Volition Cap, an asset management company empowering the hardworking middle-class to create wealth, announced that it has secured a fund management license from the Nigerian Securities and Exchange Commission (SEC), as of December 2022.
This license allows the company to operate as a registered fund manager in Nigeria, as it prepares to launch a suite of retail and institutional investment products for Africans living on the continent and in the Diaspora.
According to the African Development Bank, Africa’s middle class has grown to 34% over the past three decades, compared to the shrinking average of 60% and 50% in Europe and America, respectively.
However, according to a 2019 report on ‘The Investment Potential of Nigeria’s Middle Class’, despite their growing wealth, the majority of the liquid assets of this socio-economic class are primarily held in bank savings and deposits, leaving a vast gap for economic empowerment in developing countries.
Founded in 2018, Volition Cap is a game-changing asset manager that leverages traditional cooperatives, a model it created through Volition Cooperative, a licensed multi-purpose cooperative making investing stress-free for its members.
In addition to standard products, Volition Cap enables working professionals in the diaspora to transform remittances to investments, and not just gifts, so they can sustainably finance family upkeep back home and acquire local assets.
Volition Cap also provides services for HNIs and institutional investors, including fund and treasury management, business investment advisory, and individual or family investment plans. Moreover, Volition Cap’s experts have trained over 10,000 individuals on investment literacy.
By leveraging technology to distribute products, Volition Cap will reduce the cost of investment services and the challenge of easy access. With the credibility and trust that an SEC license confers, this home-grown business is poised to scale its bespoke products across Africa and the Diaspora.
Subomi Plumptre, CEO of Volition Cap, said, “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class. From our operation’s inception, we have focused on empowering this group to attain financial success. The SEC license is a significant milestone for us as we introduce retail and institutional products to drive economic growth.”
With a strong track record of success, Volition Cap has designed and managed a 3,000-member African cooperative, which led to contributors achieving a financial independence rate of up to 75% within three years.
The firm has also developed a $30 million private equity fund for agriculture and real estate projects in Africa and disbursed over $250,000 to support local filmmakers through its entertainment and media fund.
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has stated that the National Development Plan (2021–2025) was created to ensure Nigeria’s future, including meeting the requirements for achieving the Sustainable Development Goals by 2030.
She claimed that the NDP will remove industry barriers and loosen restrictions that have prevented the economy from reaching its full potential, notably in the area of product mapping. These were mentioned by the minister during a forum to assess the effectiveness of the NDP (2021–2025).
Journalists in Abuja were able to collect speeches from the event on Sunday. Dr. Sarah Alade, the Special Adviser to the President on Finance and the Economy, Prince Clem Agba, the Minister of State for Finance, Budget and National Planning, and Permanent Secretary Nebeolisa Anako were also present at the ceremony.
Additionally present were Dr. Jumoke Oduwole, Special Advisor to the President on Ease of Doing Business, Felix Okonkwo, Acting Director of the Macroeconomic Analysis Department, and economist Dayo Alao.
Okonkwo claimed that the private sector would invest N300 trillion in the NDP. Let me just say that this strategy is substantially different from other proposals we’ve had in the past, he remarked. The private sector will be its main driver.
“This plan has a financial and investment size envelope of around N350 trillion, of which the private sector will contribute N300 trillion and the government will contribute almost N50 trillion.
“The exact amount is N348 trillion, but I merely rounded it up. Therefore, only 14% of the plan’s investment comes from the public sector, while 68% comes from the private sector. Ahmed explained the rationale behind the government’s decision to push the NDP (2021–2025).
She declared, “I want it to be known that this plan is sufficiently thorough and has the potential to achieve many regional and global goals, including the AU Agenda 2063, the ECOWAS Integration Agenda 2050, and the Sustainable Development Goals 2030.
The plan is designed to play a significant role in the global product complexity arena and to adopt measures to ease restrictions that have prevented the economy from realizing its full potential, notably in the area of product mapping.
Agba claims that the plan was carefully crafted so that it wouldn’t be mistaken for the agenda of the All Progressives Congress, the Federal Government of Nigeria, or President Major General Muhammadu Buhari.
The container terminal operator for the Lekki Deep Sea Port- Lekki Freeport Terminal, a subsidiary of the CMA/CGM Group, has assured shippers of a faster turnaround time for the clearance of goods from the Port, stating that it will take between 5 to 10 days which is fastest compared what is currently obtainable in existing ports across the country.
The Chief Commercial Officer, Lekki Freeport Terminal, Mr. Kehinde Olubi-Neye, disclosed this during a joint media parley by the management of Lekki Deep Sea Port- Lekki Port LFTZ Enterprise Limited (LPLEL) and the terminal operator-Lekki Freeport Terminal (LFT) at the Port on Wednesday, May 10, 2023.
Olubi-Neye explained that the project’s promoters have made significant investments in the automation of the processes to ensure that the needless delays associated with existing ports are drastically reduced.
According to him, the automation process at the Port is linked to the automated gate to allow for a vehicle booking system where truck drivers are required to book appointments in advance. He revealed that the Port has completed the construction of a Truck Park with the capacity to accommodate 150 trucks at a time.
He hinted further that Lekki Port is presently exploring the option of barge operation as means of evacuation of cargo from the port. “We have executed significant barge moves between Ikorodu and Kirikiri. We have done over five barge moves totalling 900 Twenty-foot Equivalent Units of containers (TEUs). We also believe this would allow Lekki Port to play a role in cargo uptake using Eastern ports of Calabar, Onitsha, and Warri,” he added.
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.
