Okomu Oil Palm Plc says it has averted a possible gas explosion after a tanker carrying Liquefied Natural Gas lost control and fell along the Benin-Akure Expressway in the Uhiere community, the Ovia North East Local Government Area of Edo State.
The firm, in a statement, said its fire service department brought the situation under control.
It said the intervention in Uhiere came barely six months after it averted what could have been a major fire disaster in the Owan community in the same local government area.
The statement partly read, “The company has once again come to the rescue of another community by averting a possible gas explosion in Uhiere community along the Benin-Akure Expressway in the Ovia North East Local Government Area.
“The incident happened when the driver of a tanker carrying liquefied natural gas lost control of his truck and in the process fell along the ever-busy Benin-Akure Expressway.”Related News
It was gathered that the tanker loaded with the LNG was heading towards Akure from the Benin axis when it entered into one of the failed portions of the road which resulted in the tanker driver allegedly losing control and falling.
A distress call was said to have been made to the Okomu Fire Service at the company’s Extension 2 plantation, and officials responded before the tanker could burst into flames.
It was further gathered that no life was lost in the incident apart from the driver of the tanker who sustained a minor injury.
Reacting, the firm’s Communication Officer, Fidelis Olise, was quoted as saying, “A distress call came from a member of Uhiere community asking for the assistance of the company and immediately the management dispatched its fire truck and personnel to the scene in an act of good neighbourliness.
“The swift response of the company’s fire team is in line with its commitment to collaborate with the government and other stakeholders to secure the lives and properties of people, especially those within the catchment areas where it operates.”
The Nigerian Electricity Regulatory Commission has instructed power distribution firms not to cut off electricity to any locations where a life-support machine is in use.
The latest Customer Protection Regulations 2023, with regulation number: NERC-R-001-2023, were obtained in Abuja on Monday. NERC issued the order under those regulations.
A distribution company shall not terminate power service to any property where it is aware that a life-support machine is in use, according to one of the several instructions given to Discos in the NERC ruling.
clients having installed life-support systems must come to an agreement with the distributor for the payment of their bills, and the distributor may use additional legal procedures to collect any unpaid debt from these clients.
Customers who were disconnected for breaking these rules must receive compensation, according to the authority overseeing the electrical sector.
For each day the incorrect disconnection lasts, customers should get energy credits equal to their average daily consumption calculated based on their consumption or bills for the previous three months.
In the following situations, A distribution firm shall reconnect electricity service to a customer’s premises within the time frame specified in these regulations:
When a disconnected client makes all payments to the distribution firm as authorized by the commission or enters into a mutually agreeable payment arrangement with the distribution company,” the regulator said.
It further stated that the Distribution Company shall re-connect a power user when the customer who was disconnected for unauthorized access to the distribution network regularizes the electricity supply arrangements to his premises to the satisfaction of the Distribution Company and pays all fees assessed by the Distribution Company for the unauthorized access.
Director-general of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, claims that if they can succeed at home, young people won’t be eager to move outside.
On Monday, the former finance minister gave a speech at the induction ceremony for elected and re-elected governors for 2023.
‘Governing for Impact: Building Sub-National Governance’ was the theme of the event, which was hosted by the Nigerian Governors Forum (NGF).
Okonjo-Iweala urged the governors to put their attention on nation-building and make investments in their states’ infrastructure and educational systems.
If the youth keep leaving the country, she claimed, Nigeria will struggle to “develop and prosper.”
According to Okonjo-Iweala, businesses across the nation are finding it simpler and easier to offer intermediary services like accountancy or insurance claim processing to offices around the globe thanks to remote work and AI tools.
“With our large numbers of educated people fluent in English – together with a deep network of connections to the diaspora – we are well positioned to seize these opportunities,” she said.
“But such businesses, like our tech startups, will struggle to thrive if we keep losing so many of our most skilled young people to emigration. Let me share some numbers.
“Over 15,000 Nigerians emigrated to Canada in 2021, joining 19,000 who had moved there in the previous two years. Estimates for 2022 are 20,000. That is over 50,000 skilled Nigerians in the space of four years.
“In the first half of 2022 alone, the UK granted skilled worker visas to nearly 16,000 Nigerians. Thousands of Nigerian-trained medical doctors work in the USA.
“The most popular phrase in Nigeria now is “I am going to japa”. I am not telling people not to go, but what I am saying is how many of these japas can we afford? If you japa we want you to “kapa”.
“Excellencies you must make your states and all Nigeria a hospitable, encouraging place where young people want to stay and thrive, not leave.
“Much as we appreciate remittances sent home by these migrants, Nigeria will not develop and prosper if its youthful, tech-savvy population leaves. Without them, our demographic dividend disappears.”
Operators have expressed concern about the proliferation of low-quality cylinders and liquefied petroleum gas, also known as cooking gas and having a high propane content, in circulation. They are working under the auspices of the Liquefied Petroleum Gas Retailers Branch of the National Union of Petroleum and Natural Gas Workers.
According to a statement released on Monday, Chika Umudu, the immediate past chairman of the LPGAR NUPENG Branch, offered the warning while addressing at the 3rd Quadrennial Delegates Conference with the topic “Prioritising Safety In LPG Retailing.”
