Monday, November 25, 2024
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Lagos State Diverts Traffic For Installation Of Truck Barriers At Ojuelegba Bridge

LASG Announces Traffic Diversion At Ikorodu

The Lagos State Government announces a planned traffic diversion at the Ojuelegba Flyover Bridge, near the Fire Station, to install new truck barriers. This diversion begins on Saturday, October 26, at 10:00 pm, and ends on Sunday, October 27, at 5:00 am. The measure follows damage to existing barriers and an earlier temporary bridge closure in early October.

In a statement on Thursday, Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, emphasizes that this traffic diversion supports road safety efforts and aims to control the movement of heavy-duty vehicles in the area. The Commissioner encourages motorists to cooperate with traffic authorities to avoid unnecessary delays during the installation and urges patience, as the nighttime work is designed to minimize disruption.

The government advises motorists from Eko Bridge, Costain, and Iponri toward Ojuelegba to use the service lane from the National Stadium gate, connecting to Barracks for access to Ojuelegba. The Commissioner also reminds drivers that damage to public infrastructure is subject to legal consequences.

Additional Information on Road Closures

The Lagos State Government also announces a temporary closure of J Randle Road, Onikan, from October 26 to November 3, to accommodate the Afropolis Dance Event. The closure spans from Lagos City Mall to the National Museum, ending at Onikan Roundabout. Recommended routes during this period include:

  • Awolowo Road to Tafawa Balewa Square: Turn left at Onikan Roundabout to King George V Road, exit via Marina, and proceed to Force Road and Tafawa Balewa Square.
  • Outer Marina to Awolowo Road: Turn left on Force Road to Tafawa Balewa Road, continue along Old Defence Road, then follow Tafawa Balewa Square, Macarthy Street, and Onikan Road.
  • Third Mainland Bridge/Ring Road to Awolowo Road: Use Force Road to Tafawa Balewa Road, then Old Defence Road, leading to Onikan and Awolowo Road.
  • Awolowo Road to Tafawa Balewa Square: Continue through Onikan Roundabout.

Motorists are urged to plan ahead and exercise patience, as these diversions are critical to maintaining public safety and effective traffic management.

NERC Proposes Discos To Share Transmission Repair Costs

NERC Proposes Discos To Share Transmission Repair Costs

NERC To Invest In Technology To Improve Service Delivery

The Nigerian Electricity Regulatory Commission (NERC) states that power distribution companies (Discos) may soon bear the cost of repairing faulty transformers and replacing other transmission infrastructure. This proposal aims to encourage Discos to manage electricity assets more responsibly.

During a public hearing on recurring national grid failures, NERC Chairman Sanusi Garba emphasizes the impact of frequent grid collapses on both service quality for consumers and the financial health of power generation and distribution companies. He highlights the urgent need for immediate action to stabilize and enhance grid reliability.

Garba points out that a single equipment failure often leads to nationwide blackouts and criticizes the inadequate protective measures for valuable infrastructure. He calls for stronger preventive strategies and urges Discos to identify feeders most affected by adverse weather—an assignment that remains uncompleted.

Joy Ogaji, CEO of the Association of Power Generation Companies, reports that Nigeria has experienced 162 grid collapses since 2013. She stresses the importance of proactive measures to prevent further incidents and advocates for more transparent data collection by NERC to ensure accurate tracking of grid performance.

Meanwhile, the Transmission Company of Nigeria (TCN) announces that it has received a security advisory from the Office of the National Security Adviser, advising limited operations in areas impacted by vandalism of the Shiroro-Mando Transmission line. TCN warns that power restoration in these regions may face delays due to security challenges, with vandalism of the Ugwuaji-Apir 330-kV transmission line already causing extended blackouts across several northern states.

Federal Government Set To Gradually Raise VAT To 15%

Noor Takaful Insurance Records 123% Increase In Profitability

The Board of Directors of Noor Takaful Insurance Ltd., the pioneer and leading takaful operator in Nigeria, has announced a 123% increase in profitability for the 2023 financial year. The board also approved a five kobo dividend per share for the 2023 financial year compared to the three kobo paid out in the 2022 financial year.

This was disclosed by the Chairman of the Board of Directors, Mr. Muhtar Bakare, during the 7th Annual General Meeting (AGM) held on Wednesday, October 23rd, 2024, at the Corporate Head Office in Lagos.

Bakare revealed that the company’s gross written contribution grew from over 4.9 billion Naira in 2022 to 6.5 billion Naira in 2023, representing a significant rise of 30%. Additionally, Profit After Tax rose from 468.5 million Naira in 2022 to 1.05 billion Naira in 2023, representing a remarkable 123% rise in profitability.

Bakare highlighted the company’s unwavering focus on its takaful and ethical model as the main driver of the growth. He noted that the company remains focused on bringing innovation that would help improve its current achievements. He stated that the company has identified the need for financial inclusion as the driving force behind its success. 

Some shareholders who attended the meeting applauded the company’s leadership for ensuring steady annual growth. They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as Chairman of Noor Health.

Noor Health, a subsidiary of Noor Takaful, recently received approval to operate as a national health management organisation and is expected to commence operations in November of this year.

During the AGM, the outgoing chairman, Mr. Muhtar Bakare, also unveiled the company’s upcoming mobile app, RAHA by Noor. 

