Mecho Autotech To Launch Version 2.0 Of Vehicle Management App

May 4, 2023

Wednesday, May 3rd 2023 in Lagos, Nigeria, Mecho Autotech (“Mecho”) a Nigerian platform providing global automotive spare parts and vehicle repairs and maintenance services, will launch a version v2.0 of its vehicle management app that connects vehicle owners to qualified and vetted mechanics in the third quarter of this year.

Mecho will also launch Mecho Mart, a marketplace for high-quality aftermarket spare parts and original OEM spare parts for wholesalers and enterprise fleet owners. The soon to be launched products signal a shift in strategy as Mecho looks to double down on improving Nigeria’s $6BN fragmented and informal automotive aftersales market which is characterized by substandard automotive spare parts and frequent stockouts.

Among its new features, customers can access financing to pay for vehicle repairs and maintenance to preserve their cash flow. After undergoing an easy and fast verification process, eligible customers can receive overdrafts of up to 10 million naira, which are deposited in the Mecho app wallet.

Customers also have more flexible servicing options: they can drop off their vehicles at any of Mecho’s 100 partner workshops in Lagos, Abuja and Port Harcourt, or arrange for pick-up. In the new improved 2.0 Mecho app, customers can track all their expenses, maintenance requests, and vehicle history.

Corporate fleet owners can manage multiple mechanics, including Mecho and other 3rd party service providers, to streamline the maintenance and repairs process in one easy-to-use app. Mecho will also roll out an IOT integration allowing corporate fleet owners to track their vehicles. The 2.0 vehicle management app will be free to use.

Also in Q3, Mecho will launch Mecho Mart, a marketplace for high-quality aftermarket and original OEM spare parts for wholesalers and enterprise fleet owners. Customers will be able to buy genuine auto parts like tires, shock absorbers, brake pads, lubricants and filters. Using the marketplace, spare parts wholesalers can stock up on inventory with top-quality parts, secure financing, and increase profit by avoiding stockouts.

With support from Global Brains, a Japanese venture capital firm that invested a seven-figure sum in the company, Mecho aims to build partnerships with global automotive aftermarket spare parts manufacturers to source genuine and affordable spare parts to build a reliable vehicle spare parts supply chain in Nigeria.

“When we launched in the market two years ago, we focused on providing high quality vehicle maintenance services. But over time we learned that we had to prioritize fixing the broken automotive spare parts supply chain — a more urgent problem in the industry and a bigger driver of its value.

Spare parts represents $6BN out of Nigeria’s $8BN vehicle aftersales market. Since we pivoted our business, we have serviced more than 50 corporate fleet owners and spare parts wholesalers and provided spare parts from 5 global automotive manufacturers. By improving the availability of high quality spare parts, we believe that we can play a role in improving Nigerians’ vehicle longevity and road safety,” said Olusegun Owoade Mecho Autotech CEO/co-founder.

Nigeria has more than 12 million registered vehicles of which more than 90% are imported used vehicles. Given the predominance of used vehicles, the automotive aftersales industry is highly fragmented and informal with a broken aftermarket spare parts supply chain. Spare parts wholesalers struggle to access high quality and original parts, and suffer frequent stockouts as they are unable to access working capital to purchase inventory.

Despite its informal and fragmented nature, Nigeria’s automotive aftersales and maintenance market is valued at an estimated $8BN. The average Nigerian vehicle owner spends $50-60 per year on repairs and maintenance of which 80% is spent on spare parts.

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Bolt To Commence #WomeninTech Internship Program In June

May 4, 2023

Bolt, the leading on-demand transport platform in Africa, has announced the rollout of its #WomeninTech internship program for the third year running across Kenya, Ghana, Nigeria and South Africa.

This year’s internship program, dubbed ‘The Bolt Outternship’ is aimed at empowering young women through providing opportunities to start their careers in tech, and is set to run for three months from June, 2023.

Bolt launched the #WomeninTech program in 2021 across Africa with the aim of empowering young women who are interested in undertaking careers in the tech field.

The program is designed to train, mentor and empower young women by offering placements across various departments including Operations, Engineering, Public Policy, PR and Marketing. The young women will also be paired with women in Bolt leadership, to mentor and guide them as they go through the three months program.

Bolt’s Regional Manager for West Africa, Ireoluwa Obatoki, said: “We started the Bolt internship program in 2021 to empower young women to take up space and grow their careers in the tech world.

“We are elated to launch the third edition of the program considering that we have been able to provide young women with valuable work experience over the years that will accelerate their career growth.

“We strongly believe that increased representation of women in tech will promote a more inclusive, diverse, and progressive society. As such, Bolt as a company, through this initiative, is expressing its commitment to positively impact the communities it operates in.”

In 2022, Bolt offered 12 young women from Africa including three from Nigeria the opportunity to take part in the internship program and this gave them a chance to contribute to the growth of the ride-hailing industry in the market by being part of various departments.

Kenechi Jacob, one of the 2022 interns from Nigeria, shared her experience at the end of the program. “My overall experience with the internship at Bolt was nothing short of remarkable and brilliant. I enjoyed every single day and the learning opportunities it brought.

“I worked with the Bolt Food team where I learnt many skills including goal setting, organization, perseverance, and patience. If I could pick one thing that I will miss from the Bolt internship program, it would be the people.