However, he urged the Nigerian Midstream Downstream Petroleum Regulatory Authority and the Standards Organization of Nigeria to stop the market’s growing use of high propane LPG, highlighting how harmful it was for both users and operators.
He was cited as stating, “Let’s suppose the substandard cylinders being imported mostly from China is a temporary fix to fill the existing vacuum. What is the long-term plan to ensure that only standard cylinders are imported and these substandard cylinders are withdrawn in the not too distant future?
“Once again, why can’t we have these cylinders and accessories manufactured locally, as they were in the 1980s and 1990s?” Why can’t these multinational corporations, who are vying for shop space with street vendors, be informed that it is their responsibility to create LPG cylinders and other essential materials?
The ‘China cylinders’ hardly tolerate exposure to Nigerian weather for a year, it is crucial to mention. It is a ticking time bomb because so many low-income people, in especially, are unaware of the monsters they are surrounded by.
When Techno Oil began making cylinders in Nigeria, he claimed, it gave operators more hope, but “shortly it vanished from circulation. Perhaps it has experienced what happened to its predecessors in the 1990s.
In order to finance its climate change and energy transition objectives, the federal government has initiated initiatives to attract private funding.
In order to support this, the National Council on Climate Change and the Nigeria Sovereign Investment Authority on Monday in Abuja signed a Memorandum of Understanding to address climate risks.
Managing Director of the NSIA, Mr. Aminu Umar-Sadiq, commented on the agreement, stating that “actively building strategic partnerships with relevant organizations to support climate change actions and Nigeria’s energy transition ambitions of achieving net zero emissions by 2060” is a core pillar of the organization’s environmental, social, and governance strategy.
He continued by saying that the agreement with NCCC was one of the calculated actions made to fulfill the sustainability and social impact commitments of NSIA.
A carbon emissions trading system would be implemented in Nigeria, a national carbon registry would be maintained, and a climate change fund would be managed. These are just a few of the potential areas of collaboration that the MoU would enable the NSIA and the NCCC to further investigate.
The NSIA presented its impact report, outlining the progress made toward achieving its developmental and socioeconomic impact as of 2021, as part of the agreement signing event.
The NSIA MD went on to say, “NSIA’s maiden impact report highlights the Authority’s development agenda and impact over several years of operations as well as the Authority’s efforts to safeguard the environment and address relevant climate-related risks and opportunities in line with best practice.”
Dr. Salisu Dahiru, Director-General of the National Council on Climate Change, stated in his remarks that the cooperation was an audacious statement to the international community that the nation was serious about its climate responsibilities.
“By dedicating funds from its sovereign wealth fund to support climate action and an inclusive green economic growth, Nigeria is investing in its future, particularly in a vastly decarbonizing world,” he said.
This collaboration between two of Nigeria’s leading institutions is anticipated to spur private investment and hasten Nigeria’s ambitious national development and climate change agenda.
According to the Chartered Institute of Taxation of Nigeria, a comprehensive examination of the nation’s international tax laws is necessary to create a framework that will boost tax collections.
The 25th annual tax conference of the institution, with the theme “Nigeria of the future: Achieving sustainable development through taxation,” was held in Abuja.
During a panel discussion at the conference titled “Global Trend in Taxation of Digital Economy: Assessing Economic, Legal and Tax Policy Implication,” prominent financial figures presented on the subject.
A comprehensive review of our international tax policies, including multilateral and bilateral agreements, is required in order to have a strong legislative framework that will increase tax revenue in Nigeria, the CITN noted. “Urgent attention to countermeasures of tax avoidance by multinational enterprises has become important,” it said.
It claimed that the recent development of the digital economy has given tax authorities the chance to construct legislative frameworks for taxing a variety of enterprises and transactions.
The report stated that the digital economy had produced new growth and employment opportunities and that as a result, there were more gig workers offering labor services through platforms under one-off contracts.
However, despite a major gain in understanding of taxation digital enterprises, the CITN claimed that current laws and institutional mechanisms, particularly the tax and social security systems, were not effectively adapted to this new situation.
As a result, it said, there had been issues with tax gaps, which included tax revenue shortfalls caused by under- or non-reporting of taxable income, an unfair tax burden between self-employed and salaried workers, and inconvenience issues with tax declaration.
It stated that the disruption led to base erosion and profit shifting because business activities and consumer location were frequently separated from associated earnings and reported in various jurisdictions.
The OECD created the BEPS Action Plan, which contained measures intended to address the tax problems of digitalization, to address this issue, it was highlighted.
A presentation on “Global progress toward public, country-by-country reporting by MNEs” was given by Ian Gary, Executive Director of the Financial Accountability and Corporate Transparency Coalition, a nonpartisan coalition of more than 100 state, national, and international organizations centered in the US.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.53 per $1 on Thursday, May 11.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦747 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
In response to certain Nigerian citizens disrupting the democratic process during the recently finished general elections in 2023, the United States has taken action to impose visa restrictions on them.
Antony Blinken, the US secretary of state, revealed this on via a statement obtained by BizWatch Nigeria Monday.