According to him, the new digital platform is designed to cater to customers’ insurance needs, providing a seamless participant acquisition tool and serving as a gateway to Noor Takaful’s full suite of digital solutions. By streamlining access and reducing the need for retail staff interactions, RAHA promises to save participants valuable time. 

”The app reflects one of Noor Takaful’s core values: innovation, furthering its mission to become a leading provider of ethical finance solutions across Africa,” he said.

Stakeholders expressed excitement about these developments and voiced their anticipation for the upcoming African Takaful and Non-Interest Finance Conference, scheduled for November 12–13, 2024. This conference will serve as a platform for Noor Takaful to advance its ultimate goal of becoming a key player in Africa’s non-interest finance sector.

LinkedIn Faces €310 Million Fine For Breaching European Data Protection Laws

Employers must embrace responsible corporate practices- DG, NECA

NECA Worried Over FCCPC’s Focus On Price Regulation

The Director General of Nigeria Employers’ Consultative Association (NECA), Adewale Smatt-Oyerinde, has emphasised the need for employers in Nigeria to embrace responsible business conduct in their operations to grow locally and in the international market.

Smatt-Oyerinde made this known during an awareness-raising workshop organised by NECA in partnership with the International Labour Organisation (ILO) and International OE in Lagos for enterprises on the ILO MNE declaration to promote sustainable and responsible business practices. 

Citing that the conversation in labour circles is moving away from doing business for profit to doing business responsibly, he attributed the workshop’s relevance to NECA and its member companies’ desire to join the global community in promoting responsible corporate practices.

According to him, the workshop would undoubtedly help create leverage for member companies so that they can handle the challenges of sustainability and human rights that have become focal points in the workplace. He further disclosed that new realities in the workplace ecosystem have shown that enterprises globally now pay adequate attention to sustainability, environment, social, and corporate governance issues.

“Business and human rights are major issues that we align with because the IOE, our global partner, aligns with them. It means doing business while taking cognisance of human rights. It is about looking at how business operations, which take care of human rights, affect everybody in the value chain of work,” he said.

Shedding light on the purpose of the workshop, which is a coordinated activity supported by the ILO and IOE to ensure that everybody is involved, with NECA as the focal point, he explained that responsible business conduct was now a reality, as no hiding place existed for anyone, including NECA and its member companies.

He also believes that the training will address the knowledge gap among some member companies and deepen engagement and participation in responsible corporate practices among members who already have the knowledge.

Asked to comment on the country’s 51-year-old labour laws, he said that though new realities such as care and platform economies might be contending with the laws, governments need to expedite action on their passage in the same manner they did with the minimum wage law.

One of the guest speakers, Benedetta Nobile, Project Technical Officer, Multinational Enterprises and Responsible Business Conduct Unit (MULTI/RBC), ILO, identified productive employment, rights at work, social protection, and social dialogue as central pillars crucial to achieving decent work.

Also speaking during the workshop, Kinga Dery, Human Rights Specialist at the International Organisation of Employers (IOE), charged the government to look at the root causes of all elements that hinder responsible business conduct.

At different sessions, participants urged employers to develop a roadmap supporting responsible business conduct for the realisation of decent work. 

LinkedIn Faces €310 Million Fine For Breaching European Data Protection Laws

Q3 2024: NIGERIAN BREWERIES PLC RECORDS 74.9% GROWTH IN REVENUE

Nigerian Breweries Launches ₦5 billion Ultra-modern PET Factory

Nigerian Breweries Plc, the foremost brewing company in Nigeria, has recorded a 75% revenue growth for the 9-month period ended September 30, 2024, relative to the corresponding period in 2023. The revenue recorded for the company stood at N703 billion, as against N402 billion, which was recorded in the corresponding period in 2023.

According to the unaudited results released to the Nigerian Exchange Group (NGX), the company’s gross profit in the period under review rose to N207 billion from N152 billion in the corresponding period in 2023, representing a 36% rise.Gross profit grew behind revenue as a result of a 99% surge in the cost of goods sold, primarily influenced by currency devaluation and a rise in input costs.

An analysis of the recently released results revealed that the cost of sales rose from N249 billion in 2023 to N495 billion in 2024, while marketing, distribution, and administration expenses experienced a rise of 45% from N127 billion in 2023 to N184 billion in 2024.

Speaking on the results, Managing Director/CEO of Nigerian Breweries Plc, Hans Essaadi, revealed that despite the continued challenging operating landscape characterised by high inflation, currency devaluation, and rising input costs, the company has demonstrated resilience, as seen in the results delivered for the period ended September 30, 2024.

“The business has delivered growth in the face of the challenging operating environment. Revenue grew by 75%, benefitting from strategic pricing, innovation, and market recovery,” Essaadi noted.

He stated that foreign exchange losses largely influenced the company’s increase in net loss due to the naira devaluation and high borrowing costs arising from higher interest rates and expressed optimism that the funds raised through the rights issue will strengthen the company’s balance sheet and significantly reduce its FX exposure. 

Speaking on behalf of the Board, the Company Secretary/Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, reaffirmed the company’s enduring commitment to winning with Nigeria through people development, strategic innovation, operational efficiency, and community impact, adding that the board remains confident in its long-term strategy to deliver value to shareholders.