“Bolt has been able to create a work environment that positively impacts its team, and this has transferred to the input and output of its work.”

This year’s internship program will kick off in April with the application process and will avail 20 slots for women in Kenya, Ghana, Nigeria and South Africa to gain valuable skills in Operations, Engineering, Public Policy, Account Management, PR and Marketing. The three months paid internship will run from June to August 2023.

To be part of the program, interested candidates are to visit the Bolt website and follow the guidelines provided. One can also nominate a friend to be part of the program. The Company will review all applications and contact the successful candidates in April.

Bolt hopes to continue providing more opportunities like the internship program to women across its business portfolio through such initiatives and more that will work towards achieving gender equality for a sustainable tomorrow.

Bolt as a business is also focused on offering earning opportunities to women in the ride-hailing industry and encourages women to join the ride-hailing business by offering safety, and economically viable opportunities for them to work independently and with flexibility.

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Outspan Vaccinates Local Cattle Against Foot, Mouth Disease

May 4, 2023

Outspan Nigeria Limited, a subsidiary of olam food ingredients (ofi), has vaccinated local cattle against Foot and Mouth Disease (FMD) that can negatively impact productivity throughout the dairy value chain.

The vaccination exercise, which was fully sponsored by the business and organized in partnership with the Kano Dairy Cooperative, was held on Thursday, April 13, 2023, in Dawakin Kudu LGA, Kano.

The latest vaccination exercise is the second phase of wider intervention, targeting 1000 cattle– having previously targeted the vaccination of 1500 dairy cattle in 2021.

The efforts form part of the business’ robust local dairy value chain backward integration (BIP) investment which aims to raise the level of milk production in the country in support of the Federal Government’s economic diversification agenda.

Speaking on the vaccination exercise, Praveen Paulsamy, Vice President of ofi Dairy in Nigeria, said, “We are committed to the Federal Government’s economic development agenda. Hence, we’re looking to continue our investment in developing the local dairy value chain to remove the hurdles that have been impeding growth in that area.”

L-R: Mr Manish Khede, the Regional Manager, **ofi** Dairy in Nigeria, Mallam Aminu Garba, the Manager, Development Finance Office, Central Bank of Nigeria (CBN) Kano branch, Alhaji Usman Abdullahi, the chairman ofKano Dairy Cooperative, Dr Celestine Ayok, a veterinarian, and Alhaji Sabo Dankoli, the representative of Dawakin Kudu LGA District Head, during the 2^nd Phase of the Cattle Vaccination Exercise fully sponsored by Outspan and organised in partnership with Kano Dairy Cooperative, in Dawakin LGA, Kano, recently.

“Animal health is a significant component of any dairy value chain development focus. Helping the dairy farmers vaccinate their cattle is a valuable investment that has the potential to improve the cattle milk production and reproduction levels in the long run,” he added.

Praveen said that the business is aiming to keep scaling the current support for dairy farmers in terms of providing more training for the farmers, aiding milk collection efficiency, expanding the access to cold chain logistics, improving the off-taking arrangement and increasing the availability of quality feed to nourish the cattle.

Manish Khede, the Regional Manager, ofi Dairy in Nigeria, explained, “Nigeria is our home. We have set various BIP investment machinery in motion to drive growth in the local dairy value chain. We aim to enable smallholder farmers to increase their outputs with a great impact on the incomes of the segment.”

The representative of the Central Bank of Nigeria at the event, Mallam Aminu Garba, who is the Manager of the Development Finance office of the apex bank’s branch in Kano, said, “A healthy cattle automatically leads to higher cattle yield, which translates to improve business for the local smallholder dairy farmers.

“We are committed to providing the support needed by all development partners to contribute meaningfully to the growth of the economy. Outspan is taking the steps that will lead to growth in the dairy value chain.”

Wakili Shehu, the Director of Kano State Institute of Horticulture, who represented the Permanent Secretary of the Kano State Ministry of Agriculture and Natural Resources, emphasised that “Through Outspan’s first vaccination exercise the state has seen improvement in animal health and recorded a low incidence level of animal disease challenges.”

Alhaji Usman Abdullahi, the Chairman of Kano Dairy Cooperative, thanked Outspan for its consistent support for smallholder dairy farmers. He said all the farmers are grateful for the growth that their businesses have been able to record as a result of the support provided by the business.

Hope For Nigerian Applicants As Canada Immigration Workers Suspend Strike

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Dollar To Naira Exchange Rate Today (Thur. May 4, 2023)

May 4, 2023

Dollar To Naira Exchange Rate Today (Mon. July. 24, 2023)

Dollar to naira, on Thursday, May 4, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

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 N460.35 per $1 on Tuesday, May 2.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦738 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.

Hope For Nigerian Applicants As Canada Immigration Workers Suspend Strike

May 3, 2023

After weeks of strikes, Canadian immigration workers have finally reached an agreement with the government, and the strike has been suspended. The strike, which had been ongoing for several weeks, had caused significant delays and backlogs in the processing of visa applications, leaving many people stranded and frustrated.

The Canadian Union of Immigration Workers (CUIW) had been in talks with the government for several days, negotiating better working conditions, higher pay, and improved benefits for its members. After several rounds of talks, a deal was finally reached that satisfied both parties.

