Governor Babajide Sanwo-Olu of Lagos has sought the demolition of 20 buildings in Banana Island, Ikoyi area of the state.
The governor gave this order on Saturday, April 22, 2023, during a visit to the site of the recent building collapse on First Avenue in Banana Island.
While accusing some agencies of the federal government of being culpable in the incidents of building collapse on the highbrow Island, Sanwo-Olu described as reckless the way and manner officials of the National Inland Waterways Authority (NIWA), the promoters of the estate, issued permission to sand fill the Lagos Lagoon without regard to the topography of the area.
He stated that the site of the collapsed building was not originally part of the island’s plan.
“We are at the back of the land that is abutting. You can see that the original line for Banana Island is not even here. It is way in front and you can see that there are several extensions granted by both the Federal Ministry of Works and Housing and NIWA. These are the two federal agencies that have been culpable for those extensions. They have done these extensions without our knowledge.
“We have responsibility for building approval. All of the four buildings at the back never got our approval. This is an illegality that is real and that is why we are going around the properties.
“The excuse that they don’t have access is not acceptable. It is total recklessness. All the developers and the culpable officers will be sanctioned.
“But what we are doing now is – we have set up an external committee who are given two weeks to independently ascertain what has gone wrong here and they should finish the work towards the end of next week. This will further strengthen our hands to be able to come up with a robust work plan that we can enforce going forward.
“It is heartbreaking each time we have to go through this and it shows how irresponsible both the developers, some of our citizens that just want to make quick money, and of course our officers, who are not alive to their responsibility.
“We have had to change staff here and there so that we can bring forward robust and very strong monitoring offices, but we are still short of it, I must say. We need to do what we have to do to keep the lives of our citizens safe at all times,” he explained.
Baccarat is a card game that has been enjoyed by players for centuries, but the rules can often feel mysterious and intimidating to newcomers. This comprehensive guide will help new players unlock the mysteries of Baccarat, so they can start playing with confidence right away.
Baccarat is a popular card game that has been around for centuries. It is played between two hands, the “player” and the “banker”. The goal of the game is to get as close to 9 points as possible without going over. Each card in the deck has a point value associated with it, with face cards having no value and Aces being worth 1 point. Players can bet on either hand or on a tie, which pays out 8-1 odds if successful. The player and banker are each dealt two cards, and then additional cards may be drawn depending on what their total score is. If either hand reaches 8 or 9 points, they automatically win; otherwise, additional cards may be drawn until one of them reaches 8 or 9 points. You can play Baccarat at online casinos like Wagmi Casino or at brick-and-mortar casinos.
Popular variations of Baccarat and their unique features
The most common variation is Punto Banco, which is the version played in most casinos. In this version, two hands are dealt – one for the player and one for the banker. The goal is to get as close to nine points as possible without going over.
Chemin de Fer is another popular variation of Baccarat that originated in France. This version involves six players who take turns being the banker and playing against each other instead of against the house.
Baccarat en Banque is similar to Chemin de Fer but with three players instead of six. The banker plays against two other players who can bet on either their own hand or on the banker’s hand.
There’s also Mini Baccarat which follows all the same rules as regular Baccarat but with fewer decks and lower betting limits so it’s more accessible to casual players or those with smaller bankrolls.
The thrill of Baccarat: Tips on how to maximize your enjoyment
To maximize your enjoyment of the game, it’s important to understand the rules and strategies involved. Before you start playing, familiarize yourself with the different types of bets available in Baccarat, such as banker, player, tie and side bets. Knowing which bet has the best odds will help you make more informed decisions when placing your wagers.
Set yourself a budget before you begin playing so that you don’t overspend or get carried away with betting. It’s also important to remember that Baccarat is a game of chance and there is no guaranteed way to win every time. Therefore, it’s important to stay within your limits and enjoy the thrill of the game without getting too caught up in trying to win big. Also, take breaks between games if needed so that you can remain focused on making smart decisions while playing Baccarat.
In conclusion, Baccarat is a game of luck and skill that requires dedication and practice to master. With the proper knowledge of the rules and strategies, players can find success in this exciting card game.
The Independent National Electoral Commission (INEC) has stated that it has no knowledge of the location of Hudu Ari, the suspended Resident Electoral Commissioner (REC) of Adamawa State, after his criticized behavior during the state’s supplemental governorship election.
Ari sparked outrage when he revealed the supplemental governorship election results in Adamawa State on Sunday while collation was still ongoing.
The ” INEC National Commissioner Festus Okoye on Friday said, “we don’t know where he is because, after this particular incident, the Commission wrote him and also called him on the phone. He never returned any of the calls, he never answered any of the calls.
“We asked him to report to the Commission on Sunday we didn’t see him, we asked him to report on Monday we didn’t see him. So up till this moment, he has not reported and we don’t know his whereabouts.”
When asked if he believes Ari will be proclaimed sought for failing to report to the Commission or respond to its calls, Okoye stated that the Nigerian Police is in charge of that.
“Well, that is the responsibility of the Nigerian police. If they feel that his presence is absolutely needed during the investigation and he is nowhere to be found, it is their prerogative and discretion to declare him wanted,” he said.