Federal Government Set To Gradually Raise VAT To 15%

LinkedIn Faces €310 Million Fine For Breaching European Data Protection Laws

LinkedIn To Close Shop In China Over Tough 'Operating Environment'

The Irish Data Protection Commission (DPC) has fined LinkedIn €310 million after an investigation into the platform’s use of personal data for behavioral analysis and targeted advertising. The inquiry, led by the DPC under the General Data Protection Regulation (GDPR), was triggered by a complaint from the French Data Protection Authority.

The decision, finalized on October 22, 2024, by Data Protection Commissioners Dr. Des Hogan and Dale Sunderland, cites LinkedIn for serious violations of GDPR, particularly regarding the transparency, fairness, and legality of its data processing practices. LinkedIn has been ordered to update its data management processes to meet GDPR requirements.

GDPR Violations
The DPC found LinkedIn violated Article 6(1)(a) of GDPR by failing to obtain valid consent from users for the use of their personal data for behavioral analysis and advertising. The consent provided by users was determined to be neither freely given nor sufficiently informed. LinkedIn also violated Article 6(1)(f) by unlawfully processing user data under the pretext of legitimate interest, which the DPC ruled was overridden by the fundamental rights of the users.

Additionally, the platform was found to have improperly relied on Article 6(1)(b), claiming that data processing for behavioral analysis was contractually necessary, a justification the DPC rejected. LinkedIn also breached Articles 13(1)(c) and 14(1)(c) by failing to clearly inform users about the legal grounds for its data processing activities.

DPC’s Stand on Data Protection
Graham Doyle, Deputy Commissioner of the DPC, emphasized the importance of following lawful data processing practices, stating, “The lawfulness of data processing is central to safeguarding the fundamental rights of individuals, and processing personal data without a valid legal basis is a significant breach.”

International Regulatory Actions
This ruling is part of a broader trend of global regulatory scrutiny. In July, Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) and the Nigeria Data Protection Commission (NDPC) fined Meta Platforms $220 million for violations, including unauthorized transfer of Nigerian users’ data and discrimination in data handling practices.

Federal Government Set To Gradually Raise VAT To 15%

Federal Government Set To Gradually Raise VAT To 15%

2023: Nigeria Records ₦‎781.35bn VAT In Q2

The Federal Government is preparing to gradually increase the Value Added Tax (VAT) rate from 7.5% to 15%, aiming to improve domestic revenue collection and bolster public finances.

According to a document from the Ministry of Finance, the government plans to address its revenue challenges by expanding the tax base and tightening compliance, particularly with corporate income taxes. The document notes, “The VAT rate will be progressively raised from 7.5% to 15% as part of broader measures to enhance domestic revenue mobilization.”

Currently, Nigeria’s tax-to-GDP ratio is just 10%, one of the lowest in Sub-Saharan Africa. The government aims to raise this figure to 18%, closer to the regional average. The proposed VAT increase would double the existing rate, which was last adjusted in 2020.

Since taking office, President Bola Tinubu has prioritized fiscal reforms. His administration has established a committee tasked with overhauling tax legislation and administration. The committee has already introduced policies such as a new withholding tax system that exempts small businesses and reduces tax rates for low-margin enterprises.

While recent rumors of an imminent VAT increase to 10% were denied by Finance Minister Wale Edun, the World Bank has encouraged Nigeria to raise VAT as part of a broader effort to diversify revenue sources and strengthen fiscal sustainability. The global institution recommended the increase as a way to enhance non-oil revenue streams and improve the country’s overall financial outlook.

Google Introduces AI For Cybersecurity Program To Support Global Startup Growth

US Dollar Declines Amid Key Economic Data Releases and Global PMI Reports

The US dollar weakened against major currencies on Thursday ahead of key economic data releases, including the weekly jobless claims and the Chicago Fed’s National Activity Index for September.

The markets also await the S&P Global flash estimates for the manufacturing and services purchasing managers’ index (PMI) for October, which are due to be released later in the day.

In foreign exchange movements, the USD/EUR pair saw a slight increase, with the euro rising to 1.0799 from 1.0786 at the US market close on Wednesday. By Wednesday morning, the pair stood at 1.0779, reflecting marginal volatility.

Data from the Eurozone indicated a modest improvement in flash manufacturing PMI for October, although the index still points to contraction in the sector. Meanwhile, the services PMI fell slightly but remains above the breakeven mark, suggesting continued expansion in the sector.

According to Kathleen Brooks from XTB, the weakening of the dollar is partly due to growing market expectations that the Federal Reserve will cut interest rates at its next meeting in November, rather than maintaining current rates.

The GBP/USD also strengthened, rising to 1.2979 from 1.2933 at Wednesday’s US close. Data showed that the UK’s manufacturing and services PMIs both experienced a slight decline in October, though both sectors remain in a phase of modest growth.

In Japan, the USD/JPY pair dropped significantly, falling to 151.85 from 152.58 at the US close on Wednesday, and 152.82 on Wednesday morning. October’s flash PMI data for Japan revealed declines in both manufacturing and services, signalling contraction in the economy. The Bank of Japan is set to meet on October 30-31, with markets closely watching for any potential monetary policy shifts.

Meanwhile, the US dollar also weakened against the Canadian dollar. The USD/CAD pair fell to 1.3820 from 1.3836 at the Wednesday close.

This follows the Bank of Canada’s decision to cut its target rate by 50 basis points on Wednesday, following three consecutive 25 basis point reductions. The BoC noted that inflation risks are now “reasonably balanced,” and further rate cuts may be on the horizon, with the next meeting scheduled for December 11.

