United Bank of Africa (UBA) has promised that it will use its digital transformation, along with strategic investment and development into Africa and beyond, to generate higher returns to shareholders in the form of dividend payout. Oliver Alawuba, the new group managing director, said 90% of the bank’s banking activity is done digitally, which has helped the bank reduce costs and increase income creation yesterday while speaking to stockbrokers on the floor of the Nigerian Exchange Limited (NGX) in Lagos. He claims that the bank has had phenomenal growth in all of its African markets. He said: “We are expanding…
Author: Kings Nwachukwu
Nigeria and other countries in Africa have had a compound annual growth rate of 44% in the capacity of international Internet bandwidth over the past four years. The growth rate, which occurred between 2018 and 2022, has been characterized as rapid, with Asia growing at a compound annual rate of 35% throughout that time, right next to Africa. In its most recent Global Internet Geography research, which analyzes the gradual return to “normal” from the pandemic-generated bump of 2020, global telecommunications market research and consultancy firm TeleGeography found that, COVID boost aside, the pace of growth has been declining. The…
Yesterday, losses in Betaglass and NEM caused the Nigerian stock market to reopen on a downward trend, and market capitalization fell by N38 billion. The All-Share Index (ASI) actually dropped by 69.41 absolute points, or 0.14 percent, to finish at 49,625.71 points. The market capitalization as a whole also decreased by N38 billion to conclude at N26.767 trillion. Losses in medium- and large-capitalized stocks, including Beta Glass, Lafarge Africa, NEM Insurance, FBN Holdings (FBNH), and Fidelity Bank, had an impact on the decline. Looking ahead, we anticipate modest market activity since investors will continue to stay away as stop rates…
The difference in the monthly pension payments that the Pension Transitional Arrangement Directorate is said to have devised has drawn criticism from the Association of Retired Federal Senior Public Officers of Nigeria (ARFESPON). The Defined Pension Benefit Scheme’s pensioners claimed that the current payment scale employed by PTAD for its monthly benefits was significantly less than what was specified in the table of consequential adjustment in pensions resulting from the establishment of the national minimum wage. The group claimed that the Wages and Salaries Commission had created the proper table, which was included in a previous circular on parity in…
Although Nigeria joined South Africa and Kenya in deploying the Fifth-Generation (5G) network on August 24 through MTN, an expert has stated that the country needs an additional three years for the network to stabilize. Ajay Awasthi, the chief executive officer of Spectranet, who made the estimate, blamed the situation on a lack of fiber infrastructure in the nation. The Nigerian Communications Commission (NCC) reported that as of the end of 2021, there were 49, 579 towers owned by mobile and fixed carriers as well as collocation and infrastructure businesses. It also noted that the operators reported having installed 86,057…
Nigeria LNG Limited claimed yesterday that by monetizing more than 60% of gas vented through its various trains, Nigeria was already on the right track to fulfilling its energy transition ambitions. The company claims that switching away from dirty fuels and reducing flares are positive steps in the right direction, and that energy transition does not have to be a significant leap. The managing director of NLNG, Philip Mshelbia, stated that in a nation with a significant energy deficit, lowering carbon footprints begins with providing cleaner alternative energy sources for a population that depends on filthy fuels. According to him,…
The Institute of Directors (IoD) Nigeria has outlined ways businesses should use to stay open despite growing inflation. The institute identified a number of methods that must be implemented for organizations to remain dynamic in trying times, including reducing corporate operations, maintaining a focus on cash flow, repositioning for future growth through enhanced productivity, and monitoring supply chain risks. Dr. Nosike Agokei, chief consultant of Agokei & Co., was the featured speaker at the institute’s induction of new members. He claimed that businesses should raise prices in line with inflation as a wonderful method to protect profits. According to him,…
Nigeria’s banking industry garnered $15.83 billion in foreign investment from 2017 through the end of the previous year, a clear indication of its appeal to the global market. The amount equals 23% of the nation’s total capital imports over the previous five years. However, since the research is based on sectoral disintegration, it is implied that the quantity affects both direct investments and portfolio investments. According to information from the National Bureau of Statistics (NBS), the nation received a total of $69.39 billion in FDIs over the time period, including both foreign portfolio and FDIs. In addition to stocks, banking…
