This year, Nigeria’s national grid has struggled, providing evident evidence of the rot that has made blackouts worse for homes and businesses around the nation. The nation’s generation, transmission, and distribution of energy are all severely compromised, and the operators’ shortcomings are frequently attributed to a systemic breakdown. In November 2013, the federal government privatised the power industry by giving core investors control over the distribution and generation businesses. Analysts at CSL Stockbrokers wrote in a note on Wednesday, “Unfortunately, distribution companies (DisCos) have emerged as the weakest link in the electricity value chain, grappling with substantial operational hurdles…
Author: Kings Nwachukwu
Telegram, a social media network, has declared that it will introduce its advertising platform in March 2024, enabling channel owners to get paid. Pavel Durov, the creator and CEO of Telegram, revealed this on Wednesday through his Telegram channel. Durov claims that the business will use toncoin on the TON blockchain to distribute rewards. Owners of channels will begin to receive 50% of all money made by the business from the placement of advertisements in their channels. Users can broadcast public messages to huge audiences using Telegram channels. According to Durov, 10% of the one trillion views that broadcast channels…
The Central Bank of Nigeria (CBN) has adjusted the currency rate to reflect changes in market conditions, raising it from N1537.07 to N1605.82 per USD for customs clearance at ports. This is an N68.75 increase. According to the federal government’s trade portal, the CBN and Nigeria Customs Service have modified the exchange rate for cargo clearance three times in the previous week in reaction to the Naira’s volatility in order to guarantee correct value in the face of shifting market dynamics. The Nigeria Customs Service’s Comptroller-General had previously declared that the top bank should handle exchange rate-related matters rather than…
In Benin City, Edo State, on Monday, the Petroleum Industry Act (PIA) Board of Trustees for Oil Mining Leases (OMLs) received basic oil and gas exploration training for non-professionals from NNPC E&P Limited (NEPL), a subsidiary of Nigerian National Petroleum Corporation (NNPC) Limited. Prior to the establishment of the Petroleum Industry Act (PIA) Board of Trustees for Oil Mining Leases (OMLs) 11, 20, 26, and 28/30 units in host communities, the training was completed. Four OMLs—11, 20, 26, and 28/30 units—in various localities in the states of Delta, Abia, and Rivers were used to choose the participants. Managing Partner of…
Jesse Lingard, a former midfielder for Manchester United and England, has completed his transfer to FC Seoul in South Korea. Since the end of the previous season, when his contract with Nottingham Forest expired, Lingard has been without a club. The 31-year-old is rumored to have inked a two-year contract with the K-League team, with an additional year’s option. Despite the “many offers” Lingard claimed to have received, he decided he wanted to try football in South Korea. “I’ve always wanted a different challenge and to create new memories in my career,” Lingard said in a YouTube video. “I believe…
The Securities and Exchange agency (SEC), which recently revealed that Nigerians lose up to N500 billion to Ponzi schemes, has once again cautioned the country’s citizens against investing in companies that offer irrational returns and are not registered with the agency. Ponzi schemes are fraudulent schemes that use the distribution of rapid returns to initial investors from funds contributed by subsequent investors to instill confidence in the success of a fictitious business. During a courtesy visit to the Central Securities Clearing System (CSCS), Executive Commissioner Reginald Karawusa of the SEC’s Legal and Enforcement division bemoaned the existence of numerous illicit…
The World Poverty Clock estimates that approximately 70.92 million Nigerians live in extreme poverty.This amounts to 11% of the world’s extremely poor people. This implies that Nigeria is home to at least one in ten of the world’s most impoverished individuals. Recall that in a previous report, the National Bureau of Statistics (NBS) stated that over 133 million Nigerians suffer from many forms of poverty. During a one-day public lecture yesterday in Abuja, Professor Sulaiman Adesina Yusuf of the University of Ibadan’s Department of Agriculture Economics presented the statistics. The Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program’s Federal…
