As part of a new plan to restructure Nigeria’s tax regime, the Federal Government proposes a 5% excise levy on telecommunications services, gaming, and betting operations.
The bill, titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” was received from the National Assembly on October 4, 2024.
According to an analysis of the draft law released on Friday, it wants to impose excise duty on services such as telecoms, gaming, gambling, lotteries, and betting in Nigeria.
A section of the bill read, “The amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth.
“Services, including telecommunications, gaming, gambling, betting, and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.”
A breakdown of the excise tax structure in the bill reveals that telecommunications services, including postpaid and prepaid services regulated by the Nigerian Communications Commission, will be subject to a 5% charge.
The same charge will be applicable to gaming, gambling, betting, and lottery services. The bill also establishes criteria for currency transactions, stating that any discrepancy between the current Central Bank of Nigeria exchange rate and the actual transaction rate will be subject to excise duty.
The new tax system is part of the government’s attempt to increase non-oil revenue despite fiscal constraints. With substantial expansion in the telecom and betting industries, authorities are aiming to broaden their income source.
The bill also aims to ensure that currency exchanges align with official CBN rates, with any excess payable as excise duty under a self-assessment model.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is set to begin airing the highly anticipated sixth edition of InterswitchSPAK, the company’s flagship Corporate Social Responsibility (CSR) initiative and national science competition.
The show, which celebrates Nigeria’s brightest young scientific minds, will premiere on Sunday, 20 October 2024. This year’s edition reinforces Interswitch’s unwavering commitment to advancing educational excellence and empowering Africa’s youth through Science, Technology, Engineering, and Mathematics (STEM).
The competition will spotlight 81 top-performing students, meticulously selected from a pool of over 16,000 registered students across Nigeria, competing for a range of prestigious prizes. Each suspense-filled episode will showcase a group of brilliant young minds vying for the grand prize, with viewers eagerly watching the twists and turns as the competition unfolds.
The show will air every Sunday at 5:30pm on AIT network and on DSTV Africa Magic Family Channel 154 at 6:00pm with repeat broadcasts every Wednesday at 1:00 p.m on the same channel. Each episode promises to offer thrilling moments and educational insights, highlighting the remarkable talent and drive of Nigeria’s future scientists and innovators.
Speaking about the competition, Cherry Eromosele, EVP, Group Marketing and Communications, Interswitch, said that the InterswitchSPAK National Science Competition is a critical pillar of Interswitch’s broader vision of empowering Africa’s youth by nurturing their talent and passion for STEM subjects.
She said, “Through this initiative, we are contributing to the development of a highly skilled workforce capable of addressing Africa’s challenges through innovation and technology. We are incredibly proud to continue our mission of promoting educational excellence through InterswitchSPAK by providing a platform for these exceptional young minds to showcase their skills and passion for STEM. We will continue to inspire the next generation of scientists, technologists, engineers, and mathematicians who will help drive Africa’s progress.”
This year’s edition of InterswitchSPAK comes with a remarkable prize pool of N30 million, which will be distributed among the top three winners and other outstanding participants. The winner will receive a N15 million tertiary scholarship spread over five years, along with a laptop and monthly stipends. The runner-up will earn N10 million, spread over three years, as well as a laptop, and the third-place contestant will take home N5 million for one year.
In addition to these top three prizes, there will be varying cash rewards for participants who finish in 4th to 9th positions. Furthermore, the top 18 semi-finalists will receive cash rewards, recognizing their grit, passion, and outstanding participation in the competition.
Interswitch also recognizes the crucial role that educators play in shaping the next generation of innovators. This year, 27 teachers, who played an instrumental role in preparing their students for the competition, will be awarded cash prizes in recognition of their efforts to build a solid foundation for the future of STEM in Nigeria.
As part of its commitment to promoting educational advancement, Interswitch has also awarded free JAMB e-PINS to the top 200 preliminary qualifiers of this year’s competition. This initiative is aimed at encouraging these exceptional students to pursue higher education and continue their journey in STEM.
InterswitchSPAK 6.0 promises to deliver an exhilarating educational experience for viewers across Nigeria and beyond. Catch the premiere on Sunday, October 20, 2024, and follow the competition every Sunday at 6:00 p.m. on DSTV Africa Magic Family Channel 154, and on the AIT network at 5:30 p.m. Don’t miss the repeat broadcasts every Wednesday at 1:00 p.m. on the same DSTV channel.
In celebration of World Food Day (WFD) on October 16, Olam Agri, a leading player in the food, feed, and fibre sectors, has reinforced its commitment to supporting Nigeria’s food security by sponsoring a series of impactful events under the Eko World Food Day initiative, donated 800 food boxes to vulnerable communities, and commissioned boreholes to enhance access to clean water for key farming communities.
Key activities to mark global World Food Day included the Eko Food Day initiative, sponsored by Olam Agri, which highlighted the importance of increasing domestic food production and promoting healthy diets for Lagos State residents. Other activities included a road walk organised by the Lagos State Ministry of Agriculture and Food Systems, a Food Systems Champions’ Summit bringing together agro-industry stakeholders, a Lagos Agricultural Scholars Quiz Competition for secondary school students, and the World Food Day Grand Finale hosted by the Lagos State Governor.