VerifyMe Nigeria, a firm that develops identity verification and e-KYC technology, has announced QoreID, a specialized digital identity and analytics solution for business-to-business transactions (B2B). QoreID will offer data services and API architecture to link companies with customers and their information throughout Africa. QoreID offers a range of safe verification and identification solutions that connect businesses to reliable identities and crucial consumer insights like alternative credit scoring for the unbanked and much more. It is aimed at the medium and large company segment. Speaking at the event, Esigie Aguele, co-founder and chief executive officer of VerifyMe, said QoreID was in…
The Nigerian Exchange Limited (NGX) has reaffirmed its dedication to rebranding the Nigerian capital market as a preferred location for international investments. Jude Chiemeka, Divisional Head, Capital Markets, NGX, made this statement at the weekend’s NGX Index Circuit Breaker webinar, which had as its theme “Role and Impact of Index Circuit Breakers in the Capital Market.” Chiemeka reaffirmed the exchange’s commitment to boosting the capital market’s competitiveness as a hub for international investments. Additionally, he outlined the advantages of circuit breakers for daily trading activities, noting that they play a crucial role in capital markets operations by reducing panic selling…
In order to raise intellectuals for national development, the National Lottery Trust Fund (NLTF) and the National Institute for Policy and Strategic Studies (NIPSS), Kuru, are working together. When he led a delegation on a courtesy visit to the Executive Secretary of the NLTF, Dr. Bello Maigari, in Abuja, Prof. Ayo Omotayo, the director general of NIPSS, made this known. In order to create a better society, he claimed that cooperation in the fields of education and intellectual growth needed to be strengthened. He stated that while there are many intelligent and smart people in Nigeria who are now unemployed,…
Fidelity Bank Plc reported Profit Before Tax (PBT) of N25.1 billion for its half-year (H1) 2022 operations, up from N20.6 billion for the same period in 2021, despite a challenging operating environment. In particular, a review of the bank’s half-year results revealed that PBT jumped by 21.6%, from N20.6 billion to N25.1 billion, while gross earnings rose by 37.9%, from N154.8 billion, thanks to a gain of 52.9% in interest income. The bank claims that the increase in interest income was caused by an increase in the yield on earning assets and a 14.9% YTD expansion of the earnings base…
According to Lyeo Woon-ki, director of the Korea-Africa Foundation, Nigeria has replaced South Africa as the Republic of Korea’s main trading partner on the African continent. The trade volume between Nigeria and Korea was $1.5 billion as of June this year, surpassing the trade volume between Korea and South Africa, according to Lyeo, who made this announcement in Abuja at a media discussion. In 2021, commerce between Nigeria and Korea was $2.0 billion. “The trade volume between Nigeria and Korea is bigger than between Korea and South Africa. In 2021, the figure was around $2 billion and by the half…
In an effort to allay concerns between international carriers, mobile network operators (MNOs), and international data access operators (IDA), the Nigerian Communications Commission (NCC) has increased the international termination rate (ITR), which was previously set at $0.045 to $0.10 per minute. The requirement for a fixed rate to guarantee that the interests of all parties are taken into account has raised worries among the participants. To that end, starting tomorrow, September 1, the new termination charge of $0.10 per minute will be in place. ITR is the fee that foreign operators pay to local operators in Nigeria to end calls.…
Nigeria LNG Limited (NLNG) has stated that it is committed to ensuring that Nigerians benefit as much as possible from all of its operations by going above and beyond simple compliance with Nigerian Content targets as set out in the Nigerian Oil and Gas Industry Content Development Act (NOGICD) 2010 (the “Nigerian Oil and Gas Industry Content Development Act”). The statement was made recently by Dr. Philip Mshelbila, the Managing Director/Chief Executive Officer of NLNG, while he was leading a delegation on a courtesy visit to Simbi Wabote, the Executive Secretary (ES) of the Nigerian Content Development and Monitoring Board…