According to Blinken, President Joe Biden’s administration is dedicated to supporting democracy in Nigeria and all across the world.
Blinken said, “The United States is committed to supporting and advancing democracy in Nigeria and around the world.
“Today, I am announcing that we have taken steps to impose visa restrictions on specific individuals in Nigeria for undermining the democratic process during Nigeria’s 2023 elections cycle. These actions are specific to certain individuals and are not directed at the Nigerian people or the Government of Nigeria as a whole.
“Under Section 212(a)(3)C) of the Immigration and Nationality Act, these individuals will be subject to restrictions on visas to the United States under a policy covering those believed to be responsible for, or complicit in, undermining democracy.
“These individuals have been involved in intimidation of voters through threats and physical violence, the manipulation of vote results, and other activity that undermines Nigeria’s democratic process.
“The decision to take steps to impose visa restrictions reflects the continued commitment of the United States to support Nigerian aspirations to strengthen democracy and the rule of law.”
The US Government, however, made no mention of any of the people or groups of people believed to have tainted Nigeria’s 2023 elections.
Hamzat calls on US to disclose persons affected by the ban
The Chief Executive Officer of Connected Development (CODE), Hamzat Lawal, is requesting that the American government provide the names of those who were subject to the penalties, despite praise for the US visa ban imposed on Nigerian citizens who tainted the 2023 elections.
Lawal favored publicly humiliating those who were denied admittance into the country of North America.
He claims that disclosing the individuals’ identity implies more transparency and implies that there are repercussions for one’s behavior.
“If they had named these names, then the Nigerian people can actually also know that even if our government and some institutions are not acting, the international community are watching and have acted, particularly the American government,” he said.
“I think it would have gone a long way. Yes, I can understand that the judicial process is ongoing and maybe they are not publishing these names so they don’t interfere with that process, but I think that they owe it to the Nigerian people who are their friends and partners.”
Lawal emphasized that there were hopes that the Nigerian police, as the top law enforcement body, would have brought charges against or imprisoned individuals who interfered with the voting process.
The activist felt that people other than politicians should also be subject to visa restrictions.
“We saw private citizens, we saw former lawmakers, we saw, even, law enforcement agencies that are saddled with the responsibility to ensure peace and stability in the country who colluded with corrupt politicians and mischief-makers,” he said.
The anti-corruption campaigner believes the prohibition is “a right step that will lead to other steps by the American government,” and he or she thinks that in due course, the US would release the names.
“We should know, so that as civil society, what we’ll now do is inaugurate them in the hall of shame,” Lawal added.
In a statement on Monday, Dr. Frederic Oladeinde, the Lagos State Commissioner for Transportation, issued the warning.
Due to the heavy vehicular traffic that would be present on the axis as a result of the commissioning, Oladeinde remarked that the warning had become crucial, especially for frequent road users in the Lekki-Epe zone.
The commissioner then asked citizens to arrange their travel plans around the axis to avoid needless delays.
The announcement further stated that the effective management and control of traffic had been charged to the Lagos State Traffic Management Authority (LASTMA) and other traffic enforcement officials.
It also advised drivers to work with the agencies to ensure a smooth flow of traffic.
Usman Baba, the Inspector-General of Police (IGP), asserts that Bola Tinubu’s May 29 inauguration as President of Nigeria is still sacred and cannot be changed.
The IGP stated, “The 29th May, 2023 date for the swearing-in ceremony of the President-elect of the Federal Republic of Nigeria and indeed, other inauguration ceremonies at national and State levels is sacrosanct,” during a press conference on Monday in Abuja.
Along with other security personnel, he swore to do everything in his power to defend democracy.
Therefore, the police chief issued a warning to political figures attempting to cause disruption or obstruct the inauguration of freshly elected authorities.
According to him, it is expected that genuine Democrats will put the nation’s democratic and national security concerns above their own personal political ambitions.
The IGP said, “Unfortunately, the public utterances of some political actors and their current attempts at inciting public protests with a view to creating national tension ahead of the Presidential Swearing-in ceremony do not only negate these values, but they are also manifestly subversive, undemocratic, unconstitutional.
“Firstly, the Nigeria Police hereby sternly warns all political actors with subversive agenda and their collaborators, particularly, their foot soldiers who they are exposing to political radicalization and extremism to, henceforth, jettison their ongoing premeditated attempts to create tension within the national space with intention of derailing the 29th May 2023 Presidential Inauguration Ceremony.
“Secondly, any such persons, regardless of their political affiliations who continuously engage in acts that are inimical to our nation’s democratic and security interests should not be in doubt on the firm determination of the Nigeria Police under my watch to closely collaborate with the law enforcement family and the intelligence community to defend our democracy, keep the internal security order stable and optimally deploy our common unique assets towards guaranteeing the successful conduct of the Presidential Inauguration Ceremony
“Thirdly, we note that the Inauguration Ceremonies at all the national and State levels of government are a critical constitutional requirement for the sustenance of our political order as a nation and the Nigeria Police is duty and legally bound to defend our democratic heritage and closely police the constitutional processes.