Lagos State Commissioner for Agriculture, Bisola Olusanya, praised Olam Agri’s contributions, stating, “Olam Agri is an essential partner in transforming the Lagos food production landscape. Their robust production, processing, packaging, and distribution capacity plays a critical role in scaling growth across the food value chain. This partnership with the state government is essential for achieving our shared goals in food security.”
In addition to sponsoring these transformative events, Olam Agri partnered with the Lagos Food Bank to distribute 800 food boxes, valued at₦13 million, to vulnerable residents. Five hundred of the food boxes went to vulnerable residents of Makoko and Ajegunle, and 300 food boxes were allocated towards hunger relief in flood-affected areas of Maiduguri, supporting displaced individuals with much-needed food aid.
Furthering its support for communities, Olam Agri has committed boreholes in Baure and Agon, two key farming communities in Nasarawa where the company operates rice and sesame units to be commissioned this October. These boreholes will provide clean drinking water, enhance food security, and boost agricultural productivity by reducing the risks of waterborne diseases and improving overall community health.
Anil Nair, Managing Director of Olam Agri Nigeria, emphasised the company’s dedication to food security, stating, “The right to food and nutrition is fundamental to inclusive growth. We are committed to expanding access to quality, nutritious, affordable food for all Nigerians. Our social investment projects, such as sponsoring the Eko World Food Day, distributing food boxes, and commissioning boreholes, directly contribute to the Federal Government’s Renewed Hope agenda and the UN’s Sustainable Development Goal of zero hunger.”
Nair also acknowledged the importance of partnerships, adding, “We are grateful to the Lagos State Government for the opportunity to collaborate on improving local food production. Our efforts during World Food Day underscore our commitment to supporting critical initiatives that strengthen food security in Nigeria.”
As part of its internal engagement for World Food Day, Olam Agri hosted a food competition for employees, promoting inclusion and collaboration within the workplace. Recognized as a Top Employer, Olam Agri continues to foster a dynamic and supportive work environment.
The World Health Organisation (WHO) has reaffirmed the safety and efficacy of vaccines, encouraging Nigerian communities to embrace immunisation efforts to combat preventable diseases.
Dr. Walter Mulombo, WHO’s Country Representative to Nigeria, made this statement on Friday during a two-day capacity-building workshop for journalists in Abuja, stressing that the event aimed to enhance health reporting and increase awareness of global health issues.
Dr. Mulombo highlighted the rigorous process WHO vaccines undergo before being approved, stating that they are extensively tested for safety and effectiveness.
“Before WHO gives the green light to distribute any vaccine, it goes through a very rigorous process by a body called the Strategic Advisory Group of Experts on Vaccines and Immunisation,” he explained.
This declaration comes ahead of Nigeria’s upcoming launch of the malaria vaccine into routine immunisation, following the introduction of the single-dose Human Papillomavirus (HPV) vaccine into the country’s immunisation programme in October 2023.
“I want to say that vaccines are safe and effective. If you need more evidence, we are the source of that information. Don’t be afraid to debunk misinformation. Access to universal vaccination is a human right,” Dr. Mulombo added.
Addressing the spread of misinformation, Dr. Mulombo warned of the dangers of unchecked falsehoods, linking them to Nigeria’s high maternal and child mortality rates. He stressed that failing to access vaccines or adequate healthcare is a violation of human rights, pointing out that misinformation hinders communities from obtaining vital health services.
“Misinformation spread without verification is a human rights violation because we are preventing communities from getting access to the tools they need to survive,” he said, urging journalists to be at the forefront of promoting accurate health information.
Dr. Mulombo also emphasized the need for Nigeria to go beyond pilot health projects and focus on delivering large-scale, high-quality healthcare services. He called for collaboration between the government and communities to overcome challenges facing the country’s health sector, including improving maternal and child healthcare outcomes.
The workshop, which gathered journalists from various media platforms, is part of WHO’s ongoing efforts to build capacity in health reporting and drive accurate narratives around global health issues in Nigeria.
In Nigeria, there’s an unspoken rule that Saturdays are for weddings, a day when love, family, and tradition come alive in full display.
It is more than just a ceremony; it’s an emotional journey where two families, from different backgrounds, become one. Whether it’s an Igbo, Yoruba, Hausa, or Igala wedding, each is a colorful celebration of love and unity.
Some have questioned why Saturday should always be the chosen day. They argue that other days of the week could work too, perhaps a quiet Monday or a less busy Thursday could keep things intimate and manageable.
But in reality, Saturday holds a special place. It’s a day when people, whether business owners, civil servants, or market traders, can step away from their busy lives to celebrate with loved ones. It’s a day dedicated to laughter, good food, music, and, most importantly, family.
But let’s take a closer look at what makes each Nigerian wedding so unique and beautiful.
The Igbo Wedding: A Display of Affluence and Name
When the Igbos celebrate, they celebrate big. An Igbo wedding is a show of wealth, joy, and respect for tradition. The highlight of the event is often the ‘Ime Ego’, the traditional bride price negotiation. Under the shade of trees, elders from both families meet, laughing and haggling over gifts, all in the spirit of respect and honor.