The market capitalization of the Nigerian Exchange Limited (NGX) increased by N532 billion yesterday thanks to rises in the shares of several well-capitalized companies, particularly Airtel Africa and Nestle. Particularly, the All Share Index (ASI) increased by 986.63 points at the end of yesterday’s trading, or 2.03 percent, to settle at 49,661.87 points. As a result, investors made N532 billion in profit as the market valuation increased to N26.786 trillion. Gains in medium- and large-capitalized firms, including Airtel Africa, Nestle Nigeria, BUA Foods, Nigerian Exchange Group (NGXGroup), and Learn Africa, had an impact on the recovery. The optimistic outcome of…
One of the top producers of sanitary and domestic goods in the world, Hayat Kimya, recently added two new products to its product lineup in Nigeria as part of its commitment to ensure the manufacturing of cutting-edge and outcome-driven consumer goods throughout the nation. The outgoing MD/GM of Hayat Kimya Nigeria, Doruk Emiroglu, stated that the company has a global footprint that is growing every day despite having its headquarters in Turkey. They currently manufacture at 21 plants throughout the world, including at their factory in Ogun State. Emiroglu continued by saying they are proud of their operations in Nigeria…
The Federal Government has been urged by the Organized Private Sector (OPS) to address crude oil theft and other macroeconomic fundamentals in order to steer the Nigerian economy toward growth. At the third quarter council meeting of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Lagos Chamber of Commerce and Industry (LCCI), which was recently held in Lagos, they offered the advice. Dr. Michael Olawale-Cole, president of the LCCI, stated that the event was essential for reviewing significant economic developments and for expressing the chamber’s viewpoint to the larger business community and the government…
Yesterday, the Federal Government denied accusations that international plane tickets have been “dollarized,” with foreign airlines purportedly refusing to accept the naira as a form of payment. None of the international carriers had informed the relevant agencies of any changes in ticketing mechanisms, according to the head of the Nigerian Civil Aviation Authority (NCAA) and Federal Airports Authority of Nigeria (FAAN). In addition, they asserted that, in contrast to assertions made in some quarters, regulatory bodies and service providers had not yet imposed new fees on operating carriers. According to media reports, some foreign airlines like Turkish Airlines, Lufthansa, and…
The Securities and Exchange Commission (SEC) has stated that it has secured donor financing for the acquisition and deployment of a securities market surveillance system, which may put an end to problems related to market violations. Lamido Yuguda, the SEC’s director general, revealed this in response to inquiries from journalists on the conclusion of the second capital market committee (CMC) virtual meeting over the weekend. In order to ensure the prevention and investigation of unfair, manipulative, or illegal trading behaviors, securities market surveillance systems continuously monitor and detect activity for market manipulation, fraud, behavioral patterning, and more across all asset…
According to participants, Nigeria must be technologically oriented to monitor the national grid in real time in order to have a successful energy business. They argued that Nigeria’s problems with power inefficiency would be resolved if it had the appropriate technology, legislation, and enabling environment in place, as well as a decentralized system. Announcing the subject of this year’s Nigeria Energy Conference, “Affordable, Reliable and Sustainable Energy Through Collaboration,” during a press conference yesterday, According to Ade Yesufu, Exhibition Manager at Informa Markets, Energy-Middle East and Africa, Nigeria needs to produce roughly 20,000MW of electricity per person in order to…
The third iteration of Seplat Energy Plc’s Seplat Teachers Empowerment Programme (STEP), which would empower 300 teachers from Edo and Delta States, has begun in Benin City, Edo State. The STEP initiative, which was introduced in 2022, aims to encourage teachers’ original thought, enable greater student participation, and provide program participants with a well-rounded education. The initiative gives instructors the tools they need to conduct high-quality instruction in the host states of Edo and Delta State for Seplat Energy. A four-day residential workshop that included leadership and self-improvement training as well as an introduction to Science, Technology, Engineering, the Arts,…
The British Council and the European Union Agents for Citizens-driven Transformation (EU-ACT) have emphasized that Civil Society Organizations (CSOs) must adhere to legal requirements in order to avoid engaging in unethical behavior. In order to increase CSOs’ awareness of key rules (CAMA, taxation, anti-terrorism and money laundering, and pension) and how they affect their operations, a two-day workshop on civil society regulatory frameworks and compliance was held for CSOs. Prof. Adedeji Adekunle, the head of Jury Trust’s faculty, made a suggestion that in order to prevent the financing of terrorism and money laundering in Nigeria, national and foreign NGOs operating…