After suspending the REC, INEC presented his case to President Muhammadu Muhammadu Buhari, who ordered Ari’s suspension on Thursday, pending the completion of an investigation by the Inspector General of Police into the REC’s conduct/actions during the Adamawa State Supplementary Election.
According to the INEC National Commissioner, the Commission has received a report from the Inspector General of Police and has begun the process of prosecuting the contentious Adamawa REC.
“We wrote to the Inspector General of Police and Secretary to the Government of the Federation. We have received a response from the Inspector General of Police and they have already commenced an investigation.
“My understanding is that the moment the Inspector General of Police concludes the investigation regarding the REC and every other individual who is involved and a prima facie case is established against the REC the file will be made available to the commission and the commission will begin prosecution of the REC,” he added.
The Nigerian Exchange Limited has listed the Federal Government’s April 2023 Savings Bonds, valued at $1.08 billion. This information was provided by the NGX in its weekly report on exchange activity.
The bonds are divided into 643,204 units of $643,204,000 at 11.023 percent interest and 436,012 units of $436,012,000 at 10.032 percent interest. Whereas the first bond has a two-year term, the second has a three-year term and will mature in April 2025 or April 2026, respectively.
The bonds are priced at N1,000 per unit with a minimum subscription of N5,000 and in multiples of N1,000 afterwards, up to a maximum subscription of N50,000,000. This information comes from the Debt Management Office.
As of Monday, the DMO said that it had received 324 successful subscriptions for the two-year tenor bond and 280 for the three-year tenor bond.
The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued on a monthly basis in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
President Muhammadu Buhari has asked with Nigerians who he must have offended in the course of his duty to forgive him 38 days before he leaves office.
The President also thanked Nigerians for tolerating him over the last eight years as he led the country’s affairs.
He addressed on Friday at the Presidential Villa’s Banquet Hall in Abuja, during his final Sallah homage by Federal Capital Territory (FCT) people led by FCT Minister Mohammed Bello.
Buhari praised democracy as the best form of administration, claiming that he could not have become president after previously serving as military Head of State without it.
He stated that he saw the Sallah celebration as an excellent opportunity to say goodbye and “thank you for tolerating me for eight years.”
“I am counting the days,” President Buhari added. Democracy is a good thing; otherwise, how can someone from the opposing party serve two terms as president? The distance between my hometown and Niger Republic is eight kilometers.
“I think this is a very good coincidence for me to say goodbye to you and to thank you for tolerating me for more than seven and half years now.
“I assure you, I have deliberately arranged to be as far away from you as possible not because I don’t appreciate the love you’ve shown to me, but because I think I’ve gotten what I have asked and I would rather quietly retire to my hometown.
“Having been a governor, minister and the president twice, I think God has given me an incredible opportunity to serve as your president. And I thank God for that.
“So, please, whoever feels I have done wrong to them, we are all humans. There is no doubt I hurt some people and I wish you will pardon me. And those that think that I have hurt them so much, please, pardon me.”
He promised the people that nothing would derail the May 29 transition to the next administration.
Earlier, the President had joined other Muslim faithful in performing the Eid el-Fitr prayer on the parade ground of the Mambilla Barracks.
On April 17th in Lagos, Nigeria, Nigerian business aviation firm, Falcon Aerospace Limited, has unveiled innovations designed to ease business jet booking and make access to the service more inclusive.
The firm introduced the products at a recent event in Lagos, Nigeria, where it unveiled its operational business units.
According to CEO, Chukwuerika Achum, Falcon Aerospace’s business model derives from the increased demand for business aviation by more Africans doing business across and outside Africa, and non-Africans flying into the continent for business and tourism.
“We are proud of our African origin and are deeply committed to the continent’s development. As an organization with deep African roots and values, we possess a significant understanding of the business terrain in Africa,” said Achum.
He added that the company’s obsession with innovation has led it to create products targeted at delivering more value to customers.
“Operating through our business units, we aim to make a difference in an often exclusive and elusive market via the delivery of excellent customer service, adaptation of technology, inclusive customer targeting, and continuous innovation.”
Falcon Aerospace’s business units unveiled at the event are Vivajets, CharterXE and FlyPJX.
Vivajets a full business aviation company providing a wide range of services including charter brokerage, fractional ownership, Aircraft management, sales and leasing, consulting and training.
Vivajets is the company’s operational brand and will relate with regulators and other critical industry stakeholders to get the necessary permits, certifications and licenses for the group to operate.
CharterXE is an automated private jet booking platform that provides access to the company’s charter brokerage services through digital devices.
Available as a mobile app and also via web, CharterXE leverages cutting edge technological innovation to cut through all the physical hassles involved in booking a private jet.
FlyPJX is a charter per seat booking platform designed to provide access to all the luxury of private jet service without needing to book the entire aircraft. It provides important information and flight schedules that enable the user to select preferences.
From its base in Nigeria, Falcon Aero plans to extend its operations to other African countries with West and East Africa being focus regions. The firm also operates both local and international routes.
“Tonight, we are heralding a new future of possibilities in the African business aviation market,” said Tejumade Salami, head of business excellence.