The CUIW announced the news of the strike suspension to its members, who responded with relief and gratitude. Many of the workers had been struggling with long hours, low pay, and difficult working conditions, and they were grateful for the progress made in the negotiations.

The suspension of the strike was also welcomed by immigration applicants who had been affected by the backlog. Many of them had been waiting for months for their applications to be processed and were relieved that the delays would finally be resolved.

The government welcomed the news of the strike suspension and praised the CUIW for its commitment to reaching an agreement. The Minister of Immigration, Refugees and Citizenship, Ahmed Hussen, said that he was pleased with the outcome of the negotiations and looked forward to working with the union to improve the immigration system.

With the strike now suspended, immigration workers are expected to return to their duties and begin processing visa applications once again. The backlog is expected to be cleared up in the coming weeks, and normal service is expected to resume.

For many people, this news brings hope that their immigration dreams will finally become a reality. The Canadian immigration system has always been regarded as one of the most efficient and welcoming in the world, and with the strike now over, it is expected to resume its reputation for providing opportunities and hope for people from all over the world.

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Philadelphia 76ers All-Star Center Joel Embiid Named 2022-23 Kia NBA Most Valuable Player

May 3, 2023

The NBA announced that Philadelphia 76ers six-time All-Star center Joel Embiid has been named the 2022-23 Kia NBA Most Valuable Player. Embiid is the fifth 76er ever to capture league MVP honors, joining Hall of Famers Wilt Chamberlain, Julius Erving, Allen Iverson, and Moses Malone. The Cameroon native is the seventh international player to be named MVP since the award’s inception.

Embiid led the NBA in scoring for the second consecutive season, averaging 33.1 points per game, joining Hall of Famer Wilt Chamberlain as the only 76ers ever to post an average of 33-plus points in a season. He is the first NBA player to win consecutive scoring titles since teammate James Harden (three straight, 2017-20) and the first 76er to do so since Hall of Famer Allen Iverson (2000-02).

Embiid led the 76ers to a 54-28 regular season, the team’s best since 2000-01. The third seed in the 2023 NBA Playoffs, Philadelphia is in the midst of an Eastern Conference Semifinals series against the Boston Celtics.

“I’ve watched Joel grow and evolve into one of the greatest players in 76ers franchise history over the last nine years. Today is a proud day for our organization as Joel becomes the fifth Sixer ever to capture League MVP honors,” Managing Partner Josh Harris said. “Joel overcame adversity at the start of his career with a combination of perseverance and grit, and now, his intense work ethic has pushed him into the NBA history books. It’s been a joy to watch him dedicate himself to the team and the city of Philadelphia. Congratulations to Joel, our fans, and our city on an honor we will always remember.”

“We have all witnessed the greatness of Joel Embiid during his entire career as a 76er and I am thrilled to see his exceptional hard work and dedication recognized by being named NBA MVP,” 76ers Co-Managing Partner David Blitzer said. “Joel is a once-in-a-lifetime talent whose impact extends far beyond the court. When you think of the greatest players to ever wear a 76ers uniform, your mind naturally goes to legends like Wilt Chamberlain, Julius Erving, Moses Malone, Charles Barkley and Allen Iverson. Tonight, Joel has cemented his place on that special list and we are all excited to see him continue to add to his legacy.”

This season also saw Embiid add in 10.2 rebounds on a career-high 54.8% shooting from the floor. He’s the third player in NBA history to average at least 33 points and 10 rebounds on 54% shooting from the floor, joining Chamberlain (1965-66 MVP) and fellow Hall of Famer Kareem Abdul-Jabbar (1971-72 MVP).

Defensively, Embiid posted 1.7 blocks (seventh in the NBA) and 1.0 steals per outing. He and 2022-23 Kia NBA Defensive Player of the Year Jaren Jackson Jr. were the only two players in the league this season to average at least 1.5 blocks and 1.0 steals.

“Let me start by saying I am absolutely thrilled for Joel on winning the MVP award. He is the real deal and deserves every bit of recognition that comes his way. He embodies everything that the honor stands for. His drive to improve is unmatched, and like the saying ‘a dream doesn’t become reality through magic, it takes hard work’, he’s put in the work. What’s most impressive is the why. He puts in the work because he wants to be a winner,” said 76ers Head Coach Doc Rivers. “This MVP award is part of that journey. While this may be an individual award, in many ways it’s also a team award. Joel’s teammates have been unbelievable in contributing to his success. I couldn’t be prouder of all of them. It takes a village. From our staff, our coaches, our players and the entire organization, congratulations to the big fella.”

“I’ve always believed that greatness emerges when talent meets relentless dedication. Joel’s season was legendary, and the MVP award is the latest milestone of his decorated career,” President of Basketball Operations Daryl Morey said. “His impact on both sides of the ball places him in rarified air among all-time greats such as Hakeem, Kareem and Wilt. It has been a privilege to watch Joel over the last three seasons and I know this won’t be his last accomplishment as we continue to strive toward our ultimate goal of winning an NBA championship.”

