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LCCI Blames Dwindling Fortunes Of Manufacturers On FX Scarcity, Others

LCCI Blames Dwindling Fortunes Of Manufacturers On FX Scarcity, Others

The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the dwindling fortunes of the manufacturing sector due to constraints from high inflationary pressure in the economy, continuous rise in interest rate, foreign exchange (FX) scarcity, amongst other militating factors.

This view was expressed yesterday, during the chamber’s quarterly review of the economy by its President, Dr. Michael Olawale-Cole.

He stressed that the removal of petrol subsidy would be the government’s best economic decision.

Olawale-Cole also advised the government to harmonise the multiple FX rates and avoid hasty increase of tax rates.

He said: “The growth in manufacturing has remained subdued due to high inflation, continuous rise in interest rate, forex scarcity, high energy cost, and weakening purchasing power which could weigh further on the outlook of the sector.

“To reduce the shocks from disruptions to supply chains for raw materials, manufacturers should be assisted with subsidised input and more allocation of forex for importation of critical inputs.

“The federal government needs to sustain its targeted interventions in selected sectors like agriculture, manufacturing, export infrastructure while tackling insecurity.”

The chamber also expressed the view that the removal of petrol subsidies would arguably be one of the government’s, “best economic decisions to reduce our unsustainable debts and widespread corruption in that sector,” adding that it would also “spur investments in domestic refining and petrochemicals and create a significant value chain for the various stakeholders.”

Olawale-Cole remarked that though the planned removal of fuel subsidies might cause further northward movement of inflation in the short term, “it will also release over N3 trillion per annum for social spending as well as create domestic high valued jobs rather than subsidising jobs in other countries at the expense of ours.

“We expect the government to roll out appropriate cushioning or palliative policies and measures before the subsidy removal in the second half of the year. We, in no way, will appreciate disruption in whatsoever form to the economy in the event of subsidy removal.” 

He also pointed out that the premium between official foreign exchange rate and the BDC rate has widened in the quarter under review and stated the chamber’s position that the “monetary authorities need to liberalise the foreign exchange market by unifying the multiple foreign exchange rates and ensuring that foreign exchange rates are market-driven.

“This, the LCCI believes, is critical to enhancing stability, liquidity, and transparency in the foreign exchange market. The unification is expected to improve our currency management framework, reduce uncertainties and eliminate arbitrage and round-tripping opportunities.”

The LCCI, however, rejected the government’s penchant for accumulation of public debt, which would bring the country to the point it would use more than its public revenue to service debts.  

“According to the World Bank, debt service cost of Nigeria’s federal government will be in the region of 123.4 per cent in excess of revenue. This is coming after the federal government spent a total of N5.24 trillion on debt servicing between January and November 2022, out of its N6.5 trillion retained revenue for the same period, according to the finance ministry.

“The amount puts the country’s debt service-to-revenue ratio at 80.6 per cent for the period under review, a figure far above World Bank’s recommended 22.5 per cent for low-income countries like Nigeria.

“We, at the LCCI frown at borrowing to fund subsidies or support uneconomic ventures. 

“The LCCI is of the view that the government’s fixation on debt accumulation is unhealthy. Hence it should explore other avenues including opening equity opportunities and offloading/ sales of its real estate holdings. The government should also make the problem of oil theft, with the removal of oil subsidy regime, a thing of the past to help create room for fiscal manipulation.”

It also urged the, “government to tread measuredly in raising tax rates, since there are new ways of rescuing some tax expenditures to add up to government revenue in 2023. Leaving rates at their levels will not lead to a loss of revenue.

“We are calling on the incoming government to be focused on tackling the many salient economic issues and making the most of the opportunity given to it by the Nigerian people to serve.”

FG To Include Health In Its Exclusive Budget List Says WHO

Nigeria Accounted For 31% Of Global Malaria Death - WHO

The Nigerian government has been urged by the World Health Organization (WHO) to include health in the Exclusive Budget List.

