Since starting operations two years ago, the financial technology company VPD Money has collaborated with partners in the sector to process a total volume of over $200 million in transactions, with volume increasing by over 2,548 percent for its customers. The neo-bank with aspirations for Nigerian companies, particularly small and medium-sized businesses (SMEs), struck strategic partnerships with leading companies in the sector both domestically and overseas, allowing it to enroll over 50,000 customers to far. In order to lower entry barriers and give access and opportunities to the shocking 1.7 billion unbanked people in the world (350 million of whom…
Author: Kings Nwachukwu
The Borno South Senatorial District senator, Mohammed Ali Ndume, has donated N10 million to help the victims of the Maiduguri Monday Market (MMM) fire. The All Progressives Congress (APC) Chairman, Sen. Abdullahi Adamu, the Vice-President-elect, Kashim Shettima, the Chairman of the Tertiary Institutions Trust Fund (TETfund), Kashim Imam, Governor Mai Mala Buni of Yobe state, and Ndume’s donation of N100 million bring the total amount donated to victims to N2.41 billion. The administration of Borno State had also provided N2 billion to aid the victims and had started rebuilding the market, which had been devastated and was estimated to be…
After the winter break, Afghan universities resumed to male students on Monday, but the Taliban still forbid women from attending. Since the Taliban retook control in August 2021, numerous limitations have been placed on women. One of these restrictions, the university ban, has outraged people all over the world, particularly those in the Muslim world. “It’s heartbreaking to see boys going to the university while we have to stay at home,” said a 22-year-old Rahela, from the central province of Ghor. “This is gender discrimination against girls because Islam allows us to pursue higher education. Nobody should stop us from…
The financial results for United Capital Plc’s fiscal year that ended on December 31, 2022, have improved. According to a breakdown, the company’s total earnings increased by 49% on a yearly basis to N26.90 billion, while its profit before taxes (PBT) increased by 13% on a yearly basis to N13.50 billion. Even while shareholders’ funds increased by 8% annually to N32.99 billion during the period under review, it also saw a 33% year-over-year growth in total assets, totaling N601.92 billion. As a result, the company approved a dividend of N1.50 per ordinary share valued at 50 kobo held by shareholders.…
Between October (when the redesigned naira was announced) and January, Nigeria’s demand deposits increased by N1.67 trillion, reaching an all-time high of N20.18 trillion. At the end of October, there were 18.5 trillion Nigerian Naira in demand deposits, or savings that could be withdrawn at any time. Over the course of three months, the money increased by around 9%. December saw a decrease in the amount to N18.12 trillion, possibly as a result of adding in Christmas. The biggest amount of demand deposits ever held by Nigerian banks was over N20 trillion by January, according to financial data from the…
The Lagos State Police Command announced yesterday that it would look into an alleged attempt on Benedicta Christopher’s life by her neighbor over her choice of candidate in the election last Saturday. Benjamin Hundeyin, the Command’s spokesperson, suggested filing an official complaint. The woman claimed that her neighbor in Lagos’ Ogba neighborhood, known by the nickname Ijebu, tried to kill her because she supported a candidate who was opposed to his. Benedicta described her horror to The Guardian yesterday, saying that when another neighbor—a dispatch rider—showed up in the compound, she narrowly avoided being slain. She uttered: “ On Friday,…
In the second half of this year, oil prices could approach the $90-$100 per barrel area due to rising global demand and supply constraints. According to Vitol Group CEO Russell Hardy, the company is the largest independent oil trader in the world. In an interview with Bloomberg, Hardy stated that “The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility,” Hardy predicts that the demand for diesel, naphtha, and liquefied petroleum gas (LPG) would increase by 2.2 million barrels per day (bpd) in 2023 compared to 2022 and…
The World Trade Centre (WTC), Abuja, a high-profile real estate project that consists of upscale offices, commercial space, and residential real estate, has announced the completion of phase one despite the current status of the world economy. The WTC Abuja, which was built by the Churchgate Group and is situated in the capital city’s Central Business Area, began construction in 2010 on a plot of land measuring more than 6,000 hectares. It will consist of eight buildings when finished, seven of which will be skyscrapers. They consist of hotel, event center, capital mall, office building, and apartment towers. The development…