I remember one Saturday in Enugu at my friend Chiadikobimadu’s wedding. She walked out looking radiant in her traditional George wrapper, beads around her neck and waist, while her groom, Chinedu, wore his proud Isi Agu top. There was a collective gasp when the Oji (kola nut) was presented, a symbol of acceptance and blessing.
The joy that followed was pure magic. Plates of steaming jollof rice, ofe nsala and Akpu, Oge Onugbu and nri oka, Abacha were passed around, and soon, elders were swaying to the beats of highlife music, palm wine in hand.
For the Igbo, Saturday weddings are not just about the couple; they are a time for families to bond, celebrate, and bless the new union.
Yoruba Weddings: Aso-Ebi, Alaga, and the Power of Togetherness
If you’ve ever attended a Yoruba wedding, you know it’s not just an event, it’s a festival.
The first thing you notice is the Aso-Ebi, beautifully coordinated outfits worn by family and friends, a symbol of unity and support. There’s something truly moving about seeing hundreds of people dressed in the same color, all there to celebrate love.
I attended Sola and Femi’s wedding in Ibadan one Saturday, and the excitement was electric. The Alaga Ijoko and Alaga Iduro led the ceremony with humor and tradition, guiding the groom and his friends as they prostrated before the bride’s family, a sign of deep respect.
The air was filled with music, Fuji and Juju beats echoing as guests danced in rhythm. The food was endless, delicious bowls of amala, gbegiri, ewedu, and spicy asun kept everyone satisfied. Oh! The meet nko, na die. They know how to decorate food with big and soft cow meat, Chicken and Kpomo.
The beauty of a Yoruba wedding lies not just in the couple’s love, but in the deep connection between everyone present.
Hausa Weddings: The Quiet Elegance of Tradition
In the north, Hausa weddings are rooted in tradition and modesty, but that doesn’t take away from their beauty.
The ceremony starts with the Fatihah, a prayer session that blesses the couple’s union in the presence of family and friends. There’s no need for grand displays, although the new generation of Hausa Brides are beginning to adopt other elements and featutre some affluence. Before now, there focus is on the spiritual and emotional connection between the couple and their families.
I witnessed Zainab and Sani’s wedding in Kaduna one Saturday, and it was a sight of quiet elegance. Zainab, veiled in a simple but intricately embroidered buba and zani, had her hands decorated with henna, while Sani, proud in his babariga, looked every bit the royal groom.
The celebration was intimate, with guests enjoying tuwo shinkafa and miyan kuka, while older women sang waka songs in soft, soothing tones.
In Hausa culture, the simplicity of the wedding doesn’t diminish its importance. Family and faith are at the heart of every moment, making the union deeply meaningful.
Igala Weddings: A Dance of Tradition and Joy
In the middle belt, particularly in Kogi State, Igala weddings are an exciting blend of culture, tradition, and community spirit. These weddings are full of rites passed down through generations, and there’s an undeniable energy that fills the air on a Saturday.
At an Igala wedding I attended in Idah, the bride, Ojochenemi, was a vision in her traditional atogwu wrapper, her forehead marked with white chalk, symbolising purity and honor. The groom, Oguche, arrived with gifts that consists of yams, palm oil, and kola nuts, as a sign of his readiness to care for his new family.
The celebration was vibrant, with drums beating and dancers bending to the rhythm of egwu music. We feasted on oje abacha (cassava meal) and obo egwa soup,(beans soup), well garnished palm oil rice with dry fish, some abada (a meal made with Okpa flour) and as the night wore on, the community gathered around the couple, offering blessings and celebrating their union well into the evening.
The Beauty of Saturday Weddings
Every Saturday across Nigeria, from Lagos to Kano, from Enugu to Idah, weddings are unfolding in their unique, cultural splendor. What makes these weddings truly special is the spirit of community that binds us together. It’s not just about the couple; it’s about families and friends gathering to share in their joy, to offer blessings, and to celebrate love.
In Nigeria, we believe that weddings are an image of our rich diversity, our deep-rooted traditions, and the beauty of love. And while some may choose a different day of the week to tie the knot, there’s something undeniably magical about a Saturday wedding. It’s the day where the entire nation, in its various forms, comes alive to celebrate what it means to be truly connected.
As they say, “A wedding may only be a day, but the memories last a lifetime.” For many Nigerians, those memories are filled with the warmth of family, the beauty of tradition, and the promise of a new beginning. Today, dress up and attend a Nigerian wedding, you will love it.
The Executive Chairman of the Courier and Logistics Management Institute (CLMI), Simon Emeje, has stated that Nigeria’s courier and logistics sector has the potential to increase the nation’s gross domestic product (GDP) by 60% if fully harnessed.
Emeje emphasized the need for regulatory excellence and innovation to unlock the industry’s vast potential, which is valued at over N15 trillion.
He made these comments during a press conference in Lagos on Friday, where he announced Vice President Senator Kashim Shettima as the distinguished special guest of honour for the upcoming CLMI International Conference and Investment event.
