Nigerian Breweries Plc has announced its financial results for the year ended 31 December 2022. The company reported a net revenue growth of 26% to ₦550.838 billion in 2022, up from ₦276.872 billion in 2021 while profit after tax grew by 4% to ₦13.187 billion from ₦12.672 billion in 2021.
The Managing Director and Chief Executive Officer, Nigerian Breweries Plc, Mr. Hans Essaadi on Wednesday said that the company despite the challenges it faces; insecurity, forex scarcity, the impact of the Russia-Ukraine war, high cost of diesel and rise in production materials, the company was able to retain its spot as the premium brand for both lager beer and non-alcoholic drinks while making profits and making an impact in the society.
Essaadi said that “for over 77 years, we have built a strong legacy weathering so many storms. We have been faced and still being faced by storms especially with the Russia-Ukraine crisis that has made the price of diesel skyrocket. We are optimistic that we would sail through like we have always done over the past 77 years.”
BizWatch Nigeria reports that Nigerian Breweries also benefited from increased investments in marketing and advertising, as well as strategic pricing initiatives.
“We are thrilled to report another year of solid revenue growth, demonstrating our company’s resiliency and the strength of our brands. However, in 2022, we experienced considerable cost pressures, which had an impact on our profitability.
“We will continue to focus on being a premium brand, minimizing our energy footprint, and contributing to society in order to drive long-term sustainable growth,” Essadi said.
Mrs. Sade Morgan, Corporate Affairs Director at Nigerian Breweries Plc, stated that the company made a significant impact in society in 2022 by empowering people, creating a sustainable environment by planting trees, educating consumers about alcohol consumption, engaging youth, and rewarding outstanding teachers.
Morgan stated that sustainability is at the heart of the business when discussing the outlook for Nigerian Breweries, emphasizing that the company has continued to make steady progress on its climate action, accelerating its social sustainability agenda through community impact, and advocating for moderate alcohol consumption.
Nigerian Breweries anticipates that its development trajectory will continue in 2023, driven by further investments in brand creation, innovation, and digital transformation.
YouTube has grown to become one of the most popular social media platforms with over 3 billion monthly active users. From makeup tutorials to cooking shows, YouTube has something for everyone, and it’s no wonder that many people aspire to become successful YouTubers.
Users can upload videos to their own channels and share them publicly or privately with other users. Viewers can watch and engage with videos by liking, commenting, and sharing them. YouTube also features a recommendation algorithm that suggests videos to users based on their viewing history and interests.
In addition to user-generated content, YouTube also features professional content from media companies and individuals who monetize their channels through advertising revenue or sponsorships. YouTube also offers a premium subscription service called YouTube Premium, which allows users to access exclusive content and features, such as ad-free viewing, offline playback, and access to YouTube Music. here are some tips on how to become one of the best content creators on youtube in Nigeria.
Identify Your Niche
As a Nigerian that wnats to go into youtube creation fulltime, before you create your YouTube channel, you must identify what your channel will be about. Identify a specific topic that you’re passionate about and knowledgeable in, and then create content around it. This will help you build an engaged audience interested in your content anlso also help you produce more content because not only are you working but you also love what you are doing.
Develop A Content Strategy
Once you’ve identified your niche, it’s time to develop a content strategy. Think about what kind of content you want to create, how often you’ll post, and how you’ll differentiate yourself from other YouTubers in your niche. A content strategy will help you stay consistent and provide a clear direction for your channel.
Invest In Equipment And Editing Software
Creating high-quality content is essential if you want to grow your YouTube channel. Invest in a good camera or a good Mobile phone, microphone, and lighting equipment to ensure that your videos look and sound professional. Additionally, invest in good editing software to make your videos visually appealing and engaging.
Be Consistent
Consistency is key when it comes to growing a successful YouTube channel. Make sure you’re posting content regularly and at a consistent time, so your audience knows when to expect new videos. This will help build a loyal audience that keeps coming back to your channel.
Engage With Your Audience
Engagement is critical when it comes to growing a successful YouTube channel. Respond to comments and engage with your audience on social media. This will help build a community around your channel and make your audience feel valued.
Collaborate With Other YouTubers
Collaborating with other YouTubers in your niche can be an effective way to grow your audience. You can collaborate on videos or do a guest appearance on each other’s channels. This will help you tap into their audience and reach new viewers. Don’t let your focus be on popular youtubers, but also take a look at growing youtubers and also youtubers that are in the same follower base as you.
Promote Your Channel
Promoting your YouTube channel is essential if you want to grow your audience. It most likely that you will spend money doing this, but make sure you set aside a budget for monitization of your content on all social media platforms. Share your videos on social media, collaborate with other YouTubers, and consider running ads to increase your reach.
Analyze Your Data
Analyzing your data is crucial when it comes to growing a successful YouTube channel. Use YouTube analytics to track your views, watch time, and engagement. This will help you identify what’s working and what’s not, so you can adjust your content strategy accordingly.
In conclusion, creating a successful YouTube channel takes time, dedication, and hard work. By following these tips, you’ll be on your way to building a loyal audience and growing your channel. Remember to stay true to yourself, be authentic, and create content that you’re passionate about, and success will follow.
The Norwegian government and the Federal Government are mulling plans to strengthen the nation’s marine industry through the Nigerian Maritime Administration and Safety Agency, NIMASA.
This development came as Dr. Bashir Jamoh, the director general of NIMASA, welcomed Anniken Huitfeldt, the foreign minister of Norway, on Monday, April 20, 2023, at his office in Apapa, Lagos.
Following the visit, Jimoh declared that the two nations will improve their bilateral ties to spur the maritime industry’s growth to their mutual advantage.
