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NSIA And Siemens Healthineers Partner To Enhance Cancer Care In Nigeria

The Nigeria Sovereign Investment Authority (NSIA) and Siemens Healthineers sign a strategic agreement to transform cancer care infrastructure across Nigeria. This partnership, which brings together public and private sector resources, aims to tackle critical healthcare challenges and expand access to advanced cancer treatment for Nigerians.

The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, announces the collaboration on Friday via X (formerly Twitter), emphasizing that the agreement aligns with President Bola Tinubu’s Nigeria Health Sector Renewal Initiative (#NHSRII). The initiative focuses on building a healthier and more prosperous nation by significantly upgrading the country’s healthcare system.

“Advancing Mr. President’s commitment to a healthier Nigeria, we take a major stride today by signing a Sales and Purchase Agreement (SPA) between the Nigeria Sovereign Investment Authority (@nsia_nigeria) and Siemens Healthineers (@SiemensHealth),” Prof. Pate states.

“This collaboration is key to enhancing healthcare outcomes, particularly in cancer treatment, which has placed a heavy burden on Nigerian families. It underscores our commitment to strengthening healthcare infrastructure under the #NHSRII,” he adds.

Revolutionizing Cancer Treatment in Nigeria

The agreement sets a target for the first cancer treatment facilities to be operational by May 2025. This marks a significant milestone as Nigeria prepares to benefit from a large-scale investment in state-of-the-art cancer care infrastructure, enabling the healthcare system to provide timely, high-quality treatment.

Prof. Pate emphasizes that this partnership goes beyond a standard commercial transaction, serving as a strategic alignment of resources from both the public and private sectors to address pressing healthcare challenges in Nigeria. He assures that the newly installed equipment will be supported by a team of well-trained healthcare professionals, ensuring efficient service delivery from the onset.

“This initiative aligns with President Bola Ahmed Tinubu’s vision for a healthcare system that meets global standards and addresses the urgent needs of the Nigerian people,” he notes.

A Collaborative Vision for a Stronger Healthcare System

Prof. Pate commends Aminu Umar-Sadiq, Managing Director of NSIA, for his pivotal role in driving the project forward and optimizing the impact of public healthcare investments. He also acknowledges Ashok Kakkar, Vice President and Zone Head for Middle East and Africa at Siemens Healthineers, for the company’s dedication to supporting Nigeria’s healthcare progress.

Siemens Healthineers demonstrates its commitment by offering a 30% discount on medical equipment and providing extensive training for healthcare professionals, reflecting a long-term investment in the success of this healthcare initiative.

The project benefits from collaborative efforts from institutions like the National Institute for Cancer Research and Treatment (NICRAT) and various federal university teaching hospitals, ensuring alignment with Nigeria’s healthcare priorities.

“As we mark this milestone, we remain hopeful about the future of healthcare in Nigeria. With President Tinubu’s vision, the dedication of our partners, and the support of key stakeholders, we are building a resilient healthcare system that serves all Nigerians,” Prof. Pate concludes.

New Tax Reform Bills Seek To Centralize Revenue Collection, End NUPRC And Customs Tax Roles

New Tax Reform Bills Seek To Centralize Revenue Collection, End NUPRC And Customs Tax Roles

The Federal Government’s new tax reform bills, currently under review by the National Assembly, aim to streamline revenue collection by centralizing the process under a single agency. These reforms propose ending the tax collection roles of multiple federal agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS).

Taiwo Oyedele, Chairman of the Presidential Tax and Fiscal Reform Committee, confirms these plans in an interview with Channels TV on Friday. He explains that the reform bills focus on stopping around 60 federal agencies from collecting taxes, allowing them to concentrate on their core regulatory responsibilities.

Simplifying Tax Collection Across Federal Agencies

Under the proposed reforms, all federal taxes are to be collected exclusively by a newly renamed Nigerian Inland Revenue Service (NIRS), which will replace the current Federal Inland Revenue Service (FIRS). Oyedele highlights that agencies like the NUPRC, which currently collect royalties from oil companies, should focus solely on regulating upstream activities rather than managing tax collection.

Similarly, the Nigerian Customs Service (NCS), responsible for collecting import duties and VAT, will shift its focus to trade facilitation and border protection. Oyedele points out that Nigeria is unique in having numerous agencies collecting taxes, a practice not observed in other countries.

“We have over sixty federal agencies collecting taxes and levies. This is not the norm in other nations, whether in Africa or elsewhere. It makes sense to have one agency handle all tax collections, enabling other government bodies to focus on their primary mandates,” Oyedele states.

Rebranding FIRS to NIRS for Centralized Tax Collection

The new legislation also includes a rebranding of FIRS to the Nigerian Inland Revenue Service (NIRS), reflecting its expanded role in collecting both federal and some state taxes. Oyedele notes that, in practice, FIRS has always functioned as a revenue collection body for the entire federation rather than just the federal government. The taxes it collects are distributed across all levels of government.

“The FIRS serves as a revenue agency for the federation, not just for the federal government. To better align with its responsibilities, we believe the name ‘Nigerian Inland Revenue Service’ is more appropriate,” he adds.

Background of the Tax Reform Initiative

The Federal Government’s tax reform agenda begins shortly after President Bola Tinubu inaugurates the Tax and Fiscal Reform Committee in August 2023. Led by tax expert Taiwo Oyedele, the committee is tasked with overhauling Nigeria’s tax system to establish a more efficient, growth-driven structure. The initiative aims to boost economic development, enhance revenue generation, and improve tax compliance.

Key proposals include increasing the Value Added Tax (VAT) rate to generate additional government revenue while introducing tax exemptions to provide relief for low-income earners. These measures are designed to address income inequality and ensure a fairer distribution of the tax burden across various sectors of the economy.

FG Sets Up Committee To Review Nigeria’s Investment Treaties And NIPC Act

FG Sets Up Committee To Review Nigeria’s Investment Treaties And NIPC Act

The Federal Government establishes a nine-member committee to review Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act. This initiative is announced by Kamarudeen Ogundele, Special Assistant to the President on Communication & Publicity, in a statement released on Friday.