Global currency markets continue to adjust to the latest economic indicators, with upcoming central bank meetings expected to provide further direction.

NGX Index Slips as Investors Sell Off Aradel, GTCO Shares

NGX Index Slips as Investors Sell Off Aradel, GTCO Shares

H1 2023: APT, Cardinal Stone, 8 Others Record N829.96bn Transactions On NGX

The Nigerian Exchange (NGX) witnessed a downward trend during Thursday’s intraday trading session, as investors offloaded shares in Aradel and Guaranty Trust Holding Company (GTCO), among others.

 Amidst the ongoing third-quarter earnings season, early profit-taking pushed the NGX All Share Index (ASI) down by 0.28% at mid-day, according to a report by Alpha Morgan Capital Limited.

Stockbrokers attributed the market’s negative performance to selling pressure on mid- to high-capitalised stocks.

Aradel continued to suffer significant losses, shedding an additional 9.98% of its market value as shareholders sold off their holdings to enhance liquidity for further stock trades.

International Breweries (INTBREW) also faced a notable decline, with its share price dropping by 6.24%, while United Capital (UCAP) experienced a 1.64% loss. Nigerian Breweries, weighed down by underwhelming earnings performance, saw its stock price dip by 0.89%. Similarly, GTCO shares slipped by 0.10%.

Despite the selloff, some market players are positioning themselves for gains in the fixed-income space. Notably, Stanbic IBTC has expanded its securities lending services to include fixed-income assets, offering investors more diverse options in the evolving market environment.

As the trading session continues, market analysts anticipate further volatility as investors react to ongoing earnings reports and market trends.

Oil Prices Surge Amid Supply Risks and Rising Inventories

FG Tells Property Owners Nationwide 60 Days To Pay Ground Rent Or Face C of O Revocation

The Federal Government has issued a 60-day ultimatum to property owners with federal titles nationwide, requiring them to pay any outstanding ground rent and statutory charges or risk losing their Certificates of Occupancy (C of O).

This announcement was made by the Minister of Housing and Urban Development, Arc. Musa Dangiwa, during the 29th Conference of Directors of Lands in Ministries, Departments, and Agencies (MDAs) in Abuja. The event was covered by the News Agency of Nigeria (NAN).

With the theme “Equitable Land Stewardship: Challenges of Land Administration and Its Impact on Climate and Community Rights,” the conference gathered stakeholders from both federal and state agencies to discuss pressing land administration issues.

Dangiwa highlighted that a significant number of property owners have defaulted on required payments, leading to a loss of trillions of naira in government revenue. He emphasized that the Ministry, under the current administration, would no longer tolerate such defaults, as these funds are vital for national development.

“The Federal Ministry of Housing and Urban Development is aware that numerous owners of its titled properties have failed to meet their obligations in paying ground rent and other statutory charges for several years. This non-compliance has cost the Federal Government trillions of naira in lost revenue,” Dangiwa said.

He further stressed that, under President Bola Tinubu’s Renewed Hope Agenda, such negligence is unacceptable. “This revenue is crucial to delivering the Renewed Hope Agenda to Nigerians,” Dangiwa stated. He warned that if property owners fail to settle their outstanding payments within the 60-day window, their C of O titles will be revoked.

Additionally, the minister pointed out that some residents’ associations in federal estates have hindered ministry officials from carrying out billing activities and enforcing payment compliance. He cautioned that these associations must adhere to the terms of their Certificates of Occupancy to avoid sanctions.

Dangiwa also provided updates on the Ministry’s efforts to improve the land titling process, revealing that the Ministry has enhanced the Electronic Certificate of Occupancy (e-C of O) and Land Titling System for federal lands across Nigeria. The new system incorporates a web-based Advanced Workflow System (WNABS) and an Electronic Documentation Management System (EDMS), aimed at streamlining the review, approval, and issuance of titles, thereby reducing bureaucratic delays.

As of October 2024, over 600 e-C of O applications have been digitally approved, with plans to address the remaining backlog by December. This initiative is part of a broader national land titling program developed in collaboration with the World Bank and other partners, aiming to unlock $300 billion in untapped capital from unregistered land.

Kaduna Targets N150 Billion Monthly Revenue Through Enhanced Tax Compliance

Oil Prices Surge Amid Supply Risks and Rising Inventories

Nigeria and other oil-producing countries where gas flaring prevails lose $82 billion dollars yearly, a report by GlobalData revealed.

Oil prices saw an uptick on Thursday during early global trading, spurred by ongoing concerns around supply disruptions and fluctuating demand.

Brent crude, the international oil benchmark, rose to $75.31 per barrel, while the US West Texas Intermediate (WTI) climbed to $71.29 per barrel.

The price increase follows data released by the American Petroleum Institute (API) earlier in the week, which reported a significant build-up in US crude oil inventories.

 According to API, commercial crude inventories increased by 1.64 million barrels, surpassing market expectations of a 700,000-barrel rise. This unexpected surplus indicated weaker domestic demand, initially pushing prices downward before the market rebounded.

Brent crude, which had shed 1.4% in value the previous day, rallied on Thursday morning, edging closer to the $76 per barrel mark.

Analysts from ING highlighted that the market remains entangled between demand concerns and supply risks, particularly related to geopolitical tensions in the Middle East. The strategists noted that the market outlook for 2025, which suggests a more balanced oil supply, is also influencing current price movements.