The unemployment crisis is one of the main issues affecting the nation. The unemployment rate for graduates from tertiary institutions in Nigeria, however, is more concerning. Every year, thousands of young people are pushed into the workforce with no chance of finding work that will ensure they can live decently. Specialists from a variety of professions have made an effort to propose a solution to the issue. Regrettably, over the years, not much has been accomplished. The Tertiary Education Trust Fund (TETFund) developed an effort that sought to address the persistent issue in order to increase employability and guide higher…
For the general elections in 2023, the National Youth Service Corps (NYSC) has sent nearly 200,000 Corps members to work as ad hoc personnel. In an effort to guarantee the safety of corps members during the election, the Corps has launched a “Distress Call Center. At a news conference on the readiness of the Scheme for the elections on Tuesday in Abuja, Brigadier General Yushau Dogara Ahmed, Director General of NYSC, revealed this. According to him, corps members will make up around 80% of the ad hoc staff that will be used for the exercise. He claims that INEC staff…
The Central Bank of Nigeria (CBN) has been urged by Osun State Governor Ademola Adeleke to punish financial institutions that are hoarding the new Naira and make sure that they are available to the general public. He cautioned CBN against taking the patience of the Osun people for granted by revealing how much the state had been giving up to soothe strained nerves. In his office yesterday, he spoke with CBN officials and made these comments. The governor lamented the growing shortage of the new notes in a statement released through his spokesperson, Olawale Rasheed, and explained that he had…
The Ministry of Finance Incorporation (MOFI) has been ordered by the federal government to move quickly on the unbundling of the Nigeria Railway Cooperation. The Federal Ministry of Finance established MOFI as an asset holding company in accordance with Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act of 1959. All investments, estates, and other rights held by the Federal Government are solely managed by MOFI. During a courtesy visit by MOFI management, the Minister of Transportation, Mu’azu Sambo, stated that the unbundling of NRC was in keeping with the vision and goals of ongoing reforms in…
The Nigerian Investment Promotion Commission (NIPC) regrets that the lack of a coordinated and effective monitoring system has largely left the Nigerian investment community in a state of confusion. According to the NIPC, “the country’s investment promotion push is mostly dispersed, robbing us of the cohesive leverage we could have obtained if we synergized our efforts and resources.” Seratu Umar, the executive secretary of the NIPC, made the remarks during her speech at an Abuja stakeholder engagement conference with State Investment Promotion Agencies. In order to ensure that the nation’s investment promotion drive is given traction to onboard investments into…
With enticing prizes, Polaris Bank intends to surprise both current and potential customers on Valentine’s Day. The Valentine promotion, with the theme “Polaris Purple prize,” offers current and potential users the option to receive a reward of N5,000 worth of data when they complete any of the following transactions on VULTe: bill payment, interbank transaction, and airtime purchase. The top 50 clients with the most transactions overall throughout the time period will get rewards. The bank lists the following requirements for eligibility: registration on VULTe; performance of either of these transactions: bill payment, interbank transaction, or airtime purchase; and potential…
Information acquired from official papers over the weekend indicates that since the start of the year, the flow of short-term loans from deposit money banks (DMBs) to their regulator has increased in an unexpected way. The previous tendency, which has reversed, reveals that many banks have a surplus of idle cash, much of which may have resulted from the recent rise in deposits since the start of the naira reform program. The Central Bank of Nigeria’s (CBN) official statistics indicate that commercial banks have disbursed a total of N755.05 billion through the standard lending facility (SLF) since the year’s inception…