Modernizing Nigeria’s Investment Framework

During the committee’s inauguration, Minister of Justice, Lateef Fagbemi (SAN), highlights that this review aligns with Nigeria’s goal to attract more foreign investments by advancing legal reforms and ensuring a balanced trade environment. Fagbemi underscores the importance of BITs in Nigeria’s economic diplomacy, emphasizing their role in protecting foreign investments while advocating for the need to update these agreements to align with the evolving global economic landscape.

Objectives of the Review

The committee is tasked with a comprehensive examination of Nigeria’s current BITs to identify clauses that may be outdated and require renegotiation, modification, or termination. The review also aims to build on the advancements seen in the 2016 Nigeria-Morocco BIT, which is recognized as a new-generation model focusing on balanced bilateral investment agreements.

The key objectives of the review include:

  • Modernization of BITs: Aligning Nigeria’s BITs with contemporary international standards and best practices.
  • Enhanced Investor Protection: Ensuring foreign investors receive adequate legal protections while promoting fairness and reciprocity.
  • National Interest Safeguards: Protecting local industries and natural resources, thus creating a conducive environment for investment.
  • Fair Treatment: Promoting equitable treatment between foreign and domestic investors to ensure balanced negotiations in future BITs.
  • Sustainable Development: Prioritizing Foreign Direct Investment (FDI) that aligns with Nigeria’s sustainable economic growth goals.
  • Technology Transfer and Capacity Building: Incorporating provisions to encourage technology transfer, local skill development, and the protection of environmental, labor, and human rights.

Composition of the Committee

The committee is chaired by Mrs. Funke Adekoya (SAN) and includes prominent legal experts and sector representatives. Other members are Prof. Fidelis Oditah (SAN), Prof. Emilia Onyema, Babatunde Fagbohunlu (SAN), Mr. Oba Nsugbe (SAN), Mr. Tolu Obamuroh, Mr. Momoh Kadiri, a representative from the Federal Ministry of Industry, Trade, and Investment, and Ms. Aisha Rimi, who serves as the Executive Secretary/CEO of NIPC.

The committee has been given a four-month timeline to complete its mandate and present recommendations for updating Nigeria’s investment treaties and related legal frameworks.

NHIA Extends Health Insurance Coverage To Support Fistula Treatment In Nigeria

NHIA Extends Health Insurance Coverage To Support Fistula Treatment In Nigeria

The National Health Insurance Authority (NHIA) is expanding its health insurance coverage to fund the treatment of Vesicovaginal Fistula (VVF) in Nigeria, aiming to provide greater healthcare access for vulnerable populations. This initiative was announced by NHIA Director-General, Dr. Kelechi Ohiri, during the Joint Annual Review (JAR) meeting held in Abuja.

The annual JAR meeting serves as a critical platform for evaluating the progress of Nigeria’s health sector, focusing on the effectiveness of the Sector-Wide Approach (SWAp). It brings together stakeholders to review achievements, identify challenges, and explore strategies for enhancing healthcare delivery across the country.

Expanding Healthcare Access for Vulnerable Groups

Dr. Ohiri highlighted that the NHIA is intensifying its efforts to provide essential healthcare services to approximately 2.4 million low-income Nigerians. This initiative falls under the Basic Healthcare Provision Fund (BHCPF) and aims to deliver critical health services without imposing financial burdens on the country’s most vulnerable populations.

“The goal is to ensure that healthcare services are accessible and affordable, especially for those who cannot afford out-of-pocket expenses,” Dr. Ohiri stated. He emphasized that the NHIA is collaborating with state health insurance agencies to channel funds directly to healthcare providers. These providers will deliver free or subsidized services to eligible beneficiaries, thereby improving access to quality care.

Commitment to Universal Health Coverage

The NHIA is also focused on achieving Universal Health Coverage (UHC) by monitoring healthcare providers and insurance agencies to ensure high standards of care and accountability. Dr. Ohiri noted that the NHIA actively seeks feedback from citizens and collaborates with both public and private sectors to extend health insurance coverage to informal workers and marginalized communities.

“Our approach includes continuous monitoring to uphold the quality of healthcare services, ensuring that every citizen benefits from these initiatives,” he added.

Embracing Sector-Wide Approach (SWAp) Principles

Dr. Ohiri highlighted the transformative potential of implementing SWAp principles within Nigeria’s health sector. He identified transparency, accountability, and effective resource allocation as critical components for success. The SWAp framework is designed to enhance monitoring and ensure efficient use of resources, making a tangible impact on healthcare delivery.

He emphasized the importance of aligning efforts among federal agencies, state health offices, and development partners to achieve shared health goals. Addressing the need for adaptable strategies, Dr. Ohiri drew on Mike Tyson’s famous quote, “Everyone has a plan until you get punched in the face,” stressing the need for flexible health policies to address real-world challenges.

“We must focus on flexible and locally responsive strategies to achieve better health outcomes in Nigeria,” Dr. Ohiri concluded, urging stakeholders to collaborate in driving sustainable improvements in the healthcare sector.

Lagos Opens Bidding For Power Plants To Tackle Energy Demand

iPhone 16 Pro Max vs. Pixel 9 Pro XL: A Clash Of Tech Giants

In the ever-evolving world of smartphones, Apple and Google have consistently pushed the boundaries of innovation. This year, they’ve once again delivered flagship devices that promise to redefine the mobile experience. The iPhone 16 Pro Max and the Pixel 9 Pro XL are two such powerhouses, each with its own unique strengths and weaknesses.

Design and Display

  • iPhone 16 Pro Max: Apple has refined its iconic design, offering a sleek, premium look with surgical-grade stainless steel edges and a durable Ceramic Shield. The 6.8-inch Super Retina XDR display boasts a ProMotion adaptive refresh rate, delivering buttery-smooth visuals and efficient power consumption.
  • Pixel 9 Pro XL: Google has opted for a more minimalist approach, with a sleek glass back and a polished aluminum frame. The 6.8-inch P-OLED display offers vibrant colors, deep blacks, and a smooth 120Hz refresh rate.