According to Salami, Falcon Aero aims to ‘democratize’ business aviation and make the service accessible and affordable to more people.
Director of Air Transport Regulation at Nigeria’s National Civil Aviation Authority (NCAA), Captain Chris Najomo, commended Falcon Aero for introducing innovations into the business aviation market. He also stressed the importance of regulation.
“I commend Mr. Achum and his team for putting these products and this events together. Falcon Aero has also taken serious steps to ensure all permits, licences and certifications necessary for smooth operations are obtained,” Najomo said.
Trendupp Africa’s first reward-based platform where creatives receive support and build direct relationships with their fans has announced the third edition of her award initiative “The Trendupp Awards” on April 18th in Lagos, Nigeria.
Annually, The award seeks to celebrate the creativity and audacity of Nigerian content creators and influencers through the excellent use of social media.
Now in its third edition, Trendupp Awards has over the years recognized and awarded almost Two Hundred (200) content creators, influencers, and brands across different niches and social media platforms for their creative work.
Retaining the theme ‘The Force of Influence’, this third edition will beam the spotlight on the creators who brighten lives through hearty comedies, the educators who shape audiences through valuable knowledge and insights, feisty creators who defy the odds to use social media for activism and public good, as well innovative brands that leverage impactful partnerships with these influencers
Speaking at the announcement of the third edition, Tiwalola Olanubi Jnr (Founder/CEO, Trendupp Africa) said “We are thrilled to kick off activities for the third edition of Trendupp Awards, which is now widely acclaimed as the platform for recognising and celebrating Nigeria’s audacious digital talents.
In the last two years, the awards have been a catalyst in their own way to the growth of the creator economy in Nigeria, inspiring young creators like Ikorodu Bois, Kie Kie, Fisayo Fosudo, etc, and driving innovation in the industry.
We are excited to build on that success this year and continue to showcase the incredible talent and impact of Nigeria’s social media community.”
Starting today April 18th, 2023 Nominations are officially open to the general public to nominate their favourite content creators, influencers, and brands across the following categories; Force of Tik-Tok, Force of Lifestyle Content, Force of Creative Arts, Force of Instagram, Force of Twitter, Force of Virality, Force of Online Sensation, Force of Food Content, Force of Comedy Skits, Force of YouTube, Force of Tech Content, Force of Wellness, Force of Social Good, Force of Collaboration, Emerging Force and the most coveted award of the night – the Force of Influence.
Further details on the award can be curled from all Trendupp’s social media platforms @thisistrendupp & website www.trenduppawards.com.
Trendupp Africa is a subsidiary of DottsMediaHouse – The media company for leading brands across Africa – known as a leading force in the influencer marketing space in Nigeria.
When it comes to the number of resident millionaires, cities in the USA and China dominate the World’s Top 10 Wealthiest Cities, while only one European city, namely London, makes it onto the 2023 list published today by international investment migration firm Henley & Partners in partnership with global wealth intelligence firm New World Wealth.
New York City wears the crown as the wealthiest in the world with 340,000 millionaires, while two other American wealth hubs — the San Francisco Bay Area and Los Angeles — come in 3rd and 6th places, with 285,000 and 205,400 resident high-net-worth individuals, respectively (note: HNWIs are defined as those with investable wealth of over USD 1 million and all figures are rounded off to the nearest 100).
Tokyo, which led the pack ten years ago, falls to 2nd place with 290,300 millionaires, and London, the wealthiest city in the world for many years, drops down to 4th place with 258,000 resident HNWIs. City-state Singapore, widely regarded as the most business-friendly city in the world and one of the top destinations for migrating millionaires, sits in 5th place with 240,100 resident millionaires, while Sydney comes in 10th place with 126,900 millionaires. Home to some of the world’s most exclusive residential suburbs, Sydney has experienced especially strong wealth growth over the past 20 years and is projected to break into the global Top 5 wealthiest cities by 2040.
Asia Pacific cities gain ground over past decade
China has three cities in the Top 10, with Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) taking 7th, 8th, and 9th places, respectively. Beijing and Shanghai have both climbed the rankings over the past decade, but Hong Kong has taken a tumble, dropping from 4th place in 2012 down to 7th place currently.
Dr. Juerg Steffen, CEO of Henley & Partners, says 7 of the Top 10 wealthiest cities in the world are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights. “The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Hong Kong can be secured via residence by investment. Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
Economic rivals America and China vie for millionaire growth
The US and China also dominate the Top 10 list of fastest growing cities when it comes to resident millionaires over the past decade. One of China’s most enduringly popular holiday spots, Hangzhou, tops the charts in this respect with millionaire growth of 105% between 2012 and 2022. High-tech capital, Shenzhen, and the port city of Guangzhou also enjoyed significant HNWI expansion over the past decade, at 98% and 86%, respectively. The three fastest growing millionaire hotspots in the US are Austin (102% growth in resident HNWIs), West Palm Beach (90%), and Scottsdale (88%). India has two cities in the Top 10 — Bengaluru (88%) and Hyderabad (78%) — and the final two places go to the UAE’s cultural hub Sharjah (84%) and Ho Chi Minh City in Vietnam (82%) which is fast emerging as Asia’s next big wealth hub.