“We look forward to strengthening the bilateral ties between our countries by having a serious relationship and collaboration between NIMASA and the Norwegian maritime industry in general. In terms of safety and security, we will not let that down. We will try to strengthen them,” he declared.
He also said that NIMASA will commence the disbursement of the $350m, N16bn Cabotage Vessel Financing Funds on the fourth night.
Union Bank has announced the release of its audited financial statements for the year ended 31st December 2022, which reflects strong financial performance despite macroeconomic headwinds.
Union Bank maintained consistent success due to the disciplined execution of its go-to-market strategy focused on deepening its core business while exploring new areas of opportunity to acquire, engage, and retain customers.
Bank Financial Highlights:
● Gross Earnings: up 19% to ₦208.2 billion (₦175.0 billion in 2021), driven by strong
growth in Net Interest Income.
● Net Interest Income: up 33% to ₦59.1 billion (₦44.3 billion in 2021) driven by growth in earning assets.
● Net Operating Income after impairments: up 10% to ₦110 billion (₦99.7 billion in 2021).
● Profit before Tax: up by 47% to ₦30.2 billion (₦20.5 billion in 2021).
● Operating Expenses: marginally grew by 0.4% to ₦79.4 billion (₦79.2 billion in 2021), reflecting tight cost control despite inflationary pressures.
● Gross Loans: up 11% at ₦1.0 trillion (₦899.1 billion in December 2021) as we expand our lending to vital economic sectors of opportunity.
● Customer Deposits: up 9% at ₦1.48 trillion (₦1.36 trillion in December 2021) as we expand our product base and digital channels.
Key Operational Highlights:
Retail & Digital
Digital
• Channels & Platforms: Union Bank in 2022 invested in strengthening its technology architecture to drive key processes and serve more customers through digital and agent channels. Consequently, active users on UnionMobile increased by 15.7% to 3.8 million users, and active UnionDirect Agents grew by 62.7% to 51,737. This led to an increase in transaction value and volume on UnionMobile by 121% and 20.4%, respectively.
In 2022, we launched a chatbot that enabled real-time interactions with customers. The chatbot has resolved 1.3 million customer complaints, demonstrating its effectiveness in streamlining the complaints resolution process. In addition, we have made several other investments to enhance our customers’ experience. As a result, we have seen significant improvements in the efficiency and efficacy of our customer complaints resolution.
• Digital Propositions: Our priority has been to venture into unexplored avenues within the digital space to generate fresh revenue streams for the Bank. As part of this strategy, we have broadened the usage of our personal finance and lifestyle investment application, M36, which was first introduced in 2021. M36 empowers customers to grow, manage and invest their wealth in high-yield instruments through the self-service platform.
Retail Offerings
The Bank grew its retail deposits by 14% to N675.8 billion from N594.9 billion in 2021. Some of the initiatives which contributed to this growth include:
• Save & Win Palli Promo 2: We rolled out the campaign’s second edition and rewarded over 611 customers with a combined sum of ₦55.5 million. The promo aims to generate low-cost deposits.
• Target Savings Campaign: In time for the World Cup, we rewarded 596 customers with ₦26 million in our flagship target savings campaign and closed out our five-year Target Savings Product (TSP) – UnionKorrect Qatar. Ten customers were rewarded with cash prices of ₦5 million, and 375 customers with sports jerseys.
• Workplace Banking: We re-launched Workplace Banking, our exclusive proposition designed to offer employees convenience while providing support to achieve their goals and aspirations.
Citizenship, Sustainability, and Innovation
• In 2022, we prioritised inclusion and sustainability while focusing on business growth. In doing so, we impacted our employees, customers, and the communities we serve while contributing towards the United Nations Sustainable Development Goals.
― UnionCares: As a yearly tradition, we extend our assistance to the community by providing food boxes to those in need. In 2022, our staff contributed to this cause by distributing over 1,700 food packages to families all over Nigeria. Furthermore, we extended our support to 15 Non-Governmental Organisations (NGOs), such as the Chess in Slums Foundation and the Special Olympics Nigeria, by providing donations to supplement their commendable efforts.
―Quality Education:We partnered with impactful organisations, including Give Girls a Chance and Child Lifeline, to provide full scholarships to twenty girls and ten boys in Abuja and Lagos. As part of our Financial Literacy Day and World Savings Day activities, we engaged with more than 4000 students and their teachers.
― Youth Empowerment and Development: In July 2022, we successfully graduated 52 new ‘Techies’ from our first-ever Tech Job Boot camp. This recruitment and training program has significantly contributed to accelerating our go-to-market strategy and further consolidating our position as a formidable player in the financial sector.
Union Bank has been a long-standing supporter of LEAP Africa since 2013, enabling them to empower and equip 170 young social innovators and entrepreneurs to scale their community-changing ideas sustainably over the years. Moreover, our sponsorship of the 2022 Leadership, Empowerment, Achievement, and Development (LEAD) Camp by Junior Achievement Nigeria has empowered more than 300 young girls with critical thinking skills. Through this initiative, we have impacted more than 700 girls over the past eight years.
― Employee Volunteering: Our employees have shown unwavering compassion towards communities and social causes. In 2022, over 265 of our employees devoted nearly 1000 hours to volunteering for various bank- sponsored initiatives. These initiatives included mentoring sessions with the Women’s Technology Empowerment Centre (WTEC), which aims to promote women’s participation in Science, Technology, Engineering, and Mathematics (STEM), financial literacy drives, SME workshop clinics with social innovators, and visits to orphanages to extend their support.
Commenting on the results, Mudassir Amray, MD/CEO, said:
“Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. We were focused on our strategy of deepening our core business segments whilst enhancing our digital channels and service propositions to customers. On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions.
