Nigeria’s borrowing from the World Bank has reached $14.34 billion as of March 31, 2023. This was an increase from the $13.93 billion debt recorded by the Debt Management Office, DMO, as of December 31, 2022.
This means that fresh disbursements on approved loans added $410 million to Nigeria’s debt from the World Bank in the first quarter of 2023.
The IBRD lends to governments of middle-income and creditworthy low-income countries, while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.
The data obtained from the Washington-based bank showed that Nigeria had a debt of $488.66 million from IBRD and $13.85 billion from IDA as of March 31, 2023.
It was observed that the first World Bank loan was acquired in the fiscal year of 1947, according to data from the World Bank.
Since that period, Nigeria has acquired a total of $7.49 billion from IBRD and $26.17 billion from IDA.
This means that a total of $33.66 billion has been borrowed from the World Bank since 1947.
It was also observed that about $7.29 billion had been repaid on the loans, with $7.86 billion yet to be disbursed by the bank.
The data also showed that about $3.28 billion approved loans were further cancelled.
DMO defends Nigeria’s secured loans from World Bank
Addressing the criticism that greeted Nigeria’s increasing loan profile from World Bank, DMO, in a statement, said the financial institution’s IDA was a positive development for Nigeria.
The statement read in part, “Positive development in the sense that IDA Loans are concessional, that is, they attract low charges and are for very long tenors in some cases, exceeding 30 years. These are the types of Loans required to fund development in countries such as Nigeria.
“By accessing IDA funding, the Government is actively reducing debt service costs, since non-concessional funding is usually more expensive and for shorter tenors. Indeed, it will be inefficient for Nigeria to borrow from commercial sources when concessional funding sources such as IDA is available.”
The debt management office maintained that it is a plus that Nigeria qualifies for such loans.
Wema Bank, Nigeria’s leading innovative bank, is excited to announce the top 3 contestants in its highly anticipated Sounds of ALAT competition. The competition, launched a few months ago, aimed to discover and support budding upcoming musicians across Nigeria, and give them a platform to showcase their talent to the world.
After a rigorous selection process, the top 3 contestants; Onyealisigwe Bright, Fashoro Taiye, and Kareem Tomiwa were unanimously announced by the celebrity judges; Cobhams Asuquo, Omawumi, DJ Sose, and Alpha Ojini at a 4-day boot camp hosted at the bank’s Purple Academy.
These talented top 3 individuals will now proceed to the final stage of the competition, where they will battle it out for the grand prize of N3 million for the Winner, N2 million for 1st runner up, and N1 million for the 2nd runner up.
Speaking on the announcement of the top 3 contestants, Mabel Adeteye, Head of Brand & Marketing Communication at Wema Bank, said, “We are proud of the caliber of talent we have seen in the Sounds of ALAT competition. The level of skill and creativity displayed by the contestants is a testament to the incredible music talent that exists in Nigeria. Wema Bank is committed to supporting the growth and development of individuals and businesses across Nigeria, and Sounds of ALAT is just one of the many ways in which we are doing so.”
The final stage of the competition will take place on Saturday, 6th May 2023, and fans of the contestants and music lovers across Nigeria are encouraged to follow Wema Bank and ALAT social media handles to watch the final competition live.
Sounds of ALAT received an overwhelming response, with over 500 entries from various parts of Nigeria. From this pool of entries, 10 participants were shortlisted for the next round, namely John Daramola, Demebide Moni Annie, Fashoro Taiye, Okafor Jane, Kareem Tomiwa, Emesim Chigozie, Olasunkanmi Alabi, Onyealisigwe Bright, Ale Felix, and Oluwatimilehin Fortune, who all put in their best.
The shortlisted candidates had a 4-day boot camp that took place at the Wema Bank Purple Academy. The boot camp provided an immersive experience for the participants to learn from music industry experts and develop their skills. The celebrity judges, including Omawumi, DJ Sose, Cobhams Asuquo, and Alpha Ojini, provided constructive feedback to the top 10 participants during the masterclass and the studio recording sessions.
Wema Bank is committed to fostering the growth of the Nigerian music industry and supporting talented individuals. Sounds of ALAT is a testament to the bank’s unwavering commitment to promoting creativity, innovation, and entrepreneurship in Nigeria.
Ten commercial banks that are listed on the Nigerian Exchange Limited (NGX) collectively paid N260.3 billion in company income tax (CIT) in 2022, a 28 percent increase from the N203.06 billion they paid in 2021.
This information was provided by the banks in their 2022 audited financial statements.
The banks that received payment from the CIT are Zenith Bank (N60.7 billion), Access Bank (N14.7 billion), GTBank (N44.9 billion), and UBA (N30.6 billion). Additional financial institutions include Ecobank (N79.88 billion), Stanbic IBTC (N19.5 billion), Union Bank (N1.6 billion), Fidelity Bank (N6.9 billion), Sterling Bank (N1.4 billion), and Unity Bank (N117.2 million).
The hike in CIT came after the banks’ combined profit after tax, or PAT, increased by 7.11 percent year over year (YoY), from N989.6 billion in 2021 to N1.06 trillion in 2022.
However, the profit after tax for some banks fell year over year.