Dr. Walter Kazadi Molumbo, the WHO Country Representative, stated in an interview with journalists on Saturday at the “Walk the Talk” exercise to mark the 75th anniversary of the WHO that adding health to the Exclusive budget list would ensure adherence to the 2001 Abuja Declaration’s pledge of 15% funding.

WHO, according to Molumbo, is anticipating a time when health is viewed as a human right, a tool for socioeconomic development rather than merely a consumer good.

No adolescent, adult, or child will miss a vaccine that will help them grow better, as we envision a world in which none of these things are true.

“We envision a world in which health issues are prioritized alongside security and development concerns.” I believe it should be possible with the member states that make up the WHO, including Nigeria,” he emphasized.

“On the occasion of the WHO’s 75th anniversary, and in remembrance of the time when WHO was founded two years after the universal declaration of human rights, there was a request for the UN organization to examine the aspect of the right to health and to consider human rights; that is how WHO was funded from the hardship of World War 11 and today we are celebrating the legacy, the accomplishments, including the eradication of smallpox.

“We are eradicating polio globally primarily as an opportunity for us to remember why WHO was founded and there was a constitution which is based on human rights approach,” says the organization.

Furthermore, Molumbo stated that WHO is here to remind the world that it is not about what the WHO has done in the last 75 years, but about what it will do in the next 75 years.

It is more about tomorrow and the future than it is about yesterday. We want to make use of it to remind everyone that physical activity is beneficial, especially in light of the demographic transition that is occurring as a result of people living longer.

This is significant; we do it every Saturday, and we invite you to join us today as we continue to celebrate, he continued.

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Justrite, Norwegian Energy Firm Sign $6.5m Deal

Justrite, Norwegian Energy Firm Sign $6.5m Deal

Empower New Energy, a Norwegian renewable energy firm, has struck a $6.5 million solar deal with Nigerian supermarket chain Justrite.

The agreement calls for solar PhotoVoltaics (PV) and batteries to replace diesel generating at ten Justrite locations.

The agreement was signed on Monday at the launch of the Lagos-Norway Energy Exchange in the presence of Anniken Huitfeldt, Norway’s foreign minister, and Olalere Odusote, Lagos state commissioner for energy and mineral resources.

The energy exchange, according to the organizers, is intended for Norwegian companies to learn about Nigeria’s energy difficulties and provide green solutions.

Huitfeldt commented on the development, saying it was encouraging to see organizations with a good experience in the oil industry pushing forward in green technologies.

Investors, she claims, are becoming more interested in green investments.

“The past year has made it very clear both in Africa and Europe how fragile we are when energy supplies are threatened,” Norway’s foreign minister said.

“And made it very clear that predictable energy supplying nations, such as Nigeria and Norway are vital to continued stability in times of crisis.

“Nigeria and Norway are partners in energy. Norway’s largest energy company, Equinor, started business in Nigeria in 1992. Over 30 years ago.

“Many Nigerian students have studied at the Norwegian University of Science and Technology. And put their education to use when back home in Nigeria.

“Fossil energy has been important to both our nations’ economies. But now we must also look ahead to new sources of energy.

“Because in the future it will not be fossil fuel which will run our economies or secure our nations’ prosperity. It will be green energy.

“We are facing a massive green transition. In Africa, Europe and across the globe.”

Huitfeldt commended the Lagos state government for its green transformation efforts.

“Their investment target of one thousand megawatt of solar power within the next seven years is both ambitious and impressive,” she said.

“I have been told that diesel generators in this city represent more than fifteen thousand megawatt of power production, so the market is substantial.

“Norway and Nigeria both have the necessary technology and knowhow on oil and gas production. Today, we both utilise this knowledge in the green transition.”

Speaking at the ceremony, the Lagos energy commissioner stated that the state has increased its efforts to meet its objective of generating 1,000 megawatts of solar electricity by 2030.