Nigeria’s official distributor for Dangote Petroleum Refinery products for domestic sales is Eterna Plc. Additionally, it highlights the company’s commitment to improving product supply, which is supported by significant expenditures in trucking made through the purchase of vehicles as well as clever alliances with other transportation companies. The appointment is evidence of the business’s enduring reputation for quality and dedication to client satisfaction. Speaking about the collaboration, Benjamin Nwaezeigwe, Managing Director/CEO of Eterna, said that Eterna’s engagement with Dangote Refinery is a prime example of their commitment to providing top-notch energy solutions that meet Nigerians’ requirements and expectations. In response…
The Nigerian Exchange Limited (NGX) has recognised FCMB Capital Markets Limited, a division of FCMB Group Plc’s investment banking division, the “Issuing House with the Highest Number of Listed Debt Issuances (Corporate Bonds)”. According to a corporate release, the company received the top honour at the NGX Made of Africa (MOA) Awards, which were hosted in Lagos. The NGX MOA encourages more listings, transactions, compliance, and innovation while honouring outstanding achievements to the Nigerian capital markets ecosystem. Femi Badeji, Executive Director, FCMB Group, Coverage and Investment Banking, made the following statement in response: “This acknowledgement demonstrates the high level of…
Advocated by the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), auditors must use artificial intelligence (Al) tools to quickly evaluate large amounts of data, find fraud, and spot patterns, dangers, and abnormalities in the financial system. Because it would greatly lower the amount of fraud via Tier-1 accounts, the association applauded the Central Bank of Nigeria’s (CBN) circular requiring all Tier-1 wallets and accounts to be connected to Bank Verification Numbers (BVN) or National Identity Numbers (NIN). The call was made at the 57th quarterly general meeting (QGM) of ACAEBIN, entitled “Artificial Intelligence: Game Changer for 21st…
The requirement for enterprises with foreign participation to have a minimum paid-up capital of N100 million has been put into effect by the Corporate Affairs Commission (CAC). According to CAC, the amount represents a 900% increase over the previous value and is consistent with the Revised Handbook on Expatriate Quota Administration (2022). A flyer, dated December 5 and signed by management, was placed on the X platform by CAC. It claimed that any application for the creation of a company with foreign participation would not be processed unless it met the aforementioned condition. It mandated that, within six months of…
There are hints that the Central Bank of Nigeria (CBN), in an effort to revitalize the institution, has covertly reassigned senior executives within the national bank. According to a Monday article in The Guardian, Olayemi Cardoso, the governor of the CBN, has assumed responsibility for “housecleaning” and started a thorough staff audit with the intention of reallocating employees who are deemed unfit for their positions in accordance with the bank’s new strategy. Although the CBN was unable to formally verify the story, a few of the impacted employees did in fact corroborate the development. This coincides with suggestions that the…
The $1.68 billion airline cash embargo in African nations has once again drawn the wrath of the International Air Transport Association (IATA). The ongoing problem is detrimental to the airlines, the affected economies, and the expansion of air travel on the continent, according to IATA, the clearinghouse for more than 290 international airlines. In a similar vein, the organisation has cautioned Nigeria and other African nations from enacting new taxes, levies, or increased fees for air travel, trade, or tourism in light of current circumstances. IATA revealed during a meeting with delegates this week in Entebbe, Uganda, during the 55th…
The Federal Government has been encouraged to step up measures to combat insecurity, reduce oil theft, control inflation, anchor market yield on the monetary policy rate (MPR), and enhance the business environment. This was revealed in the Afrinvest West Africa Limited 2023 Nigerian Banking Sector Report, which was released in Lagos on Tuesday. According to the report, ‘Getting Nigeria to Work Again,’ Nigerians and the banking industry are hoping for a positive and timely turnaround of stifling banking regulations and major monetary indices such as the exchange rate, inflation rate, Foreign Portfolio Investment, and Foreign Direct Investment flows. According to…
Elite business executives and Titans (The Net-Works Business club) are organizing a one-day economic business conference with the theme “Economic Recovery, Strategies for Growth and Sustainability, the way forward for Nigeria” in an effort to reveal Nigeria’s economic road to prosperity. According to the organizers, the summit, scheduled for November 10 at Victoria Island, Lagos, aims to steer Nigeria’s economic future and promote cooperation between the public and state governments for the nation’s business community to thrive sustainably. This is happening at a critical juncture in Nigeria’s economic history, as the country prepares to host an unparalleled assembly of top…