The agreement between the Independent Marketers Association of Nigeria (IPMAN) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on an ex-depot price of N172 is noted as putting an end to the country’s long filling station lines and petroleum marketers’ extortion. Ayo Cardoso, the South West Regional Coordinator for the NMDPRA, promised that the Authority would step up its enforcement efforts to ensure that the N172 ex-depot price is enforced consistently across the country during a visit to the Ijegun tank farms and depots in the Ijegun Egba area of Lagos State. He claims that the Authority constantly…
To ensure access to quality treatment, the Lagos State Health Management Agency (LASHMA) has provided free health insurance to the vulnerable in Ijede Local Council Development Area (LCDA). Speaking at the launch of the EKO Social Health Alliance (EKOSHA) Community Storm in the council, the general manager of LASHMA, Dr. Emmanuella Zamba, praised the governor for his support, particularly in providing special funds for the implementation of free health insurance coverage for the state’s most vulnerable citizens through EKOSHA, in accordance with the State Health Scheme (LSHS) law. According to her, the effort is intended to offer a durable framework…
Babajide Sanwo-Olu, the governor of Lagos State, has reaffirmed that his administration is ready to pursue the expansion and development of the Lagos State Cooperative Federation (LASCOFED) in order to increase socioeconomic activity in the state. He gave a speech during the inaugural Lagos Cooperative Festival, which LASCOFED and the Lagos Ministry of Commerce, Industry, and Cooperatives jointly organized. The governor, who was represented by his Deputy, Dr. Obafemi Hamzat, said: “We, as government, recognise the role cooperative play in the socio economic development of the state and its role in empowering and catering for members welfare, hence, we will…
The Nigerian Investment Promotion Council (NIPC) has taken action to reduce future borrowings by increasing the nation’s foreign exchange profits while Nigeria’s debt profile continues to climb. A master plan is one of the strategies being used to work toward the goals that have been defined. It is anticipated that it will expand the pool of potential investors, both domestic and international, and keep those who are already part of the system. The Executive Secretary/Chief Executive Officer of the Council, Hajiya Saratu Umar, discussed the direction with the media in Lagos yesterday and stated that the NIPC’s legislative responsibility to…
The Securities and Exchange Commission (SEC) has raised worry over the development of illicit investment firms as well as the prevalence of illegal fund manager operations. According to Dr. Okey Umeano, head of the SEC’s Office of the Chief Economist, the Commission is concerned about the rise in recent years in the activities of illicit fund managers. However, he gave stakeholders assurance that the commission will step up efforts to educate investors about issues relating to the capital market and collaborate with other governmental organizations to scale back their activities to a minimum. “This is an area that we are…
The Federal Government declared Monday that clean energy remained the most effective strategy to end energy poverty in the nation, with a current goal of generating around 30% of the nation’s electricity consumption from renewable sources. Despite having abundant energy resources, millions of Nigerians lack access to power. It is estimated that solar energy alone accounts for 427,000 MW of the nation’s electrical production. Goddy Jedy Agba, the minister of state for power, asserts that an emphasis on renewable energy, particularly through the Rural Electrification Agency (REA), would help to close the energy gap and revitalize Nigerians who were previously…
The LEADERSHIP Most Innovative Bank of the Year 2022 Award was given to PremiumTrust Bank, one of Nigeria’s fastest-growing banks, on Tuesday in Abuja, the Federal Capital Territory, during a lavish ceremony (FCT). The celebration was the 14th annual LEADERSHIP conferences and awards, with the topic “Credible Election in an Economy in Transition,” and the Bank was recognized for its unique operations and innovative initiatives, according to the organizers. Mr. Emmanuel Emefienim, Managing Director and Chief Executive Officer of PremiumTrust Bank, responded shortly after receiving the award. He praised the media organization and said, “As a bank, we leverage technology…