“We’re going to work with anybody that’s going to give us sustainable energy in a manner that takes on a sector of the market starting from the less affluent market,” Odusote said.

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Nigeria Needs Food, Energy Security For Long-term Economic Development – Adesina

Nigeria Needs Food, Energy Security For Long-term Economic Development – Adesina

The head of the African Development Bank (AfDB), Akinwumi Adesina stated that Nigeria needs food and energy security for long-term economic development.

Adesina appeared on a panel at the ongoing Nigerian International Energy Summit (NIES) in 2023.

The seminar was titled ‘Security versus Energy Transition – Global Perspectives for a Sustainable Energy Future’.

Lamin Barrow, director-general of the AfDB Nigeria country department, represented Adesina at the occasion.

“With a population expected to nearly double from 217 million in 2022 to over 400 million in 2050, Nigeria will emerge as the world’s third most populous nation,” the AfDB president said.

“There is a need to guarantee food and energy security by building a domestic economy resilient to global and regional shocks, which have increased in frequency and intensity.

“We recognise the bold reforms ongoing in the oil and gas sectors and the Nigeria Energy Transition Plan.

“If fully implemented, these will provide viable solutions for meeting the country’s energy needs and ensure achievement of net zero by 2060.”

Adesina stated that the AfDB is committed to collaborating with the Nigerian government, development partners, and the business sector to implement the energy transition strategy.

He praised the government’s commitment to creating LPG value chains to enable clean cooking and replace the country’s polluting diesel generators.

He also praised efforts to reduce gas flaring by delivering improved cookstoves to 7.3 million families by 2030 and assisting in the transition of 25% of all trucks and vehicles to compressed natural gas (CNG) by 2030.

The AfDB president stated that the bank would continue to support efforts in Nigeria to achieve energy security and transformation.

He urged the country to increase the industrial sector’s contribution to GDP and to position it as a vital engine of inclusive growth, job creation, energy and food security.

“Nigeria and the African continent should take advantage of opportunities offered by the African Continental Free Trade Area,” Adesina said.

“Let me conclude by emphasising the need to pursue energy security and climate action as integrated and mutually reinforcing imperatives in Africa.”

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NEMA Receives 107 Nigerians Stranded In Libya

NEMA Receives 107 Nigerians Stranded In Libya

The National Emergency Management Agency (NEMA) stated on Tuesday that 107 Nigerians who were trapped in Tripoli, Libya, have been rescued.

The returnees arrived in the country on an Al Buraq Air Boeing 737-800 with the registration number 5A-DMG, which landed at 3:55 p.m. at the Cargo Wing of Murtala Muhammad International Airport in Ikeja.

They were greeted by Mustapha Ahmed, Director General of NEMA, who was represented by Mr Aziz Afunku, Chief Relief and Rehabilitation Officer.

A male and female infant were among the returns. There were five females and three males among the children.

According to the NEMA chief, 105 stranded Nigerians have been returned, with an additional 281 being assisted back to the nation in March 2023.

So far, 259 Nigerians have been helped to return to the country by April 2023.

This is despite the fact that, since 2017, the International Organization for Migration (IOM) has been supporting distressed Nigerians stranded in Libya to return home with the help of international partners.

BOI Group assets increased by 39.2% in 2022
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FIBA Bans Russia, Belarus From Olympic Men’s Basketball

Basketball

The men’s basketball teams from Belarus and Russia have been barred by FIBA from competing in the second-chance Olympic qualification competitions. The International Basketball Federation, or FIBA, reported the news on Tuesday.

Since Russia invaded Ukraine in February of last year, athletes from Russia and Belarus have been subject to penalties from many different sports.

The International Olympic Committee has suggested allowing athletes from Russia and Moscow ally Belarus to compete simply as individual neutrals in forthcoming international competitions as Moscow’s attack on Ukraine enters its second year.