The Bank’s gross earnings grew by 19% to N208.1 billion from N175 billion in 2021.
Whilst non-interest income declined marginally by 1.0%. Net interest income after impairment grew 26.1% to N55.8 billion from N44.2 billion in 2021 on the back of increasing responsible risk assets. Profit before tax closed at N30.2 billion, representing a growth of 47.1% from N20.5 billion recorded in 2021.
In 2023, we will remain focused on executing our strategic initiatives, which are centred on pursuing additional opportunities to diversify our revenue sources while strengthening our core business. We also look forward to completing the merger of Union Bank of Nigeria and Titan Trust Bank, which began in 2022. The transition has gone smoothly, and I am confident that the combination will make us more formidable and well-positioned to capitalise on market opportunities.
As we progress into 2023, I have no doubts that we will scale through all the macroeconomic pressures and sustain this growth momentum with continued support from the new core investors and board and continued trust from our customers to serve them.”
Speaking on the FY 2022 numbers, Chief Financial Officer Joe Mbulu said:
“Our financial performance is a testament to the disciplined execution of our plans for the year and resilience against all odds. While pursuing liability generation and responsible risk assets, we maintained operational efficiency, managing cost drivers and avoiding wastage.
Operating expenses increased marginally by 0.43% due to increased non-discretionary regulatory costs. Our cost-to-income ratio dropped to 72.5% from 79.4% in 2021 due to cost- control measures implemented during the year.
The Bank’s balance sheet remains strong, with total assets increasing by 8.8% to N2.79 trillion due to growing loans and advances to customers. We expanded our net loan book by 11.5% from N868.8 billion in 2021 to N968.9 billion in 2022. In addition, customer deposits increased by 8.8% to N 1.48 trillion.
While we seek to grow our risk assets, maintaining quality assets remains a key priority. As a result, our NPL ratio reduced from 4.3% to 4.0%, and the capital adequacy ratio remained within regulatory limits at 14.4%.
Financial Summary
Balance Sheet (in billions of Naira) Total Assets
Gross Loans & Advances
Customer Deposits
Shareholders’ Funds
Ratios
Coverage Ratio (incl. regulatory risk reserves)
Average Liquidity Ratio (regulatory minimum – 30%)
Non-Performing Loan Ratio Net Asset Value per share Capital Adequacy
Google Launches Emergency Fund For Local News Outlets
In celebration of Earth Day, Google has released data highlighting the top sustainability-related trends in Nigeria. The data showcases Nigerians’ growing interest in environmental issues, as they search for answers to questions and learn more about the pressing concerns of our planet.
Nigerians are showing a strong desire to understand environmental terms and concepts, such as global warming and climate change. In simple terms, global warming is the gradual increase in Earth’s temperature due to human activities, while climate change refers to the wider effects of global warming, including changes in weather patterns and more extreme weather events. Both of these issues have a major impact on Nigeria’s environment, economy, and society. The most asked questions on Google in Nigeria include:
What is global warming?
What is climate change?
What causes climate change?
What is the greenhouse effect?
What is an ecosystem?
Google’s data reveals the top trending topics in Nigeria, reflecting the country’s growing concerns and interests. Among these, the devastating 2022 floods—which affected 33 out of 36 states, and displaced over 2 million people —stand out and underscore the significance of this issue. With a vast coastline and numerous rivers, Nigeria is particularly vulnerable to flooding, which can wreak havoc on communities, agriculture, and infrastructure. Consequently, Nigerians are increasingly searching for solutions to manage and mitigate the impacts of flooding.
Another trending topic in Nigeria is carbon neutrality. As awareness of climate change grows and its effects become more evident, Nigerians are seeking ways to minimise their carbon footprint and contribute to global climate action. Both individuals and businesses are showing heightened interest in reducing their emissions and promoting sustainable practices to combat climate change and protect their communities.
The top trending topics are:
Flood
Carbon neutrality
Environmental, social, and corporate governance
Tropical cyclone
Climate change
Landsliding
Solar power
Heat wave
Solar lamp
Climate
The most searched topics showcase a range of environmental subjects that Nigerians are eager to explore:
Flood
Climate
Solar power
Solar energy
Pollution
Climate change
Sustainability
Recycling
Nuclear power
Renewable energy
Reflecting on these findings, Taiwo Kola-Ogunlade, Communications and Public Affairs Manager, West Africa, emphasised the importance of individual and collective action: “Climate change is one of humanity’s most urgent challenges, and Earth Month is an opportunity for all of us to consider how we can make a difference. By providing accessible information on environmental topics, we hope to empower Nigerians to take action for a more sustainable future. It’s not just about what Google does; it’s about how we can all work together to protect our planet.”
The data highlights Nigeria’s growing awareness and commitment to sustainability and environmental protection. As the country faces unique challenges in combating climate change, the increased attention to these issues is a testament to the growing public engagement on Earth Day and beyond.
Representatives of the Nigeria Police Force, Civil Society Organisations (CSOs) and journalists will appraise the safety of journalists during the 2023 general elections at the April edition of Wole Soyinka Centre for Investigative Journalism (WSCIJ) Twitter Spaces billed for Thursday, 20 April between 11:00 am and 12:30 noon.
This virtual engagement will provide a healthy platform for assessing the 2023 general elections, learning from experience sharing; and proffering solutions for improving the safety of journalists. Participants can join the conversation here.
The engagement themed: “How safe were journalists during 2023 elections?” is hinged on the documented incidents of harassment, intimidation, arrest and detention of journalists on electoral duties. The conversation will highlight the implications of journalists’ safety concerns in the discharge of their duties – upholding the responsibility and accountability of the government to the people as the fourth estate of the realm.