The US Energy Information Administration (EIA) reported an even larger inventory build-up, with crude oil stockpiles growing by 5.47 million barrels in the last week. This figure far exceeded both market forecasts and the API’s earlier estimate of 1.64 million barrels, adding further volatility to the market.

The report also noted that refiners had increased their utilisation rates by 1.8 percentage points, boosting crude inputs by 329,000 barrels per day (b/d). However, while gasoline inventories rose by 878,000 barrels, distillate stocks dropped by 1.14 million barrels.

On the demand side, gasoline demand saw an uptick, but the overall demand for refined products fell by 446,000 b/d week-on-week, signalling potential challenges in the energy market’s demand outlook.

Meanwhile, supply risks remain high as tensions in the Middle East escalate. Israeli military actions continue to affect the market, with recent strikes targeting Hezbollah commanders in the region. On Tuesday, Israel confirmed the elimination of Hisham Safieddine, Head of Hezbollah’s Executive Council, and Ali Hussein Hazima, Commander of Hezbollah’s Intelligence Headquarters, in military operations. The ongoing conflict is contributing to concerns about potential disruptions to oil supplies from the region.

As the market navigates these conflicting forces of supply uncertainty and demand fluctuation, analysts predict continued volatility in oil prices in the coming weeks.

Kaduna Targets N150 Billion Monthly Revenue Through Enhanced Tax Compliance

VerveLife 7.0 Grand Finale: Ulisses, King of Squats to Headline Africa’s Biggest Fitness Party!

The grand finale of the seventh edition of VerveLife, Africa’s biggest fitness party, is finally here! Powered by Verve, Africa’s leading payments card and token brand, VerveLife 7.0 is set to ignite Lagos with an unforgettable fusion of fitness, fun, and exciting beats!

Following a lineup of satellite events across Nigeria, Kenya and Uganda, the VerveLife grand finale themed, ‘Fit ‘n’ Lit’, will be going down on November 2, 2024, at the Landmark Event Center, Victoria Island, Lagos, with the workout session kicking off bright and early at 7 am sharp! Later in the evening on the same day, the exclusive after-party will light up the night, with electrifying performances from the renowned band, Alternate Sound, celebrity DJs, and top acts, bringing an extra dose of excitement to the grand finale celebrations.

This year’s VerveLife grand finale is set to be the biggest one yet! From top fitness trainers to A-list performers, the energy will be through the roof! Co-headline sponsor for VerveLife 7.0, adidas, along with partners like Aquafina, Hygeia, Nivea, and Pocari Sweat are on board to boost the excitement and ensure the event is nothing short of unforgettable.

And that’s not all— international fitness icons are flying in to join the exciting line up of VerveLife fitness trainers to elevate the event to new heights. For the first time, International Fitness Icon, Ulisses, from the UK and South Africa’s King of Squats will be live at the VerveLife 7.0 grand finale. These fitness legends will push participants to new limits with their unique styles, infectious energy, and unmatched expertise, guaranteeing a workout experience like no other!

What’s in store at the morning session?

  • Tailored workout sessions that’ll get your heart pumping
  • Live music performances to keep the ginger alive
  • Participation in the Obstacle Course Challenge
  • Fun fitness activities for the kids, so it’s a family affair
  • Free fitness consultations from top experts
  • Healthy lifestyle vendors with everything from fitness gear to nutritious meals
  • And of course, unbeatable discounts when you shop with your Verve Card!

But fitness isn’t the only attraction this year. Guests can get set to get LIT at the afterparty that will take place from 7pm on the same day with vibrant music by top celebrity DJs, and lots to eat and drink.

VerveLife 7.0 is where fitness meets fun, and health and happiness go hand in hand. Whether you’re looking to push your limits, connect with like-minded fitness enthusiasts, or just soak up the buzzing atmosphere, this event promises to deliver it all. So, what are you waiting for? Lace up, show up, and get ready to sweat, dance, and live your best life. Let’s go!

For more information, visit www.myverveworld.com/life or follow Verve Card on social media.

Dollar-to-Naira Exchange Rate For 24th October 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 1728.00 per $1 on Thursday, October 24, 2024. Naira traded as high as 1658.00 to the dollar at the investors and exporters (I&E) window on Wednesday

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 N1723 and sell at N1728 on Wednesday 23rd October 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 RateN1723
Selling RateN1728

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1655
Selling RateN1656

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

Crude Oil Prices Increase Amidst Lingering Demand And Supply Risks

Kaduna Targets N150 Billion Monthly Revenue Through Enhanced Tax Compliance

The Kaduna State Government has revealed its potential to generate N150 billion in monthly revenue through improved tax compliance, according to Mr. Mukhtar Ahmed, the state’s Commissioner for Planning and Budget Commission (PBC).

He made this known during a stakeholders’ engagement organised by the Kaduna State Internal Revenue Service (KADIRS) on Wednesday.

Speaking at the event themed “Unlocking Revenue Potential: A Collaborative Strategy for Sustainable Growth through a Centralised Payment Gateway in Kaduna State,” Ahmed emphasised the need for increased automation in tax collection systems, inter-agency collaboration, and comprehensive sensitisation campaigns as critical steps toward achieving the revenue target.