Performance and Software

  • iPhone 16 Pro Max: Powered by the A17 Bionic chip, the iPhone 16 Pro Max delivers lightning-fast performance, effortlessly handling demanding tasks and multitasking. iOS 18 offers a seamless user experience, with intuitive features and strong privacy protections.
  • Pixel 9 Pro XL: The Tensor G3 chip provides ample power for smooth performance and advanced AI capabilities. Android 15, with its clean interface and customizable features, offers a flexible and personalized experience.

Camera System

  • iPhone 16 Pro Max: Apple’s camera system continues to impress, with a 48MP main sensor, a 12MP ultrawide lens, and a 12MP telephoto lens with 3x optical zoom. The LiDAR scanner enhances depth sensing for stunning portrait mode shots and immersive augmented reality experiences.
  • Pixel 9 Pro XL: Google’s camera prowess is well-known, and the Pixel 9 Pro XL delivers exceptional image quality with a 50MP main sensor, a 48MP ultrawide lens, and a 48MP telephoto lens with 4x optical zoom. The advanced computational photography techniques, including Night Sight and Magic Eraser, push the boundaries of mobile photography.

Battery Life and Charging

  • iPhone 16 Pro Max: Apple has focused on optimizing battery life, delivering all-day usage on a single charge. The fast-charging capabilities ensure quick top-ups, and MagSafe wireless charging offers convenient and efficient power delivery.
  • Pixel 9 Pro XL: Google has also prioritized battery life, with the Pixel 9 Pro XL offering impressive endurance. The fast-charging and wireless charging capabilities keep the device powered throughout the day.

Additional Features

  • iPhone 16 Pro Max: Dynamic Island, a new interactive feature, provides quick access to notifications and controls. Always-On Display offers essential information at a glance.
  • Pixel 9 Pro XL: Under-display fingerprint sensor for secure and convenient biometric authentication. Advanced AI features, such as real-time translation and smart text selection, enhance productivity and convenience.

The Verdict: Which Phone Is Better?

Both the iPhone 16 Pro Max and the Pixel 9 Pro XL are exceptional devices, each with its own unique strengths. The iPhone 16 Pro Max excels in performance, camera quality, and overall user experience, while the Pixel 9 Pro XL shines in photography, software customization, and AI features.

Ultimately, the best choice for you depends on your individual needs and preferences. If you prioritize seamless performance, a premium design, and a strong focus on privacy, the iPhone 16 Pro Max is an excellent choice. If you value cutting-edge camera technology, advanced AI features, and a more customizable Android experience, the Pixel 9 Pro XL is the way to go.

No matter which device you choose, you’re getting a top-tier smartphone that will elevate your mobile experience.

Mediacraft Associates Announces Creative Lead As Juror For LAIF Awards

Dollar-to-Naira Exchange Rate For 8th November 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1750.00 per $1 on Friday, November 8 , 2024. Naira traded as high as 1681.00 to the dollar at the investors and exporters (I&E) window on Thursday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1735 and sell at N1750 on Thursday 7th November 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1735
Selling RateN1750

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1680
Selling RateN1681

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

50kg Bag Of Imported Rice Now Costs ₦120,193, Up From ₦49,103 Last Year – NBS Report

The price of imported high-quality loose rice has surged by 144.77% over the past year, as reported by the National Bureau of Statistics (NBS).

According to the NBS’s latest food price report, the average price of a 50kg bag of imported rice climbed from ₦49,103 in September 2023 to ₦120,193 in September this year.

The cost per kilogram of imported rice rose by 3.21%, increasing from ₦2,329.05 in July to ₦2,403.86 in September. This is a significant jump from ₦982.07 per kilogram a year ago, indicating a more than twofold increase.

Prices for other types of rice have also risen. The cost of loose agricultural rice went up from ₦1,882.39 in July to ₦1,965.64 in September, marking a 4.42% increase.

On a year-over-year basis, this represents a 146.33% rise from ₦797.98. Nasarawa recorded the highest price at ₦3,050.33 per kilogram, while Benue had the lowest at ₦1,314.13.

Dollar-to-Naira Exchange Rate For 7th November 2024

Data Depletion And Billing Issues Remain Top Consumer Complaints In Nigeria—NCC

Digital Industry Created Jobs, Increased Revenue - NCC

The Nigerian Communications Commission (NCC) reports that data depletion and billing issues remain the most common complaints from telecom consumers in Nigeria, largely due to the complexity of telecom operators’ tariffs and billing systems.

Dr. Aminu Maida, the NCC’s Executive Vice Chairman, shares these insights during the 93rd Telecom Consumer Parliament (TCP) in Abuja. He explains that the Commission is working to simplify the process of tracking data usage for consumers to address these issues.

Earlier this year, the NCC analyzes consumer complaints and finds that data depletion and billing issues are the leading causes of dissatisfaction. To tackle these concerns, the Commission directs Mobile Network Operators (MNOs) and Internet Service Providers (ISPs) to audit their billing systems, although no significant issues are reported from the audits.

Despite these findings, Maida notes that consumers continue to perceive billing problems because of two main factors: the growing impact of high-resolution devices and advanced technologies on data consumption, as well as the complexity of telecom operators’ tariffs. To address the latter, the NCC issues new guidelines that require operators to simplify their tariffs, making data plans and pricing clearer and more accessible to consumers.

“In the coming months, telecom operators will implement these guidelines, presenting consumers with detailed information on tariff plans, billing rates, and terms and conditions,” Maida states.

He emphasizes that the goal of simplifying the process is to ensure consistent consumer satisfaction with telecom services. Maida also points out that service quality depends not only on MNOs but also on collaboration across the entire telecom value chain. This includes Tower Companies (TowerCos) responsible for power and infrastructure, as well as those providing essential backhaul services, such as fiber, microwave, or satellite connections. The NCC updates its guidelines to hold all players in the value chain accountable for quality service.

Gbenga Adebayo, President of the Association of Licensed Telecom Operators of Nigeria (ALTON), also speaks at the forum, stating that tariff simplification benefits consumers by offering more transparent and easily understandable data plans. He explains that many consumers express concerns about rapid data depletion, often caused by the background activities of smart devices that they may not be aware of.

Adebayo assures the public that industry stakeholders are committed to promoting transparency and empowering consumers to make informed decisions.