Also speaking, Assistant Controller, Nigeria Customs Service (NCS), Joseph Ephraim, noted that the agency is entirely on the ground to provide the much-needed support by conducting the necessary checks before the evacuation of cargo at the Port.
Ephraim reiterated the agency’s commitment to collaborate and cooperate with other regulatory agencies to ensure and guarantee the timely evacuation of cargo at the Port.
On his part, the representative of the Managing Director Nigeria Ports Authority (NPA), Ikechukwu Onyemachara, who spoke at the event, said the NPA as a shareholder and regulator, is proud to be associated with the project, assuring the Lekki Port team of its unwavering commitment to supporting the project.
“This is a Nigerian project, and we are very proud to be associated with it. We will fast-track any necessary approval Lekki Port needs and continue to do our best to provide marine services,” Onyemachara said.
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.
Hilda Effiong Bassey, also known as Hilda Baci, a Nigerian cook, has overtaken the current Guinness World Record holder. She has beaten the Guinness World Record for the “longest cooking marathon by an individual” after clocking in at 87 hours and 50 minutes.
The restaurateur started the battle on Thursday at 4 p.m. by turning on her cooker, and she beat the current world record holder on Monday morning. If she is confirmed by Guinness World Records, she would be displacing the current world record holder, Lata Tondon, an Indian chef who achieved the feat in 2019 with 87 hours 45 minutes of record-breaking uninterrupted cooking.
Baci’s culinary marathon is presently underway in Lekki, Lagos State, at Amore Gardens. Nigerians, including numerous celebrities, withstood the downpour to physically cheer up the clearly fatigued cook in her continued record-breaking attempt.
Baci reached the four-day milestone on Monday. The chef won the inaugural Jollof Face-off Competition in 2021, taking home a top prize of $5000. The Guinness Book of Records is a reference book that contains world records for both humans and nature.
The Guinness Brewery in Ireland initially released it in 1955, and it has since become one of the world’s most well-known and regularly read reference books. To qualify for a world record listing, individuals or groups must submit documentation to the Guinness World Records team and go through a verification procedure.
The Management of the Kwara State Polytechnic, Ilorin has appealed to the Alumni Association of the institution to come to the aid of the institution so as to get operating license for its Micro Finance Bank from the Central Bank of Nigeria (CBN).
The Rector of the institution, Abdul Jimoh Mohammed made the appeal in Ilorin on Thursday on the sideline of the 50th year anniversary of the Polytechnic.
He said that obtaining the operating licence from the CBN for the instution’s Micro Finance Bank would go a long way to boost the economic status of the Polytechnic.
According to him, “In realisation of its economic benefits to staff and Polytechnic community, the management established the Kwara Polytechnic Micro Finance Bank. All necessary steps have been taken towards the take-off of the project. We have opened an account at Keystone Bank (the parent bank for the MFB). And at present, our application for operating licence awaits CBN approval”.
Mohammed who urged the members of the Alumni Association of the institution to come to the aid of the institution to get the CBN approved operating licence said that, such assistance would go a long way of advancing the benefits that the institution community would get from the approval.
Also speaking, the protem National President of the Kwara State Polytechnic Worldwide Alumni Association, Engineer Abu Salami said that, the members of the Association would rise to the appeal so as to boost the economic status of the institution.
Salami also said that, the Alumni Association has planned to establish Almuni Village that would go a long way of boosting the economic status of the Association.
He said that, “the village would cost a sum of N150million and it will have a good model rooms, worship centres, car park, conference hall among others.”
At the end of last week’s trading on the Nigerian Exchange Limited, stock investors lost N136 billion. The All-Share Index fell by 0.48 percent, or 250.69 basis points, to settle at 52,214.62 on Friday, reflecting mixed feelings.
Except for the NGX Main Board, NGX 30, NGX Banking, NGX AFR Bank Value, NGX MERI Value, NGX Industrial Goods, and NGX Sovereign Bond, which fell by 0.85 percent, 0.12 percent, 0.99 percent, 1.45 percent, 1.11 percent, 3.36 percent, and 4.83 percent, respectively, the other indices finished higher, while the NGX ASeM index closed flat.
Year-to-date returns increased to 1.88 percent at the end of the week, up from 1.78 percent on Thursday. In the previous trading week, investors on the NGX floor traded 3.602 billion shares worth N36.451 billion in 27,801 transactions, compared to 2.973 billion shares worth N22.828 billion sold in 23,765 transactions the previous week.
The Financial Services Industry (measured by volume) dominated the activity chart with 3.150 billion shares worth N27.484 billion exchanged in 14,987 transactions, accounting for 87.47 percent of total equity turnover volume and 75.40 percent of total stock turnover value.
The Conglomerates Industry came in second with 99.394 million shares worth N219.455 million in 901 transactions. The Consumer Goods Industry came in third place, with a turnover of 87.434 million shares worth N1.628 billion in 3,768 transactions.
Trading in the top three equities, namely Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc, accounted for 2.167 billion shares worth N18.650 billion in 5,083 transactions, accounting for 60.17 percent and 51.16 percent of total equity turnover volume and value, respectively.
In the preceding week, 48 shares gained less than 51 equities. 30 stocks declined in value, up from 26 the previous week, while 78 stocks were steady, down from 79 the previous week.
The Computer Warehouse Group led the gainers’ table, with shares up 56.82 percent to settle at N2.07, and Ardova Plc up 37.50 percent to close at N26.40. Transnational Corporation Plc increased by 33.51 per cent to close at N2.59, Multiverse Mining and Exploration Plc gained 32.90 per cent to close at N4.12 and Sovereign Trust Insurance Plc gained 27.27 per cent to close at N0.42.