“Consequently, I assure the citizens that our loyalty to our democratic and political order remains firm and unwavering. We will defend our democracy at all costs.”
The percentage of users in Nigeria who were attacked by spyware climbed by 14,6%1 between Q4 2022 and Q1 2023, as was highlighted during the most recent Kaspersky Cyber Security Weekend – META 2023. Thin client users, who use a variety of devices, are nonetheless at risk from spyware.
Thin clients are used in corporate networks around the world to set up workspaces at a much lower cost than when using traditional laptop or desktop computers (thick clients). A thin client on a traditional operating system (OS), Linux or Windows-based, could potentially be targeted by different types of attacks, including spyware.
A compromised thin client could serve as an entry point to the corporate network, and it could be used to gain access to confidential data, take control of other machines on the network, or run malicious software, etc. According to Kaspersky, there are over 60 vulnerabilities in thin clients that could be used by cybercriminals.
In response to advancing cyberthreats, Kaspersky promotes the Cyber Immune approach. The Kaspersky Secure Remote Workspace solution offers a manageable and functional thin client infrastructure that is built according to the secure-by-design principle and the Cyber Immune approach that makes them more resilient to cyberattacks in comparison to traditional thin clients.
Together with Centerm, a global producer of thin clients, Kaspersky produces the KTC (Kaspersky Thin Client) – the world’s first thin client with Cyber Immunity that requires no additional antivirus protection tools.
At the core of the solution lies KasperskyOS, a microkernel operating system. KTC excludes the possibility of exploiting a wide range of vulnerabilities common in traditional thin clients. Another component of the solution – the unified management console – solves the problem of managing and monitoring thin client infrastructure.
A thin client based on KasperskyOS is part of the Kaspersky Secure Remote Workspace solution.
Kaspersky Secure Remote Workspace is suitable for many areas where a large number of workstations with similar tasks and a standard set of applications are used: the public sector, educational institutions, manufacturing and production plants, fuel and energy sector, healthcare, financial organisations, retail, and others.
“Thin clients have gained popularity over the last few years, especially after the pandemic, as organisations were seeking cost effective ways of setting up remote workplaces. It is also believed by many that they are secure to use and less vulnerable to malware than traditional machines.
“However, this belief is nothing more than a myth: thin clients running traditional operating systems are vulnerable, and our internal research shows that they can be hacked with a simple tool in under 10 minutes and be used to spy on users and/or access confidential data,” comments Victor Ivanovsky, KasperskyOS Business Development Lead.
“We believe that the future of thin client development should be determined by Cyber Immunity. Attacks on a Cyber Immune system are ineffective – they continue to function even in an aggressive environment and stop potential attackers in their tracks.”
WACOT Limited, a member of the Tropical General Investments (TGI) Group, a global conglomerate and leading contributor to the Nigerian economy, recently held an event to recognize and reward its top distributors of agri-inputs such as fertilizer, herbicides, and seeds.
The gathering in Abuja celebrated fifteen of the highest-grossing distributors, who received various gifts, including a brand-new Hilux vehicle for the leading distributor.
Other distributors of WACOT’s agri-inputs also received exciting gifts at the event. The company also shared its plans for this year’s farming season and reiterated its commitment to Nigeria’s food security.
Executive Director and Vice Chairman of TGI (Africa), Farouk Gumel, expressed his appreciation for the distributors’ partnership and emphasized the importance of honest feedback.
He said, “I would like to congratulate all the recipients and say that the awards are not just for your performance and sales but also for your belief in Nigeria’s food security journey. As we congratulate each other for our successes, we should also continue to give each other honest feedback on what we need to do to improve.”
Gumel acknowledged the challenging operating environment in rural Nigeria, where infrastructure and security issues can complicate distribution. He encouraged the distributors not to give up, promising TGI’s support and assistance in every way possible, including access to capital.
The Chief Operating Officer of WACOT Ltd., Bibhu Nanda, highlighted the crucial role of the distributors in ensuring food security nationwide.
“Our distributors are people who create wealth in the agriculture eco-system and ensure food security. That is what we all need in Nigeria, a situation where we can collaborate for success. Our partners are the key pillars in establishing the distribution reach to every corner of the country while our demonstrative and marketing communication goes out to establish the best agricultural practices through our farmer aggregations and collectives. We are all part of the process, and I wish our partners all the best,” he said.
The event also featured remarks from Sadiq Kassim, Corporate Affairs Director of TGI Group, who emphasized the company’s commitment to delivering quality agro-inputs and technology to farmers. “Our objective is to make Nigeria food secure first, after which we can then make quality products for the international market from their produce,” he said.
The grand prize winner of the Hilux, Chairman, Fountain of Joy Agro-Chemicals Nigeria Limited, Mr. Alabi Olufunsho, expressed his happiness and gratitude, noting that he never expected the gift.
Olufunsho praised WACOT’s commitment to high-quality products and expressed confidence in its ability to continue delivering quality. He emphasized that consistent quality builds trust and loyalty among farmers and distributors. “Their products are very good and deliver good result, that is why I distribute their products and why farmers race to buy their products,” he said.
