Investors on the Nigerian Exchange Limited profited N570 billion in one week, powered by corporate activity. The conglomerates business exchanged 11.399 billion shares worth N30.990 billion in 2,310 transactions, accounting for 81.25 percent of total stock turnover volume and 52.52 percent of total equity turnover value.
The NGX All-Share Index and market capitalisation both increased by 2.04% to end the week at 52,403.51 and N28.534tn, respectively. Similarly, all other indices finished higher, with the exception of the NGX MERI Growth and NGX Oil and Gas, which fell 1.58 percent and 0.14 percent, respectively, while the NGX ASeM, NGX Growth, and NGX Sovereign Bond indices remained unchanged.
Last week, investors on the Exchange traded 14.029 billion shares worth N59.007 billion in 24,048 transactions, compared to 3.920 billion shares worth N15.620 billion traded in 16,856 transactions the previous week.
The financial services business followed the conglomerates industry in terms of activity, with 2.185 billion shares worth N22.225 billion traded in 11,946 transactions. The oil and gas industry came in third, with a turnover of 117.097 million shares worth N648.971 million in 1,500 transactions.
Trade in the top three equities, Transnational Corporation Plc, Access Holdings Plc, and Fidelity Bank Plc, accounted for N13.116 billion in shares worth N47.928 billion in 6,614 transactions, accounting for 93.49 percent and 81.22 percent of the total equity turnover volume and value respectively.
Last week, 49 equities appreciated higher than 35 equities in the previous week. Seventeen equities depreciated lower than 31 in the previous week, while 90 equities remained unchanged, the same recorded in the previous week.
Atop the gainers’ chart for the week was Honeywell Flour Mill with 34.91 per cent appreciation in its share value to close the week’s trading at N3.13.
As Nigerians withdraw large sums from deposit money banks, the total amount of demand deposits fell by N210 billion between January and March 2023. According to data from the Central Bank of Nigeria (CBN), demand deposits fell from N20.12 trillion in January 2023 to N19.91 trillion in March.
“A demand deposit is money put into a bank account with funds that may be withdrawn on demand at any moment,” according to the Corporate Finance Institute.
It was said that the depositor would generally utilize demand deposit monies to pay for day-to-day costs. The Corporate Finance Institute also stated that amid a financial crisis, many people would take huge sums from their bank accounts.
It added, “The withdrawals will lead to a decline in demand deposits and a decrease in the money supply, with banks left with less money to loan out.”
The significant withdrawal was caused by the CBN’s naira redesign program, which resulted in cash scarcity in the country. The approach seems to have resulted in a lack of faith in the financial system, with Nigerians withdrawing enormous sums and hoarding cash. Despite the CBN’s withdrawal limits, the withdrawals occurred.
The CBN stated in a circular released on December 6 that the maximum over-the-counter cash withdrawal limit for individuals and corporate organizations each week would be N100,000 and N500,000, respectively, with withdrawals exceeding these limits subject to 5% and 10% processing fees, respectively.
It also specified the weekly cash withdrawal limit through Automated Teller Machine. The apex bank also instructed banks to only load N200 and smaller denominations into ATMs. Many stakeholders objected to the directives, claiming that they would harm the economy.
The CBN finally caved in to public pressure and altered its cash withdrawal regulation. It increased the maximum weekly limit for cash withdrawals by individuals and business organizations across all channels to N500,000 and N5m, respectively. The CBN credited the progress to comments from stakeholders. For transactions exceeding the withdrawal limitations, financial institutions must get client information and upload it to the CBN site set up for this purpose.
Such information includes a valid means of identification of the payee (national identity card, international passport, or driver’s license), Bank Verification Number of the payee, Tax Identification Number of both the payee and the payer, and approval in writing by the managing director/chief executive officer of the financial institution authorising the withdrawal.
It was also noted that third-party cheques above N100,000 would not be eligible for payment over the counter, while the extant limit of N10m on clearing cheques still subsists.
The CBN urged banks to encourage customers to use alternative channels (Internet banking, mobile banking apps, USSD, cards/Pos, eNaira, etc.) to conduct their banking transactions. The CBN also said that it recognised cash’s vital role in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.
With growing worries over the apparent disappearance of freshly redesigned notes, the Central Bank of Nigeria has announced that it is providing more of the new notes to banks.
According to a statement provided to our correspondent on Sunday by the CBN’s Acting Director of Corporate Communications, Dr Isa AbdulMumim. Banks are anticipated to distribute the new currency to their consumers via over-the-counter payments and ATMs.
The statement by the CBN read, “We wish to reiterate that the new and old currency notes have been circulating side by side just as the bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company Limited.
“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy. We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.”
The CBN reiterated that the redesigned and old notes will continue to be acknowledged as legal cash and circulate side by side for transactions until the old N1000, N500, and N200 banknotes are phased out on December 31, 2023.
According to the PUNCH, the country’s currency in circulation increased by N701.4tn in one month to N1.6tn in March 2023 after the CBN changed its position on the naira redesign. Currency-in-circulation is defined by the CBN as currency outside the central bank’s vaults; that is, all legal tender currencies in the hands of the public and in the vaults of Deposit Money Banks.
On the heels of the CBN’s naira redesign program, the country’s currency in circulation has fallen by 235.03 percent to N982.09bn at the end of February from N3.29tn at the end of October 2022. According to CBN figures, N2.3tn was removed from circulation during the time under consideration.
The policy has disproportionately impacted the most vulnerable segments of the population (the impoverished, the unbanked, and rural inhabitants), according to the study. Godwin Emefiele, Governor of the Central Bank of Nigeria, revealed plans to revamp the old N200, N500, and N1,000 notes in October 2022.
The governor lamented the difficulties connected with money management, such as banknote hoarding by members of the public , with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks.
The Nigerian Exchange (NGX) market capitalisation fell by one trillion naira in April as profit takers booked early departures ahead of the local bourse’s earnings season.
The significant losses were caused by bad performance in the banking index as a result of weak emotions, as well as a selloff in telecom company shares – MTN Nigeria and Airtel both suffered negative price movements.