The conference is set to take place on November 14, 2024, in Lagos, under the theme, “Unlocking Economic Potentials and Fostering Nation-Building through Logistics Instruments.”
Emeje expressed concern that the sector’s full potential remains untapped due to a lack of regulatory frameworks that could drive innovation, investment, and growth.
“This industry, with its vast assets, deserves federal recognition. Logistics and courier services drive economic growth by over 60%, enhance supply chain efficiency, reduce costs, and boost competitiveness.” He remarked,
Highlighting the sector’s employment capacity, Emeje noted that millions of Nigerians are involved in logistics, from truck drivers and warehouse workers to supply chain managers and freight forwarders, making it a larger employer than the oil and gas industry.
He also stressed CLMI’s commitment to supporting the government through policy development and professional training.
“Well-developed logistics infrastructure enables global trade, economic integration, and national income growth,” Emeje said, noting the importance of courier services in meeting customer demands and improving efficiency across industries.
Emeje further urged policymakers to develop supportive regulations for the sector, emphasizing the lack of trained professionals in courier and logistics services. He revealed that only a small percentage of experts—less than 10%—are currently capable of driving capacity building and training efforts to shape the sector.
“There is no sector of the Nigerian or global economy that isn’t tied to logistics. The government is looking for funds to develop infrastructure, but the money is in our hands. We just don’t know how to tap it,” Emeje concluded, calling for more strategic attention to the sector’s development.
First Bank of Nigeria Holdings Plc (FBNHoldings) has appointed Adebowale Oyedeji as its new Group Managing Director, effective November 13, 2024.
The announcement was made in a corporate notice filed with the Nigerian Exchange Limited (NGX) on Friday.
Oyedeji’s appointment is subject to approval by the Central Bank of Nigeria (CBN) and the ratification of shareholders at the company’s upcoming Annual General Meeting (AGM).
Femi Otedola, Group Chairman of FBNHoldings, welcomed the new Managing Director, saying, “The Board is pleased to welcome Wale Oyedeji to the Holdco, and we look forward to him building on the solid foundation of our 130-year-old franchise, sustaining its leadership position.”
Oyedeji takes over from Nnamdi Okonkwo, who is set to retire after completing his term.
A seasoned banker with over 30 years of experience, Oyedeji holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of Harvard Business School’s Advanced Management Program.
His career spans corporate banking, treasury, commercial banking, and general management. Previously, Oyedeji served as Managing Director of Guaranty Trust Bank UK between 2008 and 2011 and was appointed to the Board of Guaranty Trust Bank in October 2011.
He also held the role of Independent Non-Executive Director at Stanbic IBTC Bank.
Before this new role, Oyedeji was the Managing Director/CEO of Nova Commercial Bank, where he played a pivotal role in its transformation into a commercial bank and expansion into retail banking.
As Group Managing Director of FBNHoldings, Oyedeji will lead the executive team and oversee the implementation of the company’s new five-year strategic plan across its subsidiaries.
The Africa Breast Cancer Council is working to reduce the breast cancer diagnosis time across the continent to six months as it establishes a coalition of women leaders to champion improved cancer care.
Currently, many women in Africa face significant delay, often exceeding six months between noticing symptoms and receiving a diagnosis, a result of healthcare inefficiencies and limited access to specialized care.
This delay has devastating consequences, as 60 to 70 percent of African women receive their diagnosis only when the cancer is at an advanced stage. Late-stage detection drastically lowers survival rates and leads to higher treatment costs due to more intensive therapies and extended hospital stays.
Backed by Roche, a global biotechnology leader, the Africa Breast Cancer Council aims to tackle these challenges by advocating for better healthcare policies and systemic improvements.
The group’s head, Zainab Shinkafi-Bagudu, also the president-elect of the Union for International Cancer Control, emphasized the urgent need for awareness and action.
“The knowledge of risk factors and early symptoms remains poor, and many women are hindered by the fear of stigmatization and financial burdens,” Shinkafi-Bagudu said, noting that these barriers prevent women from seeking timely medical care.
Breast cancer remains the most commonly diagnosed cancer among women in Africa and is the leading cause of cancer-related deaths.
In sub-Saharan Africa, only 50 percent of women survive for five years after diagnosis, a stark contrast to survival rates in developed regions. In Nigeria, the three-year survival rate is alarmingly low at 36 percent, a figure linked to late diagnosis, high treatment costs, and inadequate healthcare infrastructure, particularly in rural areas.
The Africa Breast Cancer Council plans to leverage the expertise and influence of its members to address these issues. The council aims to foster collaboration between African healthcare systems, improve data collection, and advocate for increased funding and resources for breast cancer care.
Additionally, they will focus on healthcare systems open to innovation and partnership, working toward creating sustainable, scalable improvements in diagnosis and treatment across the continent.
Wendy Cupido, co-chair of the council and general manager at Roche South Africa, highlighted the collective strength of the council members: “Every woman on this council brings valuable expertise and relationships. Our goal is to channel these into a unified voice to tackle critical areas of concern.”