“Following the IOC recommendations on the participation of athletes with a Russian or Belarusian passport in international competitions…the FIBA Executive Committee has decided to not allow the registration of the Russian men’s national team in the FIBA Olympic Pre-Qualifying Tournaments 2023,” said a statement on the organisation’s website.

The 32-nation World Cup, which will begin on August 25 in the Philippines, Japan, and Indonesia and serves as the primary Olympic qualification event, has prohibited Russia and Belarus from competing.

The pre-qualification competitions, which begin on August 12, provide teams who did not advance to the World Cup with a second chance to earn a spot in the 12-team Olympic competition in Paris.

The Russian and Belarusian women’s teams were not allowed to compete in the 16-team EuroBasket final tournament in June, which serves as the primary Olympic qualification event for the region.

Call for Registration: Sahara Impact Fund Program 2023

Rates Soar As Nigeria Makes N369bn From Bonds Sale

FGN Bond For Jan. 2021 Oversubscribed

The selling of new bonds at an auction helped the Federal Government of Nigeria (FGN) raise N369 billion from the local debt capital market. The specifics revealed that spot pricing for auctioned bonds were uneven, however investors preferred longer-dated assets.

the Debt Management Office (DMO) held a main market auction on Monday with a goal of raising N360 billion to help reduce the budget deficit for 2023. Investors have started to price double-digit inflation rate, a high interest rate environment in naira assets throughout the local debt capital market sector in an effort to boost profits on securities offerings.

As the consumer price index accelerated and fund managers told MarketForces Africa that the situation was made worse by a persistent decline in the value of the naira, the market has seen negative real return on naira assets throughout the first quarter, all of which have had a negative impact on portfolio returns.

Yet, according to the auction results, the DMO raised more money—368.67 billion—than the 360 billion that local investors were offered in the debt capital market. As a result, the secondary market for FGN Bonds was quiet as market participants turned their focus to DMO’s auction sales.

The comprehensive result reveals that, as anticipated given the fixed income market’s limited liquidity and returns that were susceptible to inflation, subscription levels on February 28 and April 32 were noticeably low.

On the other hand, experts said that despite shifting market conditions, the recently substituted Jan-42 and Mar-50 maturities were oversubscribed. According to the DMO auction results, the Feb. 28 offer’s stop rates were unchanged.

The spot rate on the Apr-37 bond, meanwhile, was set at 14.80%, 50 basis points higher than the previous record. The Jan-42 and Mar-50 FGN Bond maturities achieved their maiden stop yields at 15.4% and 15.8%, respectively, according to TrustBanc Capital Ltd. According to Cowry Asset Management’s market report, the rates on the 10-year, 15-year, 20-year, and 30-year FGN bonds were unchanged at 13.49%, 14.75%, 15.40%, and 15.60%, respectively.

Following a quiet transaction record in the secondary market for Nigeria bonds, traders said the average benchmark yield held firm at 14.33%. TrustBanc Capital analysts said in a note that at the Eurobond segment, profit takers were vocal across the benchmark curve, leaving their signature on all benchmark securities.

“We expect foreign portfolio investors (FPIs) to stay overweight on the Nigerian curve in the immediate, barring unexpected shocks on the international front”, TrustBanc said. The average yield on Eurobond climbed by 6 basis points to 12.94%.

Elsewhere, the 10-year US Treasury yield advanced by 7 basis points to close at 3.52%.

Call for Registration: Sahara Impact Fund Program 2023

Nigeria’s Forex Rates Gap Depreciates

Availability Of Forex Will Stimulate Economic Growth - MAN

The difference between the exchange rates of the Nigerian naira in the exporters’ window, investors’ window, and parallel market printed lower at N278 per US dollar. Earlier in the year, when the parallel market rate soared to almost N790, the FX spread had printed above N300 on each US dollar, providing speculative opportunities.