Tropical General Investments (TGI) Group is a global conglomerate with most of its investments in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products consumed locally and exported to global markets. TGI Group is the parent company of WACOT Rice, CORMART, and CHI Farms.
In Celebration of Nigeria’s very own Chef Hilda Effiong Bassey, also known as Hilda Baci, who has just broken the current Guinness World Record for the “longest cooking marathon by an individual” after hitting the 87 hours 45 minutes mark set by Indian Chef Lata Tondon in 2019.
We at Bizwatch Nigeria are here to showcase other Nigerian Guinness world record holder by giving you the best 20 of out them. Here is the full list of Nigerians who have held and are currently holding Guinness World Records:
Kafayat Shafau-Ameh (Kaffy): She set the record for the “Longest Dance Party” in 2006, dancing for 55 hours and 40 minutes.
Gbenga Ezekiel – Record for the most skips in a minute on one leg. (February 2023)
Divine Ikubor aka Rema – Record for ‘Calm Down’ as the first No.1 Hit on The Official MENA Chart, the world’s first regional streaming chart. (May 2023)
Harrison Chinedu: Known as the “Bicycle Footballer,” he rode a bicycle with a football on his head for the farthest distance in 2016, covering 103.6 km (64.4 miles).
Olawunmi Treasures Bayode: He set the record for the “Longest Marathon Reading Aloud” in 2018, reading for 120 hours (5 days).
Anthony Olaseni Joshua: He became the world heavyweight boxing champion in 2016 and held the record for being the first heavyweight champion of Nigerian heritage.
Chidera Anemege (Chiddy): Alongside his bandmate, he set the record for the “Longest Freestyle Rap” in 2011, rapping for 9 hours, 18 minutes, and 22 seconds.
DJ Obi: He achieved the record for the “Longest Marathon DJ’ing” in 2016, DJ’ing for 240 hours (10 days).
Ifeoma White-Thorpe: She set the record for receiving the highest number of Ivy League College acceptance letters in 2017, being accepted to all eight Ivy League schools.
Adetunwase Adenle: He holds the record for the “Largest Collection of Football Shirts by a Single Individual” with over 1,000 different football shirts.
Emmanual Ohuabunwa: He set the record for the “Largest Object Made from Aluminum Cans” in 2017, creating a giant sculpture measuring 16.5 ft long and 9 ft wide.
Olakunle Churchill: He organized the “Largest Cake in Africa” in 2016, which weighed over 10 tons and measured 35 feet long.
Chukwuebuka Ezugha and Victor Richard Kipo – The most consecutive football passes with the soles (team of two). (December 2021)
Folashade Oluwafemiayo – The heaviest power lift by a female in the -86 kg category with 152.5 kg (December 2021)
Chinonso Eche – The most football headers in a prone position in one minute, which is 23. (October 2021)
Vincent Okezie – The most consecutive backward handsprings with a football (soccer ball) between the legs. (March 2022)
Haruna Abdulazeez – The most American football touches with the feet in one minute (October 2020)
Peter Aho – Record for six wickets for five runs in 3.4 overs against Sierra Leone. (October 2021)
Bayo Omoboriowo – The largest photo book, which was measured at 60.84 m² (654 ft² 87 in²). (September 2021)
These individuals have made significant achievements in their respective fields, earning them a place in the Guinness World Records.
To accumulate wealth and achieve financial security, one must make wise financial decisions. Here are seven of the best smart money movements to take into account, however there are many other options.
To properly manage your money, you must create a thorough budget. Recognize your income, keep track of it and your costs, set spending priorities, and allocate funds for investments and savings.
Save a portion of your income to create a fund for unplanned expenses or difficult financial times. At least three to six months’ worth of living expenditures should be your savings goal. In the event of unanticipated occurrences like sudden medical emergency or job loss, this fund offers a safety net.
Make paying off high-interest debts, such credit card or personal loans, a top priority. To speed up your debt repayment, make regular payments and take into account techniques like the debt avalanche or debt snowball method. Spend more money on debt repayment to reduce interest costs and strengthen your overall financial situation.
Spread your investments among several asset classes to reduce risk by diversifying your investments. Depending on your risk appetite and financial objectives, take into account a mix of stocks, bonds, real estate, and other investment vehicles. Your portfolio is better protected from market volatility and potential losses thanks to diversification. To develop a well-balanced investing strategy, think about speaking with a financial advisor.
Start retirement savings early to benefit from compound interest. Make contributions to retirement accounts, such as 401(k)s and IRAs. If your employer matches your 401(k) contributions, make sure to invest enough to take advantage of the entire match. Consistently make contributions to retirement accounts to safeguard your financial future. Based on your risk tolerance and financial objectives, take into account several investment possibilities, such as stocks, bonds, real estate, or retirement accounts like IRAs or 401(k)s.
Keep yourself informed and educated by keeping up with personal finance and investment techniques. To improve your financial knowledge, read books, go to seminars, and keep up with the latest financial news, all of which will help you make wise financial decisions. You might also want to consider working with a financial advisor. Better financial choices can be made when one is well-informed.