C &I Leasing led the losers’ chart with a 19.60% drop to N3.20, followed by Access Holdings Plc with a 12% drop to N9.90, Royal Exchange Plc with a 11.48% drop to N0.54, Sunu Assurances Nigeria Plc with a 9.26% drop to N0.49, and Bua Cement with an 8.02% drop to N90.
Analysts at SCM Capital predicted that the market’s conflicting feelings would endure, even as bargain hunters acquired positions in fundamentally good equities with strong first-quarter profits.
Bismarck Rewane, Managing Director/Chief Executive Officer, Financial Derivatives Company Ltd, informed attendees at the Lagos Business School Breakfast meeting (May edition) that the impact of the cashless policy of the Central Bank of Nigeria would remain a threat to consumers’ purchasing power and would likely weigh on the second quarter performance of corporates.
“However, it will be offset by improved digital services and increased availability of cash,” he said.
Public Affairs experts and economists have warned the incoming government about policy loopholes that can derail the administration. They identified critical areas that have presently put Nigeria in bad shape which should be of major concern to the Bola Tinubu Administration.
These pit holes include: Risk-unconscious over-dependence on hydrocarbons, oil accounted for 90.5% of merchandise trade in 2022; Poor policy coordination, Expansionary fiscal operations, driven by massive borrowings vis-à-vis contractionary monetary policy; Fiscal inefficiency and revenue leakages – recourse to borrowing (it is relatively easy) and doing so inefficiently (largely through CBN), largely funding recurrent expenditure; Counterproductive fiscal policies- Fiscal Policy Reform (FPR) weakening manufacturing activities and new investments; Misplaced priorities – Deepening brown economy and disregarding sub-national comparative advantage, and discourages productivity and weak social compact.
These were part of submissions at the 3 rd National Policy Dialogue webinar organized by the Public Affairs Service of CMC Connect LLP, Perception Consulting, which took place on Thursday, May 11, 2023. The Webinar themed ‘Setting a Fiscal Policy Agenda for The Bola Ahmed Tinubu Administration’, aimed to foster a national discourse on the fiscal policy direction of the incoming government especially in the areas of regulations, taxation, excise duties and other policies that are making the ecosystem unfriendly for business growth.
The keynote Speaker, a distinguished economist renowned for his expertise in fiscal policy, banking, finance, and public sector consulting, Dr. Abiodun Adedipe stated that “The fiscal inefficiency, revenue leakages, misplaced priorities, risk-unconscious over-dependence on hydrocarbons, poor policy coordination, and counterproductive fiscal policies are the major reasons Nigeria is in a bad shape.
However, I believe this discourse will serve as a platform to tell the incoming government the need to engage the private sector deeply in formulating and reshaping economic policies that will make Nigeria and the productive sectors bounce back, thereby promoting a better Nigeria ,” he said
Furthermore, he said “what we are selling to Tinubu`s administration is to set an agenda for ourselves, to be the top 10 economy in ten years’ time”. Dr. Adedipe eloquently elaborated on strategic directions for Bola Tinubu Government. He said, in the immediate, the incoming government should match non-oil revenue to recurrent spending, aggressively promote exports to the world market starting with African countries; strengthen domestic manufacturing, interrogating the nexus between import and export tariffs.
Elaborating further, the policy expert and Chief Consultant at B. Adedipe Associates, recommended that the Tinubu government should ensure actionable, consistent and coherent fiscal, trade and monetary policies by promoting high level actions on policy coordination and ownership, unified voice on policy pronouncement, setting the right tone at the top, revamp reform on Ease of Doing Business, evaluate policies based on deliverables.
He espoused that the government must expand non-oil fiscal space, push for tax/GDP ratio of 15% and above, and align fiscal, monetary and trade policies. The dialogue had a panel of discussants drawn from different sectors of the economy. They include Mr Tilewa Adebajo, Chief Executive Officer of CFG Advisory; Mr. Vivian Ikem, Corporate Affairs and Communications Director at Japan Tobacco International; Mrs. Sade Morgan, Corporate Affairs Director at Nigerian Breweries Plc, ably represented by Mr. Uzo Odenigbo, Head of Public, External and Government Affairs, Nigerian Breweries Plc.
In his own submission, the Corporate Affairs and Communications Director at Japan Tobacco International, JTI, Mr. Vivian Ikem, who was a panelist, spoke about issues on policy consistency, stating that inconsistency in the government policies can affect the drive of foreign direct investments. He urged the incoming government to ensure consistency of policies.
He emphasized that the incoming government should ensure tight control of illicit market and stop adulterated products from grey markets being dumped into the country. Nigeria, in its present state he said, is a difficult place to do business. The incoming government should endeavor to reform the current fiscal policy and the civil service.
Other panelists Uzo Odenigbo and Tilewa Adebajo both submitted that the economy under the Tinubu administration should be data driven. Data is key in comparative fiscal analysis with other markets, and in policy formulations. Adebajo advised that the incoming government should be people centric in its policy formulations.
Oil subsidy, he stated should not be removed at once. It has to be a gradual removal while refineries are being brought to optimal performance. The former Ogun State Commissioner for Commerce and Industry, and presently the Board Chairman of Odua Group Otunba Bimbo Ashiru, advised the incoming president to be very altruistic in his appointments into key positions that are germane to the success or otherwise of his administration.
The former banker wants Mr Bola Tinubu to follow in the footsteps of Chief Olusegun Obasanjo administration, by appointing Nigerians with capacity to run the economy irrespective of tribe, religion and party affiliation. He emphasized that the incoming administration should also prioritize agricultural transformation being the largest employer of labour and contributor to the gross domestic product of the economy.