Muyiwa Adejobi, Force Public Relations Officer, Nigeria Police Force Headquarters, Abuja, will join Obioma Okonkwo, Legal Officer, Media Rights Agenda; Bolanle Olabimtan, Reporter, TheCable; and Haruna Mohammed Salisu, Co-publisher, WikkiTimes, as panellists at the Twitter Spaces.
In addition, Melody Akinjiyan, Press Freedom Officer, International Press Centre; Dayo Aiyetan, Executive Director, International Centre for Investigative Reporting; Chris Isiguzo, National President, Nigeria Union of Journalists; and Karina Igonikon, Reporter, BBC Pidgin Service, will share their experiences and realities during the virtual conversation; while Busola Ajibola, Deputy Director, Centre for Journalism Innovation and Development, will moderate the conversation.
WSCIJ Journalism & Society Twitter Spaces was designed as a forum for online discussions about the place of the media in society, both nationally and globally, and how journalists and the media perform in this context.
This edition is open to journalists, law enforcement agents, the electoral umpire, civil society organisations, human rights advocates, students of communication, political science and journalism and the public.
The Central Bank of Nigeria, CBN, has fined Union Bank N200 million for breaching its cryptocurrency regulation.
Union Bank disclosed this sanction in its consolidated and separate financial statements for the year ended December 31, 2022, which was cited by BizWatch Nigeria.
This didn’t come surprisingly as the apex bank has a regulatory framework in place, that barred commercial financial institutions from allowing crypto-related transactions.
“The use of cryptocurrencies in Nigeria is a direct contravention of existing law.
“It is also important to highlight that there is a critical difference between a central bank-issued digital currency and cryptocurrencies.
“As the names imply, while central banks can issue digital currencies, cryptocurrencies are issued by unknown and unregulated entities.
“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal,” Osita Nwanisobi, the Director of Corporate Communications, CBN, stated.
Union Bank’s financial highlights last year
Gross Earnings: up 19% to ₦208.2 billion (₦175.0 billion in 2021), driven by strong growth in Net Interest Income. ● Net Interest Income: up 33% to ₦59.1 billion (₦44.3 billion in 2021) driven by growth in earning assets. ● Net Operating Income after impairments: up 10% to ₦110 billion (₦99.7 billion in 2021). ● Profit before Tax: up by 47% to ₦30.2 billion (₦20.5 billion in 2021). ● Operating Expenses: marginally grew by 0.4% to ₦79.4 billion (₦79.2 billion in 2021), reflecting tight cost control despite inflationary pressures. ● Gross Loans: up 11% at ₦1.0 trillion (₦899.1 billion in December 2021) as we expand our lending to vital economic sectors of opportunity. ● Customer Deposits: up 9% at ₦1.48 trillion (₦1.36 trillion in December 2021) as we expand our product base and digital channels.
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.
The federal, state, and municipal governments have each received a total of N714.629 billion from the Federation Account Allocation Committee as March 2023 Federation Account Income.
This is stated in a statement that was made public following the FAAC meeting in April 2023. The sum consists of gross statutory revenue, VAT, exchange gain, and charges for electronic money transfers.
A total of N35.102 billion was distributed to the appropriate states as 13 percent derivation revenue, with the federal government receiving N276.141 billion, state governments receiving N232.129 billion, and local governments receiving N171.257 billion. This information was released in a statement on Wednesday by Bawa S. Mokwa, Director of the Accountant General of the Federation’s Press and Public Affairs Office.
According to him, the entire distributable revenue of N714.629 billion was made up of distributable statutory revenue of N497.448 billion, distributable Value Added Tax revenue of N202.693 billion, and distributable Electronic Money Transfer Levy revenue of N14.488 billion. He stated that in March 2023, there were N31.355 billion in total deductions for the cost of collection and N126.567 billion in total deductions for transfers, refunds, and consulting fees.
In March 2023, the gross revenue available from the Value Added Tax was N218.786 billion. This is lower than the N240.799 billion available in February 2023 by N22.013 billion. The federal government received N30.404 billion, the state governments received N101.347 billion and the LGAs received N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.
Mokwa added that the balance in the Excess Crude Account was $473,754.57. A further breakdown of the figure indicated that gross statutory revenue of N638.673 billion was received for March 2023, and this is higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
The communique added that N497.448 billion was distributable statutory revenue, the Federal Government got N243.564 billion, the State Governments received N123.539 billion and the Local Government Councils received N95.243 billion. The sum of N35.102 billion was shared to the relevant States as 13% derivation revenue.
A total of N14.488 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.173 billion, the state governments received N7.244 billion and the LGA got N5.071 billion.
The communiqué added that in March 2023, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy increased remarkably while Value Added Tax decreased considerably.
The exchange rate for the naira dropped to a record low of N462.50 at the window for investors and exporters due to the persistent shortage of US dollars in the regional economy. The naira had dropped to N464 over the weekend, recovered, then fell.
Nigeria’s exchange rate has been fluctuating left and right, according to currency brokers, based on the amount of foreign currency demand that the supply can support.
Since businesses increasingly rely on imports to increase production, demand for the US dollar is rising. Nigerian exporters are active at the Central Bank window, but foreign exchange proceeds have not yet caught up to import bills.
The local currency’s value has fallen as a result of the imbalance between FX supply and demand. Despite the involvement of the top bank in 2022, the naira fell by nearly 11%. Naira fell 11% when banks released a fresh update on foreign exchange spending.
The Nigerian naira recovered Tuesday’s value thanks to a persistent market intervention, as the foreign exchange market keeps the competing forces of supply and demand in check.
As a result of expectations that the local currency will depreciate in 2023, exchange rates at the investors’ and exporters’ foreign exchange market increased by N1, recovering the same amount that was lost the day before.