10.7% of the total CIT generated into the Federation Account in 2022 will be made up of CIT paid by banks.
The overall CIT revenues increased by 68% from N1.67 trillion in 2021 to N2.8 trillion in 2022, according to data from the Nigeria Bureau of Statistics.
Analysts remarked that despite an increase in CIT revenues, the country’s tax-to-Gross Domestic Product (GDP) ratio is still low, particularly in light of the Federal government’s massive deficit expenditures.
Analysts from FBNQuest Securities Limited commented, saying: “Nigeria’s tax revenue-to-GDP is low especially when compared with sub-Saharan African rivals, despite the growth in tax take being laudable due to improvements in tax administration and collection efficiency.
In comparison to comparable tax income-to-GDP ratios for South Africa, Kenya, and Ghana with c. 23%, 14%, and 11%, respectively, Nigeria’s non-oil revenue, which is less than 5% of GDP, is less favorable.
Going forward, we anticipate the new administration to increase non-oil-related taxes by expanding the tax base and enhancing tax collection effectiveness.
The International Committee of the All Africa Music Awards (AFRIMA), has implored governments of African countries to arrest the growing cases of violent deaths against music stars on the continent just as it urged the South African authorities to expedite the process of prosecution of the killers of rapper Kiernan Forbes popularly known as AKA.
AFRIMA recalls that the 35-year-old AKA was killed in a cold-blooded shooting on February 10, 2023, at a nightclub in Durban, South Africa and the awards body is demanding that everyone linked to his gruesome murder be expeditiously brought to justice.
President and Executive Producer, AFRIMA, Mike Dada, in a statement, said governments of African nations must make deliberate efforts to prevent violent attacks against music talents, averring that the disturbing trend could potentially erode the gains recorded in the creative industry over the years if not checked.
Dada said the murder of AKA is a wake-up call to governments across the continent to scale up their security architecture to encourage the protection of talented individuals. He suggested that efforts should be sustained to checkmate the proliferation of small arms especially.
AFRIMA said the senseless killing of AKA utterly hurts African creative space, insisting that South African authorities must arrest and prosecute everyone involved in the dastardly act.
“We strongly demand from the government of South Africa to arrest and prosecute all the persons involved in the killing of AKA to serve as a deterrent to criminally-minded individuals who cut short the lives of talents at their prime. The crime deterrent is for criminals to know that there is a big chance for them to be arrested, prosecuted and convicted; we strongly call for justice to be sufficiently served in this case.
“However, this is also a call to the governments of various countries across the continent of Africa to react to this gruesome killing by addressing the challenge of the proliferation of small arms. The trend of arms proliferation in Africa has had an impact on the continent’s internal security, which has led to violence and the deaths and injury of thousands of innocent citizens including our music stars and we encourage steps that will lead to the protection of the lives of our talented stars.
“Our ideals include using the platform of AFRIMA to promote the strength of Africa and tell a positive story of the continent and we believe we can tackle poverty, inequality, unemployment, climate change and other challenges bedeviling our dear continent through music but the lives of creative talents should be protected to fully realise these lofty dreams,” he said.
Similarly, speaking on AKA’s killing, AFRIMA’s Country Director, South Africa, Lekunutu Seboko, said the government of the country must back up its promises and assurances with concrete action by solving the murder case in good time. He believes bringing the perpetrators of the heinous crime to book will deepen the trust and belief in a better future for not only the music stars in the country but all South Africans, where they can feel safe and secure in their homes and communities.
“AKA’s sudden death is a deeply disturbing tragedy and development in South African music; the ghastly manner of his death has had international reverberations and our government must endeavour to bring his assailants to book to prove to the world that we indeed operate a system that uplifts justice and sanity.
“Undoubtedly, the African music landscape is diminished by his untimely death; but it is now the responsibility of South African authorities to ensure that justice prevails. We understand that some arrests have been made, but the process of bringing everyone connected to his death to book must be swift because justice delayed is justice denied,” he said.
AFRIMA also reacted to the sudden death of another South African rapper Costa Titch who died in March while performing on stage.
Dada said the invaluable contributions of Costa Stitch, whose real name was Constantinos Tsobanoglou, and AKA to Africa’s creative and music ecosystem would be sorely missed.
He added that African music was yet to come to terms with the sudden demise of the two great artists, describing them as true musical giants whose incredible songs and voices touched countless lives.
He added that AKA set the bar high for South African hip-hop just as Costa Titch took it up a notch and the two superstars collectively and collaboratively projected African music and culture on the world stage with many songs they did together.
He added that the two music icons were prominent figures in the AFRIMA community, recalling that AKA was a winner while Costa Titch won multiple nominations.
Dada said: “The deaths of AKA and Costa Titch will continue to cause significant reverberations across the African music fraternity because their contributions to the art were simply magical. Their music, messages, and successes gave hope to young Africans mired in poverty, violence, and uncertainty. Their works did not only elevate the hip-hop genre to the mainstream of South African music but impacted the global music audience in a manner that deepened the acceptance of African music and culture on a large scale.