Earlier in his welcome remarks, the moderator Mr. Yomi Badejo-Okusanya, founder and Lead Partner at CMC Connect LLP, stated that “to achieve optimal growth and broadly shared prosperity, monetary policy must compliment physical goals”. Badejo-Okusanya enumerated key areas of failure of the Buhari administration, bringing out baseline facts and data on macroeconomic indicators from where Nigeria was in 2015 and where the nation is presently.
In his closing remarks, Partner, and Head of Public Affairs Service at CMC Connect LLP, Adetola Odusote, assured that “In our quest to make business thrive, government thrive and our nation to thrive, we at CMC Connect LLP shall continue with our National Policy Dialogue Series, a convergent platform for public affairs experts to champion policy direction for the government.
We have had policy Dialogue on Education and we brought the then Hon Minister of State for Education Mr Chukwumenka Nwajiuba, while the Hon Minister for Communication and Digital Economy Professor Isa Ali Ibrahim Pantami was our guest speaker when we held policy dialogue on Digital Economy and Fintech industry”.
Odusote revealed that key insights and submissions gathered from the dialogue series will be made available to the incoming government. “Our objective is to contribute to shaping a more prosperous and sustainable economic landscape for Nigeria. Our specialised services cover, Stakeholders Engagement, Government Relations, Lobbying, Advocacy & Issues Management, Strategic Communication, Crisis Management, Policy Research and Analysis.
CMC Connect LLP is a strategic communications firm headquartered in Lagos, and liaison office in Abuja, Nigeria.. The firm offers Public Relations, Reputation Risk Management, Publicity and Media Management, Financial Communications, Capacity Building, and ancillary marketing services to several companies including telecommunication giant, Airtel Nigeria. CMC Connect LLP was also recently awarded the ‘Best Place to Work’ at the Lagos State PR Industry Awards.
Nigerian deposit money banks (DMBs) that could not fulfill the 65% loan-to-deposit threshold were debited N423 billion last week due to economic uncertainty. Local institutions have witnessed periodic debits on cash reserve requirements in recent years, despite a prolonged fight to maintain a sufficient liquidity position.
Regardless of local lenders’ willingness for loan creation, the apex bank retains its stance on lending to the economy’s real sector to support development. Unfortunately, the outcome has been underwhelming, with GDP growth tracking lower in 2022.
Nigerian lenders borrowed N4 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) window to fill liquidity shortfalls.
According to observers, liquidity in the money market has improved. The strong financing profile has pushed short-term benchmark interest rates lower, while they remain in the double digits. Money market rates remained in the double digits in the first quarter and subsequently before a torrent of maturities flooded the system.
Analysts said on Friday that financial sector liquidity ended the week with an estimated balance of 270 billion, despite debits against banks’ cash reserve requirements. According to TrustBanc Capital Limited’s letter, a total of 422.7 billion was collected from local lenders’ CRR records in addition to retail secondary market intervention sales (SMIS) auction settlement.
As a result, interbank rates – open report and overnight lending – rose by approximately 125 basis points to close at 12.13% and 12.63%, respectively on Friday, according to data from the FMDQ Exchange platform.
Recall that system liquidity opened the week with a buoyant balance of ₦534.78 billion, it expanded to ₦756.77 billion on Thursday. The surge in the funding profile in the financial system was buoyed by inflows from RT200 worth ₦144 billion, initial cash reserve refund, and foreign currency swap maturities.
As a result, inter-bank funding rates traded at market floor levels all week, save for Friday. “In the coming week, bond auction settlement will usher in another round of thin liquidity and elevated funding rates regime”, TrustBanc Capital said.
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.
Hilda Baci is attempting to cook for 96 hours, using the extra 9 hours to beat the world record for the most time spent cooking a marathon.
Lata Tondon, an Indian chef, presently holds the world record for the longest cooking marathon, which she performed in Rewa, India in 2019 in 87 hours, 45 minutes, and 00 seconds.
Baci began her four-day cooking marathon challenge on May 11th in the Amore Gardens, and she is nearly finished.
Here are 20 things to know about Hilda Baci
Her real name is Hilda Bassey Effiong. She is a young Nigerian chef from Akwa Ibom State. She owes a food brand in Lagos called “My Food by Hilda”
She will be cooking for 4 days non-stop.
She must stand to cook, she is not permitted to sit while cooking.
She’s not allowed to take coffee, stimulants, or any energy drink to artificially boost her energy and bodily strength while cooking.
She’s allowed to eat food, drink water or fruit juice, and take glucose.
The cooking is taking place at Amore Gardens, Lekki, Lagos State, Nigeria.
She cooks round the clock, no sleep (Morning, afternoon, evening, and night. So, for 4 nights, she won’t sleep).
She has just 5 minutes rest per hour [meaning for every 1 hour, she is entitled to just 5 minutes rest or break, that’s an hour break in every 12 hours]. She gets a 30-minute break every 6 hours, she spends the 30mins in a medical van which is just close by, within which she can nap, use the restroom, and also get a medical assessment or checkup by the medical team available on the spot.
Whatever she cooks is shared to the people at the venue for FREE. She is not selling the food.
She cooks different meals simultaneously. She is at liberty to cook any meal she likes. There are no restrictions as to what she can cook or not cook. The World Record title is about cooking within a time frame, not about what is cooked. As long as she is cooking, she is on track.
Every meal cooked and every plate served is recorded. She has cooked over 115 meals so far with almost 3,000 portions if not more by the time you are reading this.