Highlighting the importance of tax compliance, Ahmed noted that Kaduna’s vast potential, reflected in its thriving businesses and real estate, has not been fully harnessed. He stressed that the future may see diminishing revenue allocations from the federal government, making it essential for states to become financially self-reliant.

“There is a possibility that federal allocations may dry up one day. We are approaching a stage where people are becoming more aware of their demands from the government,” he stated, calling for stronger partnerships between citizens and the government. “Government can only fulfil its role when it has the necessary funds, and those funds must come from within the state through taxes,” Ahmed added.

He further noted that a stable Internally Generated Revenue (IGR) base would enable the state to better meet the needs of its citizens. “No budget can function without revenue. A budget without a revenue side is just a dream,” he remarked.

Ahmed disclosed that the ministry had identified 13 revenue-generating agencies in the state, each tasked with a target of generating N1 billion monthly. To ensure these agencies meet their goals, he said, regular meetings are held to address challenges and devise strategies for effective revenue generation.

On tax administration, Ahmed stressed the need to reduce tax waivers and called on residents to engage in more productive ventures, particularly in the area of exports, which would contribute to the state’s economic growth.

The event also saw contributions from key figures in the tax administration space. Mr. Ali Gora, Executive Director of Standards and Compliance at KADIRS, explained that the engagement was aimed at educating stakeholders about the importance of tax compliance and gathering feedback on the service’s operations. He also unveiled the ‘Pay Kaduna Portal,’ a centralised platform designed to enhance access to tax information and streamline payment processes.

Dr. Muhammad Lawal, Executive Director of Corporate Services at KADIRS, commended the portal for consolidating tax payments under one system, making it easier, cheaper, and faster for residents to comply with tax obligations. He urged citizens to avoid tax evasion, warning that non-compliance would negatively impact the state’s revenue.

Kaduna’s government is optimistic that with these strategies in place, the state will be well on its way to achieving its ambitious revenue goals, ensuring sustainable growth and development.

FG Takes Action To Strengthen Economy By Boosting Naira Value, Says Edun

Crude Oil Prices Increase Amidst Lingering Demand And Supply Risks

Oil prices climbed during early trading hours on Thursday in the global commodities market, despite persistent demand and supply concerns. Brent crude, the international oil standard, surged to $75.31 per barrel, while West Texas Intermediate, the US benchmark, gained to $71.29 per barrel.

The American Petroleum Institute (API) issued data late Tuesday showing a 1.64 million barrel increase in US commercial crude oil stockpiles, above market estimates of a 700,000 barrel rise.

The reserve build matched market estimates of declining domestic demand, which aided downward price movements. Brent rebounded this morning, approaching $76 after losing more than 1.4% of its value yesterday.

The market continues to be caught between supply risks related to ongoing Middle East tension and lingering demand concerns, ING commodities strategists said in a note, adding that the outlook for a comfortable 2025 oil balance will also be playing a role in price action.

The EIA’s weekly inventory report was fairly bearish. US commercial crude oil inventories increased by 5.47m barrels over the last week, well above the 1.6 million barrel increase the API reported the previous day.

According to ING, This stronger-than-expected build occurred despite refiners increasing their utilisation rates by 1.8 percentage point which led to crude inputs growing by 329,000 b/d over the week.

Stronger crude oil imports increased by 902,000 b/d and contributed to the inventory build.

On the product side, gasoline inventories increased by 878k barrels, while distillate stocks fell by 1.14 million barrels. On the demand side, while apparent gasoline demand was stronger over the week, the total implied demand for refined products fell by 446,000 b/d week on week.

In the Middle East, supply risks remain elevated. Israel’s increased attacks in the Middle East continue to influence the oil market.

On Tuesday, Israeli military confirmed that ‘Hisham Safieddine, Head of the Hezbollah Executive Council, and Ali Hussein Hazima, Commander of Hezbollah’s Intelligence Headquarters, were eliminated by the IDF (army), along with additional Hezbollah commanders,’ via a statement.

Dollar-to-Naira Exchange Rate For 23rd October 2024

FG Takes Action To Strengthen Economy By Boosting Naira Value, Says Edun

The Federal Government is taking decisive steps to reduce Nigeria’s reliance on the US dollar and strengthen the naira, according to Wale Edun, Minister of Finance and Coordinating Minister for the Economy.

 Edun made the announcement during an investor parley on the sidelines of the ongoing World Bank/International Monetary Fund Annual Meetings in Washington D.C.

As a partially dollarised economy, Nigeria has long relied on the dollar for international trade and financial transactions, with the local currency often used only for daily payments.

Edun emphasised that one of the strategies being implemented is encouraging manufacturers and businesses to invoice in naira instead of dollars, a move aimed at reducing the domestic demand for dollars.

“The government is asking people to invoice in naira rather than dollars to ease pressure on foreign exchange demand,” Edun said.

He also highlighted that deregulation of key sectors such as petrol, jet fuel, and kerosene, marking the first time in 40 years for such market-based pricing , and would lead to more dollar inflows into the economy, especially with increasing oil production.

Edun, alongside key government officials including Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and Director-General of the Debt Management Office Patience Oniha, discussed the government’s plan to ensure stability for the naira. He assured that more dollars will flow into the economy to sustain naira value.

Cardoso added that the CBN is working on measures to ensure market liquidity, including issuing more Open Market Operation (OMO) bills. He also noted that the bank has shifted from defending the naira to allowing it to find its natural market level, focusing instead on building buffers to organically improve dollar supply.