The month of April saw few trading days owing to holidays, but that did not stop market stimulating events from taking place, according to stockbrokers at Afrinvest Ltd in a note. Stock market boosting events include dividend payouts, business earnings announcements, pricing changes, and boardroom squabbles, according to stock experts.
Afrinvest said nevertheless, the bears outperformed the bulls on most of the trading days, which led to a sustained month-on-month decline on the bourse. Monthly trading activity expanded as average volume and value traded rose 242.2% and 64.7% to 1.1bn units and ₦5.2bn respectively.
TRANSCORP led the top traded stock as 667.2 million shares exchanged hands, followed by UBA with total trade valued at 410.6 million units while COURTVILLE did 327.4 million units
Meanwhile, stockbrokers reported that GTCO led by value with a total sum of ₦7.4 billion on record followed by MTNN ₦4.9 billion while UBA did ₦3.3 billion. In its market brief, Afrinvest Limited said within its sector coverage, monthly performance was downbeat as only 2 indices recorded gains.
Nonetheless, according to Afrinvest, the bears outperformed the bulls on the majority of trading days, resulting in a sustained month-on-month decline on the bourse. Monthly trading activity increased by 242.2% and 64.7%, respectively, to 1.1 billion units and 5.2 billion dollars.
TRANSCORP was the most actively traded stock, with 667.2 million shares moved, followed by UBA with 410.6 million units sold, and COURTVILLE with 327.4 million units traded.
Meanwhile, stockbrokers reported that GTCO led the pack in terms of value, with a total of $7.4 billion on record, followed by MTNN’s 4.9 billion and UBA’s 3.3 billion. Afrinvest Ltd stated in its market brief that within its sector coverage, monthly performance was negative, with only two indexes recording increases.
The firm stated that leading the losers pack was the AFR-ICT and Banking indices which dipped 10.4% and 3.3% respectively on the back selloffs in AIRTELAF (-15.5%), MTNN (-4.7%), ZENITH (-11.8%), and UBA (-7.2%). Trailing, losses in ETERNA (-14.0%), SEPLAT (-3.0%), and WAPCO (-7.3%) pushed the Oil & Gas and Industrial Goods indices lower by 1.7% and 0.4% in that order., according to trading record.
Conversely, the Consumer Goods and Insurance indices gained 4.8% and 3.9% respectively due to buying interest in HONYFLOUR (+42.3%), BUAFOODS (+11.8%), MANSARD (+24.7%), and LINKASSU (+14.0%).
Investor sentiment, as measured by market breadth, improved to -0.01x from -0.3x recorded last month as 41 stocks gained, 42 lost and 69 were unchanged. TRANSCORP (+102.2%), NAHCO (+47.5%), and HONYFLOU (+42.3%) were the top performing stocks for the month, while ROYALEX (-28.2%), CHAMPION (-21.3%), and AIRTELAF (-15.5%) were the top underperforming stocks.
The strong surge in TRANSCORP was driven by large share acquisitions by Femi Otedola (2.6bn units & 6.3%) and Heirs Holdings Limited (9.9bn units & 25.6%), but the former had left his holding by the end of the month.
Moving forward, Afrinvest stock analysts predict further bearish momentum in May, barring any positive trigger.
Overall, the benchmark index decreased 3.4% to 52,403.51 points, with the year-to-date return falling to 2.2% from 7.0%, and market capitalization falling by 1.0 trillion to 28.5 trillion.
Mike Adenuga is a man of many accomplishments, and as he celebrates his 70th birthday, it is important to reflect on his remarkable life and legacy.
Born on April 29, 1953, in Ibadan, Nigeria, Adenuga is a self-made billionaire who has made significant contributions to the growth and development of Nigeria’s economy.
He is the founder and CEO of Globacom, one of the leading telecommunications companies in Nigeria, and also the owner of Conoil, a major player in the Nigerian oil and gas industry.
Below are other following things to know about Mike Adenuga
Mike Adenuga is the second-richest person in Nigeria, with a net worth of over $6.1 billion, according to Forbes.
He started his business career by working for his father’s sawmill business and was only 26 when he founded his first company.
He is a lover of high-end cars and owns several luxury vehicles, including a Rolls-Royce Phantom and a Bentley Mulsanne.
Adenuga’s telecommunications company, Globacom, was the first single company to build a high-capacity submarine fiber-optic cable, known as Glo 1, that connects Nigeria to Europe and the Americas.
In 2018, Adenuga was awarded the Dr. Kwame Nkrumah African Genius Award for his contributions to business and philanthropy.
Adenuga is a private person and rarely grants interviews or makes public appearances, which adds to his mystique and enigma.
In addition to his business and philanthropic endeavors, Adenuga is also a family man and has been married to his wife Titi for over 30 years. They have seven children together.
Wema Bank, one of Nigeria’s top financial institutions and Africa’s first truly digital bank, is getting ready to celebrate its 78th anniversary in style.
The week-long event, which starts on May 1st, 2023, offers a variety of thrilling events and competitions open to its staff, customers, and the general public.
Kicking off the anniversary week is the virtual launch of ALAT Alumni, a platform for former Knights to rekindle relationships and foster a sense of community that the bank can leverage.
In addition, the bank will release a cascade of ALAT balloons into the sky, and participants can take snapshots of the balloons and share them on social media with hashtags like #ALATAt6, #WemaAt78, and #SpotALATInTheAir to stand a chance of winning fantastic prizes.
The “Sounds of ALAT” competition, which aims to find talented artists in the entertainment sector and give them a platform to display their creativity, is the festival’s main event.
The winning submission will serve as ALAT’s official theme song, and the winners will each receive up to five million Naira in monetary prizes.
Additionally, the bank is hosting a balloon hunt for its clients in which they must find balloons spelling out “Wema” and “ALAT” in various locations and post pictures on social media with a specific hashtag in order to be eligible to win additional prizes.
The debut of the improved ALAT for Business, the digital bank application for a completely redesigned ALAT for Business platform, will also be included in the celebrations. This platform will redefine how business owners conduct their business transactions.