A deeper dive into Joel Embiid’s Most Valuable Moments from 2022-23:

Posted a career-high 59 points to go along with 11 rebounds, eight assists and a career-high-tying seven blocks against the Jazz on Nov. 13. It was the first stat line of its kind in NBA history.
On Feb. 15, became the fastest 76er ever to reach 10,000 career points.
During a stretch from March 2-20, set a franchise record with 10 straight 30-point games.
Recorded an Eastern Conference-best 44 games with at least 30 points, which were the most by a 76er since the 2005-06 season.
Tallied 50-plus points on three occasions, joining Chamberlain and Iverson as the only 76ers ever with at least three such games in a season.

Over the course of the season, Embiid earned three Eastern Conference Player of the Month awards (December, January and March/April), as well as four Eastern Conference Player of the Week nods. His seven career Player of the Month honors are a franchise record.

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NLC Tells Imo Workers To Withdraw Services

May 3, 2023

NLC Considers Negotiation Of Minimum Wage

The Nigeria Labour Congress (NLC) has called on workers in Imo State to withdraw their services over what it describes as “anti-worker practices.”

The decision is based on the resolutions of a combined emergency meeting of the NLC’s Central Working Committee (CWC) and the Trade Union Congress of Nigeria (TUC), according to a circular sent by the NLC General Secretary, Comrade Emmanuel Ugboaja, on Tuesday.

The circular stated that “the unfortunate May Day development in Imo state” was discussed during the conference without going into further detail.

“Consequently, all affiliates are kindly requested to issue the necessary directives to their state Council in Imo state to embark on a comprehensive withdrawal of their services in the state by Midnight today in compliance with the Joint CWC decision,” the document read.

“Do remain assured of the vigilance and determination of the Leadership of the Congress to creatively engage all forms of anti-workers practices all over the nation,” NLC said.

The NLC went on to say that affiliate engagement was critical to accomplishing their joint goals.

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Stanbic IBTC Holdings PLC Announces Commencement Of Operation Of Wholly Owned Financial Technology Subsidiary

May 3, 2023

Stanbic IBTC Holdings PLC, a leading provider of financial services in Nigeria, has announced the commencement of operations of its wholly owned financial technology subsidiary.

Having received all required regulatory approvals and licenses to commence operations, the subsidiary will operate under the name Stanbic IBTC Financial Services Limited. It will function primarily as a Payment Solutions Provider (PSP), focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings.

The launch of Stanbic IBTC Financial Services Limited marks an important milestone for Stanbic IBTC as the company seeks to remain at the forefront of the rapidly evolving financial services industry. The subsidiary will leverage cutting-edge technology and expertise to provide customers with new and improved ways for businesses to manage their finances, sell online and collect payments via innovative payments and eCommerce solutions.

Speaking on this development, the Group Chief Executive of Stanbic IBTC Holdings PLC, Dr Demola Sogunle, indicated that the establishment of a Fintech business would provide Stanbic IBTC with the opportunity to penetrate further into the payments and Fintech markets and thus contribute to the growth of the overall business of the Group.

”This development is exciting for our company as we continue to invest in new technologies and solutions that will allow us to serve our customers better and remain a leader in the financial services industry.”

Stanbic IBTC Holdings PLC’s strategic intent is to be Nigeria’s leading end-to-end financial solutions provider. In furtherance of this objective, Stanbic IBTC Financial Services Limited will facilitate payments processing, eCommerce, consumer lifestyle payments and other value added services, thus complementing other businesses currently being operated by the Group.

Stanbic IBTC Financial Services Limited will operate as a separate legal entity under the Stanbic IBTC umbrella, with its Management team and dedicated resources to drive innovation and growth. The subsidiary will work closely with the Group’s existing teams to identify new opportunities and develop customised solutions to meet the unique needs of its customers.

“We believe that Stanbic IBTC Financial Services Limited has the potential to revolutionise the financial services industry by leveraging the power of technology to provide customers with new and innovative ways to manage their finances,” said Stanley Jacob, Chief Executive, Stanbic IBTC Financial Services Limited. “We look forward to driving true platform orchestration that delivers robust payment solutions to businesses, consumers and Government.”

Enhancing the Group’s overall operations and contributing to the growth of the Nigerian financial technology industry, Stanbic IBTC Financial Services Limited will leverage agile practices and innovation to driving financial inclusion, enhance user experiences, improve service delivery, and promote economic growth.

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Stanbic IBTC Announces Blue Blossom Conference: Unveiling the New Stanbic IBTC Blue Blossom Community for Nigerian Women

May 3, 2023

Stanbic IBTC is delighted to announce the upcoming Bloom Conference, scheduled for Wednesday, May 3, 2023. This conference presents a unique opportunity to witness the unveiling of the revamped Stanbic IBTC Blue Blossom value proposition for Nigerian women.

The Stanbic IBTC Blue Blossom is a platform designed to provide women with access to financial and non-financial services, ranging from banking services to investments, retirement plans, children’s accounts, capacity-building sessions, and special events.

Hosted by Mojibade Sosanya, the conference will feature a keynote speech by Sola David-Borha, Chairman, Stanbic IBTC Bank. Other distinguished panellists who will be present include Ola Oladele, Founder of The Money Wit Club; Sadiya Ojo, Head of Consumer Clients at Stanbic IBTC Bank; Sola Osunfisan, Head of Business Development and Service at Stanbic IBTC Asset Management Limited and Powede Awujo, Digital Creator.