Live Below Your Means: Cut back on wasteful spending and stick to your budget. Make a distinction between needs and wants, and give saving and investing top priority. Spending less than you make allows you to accumulate savings, make investments, and reach financial freedom.
Keep in mind that each person’s financial condition is different. As a result, it’s crucial to consider your own circumstances and long-term objectives, adapt these wise financial decisions, and seek advice from a financial expert if necessary.
Fear of fraud is hindering the uptake of e-commerce in Nigeria, slowing the growth of business and entrepreneurship in the country. Some industry players believe a concerted effort to build trust in the sector is required if the country’s true digital potential is to be realized.
With Nigeria having the largest population in Africa and one of the youngest populations globally, the immediacy and convenience of online retail makes it appealing to this enormous potential market. And, while seven percent of all purchases made in Nigeria in 2021 were made online, local experts believe this could be significantly higher.
“Unfortunately, fraud is a large, complex, and often organized problem in Nigeria, costing the local economy hundreds of millions of US dollars each year. This is hurting the growth of a promising e-commerce sector because players across the ecosystem are nervous about losing money – merchants because of the chargebacks they face, and shoppers are worried about sharing their card details in case they have their accounts compromised,” explains Henry Olawale Owolabi, Country Manager for DPO Pay, the largest pan-African payment service provider.
According to a 2021 fraud report from the NIBSS, the incidents of overall fraud attempts in Nigeria between 2019 to 2020 increased by 187%, with web accounting for 47%, mobile 36%, ATM terminals 9%, and POS terminals 7%.
It’s not just the volume of attacks that have increased, but also the type; in March 2023 the Nigeria Deposit Insurance Corporation (NDIC) warned that fraudsters are getting more creative, requiring extra vigilance from the Nigerian public.
“Nigerians are facing multi-dimensional fraud such as social engineering including phishing, smishing and vishing; authorized push payment fraud, or impersonation; identity theft; account takeover and mobile sim swap fraud; chargeback fraud; and even internal collusion.
Merchants, on the other hand, are struggling with identity theft, chargeback fraud and man-in-the middle attacks,” shares Adelola Agbebiyi, Managing Director, Network International – Nigeria.
The result of the rise in fraud is a population that has become wary of shopping online and Owolabi says his company has found that around 60 percent of users would rather opt for pay-on-delivery options than share their card details when using online payment options.
“This loss of confidence in the payment systems impacts e-commerce growth. Users are missing out on a low-friction customer experience because of the far-reaching security and control options deployed in order to safeguard customers.
Online sales can still take place but they are happening in a less than optimal environment. E-commerce is seen as high risk by shoppers, impacting sales, and new merchants are wary of entering the market, cutting off earning potential for young entrepreneurs,” says Owolabi.
Trust is the cornerstone of future growth
Owolabi says a big part of the solution lies in building trust throughout the entire e-commerce ecosystem.
“The work already done by the industry players such as banks, merchants and payment service providers is helping educate customers on risks and how to avoid them. This should continue and could even increase. But it is also up to merchants to choose payment partners that have the long-term industry reputation, backed by the technical credentials, that they can trust to keep them and their customers safe. The travel and tourism industry is one sector that has largely succeeded in this regard,” he says.
In return, Agbebiyi says payment service providers (PSPs) and their technology partners must ensure that they do everything they can to keep merchants and shoppers safe. This includes employing real-time risk monitors, specialist risk teams, smart pattern identification, real-time payment confirmation and around the clock fraud monitoring.
For instance, DPO Pay, powered by Network International, will also be looking at technologies such as machine learning and AI, as well as the learnings from preventing fraud at more than 9,000 banks across the globe, to help keep Nigerian merchants safe.
“Part of ensuring trust lies in being able to keep your own company free from breaches. Because we don’t have to rely on any third parties, we know that any attempted hack in the middle of the night can be dealt with immediately by a team that understands our platform better than anyone else. Building a trusted e-commerce environment could have a real and lasting impact on Nigeria, and that starts with making good decisions. From customers empowering themselves with the latest fraud information, to merchants choosing to work with PSPs that deploy the most advanced technology and support. We must all play our part,” Owolabi concludes.
Gricd, a technology company that develops Internet of Things-powered solutions to support the last-mile delivery of perishable goods, has secured $1.5 million in a seed funding round led by Atlantica Ventures, with participation from Vested World, Jaza Rift and Katapult, to expand across Africa and deliver new solutions that will make it easier to insure perishable goods on the continent. The company has also rebranded as ‘Figorr’, signalling its new focus on software solutions.
Figorr develops IoT-powered solutions that complement existing infrastructure and assets to reduce or eliminate losses associated with the transportation and storage of temperature sensitive and perishable goods in Africa. The company’s solutions provide real time data on location, humidity, temperature and other key data points, enabling businesses and other stakeholders in agriculture, healthcare, logistics and other sectors across Africa to maximise the value of perishable and temperature sensitive goods such as vaccines, insulin and food.
More than $4 billion worth of food items are lost in Sub-Saharan Africa every year due to inadequate storage and transportation. At the same time, The World Health Organisation estimates that more than 50 percent of vaccines are wasted globally every year because of temperature control, logistics and shipment-related issues.