Head of the Brand and Marketing Communication Department Mabel Adeteye shared her excitement for the impending anniversary and its activities. She continued by saying that the bank will focus on digital services this week so that consumers may benefit from the ease of ALAT’s online banking options.
With our team, clients, and the general public, we are happy to commemorate our anniversary. We are confident that these activities will provide everyone a chance to take part in the celebration and appreciate ALAT’s cutting-edge financial products.
The executive secretary of the Presidential Enabling Business Environment Council (PEBEC), Jumoke Oduwole has called out Air Peace, an indigenous flight operator over its repeated failure to comply with announced flight schedules as well as its unreliable change of schedules.
Oduwole who is also the Special Adviser to the President on Ease of Doing Business challenged the company in a petition titled “Ease of Doing Business Intervention: Request for Urgent Intervention Regarding Service of Air Peace” which she addressed to Musa Nuhu, Director General, Nigeria Civil Aviation Authority, (NCAA), regulators of activities of airlines in Nigeria.
Other key government stakeholders such as Hadi Sirika, Aviation Minister; Emmanuel Meribole, Permanent Secretary, Ministry of Aviation; Managing Director, Nigerian Airspace Management Agency (NAMA), Rabiu Yadudu,Managing Director, Federal Airport Authority of Nigeria (FAAN), Babatunde Irukera, Chief Executive Officer, Federal Competition and Consumer Protection Commission (FCCPC) were also copied in the petition.
Giving an account of what she described as a misleading flight rescheduling by the company, she said; “My personal experience today bears repeating as an example of what many air travelers in Nigeria, including other members of my team and I have experienced firsthand and on various occasions in the past months. On Saturday, April 22, 2023, two Air Peace tickets were purchased to return to Lagos from Akure with a departure time of 3:30PM to return from attending a programme in Omuo–Ekiti, Ekiti State, (near border with Kogi State). On Tuesday, April 25, 2023, a schedule change notification was sent informing of an earlier departure time from 3:30PM to 12:40PM. A subsequent notification was sent at 2:37AM today, April 28, 2023 informing of a further time change from 12:40PM to 8:30AM.
”At 7:30AM, as soon as I became aware of the notification (one hour before the new departure time), I abandoned the event I had come to attend, and proceeded to immediately start making my way down to the Akure Airport, a two-and-a-half-hour journey on the shortest route from Omuo-Ekiti. The PEBEC Secretariat team also called the Air Peace Duty Manager in Akure, Mr Charles, and asked him to please reschedule the flight to a later time to allow more passengers time to see the notification and make the new flight time. He stated that there was nothing he could do.
“I arrived at the Akure airport at 9:13AM (for what was to be a 12:40pm flight). The Air Peace Lagos-bound flight had departed. Being the only flight of the day from Akure to Lagos, and with another important official engagement to attend at 5PM in Lagos this evening, I was forced to proceed on an unplanned 5-hour road trip to Lagos. This is only one of many such instances of unacceptable inefficiency of this airline operator in recent times, to which most frequent air travelers in Nigeria can testify,” she said.
Oduwole said the implications of these unchecked actions by airline operators on the Nigerian economy, businesses, and persons include wasted man hours, high cost and time of doing business in Nigeria, lack of operational transparency of airline operators, difficult ticket refund processes while selling tickets and tying down funds with real and opportunity costs to air travelers.
She called for an investigation of the recurrent situation and necessary actions to ensure that such issues are addressed with airline operators on pain of sanction in order to ensure that the growing monopolistic tendencies of poor service offerings by some of our air transport operators in Nigeria are curbed as a matter of great urgency.
The Federal Government (FG) has announced Monday, May 1st, as a public holiday to commemorate Workers Day this year.
The official announcement was made on behalf of the Federal Government by Minister of Interior Ogbeni Rauf Aregbesola. He congratulates workers across the country on the occasion.
Ogbeni Aregbesola praised workers for their hard work, perseverance, and sacrifice, stating that their efforts are largely responsible for the country’s grandeur and the respect Nigeria currently commands in the international community.
”There is dignity in labour, we have to have dedication and commitment to the work you do, because it is vital to nation building”.
Aregbesola then encouraged workers to adopt the productivity culture, adding, “The end of work is productivity.” Productivity is what leads to satisfactory provision of products and services and the generation of wealth. As a result, it is the way to national and individual wealth.”
The Minister also advised workers to elevate the level of their trade in accordance with President Muhammadu Buhari’s administration’s drive to enhance the vehicle of government and ensure that all Nigerians enjoy the most from the country.
He informed Nigerians that President Muhammadu Buhari’s administration is totally committed to the security of every citizen and foreigner in the country and will not slow down in any area, even as the term winds down.
The Minister congratulates all security services on their victories in combating criminals across the country, and he encourages them not to relent in their efforts to deter criminals anytime they raise their heads.
The minister urged all Nigerians to contribute to the country’s security architecture by remaining watchful and reporting suspicious individuals and activities to law enforcement agencies in their communities, emphasizing that security is everyone’s duty.
Aregbesola urged individuals to report security threats via the N-Alert app for Android and iOS.
Stanbic IBTC Holdings, a member of Standard Bank Group has shared some of its latest findings from the Africa Trade Barometer Report 2022 released recently. The report, which assesses key economic indicators in Africa highlights several noteworthy developments across 10 African countries.
According to the report, Nigeria is placed eighth out of the ten countries on the Africa Trade Barometer (ATB) after dropping one position (sixth to seventh place) on the Qualitative Trade Barometer (QTB) rankings and gaining two places (10th to eighth position) on Survey Trade Barometer (STB), which was driven mainly by directional improvements in the trader’s financial behavior.
Nigeria’s economic growth has largely recovered after the 2020 recession (primarily brought about by the COVID-19 pandemic). The projected economic growth (3.2% in 2022-2024) is average.
Speaking on the report, Remy Osuagwu, Head, of Business and Commercial Clients, Stanbic IBTC Bank, noted that the report’s findings are a testament to the hard work and commitment of businesses and people in creating a conducive environment for economic development.