Magda Robalo, another council member and president of the Institute for Global Health and Development, expressed the council’s determination to address the issue of late-stage diagnosis: “Most African women are diagnosed too late, and many do not receive the necessary treatment. This is a preventable injustice, and we are committed to pushing for policies that urgently address this issue.”
A devastating fuel tanker explosion in Majiya town, Taura Local Government Area of Jigawa State, has claimed 167 lives as of Thursday, according to Jigawa State Governor Umar Namadi.
Governor Namadi disclosed the grim figures during a condolence visit from Kano State Governor, Abba Yusuf, at the Government House in Dutse on Thursday evening.
He revealed that 67 survivors are currently receiving medical treatment in various facilities across Jigawa and neighbouring states.
Governor Namadi expressed gratitude to Kano State for its support, particularly the N100 million donation to assist the victims and their families.
He assured that the funds would be used judiciously to provide relief to those affected.
Following the explosion, a mass burial was held for the initial 147 victims who lost their lives while reportedly attempting to scoop fuel from the wreckage.
The death toll has since risen, with authorities continuing to manage the aftermath of the tragedy.
The Nigerian Safety Investigation Bureau (NSIB) has launched an investigation into the incident. In a statement released on Thursday, the NSIB said it was working to determine the factors behind the explosion and would provide safety recommendations to prevent future occurrences.
“We extend our heartfelt condolences to the families affected by this devastating accident. The NSIB is committed to uncovering the cause of the explosion and ensuring that safety lessons are learnt,” the agency stated.
The NNPC Limited and Chevron Nigeria Limited Joint Venture (NNPC-CNL JV) has announced a major near-field oil discovery with the successful drilling of the Meji NW-1 well.
The discovery is located in Petroleum Mining Lease (PML) 49, within the shallow offshore area of the Western Niger Delta.
This development, coming under the recently enacted Petroleum Industry Act (PIA) 2021, marks a significant milestone in Nigeria’s energy production, bolstering the country’s position as a key player in the global oil and gas sector.
In a statement released on Friday, Chevron’s General Manager of Policy, Government and Public Affairs, Olusoga Oduselu, confirmed that the Meji NW-1 well was spud on September 2, 2024, and reached a total depth of 8,983 feet by September 13. The well encountered approximately 690 feet of hydrocarbon-bearing Miocene sands, appraising an extension of the productive Meji field.
The drilling operations were successfully concluded on October 2, 2024, with the rig departing the location shortly afterward. Chevron noted that this discovery is a testament to its ongoing commitment to developing Nigeria’s oil resources.
“This accomplishment aligns with Chevron’s broader global exploration objectives, which include discovering new resources to extend the lifespan of producing assets and delivering production with shorter development cycles,” the statement read.
This discovery is expected to boost confidence in Nigeria’s offshore potential, providing a positive signal for the nation’s oil and gas sector. It also reinforces Chevron’s long-term commitment to sustainable resource development in Nigeria.
The NNPC-CNL JV reiterated its dedication to working alongside the Nigerian government and other stakeholders to advance the development of the country’s energy resources. “We will continue to collaborate with the Nigerian government and stakeholders to support the growth of the oil and gas industry and the Nigerian economy at large,” the statement concluded.
As Nigeria’s energy sector remains vital to the economy, this discovery is poised to enhance production levels and attract further investment into the region’s untapped potential.
UEFA to Allow Limited Number of Spectators Watch Champions League Games in Stadium
UEFA has addressed key questions regarding the standings in the revamped 36-team league phase of the UEFA Champions League, especially how ties in points will be resolved.
In a statement titled “Champions League League Phase Standings: How Teams Level on Points Are Separated,” UEFA explained the rules for determining which teams will advance, face play-offs, or be eliminated from the competition. This season marks a significant shift from the traditional group stage to a league format, where each team will play eight matches, all ranked in a single table.
The top eight teams will automatically progress to the Round of 16, while teams finishing between 9th and 24th will compete in play-offs for a spot in the knockout stages. Teams finishing 25th to 36th will be eliminated.
But how will teams be separated if they finish with the same number of points?
UEFA outlined several tie-breaker criteria, ranging from goal difference and total goals scored to more nuanced factors such as away wins and disciplinary records. In a rare case where these measures don’t separate teams, the final ranking will be determined alphabetically based on team abbreviations.
As anticipation builds for the league phase, UEFA’s guidelines ensure transparency and fairness in determining the rankings.
Bizwatch Nigeria notes that Matchday 3 of the UEFA Champions League is scheduled for October 22 and 23, 2024.
How Does the UEFA Champions League League Phase Work, and How Are Ties Broken?
In this new format, 36 teams compete in a single league table. At the end of the eight-match league phase:
The top eight teams qualify for the Round of 16.
Teams ranked 9th to 24th will enter the play-offs for a spot in the knockout rounds.
Teams ranked 25th to 36th will be eliminated from the competition.
What Happens if Teams Finish Level on Points?
Throughout the league phase, if two or more teams are tied on points, the following criteria from Article 18 of UEFA’s competition regulations will be used to break the tie, in this order:
Superior goal difference
Higher number of goals scored
Higher number of away goals scored
More wins in the league phase
More away wins in the league phase
If teams remain tied after applying these criteria, they will be ranked equally, with the final order determined alphabetically by the teams’ abbreviated names.