“Their losses are personal to us in AFRIMA because they have been part of our journey. We recall that AKA won the Best African Collaboration award in the 2015 edition of AFRIMA for his effort on ‘All Eyes on Me’ which features Burna Boy, Da LES and others, while Costa Titch got a historic six nominations in the recently held 2022 edition. The greatness of their crafts is still being acknowledged even in their graves.
“We are still sombre and sad about their sudden departures. They inspired the whole of our continent; full of faith, courage, and strength, they have left a huge void in the music industry and their invaluable contributions to the African music ecosystem would be missed forever.”
COVID-19 is no longer a worldwide health emergency, according to the World Health Organization (WHO).
COVID was declared a public health emergency of international concern by the organization on January 20, 2020, the highest level of alert under international law.
The pandemic has been on a downward trend for more than a year, according to the director-general, with population immunity increasing, mortality reducing, and demand on health-care systems easing.
“This trend has allowed most countries to return to life as we knew it before COVID-19,” he said.
“For the past year, the emergency committee – and WHO – have been analysing the data carefully and considering when the time would be right to lower the level of alarm.
“Yesterday, the emergency committee met for the 15th time and recommended to me that I declare an end to the public health emergency of international concern. I have accepted that advice.
“It is therefore with great hope that I declare COVID-19 over as a global health emergency.”
Ghebreyesus, on the other hand, cautioned that the designation did not mean COVID was no longer a global health hazard, noting that the virus claimed a life every three minutes in the preceding week.
“As we speak, thousands of people around the world are fighting for their lives in intensive care units,” he said.
“And millions more continue to live with the debilitating effects of post-COVID-19 condition.
“This virus is here to stay. It is still killing, and it’s still changing. The risk remains of new variants emerging that cause new surges in cases and deaths.
“The worst thing any country could do now is to use this news as a reason to let down its guard, to dismantle the systems it has built, or to send the message to its people that COVID-19 is nothing to worry about.
“What this news means is that it is time for countries to transition from emergency mode to managing COVID-19 alongside other infectious diseases.”
Vigilance, collaboration, government support, and legal action are important ingredients for press freedom. These were the thoughts of Motunrayo Alaka, ED/CEO Wole Soyinka Centre for Investigative Journalism (WSCIJ); Stella Iyaji, Managing Editor of Daily Trust Newspaper; Adeolu Adekola, Project Manager, Centre for Investigative Journalism (CIJ) and other contributors during the WSCIJ Twitter Spaces event, tagged, “Shaping the future of press freedom in Africa”, to mark the 2023 World Press Freedom Day on 3rd May.
At the event moderated by moderated by Wemimo Adewuni, Senior Programme Officer, WSCIJ, Motunrayo Alaka, described freedom of expression from which freedom of the press emanates, as a driver for all other human rights.
For her, freedom of expression is the foundation of other freedoms- access to information, the right to know, the right to life, the right to education, the right to male-female equality, and many other rights. She alluded to the World Press Freedom Index which ranked Nigeria one hundred and twenty-nine (129) out of 180 and categorised it as one of the most problematic countries for press freedom in the world.
Alaka lamented the Strategic Lawsuits Against Public Participation (SLAPP) strategy by political office holders, government agencies and the private sector to deliberately sue journalists and media houses in a bid to frustrate freedom of the press with the long judicial processes. Alaka cited cases where out of concern about the slow judicial system, media houses decline legal assistance offered by lawyers when their rights have been infringed on.
She called on the older and stronger media organisations to test available legal provisions to defend press freedom. She also advised journalists to publish stories about their frustration to access information and attacks on press freedom rather than the usual – ‘all efforts to reach the government proved abortive.’
With a focus on President Goodluck Jonathan and President Muhammadu Buhari’s administrations, Stella Iyaji lamented that despite over 20 years of uninterrupted democracy, successive Nigerian governments have clamped down on media organisations with numerous cases of harassment, intimidation, and arrests of journalists.
Although requisite legal provisions guaranteeing press freedom and freedom of expression exist alongside the Freedom of Information Act which empowers the media to access any information, enforcement of these laws are lacking at all levels of government, she said.
In proffering solutions, Iyaji hoped the incoming administration would see the press as a partner in nation-building and not a threat. She urged the National Assembly to enact laws that will empower the media to carry out its responsibilities of holding the government to account.
Adeolu Adekola, Project Manager, Centre for Investigative Journalism (CIJ), in his contribution, said the price of freedom is eternal vigilance. According to him, it was crucial for the media to speak up and set the agenda. Citing his experiences while working with other journalists across Africa, he noted that the issue of press freedom was also affecting media support organisations as it was becoming harder to train journalists across Africa due to lack of access. Following the democratisation of the media sector and the increase in citizens journalism, he urged media organisations curb the spread of fake news and misinformation.
Also, Midat Joseph, a former National Assistant Secretary of the Nigerian Union of Journalists (NUJ), opined that many media organisations were established for profit-making and as such, stories affecting their interests or sources of income were often frowned upon by media owners. The Kaduna-based urged WSCIJ to empower and collaborate with more small independent media organisations to hold the government to account.
As the global community marks the 30th anniversary of the World Press Freedom Day, Motunrayo Alaka reiterated that stakeholders must understand that a shackled press leads to a shackled democracy, shackled development, and limitations of other significant elements necessary for national development. Hence, the conversation for a free press must continue beyond this year’s World Press Freedom Day.