According to the report, the macroeconomic stability in Nigeria has improved significantly, and business confidence has been boosted, with several small businesses growing through prudent fiscal and monetary policies.
The report also identified an increased trade openness across the continent. Various regional and multilateral agreements have facilitated this positive trend, reducing trade barriers and improving market access. Nigerian firms have become more optimistic about prospects for importing and exporting, a significant increase in imports, and a directional increase in exporting.
The report also provides insights into traders’ financial behavior and access to finance. It highlights the need for financial institutions to provide affordable, accessible, and appropriate financial services to traders, especially small and medium-sized enterprises (SMEs), to support their growth and expansion. At Stanbic IBTC, we are at the forefront of this action as we have implemented solutions to help businesses thrive.”
“The Africa Trade Barometer Report 2022 identifies several positive developments, challenges, and how to scale up a business in Nigeria’s trade sector. These developments demonstrate the country’s resilience and potential for growth and should encourage investors to explore opportunities in the region. At Stanbic IBTC, we remain committed to supporting our clients and partners in navigating the opportunities and challenges presented by the African market,” Remy added.
President Muhammadu Buhari has approved postponement the 2023 Population and Housing Census from May 3 to 7, to a date to be selected by the incoming administration.
The approval was made known according to a statement made available on Saturday by Minister of Information and Culture Lai Mohammed.
On Friday, Buhari was claimed to have given his assent after meeting with members of the Federal Executive Council, the Chairman of the National Population Commission (NPC), Nasir Isa-Kwarra, and his team at the Presidential Villa in Abuja.
“In arriving at the decision to postpone the Census, the meeting reiterated the critical need for the conduct of a Population and Housing Census, 17 years after the last Census, to collect up-to-date data that will drive the developmental goals of the country and improve the living standard of the Nigerian people,” the statement said.
“The President noted that with the completion of the Enumeration Area Demarcation of the country, conduct of first and second pretests, the recruitment and training of adhoc workers, procurement of Personal Digital Assistants (PDAs) and ICT infrastructures, appreciable progress has been made in the implementation of the 2023 Population and Housing Census.”
See the full statement below:
PRESS STATEMENT
President Buhari Approves Postponement of 2023 Census
President Muhammadu Buhari has approved the postponement of the 2023 Population and Housing Census, earlier scheduled for 3-7 May 2023, to a date to be determined by the incoming Administration.
The President gave the approval after meeting with some members of the Federal Executive Council and the Chairman of the National Population Commission and his team at the Presidential Villa in Abuja on Friday (28 April 2023).
In arriving at the decision to postpone the Census, the meeting reiterated the critical need for the conduct of a Population and Housing Census, 17 years after the last Census, to collect up-to-date data that will drive the developmental goals of the country and improve the living standard of the Nigerian people.
The President noted that with the completion of the Enumeration Area Demarcation of the country, conduct of first and second pretests, the recruitment and training of adhoc workers, procurement of Personal Digital Assistants (PDAs) and ICT infrastructures, appreciable progress has been made in the implementation of the 2023 Population and Housing Census.
He also commended the methodology being put in place by the Commission to conduct accurate and reliable Census, especially the massive deployment of technology that is capable of delivering world class Census and laying a sustainable basis for future censuses
The President further directed the Commission to continue with preparations for the conduct of the 2023 Population and Housing Census in order to sustain the gains already recorded and provide the basis for the incoming administration to consolidate these achievements.
The meeting was attended by the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami; the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Minister of Information and Culture, Alhaji Lai Mohammed; the Minister of State, Budget and National Planning, Mr Clem Agba and the Secretary to the Government of the Federation, Mr Boss Mustapha.
Alhaji Lai Mohammed Honourable Minister of Information and Culture Abuja 29th April 2023
L-R: Corporate Affairs Director, Nigerian Breweries(NB) Plc, Sade Morgan; Outgoing Chairman, NB Plc, Chief Kola Jamodu; President, Manufacturers Association of Nigeria(MAN), Otunba Francis Meshioye; Incoming Chairman, NB Plc, Asue Ighodalo; Managing Director, NB Plc, Hans Essaadi and Company Secretary/Legal Director, NB Plc, Uaboi Agbebaku during the 77th Annual General Meeting of Nigeria Breweries Plc held on Wednesday, April 26, 2023 at Civic Centre, Lagos
The shareholders of Nigeria’s foremost brewing company, Nigerian Breweries (NB) Plc, have unanimously approved the dividend payout of ₦13.87 billion for the 2022 financial year. The dividend was approved at the 77th Annual General Meeting (AGM) of the company held at the Civic Centre in Lagos on Wednesday, April 26, 2023.
The shareholders equally authorized an intercompany loan of 110 million euros from Heineken International, which is meant to settle foreign currency-denominated payment obligations of the company.
Speaking during the Annual General Meeting, the outgoing Chairman of the company’s Board of Directors, Chief Kola Jamodu, explained that each shareholder would receive a final dividend of ₦1.03 having earlier received an interim dividend of 40k that was approved in October 2022.
Jamodu noted that despite the market’s competitive nature, the company maintained its market leadership position while ensuring value to the business and its esteemed shareholders. He said that the company had demonstrated strong resilience under difficult economic circumstances, which were occasioned by inflation and low disposable income.
Speaking on the loan, he stressed that it was necessary at this time to help the company address the challenge of forex and pay off some of its overdue foreign currency denominated payables.
This will help to ensure that there is no disruption in its operations due to a shortage of imported raw materials as its procurement agent would have stopped its services as a result of the overdue payables.
“Forex loss was a major impact on our profitability in 2022. Access to Forex continues to be a major issue for NB Plc.
“The increase in our trade payables has been driven majorly by outstanding payments to our foreign trade partners due to unavailability of forex at the official windows”, he said.
Some of the shareholders who spoke at the meeting described the payment of dividends to shareholders as commendable despite the myriad of challenges confronting the business.
One of the shareholders who spoke at the event, National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, applauded the board and management of the company for managing the business effectively, as reflected in the improved performance in profit and revenue recorded by the company for the 2022 financial year.