Responding to reports that the Nigerian National Petroleum Corporation (NNPC) was purchasing dollars from the open market, Cardoso stated, “NNPC, as a customer, has the right to make its business decisions.” He emphasized that the CBN’s role is not to dictate the NNPC’s market activities but to ensure overall market functionality.

Deputy Governor of Economic Policy at the CBN, Mohammed Sani-Abdullahi, highlighted the bank’s efforts to raise non-oil export earnings and boost foreign reserves.

 He noted that external reserves had risen to $40.3 billion and would continue to grow as oil production increases. Sani-Abdullahi also stressed that the Federal Government is committed to making Nigeria an attractive destination for both local and foreign investors.

The government’s efforts to stabilise the economy have been bolstered by the removal of petrol subsidies, a reform expected to yield significant dividends for the country.

 Edun explained that the full impact of the subsidy removal would be clearer in the coming months, offering potential savings that could be redirected towards infrastructure and other vital sectors.

In conclusion, the Federal Government’s comprehensive economic strategy seeks to reduce dependence on the dollar, promote the use of naira, and encourage local production, ultimately driving sustainable economic growth for Nigeria.

NBS Reports Significant Spike In Food Prices Across Nigeria

OANDO, UNILEVER Nigeria Boost NGX Investors Profit Up By N31bn

Stock Exchange Closes Trading Week With N30bn Gain

Equities investors made more than N31 billion on the Nigerian Exchange (NGX) thanks to increasing purchasing activity in Oando, Unilever Nigeria, and other equities.

The stock market ended today’s trading session in the green, with key performance indicators up 0.05%. The market index, or All-Share Index, rose 51.84 basis points to settle at 98,944.42.

The market gained impetus as investors rekindled their interest in certain medium and large-cap equities, with favorable price movements in OANDO, UNILEVER, FBNH, and others.

In contrast, equities market activity was down, with total volume and value traded today decreasing by 51.99% and 66.63%, respectively. Atlass Portfolios Limited reported a market update of about 283.74 million units valued at ₦8,290.75 million, traded in 7,966 trades. UBA was the most traded stock by volume, accounting for 23.29% of total volume traded on the Nigerian Exchange.

Other volume drivers are NB (13.18%), ACCESSCORP (6.20%), OANDO (6.03%), and ZENITHBANK (5.68%). UBA also became the most traded stock in terms of value, accounting for 21.62% of all deals on the market.

EUNISELL, OANDO, and UNILEVER led the advancers’ chart today, with price increases of 10.00 percent apiece. Other gainers include MCNICHOLS with (+9.79%) growth, REGALINS (+9.62%), OMATEK (+8.06%), DAARCOMM (+7.58%), ABBEYBDS (+7.55%) and twenty-three others.

Sixteen stocks depreciated, according to data from the Nigerian Exchange. ARADEL was the top loser, with a price depreciation of -9.99%. Other decliners include NNFM (-9.93%), CONHALLPLC (-6.12%), ELLAHLAKES (-4.31%), STERLINGNG (-2.24%), and ROYALEX (-1.37%).

Sectoral performance was broadly positive, with three indices closing higher. The Banking index (+2.41%) led the gains, bolstered by strong buying interest in FBNH (+6.49%), ZENITHBANK (+4.66%), and UBA (+5.19%).

The Consumer Goods index (+0.31%) followed, supported by UNILEVER (+10.00%), as investors responded positively to its recent financial results.

The Industrial Goods index (+0.05%) also edged up, driven by gains in WAPCO (+0.83%). On the downside, the Insurance index (-0.42%) fell due to negative sentiment in CONHALLPLC (-6.12%).

The Oil and Gas index remained flat, as gains in OANDO (+10.00%) were offset by losses in ARADEL (-9.99%). Overall, the equities market capitalisation increased by₦31.42 billion to close at₦59.96 trillion.

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Asian Markets Mixed Amid US Treasury Yield Surge And Election Uncertainty

Chinese stocks
Asian stock market

Asian stock markets displayed mixed results on Thursday, following sharp declines on Wall Street, as a surge in US Treasury yields prompted investors to adjust their expectations for further interest rate cuts. The uncertainty surrounding the upcoming US presidential election further added to market volatility.

While some observers see the race as too close to call, the possibility of a Donald Trump victory has fueled speculation about potential policy changes that could reignite inflation. Analysts pointed to Trump’s track record of tax cuts, increased trade tariffs, and deregulation as factors that could impact market sentiment, should he win the election over his Democratic rival, Kamala Harris.

Adding to the uncertainty, recent strong economic data and comments from Federal Reserve officials advocating for a cautious approach to monetary easing have dampened hopes for significant interest rate reductions. Last month, traders had anticipated the Federal Reserve would follow its 50-basis-point cut in September with another in November, and a smaller reduction in December. However, these expectations have waned as US Treasury yields climbed to 4.24%, up from 3.73% in September.

Rodrigo Catril, an analyst at National Australia Bank, noted that the surge in yields, combined with the diminished likelihood of immediate Fed rate cuts, has weighed on market sentiment. “Strong economic momentum, along with Fed messaging that highlights a gradual and measured approach to further policy easing, is making the market nervous,” he said. The uncertainty surrounding the election has only exacerbated this nervousness, with traders questioning the potential for changes in taxation, regulation, and trade policy.