Head of Research at New World Wealth, Andrew Amoils, says traditional wealth magnets such as Monaco and Dubai have also experienced especially strong millionaire growth over the past decade. “Arguably the world’s top safe haven for the super-rich, the average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city on a wealth per capita basis. It is also the world’s most expensive city, with apartment prices regularly exceeding USD 35,000 per square meter. Dubai is another established international wealth centre, with its low tax rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone.”
The World’s Wealthiest Cities Report 2023 includes HNWI population data for 97 cities across the world, as well as HNWI growth stats for the past decade (2012 to 2022) along with seasonal hotspots for centi-millionaires (those individuals with investable wealth of USD 100 million or more).
The most creative bank in Nigeria, Wema Bank Plc, had a fantastic fourth quarter 2022 performance and is still developing into a dominant market force. In a press release announcing its audited financial results for the year ending December 31, 2022, the bank reported gross earnings of N131.08 billion, a 42.3 percent increase over the N92.14 billion reported the previous year.
The results, which showed strong fundamentals across the board, showed an increase in interest income of 44.7% from N73.30 billion to N106.07 billion. Non-interest income surged by 32.8 percent to N25.01 billion at N18.83 percent.
Similarly, the bank’s profit before tax grew to an all time high of N14.74 billion year on year as against N12.38 billion the previous year, an increase of 19 percent.
According to the bank, shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date.
The bank grew its deposit year by year by 26 percent as at full year 2022 to N1,165.93 billion from N927.47 billion in 2021. Its stock of loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 percent.
The impressive results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion, a growth of 23 percent. Shareholders funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.
Commenting on the result, the Managing Director/Chief Executive Officer of the Bank, Mr. Moruf Oseni said,”Our 2022 results show the result of the careful execution if our medium term strategy as we have deliberately focused on deepening on offerings to the corporate, commercial and retail segments of the market using our digital channels while ensuring best in-class customer experience platforms to deliver improvements across all customer touch points. We expect the bottom line to improve even further in 2023″.
Also speaking on the result, the Bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country.
“It has been a good full year performance for Wema Bank with gross earnings growing by 42.3 percent year on year and earnings by share at 87 kobo”, Mabawonku said.
“We have also succeeded in making Wema Bank an integral part of the fintech ecosystem in the country with our ubiquitous fintech infrastructure support play”, he further said.
The African Private Capital Association (AVCA) has announced the release of its 2022 Venture Capital in Africa Report. The anticipated report – which captures VC performance in Africa by deal volume, value, and investment stage – indicates the industry’s resilience during global uncertainty.
Emerging from a year of robust VC activity, private capital inflows continue to propel economic growth and inclusion across the continent. The new report is a comprehensive overview of Africa’s innovation ecosystem, providing critical insights into the sub-regions, countries, and sectors that have cemented Africa’s rising position as a region for VC activity globally and the increasing importance of early-stage investment on the continent.
In the wake of the Covid pandemic and the resulting capital injection, central banks responded to looser monetary policy. Interest rates climbed through the year, seeking to rein in rampant inflation against wider economic and geopolitical instability. The preceding shook the global venture funding landscape which shrunk by 32% from the US$681 million invested in 2021.
The slowdown in the tech sector, historically the largest driver of venture capital activity, contributed to a wider decline. North America and Asia are two key markets for investment in tech, which despite attracting the most capital, also accounted for 73% of the global VC industry’s funding deficit. Africa’s closest socio-economic comparator, Latin America, saw funding reduced by more than half.
Despite more cautious capital deployment around the globe, capital commitments in Africa remained strong. By comparison, Africa’s 21% year-on-year growth in deal volume was 3 times that recorded in Asia (7%), the only other region to record positive year-on-year growth in deal volume.
Looking more broadly, Africa’s single percent drop in deal value from the previous year illustrates how the region was largely unaffected by heightened risk-off investor sentiment experienced in other markets across the globe, which resulted in contractions in start-up funding.
Africa’s venture funding market was valued at US$6.5 billion across 853 deals, including US$1.3 billion of venture debt. Deal volume in Africa last year experienced an industry record, highlighting a near-decade of continuous growth and a compound annual growth rate (CAGR) of 31% between 2014 and 2022. Contributing to this growth is the increased participation of start-ups raising capital for the first time, accounting for 37% of deal volume.
A reduction in big-ticket investments aligns with the global trend of fewer late-stage deals influenced by challenging macroeconomic conditions. However, younger companies in Africa attracted the majority of venture funding across the continent, a testament to accelerated levels of ambition, entrepreneurship, and pioneering enterprise.
Innovation was rewarded with venture funding, as seed-stage funding accounted for the majority of the continent’s VC deal activity while also demonstrating the highest year-on-year growth.
The volume of early-stage (Series A and B) investment deals grew by 25% between 2021 and 2022, increasing median deal value to US$10 million, the highest globally – surpassing North America and Asia and closing the gap with Europe, and signifies Africa’s rapid growth trajectory. With over three-quarters of Africa’s funding originating from foreign investors, primarily composed of fund managers and investment firms based overseas, AVCA’s research indicates sustained investor confidence in the region.