“The company’s financial performance for the 2022 financial year was good. NB Plc has done well with the payment of dividends to shareholders, especially with the economic hardship we are facing and the low purchasing power of consumers. It shows that the company saved for the rainy day,” Okezie said.
Also speaking, another shareholder – the Chairman Emeritus, the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, lauded the company’s management for its financial performance despite the challenging macroeconomic outlook.
While commending the company for the payment of dividends to shareholders, Nwosu hailed the current leadership for demonstrating immense capacity to drive the company to greater heights with some of the bold decisions taken in the course of the 2022 financial year.
“I would like to express deep appreciation to the board and management of Nigerian Breweries Plc for showing great leadership in managing the business amidst challenges.
“On behalf of other shareholders, I would like to commend everyone, including the staff, for their contribution that has resulted in a good performance for the company. I am confident that this year would also benefit the company,” he said.
Responding, the Managing Director/CEO, Nigerian Breweries Plc, Mr. Hans Essaadi, expressed his gratitude to all the company’s shareholders for their invaluable support, stating that the company remains committed to delivering long-term growth to its shareholders, inspite of the current economic headwinds and challenges.
Also speaking at the AGM, the Company Secretary & Legal Director, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, stated that the 2022 financial year witnessed a growth in performance, as evident in the rise of of its net revenue by 26% from ₦437.2 billion in 2021 to ₦550.5 billion in 2022.
A breakdown of the company’s audited results shows that the Profit after Tax (PAT) recorded for the 2022 financial year grew by 8% from ₦12.9 billion to ₦13.9 billion.
Agbebaku explained that the Cost of Sales, Marketing, and Distribution expenses were under severe pressure due to inflation, devaluation of the naira, and high energy costs.
VigiPay, a Nigerian fintech providing digital payment services, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced today April 28th 2023 in LAGOS, Nigeria & NEW YORK & TEL AVIV, Israel that they will collaborate to protect VigiPay’s growing business against money laundering, sanctions violations, and other financial crime risks.
Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect the earliest signs of sophisticated money laundering activity. The new system will enable VigiPay to achieve safe growth, regulatory compliance, and consumer transaction transparency with the expansion of transaction volumes and value services for both domestic and cross-border payments.
This new collaboration highlights ThetaRay’s continued growth in the Nigerian financial market. VigiPay is a payment technology platform for cross-border remittances and online B2B payments in Nigeria and across Africa. It provides automated payment collection services, including POS terminals, for local and international payments and auto reconciliations to corporate and government organizations.
“As we expand into the global market, we are committed to enhancing AML compliance. With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency,” said Oluseyi Oluwabusola, general manager of VigiPay.
“ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers. We are committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment.”
The Nigerian government has been driving efforts to move to a cashless society with several initiatives aimed at promoting digital payments including limits on ATM and government accounts.
“We are proud to partner with an innovative Nigerian fintech that prioritizes trust and service to drive financial inclusion in Africa,” said Mark Gazit, CEO of ThetaRay. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintechs rapid revenue growth by opening doors to business with new financial partners worldwide.”
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behavior, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity, including across complex, cross-border transaction paths.
This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.
Learn more about VigiPay’s journey at a ThetaRay customer event, “AI in Preventing Financial Crime: A New Normality,” taking place in Lagos on May 4, with the participation of executives in the banking and fintech industry of Nigeria.
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 N460.47 per $1 on Wednesday, April 26.
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 ₦739 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.
Our daily lives are greatly influenced by fashion, and in some cases, it even determines who we hang out with. Fashion is a broad term that encompasses many different aspects of our lives.
However, in a broader sense, fashion primarily has to do with clothing. The easiest way to identify someone is by their clothing style.
Fashion is about more than just how we dress or choose shoes to go with a certain dress; it’s about who we really are because they reflect our preferences and personalities in general.
The fashion industry, which now boasts millions of brands worldwide, has grown significantly over time and is worth many billions of dollars.
There are different tiers of the components that make up the fashion industry. They are: primary, secondary, retail, and auxiliary.
The longest lead time is at the primary level. This is the manufacturer of raw materials. Clothing manufacturers are on a secondary level. This is from conception to completion of a cloth.
All different types of retailers buy their products from the secondary level and then sell them at the retail level. The only level that interacts with all other levels at the same time is the auxiliary level. It includes fashion media.
Although you may have a sizable wardrobe of clothing as a fashion enthusiast, there are always some styles that every fashionista should have. These fashion businesses are timeless and have withstood the test of time. They provide an endless variety of distinctive styles. Here are seven fashion companies that every fashionista should keep an eye out for.
1.TRIPS CLOTHING COMPANY
TRIPS CLOTHING is an Excellent company to deal with. Knowledge, customer service, quality of fabric and patience is exceptional.
Trips clothing company designs and produces top-notch unisex suits. With an eye for the occasion; they have you looking classic and stylish in bespoke luxurious designs. The fitting, fabric and attention to details is par excellence.
They offer discounts for wedding orders and you can seamlessly book sessions/make appointments.
Trips Clothing address is 66b Coker Road Ilupeju 101223 Lagos Nigeria Phone contact is 0906 447 1191
HOUSE OF MIVA
The elegance of the House of Miva lies in its modesty.
Women’s ready-to-wear, bespoke, men’s clothing, and fabric sales are the main areas of focus for the fashion label House of Miva.
For us, each outfit tells a tale. We produce designs to express ourselves, to be understood, and to show off our creativity. Given that fashion is typically regionally specific, we are aware of the shifting trends in the world we live in.
We can always modify the styles you see on other people because fashion requires a lot of innovation and creativity, and we excel at customizing to your fashion preferences.
House of Miva address is 5 Ajibi Quarters BCGA Apata Ido local government area, 202110, Ibadan, Oyo
Phone contact is 0705 596 6023
Our IG handle is @houseofmiva
ANIKE STUDIOS
Anike Studios is a business that values creativity.
Everyone has a unique body shape because of how they were created. Regardless of your body size, we create incredible designs and sizes to fit various shapes.