This percentage is likely to be higher in Africa where around 60 percent of the population live in rural areas with limited infrastructure. At the same time, the absence of standardised storage and transportation processes, as well as lack of data and clarity on supply chain processes makes it difficult for insurers to create effective products to cover the risks associated with this product category. As a result, businesses and other stakeholders have to shoulder all the risks which mean the cost is passed on to the end customer, leading to comparatively higher prices than other parts of the world.
Figorr already works with some of the leading pharmaceutical manufacturers and food companies in Nigeria and across Africa to enable the effective transportation and storage of food and pharmaceuticals. It has successfully tracked more than 110 million perishable items and supported its customers to realise more than $200 million in savings.
Over the years, the company has built a framework for understanding the risks associated with the transportation and storage of perishable and temperature sensitive goods in Africa. The new funding will support the roll out of a proprietary risk management platform that will provide data that will make it easier to insure perishable and temperature sensitive goods on the continent.
According to Oghenetega Iortim, CEO and founder of Figorr, “This funding comes at a great time for us, as it enables us to leverage the data we have gathered over the years to provide further support for our customers with managing the risks associated with perishable goods on the continent. At a time where the price of everything seems to be rising and the global economy is experiencing significant challenges, unnecessary wastage should not be compounding these issues. We are excited to onboard more customers across the continent and roll out our solutions to enable more Africans to maximise the value of their goods and maintain profitability”.
Aniko Szigetvari, Founding Partner at Atlantica Ventures said, “Tega and the Figorr team have built a powerful suite of products and services to support the cold chain industry and ensure quality of perishable goods and pharmaceutical products in Nigeria and across the continent. We are excited to support the growth and regional expansion of the company”.
M-KOPA, a leading fintech platform has successfully closed over $250 million in new debt and equity funding to expand its financial services offering to underbanked consumers across Sub-Saharan Africa.
This marks one of the largest combined debt and equity raises in the African tech sector, enabling M-KOPA to continue its rapid growth.
Over $200m in sustainability-linked debt financing was led and arranged by Standard Bank Group, Africa’s largest bank and long-term strategic partner to M-KOPA. Other participating lenders include The International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO: Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder and Nithio.
A further $55m in equity investment was backed by existing strategic investor Sumitomo Corporation, which is contributing $36.5 million to the total raise and will engage closely with M-KOPA on new growth markets and products. Blue Haven Initiative, Lightrock, Broadscale Group and Latitude, the sister fund to Local Globe, also participated in the transaction.
M-KOPA’s fintech platform combines the power of digital micropayments with the Internet-of-Things (IoT) to provide customers with access to productive assets. In markets where individuals have limited pre-existing financial identities and conventional collateral, M-KOPA’s flexible credit model allows individuals to pay a small deposit and get instant access to everyday essentials, including smartphones, electric motorcycles and solar power systems, and then graduate to digital financial services such as loans and health insurance.
M-KOPA’s solution embeds credit into the product through a smart digital connection, giving customers ownership instantly, which they can pay off through micro-instalments over time. The company has sold over 3 million of these products through a unique direct sales model that includes more than 10,000 agents.
M-KOPA’s operations started in East Africa and successfully expanded to Nigeria in 2021 and, more recently, Ghana. From 2020 to 2022, M-KOPA recorded a compound annual growth rate of 85% in new customer acquisition, and was recently recognised as one of Africa’s Fastest-Growing Top 100 companies by the Financial Times for two consecutive years, in 2022 and 2023.
Today’s news coincides with the business reaching over 3 million customers and providing over $1 billion in cumulative credit for underbanked customers in Africa. The company continues to scale rapidly and is on track to acquire an additional million customers over the course of 2023.
With this new funding, the business aims to grow its smartphone services, expand its model to new markets and extend its financed product set. In line with M-KOPA and its partners’ longstanding commitment to creating a positive impact, the debt financing is structured to support sustainability-linked goals with pricing that is linked to the achievement of environmental and social targets.
Lendable was appointed as the Borrowing Base and Sustainability Verification Agent for the debt transaction. M-KOPA will also use the financing to drive women’s financial inclusion and reduce greenhouse gas emissions in its East African markets by increasing smartphone ownership among women and further developing its electric mobility solutions offering, respectively.
Speaking on the round, Jesse Moore, M-KOPA CEO and Co-founder said, “At M-KOPA, we are working hard to create a positive environmental and social impact by systematically addressing the barriers to digital financial services.
“We have already unlocked $1bn in cumulative credit to over 3 million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale we remain committed to building a sustainable business and closing economic and digital gender gaps. We are delighted to have the support of new and existing investors who share our vision and mission”.
“Supporting M-KOPA is in line with our purpose of driving sustainable growth for Africa and her people. Financial inclusion not only enables economic growth, it also accelerates it. M-KOPA has, in a short time, managed to positively impact so many lives by enabling access to power and smartphone connectivity, which are a vital part of enabling the economic empowerment of all.” added Nick Riley, Corporate Financing Solutions at Standard Bank.