The absence of food safety paperwork has been used by the United States Department of Agriculture (USDA) as the reason for rejecting Nigerian agricultural produce. At a workshop on food and feed safety expertise coordination held yesterday in Abuja by the Nigeria Economic Summit Group in collaboration with the Federal Ministry of Health and Social Welfare, the Food and Agriculture Export Alliance (FAEA), and the University of Missouri (MU), the USDA’s Councilor for Agriculture Affairs, Christopher Bielecki, revealed this information. “I have spoken to producers who face challenges in exporting Nigerian agricultural produce to the global market, including the United…
A repeated attempt by the National Assembly to enact the Port and Harbour Bill behind closed doors has alarmed the maritime branches of the Maritime Workers Union of Nigeria (MWUN) and Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC). The Port and Harbour Bill, if it were to become law, according to the two internal unions in the maritime industry, would give private control over harbor, jetty, and terminal operations, which would have severe and far-reaching effects for national security. Yesterday, at a joint news conference, the presidents of the SSACGOC, Maritime Branch, and MWUN, Adeyanju Adewale…
First City Monument Bank (FCMB)’s continuing Millionaire Promo Season 9 has helped to materialize dreams. This time, Inspector Afolayan Kayode, an officer of the Nigerian Police Force stationed in Lagos, and Brigadier General Umar Abdulkadir, an officer of the Nigerian Armed Forces in Kaduna state, are the two fortunate winners of the N1,000,000 grand prize. On October 11, 2023, during the Promo’s fourth electronic draw, they were declared the victors. About 920 other FCMB customers received cash rewards of N100,000, N50,000, N20,000, N10,000, and N5,000 in addition to these grand prize winners. Representatives from the National Lottery Regulatory Commission (NLRC)…
The settlement of foreign exchange forwards to banks has been initiated by the Central Bank of Nigeria (CBN). Yesterday, The Guardian gathered at the central bank to confirm that the CBN has begun balancing the outstanding foreign exchange forwards. As of yesterday evening, the Naira strengthened to N786.02/$ at the official exchange rate and increased to N1012/$ on the parallel market. A company wrote, “We have been directed to inform you that the CBN has delivered all outstanding matured forward forex,” in confirming the payment yesterday. We appreciate your business and partnership, and we thank you for your patience and…
In Nigeria, ForexTime (FXTM), a forex broker, held the first-ever Battle Royale competition with rewards for the winners. Aiming for a coveted $2000 prize purse, the recently held event brought together traders and fans from various backgrounds and demonstrated FXTM Academy’s dedication to improving trading abilities. The purpose of the Battle Royale was to provide a calculated response to the age-old query: Which group of people makes more money trading—men or women? Two teams, each consisting of four gifted men and women from different parts of Nigeria, competed fiercely. Every participant got a $2500 personal FXTM live trading account, and…
More than two thousand programmers have registered for the First City Monument Bank (FCMB) Hackathon, which takes place between October 27 and 29 in just one week. The high enrollment rates attest to the program’s popularity among techies and the dedication of FCMB and the FCMB Group, its parent company, to fostering innovation. The 50-hour virtual hackathon, which is being held in collaboration with Ingressive For Good, aims to maximize the potential of FCMB APIs to further open banking activities. It will bring together a broad range of tech enthusiasts to work together to develop MVPs (minimum viable products) and…
As price increases in Eterna Plc and 18 stocks lifted the All-Share Index (ASI) by 0.04 percent, positive sentiments ahead of the third quarter (Q3) earnings and interim dividend declaration by listed firms continued to lift transactions on the equities sector of the Nigerian Exchange Limited (NGX). To be more precise, the ASI increased by 27.11 percent, or 0.04 percent, at the close of trading yesterday, closing at 67,353.23 points. Similarly, N15 billion was added to the total market capitalization value, which ended at N37.004 trillion. Price increases in major and medium-sized companies, such as those of Eterna, Zenith Bank,…
With more than 40 countries currencies supported, Zest, the fintech division of Stanbic IBTC Holdings Plc, has introduced its main platforms to assist companies and consumers in making numerous payments in the digital market area with ease. “Zest Universe” was concurrently unveiled in Kano, Lagos, Port Harcourt, and the Federal Capital Territory (FCT).According to Stanley Jacob, CEO of Zest, companies are always seeking for new methods and resources to develop and grow; as a result, they want access to digital platforms and solutions that enable them to reach a wider audience of clients. According to him, Zest Universe has successfully…