Bola Tinubu, the president-elect, has been linked to 20 homes purchased by his allies in the United Kingdom (UK) while he was the Governor of Lagos State.
According to an investigation published on Friday by the Organised Crime and Corruption Reporting Project (OCCRP), 17 of the properties were purchased between 2004 and 2007 by Oladipo Eludoyin, Tinubu’s colleague and director of Aranda Overseas Corp.
An earlier Bloomberg investigation revealed that Tinubu’s son, Seyi, is the major stakeholder of Aranda Overseas Corp., an offshore company he used to purchase a $10.8 million property under investigation by the Economic and Financial Crimes Commission (EFCC).
According to the OCCRP, Abeeb Holdings Limited, an offshore company established in Gibraltar with Tinubu as the beneficial owner, purchased Flat 9 at 96-100 New Cavendish Street in London a year after Tinubu forfeited $460,000 to the US authorities in 1993 as profits of narcotics trafficking.
“OCCRP has uncovered more than a dozen other properties with links to Tinubu, mostly acquired while he served as Lagos state’s governor from May 1999 to May 2007. Tinubu’s spokesman did not respond to email and text messages seeking comment,” the investigation reads.
“Tinubu’s history is not entirely clean. He was forced to forfeit $460,000 to the U.S. government in 1993 as proceeds of narcotics trafficking, according to the ruling of a U.S. District Court in Illinois.
“However, about a year later, Abeeb Holdings Limited, an offshore company registered in Gibraltar with Tinubu as the beneficial owner, bought Flat 9 at 96-100 New Cavendish Street in London.
“His connection to Abeeb Holdings Limited has been revealed, thanks to the Register of Overseas Entities, a new measure designed by the UK to reveal the true owners of offshore firms that hold property in the country.”
The OCCRP later discovered that Eludoyin is also the beneficial owner of 17 UK properties through three offshore companies established in the British Virgin Islands, according to the report.
The organization further claimed that Tinubu’s former aide and successor, Fashola, and the present governor of Lagos, Babajide Sanwo-olu, had a hand in influencing Aranda Overseas Corp. internal affairs.
“Fashola also had a hand in Aranda Resources Limited. He signed and presented the allotment of shares of Aranda Resources Limited to Nigeria’s corporate registry in December 2001. Fashola’s spokesperson did not respond to requests for comment,” the report said.
“Following his term as governor, Tinubu remained an influential politician. Local media reported that he picked Babajide Sanwo-Olu and made him governor of Lagos state in 2019, despite entreaties from his party to allow Sanwo-Olu’s predecessor to continue for a second term.
“Sanwo-Olu was a director in Aranda Resources Limited until 26 days before his first day in office as governor in May 2019. His spokesperson also did not respond to requests for comment.”
On Friday afternoon, the second round of Sudanese evacuees arrived in Nigeria. The refugees landed at Nnamdi Azikiwe International Airport in Abuja at 3 p.m. aboard a Tarco Airline flight.
There were 128 ladies and two guys among them. Government officials and others greeted the returnees. The Nigerians in Diaspora Commission (NIDCOM) had earlier tweeted about their arrival.
NIDCOM said, the flight “left Port Sudan International Airport today, 5th May 2023, at 8:00 am local time, with 130 Nigerian nationals (Evacuees) 128 females and 2 males.
“Estimated time of arrival Port Sudan (PZU) to Juba (JUB)= 2hrs 50 min. Stopover: 1 hrs in Juba JUB to ABV = 03:30 min. Total = 7hrs 30min. The flight is expected to arrive in Abuja around 2:30 pm to 3 pm.”
EVACUATION UPDATE:
Aircraft :B737-300 Company: Tarco Airline
Left Port Sudan International Airport today, 5th May, 2023, at 8:00am local time, with 130 Nigerian nationals (Evacuees) 128 females and 2 males.
— Nigerians in Diaspora Commission (@nidcom_gov) May 5, 2023
The first group of Nigerian evacuees arrived in the country late Wednesday.
Sadiya Farouk, Minister of Humanitarian Affairs and Disaster Management, Abike Dabiri-Erewa, Chairman/CEO of NIDCOM, and Ahmed Mustapha, Director General of the National Management Emergency Agency (NEMA), greeted them at the airport.
The Food and Agriculture Organization (FAO) of the United Nations stated on Friday that the benchmark index of international food commodity prices climbed in April for the first time in a year, owing to increases in world quotations for sugar, pork, and rice.
The FAO Food Price Index, which analyzes monthly changes in international food commodity prices, averaged 127.2 points in April 2023, up 0.6 percent from March. The Index was 19.7 percent lower than in April 2022, but still 5.2 percent higher than in April 2021.
Source: FAO
FAO Chief Economist’s Maximo Torero said, “It is important that we continue to track very closely the evolution of prices and the reasons for increases in prices. As economies recover from significant slowdowns, demand will increase, exerting upward pressure on food prices.
“At the same time, the increase in rice prices is extremely worrisome and it is essential that the Black Sea initiative is renewed to avoid any other spikes in wheat and maize,” he added.