Tie-Breaking Criteria for the End of the League Phase
If teams are tied on points after all matches are completed, the following tie-breaking rules will be applied:
Superior goal difference
Higher number of goals scored
Higher number of away goals scored
More wins
More away wins
Higher number of points earned collectively by league phase opponents
Superior goal difference among opponents in the league phase
More goals scored collectively by opponents in the league phase
Lower disciplinary points (red and yellow cards, with red cards counting for 3 points, yellow cards for 1 point, and expulsions for two yellow cards counting for 3 points)
Higher UEFA club coefficient
These measures will ensure clarity in ranking teams as they compete for European football’s top prize.
PalmPay, an African-focused fintech company, has underscored the need for founders within the fintech ecosystem to boost investors’ confidence to drive more investment across the continent, saying that working closely with investors is vital to creating value.
Speaking at the recently concluded 2024 Nigeria Fintech Week in Lagos, Nigeria, held on October 8th and 10th, 2024, Managing Director, PalmPay Nigeria, Chika Nwosu stated that “The fintech ecosystem is not saturated but founders need to be mindful of building investor’s confidence amid currency devaluation and rising interest rates.
“We have seen that most of the currencies of sub-Saharan Africa have plummeted against the US dollar, including the Egyptian pound, Naira, Rand, Cedi, Congolese franc, and Kenyan shilling. This devaluation is impacting the value of investments, which in turn, lowers investor confidence and makes it difficult for fintech startups to secure funding.
Nwosu, who participated in a high-profile panel discussion themed “Safeguarding the Funding Pipeline for Fintech in Africa”, stated that founders can mitigate these challenges by diversifying their revenue streams and expanding into multiple geographical regions.
He noted that relying solely on one market can expose companies to regional economic volatility.
“By entering diverse markets, fintechs can spread their risk and minimize the impact of instability in any single region,” he said.
He gave the example of Palmpay being operational not only in Nigeria but also in Tanzania, Ghana, and other markets.
The 2024 Nigeria Fintech Week held under the overarching theme “Positioning Africa’s Fintech Ecosystem to Accelerate Growth,” with a key focus on seeking more investors who see the long-term value of investing in Africa. The conference brought together industry leaders, policymakers, investors, and innovators to chart the future of Africa’s financial technology landscape.
According to the President of FintechNGR, Ade Bajomo, “Investments in the fintech sector in Africa declined significantly, dropping 77% to US$186 million from US$826 million in H1 2023. The number of deals decreased 30% year-on-year and average deal size fell to US$4 million in H1 2024 from US$10.5 million in H1 2023. However, we still have many growth opportunities in the continent.”
The panel session also weighed in on the need for founders to continuously engage with policy-makers and regulators to stay informed.
There are two primary ways to generate income: by working for it or by investing in opportunities such as businesses, people, or other avenues that offer profit-sharing.
In simple terms, money can be earned through active efforts, or it can be used to create more wealth. Those who truly understand this principle combine both strategies—they work to earn money, then use that money to generate even more income.
As the saying goes, money flows to where it’s treated well. Unfortunately, some Nigerians hold the belief that spending recklessly today will somehow be taken care of tomorrow, leading to a cycle of poverty fueled by a lack of financial discipline.
On the other hand, those who use their money wisely make things happen. The rule is simple: “No spending unless it’s planned for.” Many people in poverty work just to cover their basic needs. In contrast, the wealthy work to earn money and then put that money to work by investing it, rather than letting it sit idly in bank accounts.
People who only work for a paycheck often struggle to save or invest. However, the wealthy enjoy a significant advantage—they can leverage their money and even borrow to invest, provided they maintain good credit. They understand money management better than those whose income barely covers their expenses.
To move towards financial independence, individuals must embrace a bit of risk. This means finding investment opportunities, whether in stocks, Treasury bills, bonds, or mutual funds.
Once you start investing, you’re setting yourself on a path toward financial growth, and it only improves with time. While getting started may seem difficult, the key is to begin. For example, buy stocks—but remember, the rule is to buy low and sell high, and factor in any fees, like brokerage costs, when selling.
You can also explore mutual funds, offered by various investment banks. The performance of these funds can vary, so it’s wise to do some research to find out how they’ll manage your money.
Government bonds are another option worth considering, and investment firms can provide insights on the potential returns. What you should avoid is leaving your money in a savings account, as banks use your deposits to make their own profits—that’s your money they’re using.
Stay tuned, as we’ll soon be sharing a list of investment banking firms and how you can connect with the right people.
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 1705.00 per $1 on Friday, October 17, 2024. Naira traded as high as 1653.00 to the dollar at the investors and exporters (I&E) window on Friday.
How much is a dollar to a 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 N1700 and sell at N1705 on Thursday, October 17, 2024, according to sources at the 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 Rate
N1700
Selling Rate
N1705
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1652
Selling Rate
N1653
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The gross balance of Nigeria’s foreign reserves increased to $38.832 billion, according to Central Bank figures.