The Federal Government has vowed to work even harder to raise the caliber of goods produced domestically in an effort to increase Nigeria’s export potential and generate foreign money. Prioritizing the manufacturing, processing, and packaging of locally made non-oil export items is crucial for Nigeria’s economic growth and sustainable development, according to Dr. Doris Uzoka-Anite, federal ministry of industry, trade and investment. She made her remarks yesterday in Abuja while responding to inquiries from the media regarding the government’s plans to encourage non-oil exports in order to alleviate the nation’s present foreign cash shortage. In her words, “trade policies that…
Microsoft and Flutterwave have teamed up to use financial technology (Fintech) to transform financial services and inclusion in Nigeria and other African nations, thereby accelerating economic growth and enhancing peoples’ quality of life. Lillian Barnard, President of Microsoft Africa, announced the alliance yesterday in Lagos, stating that the company would be able to accelerate financial innovation and digital inclusion in Africa by collaborating with firms like Flutterwave. She said that many businesses have found development and opportunity as a result of the relationship, adding that it is significant because people still struggle to get financial services to pay their bills.…
Nigeria’s economic growth was reduced by the International Monetary Fund (IMF) by 0.3%. The IMF blamed Nigeria’s downgrade for its uncertain crude oil production, according to the study titled “2023 World Economic Outlook,” which was released Wednesday at its ongoing annual meetings in Marrakech, Morocco. In particular, the Outlook estimate predicts that Nigeria’s GDP would grow by 2.9% in 2023 after declining to 3.3% in 2022, with a little increase to 3.1% in 2024. The negative impacts of excessive inflation on consumption were the foundation of the Bretton Woods institution’s forecasts. Due in part to maintenance work, the 2023 projection…
The Nigerian Exchange Limited (NGX), NGX Regulation Limited (NGX RegCo), and NGX Real Estate Limited (NGX RelCo) are the three subsidiaries of the Nigerian Exchange Group Plc (NGX Group), which has announced important board changes. With effect from September 27, 2023, NGX has named Ahonsi Unuigbe as its new board chairman, taking over for the retired Abubakar Mahmoud. Yomi Adeyemi, Kamarudeen Oladosu, Erelu Angela Adebayo, and Seyi Osunkeye are the other board members who have retired. Together with Jude Chiemeka, five non-executive directors were also approved by NGX’s shareholders: Mrs. Lilian Olubi, Mr. Azubuike Okpalaoka, Dr. Hamza Sule Wuro Bokki,…
To hasten the acceptability of insurance among Nigerians, the Nigerian Insurers Association (NIA) has urged underwriting companies operating in the nation to increase their technological tool investments. Olusegun Omosehin, President of NIA, stated at the Insurance Meets Tech (IMT 2.0) conference that insurers must embrace technology to drive growth, despite the nation’s current inflation and inadequate infrastructure challenges. The conference’s theme was “Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration.” With this, he claimed, insurance companies will use technology to drive the uptake and acceptability of insurance products, resulting in over N1 trillion in gross premiums by the end…
EnterpriseNGR and the Lagos State Government want to exhibit Nigeria’s and the state’s strong business ecosystems at the Lord Mayor’s Show in London, United Kingdom, in order to promote investment inflows. EnterpriseNGR and Lagos State have received a unique invitation to the event from Prof. Michael Mainelli, the 695th Lord Mayor. This is the first time an African city has participated in the event since it was first held in 1215. At the EnterpriseNGR quarterly members’ night dinner, when senior executives from member companies and prospective members emphasized the group’s expansion, relationships, and milestones over the previous two years, this…
The governments of Enugu State and Indonesia plan to encourage increased trade and investment between Nigeria and the Southeast Asian nation in a number of important areas, including agriculture, energy, power, and transportation. In keeping with the endeavour, Dr. Peter Mbah, the governor of Enugu State, is anticipated to deliver the keynote address at this month’s Nigerian Indonesian Trade and Investment Forum in Jakarta, Indonesia. According to the Enugu State Government, both parties seek mutual prosperity, capital flows, and the diversification of Indonesian businesses in Enugu. The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) in Lagos held a press…