The naira gained $1.75 to settle at N462.25 at the investors’ window on Monday as demand from the Central Bank of Nigeria’s FX auction helped to bolster the supply side.

The apex bank’s secondary market intervention sales last week saw it selling dollars to market players. As a result, there were less demand pressures in the underground market where the naira freely trades for undetectable currency needs.

According to a channel check by MarketForces Africa, Bureau de Change (BDC) owners sold US dollars for N740 in the open market yesterday. According to analysts, the exchange rate has been on the upswing in anticipation of an anticipated rise in the demand for foreign exchange in the black market.

Remember that local banks informed their clients of a 50% cut in business/personal trip reimbursements as an apex bank ration FX for qualified demand. comparing the two exchange rates on the market. The FX gap printed at N277.75, attaining a convergence of more than 7%.

Analysts still believe there is room for economic speculation at the current level. Without comprehensive reforms to exchange rate management and steady inflows of US dollars into the local economy, the Naira is more likely to depreciate in value in 2023, according to analysts’ consensus.

The Nigerian autonomous exchange rate (NAFEX) last week fluctuated between N460.0 and N466.0 per US dollar, but it ended the week at N464. On the futures market, foreign exchange rates fluctuated between N462.0 and 507.1. The naira lost 0.5% in the 1-month contract, closing at N469.2 on a weekly basis. Naira fell 11% when banks released a fresh update on foreign exchange spending.

Similar trends were observed for lengthier contracts, as the 3-month FX rate fell 0.5% on Friday to settle at N485.9. On the same day that the naira depreciated to N464, the foreign exchange spot rate in the retail secondary market intervention sales (SMIS) market closed unchanged at N462.

In a market brief, Coronation Research estimated the gap between the NAFEX and parallel market rate at 59.9%. According to data from FMDQ, NAFEX turnover declined by -12.2% week on week to $359.6 million.

Analysts said the NAFEX window recorded an inflow of US$210.5 million. Of the sum. CBN accounted for 2.8%, foreign portfolios investors 9.9%, non-bank corporates 52.8%, exporters 27.7%, and others accounting for 6.8%.

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‘We Are On The Path Of Resurgence’ – 9mobile CEO Juergen Peschel Assures Channel Partners

'We Are On The Path Of Resurgence' - 9mobile CEO Juergen Peschel Assures Channel Partners
L-R: CEO, 9mobile, Juergen Peschel; CFO, 9mobile, Nkem Oni-Egboma; GM, Airtalk Communication Nigeria Limited, Zahradeen Tijani; and ED, Regulatory and Corporate Affairs 9mobile, Abdulrahman Ado at 2023 Channel Partners Conference which held at the Marriot Hotel, Ikeja

9mobile, Nigeria’s innovative and customer-friendly telecommunications company, affirmed that its business is on the path of a resurgence following the enormous investments into its network operations and a strong commitment by the board and management to aggressively reclaim market share.

This assertion was made at its annual Channel Partners Conference which held recently at the Marriott Hotel Ikeja, Lagos.

Speaking on the theme, “Re-engage to Succeed”, the Chief Executive Officer of 9mobile, Juergen Peschel, said, “9mobile is on the path of resurgence. We are taking back lost territories in the market and forging ahead to reclaim our innovative position and industry leadership”.

Peschel appreciated the presence and business commitment of the channel partners while emphasizing the significance of the brand’s renaissance, which he said is hinged on sustained stakeholder relations.

“Thank you very much for joining us on this special day. You have been with us through thick and thin; we are in this together, and I particularly thank you all for supporting 9mobile throughout the years.

“The years ahead are promising when you consider the level of expansion we are embarking on. We look forward to constantly interfacing with you, supporting you in various ways, enhancing our network, and making our relationships competitive”, he said.

He highlighted the business plans for the partners and revealed that 9mobile had invested over N70 Billion for its ongoing network modernization.