To further address these concerns, the NCC issues new guidance in July 2024, requiring telecom operators to provide clear information on how consumers are charged for calls and data usage. The “Guidance for the Simplification of Tariffs” mandates full disclosure of all tariff components and conditions, as well as clear marketing and promotional materials. This directive takes effect on July 29, 2024, to address growing complaints about data depletion and faster-than-expected airtime consumption.

Bitcoin Eyes $100,000 Milestone Amid Market Optimism Following Trump’s Re-election

Women’s Leadership In Healthcare: A Critical Move to Combat Nigeria’s Cancer Crisis

In response to the projected 125% increase in Nigeria’s cancer mortality rate by 2050, stakeholders are highlighting the need for enhanced female representation in healthcare leadership.

 A report from the International Agency for Research on Cancer underscores the urgency, forecasting that Nigeria could see an alarming rise in cancer cases, with women facing the most severe impact due to high rates of breast, cervical, and colorectal cancers.

Speaking at the Women in Healthcare Network’s (WIHCN) inaugural conference, Abubakar Bello, former president of the African Organisation for Training and Research in Cancer, stressed that Nigeria’s cancer incidence will likely remain high without strategic investment in early detection and treatment infrastructure.

He noted that, unlike high-income countries where incidence rates are expected to drop significantly, Nigeria’s rates are projected to stay at 70% due to limited access to preventative healthcare and a heavy reliance on out-of-pocket expenses for treatment.

Highlighting the role of women in this healthcare crisis, Modupe Elebute-Odunsin, founder of WIHCN, argued that fostering more women in senior healthcare positions is essential to improving health outcomes.

 “Women bring unique perspectives to healthcare leadership, and as seen in other industries, this positively influences organisational performance,” she said, urging women to pursue leadership roles for broader, more equitable impact on health policies.

According to a World Health Organisation (WHO) report, expanding female leadership could help address underlying socioeconomic disparities that worsen health outcomes for women. Evidence suggests that higher representation of women in decision-making roles correlates with better performance outcomes across sectors, and Elebute-Odunsin believes healthcare is no exception.

“In finance, organisations with women on the board see improvements in financial outcomes. A similar approach can drive innovation and resilience in healthcare,” she said.

Women in healthcare, however, continue to face substantial barriers. Ogun State’s health commissioner, Tomi Coker, pointed out that biases and lack of support, particularly in mentorship and sponsorship create obstacles to advancement.

She advised women to prioritise self-development and seize opportunities for growth, calling for a network that fosters continuous learning among female healthcare professionals.

With projections indicating that global cancer cases could reach 35 million by 2050, largely due to ageing populations and increased exposure to risk factors such as tobacco, alcohol, and environmental pollution, addressing cancer at both national and local levels will require committed leadership and systemic changes.

As Nnenna Osuji, Chief Executive at North Middlesex University Hospital, stressed, self-awareness and a commitment to personal growth are vital for women aiming to make a lasting impact in healthcare.

The conference served as a clarion call for policy shifts, investment in healthcare infrastructure, and gender-focused strategies that could reshape Nigeria’s healthcare sector. If Nigeria is to curb its rising cancer incidence and mortality rates, a commitment to empowering women in healthcare leadership could be pivotal, ensuring that preventive care, early diagnosis, and effective treatment are accessible to all, particularly those most affected by this growing health crisis.

Presidency Reassures Nigerians On CNG Vehicle Safety Amid Malaysian Phase-Out Plans

Presidency Reassures Nigerians On CNG Vehicle Safety Amid Malaysian Phase-Out Plans

 In light of Malaysia’s recent decision to phase out compressed natural gas (CNG) vehicles over safety concerns, the Nigerian Presidency has moved swiftly to address similar concerns raised domestically, reassuring citizens of the safety and viability of Nigeria’s CNG initiative.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, clarified in a post on X (formerly Twitter) that Nigeria’s CNG programme is not impacted by Malaysia’s recent announcement. He emphasized that the conditions prompting Malaysia’s phase-out decision do not apply to Nigeria.

Malaysia’s Transport Minister, Anthony Loke, recently announced that by July 2025, the country will halt the use of CNG vehicles, citing risks related to the ageing CNG tanks that could compromise safety if not regularly replaced. This decision will impact an estimated 44,383 vehicles across Malaysia, including taxis, personal cars, and buses.

However, Onanuga pointed out that Nigeria’s CNG vehicles adhere to stringent safety protocols and maintenance standards to ensure public safety. He underscored that CNG remains a core component of Nigeria’s alternative energy strategy, aiming to reduce fuel costs and emissions, especially in the wake of rising petroleum prices.

Nigeria’s CNG programme has been promoted as a sustainable and cost-effective solution for transportation, with the government incentivizing its adoption to ease economic pressures on citizens. Authorities have outlined plans to address concerns about safety by implementing rigorous maintenance standards and periodic inspections for CNG infrastructure.

While Malaysia’s phase-out raises questions about long-term CNG use, Nigerian officials remain confident in the program’s safety and its potential to contribute to the country’s energy diversification goals. The Presidency encouraged Nigerians to continue embracing CNG as a cleaner, reliable fuel alternative, highlighting ongoing government efforts to ensure a safe transition for users across the nation.

NDIC Prioritises Financial Security With Swift Payouts To Heritage Bank Depositors

NDIC Prioritises Financial Security With Swift Payouts To Heritage Bank Depositors

Heritage Bank

The Nigeria Deposit Insurance Corporation (NDIC) has announced the completion of a nationwide asset valuation for the defunct Heritage Bank, a significant step toward full compensation of the bank’s depositors.

Speaking at the Lagos International Trade Fair, NDIC Managing Director Bello Hassan, represented by Director of Communication Nuhu Bashir Alhassan, reiterated the corporation’s dedication to protecting Nigeria’s financial stability. Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, 2024, the NDIC has already disbursed payments to 86% of insured depositors, ensuring swift relief amid the bank’s collapse.

Hassan highlighted NDIC’s strategy for expediting payouts by leveraging the Bank Verification Number (BVN) system, which enabled direct transfer of funds within days of Heritage Bank’s closure. This swift response exemplifies NDIC’s commitment to reducing financial disruption for depositors by offering a seamless compensation process.