The repeated investment in businesses was equally encouraging, highlighting investors’ long-term commitment to companies and their onward growth. The report details how 8% of early-stage investments were made in the same company more than once in 2022, while 409 unique companies received additional venture capital following investments in previous years.
Continued investments contribute to the sustainability of these companies, the employment they generate, and the increasing impact they deliver, catalysing more robust commercial and social ecosystems.
A combination of early-stage investment and 15 super-sized deals valued at US$100 million or more represents a growing maturity across the African VC industry. Maintenance of value amidst tighter global VC activity is another indicator of this evolution, supporting positive investor sentiment across the continent. This has also translated into an impetus to break barriers. Despite room for more growth, over a quarter of start-ups that received venture financing were either female-founded or included at least one female in the founding cohort.
North, West and East Africa dominate deal volume and value
Of the 786 VC deals, 235 were in West Africa, again recording the highest volume of deals across the continent, followed by North Africa (178) and East Africa (168). With US$1.1 billion, North Africa led deal values across the continent, as East Africa attracted US$899 million and West Africa secured inflows of US$843 million.
Powerhouse economies Nigeria, Egypt, South Africa, and Kenya remain the most attractive locations for venture capital investment, accounting for 64% of deal volume and 51% of deal value combined.
North Africa’s prominence in the venture ecosystem is best highlighted by a CAGR of 57% in investment volume and 120% in investment value between 2017 and 2022. Spearheaded by Egypt, economies including Morocco and Tunisia drove further growth. The three countries saw 170 deals with a reported value of US$798.5 million, dominated by the Information Technology, Consumer Discretionary and Industrials sectors.
Further, the continued interest in investments across multiple sub-regions is illustrated in the US$1.84 billion of inflows directed to start-ups with a multi-regional geographic footprint. Accounting for 10% of deal volume but a significant 35% of deal value speaks to the size of each investment and more companies’ ability to drive geographic expansion.
Business as usual for sector focus
Financials (31%), Information Technology (15%) and Consumer Discretionary (15%) were the three most active sectors by volume for the third year running in 2022, highlighting the prevailing areas of growth.
The dominance reflects Africa’s evolving demography, improved connectivity and the changing nature of African consumerism. Driven by technology-enabled services, new products and merchants are reaching new demographics, notably a young, digitally savvy, urban workforce.
A market opportunity of 300 million Africans within digital banking encapsulates the dominance of the Financials sector. More bespoke solutions and improved accessibility are also catalysing VC activity in this sector, valued at US$2.2 billion in 2022.
Industrials, valued at US$819 million, is being driven by mobility technology and commercial and professional services such as software improving human resource management. Investment in these areas exemplifies Africa’s place as a region of interest, innovation and world-class service delivery.
Sector focus within venture debt shows some similarities, with financials (30%), utilities (28%) and industrials (15%) responsible for the majority of activity. Venture debt also accounted for four super-sized deals, in excess of US$100 million, while venture capital saw 11 deals of this size.
Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, commented: “Resistance against rippling effects of Covid-19 and global economic headwinds is a reminder of the high-quality investment opportunities on the continent.
“Despite lower participation by impact investors last year, as experienced globally, the impact continues to be achieved in Africa through a more connected marketplace that drives tech-enabled solutions from healthcare to education.
“Intuitive entrepreneurs and efficient capital allocation are transforming lives as a maturing VC industry continues to create longevity and opportunities for African industries and societies to reshape the future.”
Nigerian Breweries Plc has announced the appointment of Mr. Ayodele Lawal as its new Sales Director. His appointment takes effect from May 1, 2023, and he will be responsible for overseeing Nigerian Breweries’ Sales strategy and execution across Nigeria.
Mr. Lawal replaces Mr. Uche Unigwe, who is retiring from the Company on attaining the mandatory retirement age.
Speaking on the transition, the Managing Director of Nigerian Breweries, Hans Essaadi paid tribute to the outgoing Sales Director, Uche Unigwe, saying – “During his long and illustrious career, Uche has been an instrumental part of the growth and success of Nigerian Breweries. He has been a dedicated and inspiring leader, with a wealth of knowledge and experience that has helped to shape our company’s future.
Under his leadership, the sales team has achieved remarkable milestones and played a crucial role in launching new products, expanding our market share, and driving the growth of our business. We will truly miss his passion, energy, and unwavering commitment to excellence.
As he embarks on a new phase of his life, the Company is grateful to Uche Unigwe for his contributions to our growth and we wish him the best in his future endeavours following his well-deserved retirement” said Essaadi.
The incoming Sales Director, Mr. Ayodele Lawal brings with him over 30 years of experience in brewing and sales functions. He has held several senior Sales roles in the Company and the parent company – HEINEKEN.
He started his career with the Company in 1991 as a brewer and thereafter made a cross-functional move to Sales as a Field Sales Manager, rising through the ranks to the position of Regional Business Manager in Central, West, Lagos, and Port Harcourt regions.
In 2017, he was seconded to HEINEKEN Vietnam and later in the same year, he was appointed National Sales Manager BRANA (Heineken OpCo in Haiti) before becoming in 2018, the Sales Director for Haiti. He returned to Nigeria in 2021 to take up the role of Zonal Business Manager, North, and thereafter, the Zonal Business Manager, West.
