened the Federal Inland Revenue Service’s (FIRS) 2024 strategic management retreat, which was taking place in Abuja. He noted that borrowing is not the best option given the global trend of high and steady interest rate increases. According to him, the focus is on equity and the mobilisation of domestic resources rather than loan finance. “Re-imagining Tax Administration for…
The Nigerian National Petroleum Company (NNPC) Limited’s 20% stake in the Dangote Petroleum Refinery has drawn criticism from the international Extractive Industry Transparency Initiative (EITI) in Abuja yesterday. It also noted that certain issues with other loans backed by crude oil remain unresolved. With former President Muhammadu Buhari’s consent, NNPC made a swift move in August 2021 and paid $2.76 billion to acquire a 20% share in the Dangote refinery. In addition, the refinery expects the NNPC to supply 300,000 barrels of petroleum per day while repaying a $3.3 billion debt from Afrexim Bank with crude. According to Alex Gordy,…
Ivory Coast will need other outcomes to escape a shock Africa Cup of Nations group-stage exit after Equatorial Guinea trounced the Elephants in Abidjan. Emilio Nsue’s double, Pablo Ganet’s 25-yard free kick and Yannick Buyla’s late goal gave the National Thunder a memorable victory that secured first place in Group A. After placing third in their group, the hosts must now focus on qualification – the four best third-placed teams from the six groups advance to the last 16. Ibrahim Sangare twice had equalizers called out for the Ivorians when they were only a goal down, but the Elephants squandered…
Licensed coal miners in Kogi State have expressed support for the recent impoundment of 21 coal trucks by the Kogi State government and security personnel, which they claim belonged to illicit coal miners in the state. The trio of Dr. Innocent Ezuma, Partha Ghosh, and Dr. Ramos of Etazuma Mining and Industries Limited, Koyla Energy Limited, and Mosra Energy Limited praised the federal government, Minister of Solid Mineral Development, Dele Alake, Kogi State government, and security agencies for taking up the fight against what they called ‘economic saboteurs who breed terrorism’. In December, Alake reiterated the federal government’s ban on…
After last week’s trading in the capital market’s equities segment, the industrial index led the gainers’ chart as investors’ growing desire for Dangote Cement (+53.9%) and BUA Cement (+45.8%) lifted the sector by 46.9 percent. The development caused the sector to grow by 59.4% year-to-date (YTD), making it the best-performing this year. Next in line, at 14.9%, was the insurance industry. The consumer goods index increased by +8.2 percent, while the oil and gas industry lagged with 8.8 percent. But the banking index lost 0.1% of its value, making it the only loser of the week. Investors on the exchange…
Abuja Electricity Distribution Company (AEDC) stated Wednesday that business organizations in Nigeria should be encouraged to use greener energy due to the rising cost of fossil fuel-powered generators, which might result in an energy cost reduction of over 70%. Speaking at the signing of a tripartite agreement between AEDC, Daystar Power, and The Wood Factory, the organization’s managing director, Christopher Ezeafulukwe, stated that the deal will result in the generation of roughly 18 hours of energy each day for the organization. Ezeafuluke pointed out that in order to accomplish carbon footprint reduction targets, lower operational costs, and have energy security,…
Non-oil exports fell from $4.8 billion in 2022 to $4.5 billion last year, according to the Nigerian Export Promotion Council (NEPC), despite the federal government’s efforts to diversify the economy. NEPC also ascribed the fall to issues such as product rejections, inadequate product certification, political unrest in surrounding African nations, difficulties with currency rates, and an increase in global trade, among other things. This was revealed Tuesday in Abuja during the presentation of the council’s progress report on the non-oil export performance in 2023 by Nonye Ayeni, the chief executive officer of NEPC. According to Ayeni, 273 distinct products—ranging from…
License holders in the telecommunications sector will be held more responsible for all of their actions moving ahead. This was said yesterday in Lagos during a conversation with journalists by Dr. Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission. Using the event to present his proposal for the industry, Maida stated that it is now essential to reposition and advance the industry. The EVC, who celebrated his 100th day on the job yesterday, said that the NCC would be led by him and would prioritize cooperation, data-driven operations, compliance and oversight, and digitization. Regarding compliance, Maida emphasized…
The fourth quarter (Q4) of last year saw an 8% year-over-year gain in global smartphone shipments to 320 million units, snapping a seven-quarter decrease. In the quarter, Apple surpassed Samsung to take the top rank, according to Canalys Research. Toby Zhu, Senior Analyst at Canalys, noted in a statement that the mid-to-low range smartphone industry is expanding and that demand for smartphones was better during the holidays. In addition, Zhu mentioned a “rebound in demand” in emerging countries, such as those in the Middle East, Africa, Asia Pacific, and Latin America. According to the analyst, vendors may now focus more…