Updated production and trade forecasts
In a new Cereal Supply and Demand Brief, also released on Friday, FAO adjusted its world wheat production forecast for 2023. The global outturn is now pegged at 785 million tonnes, the second largest on record, but down from last season mostly on declines in Australia and the Russian Federation from their record 2022 outputs.
For maize, Brazil’s production is expected to reach a record high, while that of Argentina is projected to drop below average levels due to prolonged dry conditions and heat waves. Conducive weather conditions have bolstered yield expectations in South Africa, which expects the second highest harvest on record.
Meanwhile, 2023/24 prospects for rice production along and south of the equator are mixed, largely due to the regionally varied impact of the La Niña event. Going forward, the possible emergence of the El Niño phenomenon during the northern hemisphere summer will need to be closely watched.
FAO raised its earlier projection for world trade in cereals in 2022/23 to 472 million tonnes, now some 2.2 percent below its record level in the previous season.
Global wheat trade is forecast to rise by 2.3 percent, while global trade in coarse grains will likely decline by 5.5 percent. International trade in rice in 2023 is predicted to contract by 4.4 percent year-to-year.
World cereal utilization in 2022/23 is forecast at 2 780 million tonnes, and world cereal stocks by the close of seasons to stand at 855 million tonnes. Based on these latest forecasts, the 2022/23 global cereal stocks-to-use ratio would stand at 29.8 percent, down slightly from 30.8 percent during the previous 12 months, but still indicating a relatively comfortable supply level globally.
To successfully implement an electronic, e-Call up system in the Lekki Deep Port and Lekki-Epe corridor of the state, the Lagos State Government has requested the assistance and involvement of all stakeholders.
The e-call up system was previously approved by Lagos State Governor Babajide Sanwo-Olu for efficient traffic control along the Lekki-Epe corridor. At a meeting with stakeholders held in Victoria Island, Lagos, the State Government requested their cooperation.
Dr. Frederic Oladeinde, the commissioner for transportation, stated during the meeting that for the e-call up process to run smoothly, “there is a need to think creatively with all relevant stakeholders’ carrying out business activities within the Lekki-Epe axis, especially with the development of Lekki Deep Sea Port, forthcoming Dangote refineries, among other industries.”
For the successful implementation of the Call-up approach, Oladeinde emphasized the necessity to comprehend each business operator’s dynamics. He also mentioned that the trial phase is scheduled to begin in June of this year and last for two weeks.
“The essence of the trial tactics is to test the durability of the call-up implementation, and to ensure it is free from all encumbrances,” the commissioner stated. “Thereafter, live operations will commence by mid-June.”
In addition, Sola Giwa, the Special Advisor to the Governor on Transportation, noted that the Lekki-Epe corridor is seeing an increase in the establishment of new industries, necessitating the introduction of an electronic system to control traffic within the axis. Lagos State has the highest vehicle density in the country.
In order to limit cargo movement over the road, Sola continued, “the state government is considering the implementation of barge operations for Lekki Deep Seaport.” She also requested the cooperation of all stakeholders to ensure a smooth implementation of the plan.
According to Engr. Abiola Olowu, Special Adviser to the Governor on Commerce and Industry, “The government of Governor Sanwo-Olu is dedicated to creating a conducive environment across the state for businesses to thrive with special focus on the Lekki-Epe corridor due to industries rising up in the axis.”
Additionally, he said that everyone involved must work together to expedite the e-call up system’s implementation.
The application for the e-call up system couldn’t have come at a better time, according to Engr. Abdulhafiz Toriola, the Permanent Secretary of the Ministry of Transportation, who noted that “Lekki- Epe axis is fast becoming a commercial area and it behooves on the government to plan ahead to forestall traffic menace in the region.”
Toriola praised the state administration for being proactive in managing the corridor’s traffic while without sacrificing public safety and security and strengthening the economic climate.
Sesan Abdullahi, the chairman of the Ibeju-Lekki Local Government, expressed his happiness at the governor’s approval of the e-call up system and emphasized the importance of putting in place a suitable mechanism to control the entry and exit of trucks given the large number of trucks travelling through the corridor.
Abdullahi advised the participants to strengthen their ties to the community by recalling an instance in which truck accidents occurred and truck owners neglected to visit the families of the victims.
Messrs. Call Up Technology Services gave a presentation on how the e-call up system would be implemented, and the company was instructed to solicit the necessary input from the relevant stakeholders.
The Nigerian Port Authority (NPA), Dangote Refineries, Lekki Free Zone, Lekki Worldwide Investment Company, Lekki Deep Sea Port, top government officials from the Ministries of Transportation and Commerce and Industry, Ibeju-Lekki and Epe Local Governments, and Pinnacle Oil and Gas are just a few of the stakeholders present at the meeting.
Arguably, the United States, US Dollar is one of the most valuable currencies in the world. And even though exchange rates are highly volatile and depend on various economic and political factors, including supply and demand, inflation, government policies, and global events, it is recognised as the benchmark for other currencies’ performance.
BizWatch Nigeria, however, understands that in today’s FX market, there are at least seven other currencies that are more valuable when compared to the US Dollar.