Since its founding in 2020, Anike Studios has become one of Nigeria’s leading fashion labels. We create custom-made clothing.
Our IG page handle is @anikestudios
KYROSTITCHES AND FASHION ACADEMY
Kyrostitches & Fashion Academy also known as “Kyrostitches” for short is a true gem for anyone seeking to unlock their creative potential in the fashion industry.
The academy’s commitment to excellence is evident in every aspect of her programming.We offer Basic, intermediate and Advanced classes on Pattern drafting and sewing techniques.
The instructors at Kyrostitches are industry veterans with a wealth of experience and knowledge, and they are passionate about imparting their skills to the current crop and next generation of fashion designers.
Kyrostitches equally provides bespoke services for male,female and kiddies wears,either English or traditional outfits. What is most impressive about Kyrostitches is her emphasis on creativity and neat finishing. With Kyrostitches your dreams designs come alive.
At Kyrostitches, we create a warm and welcoming environment where students and apprentice s are encouraged to collaborate and support each another. This approach not only leads to better learning outcomes but also helps to forge lasting social connections that are invaluable in their future careers and lives in it’s entirety.
Beyond the classroom, Kyrostitches offers a wealth of resources to her students, including internship opportunities, guidance / counselling / and networking events with industry professionals. These resources help ensure that graduates of the academy are well-in-class to enter the workforce, make a name for themselves in the highly competitive world of fashion and contribute significantly to Nigeria’s GDP.
Our social media handles are: Facebook @kyrostiches Instagram @kyrostitches WhatsApp +2348137460742
WASSYSTITCHES
Wassystitches will help you discover your sense of individuality. Wassystitches is dedicated to making your concepts a reality.
To create a seamless outfit, we at Wassystitches add our distinctive touch to fashion while maintaining balance.
From embroidery to a particular neckline, Wassystitches is attentive to the little things. Balance and attention to detail are the secrets to a great dress. Our attire is self-evident.
2019 marked the beginning of Wassystitches, and we provide female attire of English or conventional garments.
Our whatsapp +234 812 884 5001
IG page handle is @wassystitches
SEAMS BY MOYO
At Seams by Moyo, we use our styles to make a statement about fashion. We deliver outfits without seams and more while giving fashion outsiders a voice and assisting them in becoming insiders.
Choosing the right fabric is important to Seams by Moyo. We can perfectly execute any design you have in mind using the appropriate fabric. The fabric’s density, lightness, and texture have an impact on the color and dress style we deliver.
The visual quality of our fabric, which provides you with diversified seamlessness, is influenced by the feel of the fabric, its appearance, and whether it feels soft or stiff.
We create a variety of female clothing for both adults and children.
Kico attire is flawlessly worn. As your designer, you profit from the fact that we are at your beck and call. So make the most of it that you can.
Use our distinction, simplicity, and timeless designs to your advantage. We alter the fashion rule to make it into something distinctive and alluring because, even if it only draws the attention of one person, our task is accomplished.
We produce a variety of feminine clothing, including ankara wears.
visit our official website
Our location is No. 35 Kola Ogundeji Street, Lagos, Nigeria. Phone contact is 0906 892 8545
To summarize, these seven fashion businesses are must-haves for any fashion enthusiast. They each have attained acclaim and popularity and offer a range of designs and styles. These fashion businesses will undoubtedly give you the ideal clothing, whether you’re a seasoned fashion enthusiast or you’re just beginning to embrace your style.
Without hesitation, I recommend all seven to anyone enthusiastic about fashion, dedicated to improving their craft, and who aspires to always look their best.
The African Development Bank Group (AfDB) has launched a six-month campaign to sensitize its internal and external stakeholders on its new Whistleblowing Policy, approved by the Boards of Directors in January this year.
The Whistleblowing Policy 2023 builds on a 2007 policy, which at the time was widely considered as progressive and reflective of the value the Bank Group places on the contribution of whistleblowers to its anti-corruption processes, and its zero tolerance of any retaliation against them.
The new policy sets additional standards, by bringing the Bank’s Boards members and elected officials under the disciplinary scope of the policy where they are found to have threatened or participated in retaliation against any internal or external party reporting fraud and corruption in Bank operations, or assisting in audits, investigations and disciplinary processes.
Enhancing its ability to protect external whistleblowers, the new policy classifies retaliation by external parties within the context of AfDB-financed operations as Obstructive Practices, which are subject to debarment under the Bank’s sanctions system.
The new policy ensures that the Bank will continue to protect natural persons or entities:
who make disclosures of fraud or corruption in good faith,
who refuse to violate the law by making public disclosures,
who challenge national or international illegality, as well as abuse of authority, mismanagement, gross waste, or substantial health or safety threats,
who are mistakenly identified as whistleblowers,
including AfDB staff and consultants, private citizens, development partners, non-governmental organisations, professional bodies, government officials and officials of other international financial institutions, and
employees of vendors and contractors participating in AfDB-financed projects, by making the guarantees of whistleblower rights by employers, a contract condition.
The new Whistleblower Policy also ensures due process guarantees by:
providing interim relief to persons impacted by retaliation pending the final determination of their grievances,
protecting the rights of whistleblowers to seek recourse against decisions made by the Bank,
protecting the anonymity of whistleblowers by maintaining confidentiality in its processes, and
protecting the rights of whistleblowers to be notified of the status of their submissions.
The Bank’s Boards of Directors have further committed to reviewing the new policy in 2028, after five years of implementation, taking into consideration implementation reports and feedback from stakeholders.
In 2007, a review of the Bank’s whistleblowing policy by the United States-based Government Accountability Project (GAP) indicated that the African Development Bank was the first multilateral development bank to substantially comply with the whistleblower transparency reforms authored by senators Patrick Leahy (D-Vt.) and Richard Lugar (R-In.) and approved in an October 2005 U.S. appropriations law. GAP described the 2007 policy, as setting “a new standard for protecting staff members and others from retaliation when they report fraud or corruption [and]… guaranteeing employment for vindicated whistleblowers who suffer retaliation.”