Other panellists include Adesuwa Onyenokwe, Founder and Editor-in-Chief of Today’s Woman Magazine; Nicole Chikwe, Beauty and Wellness Enthusiast; Hadiza Garbati, Director of Kabara Community Development Initiative; Sandrah Tubobereni, Creative Director of TUBO; Chizoma Chukwueke, CEO of Firewood Rice Nigeria, and Padoye Olusegun, Head of Retail at Stanbic IBTC Insurance.

The event promises to be exciting, with a unique product unveiling and fireside chat sessions, among other things. The conference will commence at 10 am prompt, allowing guests to share their knowledge and experiences with attendees and discuss various subjects, including savings, investments, and lifestyle topics.

The conference will also be interactive. It will provide excellent networking opportunities for delegates to meet like-minded women. Register now to attend, meet other women, and learn more about the benefits of being a Stanbic IBTC Blue Blossom community member.

Click here to register.

CBN Says 7,552 BVNs Are On Watchlist for Fraud-related Transactions

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EKEDC Promotes Employee Well-Being

May 3, 2023

The Eko Electricity Distribution Company claims that by putting deliberate policies into place and improving its systems, it has developed into a fantastic place to work, attracting and keeping top talent, and achieving high performance levels.

EKEDC claims that there have been some notable changes in staff compensation and incentive programs, as well as in training and capacity building.

According to a statement made by Babatunde Lasaki, general manager of corporate communications and strategy at EKEDC, “The strategy has been to create a continuous upward mobility track, where employees become better as they stay on the job while ensuring they receive their due reward for performance.”

He claimed that the company’s approach to employee welfare and performance incentives had changed as a result of the hiring of Dr. Tinuade Sanda as managing director and chief executive officer last year.

He said that since he took the helm, “considerable improvements have been made in areas like compensation, incentives, workplace conditions, and staff training, which have had a positive impact on the company’s culture.”

He added that in May of last year, there was a 25% salary rise for all employees, and that this was followed in October by the promotion of over 1,000 employees and the payment of performance incentives.

The statement claims that these initiatives increased staff engagement and zeal, leading to previously unheard-of performance levels for both the workforce and the organization.

The corporation recorded its largest collection ever over the course of a year, despite employees putting in longer hours and completing more tasks.

Sanda’s inclusive culture has given employees a voice in policy creation and decision-making, fostering a feeling of community and fostering a thriving workplace culture.

Recent recognition of the company’s achievements came when it placed among the top 10 on LinkedIn’s list of the best 25 companies to work for in Nigeria

Even though the company was proud to be “one of the Stellar 25” out of the many businesses in Nigeria, it would not let up until we overtook and maintained the top spot. This slogan reflects a never-ending dedication to greatness, said Lasaki.

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Zenith Bank Shareholders To Receive N100.47b Dividend Payout

May 3, 2023

According to Zenith Bank Plc, it will distribute N100.47 billion to shareholders for the 2022 fiscal year. It revealed this in a statement during its 32nd annual general meeting on Tuesday, which was virtually held from Lagos.

The proposed final dividend payment of N2.90 per share was accepted at the meeting by all of the bank’s shareholders. With a total payout of N100.47 billion, this increased the dividend to N3.20 per share for the 2022 fiscal year.

Jim Ovia, the founder and chairman of Zenith Bank, thanked the shareholders during his opening remarks at the AGM for their dedication, support, and loyalty, all of which had contributed to the bank’s exceptional performance since its foundation.

Dr. Ebenezer Onyeagwu, the group managing director and chief executive, praised Ovia for leaving a lasting legacy and creating the model for the bank’s sustained excellence.

He also emphasized the board’s and management’s resolve to continue the bank’s upward development trajectory in the years to come, with a focus on retail and digital banking.

Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders, spoke at the AGM and praised Zenith Bank’s board and management for continually providing value to shareholders despite the difficult economic climate.

He also commended the employees of the bank for their commitment and loyalty.

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NARD Demands 200% Wage Increase

May 3, 2023

NARD Calls Off Strike, Resumes Operations Nationwide

The Nigerian Association of Resident Doctors, NARD, insisted that its members’ two hundred percent wage increase proposal was not outlandish and that the federal government could afford it.

If the government did not comply with NARD’s requests within two weeks, NARD has threatened to go on strike.

The association also urged that the integrated medical compensation structure, CONMESS, be reviewed 200 percent higher and that resident doctors’ salary arrears be paid.

Its declaration was in response to the Minister of Labor and Employment, Dr. Chris Ngige, who claimed that government resources were insufficient to meet what he called the resident doctors’ outrageous demands and that many resident doctors frequently exhibit a “entitlement syndrome.”

NARD President Innocent Orji, however, responded to Ngige by stating that doctors and nurses were not included in the most recent minimum wage rise in an interview on a Channels Television program yesterday.

He stated that any compensation increase should be based on the inflation rate from 2009 to the present.

“It may sound crazy to some when we say that we are asking for a 200 percent upward review, but we didn’t just make that number up”, He continued.

As an example, the exchange rate at the time was N152 to $1. Its current state is known. At that time, a liter of fuel cost N65. We are aware of the current amount, and an increase is about to occur.