The government, at all levels, has been encouraged by experts to lower and, in some cases, completely eliminate taxes and levies imposed on manufacturers and firms. They have added that while these taxes greatly burden entrepreneurs, they do not contribute significantly to the government’s revenue. Speaking at this year’s economic outlook and budget analysis, which had as its theme “Building Economic Resilience in 2024: Strategies for a Sustainable Future,” Financial Derivatives Company Chief Executive Officer Bismarck Rewane stated that the economy is expected to grow at a rate of 3.3% this year after avoiding a recession the previous year. He…
Concerns exist regarding the power sector’s future this year as industry participants closely monitor developments and how they may impact the sector’s performance in light of growing expectations for a possible change in government policy. They contend that the industry faces evident difficulties and necessitates a thorough comprehension of the changing dynamics of supply and demand. In response to the worries, Minister of Power Adebayo Adelabu has unveiled a comprehensive plan aimed at improving the sector’s performance this year. The first three months of the minister’s plan are dedicated to diagnosis, stakeholder consultation, and strategy formulation. He asserted that the…
A new product called Diaspora Investor Direct Investment (DIDI) has been introduced by Optiva Capital Partners Limited, the top investment immigration wealth management business in Nigeria, in keeping with its mission to safeguard, build, enhance, and optimize wealth for astute investors. Franklin Nechi, Chairman of Optiva Capital Partners, announced the launch of the unique product at a dinner last week. He stated that DIDI is “our unique product to attract diaspora funds and investments into the country” and that it hopes to bring in $5 billion annually. “We bridge that gap so that Nigerians in the diaspora who wish to…
According to the International Monetary Fund (IMF), artificial intelligence (AI) would have an impact on about 40% of occupations worldwide; established economies are anticipated to be more affected than developing markets and low-income nations. To combat the effects of AI, IMF chief Kristalina Georgieva urged governments to set up social safety nets and provide retraining programs in a blog post. “In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must address proactively to prevent the technology from further stoking social tensions,” she wrote ahead of the World Economic Forum’s (WEF) annual meeting in Davos, Switzerland,…
After launching its main artificial intelligence digital assistant and chatbot, Leo, for six years, United Bank for Africa (UBA) Plc has unveiled new products meant to expand the scope of digital banking in Nigeria. UBA’s Leo has been a technology asset and a creative revolutionary aide since its inception on January 11, 2018, and it has had a significant impact on the financial industry in Nigeria and throughout Africa. UBA has pledged that LEO’s services will be even more extensive and superior because the bank has once again made investments in top-notch, cutting-edge technology that will enhance the user experience…
By this year’s second quarter, Dangote Refinery might be producing at full capacity, which is 650,000 barrels per day. This is happening at a time when China is driving the world's oil consumption to two million barrels per day (bpd), bringing the overall demand to roughly 103 million bpd. According to a recent Wood Makenzie projection that The Guardian could access yesterday, refining capacity would rise by a very small 600,000 bpd this year. According to the estimate, the successful ramp-up of Middle East capacity and high utilization rates would accompany the growth. The Dangote Refinery was singled out in…
As the Nigeria Customs Service (NCS) prepares to reopen its electronic auction portal (e-auction) for public participation on January 15, Nigerians have urged for openness. Remember that the NCS launched the e-auction platform in July 2017? It was halted as a result of numerous customer complaints and hacking attempts. In four weeks across the nation, the NCS claimed to have raised N49 million and registered 254 winners of various auctions. While encouraging interested parties to carefully analyze and adhere to the rules of this e- auction, the NCS has also offered participation to its officers and the owners of the…
A strategy has been disclosed by the Nigerian Content Development and Monitoring Board (NCDMB) to increase Nigerian insurance’s share of the oil and gas industry to 70%. During a familiarisation visit to the National Insurance Commission (NAICOM) main office in Abuja, Felix Omatsola Ogbe, the newly appointed Executive Secretary of the NCDMB, provided the assurance. According to the NCDMB head, the goal of the visit was to establish a rapport with the heads of the organizations that are represented on the Governing Council of the organization and to look into potential areas of cooperation. In order to meet the administration’s…
Nigerian shippers have protested Maersk’s $300 peak season surcharge (PSS) on containers from Asian nations headed for Nigeria. The resentful shippers claim that a court order now in effect prohibits the shipping companies from raising rates without following the proper procedures. They claimed that the governing body, the Nigerian Shippers’ Council (NSC), was unaware of the activity and had not provided advice on such an increase.Because no proper procedure was followed prior to the increase, the shippers declared they would not pay the fee. Maersk announced Monday in a statement that containers destined for Nigeria from China, Japan, Taiwan, and…