Whistleblowing Policy 2023 Sensitization Campaign to last six months
Speaking at the launch of the Whistleblowing Policy sensitization campaign at the Bank’s headquarters in Abidjan on Tuesday 25 April, Paula Santos-Da Costa, Director of the Office of Integrity and Anti-Corruption, stated: “the campaign will be implemented over a six-month period in the Bank’s headquarters, regional and country offices and in Regional Member Countries.”
Santos-Da Costa, the Bank’s designated chief whistleblower protection officer, said the campaign will be carried out through a variety of activities including, installation of information desks, dissemination of information, education and communication materials such as fact sheets and FAQs.
The campaign will also engage beneficiary communities hosting Bank-financed projects, civil society organisations, relevant professional bodies, contractors and government officials involved in project implementation.
The director further stated that an internal guideline has been developed and issued to “ensure the strategic and efficient implementation of the Whistleblowing Policy 2023”.
The African Development Bank Group Whistleblowing Policy 2023 can be downloaded from the Bank’s website in English and French.
Africa’s Business Heroes (ABH) Prize Competition is calling for the participation of business professionals from across Africa as judges of its 2023 edition, as it is on course to be bigger and better this year.
With less than three weeks before entries close on May 12, more than 21,000 entrepreneurs from all corners of the continent have already submitted their applications, reflecting a strong interest in the competition.
ABH is a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy. Every year since 2019, ABH conducts a continent-wide search with its partners for the most talented, business-driven entrepreneurs driving inclusive growth and creating a positive impact for their communities.
ABH features 10 African entrepreneur finalists each year as they pitch their business to win a share of US$1.5 million in grant money and gain access to unparalleled mentoring, networking and training opportunities. Over a 10-year period, ABH will recognize a total of 100 outstanding African entrepreneurs.
Now in its fifth year, ABH has grown into a truly Pan-African, inclusive, sector-agnostic and grassroots-oriented initiative, which has been positively impacting the continent’s entrepreneurial landscape.
A crucial part of ABH’s success is a group of esteemed judges who not only evaluate but also inspire entrepreneurs broadly. Hundreds of judges at all levels of the competition support and mentor African entrepreneurial talents taking part in the competition each year.
Judges of past ABH editions include Omar Cisse, CEO of InTouch SA; Amal Enan, Partner of 500 Global and Founder of The Lotus Collective; Tomi Davies, Collaborator-in-Chief at TVC Labs and Advisor to Fathom; Fatoumata Ba, Founder of Janngo Capital; Fred Swaniker, Founder of African Leadership Academy, among others.
This year, as ABH expects a record-breaking number of applications, the competition is looking to expand its pool of judges to support the contestants further on their ABH journey. Seasoned entrepreneurs, venture capital firms, academics, and business professionals from all sectors are invited to join the ABH community of judges here.
“As an ABH judge, I have enjoyed supporting entrepreneurs over the last two years. I’ve learned as much as I have mentored, and I am inspired each time I connect with an ABH entrepreneur.
In addition to supporting amazing participants, I have made so many new connections with passionate ABH judges that work all over the continent,” said Akua Nyame-Mensah, Executive Coach and Co-Founder of A.N.M. & Company and CoffeeChat.
Aside from providing guidance and evaluation for the contestants, judges can also connect with the ABH ecosystem of more than 100,000 stakeholders, including investors, entrepreneurs and ABH partners through judge networking sessions hosted by ABH. After completing the judging process, they will be awarded a certificate and featured on ABH’s official website.
ABH is also putting out a special call to entrepreneurs whose countries are still underrepresented – including Morocco, Egypt, Algeria, Tunisia and Libya to apply for this year’s competition and inspire millions of others with their unique stories. The competition is still open for applications in either French or English until May 12, 2023.
Entrepreneurs who are interested in applying or who have registered as applicants now have less than three weeks until May 12, 2023 to complete their applications by submitting the required materials.
For more guidance on the application process, visit the ABH official website or watch a video here.
In addition to the US$1.5 million cash grant, applicants will also gain access to mentoring, networking, and publicity opportunities for their ventures. All applicants have access to training and scaling opportunities across a vast range of business disciplines through webinars, presentations, and events, such as the Alibaba Netpreneur Training program.
The top 50 candidates will be announced in July, the top 20 semi-finalists in August, and the top 10 finalists in September. The return of a large-scale Grand Finale and Summit is slated for November 2023.
“The Nigerian Air Force (NAF), Air Peace, and other airlines have been granted permission to fly to Egypt.” The NAF C-130H is planned to leave Abuja tomorrow, April 28th, 2023, to begin airlifting evacuees,” said Amb. Janet Olisa of the Ministry of Foreign Affairs.
The administration also stated that plans are being finalized to airlift those Nigerians who have already fled on their own to safety in Sudan’s neighboring countries.
Read the full statement below:
JOINT PRESS RELEASE FROM THE MINISTRY OF FOREIGN AFFAIRS (MFA) AND THE FEDERAL MINISTRY OF HUMANITARIAN AFFAIRS, DISASTER MANAGEMENT AND SOCIAL DEVELOPMENT (FMHADMSD) ON THE EVACUATION OF NIGERIANS CAUGHT UP IN THE ON-GOING CRISIS IN SUDAN
Issued at Abuja, Nigeria on 27th April, 2023
The Ministers, Ministry of Foreign Affairs and the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development convened a Situation Room on the Evacuation of Nigerian nationals from Sudan chaired by the Permanent Secretary FMHADMSD, Dr. Nasir Sani-Gwarzo, mni, NPOM, meets daily. This followed the lingering crisis in Sudan between the Sudan Armed Forces (SAF) and the paramilitary group, the Rapid Support Forces (RAF)
Members of the Situation Room include Ministry of Foreign Affairs (MFA), Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD), National Emergency Management Agency (NEMA), National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI), Nigerians in Diaspora Commission (NIDCOM), Federal Ministry of Health (FMOH), Office of the Chief of Staff, National Intelligence Agency (NIA) and Nigerian Air Force (NAF). Other members include the various Nigerian Foreign Missions relevant to the evacuation exercise.