Central Bank of Nigeria conducted a foreign exchange auction last week, and banks that are active players now have significant US dollars in the vaults for onward sales to Nigerians.
Nigerian debt repayments to China were not in default, contrary to a media allegation, according to the Debt Management Office (DMO). The DMO in Abuja issued a statement on Wednesday advising the public to disregard the news since it is untrue.
“The DMO’s attention has been directed to a publication by several media outlets that asserts Nigeria has defaulted on its debt repayment obligations to China, with a penalty of N4.31 billion, according to the article.
“A closer look at the media publication shows that the body of the publication is completely detached from the headline.
“It gives the impression that the publishers of the report may have set out to mislead the public.
“The public is assured that Nigeria is fully committed to honouring its debt obligations and has not defaulted on any of its debt service obligations,’’ the DMO said. It emphasised that the media report should be disregarded.
Nigeria has failed to service its debt to China which has accumulated to N110.31 billion in the last two years.
It said, “According to a report by the Debt Management Office (DMO), the China debt stock included the principal and repayment charges. DMO said that from January 2021 to December 2022, the principal fee stood at N69, 009,417,500 ($153.85million), while the interest charges amounted to the sum of N41, 311,455,000 ($92.1million).
“The debts were incurred following the completion of the Nigeria Railway Modernisation Project (Idu-Kaduna Section), the Nigeria Railway Modernisation Project (Lagos-Ibadan Section) and the Nigeria Abuja Light Rail Project.
“A breakdown of the data showed that in 2021, Idu-Kaduna Section’s principal fee was $ 38.46 million (N17.25bn) while interest earmarked is $ 9.5 million (N4.26bn). The Lagos-Ibadan section’s principal was not noted, although its interest stood at $ 24.07 million (N10.80bn).
“During the period, the Abuja Light Rail Project had its principal amount at $38.46 million (N17.25bn), while the interest rate accumulated to $11.45 million (N5.14bn).
“As at 2022, the principal on Idu-Kaduna Section was $38.46 million (N17.25bn), while the interest fee was $8.52 million (N3.82bn). The Lagos-Ibadan Section interest fee stood the highest at $ 28.06 million (N12.59bn) with the principal amount not indicated”.
The Nigerian Exchange, NGX, popped higher yesterday after losses due to selloffs in heavyweight stocks in the local bourse. With the marginal gain, the domestic equities market index was little changed as losses in financials and consumer goods stocks were offset by gains in oil and gas shares.
The local bourse closed higher by 0.2% at 51,138.92 points (+2 bps), after flitting between positive and negative territory. Consequently, the year-to-date loss of the exchange mellowed to 0.22%, despite the market breadth closing flat with 21 gainers and losers a piece.
Data showed that stock market return steadied at -0.2% while market capitalisation increased by ₦2.5 billion to ₦27.8 trillion – last week, NGX valuation declined by more than N600 billion.
TRANSCORP further gained 9.73% to lead the best-performing stocks, following reports of a 5.5% share acquisition by billionaire businessman, Femi Otedola. Stockbrokers at Cowry Asset Management stated that equities investors trading highs and lows showed buying interest in dividend-paying companies such as GTCO (+0.60%), which proposed N2.80 per share.
ETERNA (+4.55%), FBNH (+1.46%), NB (+1.10%), and DANGSUGAR (+0.59%) also closed positive. Meanwhile, LINKASSURE lost 8.33%, UCAP declined by 2.13%, ETI slipped 0.94%, and ZENITHBANK gave up 0.91% of its opening market price.
Sectorial performance was negative as three of the five indices tracked closed southward; the NGX Banking, NGX Insurance, and NGX Industrial indices fell by 0.50%, 1.43%, and 0.01%, respectively.
In contrast, the NGX Consumer Goods and NGX Oil/Gas indexes dwindled by 0.04% and 0.12%, respectively. Trading activity ballooned as Transcorp accounted for 62% of today’s value.
Specifically, total deals, volume, and value jumped by 6.77%, 703.18%, and 220.17%, respectively, to 4,669 trades, 1.82 billion units, and N5.02 billion. In terms of volume, TRANSCORP also emerged as the most actively traded stock, with 1.60 billion shares worth N3.09 billion changing hands in 839 deals.
Investor sentiment, as measured by market breadth, improved to 0.00x from -0.01x in the prior session as 21 stocks advanced, 21 declined and 66 closed flat, according to data from the exchange. Afrinvest expects a muted performance on the local bourse as investors trade cautiously in the absence of positive triggers.
Yesterday, Seplat notified the investing public of the currency exchange rates that will be applicable in determining its final dividend for 2022 and the special dividend to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or Sterling (GBP). The exchange rates announced are $1.00 = 462.25 NGN and $1.00 = 0.8069 GBP.
The eighth season of Nigeria’s most prestigious reality TV singing competition, Nigerian Idol, is set to premiere on Sunday, April 23, 2023. MultiChoice Nigeria and Africa Magic, organizers of the reality show, had earlier unveiled the new season on Tuesday, March 28, 2023, at a media event in Lagos.
The show, which will air in phases until the live shows begin on May 28, will premiere this Sunday with clips from the auditions. Nigerian Idol auditions are known to be a lot of things in one. Fans can expect to be impressed by the auditioners’ talents, enjoy great music, and have hearty laughs.
After a fantastic seventh season last year that saw Progress Chukwuyem emerge as the winner, the judges are back to select another incredible lineup of singers for the live show. Superstar singer/songwriter Simi and multiple-award-winning entertainer D’banj are back for a second time, while Obi Asika and IK Osakioduwa are returning for the third season.