7 Currencies That Are More Valuable Compared To US Dollar
The TRCN’s registrar, Josiah Ajiboye, addressed on Thursday in Abuja during the signing of an MoU with Instill Education, a professional development institute for teachers.
He stated that, contrary to popular belief about the southwest and its high-quality private school teachers, 70% had been found to be unqualified.
According to Ajiboye, unqualified teachers not only defraud pupils but also the system.
TRCN’s registrar said that 70% of untrained teachers do not meet the requirements for TRCN registration.
He went on to say that a vast proportion of teachers in Nigeria have never received training and use outmoded equipment for illustration.
“A large number of teachers in private schools in Nigeria today are not qualified,” the TRCN boss stated.
“We wanted to use a consultant to get revenue from teachers in private schools. When we carried out a survey, we observed that a reasonable amount of 70 percent of teachers in the south-west are not qualified as well.
“They are not registrable with the TRCN. So that is to tell you that there is a big gap.
“So you cannot call them teachers but cheaters. You know that there’s a difference between teachers and cheaters. If you are not a teacher, you must be a cheater.
“These people do not possess the requisite qualification to register them and so there’s a big gap. So we are looking into the future to fill up that gap like it’s done in South Africa.”
According to Ajboye, the organization has approximately 2.3 million teachers on its database.
TRCN, he added, has created policies Professional Standards for Nigerian teachers (PSNT).
He claimed that Sierra Leone tamed it and that the Africa Union (AU) adopted it for use in Africa.
Festus Keyamo, Minister of State for Labour and Employment, said Bola Tinubu, the president-elect, will be sworn in to avoid a government vacuum.
Keyamo commented in response to remarks attributed to John Onaiyekan, former Catholic archbishop of Abuja, who stated that Tinubu being sworn in before the electoral tribunal’s verdict “doesn’t make much sense.”
Tinubu will be sworn in as president on May 29. Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of the Labour Party (LP) are challenging his victory in court.
The minister stated in a tweet on Thursday that the archbishop was opposing Tinubu since he was not his chosen candidate during the elections.
Keyamo via the tweet said, “Dear daddy Onaiyekan, you know we all respect you a lot, but your political comments are becoming unstatesmanlike.
“A statesman who doubles as a Man of God should strive to be fair to all. You didn’t say the same thing when Obasanjo, Yar’Adua, Jonathan and Buhari were all sworn in as Presidents when their cases were still before the courts.
“You have chosen to single out this President- Elect @officialABAT this time around because the candidate you and your other religious brethren openly supported lost the election and you all feel humiliated and embarrassed.
“All issues raised against the victory of @officialABAT in court now (whether it is 25% votes in FCT or the fake drug issue, etc), are not different from issues raised against previous Presidents-elect because basically the complaints have always been that the declared victor did not win the election fair and square or was not qualified to contest the election.
“No disqualifying issue against a candidate can be greater than other disqualifying issues since a single issue can decide a case against a President-elect.
“So, why all the fuse now? It has always been our electoral template since 1999 for the declared winners to be sworn into office in order TO AVOID A VACUUM and not to foist an unconstitutional contraption on the system whist the cases are in court.
“My dear daddy, may I respectfully advise that going forward, you and your brethren may consider stepping back from the deep and murky waters of politics and desist from descending into the arena of political conflicts where your children in your congregations find themselves on different sides of political divides, so it would be unfair to them for you to openly take sides.
“The embarrassment to the Body of Christ is getting too much and no politician is worth dragging this dignified body into unnecessary political controversy. Is this too much to ask, daddy?” Keyamo 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 N460.34 per $1 on Wednesday, May 3.
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 between ₦730 and ₦740 with an average of ₦736.83 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 order to repay state governments for their out-of-pocket costs incurred during the eight-year construction of federal roadways, the federal government has returned N859.7 billion to them. This information was included in a fact sheet the Presidency recently issued outlining the accomplishments of the Buhari administration.
The Minister of Works and Housing, Babatunde Fashola, issued a directive to states to refrain from such interventions because the Federal Government would not cover such costs as a result of claims that state governments increase the cost of repair work done on federal highways.
The Minister of Information and Culture, Lai Mohammed, had said, “Henceforth, if any state takes on federal government roads, it will not be paid. They will not get any refund. Even if you want to pay from your own pocket, you will still need the permission of the federal government and it will be supervised by the Federal Ministry of Works and Housing.
Additionally, on Wednesday at the opening of the Rumuokwuta/Rumuola Flyover, River State Governor Nyesom Wike pleaded for reimbursement of the N80 billion used to build federal roads in the state.
Bola Tinubu, the president-elect, rejected the request and said he owed the man nothing because the state’s governor and residents were already using the built-up roadways.
State governments have continued to receive funds from the federal government despite being told not to interfere with federal roadways falling within their purview. Five states received a rebate of N148 billion for the 2020 rehabilitation of several federal highways.
Five states that built federal highways received a N143 billion reimbursement from the federal government in 2021. 24 states received N477 billion in reimbursements in 2022 for the building and repair of federal highways.
The Federal Executive Council authorized the payment of N152.6 billion to seven states for road improvements carried out on the federal government’s behalf as early as 2023. In the meanwhile, several states have kept up their demands for payment in light of new disclosures.