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Nigerian Equities Market Fall As Investors Exit

May 3, 2023

Stock Market Increases By N534bn As Trading Resumes

Following a N1 trillion loss in the stock market in April, the Nigerian Exchange (NGX) opened negative in May 2023 due to early exit transactions conducted by sell-side investors.

Despite earnings releases by listed companies on the Lagos bourse, equities market capitalisation fell by about N57 billion in total. Today’s trading performance ended a seven-day bullish streak, thus key performance indicators fell, and stockbrokers urged investors to focus on value and growth counters.

According to data, the year-to-date return has decreased to 2.05% following a fall in the NGX All-Share Index. As a result, the NGX ASI closed at 52,296.48 points. According to trading statistics, market activity was down today, with the total volume and total value traded down by -82.41% and -60.59%, respectively.

Atlass Portfolios Ltd stockbrokers said that in 6,250 transactions, roughly 550.29 million units valued at $5,150.49 million were exchanged. ACCESSCORP was the most traded stock by volume, accounting for 35.87% of total transaction activity.

MANSARD (10.01%), WAPIC (6.95%), FIDELITYBK (4.80%), and UBA (4.36%) rounded out the top five on the volume ranking. Similarly, ACCESSCORP was the most traded stock in terms of value, accounting for 33.12% of all trades on the market.

CONOIL and UBN lead the advancers’ list with a 10% price increase, followed by MULTIVERSE (9.71%), NAHCO (9.62%), NB (+9.38%), WEMABANK (+7.89%), and twenty-four others.

Thirty companies fell in price, with GEREGU leading the way with a -10.00% drop to close at 290.7, followed by TRANSCORP (-9.96%), AFRIPRUD (-9.40%), INTBREW (-8.51%), and IKEJAJHOTEL (-6.85%).

According to the NGX data, the market breadth concluded positive, with 30 gainers and 24 losers. Nonetheless, four of the five major market sectors closed positive, led by the Banking sector (+2.84%), followed by the Insurance sector (+1.25%), the Oil & Gas sector (+1.05%), and the Consumer goods sector (+0.31%).

The Industrial sector fell -0.08%. Overall, stocks market capitalization fell 56.78 billion, or +0.20%, to end at 28,477.12 trillion, down from 28,533.90 trillion last Friday.

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CBN Says 7,552 BVNs Are On Watchlist for Fraud-related Transactions

May 3, 2023

BREAKING: CBN Devalues Naira To ₦630 Per $1 — Godwin Emefiele

The Central Bank of Nigeria (CBN) has revealed that 7,552 Bank Verification Numbers (BVN) have been flagged and put on watchlist as a result of fraudulent transactions.

Speaking at the 34th Finance Correspondents and Business Editors’ seminar in Calabar, Cross River State, where stakeholders converged to discuss the theme: “Implementing a Robust Payment Architecture: Prospects, Opportunities and Challenges,” the Director, of Payment Systems Management, CBN, Musa Jimoh disclosed that the centralisation of the BVN has enabled the CBN to track fraudulent individuals and entities who have engaged in forgery, compromise, complicity, fraudulent duplicate enrolment and any fraudulent infraction with and without monetary value.

Represented by Deputy Director, Payment Systems, Adefuye Adeyemi, he said: “Recent data with the CBN reveals that 7,552 BVN has been put on the watchlist.”

Also, in his presentation, the CBN Governor, Godwin Emefiele said the eNaira was developed to foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers.

Emefiele who was represented by the Director of Monetary Policy, CBN, Dr. Hassan Mahmud, noted that the Nigeria payment system landscape has continued to record significant changes and development.

Speaking on the theme of the seminar, Emefiele said: “As a deliberate policy towards ensuring easier, cheaper and faster means of payments, the CBN has continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels, such as, the BVN, the Real Time Gross Settlement System (RTGS), Regulatory Sandbox, Open Banking and the CBN Digital Currency (CBDC), the eNaira. Nigeria is currently the first country in the Continent and second in the world to have fully launched a live CBDC.

“The payment system regulation and management role of the CBN is very critical in the achievement of its primary mandate of price and monetary stability conducive for inclusive and sustainable economic growth.

“It is also important for ensuring a stable, safe and efficient financial system in Nigeria. Cognisance of the implications of the risks that accompany digital innovations and technological advancement globally, the Central Bank of Nigeria, has continued to ensure a healthy balance between the adoption of latest innovations and development of reliable mitigants to the associated inherent and operational risks to both the payments system and the rest of the economic sectors in Nigeria.”

He also noted that the value and volume on electronic transactions has continued to gain momentum across channels.

According to him, “these efforts have culminated into a significant increase in the total volume of transactions on electronic payment channels. While the use of cash and cheques continued to diminish, web-based transactions such as PoS, NIP, ATMs and mobile money operators (MMOs) have increased substantially.

“For instance, between 2021 and 2017, the volume of transactions via electronic channels such as ATMs, PoS, WEB, MMO, and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44 and 836.50 percent, respectively.”

Emefiele, however, noted that cyber threats and activities of fraudsters have continued to threaten the resilience of the payment platforms, adding that confidence of the public was impacted by these activities.