She started the cooking on Thursday and is expected to complete the target time frame by Monday 15th May, 2023 evening.
The current holder of the title Hilda seeks to break is an Indian chef Lata Tandon, who set a Guinness World Record for cooking for 87 hours and 45 minutes non-stop in 2019.
To break the record, Hilda Baci is attempting to cook for 96 hours, using extra 9 hours to break the world record as the first human on earth to spend such an amount of time cooking a marathon.
She tagged the cooking project “Cook-a-thon”, a phrase literally coined from the word “marathon”
She appears exhausted already, but the people around her are cheering her on to boost her morale. And they are available with her as she cook 247, even at night.
Most of the food items, ingredients, utensils, etc she used for this project are provided by her sponsors. So, the money expended on this project is not 100% from Hilda or her Food brand.
Uber, one of her partners is offering a 40% discounted ride to the venue for people who wishes to join and cheer her up at the venue.
Hilda’s mum is also a chef. She owes a food brand called “Calabar Pot”
She is 27 years old.
Why the challenge?
Baci stated that undertaking the assignment was one of her greatest ambitions, adding that it is also an opportunity to communicate some wonderful stories from Africa through the meals that we eat.
“The journey to the cook-a-thon started five years ago. It is one of my biggest aspirations and I am glad that I took the bold step to embark on this adventure. I have taken time to prepare for this psychologically and I am proud to finally take on this challenge.”
“The cook-a-thon is also an opportunity to tell some of the positive stories that come from Africa through the meals that we make.”
“This attempt is also proof of the strength young people can exhibit with the right platform and support. I look forward to receiving support from people across the world to achieve this feat,” she said.
Support
Thousands of Nigerians have shown their support for Hilda Baci including politicians and celebrities. Her ambition to make history has sparked a lot of interest among Nigerians, who are still rallying behind her on social media and at the cook-a-thon location, Amore Gardens in Lekki, Lagos State.
Baci’s growth has being streamed live for millions of people on various social media sites, and she has been trending on all of them.
In an Instagram live video on Sunday, Nigeria’s President-elect, Bola Ahmed Tinubu, expressed his support for the young Akwa-Ibom indigene, writing, “IDAN doesn’t break, she breaks records.” Hilda, we’re rooting for you.”
The governor of Lagos State, Babjide Sanwo-Olu who was at the cooking scence tweeted, “I showed up to support Chef Hilda Baci, in her quest to break the Guinness World Record @GWR for the longest time spent cooking by an individual.
“Her dedication, passion for cooking as well as her desire to put our rich culture on the map by not only exhibiting our food but also the resilience, determination, energy and team spirit that has come to be known as the spirit of Lagos and indeed Nigeria is truly remarkable.
“We are proud to have Hilda embarking on this journey in our state. I will continue to follow the updates and look forward to the final declaration,” he said.
I showed up to support Chef Hilda Baci, in her quest to break the Guinness World Record @GWR for the longest time spent cooking by an individual.
Her dedication, passion for cooking as well as her desire to put our rich culture on the map by not only exhibiting our food but… pic.twitter.com/R5qBP4U7wN
We see you, Chef Hilda, standing at the crossroads of history, ready to carve your name in the annals of world records. This is no easy feat, but we believe wholeheartedly in your grit and your passion. You are inspiring millions by showcasing the strength of the human spirit.… pic.twitter.com/ZHG5DqNA6P
Joining all excited Nigerians to root for Hilda Baci @hildabacicooks who is evidently a woman diligent in her work…. and she shall surely stand before kings and not mean men. Go Hilda!👍🏾 pic.twitter.com/YmItdBiUjK
According to the Debt Management Office (DMO), Nigeria’s high debt profile is the result of decades of running budget deficits by successive administrations. Patience Oniha, the Director-General of the DMO, stated this on Sunday in Abuja.
According to Oniha, an analysis of Nigeria’s fiscal statistics reveals that the government has not only run expanding budget deficits, but that the majority of the deficits have been sustained by domestic and foreign borrowing.
“The records show that deficits in the annual budgets, including supplementary budgets rose to N10.78 trillion in 2023 from N1.62 trillion in 2015.
“Between 82 per cent and 99 per cent of these were funded by new borrowing which ranged from N1.46 trillion in 2015 to N8.80 trillion in 2023.
“These facts confirm that these budget deficits, funded by new borrowings, have been responsible for the rapid growth in the debt stock and the resultant increases in debt service,” she said. According to Oniha, this trend could have been avoided or at least moderated if revenues had been higher or expenditures lower.
She tasked the incoming government of Sen. Bola Tinubu to take cognisance of the situation and prioritise increased revenue generation.
“The budget deficits would have been much smaller, or Nigeria would have operated on a balanced budget. It is therefore imperative that the incoming government takes into account the perennial budget deficits in the preparation of the Medium-Term Expenditure Framework (2024 – 2026) and the 2024 budget.
“The government should also accelerate the growth in revenues to ensure debt sustainability,” she said.
Nigeria’s debt profile remained at N46.25 trillion in December 2022, an increase of around seven trillion Naira from the debt estimates for 2021. The total public debt stock, on the other hand, consists of the Federal Government’s domestic and foreign debt stocks, as well as the debt stocks of the 36 state governments and the Federal Capital Territory.
Total domestic debt stock is N27.55 trillion ($61.42 billion), whereas total external debt stock is N18.7 trillion ($41.6 billion). The public debt statistics, however, do not include the Federal Government’s N22.7 trillion debt to the Central Bank of Nigeria (CBN) through Ways and Means advances.