This year’s competition promises to be fiercer than the former. Dr Busola Tejumola, Executive Head of Content and West Africa Channels at MultiChoice spoke about the quality of musical talents the fans will enjoy this season. She said, “MultiChoice is committed to bringing another season deserving of every vote cast.
We have taken the time to scour the nation for talents to showcase this season, starting from April 23rd. Live performances will begin on the 28th of May, and the grand finale will air on July 16th. MultiChoice’s commitment to continue providing premium entertainment remains unwavering, and we urge you all to join us on this journey of discovery. ”
Nigerian Idol will broadcast on all Africa Magic Channels – Showcase, Urban, and Family. There will also be a Nigerian Idol pop-up channel (DStv ch. 199) where fans can see all the auditions and “behind-the-stage” conversations. For now, fans of the show can enjoy fun moments ahead of the premiere on Sunday if they run into any of the ‘campus storms’ currently ongoing across Nigeria in Jos, Benin and Lagos.
Nigerian Idol is a platform created to showcase remarkable Nigerian voices to a global audience whilst empowering participants with an opportunity of a lifetime. Timi Dakolo, Mercy Chinwo, and Omawumi are megastars that have benefited from its staggering platform. Who will be the next superstar?
For more information on Nigerian Idol, visit www.africamagic.tv/nigerianidol. You can also follow the official Nigerian Idol social media pages for news and updates with the hashtag #NigerianIdol on Twitter, Instagram, and Facebook.
Facebook Study Unveils Purchasing Habits Of Nigerians During Ramadan
For this year’s Eid el-Fitr celebration, the Federal Government has designated Friday, April 21, and Monday, April 24, 2023 as public holidays. According to a statement obtained on Wednesday by the Permanent Secretary, Dr. Shuaib Belgore, the declaration was made on behalf of the Federal Government by the Minister of the Interior, Ogbeni Rauf Aregbesola.
He gave all Muslims his congratulations on the successful conclusion of the fasting month of Ramadan. Aregbesola urged all Muslims to emulate the good deeds of the Holy Prophet Muhammad, which included kindness, love, tolerance, peace, self-denial, sacrifice, and good togetherness (Peace be upon Him).
The minister urged all Muslims to continue and improve upon the self-control, self-denial, sacrifice, and profound spiritual consciousness that came along with the fasting period in order to be a better person and true worshipper.
Aregbesola assured that President Muhammadu Buhari, was fully committed to a smooth transfer of power after successful elections. He reaffirmed the government’s commitment to providing security for every citizen and foreign visitor to the nation’s property. The minister applauded all security agencies for their achievements in the nationwide fight against crime.
Insisting that security was everyone’s responsibility, he urged Nigerians to contribute to the country’s security framework by being alert and alerting local law enforcement agencies to suspicious people and activities. He urged Nigerians to alert security agencies to any suspicious behavior and people.
Aregbesola wished all Muslims a joyous Eid el-Fitr celebration and prayed for them all, saying, “May Allah grant you all peace, blessings, and favor.” Ameen.”
The Central Bank of Nigeria, CBN, has disclosed that the total currency in circulation increased to N1.6 trillion in March 2023.
This, BizWatch Nigeria, understands represents a N701.4 billion increase in one month when compared to N982.09 billion at the end of February.
CBN stated this in its money and credit statistics published on its website on Tuesday.
The rise in CIC can be attributed to the decision by the Supreme Court to reverse the CBN redesign policy and extend the use of old notes to December 31, 2023.
Since CBN introduced the new naira notes CIC dipped from N3.29tn at the end of October 2022.
According to the CBN, currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks.
It also represents the cash that has been issued by the CBN net that has also been taken out. And includes the cash in the vault of commercial banks ready to be paid out to customers seeking to withdraw money.
In its report on currency operations, CBN said, “The growth in CIC reflected the continued dominance of cash in the economy.
Analysis of the CIC showed that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000).
“The higher denomination banknotes together accounted for 63.47 percent and 98.08 percent of the total CIC, in terms of volume and value, respectively.
“The volume of lower denomination banknotes (N5, N10, N20, N50), accounted for 28.43 percent of the total CIC and 1.92 percent, in terms of value as at end-December 2020.”
Stanbic IBTC Bank, a leading financial institution in Nigeria, has celebrated the winners of its Reward4Saving Promo Season 2 at a grand finale recently held at its Head Office in Lagos.
The promo, which aims to promote a saving culture among Nigerians, was open to new and existing customers. To participate, customers were encouraged to deposit up to ₦10,000 in their savings account and leave it for 30 days to earn cash rewards ranging from ₦100,000 to ₦2,000,000 in the electronic raffle draw.
L-R: Olu Delano, Executive Director, Stanbic IBTC Bank; Habiba Muhammad, One Million Naira Winner and Eric Fajemisin, Executive Director, Corporate and Transactional Banking, Stanbic IBTC Bank at the Stanbic IBTC Reward4Saving Promo 2.0 grand finale event in Lagos recently.
At least 875 customers were rewarded with fantastic cash prizes amounting to ₦126 million. The second season of the promo rewarded 840 customers with ₦100,000 each, 28 with ₦1,000,000 each, and seven with ₦2,000,000 each in cash prizes.
L-R Olu Delano, Executive Director, Stanbic IBTC Bank; Etinosa Maris Ehiorobo, One Million Naira Winner and Eric Fajemisin, Executive Director, Corporate and Transactional Banking, Stanbic IBTC Bank at the Stanbic IBTC Reward4Saving Promo 2.0 grand finale event in Lagos recently.
All winners were electronically selected, with the National Lottery Regulatory Commission and the Advertising Regulatory Council of Nigeria in attendance to ensure a transparent process.