FG Removes N78bn From States Allocations For Debt Servicing

May 3, 2023

Nigeria's Total Public Debt Is ₦38.005Trn - DMO

The federal government took approximately N78 billion from state appropriations for foreign debt payment. According to statistics from the National Bureau of Statistics’ Federation Account Allocation Committee Disbursement reports. The reductions were made in 2022 from the Federation Account allocations to state governments.

The federation account is now maintained within a legislative framework that permits money to be distributed through three key components: statutory allocation, VAT distribution, and the derivation principle.

Lagos was the worst impacted by the deductions, with over N23.61 billion withheld in 2022 for foreign debt payment. It was followed by Kaduna, which had N10.25 billion removed, and Cross River, which had N7.56 billion deducted.

Oyo, Rivers, Ogun, and Edo were deducted N4.27bn, N2.74bn, N2.62bn, and N2.15bn, respectively. Borno (N309.79m), Delta (417.54m), and Zamfara were the least hit states (417.96m).

Except for January and February, the total amount deducted was mostly constant throughout the year.

While approximately N7.66 billion was deducted in each of January and February, over N6.3 billion was deducted in each of the remaining months of the year.

Domestic debt due by state governments and the administration of the Federal Capital Territory increased to N5.33 trillion at the end of December 2022. The sub-national domestic debt stock was N4.46 trillion at the end of 2021, an increase of N870 billion in a year.

The data from the Debt Management Office indicated that Lagos State recorded the highest domestic debt as of the end of Q4 2022 with N807.21bn; this was followed by Delta State with N304.25bn and Ogun State with N270.45bn.

On the other hand, the lowest debt was recorded by Jigawa State with N43.95bn, followed by Kebbi State and Katsina State with N61.31bn and N62.37bn, respectively.

Bank Deposits Cut Down By N210bn In Q1 – CBN

GTCO Plc Releases 2023 Q1 Unaudited Results…Reports Profit Before Tax Of ₦74.1billion

May 3, 2023

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period ended March 2022. The Group’s loan book (net) dipped by 1.5% from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9% from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December 2022, respectively.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa. Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”

He further added; “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 31.1%, Pre-Tax Return on Assets (ROAA) of 4.5%, Full Impact Capital Adequacy Ratio (CAR) of 23.2% and Cost to Income ratio of 43.1%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, the Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.

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Currency Exchange Rates Soar Across All FX Markets

May 3, 2023

Dollar To Naira Exchange Rate For 5th Dec 2023

Currency rates rose across the foreign exchange markets on Tuesday as new foreign investors exited the local economy. According to the Nigerian Exchange, international portfolio investor transactions fell in April. Foreign direct investment has also decreased as the market suffers a lack of US dollars.

The Naira rose against the US dollar in the forex market for investors and exporters, trading higher at N462.3 from N463.

Similarly, the parallel market increased by 0.14% to N738 from N739 as demand for foreign currencies slowed.

This week in the global FX market, the global narrative and the EUR/USD move will be the primary drivers for the area. Global circumstances continue favorable, but the Fed and European Central Bank meetings this week will be crucial.

According to statistics from the FMDQ website, the Nigerian autonomous foreign exchange fixing (NAFEX) rate fluctuated in the N415-466 range on Friday but finished at N463.0. This indicates a week-on-week increase of +0.1% or N0.7.

Forex traded in the N462-478.6 area on the forward market. The 1-month contract fell by -0.2% to settle at N469.7, while the 3-month contract fell by -1.3% w/w to close at N496.2.

The retail secondary market intervention sales (SMIS) market fx spot rate stayed constant on Thursday, closing at N462. According to FX experts, the CBN has improved its market intervention latency.

Coronation Research said the gap between the NAFEX and the parallel market rate is 60%. According to data from FMDQ, NAFEX turnover decreased by -24.8% last week to USD323.7 million on Friday

The NAFEX window recorded an inflow of USD214.2m with the CBN accounting for 2.9%, FPIs accounting for 1.5%, non-bank corporates accounting for 37.5%, exporters accounting for 53.9%, and others accounting for 4.2%.

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Nigerian Private Sector Continues Rise In April -PMI

May 3, 2023

The adoption of a single foreign exchange rate for public and private sector transactions by the Central Bank of Nigeria (CBN), FMDQ and banks has boosted monthly turnover by 94 per cent.

The Nigerian private sector showed indications of recovery in April as the cash crisis eased, according to S&P Ratings Global in Stanbic IBTC’s purchasing manager index – PMI. Companies reported fresh growth in new business and output as availability to finance increased, according to the study.

However, companies remained cautious about hiring, and employment fell slightly. Prices showed a mixed picture at the start of the second quarter. According to the PMI data for the month, input costs climbed at a faster rate, while further attempts to acquire consumers prompted enterprises to raise selling prices at the slowest rate in three years.

For the first time in almost a year, the headline PMI rose over the 50.0 no-change threshold in three months during April, the report shows. The indicator rose from 42.3 in March to 53.8 in April, indicating a good overall improvement in business conditions in the private sector.

According to the latest poll respondents, the improvement in operational circumstances represented a softening of the liquidity crisis that has severely harmed the economy in recent months. Panelists observed a more regular business climate as client numbers increased due to increased access to cash. As a result, both output and new business increased dramatically in April, reversing two-month declines in both cases.

Agriculture, manufacturing, services, and wholesale and retail all saw an increase in activity. Despite a minor improvement from March, business morale remained sluggish in April.