The Ways and Means advances, which has been securitised by the Senate, and presently awaiting concurrent securitisation by the House of Representatives before it is included in the country’s public debt stock.
The Nigerian Immigration Service (NIS) unveiled that about 80 personnel have been charged for illegally collecting fees for the issuing and renewal of passports.
Tony Akuneme, NIS spokesperson, said on Sunday that eight officers have been fired in connection with the violation in the last year.
He stated that the disciplinary measures are part of Isah Jere’s three-point reform program as NIS comptroller general (CG).
Akuneme said that the CG’s three-point objective includes passport reform, enhancing border security, and boosting the welfare of NIS officers.
According to the NIS spokeswoman, the CG has committed to penalize officers who attempt to hinder the reform effort.
“We have continued to punish NIS officers and men who try to assist people for a fee. You can assist people genuinely but not extorting from them,” he said.
“We are committed to curbing corruption and other illicit acts in the service. You will appreciate the fact that if nothing else, the level of awareness has increased in the last few months.
“Don’t patronise agents, fill your forms yourself. We have officers watching and these agents know they are being watched. When they take money from you, tell us. If we don’t take action, tell the world.”
He claims that using third-party agents to secure passports stymies the reform process.
“We have tried as much as possible to eliminate third parties so that if you really want, you can process the application of your passport from the comfort of your room on your laptop, android phones and you can pay online,” Akuneme said.
“You don’t really need anybody whether immigration officers or agents which we usually call louts. They have upgraded and become agents. They are still third parties.
“The problem we have is the use of third parties because no matter how much reform you put in, you will always see a learned and civilised person using a third party to process his or her application.
“And one thing they don’t understand is that third parties don’t have an idea of the information entered into your application. This can result in somebody having issues with his/her National Identification Number (NIN).”
L-R: Franklin Ali, Chief Human Resources Officer, Interswitch Nigeria; Ivie Temitayo-Ibitoye, Head of Employee Relations, Sahara Group and Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch Purepay) at the second edition of the Interswitch Career Fair held on Saturday, May 13, 2023, in Lagos.
Interswitch Group, Africa’s leading integrated payments and digital commerce company, recently hosted the second edition of its annual Interswitch Career Fair, which took place on May 13, 2023, at the Landmark Event Center in Victoria Island, Lagos State.
The event, themed ‘The Future of Work’ explored trends around relevant subject matters such as navigating the Nigerian job market, career acceleration in today’s digital age, innovation in the workplace and navigating the world of tech as a woman. The event drew attendees from different professional spaces from across the country seeking career growth opportunities.
The Interswitch Career Fair 2.0, like its antecedent, serves as a platform for career professionals to connect with like-minds and interface with experts in various fields including Finance, Technology, Marketing, and Human Resources, among others. Attendees were also exposed to valuable tips on how to stand out at the workplace and given insights into becoming a part of Interswitch’s recently launched talent community tagged #TalentConnect.
To give a better understanding of Interswitch’s goal, mission, and vision for Africa and Africans, and the prospects that the pioneer technology firm offers, Interswitch’s representatives were on ground to deliver impactful and engaging discourses. These were tailored to aid attendees whose philosophies align with the tech giant’s objective to inspire a prosperous Africa.
Attendees were also treated to panel discussions, presentations, and workshops on various topics relating to career development and growth, featuring industry experts including Franklin Ali, Chief Human Resources Officer, Interswitch Nigeria; Akeem Lawal, MD, Interswitch Payment Processing and Switching (Interswitch Purepay), Damilola Olokesusi, Co-Founder/CEO Shuttlers; Halima Usman, Divisional Head, Core Operations, Interswitch; Adaobi Okerekeocha, Chief Innovation Officer, Interswitch; Ivie Temitayo-Ibitoye, Head of Employee Relations, Sahara Group and Sikemi Tayo, CEO, Kit for Professionals.
During the job fair segment, attendees were given the opportunity to interact with company representatives stationed at the various booths set up to satisfy their career curiosities and employment potentials at The Switch.
Speaking about the event, Ali explained Interswitch’s commitment to supporting Nigeria’s expanding workforce by empowering them through initiatives such as the Career Fair.
He stated that the Interswitch Career Fair 2.0 was a great success and a significant milestone for them at Interswitch. “We are committed to empowering talented young people in Nigeria, and this event was an opportunity for us to equip aspiring professionals with the latest work trends and point them towards the right opportunities” he added.
With thousands of job seekers in attendance and a chance to join the Interswitch community, many left motivated to pursue their career goals, having gained valuable insights and advice to propel their dreams of kick-starting and accelerating their professional careers.
The Career Fair was proudly supported by Google, Udemy, LinkedIn, dbrown Consulting and the Interswitch Developer Community.
The success of the Interswitch Career Fair 2.0 is a testament to Interswitch Group’s commitment to grooming and nurturing the sharpest and best minds who will in turn become leaders in various sectors of the economy in the future.
Telecommunications operators in Nigeria say the Nigerian Communications Commission (NCC) has given them permission to disconnect banks with debts of N120 billion in Unstructured Supplementary Service Data (USSD).
This was revealed in a statement released on Friday in Lagos by Mr Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON). He stated that if banks did not pay their debts, Mobile Network Operators (MNOs) will disconnect them.
According to Adebayo, the consent was granted because, despite multi-party stakeholder attempts to address the matter and avoid any impact on services, banks continued to accrue more debt without making comparable payments.
He said members of the public would recall that MNOs and banks had protracted disagreements concerning the appropriate USSD pricing model for financial transactions, transparency of charges, mode of collection and liability for payment of the outstanding and continuous service fees due to the MNOs.