“As a strategic investor, we are very excited to accelerate business growth through collaborative efforts in business development. By leveraging each expertise and resource, we believe this partnership will have a positive impact on both the financial and telecommunications sectors, ultimately enriching the lives of people across the continent.” commented Masaki Nakajima, Senior Managing Executive Officer, General Manager, Media & Digital Business Unit at Sumitomo Corporation.
The promoters of the Lekki Deep Sea Port- Lekki Port LFTZ Enterprise Limited (LPLEL) and the terminal operator-Lekki Freeport Terminal (LFT) have expressed the readiness of the Port for transhipment operations and restore the status of Nigeria as a cargo transhipment hub, especially within the West Africa region.
The Chief Executive Officer of Lekki Freeport Terminal, Mr Yann Magarian, made this known while fielding questions from shipping and maritime editors during a joint media parley organised by the two companies held at the Port in Lagos on Wednesday, May 10, 2023.
According to him, the Port is strategically positioned and well-equipped to help recover the transhipment of cargo lost to neighbouring West African countries and landlocked countries such as Niger and Chad Republic.
“We have had meaningful discussions with all the necessary stakeholders, including Nigerian Ports Authority and the Nigerian Customs Service, and we are confident of recovering transhipment cargo not only for the hinterland but also landlocked countries and other countries in Africa,” he said.
Magarian further noted that Lekki Port is the first Port in the region with sophisticated equipment, such as Ship to Shore (STS) cranes, to handle and discharge cargo from some of the largest vessels in the world. He stressed that the Port is fully automated to the extent that it limits as much human interface as is common with existing ports.
Also speaking during the media parley, the Chief Operating Officer Lekki Port, Laurence Smith, noted that the Lekki Port project remains a watershed in the history of maritime in Nigeria, urging stakeholders, including the media, to continue to lend their support by promoting it.
“This is the gateway to the maritime and beyond. I have not seen any investment like this anywhere other than in Dubai. This port can generate hundreds of millions of dollars in revenue for Nigeria and hundreds of thousands of jobs”, Smith said.
In his remarks, the Chief Commercial Officer, Lekki Freeport Terminal, Kehinde Olubi-Neye, commended the Federal and the Lagos State Governments for their support, especially on the work progress on the network of roads connecting the Port for cargo evacuation.
He disclosed stated that the management of Lekki Port LFTZ Enterprise Limited (LPLEL) and the terminal operator-Lekki Freeport Terminal (LFT), as well as other companies, have been in strategic meetings with the Lagos Ministry of Transportation for a holistic traffic management framework for the entire axis including the deployment of a vehicle booking system that would complement its comprehensive e-call-up system initiative.
Olubi-Neye explained that the automation process at the Port is linked to the automated gate that allows for a vehicle booking system where truck drivers are required to book appointments in advance. He revealed that the Port had completed its truck park with the capacity to accommodate 150 trucks at a time.
Delivering the votes of thanks at the end of the parley, the Executive Director, Lekki Port LFTZ Enterprise Limited (LPLEL) Mrs. Adesuwa Ladoja described the Lekki Deep Sea Port as a project of pride not only for the promoters but for the government and the people of Nigeria. She urged the media to continue supporting the project and to shape and push positive perceptions to boost the investors’ confidence and the port’s success in delivering on its economic potential for the country.
The media parley was also attended by the representatives of all the regulators at the Port, including NPA, NEPZA, The Nigerian Customs Service NDLEA, Nigeria Police, and DSS. All the government agencies present pledged their support and cooperation to the success of the Port.
Nigeria’s annual inflation rate increased to 22.22% in April from 22.04% the previous month.This is according to data released on Monday by the National Bureau of Statistics (NBS)
In comparison to the headline inflation rate in March 2023, the statistics office reported that the inflation rate for April 2023 increased by 0.18 percentage points.
The headline inflation rate was greater on an annual basis, according to the NBS, than the 16.82% rate that was registered in April 2022.
This demonstrates that the headline inflation rate rose on an annual basis in April 2023 as compared to the same month the year before (April 2022), it stated.
In April 2023, food inflation increased from 24.46 percent in March to 24.61%.
From 1.52 million barrels per day in March 2023 to 1.25 million in April 2023, Nigeria’s oil production, including condensate, decreased by 17.7 percent month over month.
In its May 2023 report, the Organization of Petroleum Exporting Countries (OPEC) said on Thursday that the country’s oil output, excluding condensate, fell by 23% month over month to 999,999 barrels per day in April 2023 from 1.3 million in May 2023.
However, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, stated in its May 2023 report – Crude Oil and Condensate Production 2023 that the output, including condensate, also decreased during the same period.
Despite the addition of condensate, which Nigeria is capable of producing between 300,000 and 400,000 of, the report reveals that Nigeria was unable to reach its 1.69 million projections for the 2023 budget.
The price of oil falls to $74 per barrel. The price of crude oil, including Nigeria’s Bonny Light, fell to $74 per barrel from $80 per barrel recorded two weeks ago, deviating by $1 from the budgeted benchmark price of $75 per barrel for 2023.
Experts anticipate a market recovery. However, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, forecasts an increase in the upcoming weeks.
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