Indeed, optimism was among the lowest recorded since the survey’s inception in January 2014. Because of the somewhat gloomy outlook, businesses were cautious in terms of recruiting, and employment was cut marginally for the third month in a row. Meanwhile, work backlogs have decreased slightly. Businesses did, however, boost their purchasing activities in response to increased new orders, with stocks also growing. An improvement in supplier delivery times aided efforts to procure inputs.

Purchase price and labor cost increases accelerated during the month. Companies attributed pricing increases to rising raw material prices and currency weakness. Meanwhile, higher wages frequently reflected efforts to assist employees with rising living costs. In contrast to the picture for input prices, the pace of output price inflation slowed for the fourth month in a row, reaching a three-year low. Some companies reported offering discounts to stimulate demand.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, commented on the news, saying, “The Stanbic IBTC headline PMI jumped to 53.8 in April from 42.3 in March, showing an expansion in private sector business conditions for the first time in three months.” Significantly, the alleviation of the cash shortage situation in April resulted in increases in both output and consumer demand, according to Oni.

“While the easier access to cash caused business activities to expand across key sectors (Agriculture, manufacturing, services and wholesales and retail sectors), firms, however, maintained caution in increasing staff headcount.

“Sure, business sentiment is still relatively weak as recovery in business activities and the access to cash would likely be gradual and continue in near term. Nevertheless, price pressures continue to impact firms’ cost of production.

“The report shows input cost increasing at a sharp pace in Apr but in order to contain margins and increase customer demand, selling prices rose at a much slower pace”.

Indeed, inflation has continued to trend upwards since Jan, reaching 22% year on year in Mar from 21.9% in Feb, with broad base increases across both the food and non-food basket. Hence, the monetary policy committee in a bid to continue combating inflationary pressures will likely maintain the monetary policy tightening bias.

Oni said the committee at its March policy meeting increased the MPR by 50 basis points to 18%, making a cumulative 650 basis points policy rate hike since May 22.”

Stanbic IBTC PMI: Nigerian Private Sector Returns To Growth In April

Nigeria Search For Alternative Funding For Oil, Gas Sector

May 3, 2023

According to the Nigerian Upstream and Downstream Regulatory Commission (NUPRC), the Federal Government has completed preparations to investigate alternate finance mechanisms for the development of the country’s oil and gas resources.

Mr Gbenga Komolafe, the NUPRC Commission Chief Executive, stated this on Monday at the opening ceremony of the Petroleum Technology Association of Nigeria (PETAN) pavilion and exhibition stand at the current Offshore Technology Conference (OTC) in Houston, Texas, United States.

The focus of the five-day conference is “Energy Transition and AfCFTA: Critical Reforms for Sustainable Growth of Africa’s Oil and Gas Sector.”

According to Komolafe, the necessity to develop the country’s hydrocarbon resources necessitated massive expenditure, thus the commission’s determination to establish new finance models for the industry.

According to him, Nigeria will not be left behind in the energy conversation discussion as the country is a place where needs meet opportunities.

“Africa and by extension, Nigeria is well positioned because it has all it takes to bridge the energy gap in the light of energy transition.

“Nigeria with abundant oil and gas reserves and other sources of energy mix, is well positioned to be a superpower if all these hydrocarbon resources are well coordinated,” he said.

According to Komolafe, the signing into law of the Petroleum Industry Act (PIA) generated a watershed change in the petroleum business, including an appealing fiscal and regulatory environment.

Mr Gabriel Aduda, Permanent Secretary, Ministry of Petroleum, further stated that the PETAN pavilion at the OTC demonstrated Nigeria’s diversification in the oil and gas business.

Aduda said: “We are looking at African countries’ collaboration toward developing the oil and gas sector.

“This is especially important because we in Nigeria are totally aware of the need to carry the entire continent alone, And we are not looking at this entity as just Nigeria alone but the whole of African Petroleum Producers Organisation (APPO). So, we are looking at these beyond us. We are looking at the APPO,” he said.

He said about eight African countries were part of the ongoing exhibition, adding that other African countries would join the conference. According to him, this is extremely important because the place of local content cannot be over-emphasised.

“That is why we are so happy with what PETAN is doing because PETAN is providing the capacity for local industry players to be able to strive,” he said.

In his remarks, Mr Nicholas Odinuwu, Chairman, PETAN, said the OTC continues to discuss on building a sustainable oil and gas industry across the African continent in light of the energy transition, using the African Continental Free Trade Area (AfCFTA) , as a veritable tool.

Odinuwu said: “With our collective efforts, we are charting a new pathway for our industry and the energy future of almost two billion people that Africa is home to.

“Nigeria has taken the lead by developing an energy transition plan, launched in 2020, which outlines the technologies and support needed to achieve universal energy access and net-zero emissions by 2050.

“The fact is that Africa requires sustainable energy sources to meet the growing needs of all sectors of its economy and the energy transition is a crucial enabler of sustainable development.”

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Dollar To Naira Exchange Rate Today (Wed. May 3, 2023)

May 3, 2023

Dollar To Naira Exchange Rate Today (Thur. July. 20, 2023)

Dollar to naira, on Wednesday, May 3, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

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 N460.31 per $1 on Friday, April 28.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦738 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.