This week, Nigeria’s external reserves increased by $33.614 million, up from $38.709 billion the previous week. Despite decreased oil output, foreign exchange accretion into the country’s reserves continues to rise, according to the most recent OPEC report.
While the market cannot quantify inflows from oil sales into FX reserves, experts highlighted that the Apex Bank has used the OMO bills market to entice international portfolio investors.
Last week, the average yield on OMO bills increased by 214 basis points to 25.9% following the CBN auction. At the OMO auctions, the CBN offered the sum of N300 billion, but allocated N905 billion worth of OMO bills to market participants.
In its commentary note, Coronation Research said it appears that take-up by Foreign Portfolio Investors (FPI) was strong. The CBN’s stop rate stood for 361-day OMO bills settled at 24.3%.
Oil prices fell further in the global commodities market following pessimistic comments from the Organization of Petroleum Exporting Countries and the International Energy Agency.
Brent fell to $73.71 per barrel on Thursday, while the US benchmark West Texas Intermediate (WTI) dropped 0.7% to $69.60 per barrel. Aside from low demand estimates, fears that the incentives proposed this month to revive the Chinese economy are insufficient have kept oil prices under pressure.
To combat the real estate sector’s collapse, the Chinese government boosted the credit cap for enterprises that satisfy the standards to 4 trillion yuan.
In separate reactions, analysts believe that stimulus package announced for the ongoing problems in the real estate sector in China will have a positive effect, however, the incentive does not meet the expectations of the sector.
Data from the American Petroleum Institute (API) released late on Wednesday showed a decrease of 1.58 million barrels in US commercial crude oil inventories, contrary to market expectations of a 3.2 million barrel rise.
The reserve drop reflected market perceptions of strengthening domestic demand, supporting upward price movements. Official figures from the Energy Information Administration (EIA) are scheduled for later in the day. If a rise in crude oil inventories is confirmed, prices are likely to climb.
Escalating tensions in the Middle East, a region responsible for much of the world’s oil production, continue to influence upward price movements by fueling market players’ supply fears.
US WTI hovered near $70/ while ICE Brent was trading just below $75 per barrel this morning as market participants await fresh updates from the Middle East.
Meanwhile, market outlooks released by OPEC and IEA this week suggested sluggish demand and a sizable supply surplus for the next year, which is keeping pressure on oil prices.
The American Petroleum Institute (API) numbers released overnight were somewhat constructive for the oil market, ING analysts said in a Thursday note.
The institute reported that US crude oil inventories dropped by 1.6 million barrels over the last week, in contrast to the market expectations of a build of 1.5 million barrels.
The API also reported large inventory draws for products, with gasoline and distillate stocks falling by 5.9m barrels and 2.7m barrels respectively. The more widely followed EIA report will be released later today.
A recent report suggests Iran encountered an oil leak yesterday near its top export terminal in the Persian Gulf. The leak happened on subsea pipelines close to the Kharg Island export terminal. However, the cause of the incident and its impact on exports are still not clear, while authorities have already started efforts to contain the leak.
Meanwhile, European gas prices also came under pressure on reports of stronger LNG flows. Recent data from Bloomberg suggests that flows from terminals that import liquefied natural gas in northwest Europe rose to the highest level since April earlier this week.
An unusually mild autumn across Europe could also weigh on the gas demand for heating purposes over the next few days. Meanwhile, European storage remains higher at 95% full as of 15 October, above the five-year average of 92%.
The equity market fell by more than N127 billion as investors sold holdings in Aradel Holdings, GTCO, and Oando Energy Plc shares. The market closed in the red again. Sell side activity increased again on energy and financial equities, dragging key performance indicators down by 0.21%.
According to Nigerian Exchange statistics, the market index, or All-Share Index, fell 210.15 basis points in today’s trading session to settle at 98,081.38 points. Stockbrokers reported sell-offs in certain medium and large-cap equities, including ARADEL, OANDO, GTCO, and others.
Trading data showed that activities in the equities market dipped as the total volume and total value traded reduced by 7.08% and 28.74% respectively.
Atlass Portfolios Limited reported a market update of about 239.31 million units valued at ₦6,408.75 million, traded in 7,318 trades. STERLINGNG was the most traded stock by volume, accounting for 17.92% of the total amount traded in the stocks market.
Other volume drivers are ZENITHBANK (8.40%), GTCO (8.22%), ACCESSCORP (6.83%), and UBA (4.65%). ARADEL became the most traded stock in value terms, accounting for 16.26% of the total value of trades on the exchange.
GOLDBREW headed the advancers’ chart with a price increase of 10.00%, followed by DEAPCAP, which gained +9.85%. Other gainers are TRANSPOWER (+9.68%), JAIZBANK (+8.64%), TRANSCOHOT (+7.78%), CONHALLPLC (+6.38%), and twenty-two others.
Sixteen stocks depreciated, according to data from the local bourse. ARADEL was the top loser, with a price depreciation of -10.00%. Other decliners include REGALINS (-8.82%), OANDO (-5.82%), GTCO (-3.85%), UCAP (-2.39%), and JAPAULGOLD (-1.27%).
Today, the market breadth closed positive, recording 28 gainers and 16 losers.