Speaking on the new appointment, The Managing Director of Nigerian Breweries Plc, Mr. Hans Essaadi congratulated Mr. Lawal on his new appointment, saying, “We are thrilled to have Ayodele take on the role of Sales Director.
He brings a wealth of experience and knowledge to the position, having held senior roles in Sales both at Nigerian Breweries and HEINEKEN. His leadership and business acumen will undoubtedly drive further growth and innovation for our company.”
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.53 per $1 on Tuesday, April 18.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦733 and ₦735 with an average of ₦734.33 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.
To meet their short-term liquidity needs, Nigerian deposit money banks borrowed N1.3 trillion over three days from the Central Bank of Nigeria’s (CBN) standing lending facility.
In the absence of major inflows, the ongoing borrowing increased the short-term benchmark rate, keeping the financial system in deficit for several days. Despite reporting increasing revenues, local lenders are cash-strapped. Analysts claim that excessive cross-counter deposit withdrawals by consumers, who were hoping to get new note printing from the apex bank, have hurt the cash position of Nigerian deposit money institutions.
Due to financing constraints, interbank rates in the money market have been trending at double-digit highs. To improve their liquidity situation, several banks are selling their holdings of government bills. Their individual acts had an effect on the fixed income market, where the yield curve is still moving upward.
According to a market brief from TrustBanc Capital, DMBs rushed the SLF Window on Wednesday to meet their short-term funding needs, pocketing $429.16 billion in total.
Analysts’ records revealed that a total of 400 billion dollars was accessible on Monday, while banks drew 461 billion dollars from the CBN on Tuesday. This led to the most recent borrowing by Nigerian lenders. Notwithstanding inflows, MarektForces Africa estimated that the financial system’s liquidity shortfall increased by nearly 31% to 343.06 billion, despite inflows from coupon payments worth ₦134.25 billion on Tuesday.
Then, again, on Wednesday the financial system deficit surged by about 128% to close at ₦782.03 billion, driven by standing lending facility withdrawals, in addition to debits for Bond auctions, according to TrustBanc Capital.
Following the Debt Management Office primary market auction for the FGN bond on Monday, the financial system was debited by a settlement sum worth ₦552.47 billion – Including non-competitive allotment.
As a result, analysts noted that interbank funding rates held the firm at market cap levels – 18.63% and 19.00%, respectively.
“In the absence of any significant inflows to the system, we expect the struggle for scarce liquidity to linger, while rates hold steady at market cap levels”, analysts at TrustBanc Capital Limited said. #Banks Borrow N1.3trn from CBN in 72 Hours
MTN Nigeria Communications Plc held its fourth Annual General Meeting on April 18, 2023. The AGM approved a final dividend payment of N10.00 per 2 kobo ordinary shares (subject to necessary deduction of withholding tax) to shareholders whose names appear in the Company’s Register of Members by the close of business on March 27, 2023. This brings the total dividend for the year ended December 31, 2022, to N15.60. The cash dividend will be paid to eligible shareholders on April 20, 2023.
In its annual report published March 17, 2023, the ICT company approved the proposal for a Scrip Dividend Election Plan, which gave interested shareholders the option to elect and receive new ordinary shares in the stead of dividend in cash. Prior to the meeting, qualifying shareholders who intended to make the election for shares obtained the Election Form from Coronation Registrars Limited.
The decision to incorporate the Scrip Dividend Election Plan will benefit the qualifying shareholders because those who elect to receive new ordinary shares will be able to increase the number of shares they hold in the Company without incurring capital market-related transaction costs.
The Company announced, in correlation with the audited report published on March 17, 2023, total revenue of over N2 trillion, amounting to 22.3% growth in profit before tax.
“MTN Nigeria delivered a solid financial performance in 2022, supported by our strong commercial momentum. We experienced growth across all our revenue lines” said Dr Ernest Ndukwe (OFR), Chairman, MTN Nigeria.
“We remained committed to creating and delivering shared value for our stakeholders and grew our other headline numbers as we continued to implement our ambitious growth strategy. Our mobile subscribers increased by 10.5% to 75.6 million, and active data subscribers increased by 15.3% to 39.5 million. Profit before tax grew by 22.3% to N534.0 billion. The total dividend for the year is N15.60 per share and the final dividend of N10 per share,” Karl Toriola, Chief Executive Officer of MTN Nigeria added.
MTN Nigeria remains committed to consistently generating value for our shareholders while supporting the government and communities where we operate.
Emirates has revealed multiple ways its passengers can ensure a smooth and swift travel experience as UAE residents gear up for the first long weekend of the year, in celebration of Eid Al Fitr, Envisaging a busy period for outbound travel from Dubai from 20 April onwards, the Airlines has advised its passengers to arrive to the airport up to 3 hours before a flight, take note of the boarding time on the boarding pass to ensure they reach the departure gate on time, and take advantage of multiple check-in options to reduce time at the airport.
Passengers are encouraged to download the Emirates app on their mobile phone to get flight details at their fingertips. Users can book and change flights, download a digital boarding pass for most destinations, check what meals will be served onboard, book a chauffeur drive service and even pre-select and plan movies to watch via ice inflight entertainment.
