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…
Author: Kings Nwachukwu
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…
Laurent Favier, the consul general of France in Lagos, has stated that he is committed to strengthening France’s trade and economic ties with Nigeria. Favier made this revelation at the third CEO luncheon series, which was held in Lagos and was sponsored by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) and KPMG. He said that he was given the authority to implement strict programs and initiatives that harmonize bilateral relations because of his experience as a career diplomat and as head of division at the directorate of economic diplomacy in Paris, France. “Between France and Nigeria, we are not…
Stakeholders at the recently finished national conference on debt and development emphasised the need of bringing debt to a sustainable level in order to achieve relief amidst the mounting weight of debt. They maintained that as debt continues to be a tool used by wealthy, developed nations to subjugate developing nations, Nigeria and other African nations must have their debts cancelled. The conference’s organiser, David Ugolor, the Executive Director of the African Network for Economic and Environment Justice (ANEEJ), expressed concern about the country’s current debt, which is estimated to be worth N87.38 trillion as of March 2023, and the…
To increase its effectiveness, the Nigeria Deposit Insurance Corporation (NDIC) has obtained three ISO certifications. This was revealed in a statement released by the Corporation’s Director of Communication and Public Affairs, Bashir Nuhu, yesterday He claimed that the MSECB, a well-known worldwide supplier of audit and certification services, has awarded the three certifications. “The three ISO certifications are Information Security Management System ISO/IEC 27001:2013 (on how organizations manage and protect their information assets so that they remain safe and secure); IT Service Management System ISO/IEC 20000-1:2011 (on how to ensure effective and resilient services in today’s changing service delivery…
Union Bank of Nigeria, a financial services provider, has published its Sustainability and Innovation (CSI) report, which details the bank’s activities in three key areas: Citizenship, Sustainability, and Innovation. The report’s seventh edition, titled ‘Driving Inclusive Growth; Impacting Lives, Enabling Success,’ presents a comprehensive picture of Union Bank’s continuous commitment to promoting a sustainable future. It documents the bank’s commitment to implementing responsible business practices and making a positive difference in the lives of individuals and communities, and it provides an in-depth examination of the bank’s activities for the fiscal year in review, shedding light on its strategies, performance, and…
As the Federal Government, through the Ministry of Communications, Innovation and Digital Economy, disclosed plans to create an appropriate regulatory environment and improve digital infrastructure that would enable fintech to access funds, especially from angel investors, efforts to draw fintechs to the stock market and capitalize on their fundraising prowess to boost liquidity may have made some headway. Additionally, the government stated that it will work with the NGX to provide customized listing alternatives for startups via the exchange technology board, as well as to promote the export of tech-related goods and services. Speaking at a tech event over the…
In August 2023, the Foreign Exchange (forex) derivatives market segment saw a total turnover of $1.49 billion (₦1.14 trillion), indicating a fall of 57.76 percent ($0.79 billion) month over month from the July 2023 number. The MoM decline in FX derivatives turnover was caused by a decline in transactions of 13.38% ($0.21 billion) and 62.05 percent ($0.17 billion) in FX Swaps and FX Forwards, respectively, as well as a persistent lack of activity in the FX Futures market, according to the August FMDQ Securities Exchange Financial Market Report. In the near month contract1 (NGUS AUG) of the OTC FX Futures…
In order to provide unmatched value to its stakeholders and expanding customer base, Parallex Bank has entered the market with disruptive technologies and cutting-edge goods. This was announced by Olufemi Bakare, the bank’s managing director, at the formal opening of its new branch in Marina, Lagos state. He claimed that Parallex Bank’s implementation of solution-driven banking apps has made it possible for the company to provide unique, creative offerings, quick customer service, and first-rate response times. According to Bakare, the bank’s guiding principle is to work with partners who will go above and beyond what typical bank customers and relationship…
According to the Nigeria Deposit Insurance Corporation (NDIC), arrangements have been made to pay the first liquidation dividend to Peak Merchant Bank depositors and former employees (deposits). According to a statement made yesterday and signed by Bashir Nuhu, the NDIC’s director of communication and public affairs, the verification effort will allow depositors of the closed bank to cross-check and determine the details of their accounts as well as any outstanding amounts. He urged eligible stakeholders of the closed bank to visit any NDIC offices or the NDIC website at www.ndic.gov.ng to verify their claims beginning on September 18 and continuing…
The Nigerian Union of Pensioners Contributory Pension Scheme (NUPCPS) has urged the federal government to promote the social welfare of retirees and workers in order to foster economic growth. This was the group’s presentation at the eighth annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, with the theme “Role of Insurance and Pension in Building Sustainable Economic Growth Under the New Government.” Bisan John, Secretary of the Union, stated that the government’s pension arrangement in the country is much below standard, as pensioners from public service are unable to meet their commitments. According…
The market capitalization increased by N339 billion as a result of yesterday’s higher company performance, as investors continue to shift their portfolios toward dividend-paying stocks in preparation for the 2023 half-year earning season. The all-share index (ASI) increased by 618.68 points, or 0.93 percent, to settle at 67,378.88 points yesterday as trading came to an end. Market capitalization consequently increased by N339 billion to settle at N36.877 trillion. Gains in equities with medium and large market capitalization, including Dangote Sugar Refinery, NASCON Allied Industries, Transcorp Hotels, Nigerian Aviation Handling Company (NAHCO), and Guaranty Trust Holding Company (GTCO), had an impact…
The Eritrean government has vowed to receive assistance from the African Development Bank (AfDB) in growing its blue economy, industrial processing zones, financial markets, agricultural, and energy sectors. During a recent visit to President Isaias Afwerki of Eritrea, Dr. Akinwumi Adesina, President of the African Development Bank, made this statement. Adesina expressed his admiration for the nation’s sense of direction, commitment, resolve to advance, nationalism, patriotism, independence, and self-sufficiency as well as its abilities, skills, and ingenuity. He said that the bank will make sure that the nation benefited from the blue economy, particularly through aquaculture, marine resources, and the…
Nigeria had 5.47 million metered electricity consumers in the second quarter of 2023, up 10.4% from the 4.96 million reported in the second quarter of 2022. Only 3.1% more people were added from the 5.31 million registered in the previous quarter on a quarter-over-quarter basis. Pre-paid meter prices were recently approved for an increase by the Nigerian Electricity Regulatory Commission (NERC), and the change took effect on September 6, 2023. Stakeholders have criticized the higher rates on the grounds that they would deter consumers from buying meters. A single-phase meter would now cost N81,975.16 kobo, as opposed to the former…