In a significant policy shift, NDIC has raised the deposit insurance coverage from N500,000 to N5 million, a change aimed at providing greater security for bank customers in the event of institutional failure. This new limit has enabled a higher payout threshold for insured deposits, a measure that Hassan says has “greatly mitigated the impact on depositors.”

Additionally, NDIC has started efforts to compensate those whose balances exceed N5 million through a liquidation dividend process. Hassan noted that assets from Heritage Bank are being liquidated, and debts are being recovered to ensure uninsured depositors receive fair compensation.

The corporation has also outlined an orderly process for creditors to claim payments, set to occur after all depositors are compensated—a structure Hassan said is vital to preserving public confidence in the banking system.

For depositors yet to claim their funds, Hassan encouraged them to present their BVN and account verification details at NDIC outlets or through its digital platforms. The NDIC’s ongoing presence at the trade fair underscores its proactive engagement with the public to ensure all stakeholders are informed and reassured of the corporation’s dedication to financial stability.

In a closing remarks, Hassan expressed appreciation for the support of the Lagos Chamber of Commerce and urged the public to explore the NDIC pavilion at the fair for more information. This event marks NDIC’s ongoing commitment to depositor security and reinforces its critical role within Nigeria’s financial landscape.

NGX Investors Make N217 Billion As OANDO, ARADEL, And CONOIL Stocks Surge

NGX Investors Make N217 Billion As OANDO, ARADEL, And CONOIL Stocks Surge

Stock Exchange Closes Trading Week With N30bn Gain

Investors on the Nigerian Exchange (NGX) saw significant gains, with equities climbing by approximately N217 billion as trading activity intensified. This increase was largely driven by heightened interest in oil stocks, which led to a notable rise in key performance indicators.

Data from the NGX showed a 0.37% uptick in the All-Share Index, which gained 357.62 basis points, closing at 96,924.86. This reflects a steady year-to-date improvement as investors continued to place strategic bets on major stocks like CONOIL, ARADEL, NEIMETH, and OANDO.

Overall trading activity surged, with the total volume and value traded on the day rising by 77.95% and 64.10%, respectively. According to Atlass Portfolios Limited, 744.54 million units worth ₦16,477.74 million were exchanged in 9,700 deals. JAPAULGOLD led in volume, accounting for 16.86% of the day’s trades, while other top volume drivers included ELLAHLAKES (14.65%), FBNH (11.24%), OANDO (9.10%), and UBA (5.81%).

In terms of trade value, JBERGER topped the list, representing 28.02% of total value exchanged. CONOIL and ARADEL both gained 10.00%, leading the day’s advancers. Other significant gainers included EUNISELL (+9.92%), JOHNHOLT (+9.77%), and THOMASWY (+9.71%).

However, seventeen stocks recorded losses, with TANTALIZER leading the decliners at -6.25%, followed by NGXGROUP (-5.81%), WEMABANK (-5.63%), FCMB (-3.59%), and JAPAULGOLD (-2.26%).

A positive market breadth was achieved, with 32 gainers and 17 decliners. Four of the five major sectors closed up, led by the Insurance sector (+1.84%), followed by Oil & Gas (+1.77%), Industrial (+0.02%), and Consumer Goods (+0.01%). The Banking sector was the only sector to decline, dipping by 0.38%.

The total market capitalization of the Nigerian Exchange rose by N216.83 billion, reaching ₦58.73 trillion at the close of the trading day.

Naira Hits Historic Low Of N1,681.45/$ Amid Persistent Dollar Demand

Nigerian Treasury Bills Rally Amid Investor Demand, Yields Ease

LBS Discloses FG's Targets With Naira Redesigning

Nigerian Treasury bills saw a rally as investors sought to fill unmet bids from the Central Bank’s recent auction. At Wednesday’s primary market auction, the Central Bank sold fewer bills than the total bids received, although it increased allocations slightly beyond the initial offer to meet some of the demand.

This strong demand kept yields on Nigerian Treasury bills stable after a recent spot rate hike. As a result of the buying momentum, the average yield experienced a contraction.

Cordros Capital Limited reported a decline in average yields across short (-1bp), mid (-4bps), and long (-2bps) segments. The firm attributed the yield contraction to investors’ preference for bills with 77-day (-1bp), 154-day (-21bps), and 350-day (-2bps) maturities.

Despite liquidity constraints that limited trading volumes, some fixed-income analysts noted a post-auction boost in trading activity, with market participants favoring mid- to long-term maturities. TrustBanc Capital Limited highlighted that investors selectively purchased at attractive levels along these maturities.

The 10-Apr maturity saw the most significant drop in yield, falling by 21bps, while the newly issued 364-day bill drew moderate bids, with its secondary market yield easing to around 22%.

Overall, the average benchmark yield dropped by 4bps, closing at 24.26%. Analysts expect this market sentiment to persist given tight liquidity conditions as investors evaluate signals from the latest auction.

In the OMO segment, buying interest in long-term papers also drove the average yield lower by 2bps to 26.4%.

Naira Hits Historic Low Of N1,681.45/$ Amid Persistent Dollar Demand

Money Market Rates See Mixed Trends as Banking System Deficit Narrows

Lucrative Businesses You Can Do During Yuletide

Money market rates showed mixed movements on Thursday as the liquidity deficit in the banking system eased. Short-term benchmark interest rates remained at double-digit levels, with analysts predicting that banks may need to start borrowing to meet their funding requirements.

While liquidity in the banking system remained negative, it saw a slight improvement compared to midweek levels. The system’s deficit narrowed to N938 billion on Thursday, down from N2.306 trillion on Wednesday, aided by inflows from matured borrowing instruments.

Despite this improvement, the Central Bank of Nigeria (CBN)’s Open Market Operation (OMO) auction on Tuesday continued to drain liquidity from the market. As a result, funding rates across banks increased, albeit at a slower pace than seen on previous days.

The Nigerian Interbank Offered Rate (NIBOR) declined across most maturities, indicating a slight improvement in banking system liquidity. However, data from the FMDQ platform showed that the repo rate (OPR) rose by 13 basis points to 32.03%, reflecting lingering liquidity pressures. Meanwhile, the overnight lending rate (O/N) remained stable at 32.53% due to limited activity among local lenders.