“Due to the inability of MNOs and banks to reach an agreement on the issues, MNOs in 2021 sought to disconnect banks due to the unpaid debts which stood at N42 billion as at that time.
“However, the Minister of Communication and Digital Economy, Prof. Isa Pantami, intervened and asked the MNOs not to disconnect banks as the action will negatively impact on the digital and financial inclusion policy of the Federal Government.
“Unfortunately, the patriotic intervention of the minister and the NCC have been taken for granted by the banks, as two years after, the banks have failed to sign a final agreement,” he said.
Adebayo also out that the contract between MNOs and banks on the use of USSDs for banking transactions was entirely commercial, and MNOs were free to remove the services if the transaction was unprofitable for them.
He stated that throughout the years, MNOs have committed billions of naira in developing their infrastructure to meet the USSD demands of banks.
According to Adebayo, this has resulted in more Nigerians having access to financial services, as well as allowing banks to save costs by requiring fewer locations to service their rising client base.
He said that unfortunately, MNOs were not getting paid for their services and the debt that stood at N42 billion in 2021 had now risen to over N120 billion.
“It is obvious that the level of debt is unsustainable given the time or value of the huge cost of the continuous upgrade, operation of the systems and infrastructure dedicated to supporting USSD transactions of banks.
“In view of the foregoing, unless banks meet their debt obligations, MNOs will disconnect all banks indebted to them for USSD services rendered,” Adebayo said
Hello there, You may find a range of African dresses for ladies on this page, all in different shapes and styles. Africa is home to some of the most unique and seductive designs in the world.
From traditional materials to modern apparel, African designs stand out from other trends thanks to their distinct personality. They feature eye-catching patterns, vibrant hues, and luxurious fabrics that are a reflection of the continent’s rich cultural heritage.
Particularly when dressed in traditional African garb, we Africans are quickly identifiable and recognized.
Since you’re about to learn about some hot trends, this is a wonderful moment to sit back and unwind.
As you browse through our enormous selection of unique styles in 2023, you will choose the most elegant dress to wear wherever.
Dresses, skirts, blouses, jumpsuits, agbada, tops, and other clothing are made from Ankara, lace, crepe, and other materials. This season, these African outfits for ladies are ideal for improving your appearance and self-assurance. Our women’s clothing will make a statement at any formal event, party, wedding, religious gathering, homecoming, commemoration of African History Month, or family reunion. The top Nigerian designers tenderly handcraft these clothes, which may be ordered in bespoke sizes.
Wearing these looks would offer you a beautiful appearance and inspire confidence in others while you are out in public, giving you full control over your posture.
So dazzling, really lucid, and well-tailored. These Designers speak the language of African women’s fashion and designs. Each style has a unique aesthetic, which is expressed in its clothing, jewelry. The following are some of the most popular designs:
Any average-looking woman can be transformed into a dazzling diva by wearing such a beautiful gown. No other dress can match the short gown’s beauty and appeal. This timeless piece of clothing is essential for modern traditional women.
An evening gown enhances your sense of elegance and is worn at formal events like award ceremonies, proms, weddings, and parties. Which outfit will highlight a woman’s attractiveness and curves the best? These dresses come in a variety of cuts, styles, and fabrics. To make your style appealing and draw attention to you, it is crucial to get the ideal evening gown. This outfit was made by House of Miva
Every woman’s desire is met thanks to designers’ wide range of gown types. Long, flowing dresses, A-line, mermaid, layered, or pleated dresses, as well as many different necklines, are just a few examples. Each look gives the wearer a unique identity. Additionally, various people have distinct mental models when designing gowns. Like some women choose to draw attention to their feminine curves while concealing their cleavage and legs, while others prefer to appeal in a revealing way.
These jumpsuits designs are linked to glamour and luxury. These outfits are made of materials like silk, velvet, satin giving them a distinctly timeless and fashionable appearance. Additionally, sequins, pearls, laces, and gems are stitched or used as embellishments on these expensive materials. Well-designed clothing requires good detailing.
Ankara short gown fashion is very widely worn in Nigeria and West Africa. People with good style never underrate a thing’s beauty. Ankara gowns are currently in style as Friday attire in the majority of establishments. This outfit was made by kyrostitches
The US dollar gained ground versus the euro on Friday and was on track for its greatest weekly gain since February, as concerns about the US debt ceiling and monetary policy triggered a flight to safe havens. Analysts believe the dollar will gain as debt limit negotiations continue and markets reconsider the narrative that the US Federal Reserve would lower interest rates before the end of the year.
Fed Governor Michelle Bowman stated that if inflation remains strong, the central bank will likely need to hike rates further, adding that crucial evidence so far this month has not convinced her that price pressures are subsiding.
“It certainly does seem like Bowman’s comments this morning have added weight to the idea that the Fed will perhaps maintain that higher-for-longer stance. And that will keep yields relatively well supported,” said Karl Schamotta, chief market strategist of Corpay in Toronto.
On Thursday, the Bank of England raised interest rates by 25 basis points to 4.5%. The British economy increased by 0.1% in the first quarter, according to data released on Friday. Nonetheless, the pound fell 0.2% to $1.2490, while the euro fell 0.4% to $1.0874, a day after hitting a one-month low.
The dollar index rose 0.3% to 102.42 early in the morning, giving it a 1.1% weekly gain. It lost ground after news that May U.S. consumer confidence fell to a six-month low, as a deadlock over raising the federal government’s borrowing limit fueled concerns about the economy.