Passengers are also being advised on how they could enjoy a Pre-order Duty Free Shopping, by spending productive leisure time while browsing EmiratesRED.com and which avails its passengers access to exclusive Duty-Free products, that are delivered to their seats in the air.
The pre-order service is available on most flights, and passengers can shop from 21 days up to 40 hours before their flight. All passengers need to do, is simply provide their flight details during checkout, and the orders are delivered by cabin crew directly to the passenger’s seat inflight for an unforgettable experience. As well as saving time, EmiratesRED has an array of money-saving offers on fragrances, watches and jewellery, cosmetics, beauty products and gifts.
Other exciting offers this period include an excellent and complimentary option (especially for families travelling with children) of dropping luggage the night before travel. Passengers who are departing from Dubai can check-in early and drop off their bags to the airport 24 hours before departure, or 12 hours before departure if flying to the US or Tel Aviv, and then arrive to the airport and proceed directly to immigration.
Similarly, all passengers can check-in online 48 hours ahead of their flight using the online check-in option on www.emirates.com. All they need do is in a few clicks, select a seat and preferred meal, and take advantage of any last-minute upgrade options. At the airport, it’s easy to drop bags at the dedicated baggage drop desks and download a digital boarding pass.
Those starting their journeys from Ajman can also take advantage of a 24‑hour City Check‑in at Ajman Central Bus Terminal. Passengers can check in up to 4 hours before the flight departs, check in baggage, and collect boarding passes, buy a bus ticket for AED 20 and head directly to Emirates Terminal 3, with regular bus departures throughout the day from 4am to 11.30pm.
Upon arrival at the airport, travellers can simply continue through to their flight. Emirates also offers a home check-in service in Dubai and Sharjah, fulfilled by DUBZ. DUBZ agents complete the check-in process in the customer’s home, hotel, or office, and take the bags to the flight while customers are free to breeze through the airport later. Passengers can however use the Self Check-in kiosks at the airport, which remains an easy option once at the airport.
Under the supervision of Women in Oil and Gas, the Nigerian Content Development and Monitoring Board claimed to have given entrepreneurial development training to a group of women business leaders and entrepreneurs.
It stated that Port Harcourt was the location of the two-week training.
According to Mrs. Angela Okoro, Manager of Human Capital Development in the Board’s Capacity Building Division, “The collaboration between the Board and Empretec Foundation aimed to address the specific needs of female entrepreneurs, by providing them with the tools and knowledge to establish a strong business foundation and effectively manage corporate governance within their enterprises.”
The training, according to Angela, also took place at a time when the NCCF’s Diversity Sectorial Working Group was pushing for the advancement of women’s human potential.
Women were given a legitimate place in the oil and gas sector for their contributions to the family and society as a whole.
She mentioned that there were more than 70 people present for the training.
She claims that participants learned how to write a business plan as well as the fundamentals of managing a business, including goal-setting, budgeting, inventory control management, governance, and sustainability.
The Managing Director of Ansett Group, Mrs. Edith Akwaeke, encouraged participants in her speech to persevere in their pursuit of providing top-notch service, noting that it would set them apart from competitors.
In order to effectively apply their expertise, she advised participants to adopt a mindset of being solution providers rather than bosses.
The Nigeria Security and Civil Defence Corps (NSCDC) Commandant General (CG), Ahmed Abubakar Audi, has summoned the State Commandant, Muhammad Bello, to its National Headquarters in Abuja.
The state commandant was summoned over the recent issue surrounding the Adamawa State governorship rerun election, in which multiple security agencies were accused of colluding.
The NSCDC highlighted in a statement issued Wednesday by the Corps’ Director of Public Relations, Olusola Odumosu, that Audi had asked Bello to immediately transfer over Command matters to his immediate deputy.
According to the statement, this would provide the state commandant enough time to explain his role in the exercise to the corps’ management.
The CG said, “I have summoned the State Commandant to National Headquarters to face the management team and explain himself in clear terms.
“We are reknown for our integrity, neutrality and non partisanship in election matters, that is why we will not take the case of Adamawa lightly.
“I have ordered him to hand over the Command to his immediate deputy because his role in the rerun election is currently being investigated and if he is found culpable, then he will have himself to blame.”
Read the full statement below
NSCDC CG SUMMONS ADAMAWA STATE COMMANDANT.
Given the controversy surrounding the just concluded Adamawa State governorship rerun election where the Corps was alleged of complicity along with other security agencies, the Commandant General (CG) of the Nigeria Security and Civil Defence Corps (NSCDC), Ahmed Abubakar Audi, PhD, mni, OFR, has summoned the State Commandant, Muhammad Bello, to the Corps’ National Headquarters, Abuja.
The Corps helmsman directed the State Commandant to immediately hand over affairs of the Command to his immediate subordinate to allow him time to provide the management of the Corps with an explanation on the role he played in the exercise.
Dr Audi emphasised that NSCDC is a non-partisan, non-political organisation that will not tolerate the involvement of personnel or any of its formation in political controversies as widely alleged.