He further informed them of the addition of 600 New Sites, equipped with 4G LTE facilities for enhanced operations and market competitiveness, being deployed alongside new broadband services to enlarge its fibre network across some Nigerian cities, amongst other technical, digital, and organizational upgrade to demonstrate 9mobile’s core values of Innovation, Quality of Service, and Customer-centricity.

L-R: CEO, 9mobile, Juergen Peschel; MD, Kadick Integrated Limited, Ebi Umusu, and Chief Sales Officer, 9mobile, Victor Nwaobia at 2023 Channel Partners Conference which held at the Marriot Hotel, Ikeja

Also speaking at the Channel Partner Conference, Chief Sales Officer at 9mobile, Victor Nwaobia, emphasized the impact of the unique relationship 9mobile has enjoyed with its committed channel partners and said that this has aided in driving the company’s growth over the years.

“That we have sustained or retained almost 75% of our channel partners over the years is a massive testament to your love and commitment for our business which is in its fifteenth year and going strong”, he enthused.

On their part, the channel partners also expressed their delight and belief in the brand’s renaissance. One of them, Jude Ukachukwu of TIG Communications, expressed trust in the network, saying, “I have been with 9mobile since inception.

“They’ve been quite supportive; they’ve done their very best. At some point, they pushed through and moved from the position of a new entrant and struggled and climbed steadily, and they did very well.

“The truth is that they have treated us well, and we are happy to work with them”.

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Dollar To Naira Exchange Rate Today (Wed. April. 19, 2023)

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

Dollar to naira, on Wednesday, April 19, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.43 per $1 on Monday, April 17.

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

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

Beauty Tukura Breaks Down In Tears As She Opens Up About Her Disqualification From BBN In The First Episode Of Her New Reality TV Show, ‘My Beautyful Life’

As Beauty Tukura, the former BBN housemate, prepared for the premiere of her much-anticipated reality TV show, “My Beautyful Life,” she couldn’t shake off the feelings of disappointment and regret that had haunted her since her disqualification from the reality show.

The premiere episode follows Beauty Tukura and her best friend JMK, another ex-Big Brother Naija housemate, who pays her a visit at her house. They talk about Beauty’s disqualification from the reality show where Beauty opens up about how disappointed she felt in herself after being disqualified and how much it shook her to the core.

“I was living in denial,” she admits. “I was trying to understand what had happened. I left who I was at the door. And that’s the mistake I made. I should have brought that person with me into the house.”

Emotions overwhelm Beauty as she breaks down, crying uncontrollably. She admits that even after almost a year, she still finds herself holding back tears. She shares that she didn’t speak about her experience initially, but instead focused on making peace with herself and forgiving herself. She reveals that she had to go through a process of personal development to come to terms with the aftermath of her disqualification.

Beauty reflects on the challenges of navigating fame and public perception after being on a reality show. She wonders if people understand that there’s a person behind the brand and that she had to work on herself before she could rebuild her brand. She further reveals that upon leaving the Big Brother house, she had to endure harsh criticism and hurtful name-calling, which shook her sense of self and made her question her identity.

The premiere of “My Beautyful Life” aired on the 17th of April on Africa Magic Showcase at 9 PM and is slated to run for 13 weeks. Viewers can catch new episodes every Monday at 9 PM on Africa Magic Showcase (DStv ch.151), with reruns airing on Africa Magic Urban (DStv ch.153 and GOtv ch.6) every Wednesday at 9:30 PM.

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BOI Group assets increased by 39.2% in 2022

311,000 Beneficiaries Benefit From Payroll Support Programme - BOI

According to the Bank of Industry (BOI) Group, as of the end of the 2022 fiscal year, its total assets increased by 39.2% to N2.38 trillion.

The growth, it declared in a statement on Monday, was made possible by the successful completion of three historic capital-raising transactions in the year totaling €1.85 billion (roughly $2 billion) from the international financial markets.