At its meeting yesterday, the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance recommended against altering the organization’s output policy. The JMMC, which is composed of important OPEC+ ministers, has the power to recommend holding an extraordinary ministerial meeting if market conditions warrant it, but it does not have the capacity to make decisions. Instead, it bases its recommendations on its analysis of the oil market. OPEC+’s ministerial conference is currently scheduled for June. The JMMC’s recommendation to maintain the present crude production targets is made against the backdrop of the same supply and demand concerns that supported the…
PayPal Lay-Off: As the latest major IT company to cut costs, PayPal is eliminating almost 2,000 jobs, or 7% of its workforce. The online payments provider claims that because of “the tough macro-economic climate,” it was compelled to make the choice. Following tens of thousands of layoffs by industry titans in only the past month, PayPal made its announcement. Google’s parent company Alphabet, Amazon, and Microsoft all announced significant job layoffs this year. “We must continue to change as our world, our customers, and our competitive landscape evolve,” Dan Schulman, the chief executive of PayPal, stated in a statement. The…
In partnership with the Sahara Foundation, Egbin Power Plc has officially opened the renovated Ijede police station in the Ijede community of Ikorodu, Lagos State. The initiative is consistent with Egbin Power’s dedication to fostering infrastructural development, socioeconomic progress, and efficient police to promote safety and security in the company’s host communities. Mokhtar Bounour, the chief executive officer of Egbin Power Plc, said during the commissioning that the company’s work with Sahara Foundation has further shown its dedication to sustainability by improving the lives of individuals and enhancing the areas in which it operates. He stated: “This initiative is part…
In Dutse, the capital of Jigawa State, the cost of Petroleum Motor Spirit (PMS) has increased to N340 per litre. Due to the shortage of the good, the scenario has caused turmoil and sufferings for the locals, particularly drivers. Long lines of automobiles at the gas stations on Sunday were spotted by a News Agency of Nigeria (NAN) journalist who was monitoring the stations. While the Dutse NNPC mega station Retail Stations have been under lock and key since January 8 due to a fire breakout, the filling stations are selling the goods at the outrageous price of N340 per…
Yesterday, business executives from all over the continent asked that the African Continental Free Trade Agreement (AfCFTA) be implemented right away in order to have the necessary influence on regional trade. The corporate executives talked during the Feed Africa Summit (Dakar 2), which is currently taking place at the Abdou Diouf Centre for International Conference in Dakar, the capital city of Senegal. They claimed that in order for the continent to have enough food, intra-African supply chain operations needed to be opened up and liberalized. At the CEO Roundtable, John Coumantaros, Chairman of Flour Mills of Nigeria Plc, Gora Seck,…
The Central Bank of Nigeria (CBN) has warned that any commercial bank that refuses to accept old naira notes before the deadline of January 31 will be subject to severe sanctions. Yesterday in Yola, Adamawa State, while answering questions from journalists, CBN Director of Internal Audit, Mrs. Ladia Alfa, stated that the central bank would view such actions from any commercial bank as sabotage and treat them in accordance with its statutes. Super agents have been sent to the 21 local councils of Adamawa to collect the old notes before the deadline in order to make sure that rural residents…
The management of Staco Insurance Plc has been ordered by the Chartered Insurance Institute of Nigeria (CIIN) to make sure they have and keep up a reliable risk assessment methodology to safeguard the money of their shareholders. The institute also encouraged them to take a stand on company credit ratings and make sure their reinsurance programs are complete without any gaps. Edwin Igbiti, the president of CIIN, made the statement while discussing “Insurance Contribution” at the company’s management retreat in Lagos. He said that management is responsible for ensuring compliance in all business dealings and that all legal obligations are…
Shubham Chaudhuri, the Nigeria Country Director for the World Bank, stated that in order to unleash an additional 6.7% annual growth over the next 20 years, the nation urgently requires regulatory and policy reforms at the Federal and State levels. This information was revealed by Chaudhuri at the interactive “Driving Business in 2023: Business As Usual or Business Unusual” event of the Indian Professionals Forum (IPF) Nigeria held over the weekend in Lagos. With a population of over 200 million, a youthful entrepreneurial population, a thriving private sector, and a nominal Gross Domestic Product (GDP) of $440 billion in 2021,…