“We anticipate interbank rates will remain elevated, given that the liquidity situation is unlikely to improve significantly,” noted AIICO Capital Limited in a report.

In a similar update, TrustBanc Capital Limited confirmed that the deficit in the banking system improved by 59%, beginning the day with a shortfall of N938.10 billion. The firm advised investors that, without substantial inflows, the banking system would likely remain in deficit by week’s end, keeping interbank rates elevated.

WATRA To Launch 5G Roadmap, Boost Digital Connectivity In West Africa

Nigeria’s Foreign Exchange Reserves Surge To $40 Billion, Highest Level In 33 Months—Cardoso

Nigeria’s foreign exchange reserves have surpassed $40 billion, reaching their highest level in nearly three years, Central Bank of Nigeria (CBN) Governor Mr. Olayemi Cardoso announced during a symposium in Abuja on Thursday. The event also marked the launch of a publication titled Promoting Stability in an Era of Economic Reforms: The Journey So Far, celebrating the first year of the CBN’s current management team.

In his address, Governor Cardoso highlighted the progress made under his leadership, attributing the achievements to key reforms initiated by the Bank. These reforms, he noted, are beginning to show positive results, particularly in stabilizing the foreign exchange market and boosting reserves.

According to a statement released by the CBN, Cardoso acknowledged the challenges of the past year, including inflation, which peaked at 24.1% in mid-2023. However, he noted that inflation is now on a downward trend, a sign that the Bank’s policies are taking effect.

“The reforms have begun to bear fruit, leading to notable improvements in the FX market and stabilizing foreign reserves, which have now exceeded the $40 billion threshold—the highest in 33 months,” the statement read. “While inflation remains elevated, its current downward trajectory reflects the impact of these reforms in restoring market stability and fostering economic growth.”

Cardoso credited these gains to strong policy measures, including an 850 basis point increase in the Monetary Policy Rate to 27.25% and a rise in the Cash Reserve Ratio for commercial banks to 50%. These steps were designed to control inflation and promote economic stability.

He also noted advancements in the foreign exchange market, such as the elimination of multiple exchange rate windows, which previously caused arbitrage issues and discouraged foreign investment. By streamlining this process, the Bank has tackled a backlog of FX settlements and reduced revenue losses, which were estimated at N6.2 trillion in 2022.

The CBN’s emphasis on boosting foreign remittances is also central to its economic strategy. Cardoso reaffirmed the Bank’s goal of achieving $1 billion in monthly remittances, a key measure to reinforce Nigeria’s foreign reserves and improve economic stability.

Addressing challenges in foreign direct investment and portfolio investments, the CBN has introduced new guidelines for Bureau de Change operators to enhance regulation and reduce disruptions in the FX market.

The CBN’s focus on digital transformation is also integral to its reform efforts. Through its Digital-First Initiative, the Bank has automated key operations, reduced costs, and introduced data-driven tools to enhance policymaking. These efforts include the launch of an Integrated Data Collection and Sharing Portal and the establishment of an Investor Relations Unit to foster a transparent and investor-friendly environment.

Cardoso underscored the importance of collaboration between fiscal and monetary authorities, noting that cohesive policymaking is essential for addressing Nigeria’s economic challenges.

Lagos State Governor Babajide Sanwo-Olu, who attended the event, commended the CBN’s leadership for its commitment to transparency and accountability. He also called for unity in tackling Nigeria’s economic issues, praising the Bank’s efforts to strengthen the nation’s financial stability.

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Naira Strengthens Against US Dollar As FX Pressure Eases

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira reversed its previous downward trend against the US dollar as pressure from foreign exchange (FX) demand and supply disruptions subsided. Data from the FMDQ platform showed that the naira appreciated by 2.51%, closing at ₦1,639.50 per US dollar in the official market.

This significant gain was driven by renewed investor confidence and increased FX inflows that covered overall market demand within the official trading window.

The Central Bank of Nigeria (CBN) has slowed its pace of FX intervention to support the local currency, analysts noted while discussing the 2024 market outlook.

The naira’s outlook remains uncertain. At a MarketForces Africa forum, several analysts stated that unless the CBN completely halts its FX interventions, the exchange rate may not exceed ₦1,700.

FX inflows into the official market have been rising, but so have FX requests for imports. This keeps the liquidity gap open, necessitating intervention from the monetary authorities under a “willing buyer, willing seller” framework.

In December, the CBN is expected to roll out FX automation, which analysts say could be a turning point in stabilizing Nigeria’s currency.

“Automated forex trading will enhance transparency, reduce speculative practices, and increase liquidity by making it easier to track transactions,” analysts stated.

In the parallel market, the naira held relatively steady at ₦1,725 to the US dollar despite year-end demand for foreign currency. Analysts attribute this stability to remittances from Nigerians abroad, which have increased the dollar supply in the parallel market.

Meanwhile, oil prices continued their decline, extending the sell-off that began with the recent U.S. presidential election. A strong dollar and reduced crude imports by China outweighed supply risks related to the Trump administration’s policies and production cuts from Hurricane Rafael.

As a result, Brent crude fell to $75.32, and WTI dropped to $72.00. Gold prices, however, edged higher while remaining near a three-week low, as markets anticipated a rate cut by the U.S. Federal Reserve, with gold trading at $2,702.50 per ounce.

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Mediacraft Associates Announces Creative Lead As Juror For LAIF Awards

Mediacraft Associates, one of Nigeria’s leading PR and Integrated Marketing Communications agencies, has announced that Samuel Olonisakin, the agency’s Creative Lead (IMC, Digital Marketing and Masterbrand), has been selected as a member of the YOUNG LAIFERS jury for the 19th edition of the prestigious 2024 Edition of the LAIF Creative Awards. This event, which celebrates outstanding creativity, excellence in brand strategy development and marketing communications excellence, will take place in November 2024 in Lagos.

In a statement from the organisers, signed by Lanre Adisa, President, Advertising Agencies Association of Nigeria (AAAN); Olonisakin was selected for this task as a respected and reputable creative person who has made marks in the global marketing communications community.