Despite the challenges that followed the COVID-19-induced recession in 2020, BOI claimed that it achieved an outstanding result in the year that ended on December 31, 2022.

It claimed that from N184.55 billion in 2021 to N212.96 billion in 2022, its gross earnings increased by 15.4%.

The group’s interest revenue from customer loans and investments increased by 21.1% to N212.96 billion in 2022 from N175.83 billion the year before.

Along with the remarkable growth in interest income and other income lines, along with the decrease in impairment charges, profit before tax increased by 15.6% to N71.99 billion in the year from N62.28 billion in 2021.

Loans and advances increased by 3.2% to N805.46 billion from N780.48 billion in 2021, while total equity increased by 11.7% to N429.83 billion from N384.85 billion.

The bank reported that in terms of its impact on development, it distributed N210.7 billion to 418,436 beneficiaries over the course of the year through both its direct and indirect lending platforms as well as through funds it managed on behalf of its strategic partners.

According to the statement, the bank’s first €750 million Eurobond, which was completed in February 2022, was one of the year’s three major capital raising transactions from the international financial market.

The agreement was the first Eurobond deal for the bank and the first Eurobond deal in Nigeria, according to the statement.

“The second was the €1 billion guaranteed senior loan facility, which was completed in August 2022,” it continued. In terms of size and structure, this transaction is a first of its kind for any financial institution in Nigeria.

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Flight Cancellations: Passengers To Get Full Refund – NCAA

FG Orders Airlines To Compensate Passengers For Delayed, Cancelled Flights

The Nigerian Civil Aviation Authority (NCAA) said that whenever an airline cancels a flight, passengers will soon be entitled to a full reimbursement.

Captain Musa Nuhu, NCAA Director General, stated on Channels Television’s program on Tuesday that this will become effective once a new regulation in the works is passed into law.

The director general stated that over a billion naira in aviation earnings are being lost due to flight cancellations and delays, but he did not provide a time limit to quantify the figure.

Nuhu also stated that concerted attempts were made to end the continuing strike by aviation workers at airports across the country.

Thousands of local and international passengers were stranded as protesting aviation unions grounded airports in Nigeria on Monday over the non-release of the reviewed Condition of Service, as well as the planned demolition of Dominion and EAN hangars, among other issues.

The strike, which began its second day on Tuesday, has continued to put numerous passengers at the mercy of the two opposing elephants – the Federal Government and the striking unions.

When asked if passengers might get refunds for tickets purchased prior to the strike in order to plan for alternate modes of transportation, the NCAA president stated on Tuesday, “It should be immediately.”

“We are now checking our regulations to see what has been done in the past that allows for a reimbursement if my flight is canceled.

“What we have in the new regulation that will be signed into law very soon when it’s all cleaned up is that if you cancel my flight, you should put me on another flight or give me the option of getting refund immediately so that I can make other plans.”

“Without the passengers, we don’t exist. The passengers are those who pay our salaries. Majority of the entire generated revenue of the NCAA, 80% or more, is from the 5% paid by the passengers. So, they pay our salaries,” Nuhu stated.

Flight disruptions during the strike, he claims, have resulted in direct costs for airlines and indirect losses for the economy.

“Certainly, in the billions. From direct losses to the airlines and indirect losses to the economy because when people miss their connections a lot is lost. I can’t say but I can guarantee you it’s in the billions. At least over a billion. I think I am being very conservative,” he said.

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Call for Registration: Sahara Impact Fund Program 2023

Sahara Foundation, the corporate citizenship vehicle for leading energy and infrastructure conglomerate, Sahara Group, is calling on all social innovators and entrepreneurs across Africa including Nigeria, Cote d’Ivoire, Ghana, Kenya, South Sudan, Rwanda, Uganda, Cameroon, Tanzania, and Zambia, for registration for its Sahara Impact Fund (SIF) program.

The initiative, a strategic partnership between Sahara Foundation and LEAP Africa aims to provide support to business ideas and solutions which will increase access to clean energy and promote sustainable environments.