Wall Street bore the brunt of investor jitters, with all three major indices closing sharply lower. The Nasdaq saw a drop of more than one percent, as investors sought to lock in profits amid the growing uncertainty.

In Asia, markets showed a mixed response. Hong Kong led the region’s losses, declining by over one percent, with Shanghai, Seoul, Taipei, and Manila also registering falls. In contrast, Tokyo, Sydney, and Wellington posted gains, showing resilience despite the broader regional downturn.

The shift in expectations for rate cuts has also had an impact on currency markets. The US dollar surged against other major currencies, reaching a near three-month high against the Japanese yen and a two-and-a-half-month high against the British pound.

With less than two weeks until the US election, traders are likely to remain cautious, as the outcome could have profound implications for global markets, inflation, and monetary policy.

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NBS Reports Significant Spike In Food Prices Across Nigeria

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The National Bureau of Statistics (NBS) has revealed a sharp rise in the prices of essential food commodities in September 2024, with key items such as beans, eggs, bread, rice, and tomatoes experiencing significant increases.

The data was disclosed in the NBS’s Selected Food Prices Watch report, released on Wednesday in the capital city.

According to the report, the average price of 1kg of brown beans surged by 281.97% from ₦716.97 in September 2023 to ₦2,738.59 in September 2024. On a monthly basis, the price increased by 6.37%, compared to ₦2,574.63 in August 2024.

Egg prices were similarly affected, with the cost of 12 medium-sized agric eggs rising by 137.43% year-on-year, from ₦1,047.47 in September 2023 to ₦2,487.04 in September 2024. The month-on-month increase was 8.46%.

Other staples also saw price hikes, with the cost of sliced bread climbing by 115.74% from ₦708.36 to ₦1,528.19 over the year, and by 4.68% from August 2024 to September. Local rice prices rose 152.92%, reaching ₦1,914.77 per kg, a slight monthly increase of 4.57%.

The price of beef, however, presented a mixed picture. The cost of 1kg of boneless beef nearly doubled year-on-year, from ₦2,816.91 to ₦5,633.60, although it saw a 1.44% decline in September compared to the previous month.

The report also highlighted the increase in tomato prices, which spiked by 152.94% from ₦565.69 to ₦1,430.87 on a yearly basis. However, month-on-month, the price dropped by 5.01%.

Regional and Zonal Disparities

The NBS report provided a detailed breakdown of food prices across various states and regions. Bauchi recorded the highest price for 1kg of brown beans at ₦3,450.04, while Adamawa had the lowest at ₦1,800. Niger recorded the highest price for a dozen eggs at ₦3,000.84, while Borno had the lowest at ₦2,075.58. For bread, Rivers State recorded the highest price at ₦1,852, while Yobe had the lowest at ₦982.79.

The highest average price of 1kg of local rice was found in Kogi, at ₦2,688.04, while Benue reported the lowest at ₦1,229.14. In terms of tomatoes, Abuja saw the highest prices at ₦2,212.61, while Kano recorded the lowest at ₦656.21.

Zonal analysis showed that the South-South region had the highest average price for brown beans at ₦3,241.46, while the North-West recorded the lowest at ₦2,316.42. The North-Central and North-East zones had the highest average price for eggs, with prices exceeding ₦2,500, while the lowest prices were observed in the North-West at ₦2,249.65.

Government Intervention and Expert Opinions

In response to the soaring food prices, the Federal Government introduced a 150-day duty-free window in July 2024, aimed at reducing the cost of essential food imports, including maize, cowpeas, wheat, and brown rice. The measure is intended to curb the ongoing food inflation and ensure food security. However, analysts have pointed out that more long-term solutions are needed. They have called for addressing challenges such as insecurity, foreign exchange shortages, and rising transportation costs, which continue to drive up food prices across the country.

The NBS report underscores the urgency of these interventions, as Nigerians continue to grapple with the rising cost of living driven by escalating food prices.

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Google Introduces AI For Cybersecurity Program To Support Global Startup Growth

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Google announces the launch of its AI for Cybersecurity program under the Google for Startups Growth Academy, aimed at fostering global startup innovation in the cybersecurity space. The initiative provides a platform for AI-driven startups focused on enhancing cybersecurity, helping them grow, scale, and reach international markets.

The program offers founders and marketing leaders from high-potential startups access to Google’s products, best practices, and a global network. Applications for the 2025 cohort are now open, with a deadline set for December 3, 2024.

Program Details
The AI for Cybersecurity program targets early-stage startups (Seed to Series A) that leverage artificial intelligence to tackle cybersecurity challenges such as threat prevention, detection, and analysis. Over a three-month period, selected participants will benefit from workshops led by Google and industry experts, covering strategy, sales, partnerships, and more.

Startups will also gain access to mentorship and practical resources to help scale in a competitive landscape, with continued support from Google after the program concludes.

Eligibility Criteria
To participate, startups must:

  • Be in the Seed to Series A stage with demonstrated readiness for global expansion.
  • Utilize AI technology to address cybersecurity issues.
  • Show traction through funding, user growth, or revenue.
  • Offer a scalable product with potential for significant market impact.

Participation Benefits
Participants will receive tailored growth strategies, access to Google’s tools, and ongoing mentorship beyond the program’s duration. The program includes in-person kickoff and graduation events, with location details to be announced.

Interested startups can apply through the official Google for Startups Growth Academy webpage.

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