As a results-driven and resourceful craftsman, Olonisakin brings a wealth of experience and expertise in successfully translating desired moods, messages, concepts, and underdeveloped ideas into imagery.

As Creative lead, he has worked on some reputable FMCG brands, including: International Breweries Plc/ABInBev (Trophy Lager, Trophy Stout, Eagle Lager, Eagle Stout, Castle Milk Stout and Grand malt); Total Nigeria Plc., KFC, Fan milk Plc/Danone (Fanice Ice Cream, Go Slo Ice Cream and Fanvannille Flavoured Milk Drink); Kraft Heinz Foods Nigeria (Mayonnaise, Ketchup, and Tomato paste); and Patisen Nig Ltd (Ami Seasoning). Hero Lager Beer, 9mobile, Burger King, Seaman Schnapps, 9jacCafe Rhum, Korect Bitters, Wema Bank, BetKing and others.

“I am honoured to serve as a juror for LAIF Creative Awards”, said Olonisakin. “I look forward to evaluating the innovative works presented by participants and celebrating their creativity and dedication.”

The award aims to discover the young and upcoming creatives in the industry. Olonisakin will join a distinguished panel of judges who are leaders in the creative industry. The judging period is between November 7 and 14, 2024.

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Bitcoin Eyes $100,000 Milestone Amid Market Optimism Following Trump’s Re-election

Bitcoin surges amid growing optimism, with market analysts predicting the leading cryptocurrency could reach the $100,000 mark before President Donald Trump’s inauguration, following his recent election victory.

The crypto market is currently experiencing a bullish wave, driven by the prospect of having a pro-crypto president in the White House. Bitcoin has hit an all-time high of over $76,500 as of November 7, propelled by the renewed confidence stemming from Trump’s return to the presidency.

Trump’s Victory Spurs Bitcoin Rally

Since Trump’s electoral win, Bitcoin (BTC) has increased by 14%, with a 21% surge over the past month and its value doubling over the last year. The crypto community is particularly optimistic, given the broader support for digital assets that Trump’s administration may bring. The market sentiment reflects a belief that Trump’s policies could further legitimize cryptocurrencies.

Earlier this year, the approval of the first cryptocurrency-based exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) set the stage for Bitcoin’s upward momentum. By March, Bitcoin had already crossed the $73,000 threshold. Analysts suggest that the election of a pro-Bitcoin president could push the cryptocurrency to new heights, with projections that it may hit $100,000 before the inauguration.

Market Fundamentals and Altcoin Gains

The bullish momentum isn’t limited to Bitcoin alone. Other cryptocurrencies, including meme coins and tokens from decentralized exchanges, have also seen a notable increase, with gains exceeding 10% following Trump’s victory. The surge in both bond and U.S. stock markets, dubbed the “Trump trade,” appears to correlate with the rising crypto prices.

QCP Capital, a prominent trading firm, notes that Bitcoin has experienced significant growth during all three U.S. presidential election cycles since its inception in 2009. “As we approach 2025, we expect this bullish trend to maintain its strength,” QCP traders shared on their Telegram channel.

Future Projections and ETF Impact

Global investment firm Bernstein projects that Bitcoin could soar to $200,000 by 2025. The firm attributes this potential rise to increased demand for hard assets, driven by record levels of debt, expansive monetary policies, and the absence of budgetary restraint in the U.S.

“The expanding interest in Bitcoin ETFs and their successful momentum could drive Bitcoin’s growth even further,” Bernstein’s analysts stated.

Additionally, Trump’s re-election has significantly boosted Bitcoin ETFs, leading to a record trading volume. After the Associated Press announced Trump’s victory, Bitcoin ETF trading surged, hitting a daily volume of $4.1 billion—the highest on record.

The market sentiment indicates a positive trajectory for Bitcoin and other cryptocurrencies as the world anticipates how Trump’s policies will influence the digital asset landscape in the coming years.

FG Rejects Proposal For Mines Rangers, Supports Strengthening Existing Task Force

FG Rejects Proposal For Mines Rangers, Supports Strengthening Existing Task Force

The Federal Government opposes the proposed establishment of the Nigeria Mines Ranger Service (NMRS), which aims to combat illegal mining across the country. Key government agencies argue that the new agency would duplicate the responsibilities of the Nigeria Security and Civil Defence Corps (NSCDC).

At a public hearing in Abuja today, representatives from the Ministries of Solid Minerals Development, Justice, and Interior, along with officials from the NSCDC and Nigeria Immigration Service (NIS), express their concerns about the bill. Attorney-General Lateef Fagbemi and Minister of Solid Minerals, Dele Alake, recommend strengthening the existing Special Mines Surveillance Task Force (SMSTF) instead.

Attorney-General Fagbemi, represented by Dr. Patrick Eoyan, Director of Legal Services, advises the use of advanced technology, such as drones, to enhance surveillance of mining sites. Minister Alake also emphasizes adopting modern technological solutions to curb illegal mining activities effectively.

Legislative Goals and Support for the Bill

Senator Ogoshi Onawo (PDP-Nasarawa) introduces the bill with the goal of creating a specialized security unit to protect mining operations and enforce mining laws in Nigeria. The initiative seeks to address the growing challenges posed by illegal and artisanal mining.

Senate President Godswill Akpabio, represented by Senator Diket Plang (APC-Plateau), underscores the need for legal frameworks that bolster security and economic productivity. He encourages lawmakers to update existing laws to support national progress, enhance citizen welfare, and ensure security.

Senate President Akpabio states, “The exploitation of mineral resources must not jeopardize lives; it should contribute to economic growth and uplift Nigerians’ living standards.”

Enhancing Security in the Mining Sector

In a recent announcement, Minister Dele Alake unveils plans to establish a mining police force under the Ministry of Solid Minerals. This dedicated force will operate within the solid mineral sector as well as in the marine and blue economy sectors, with personnel directly accountable to ministry officials.

Additionally, there are plans to deploy a specialized security unit in regions heavily affected by insecurity, particularly where economic activities like agriculture are disrupted. The National Economic Council (NEC) previously outlines strategies to deploy agro-rangers to protect food-producing areas. This initiative serves as a short-term solution while awaiting the establishment of state police for long-term security.