On sectoral performance, the Banking (-0.57%) index was the sole loser, driven by profit-taking actions in GTCO (-3.85%).
Insurance (+1.13%), Oil & Gas (+0.92%), Industrial Goods (+0.08%), and Consumer Goods (+0.01%) all closed in the green from share appreciations in MANSARD (+4.55%), CONOIL (+5.33%), WAPCO (+1.39%), and HONYFLOUR (+1.83%), respectively.
The naira fell more on the foreign currency (FX) markets as signs surfaced that the Central Bank of Nigeria (CBN) may abandon its reintroduced retail Dutch auction mechanism.
On Thursday, the naira fell by 0.05% and closed at ₦1,660.49 per US dollar, according to spot FX data from the FMDQ website. FX demand exceeded the total US dollar amount available to support daily transactions at Nigeria’s autonomous foreign exchange market. This resulted in a small drop in the official exchange rate.
External reserves reached a two-year high this week, totaling over $38.8 billion, which some analysts feel is more than enough to support the local currency on foreign markets. However, a significant portion of the gross balance has been pledged as collateral for oil-backed loan arrangements, FX swaps, and other foreign reserve-related transactions.
The Central Bank of Nigeria (CBN) has continued to try strategies to keep currency rate volatility under control. The naira remains low as demand for the US dollar weakens the local currency’s strength.
Following April’s title as the best performing local currency, the World Bank has ranked the naira relatively low in its most recent rating. According to some financial analysts, the naira has steadied with modest volatility between N1500 and N1,700.
Exchange rates have been hovering around this levels since April 2024, with the CBN targeting FX auctions across the official and informal currency markets.
In August, the CBN re-introduced retail Dutch auction system with the aim of selling US dollar to FX users on demand basis. The market witnessed more than $1.1 billion bids from banks, representing their customers who required forex for eligible transactions.
Since August 8, when the Dutch auction was sold, the CBN skipped the auction for Sept. and analysts are already projecting that there may be no similar FX sales in Oct.
As the permutation about the re-introduction of retail Dutch auction appeared to have failed, the CBN has also launched a fresh initiative to automate FX trading platform.
The naira closed at ₦1,690 to the US dollar in the parallel market, from N1680 in the previous day, according to channel check. This extended the gap between official and parallel market rates to N30, fueling speculative FX trading in the informal segment.
In the global commodities market, oil prices decreased as concerns about a potential supply disruption in the Middle East diminished, with a surplus expected in the market next year. Brent crude fell by 0.54% to $73.82, and WTI dropped by 0.31% to $70.17.
In contrast, gold prices reached all-time highs due to uncertainty surrounding the U.S. presidential elections and the conflict in the Middle East, which drove investors toward this safe-haven asset. The monetary policy easing also contributed to higher gold prices, which hit $2,708.50 per ounce.
The average yield on Nigerian Treasury bills fell as investors increased their portfolios with short-term securities following disinflation. The market had responded unfavorably to the turnaround in headline inflation following two months of slowdown.
Investors sold naira assets throughout the short, belly, and long ends of the curve as negative interest yields extended after September inflation spike news.
According to fixed interest securities specialists, trade in the Treasury bill secondary market finished on a positive note on Thursday. Due to market purchasing interest, the average yield fell 3 basis points to 23.5%.
In its market update, Cordros Capital Limited said the average yield contracted at the short (-1bp), mid (-2bps), and long (-6bps) segments,
Fixed income analysts said the yield contracted following buying interests in the 84-day to maturity (-1bp), 175-day to maturity (-2bps), and 217-day to maturity (-48bps) bills, respectively.
Conversely, the average yield expanded by 12 basis points to 26.0% in the OMO bills segment in the secondary market at the same time.
The Treasury bill market experienced bearish sentiments due to a persistent liquidity crunch, AIICO Capital Limited said in its note. Analysts said most activity was concentrated on the February and September 2025 maturities, with the former trading at a discount of over 23.00%.
Money market rates fell slightly as liquidity levels in the financial system improved. The latest decline in short-term benchmark interest rates reversed the previous trend seen in the past few weeks.
Funding demand had continuously kept money market rates at double-digit highs, owing to shifting market dynamics and a series of auction-related outflows.
AIICO Capital Limited said that system liquidity improved today, with fewer participants exposed to the Central Bank of Nigeria’s (CBN) standing lending facility (SLF) window.
In its statement, Futureview Financial stated that system liquidity surged to N1.16 trillion on Thursday. MarketForces Africa said that the market has been trading with a negative liquidity balance this week.
Furthermore, there was a negative liquidity balance that persisted over into the week, with certain banks’ exposures to the CBN lending facility increasing dramatically.
Some banks have pitched their tents at the borrowing window to satisfy financing obligations as a result of recent limited liquidity in the financial markets.
Data from the FMDQ platform indicated that the Open Repo Rate (OPR) declined by 22 basis points to 32.28%, while the Overnight Rate (O/N) fell by 32 basis points to 32.58%.
However, the Nigerian interbank offered rate (NIBOR) climbed across most maturities, indicating that the banking system’s liquidity remains relatively low, according to Cowry Asset Limited.
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