Akin Oyebode, the commissioner of finance for the state of Ekiti, reported on Thursday that the state government has invested over N11 billion in the building of a few federal highways in the state.
The Ado-Iyin Road and the Omuo-Isinbode Road were among the routes highlighted by Oyebode as examples of how the Federal Government has been misrepresenting its intentions.
The commissioner said, “But they (FG) are being quite selective about this thing. The Minister of Works and Housing, Babatunde Fashola, said that the government has stopped all refunds to states and that any state that works on any federal road does it at its own cost.
The Federal Government acquired Ways and Means Advances worth N23,719,703,774,306.90 from the Central Bank of Nigeria, and the House of Representatives approved them on Thursday.
The National Assembly had rejected domestic borrowing from the CBN in January 2023, but the President, Major General Muhammadu Buhari (retired), had been pleading with the MPs to reconsider since December 2022.
About 24 hours after the Senate granted the president’s request, which sparked outrage, particularly from the private sector, the House approved the request.
Demonstrators occupy CBN offices and call on Emefiele to resign Three weeks before the Buhari administration’s demise, the approvals arrived.
On Thursday, the Joint House Committee on Finance; Banking and Currency; and Aids, Loans and Debt Management laid its report on the request, which the lawmakers considered as a Committee of Supply and approved in plenary.
The committee recommended that the House “approve the requested additional N1tn Ways and Means Advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly” and “approve the securitisation of the total outstanding Ways and Means amount under the following terms: Amount N23,719,703,774,306.90; tenor, 40 years; moratorium on principal repayment, 3 years; pricing/interest rate, 9 per cent per annum.”
According to the Nigerian Exchange Group, the most recent general election and the Central Bank of Nigeria’s Naira redesign strategy had a negative influence on its top-line revenue, which fell by 20.5% to $1.33 billion in the first quarter of 2023 from Q1 2022 revenue of $1.67 billion. Its unaudited results for the first quarter ending March 31, 2023, made this disclosure.
According to the company, it saw “a 14.2% year-over-year fall in gross earnings to 1.56 billion (Q1 2022: 1.82 billion), led by a 20.5 percent decline in sales during a period of heightened economic and socio-political instability. However, other income increased by 57.7%, making up for the revenue decline.
“The group’s top-line revenue fell by 20.5 per cent driven primarily by reduced business transactions and consumer spending that resulted from the recently concluded general election and the CBN’s attempt to phase out Nigeria’s old higher denomination of banknotes.”
Due to fewer commercial operations, transaction fees, which made up 51.5% of revenue, fell by 30.6% YoY to 685.9 m (Q1 2022: 988.1 m). government investment income, which accounts for 31.1% of total revenue, decreased to 414.7 million in Q1 2023 from 520.5 million in Q1 2022, principally as a result of substantially lower yields on the Group’s portfolio of government investments as a result of unfavorable market circumstances and uncertainty surrounding the general election.
However, the Group saw a growth in listing fees of 44.6%, from 123.9 million in Q1 2022 to 179.2 million in Q1 2023. The rise in domestic businesses’ need for listing services was what caused listing costs to rise. Additionally, NGX Real Estate’s rental income, which accounts for 2.7% of total revenue, increased by 32.2% to $36.0 million in Q1 2023 from $27.2 million in Q1 2022. Other costs, including trading floor rent, broker annual fees, dealing licenses, and membership, decreased by 1.2% to $16.5 million in Q1 2023 (Q1 2022: $16.9 million).
NGX Group’s profit before income tax expense increased by 21.5 per cent YoY to ₦412.2m in Q1 2023 from ₦339.2m in the corresponding period in 2022 due to an improved share of profit-equity accounted investees and a fall in finance cost. Profit for the period recorded a 109.0 per cent increase to ₦310.0 m in Q1 2023 from ₦148.3 bn in Q1 2022, resulting in significant growth in profit after tax margin to 23.3per cent in Q1 2023 from 8.9per cent recorded in Q1 2022.
Commenting, the Group Managing Director/Chief Executive Officer, Oscar Onyema, said, “Despite the challenging macroeconomic environment during the quarter amidst cash and energy scarcity, and political tension from the 2023 elections, the Group remained resilient. We are pleased to announce a 109 per cent increase in net profit, achieved through the implementation of cost-saving measures that minimised the impact of revenue reduction, just as we are exploring new and innovative ways to capture more market share and appeal to a broader demographic.
“The Group will continue investing in innovative marketing strategies to appeal to the changing consumer preferences, as well as explore opportunities to expand product line, portfolio mix, and penetrate new markets. We stay committed to our long-term growth strategy and are confident in our ability to navigate the current challenging environment and create value for our stakeholders.”
As stockbrokers carried out significant buy orders, the equity market’s downward trend came to an end on Thursday. Performance metrics were boosted by the positive share price movements on mid- and heavyweight counters.
According to data from the local exchange, the Nigerian Exchange (NGX) All-share index rose 82.98 basis points today, or +0.16%, to close at 52,290.75. The overall volume and total value traded for today climbed by +89.55% and +39.36%, respectively, indicating a rise in market activity. Stockbrokers at Atlass Portfolios Limited reported 5,963 transactions totaling about 1,270.13 million units worth 7,007.55 million.