The NSCDC has already deployed 10,000 agro-rangers across the country to address insecurity in agricultural zones that have faced significant challenges impacting food production.

Tackling Illegal Mining and Resource Theft

Nigeria continues to lose vast resources due to illegal mining and exploitation, ranging from crude oil in the southern regions to gold and other solid minerals in the northern parts. These activities are linked to rising insecurity, including banditry, which threatens both economic stability and national security.

The Federal Government remains committed to implementing measures to protect its natural resources, ensuring that mining activities contribute positively to economic growth and national stability.

TCN Attributes National Grid Collapse To Sudden Frequency Surge, Recovery Efforts Underway

TCN Attributes National Grid Collapse To Sudden Frequency Surge, Recovery Efforts Underway

Electricity Customers Increase By 210,000

The Transmission Company of Nigeria (TCN) reports that a sudden spike in frequency, escalating from 50.33Hz to 51.44Hz, causes a nationwide grid disruption around 11:29 a.m. on Thursday.

According to TCN’s official statement, the frequency surge is linked to technical malfunctions at one of its substations, which was immediately shut down to prevent further damage. The company notes, “The frequency spike was due to issues at one of our substations, prompting a shutdown to avoid further complications.”

Recovery Efforts and System Repairs

TCN initiates prompt recovery measures, managing to partially restore power to the Abuja region within 28 minutes. However, they confirm that full recovery efforts are still ongoing as work continues to stabilize the remaining affected areas.

In addressing these recurring grid issues, TCN reveals that it is actively conducting repairs and upgrades on critical infrastructure. Key projects include:

  • Ongoing repairs on the Shiroro–Mando 330kV Transmission Line to boost reliability.
  • Major enhancements at the Jebba Transmission Substation.
  • Restoration work on the second Ugwuaji–Apir 330kV Transmission Line.

Addressing System Vulnerabilities

Following an investigation into previous grid collapses, TCN is implementing targeted improvements to strengthen the transmission network. The company acknowledges systemic weaknesses and confirms that technical upgrades and strategic interventions are being carried out based on the committee’s recommendations.

“Based on the investigative report’s findings, we are addressing identified weaknesses within the transmission system,” TCN states. They also caution that despite ongoing improvements, some instability may persist until all major repairs are completed.

Public Appeal for Patience

TCN appeals for public patience and understanding, recognizing the impact of these disruptions on daily life and economic activities. “We understand the inconvenience caused by these interruptions and ask for the public’s patience during this challenging period,” the statement adds.

Broader Context on Nigeria’s Power Challenges

The federal government, through the National Orientation Agency (NOA), attributes frequent national grid collapses to the inability of electricity distribution companies (DisCos) to handle the power generated. Despite Nigeria’s capacity to produce approximately 13,610MW of electricity and transmit up to 8,000MW, the distribution infrastructure can only manage around 4,000MW.

The recent addition of the 700MW Zungeru Hydroelectric Plant increases the national grid’s generation capacity. However, the distribution bottleneck remains a significant challenge, contributing to frequent power outages and grid instability.

Trump’s Presidency Returns: Implications For Nigeria’s Future

Nigeria’s Foreign Capital Inflows Surge Under Trump, Plunge During Biden’s Term

The re-election of Donald Trump as U.S. President, defeating Vice President Kamala Harris, sparks discussions on how his policies might influence global investment patterns in the years ahead.

During Trump’s initial term, Nigeria benefits from a significant increase in foreign capital inflows, receiving five times more than it does under President Joe Biden. Data reveals that Nigeria attracts a total of $10.5 billion in foreign investments during Trump’s four-year term, compared to just $2.39 billion under Biden so far.

Dissecting the Capital Inflow Disparity

Experts point to a combination of U.S. monetary policies, Nigeria’s interest rate strategies, and exchange rate stability as the key drivers that create a more favorable investment environment during Trump’s presidency.

A closer analysis shows that under Trump, Nigeria’s capital inflows grow steadily:

  • 2016: $950 million
  • 2017: $2.47 billion
  • 2018: $3.58 billion
  • 2019: $4.5 billion

By 2019, Nigeria’s total capital inflows peak at $23 billion, with the United States alone contributing $4.5 billion. In stark contrast, the country only attracts $2.39 billion in foreign capital under Biden’s administration, amounting to roughly a quarter of what was achieved during Trump’s term.

Key Factors Boosting Capital During Trump’s Era

Interest Rate Policies: The U.S. maintains relatively low interest rates during Trump’s presidency, making emerging markets like Nigeria more appealing to American investors looking for higher returns. Nigeria, in turn, offers attractive interest rates, particularly between 2017 and 2018, which draws in significant foreign portfolio investments. The higher yields on Nigerian government securities during this period prove to be a major pull factor for investors.

Exchange Rate Stability: From 2017 to 2019, the Central Bank of Nigeria (CBN) successfully stabilizes the naira at approximately N360 to $1, reducing currency risk for foreign investors. Stability in the exchange rate is a critical consideration for investments in emerging markets, where currency fluctuations can severely impact returns.

However, under Biden, the U.S. Federal Reserve increases interest rates to curb inflation, prompting investors to shift focus back to safer, higher-yielding assets in the U.S. This policy change, coupled with a stronger dollar, diminishes investor interest in riskier emerging markets like Nigeria, where challenges in maintaining currency stability intensify.

What Trump’s Second Term Could Mean for Nigeria

As Trump assumes office for a second term, there is anticipation around whether Nigeria will experience a resurgence in foreign capital inflows. If Trump reinstates his previous approach of promoting low interest rates, emerging markets like Nigeria could see renewed investment interest.

However, Nigeria’s ability to capitalize on this potential inflow depends largely on its own economic policies, particularly in the areas of exchange rate management, inflation control, and maintaining competitive interest rates.

Future Outlook for Nigeria’s Investment Landscape

Trump’s return to the White House presents Nigeria with a strategic opportunity to attract more foreign capital. For Nigeria to leverage this, policymakers must prioritize a stable investment environment by focusing on exchange rate predictability, competitive interest rates, and continued economic reforms. Aligning these factors could position Nigeria to benefit from favorable global investment trends during Trump’s second term, driving economic growth and enhancing financial stability.

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