According to World Bank projections, Nigeria’s GDP is forecast to grow by 3.3% this year, which is around 0.4 percentage points higher than the 2.9% growth predicted for the previous year. While sub-Saharan Africa (SSA) is expected to develop by 3.8%, the projection is only marginally higher than the predicted global average of 2.3%. The World Bank continues to be optimistic about Nigeria in its World Economic Prospect (GEP), predicting further growth to 3.7% in the coming year—a percentage point or more above the rise of world GDP. The global bank’s growing optimism about the economy’s prospects since downstream oil…
On the Nigerian Exchange Limited (NGX) trading floor yesterday, there was good news as the index broke the 80,000 mark and closed at 80, 328.58 points. From 79, 664.66 last week, the index increased by 663.92 points, or 0.8%, to conclude at 80,328.59. Additionally, from N43.594 trillion last Friday to N43.957 trillion today, the market capitalization of listed stocks increased by N363 billion. As a result, the year-to-date (YTD) return is 7.43%. The increase in value of major and medium-sized equities, such as Presco, Conoil, Okomuoil, Julius Berger, Lafarge WAPCO, GTCO, NAHCO, Ecobank TransNational Incorporated, and Transnational Corporation (Transcorp), was…
Tuesday's dollar surge came to an end as traders maintained their bets for a wave of rate cuts from the Federal Reserve this year, believing that the United States’ inflation rate is adequately slowing down. As more people were optimistic that the spot bitcoin exchange-traded funds (ETF) will soon be approved, the price of bitcoin in cryptocurrencies hovered around its highest level since April 2022. Following a broad decrease in the greenback as U.S. Treasury yields dropped, the Japanese yen moved away from the 145 per dollar level, while the euro last stood at 1.0950 dollars, away from its previous…
Transcorp Hotels Plc, Chams Holding Company Plc, and CWG Plc led the 10 companies that topped the winners’ chart on Nigeria Exchange Limited (NGX) in capital appreciation in 2023, with price gains ranging from 721.8% to 1,022.9%. For their shareholders, it was a veritable harvest of capital gains. The share price of Transcorp Hotels Plc saw the biggest capital appreciation, rising from N6.25 in 2022 to N70.18 on the final trading day of 2023—a gain of 1022.9%. In 2023, Chams Holdings Plc continued to be the leading financial technology business, with its share price soaring by 795.5% from N0.24 at…
A few days into the year, following a protracted period of steady decline in the unofficial market that saw the start of the year, Naira might be facing its first significant test. The local currency is plumbing new lows at the pseudo-pro-market Nigerian Autonomous Foreign Exchange Market (NAFEM), shattering the psychological barrier of N1,000/$ following two attempts prior to the holiday break. The local currency maintained steady on the first and second days of the year, with a parallel market rate of about N1180 per dollar. However, over the last two days, our journalists have tracked several black-market hotspots in…
Following the release of the budget details, Emeka Obegolu, President of the Abuja Chamber of Commerce (ACCI), stated that 2024 offers new economic potential, particularly for the organized private sector (OPS) in the Federal Capital Territory (FCT). Speaking to reporters, Obegolu expressed hope about the benefits the OPS will experience if the 2024 budget is carried out in its entirety. He acknowledged that policies such as the withdrawal of fuel subsidies, foreign exchange volatility, multiple taxes, an epileptic power supply, instability, and massive domestic indebtedness will pose challenges to the business environment in 2023. He claims that the budget details…
The Managing Director and Chief Executive Officer of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, has called on citizens and residents of the state, to prioritize technology to further enhance their lives and activities. This call was made in a press statement signed by the MD himself on Thursday. Agbata also said in the new year 2024, there is the need for Ministries, Departments, and Agencies in Anambra State to embark on a deliberate exploration of technology, strategically aiming to enhance their operational processes. He said, “In pursuing a more accountable, progressive, and sustainable future, the Anambra State ICT Agency…
After Wednesday’s trading, the Nigerian stock market remained optimistic as bargain hunting in Presco Plc and 71 stocks increased the all-share index (ASI) by 2.04%. To be more precise, the ASI increased by 1,546.69 points, or 2.04%, to end at 77,537.57 points. Additionally, the market capitalization increased by N847 billion, ending at N42.43 trillion. Gains in medium- and large-cap stocks, such as those in Presco, Conoil, BUA Foods, Stanbic IBTC Holding, and FBN Holdings (FBNH), had an impact on the upturn. According to analysts at Vetiva Dealing and Brokerage, investors continued to take positions ahead of the full year’s results…
In the third quarter of 2023, Nigeria imported N2.7 trillion worth of diesel, jet fuel, and premium motor spirit (PMS), according to data released by the National Bureau of Statistics (NBS). White goods continue to be the nation’s top import while efforts to modernize the refineries have been unsuccessful. During that time, the total amount of PMS imported was N1.9 trillion, whilst the total amount of diesel imported was N736.7 billion. N135.8 billion was spent on jet fuel. Nigeria is still one of the top producers of crude oil, but it is also one of the few in the world…