The stock with the highest amount of trading was TRANSCORP, which accounted for 40.42% of the total volume of trades. ACCESSCORP (28.49%), CHAMS (4.03%), ZENITHBANK (3.23%), and FIDELITYBK (3.16%) rounded out the top 5.
With 40.85% of the exchange’s total trading value going to ACCESSCORP, the stock was the most actively traded at the time. With a price increase of 10%, MBENEFIT headed the list of advancers, followed by NEM (9.64%), CWG (9.09%), ARDOVA (+8.47%), PRESTIGE (+8.33%), and twenty-seven other stocks.
Seventeen companies lost value, with LINKASSURE being the biggest loss with a price decline of -9.43% to end at $0.48. Other stocks that lost value were REDSTAREX (-8.73%), UPL (-8.29%), CHAMPION (-7.62%), and TRANSCORP (-6.11%).
The market breadth closed positive, recording 32 gainers and 17 losers. Trading recorded from the exchange show that sector performance closed positively.
Four of the five major market sectors were up, led by the Insurance sector (+2.08%), trailed by the Oil & Gas sector (+0.78%), the Banking sector (+0.76%), and the Industrial sector (+0.02%), while Consumer goods sector dropped by -0.29%.
Overall, equities market capitalisation increased by ₦45.18 billion, representing a growth of +0.16% to close at ₦28,472.50 trillion from ₦28,427.32 trillion yesterday.
The world will witness a momentous occasion on Saturday, 6th May 2023, as the coronation of King Charles III airs live on BBC News, DStv Ch. 400, and BBC Lifestyle DStv Ch. 174 at 7:30 pm WAT.
The event will be an historic moment as the world celebrates the crowning of a new monarch, after the death of Queen Elizabeth II, the longest reigning British monarch. The Coronation will represent the monarch’s role today and look to the future while being anchored on long-standing traditions and pageantry.
Leading up to the coronation, BBC Lifestyle will air two exciting documentaries. On Friday, 5th May at 7 pm, the channel will present “Born to Be King”, a documentary that explores the life of the monarch and his journey to the throne. The documentary will have a rerun-on Saturday, 6th May at 6 pm.
On the same day of the coronation, Saturday, 6th May at 7 pm, BBC Lifestyle will also air “Charles R: The Making of a Monarch”, a documentary that chronicles the life of King Charles III.
After the coronation ceremony, the coronation concert will air live on Sunday, 7th May at 8 pm. The concert will feature world-renowned musicians, performers and artists, such as Lionel Richie, who will come together to celebrate the crowning of their majesties in a spectacular display of music, dance, and orchestra.
“We are delighted to be broadcasting the coronation ceremony live on BBC News and BBC Lifestyle on DStv” said Dr. Busola Tejumola, Executive Head of Content and West Africa Channels, MultiChoice Nigeria. “The coronation is an historic event that will be watched by millions of people around the world. We are proud to be part of this momentous occasion and look forward to sharing it with our viewers, here in Nigeria.”
The coronation ceremony is a momentous occasion that will be watched by millions of people around the world. With the Born to Be King and Charles R: The Making of a Monarch documentaries and the coronation concert, viewers can be sure of a memorable experience. Don’t miss out on this historic event, tune in to BBC News, DStv Ch. 400, and BBC Lifestyle DStv Ch. 174, on Saturday, 6th May 2023, at 7:30 pm WAT. You, also, can stream live on your DStv App.
The hope for crypto traders in Nigeria has been restored as the Federal Government, FG, approved its National Blockchain Policy. This is according to the Minister of Communications and Digital Economy, Isa Pantami, who made this disclosure during the Federal Executive Council, FEC, meeting held at the state house in Abuja.
In a statement signed by the Senior Technical Assistant, Research and Development to the Honourable Minister of Communications and Digital Economy, Dr. Femi Adeluyi, Pantami disclosed that the activities of the policy would be coordinated by the National Information Technology Development Agency, NITDA, under the supervision of the Federal Ministry of Communications and Digital Economy.
BizWatch Nigeria understands that the National Blockchain Policy for Nigeria aligns with the National Digital Economy Policy and Strategy which was unveiled and launched by President Muhammadu Buhari on November 28, 2019.
The policy was, however, developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
“Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.
“These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark, and other leading technology countries in adopting Blockchain Technology at the national level,” the statement read.
FEC, therefore, directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
These regulatory agencies include NITDA, the Central Bank of Nigeria, the National Universities Commission, NUC, the Securities and Exchange Commission, and the Nigerian Communications Commission, among others.
The FEC also urged all other Federal and State Government institutions, as well as the private sector to leverage Blockchain Technologies in education, health, security, agriculture, and finance, among many other sectors in view of the fact that deploying these applications will further support the implementation of the NDEPS for a digital Nigeria.
How the Approval of National Blockchain Policy will affect crypto traders in Nigeria
FEC approved the National Blockchain Policy 27 months after the Central Bank of Nigeria, CBN, directed financial institutions in the country to now allow crypto-related transactions.
With this development, crypto traders and digital asset holders would see the embargo lifted.
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