The Executive Director, Stanbic IBTC Bank, Olu Delano, expressed his delight at the diligence of everyone who participated in Season 2 of the promo. He commended the winners for their achievement and urged everyone to take inspiration from their remarkable feat of saving for extended periods, exemplifying financial discipline and unwavering commitment to their financial objectives.
L-R: Olu Delano, Executive Director, Stanbic IBTC Bank; Obinna Godwin Okafor, One Million Naira Winner and Eric Fajemisin, Executive Director, Corporate and Transactional Banking, Stanbic IBTC Bank at the Stanbic IBTC Reward4Saving Promo 2.0 grand finale event in Lagos recently.
“We are thrilled by the remarkable dedication of all the participants in Season 2 of the promo. The increasing number of qualified savers every month showed that people could commit to saving for extended periods.
“As you are committed to your financial goals, we are committed to supporting you in achieving them and enabling you to live a better life,” said Olu.
L-R: Olu Delano, Executive Director, Stanbic IBTC Bank; Abdulahi Jubril, One Million Naira Winner and Eric Fajemisin, Executive Director, Corporate and Transactional Banking, Stanbic IBTC Bank at the Stanbic IBTC Reward4Saving Promo 2.0 grand finale event in Lagos recently.
The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, highlighted the importance of the Reward4Savings promo in encouraging customers to save and rewarding them. He emphasised that the promo has impacted many people’s lives when saving funds for rainy days is difficult due to the current state of the economy.
Stanbic IBTC Bank also announced that the Reward4Saving Season Promo would continue into its third season and urged everyone to watch out for details which will be published on their online and offline media channels. Interested customers can find more information on the Bank’s website – www.stanbicibtc.com.
Interswitch Group is delighted to align with the Africa Tech For Trade Alliance, a partnership which was cemented at the recently concluded African Tech Summit 2023 in Washington D.C, USA on the 12th of April.
The Africa Tech For Trade Alliance (AT4T) is a public-private partnership platform designed to promote the expansion of ecommerce and digital trade in Africa. The initiative is championed by Prosper Africa, the U.S. Government initiative to substantially increase two-way trade and investment between the United States and Africa and is positioned as Prosper Africa’s flagship tech alliance to drive e-commerce and digital trade across Africa. This alliance brings together some key global corporations, a selection of the continent’s top tech firms, entrepreneurs, and investors to help accelerate the growth of e-commerce and digital trade with a focus on Africa.
With the advent of technology, e-commerce and digital trade have become increasingly crucial for businesses looking to expand their reach and tap into new markets. In a statement from Prosper Africa, the AT4T is essentially set up to help African businesses leverage technology and cross-continental collaborations to grow and succeed in today’s digital economy.
According to Chris Folayan, Interswitch Group’s Head of International Growth, “we’re extremely bullish at the opportunities for accelerating the growth of e-commerce and digital trade across the crucial Africa-America corridor, and we’re delighted to collaborate with forward-thinking partners such as Prosper Africa, USAID as well as like-minded technology players and investors to help African businesses leverage these opportunities to grow, expand and succeed.”
Prosper Africa has been working to strengthen trade and investment ties between the United States and Africa since its launch in 2021. The new tech alliance was launched on the sidelines of the Africa Fintech Summit, where Interswitch joined the inaugural meeting of the alliance alongside other like-minded partners. Through this session, among other strategic objectives, Interswitch interacted with a host of U.S. companies and investors, with a view to encouraging investment in Africa’s sectors.
The #AT4T promotes dialogue and implements activities across thematic areas such as Payments and Finance, Skills Development & Trade Facilitation Logistics.
In March 2023, in a similar vein, Interswitch featured at the 2023 African Diaspora Network Symposium in Mountain View, California.
At Interswitch, we remain excited about these amazing connections and opportunities for cross-continental partnership and collaboration, as we continue to inspire Africa to greatness through innovation, value-creation and excellence.
Nigeria’s commercial banking, insurance, and telecommunications sectors have maintained excellent media interactions, marketing, and awareness since the start of 2023 despite the earlier scarcity of the naira and its effect on business. These were further enhanced by the remarkable data it gave the media in the first quarter of the year.
The media analysis monitors more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata are extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.
In the first quarter of 2023, P+ Measurement Services, Nigeria’s leading media intelligence consultancy, examined the media mood around commercial banks, big insurance providers, and telecommunications in Nigeria. This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance, commercial banking and telecommunication brands in the print and online media.
A thorough review of the commercial banks’ media reputation shows that two tier-1 banks and three tier-2 banks made the top five with the highest positive feelings in Q1 2023, while three tier-1 banks and two tier-2 banks made the list with the highest negative attitudes. The top five banks by positive reputation include Stanbic IBTC Bank with 28 percent emerging top of the grid, closely followed by Access Bank with 22 percent, with First Bank and Wema Bank both having 17 percent and Fidelity Bank with 16 percent.
The top five banks with negative media reputations are First City Monument Bank (FCMB) with 45 percent, Stanbic IBTC Bank with 15 percent, First Bank with 14 percent, Zenith Bank and GTCO both having 13 percent respectively.
Analysis of the insurance companies’ media sentiment revealed that Leadway Assurance came out on top in the first quarter’s positive reputation survey with a 30 percent rating, followed by AXA Mansard Insurance with 24 percent, Mutual Benefits Assurance with 17 percent, Custodian Investment Plc with 17 percent, and AIICO Insurance with 12 percent. In the first quarter’s negative reputation survey, AXA Mansard Insurance came out on top with 85 percent and NEM Insurance with 15 percent.