Recent data indicating a weakening economy has bolstered the case for the Fed to suspend rate hikes at its June meeting, but this hasn’t damaged the dollar. Data showed U.S. consumer price index inflation cooling to 4.9% year-on-year in April. Moreover, weekly jobless claims rose more than expected.
However, analysts said markets had expected even weaker data. And worries about the U.S. debt ceiling and regional banking stress persist. PacWest Bancorp shares plunged 23% a day after the lender revealed a sharp drop in deposits.
“I guess the recent USD strength is largely driven by increased safe-haven demand in view of ‘unknown unknowns,’ i.e. how severe are vulnerabilities in U.S. regional banks and what might be the fallout of an escalation in the U.S. debt ceiling conflict,” said Esther Reichelt, FX strategist at Commerzbank.
Given this huge uncertainty, “the dollar might be the best bet they have,” she added.
The average yield on Federal Government of Nigeria (FGN) bonds fell to 14% on Monday as the asset, fund managers, and debt management office (DMO) auction sales took place.
Nigeria’s debt office will reopen bonds with interest rates of 13.98% FGN FEB 2028, 12.50% FGN APR 2032, 13.00% FGN JAN 2042, and 12.98% FGN MAR 2050, totaling N360.00 billion.
Simultaneously, the National Bureau of Statistics is anticipated to disclose last month’s inflation numbers. Following the Nigerian currency crisis in the first quarter of 2023, headline inflation in March increased to 22.04%. A number of fixed income securities specialists believe the outcome of the May 2023 FGN bond auction will have an impact in the secondary market
FGN bonds traded in the secondary market were essentially flat for the majority of maturities. The market was range-bound throughout the week, with investors trading carefully.
The rates on the 20-year 16.25% FGN MAR 2037 debt and the 30-year 12.98% FGN MAR 2050 bonds, in particular, remained constant at 15.23% and 15.83%, respectively. The yield on the benchmark 10-year 16.29% FGN MAR 2027 note, on the other hand, fell two basis points to 12.73% (from 12.84%).
Fixed income securities dealers indicated that the value of the 15-year 12.50% FGN MAR 2035 paper fell N1.02 as its equivalent yield increased to 14.96% from 14.75%, based on a pocket of transactions witnessed last week. According to analysts note, some market participants, fixed income securities investors cherry-picked instruments with attractive yields across the curve, particularly at the mid and long-tenor instruments.
As a result, the average yield across instruments contracted by 9 basis points to 14.0%. Across the benchmark curve, the average yield dipped on the short-end (-37bps) instruments, due to interest on the MAR-2024 (-173bps) bond. Yields however expanded on the long-end instruments, losing 3 basis points following profit-taking on the MAR-2035 (+21bps) bond. Meanwhile, the average yield was flat at the mid-segment.
Analysts gauged the temperature in the fixed income market, saying, sentiment in the secondary market was mixed despite the buoyant liquidity in the system. Most of the trading efforts were concentrated at the near and mid ends of the curve, amidst preparation for Monday’s auction exercise, TrustBanc Capital Limited said in a note.
Offer for Mar-35 (+21bps) maturity submerged bids for Mar-27 (-11bps) and Mar-25 (-2bps) papers. As a result, the average yield closed at 14.31% week-on-week, barely above last week’s 14.30%.
The federal government has clarified that it was not seeking another $800 million loan from the World Bank to cushion the impact of the impending removal of petroleum subsidy on vulnerable Nigerians.
The Minister of Finance, Budget and National Planning, Zainab Ahmed who gave the clarification in a statement yesterday, said her attention had been drawn to reports suggesting that the federal government was seeking new loans to cushion the effect of the pending fuel subsidy removal, describing the news reports as incorrect.
Last Thursday’s letter by President Muhammadu Buhari requesting “the Senate to kindly approve an ‘additional’ loan facility to the tune of $8OO million to be secured from the World Bank for the National Social Safety Net Programme” had triggered outrage from many Nigerians who interpreted the request to mean a fresh $800 million, different from the one that had been reportedly secured by the administration.
The finance minister had at the end of the Federal Executive Council (FEC) meeting on April 5, 2023, announced that Nigeria had already secured $800 million from the World Bank to help provide palliatives to about 50 million poor Nigerians in the aftermath of fuel subsidy removal.
However, in a statement captioned “Nigeria Seeks No New World Bank Loan-Ahmed,” and issued by her Special Adviser, Media, and Communications, Yunusa Tanko Abdullahi, the minister said the $800 million in question was the same one secured from the World Bank recently.”
According to the statement, “The news story is not correct. This is the same loan that the Honourable Minister had explained on several occasions that the $800 million facility the country recently got from the World Bank for post-petrol subsidy removal palliative was awaiting parliamentary approval for the federal government to commence disbursement.
“The government is therefore not seeking another loan for the pending fuel subsidy removal. It is the same.
“It will be recalled that the facility would be deployed to provide succor to 10 million households, who are expected to get N5,000 each for six months.
“The minister had explained that the initial duration of the palliatives meant to cushion the effects of the planned subsidy removal on vulnerable Nigerians was for six months, but would be reviewed upon extensive consultation with stakeholders.”
The statement further quoted the minister as having recently explained that “the $800 million has been negotiated and approved by the Federal Executive Council (FEC) and we now have a request before the parliament for approval. And once the parliament approves it, the next administration can decide on the utilisation.
“We’ve also been doing preparatory work side by side along the approval process. This includes expanding the committee to include members of the transition team of the President-elect.
“The process will include the verification of the social register which will be used for electronic transfers of the funds.”
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