Seizing the window of the three (3) day United States negotiated ceasefire in Sudan, President Muhammadu Buhari, GCFR approved the immediate deployment of both human and financial resources towards the evacuation of Nigerians caught up in the ongoing crisis in Sudan.
Consequently, forty (40) buses have been secured in Sudan to convey the students and other Nigerians from Khartoum to Aswan border in Egypt, which is one of the identified safe reception borders. As at the time of the release of this statement, the 1st batch of buses had already departed Khartoum.
The Nigerian Mission in Egypt is liaising with the Egyptian Authorities to facilitate the evacuation exercise, by providing emergency entry documents and holding shelters, until the stranded Nigerian are airlifted back to Nigeria.
The Nigerian Air Force (NAF), Air Peace and other Airlines have received clearance to fly to Egypt. The NAF C-130H is scheduled to leave Abuja tomorrow, 28th April, 2023 to commence the airlifting of the evacuees.
Similarly, arrangements are being concluded to airlift all Nigerians that have already escaped on their own to safety in other countries neighbouring Sudan.
Some Nigerian students who found their way to the Ethiopian border on 22nd April, 2023 and got stranded were allowed entry into Ethiopia on 24th April, 2023 following the intervention of some Nigerian leaders. The students are safe and in good condition and have already made personal travel arrangements to return to Nigeria.
Similarly, another group of Nigerians assisted by the Government of United Arab Emirates (UAE) arrived Jeddah and are being taken care of by the Kingdom of Saudi Arabia (KSA) and the Nigerian Embassy in KSA. Arrangements are being made to bring them back home safely.
The initial hitches encountered during the commencement of the exercise, including incidents of bus drivers stopping in the desert due to non-payment have been resolved. The buses have continued towards the Egyptian border. The evacuation exercise is progressing and will continue until all stranded Nigerians are brought back home safely.
Signed: Amb. Janet Olisa, OON Director Overseeing the Office of the Permanent Secretary, MFA Signed Dr. Nasir Sani-Gwarzo mni, NPOM Permanent Secretary FMHADMSD
President Muhammadu Buhari has conceded that the fight against insecurity has been difficult during his eight years in power, but that the situation has substantially improved.
Buhari made the remarks on Thursday at the Eagle Square in Abuja, during the official unveiling of the national and regimental colors of the Nigerian Army’s new and operationalized formations.
“Since the inception of this administration in 2015, the nation’s security situation was greatly challenged by activities of violence and non-state actors.
“Today, I’m pleased to specifically note that the situation has tremendously improved and I wish to also highlight that we have made remarkable progress in the fight against insurgents, militants, oil bunkers, kidnappers, and other criminal elements in the country.
“The Nigerian Army that we celebrate today would not have been able to discharge its responsibilities,” Buhari said.
“The fighting power of our army was at a low rate as of May 2015. However, seven years later, its fighting power has increased significantly making it fourth in ranking among African militaries as against seventh in 2015.”
Buhari highlighted that government interventions in the Army’s yearly budget allotment between 2020 and 2022 were able to buy utilities and resources for the insurgent battle.
At the event, deserving units that have played critical roles in safeguarding the country were decorated.
The President thanked the Chief of Defence Staff and praised Nigerians for their resilience, noting that the country will continue to rely on support from all segments of Nigerian society to ensure the nation’s peace and security.
The Nigerian Exchange Limited added N75 billion to investor gains on Thursday, continuing its upward trend.
The All-Share Index increased 52.235.88 points, or 0.26 percent, to 138.26 base points. The market capitalization also increased, rising 0.26 percent to N28.442 trillion.
Bua Foods (+5.88%), Zenith Bank (+1.11%), and Stanbic (+0.54%) were among the companies that saw buying activity, offsetting losses at Nigerian Breweries (-10.00%), Wapco (-0.83%), and GTCO (-0.40%).
The number and value of transactions decreased by 63.96% and 9.52%, respectively, in the market activity, indicating a lowered trading turnover compared to the previous session.
A total of 2.33 billion share units, worth N17.62 billion, were exchanged in 6,958 deals.
The US economy slowed down significantly during the first three months of the year as inflation and interest rate rises set in to an economy that was widely anticipated to slow down even more. The first quarter had a 1.1% annualized increase in the gross domestic product, which is a measure of all goods and services generated during the time.
According to CNBC on Thursday, the Dow Jones survey of economists found that they had projected 2% growth.The growth rate came after a fourth-quarter GDP gain of 2.6%, which was a portion of a year-over-year increase of 2.1%.
The survey also revealed that the personal consumption expenditures price index, a frequently watched inflation indicator by the Federal Reserve, grew by 4.2% as opposed to the projected 3.7%. The U.S. economy in the late 1970s and early 1980s saw “stagflation,” which is frequently defined as high inflation and weak development. Major indices were pointing to an upward opening for stocks, which initially showed little reaction to the data. Treasuries’ yields rose.
According to the research, the slowdown in growth was caused by a drop in private inventory investment and a decrease in nonresidential fixed investment. The headline number was reduced by 2.26 percentage points due to the slowdown in inventories.
Consumer spending as measured by personal consumption expenditures increased 3.7per cent and exports were up 4.8 per cent. Gross private domestic investment tumbled 12.5 per cent.
“The U.S. economy is likely at an inflection point as consumer spending has softened in recent months,” said Jeffrey Roach, chief economist at LPL Financial. “The backward nature of the GDP report is possibly misleading for markets as we know consumers were still spending in January but since March, have pulled back as consumers are getting more pessimistic about the future.”
Argentina to use Yuan instead of Dollars to pay for Chinese goods
To conserve its decreasing foreign reserves, Argentina will pay for Chinese goods in yuan rather than US dollars, Economy Minister Sergio Massa announced on Wednesday.
According to Massa, the South American nation will be able to “program a volume of imports in yuan worth (the equivalent of) more than $1 billion from next month,” according to AFP. Massa made the announcement at a meeting with China’s ambassador Zou Xiaoli in Buenos Aires. This would “replace” Argentina’s usage of its US currency reserves.
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