According to the analysis of the Telecommunication industry in Nigeria in quarter one, MTN received the highest positive reputation score (53%), followed by Airtel (19%), Globacom (16%), and 9mobile (12%) for the first quarter of 2023. MTN also received the highest negative reputation score (79%), followed by Airtel (18%) and 9mobile (3%) for the same period.
Positive Reputation Drivers
The analysis below outlines the most important factors contributing to the positive reputation of the leading commercial banks, insurance providers, and telecommunication providers in Nigeria in Q1 2023.
In the banking industry, Stanbic IBTC Bank strengthened its position as a leader by promoting cashless transactions and announcing new board appointments across the group. Organizers for the Access Bank Lagos City Marathon were revealed by Access Bank, and First Bank has reaffirmed its commitment to fostering economic growth.
The insurance industry saw Leadway assurance support AI and data-driven initiatives in the sector. AXA Mansard equips 100 female entrepreneurs with digital marketing expertise in 2023, and Mutual Benefits offered media professionals N99 million in group accident insurance.
Leading the Telecommunication sector is MTN with its partnership with PAU to train journalists in technology, Airtel reiterated its commitment to giving African children access to high-quality education, and Globacom and Samsung introduced the Galaxy S23 smartphone.
Negative Reputation Drivers
Analysis of the negative reputational drivers in the banking sector revealed that ICPC arrested FCMB Manager for loading wrapped cash in ATM, followed by Stanbic IBTC Bank officials detained by the ICPC on suspicion of hoarding CBN’s new naira notes, and also FG Charged First Bank of Nigeria Managing Director, 2 Lawyers Over Forgery.
Despite higher income, AXA Mansard’s annual profit declined by 40%, and also concerning the non-payment of a claim by NEM Insurance Plc, a group considered petitioning NAICOM and others. In the telecommunication sector, MTN’s Network Crash puts Over 80m Subscribers Offline while Airtel had a decline in stock market shares.
During the first GITEX Africa, WorkSmart for Events Management intends to host a global business hub. The event will be organized by the Dubai World Trade Center and take place in Marrakech, Morocco, from May 31 to June 2, 2023.
It is a must-attend event for companies looking to broaden their reach and scope because it will provide opportunities for networking, collaboration, and growth. The hub is intended to revolutionize the global business scene.
The largest tech event on the continent, GITEX Africa, will bring together industry leaders, governments, SMEs, start-ups, coders, investors, and academia to accelerate, collaborate, and explore new business opportunities.
At the exhibition, digital leaders will present their most recent innovations and offer many chances for collaboration and partnerships with their international counterparts to enhance the growth prospects of the technology ecosystem and help shape a new digital economy.
Throughout the course of the three-day event, WorkSmart will introduce the International Business Hub at GITEX Africa, which is regarded as a selection of cutting-edge technologies ranging from cybersecurity to fintech, e-commerce, cloud, IoT, and telecom.
The digital ambitions and successes of the continent, driven by tech-savvy youth, businesses, and aspirational governments, will be amplified.
The International Business Hub connects specialists and experts from well-known international companies.
The initiative aims to promote collaboration between the tech, AI, and digital solutions industries in Africa and across the globe. It is an interactive forum with a focus on global partnerships, emerging markets, and long-term business opportunities.
WorkSmart’s CEO, Mr. Ahmed AlHujairy, noted that this ambitious event coincides with a period of rapid growth for Africa’s society, economy, and a number of other areas.
“This international forum is poised to bring together nearly 5,000 exhibitors from 90 countries, paving the way for game-changing developments in the technology industry,” he announced.
This one-of-a-kind business hub offers an exceptional chance to establish strong commercial ties between participating entities, facilitating fruitful collaborations and opening up a wealth of new business opportunities.
It provides an unmatched forum for discussion of the most recent trends and advancements in the technology and digitisation sector and their profound effects on the global economy, serving as a premier event at GITEX Africa.
To accelerate digital transformation, Ericsson and Smart Africa Digital Academy have announced the digital upskilling of 100 policymakers and regulators across 19 African nations.
This was stated by Ericsson in a statement.
According to the business, over a three-month period, policymakers and regulators had the chance to participate in online workshops on emerging technologies.
It stated that the partnership between Ericsson and Smart Africa Digital Academy, which was signed in September 2022, aimed to improve the digital skills of a target group of senior officials from ministries and regulatory authorities responsible for Information and Communications Technology (ICT).
It stated that access to Ericsson’s global skills program, Ericsson Educate, was another goal of the partnership.
The Ericsson Educate program, according to the company, has assisted in the delivery of a series of webinars led by 27 subject matter experts from Ericsson in addition to providing access to self-learning digital skills content.
The Fourth Industrial Revolution (4IRemerging )’s technologies, including 5G networks, the Internet of Things (IoT), network security, artificial intelligence (AI), and machine learning (ML), were covered in the specially curated virtual workshops, according to the statement.
Thelma Quaye, Director of Infrastructure, Skills, and Empowerment at Smart Africa, also emphasized that innovation and knowledge are the driving forces behind the Fourth Industrial Revolution.
She further said, “Technology presents Africa with a fantastic opportunity to seize fresh chances to accelerate digital transformation and contribute to the global economy”.
“We are pleased to see how much our participants are gaining from our partnership with Ericsson, and we look forward to seeing the positive developments that will result,” Thelma said.
The company was happy to see a successful outcome from the collaboration, according to Fida Kibbi, Vice President and Head of Marketing, Communications, Sustainability, and Corporate Responsibility at Ericsson, Middle East and Africa.
According to Fida, they now have a deeper understanding of how new and existing technologies operate and how to use them most effectively.
By creating the ideal conditions for citizens, consumers, and businesses, she claimed that policymakers and regulators could facilitate the digital transformation of the continent.
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