“I have summoned the State Commandant to National Headquarters to face the management team and explain himself in clear terms.
“We are reknown for our integrity, neutrality and non partisanship in election matters, that is why we will not take the case of Adamawa lightly.
“I have ordered him to hand over the Command to his immediate deputy because his role in the rerun election is currently being investigated and if he is found culpable, then he will have himself to blame,” CG said.
Recall that the declaration of Aisha Binani Dahiru of the All Progressives Congress (APC) as the winner of the governorship election in Adamawa by the Resident Wlectoral Commissioner (REC) of the Independent National Commission (INEC), when the results from the remaining LGAs had not been announced sparked widespread anger which elicited the purported allegation against the Corps.
The CG assured that the situation will be accorded the much deserved action and anyone found to be involved in any form of compromise during governorship rerun election in the state will not be spared but would be dealt with to serve as a deterrent to others.
Signed: CC OLUSOLA ODUMOSU DIRECTOR, PUBLIC RELATIONS NSCDC NHQ, ABUJA.
Wema Bank PLC has reported audited results for the fourth quarter of 2022, which ended on December 31.
The bank’s gross earnings reached a record high of 131.08 billion (Fiscal Year 2021: 92.14 billion), up 42% from the previous year. To 106.07 billion, interest income increased 44.7% year over year (compared to 73.30 billion in Fiscal Year 2021). Non-Interest Income reached $25.01 billion, up 32.8% from the previous year (Fiscal Year 2021: 18.83 billion).
Profit before Tax (PBT) increased from the $12.38 billion reported in Fiscal Year 2021 by 19.1% to $14.74 billion over the course of the year. PAT, which was 8.93 billion in Fiscal Year 2021, increased by 25.5% over the course of the year to 11.21 billion.
The bank’s total deposits increased by 26% to $1,165.93 billion in fiscal year 2022 from the $927.47 billion reported in fiscal year 2021. Loans and advances increased by 24%, from 418.86 billion in FY 2021 to 521.43 billion in FY 2022.
According to Mr. Moruf Oseni, the bank’s chief executive officer and managing director, the results for 2022 “show the result of the careful execution of our medium-term strategy as we have deliberately focused on deepening our offerings to the corporate, commercial, and retail segments of the market using our digital channels while ensuring best in class customer experience platforms deliver improvements across all customer touchpoints.” We expect the bottom line to grow even more in 2023.
The bank’s chief financial officer, Mr. Tunde Mabawonku, also commented on the outcome, explaining that the bank’s ongoing investments in the digital sector have given it a leading position in the provision of digital banking services to individuals and businesses nationwide.
He continued, “We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in the country with our current Fintech infrastructure support play.”
Wema Bank had a successful full year, with gross earnings up 42.3% year over year and earnings per share at 87.2 kobos.
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that its wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), has signed a Share Purchase Agreement (“SPA”) with the national oil company of Cameroon, Société Nationale Des Hydrocarbures (“SNH”), relating to the sale by SMIL and purchase by SNH of 10% of the issued share capital (the “Shares”) in Cameroon Oil Transportation Company S.A. (“COTCo”) (the “Transaction”).
COTCo owns and operates the 903km Cameroon section of the Chad-Cameroon export pipeline, the Kome Kribi 1 floating storage and offloading facility and related infrastructure.
The pipeline has a 250 Kbopd nameplate capacity and is the only international export route for oil production in Chad. During 2022, COTCo transported an average of 124 Kbopd of crude oil valued at an estimated US$4.6bn at the prevailing Brent crude oil prices.
In consideration for the sale of the Shares, SNH will pay a cash consideration of US$44.9 million (the “Consideration”) to SMIL. The Consideration, when received, will be used by the Savannah group for part repayment of existing debt facilities.
Completion of the transfer of the Shares from SMIL to SNH will result in SMIL shareholding in COTCo reducing from 41.06% to 31.06%. Completion shall occur upon satisfaction of certain conditions precedent related to amendments to the bylaws of COTCo and is expected to occur in H2 2023. SMIL will retain the right to the dividend attaching to the Shares until the date of payment of the Consideration.
Pursuant to the terms of the SPA, SNH and SMIL have pledged, inter alia, their support of one another as shareholders in COTCo.
At the Africa Fintech Summit 2023, Accelerex, a fintech company, took home the coveted Excellence in Commerce Enablement Award.
The Walter E. Washington Convention Center in Washington, DC, in the United States, is where the event took place, according to the company.
According to the statement, the award honors businesses that have helped shape and advance the fintech industry in Africa.
The Accelerex Managing Director, Mr. Olukayode Ariyo, said in a statement, “The award is a testament to the hard work and creativity of the entire Accelerex team in providing world-class payment and innovative products to businesses across Africa”.
“We are pioneers in the development of streamlined electronic payment solutions and commerce enablement.
Additionally, He said, “we are passionate about expanding financial inclusion and giving underserved and unbanked people access to financial services”.
The lead summit organizer, Mr. Andrew Barden, claims that the fintech won the award following a thorough and in-depth “analysis of its role in the retail and trade markets across Africa and was elected this year’s category winner by a public poll that witnessed over two thousand voting industry stakeholders from across the globe.”
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