In light of the nation’s numerous issues, the Federal Government has been advised by the Nigeria Employers’ Consultative Association (NECA) to review its fiscal and monetary policies, among others. To lessen the tendency for contradiction, the body suggested that monetary and fiscal policies be intentionally aligned. The director-general of NECA, Wale Oyerinde, claimed that despite the monetary and fiscal authorities’ recent implementation of several policies, those policies have had little to no effect. The policies’ inherent inconsistencies, strategic sabotage by outside parties, and inadequate consultation throughout the development and execution of the policies, according to him, are the causes. According…
Every year on August 12, the world commemorates International Youth Day to raise awareness of youth concerns and to recognize the potential of young people as collaborators in today’s global society. The message that action is required across all generations in order to accomplish the Sustainable Development Goals (SDGs) of the United Nations without leaving anybody behind is also amplified by the day. In the weeks leading up to the anniversary, FirstBank organized a number of events to once again demonstrate its dedication to youth empowerment. The week of August 8–12 was devoted to the commemoration. The 2022 youth week…
To speed up the reaction time of emergency personnel during fire occurrences, TotalEnergies Marketing Nigeria Plc has given the Federal Fire Service in Apapa a Braithwaite overhead aluminum tank with a 10,000 liter capacity and stanchions. To improve the sleeping conditions, comfort, and morale of the firefighters, the company also purchased bunk beds with all the necessary accoutrements for the fire station at Marine Beach. The project is a part of the company’s commitment to attaining the Sustainable Development Goals (SDGs) while forming strong collaborations with important stakeholders, according to TotalEnergies Marketing Nigeria Plc’s Managing Director, Dr. Samba Seye. The…
The Nigerian Exchange Limited (NGX) recovered yesterday following three days of adverse trend due to gains made by Dangote Cement Plc, Guinness Nigeria Plc, and 18 stocks, increasing market capitalization by N391 billion. The all-share index (ASI) increased precisely by 724.76 absolute points, or 1.47 percent, to settle at 50,075.47 points. Likewise, the market capitalization as a whole increased by N391 billion to conclude at N27.01 trillion. Price increases in major and medium-capitalized equities, such as Dangote Cement, Guinness Nigeria, NEM Insurance, Ellah Lakes, and May & Baker Nigeria, were the main drivers of the market’s strong performance. “The local…
The electricity distribution businesses’ (DisCos’) total revenue in 2021 was N761.17 billion, up 44.50 percent from the N526.77 billion they brought in the previous year. The National Bureau of Statistics (NBS), which made this disclosure in its Nigerian DisCos Electricity report released yesterday, claimed that the increased number of metered consumers is to blame for the higher revenue. Metered customers increased from 3.51 million in 2020 to 4.77 million in 2021, the research states, but anticipated billing consumers fell from 6.86 million in 2020 to 5.74 million in 2021, a 16.32 percent decline. The research also revealed that from 10.37…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that efforts are being made to ensure the prompt issue of midstream and downstream petroleum rules. At the conclusion of the stakeholders’ consultative forum on regulations, Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, revealed this in Abuja. Ukoha intimated that the Federal Ministry of Justice would gazette the regulations after they had been published, outlining the procedures that must be followed before they would go into effect. Gas pricing, domestic demand and delivery rules, natural gas pipeline tariff regulations, and midstream and downstream decommissioning and…
In order to assist parents and guardians in ensuring that their children receive uninterrupted education, Old Mutual Limited’s (OML) Nigerian subsidiary has launched an insurance package dubbed the “Education Protection Plan (EPP or EduSure). The underwriter claims that Old Mutual will guarantee that the goals will be achieved in the case of the policyholder’s death while EduSure allows parents and guardians to save money toward their children’s or wards’ educational ambitions. Olusegun Omosehin, Managing Director of Old Mutual Life Assurance Limited, commented on the benefits for policyholders, saying: “Investing in an education plan is a wise method to ensure children…