“The aim of the program is to better equip the young social entrepreneurs to build sustainable businesses which will in turn grow their respective economies, contributing to the growth of the continent at large. We believe that entrepreneurs and game-changing business owners are the backbone of the African economy and are essential to its growth and development. Therefore, our goal is to provide the resources and support they need to succeed while improving lives and livelihood within their communities and across the Africa continent as a whole” Ejiro Gray, Director, Sahara Group Foundation, said.

Eligibility Criteria

  • SIF is open to African social enterprises and entrepreneurs across the following countries- Nigeria, Cote d’Ivoire, Ghana, Kenya, South Sudan, Rwanda, Uganda, Cameroon, Tanzania, and Zambia, between the ages of 25-40.
  • Organisations must have been in existence for at least one year.
  • Organisations must submit social solutions within the Foundation’s key focus areas of Clean and Affordable Energy and Sustainable Environment.
  • Nonprofits or social businesses must be registered with their country’s relevant regulatory and government bodies as funding will not be given to cater for that, or to individuals in their personal capacity.
  • Only technology based innovative solutions with measurable community impact will be considered. submissions must show evidence through provision of web links and other online presence.
  • All submitted social solutions must have been implemented, must be at the growth stage and have direct beneficiaries. Evidence of claim through pictures, news releases, etc must be documented and shared during the application.
  • Innovations must show sustainability and scalability.

Guidelines

  • SIF applications end April 30, 2023.
  • All entries for this fund must be in English or French.
  • Only one entry will be accepted per organization. Once an entry has been submitted, no further changes will be accepted.
  • No entry fee, or payment of any kind is required.
  • Winners will be announced via our social media channels and awards will be given at our offices in the countries where the competition is held.

Interested social innovators and entrepreneurs can visit https://bit.ly/Sahara_Impact_Fund to apply.

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Autochek Acquires A Majority Stake In Egypt’s AutoTager To Strengthen Pan-African Footprint

Autochek Launches Financial Services to Accelerate Seamless Access to Vehicle Financing Across Africa

Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars, to deepen its presence in North Africa and support the company’s ongoing growth.

AutoTager is a venture backed startup that is removing the friction from the car buying and selling process in Egypt, enabling easier access to vetted vehicles and financing for consumers, and connecting dealers with serious buyers and technology solutions to improve their operations. The company was founded in 2021 by Amr Rezk, a serial entrepreneur that has founded and co-founded multiple successful companies, including Fundseer, a leading private equity GP/LP coordination platform. Amr has deep experience operating in and investing in various geographies across Africa and the Middle East, with a track record of building and sustaining high growth enterprises. Prior to becoming an entrepreneur, Amr worked with several large institutions including Goldman Sachs, EFG-Hermes and the Qatar Investment Authority where he led the Private Equity and Venture Capital Funds Investments Team. He has an academic background as an economist and holds an MBA from Harvard Business School.

The acquisition represents Autochek’s entry into Egypt, which is Africa’s second largest economy and the continent’s second largest automotive market. The country’s strategic geographical position, skilled workforce, large domestic market and the successful reforms undertaken by the country’s government in recent years has enabled dynamic growth and made it one of the largest recipients of Foreign Direct Investment (FDI) in Africa over the past decade.

This acquisition also represents the third for Autochek in less than a year and the sixth in under two years, reflecting its emergence as the leading Pan-African automotive technology company. The company now has active operations in 9 countries across East, West and North Africa, with a partner-led footprint of more than 2,000 dealers and workshop locations. This unrivalled footprint enables unparalleled insights into vehicle-related transactions and positions Autochek and its subsidiaries to deliver effective solutions for the needs of a wide range of stakeholders in Africa’s automotive ecosystem.

Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek, said, “Amr’s background and track record is as impressive as it gets and I am delighted to have him on board. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem. There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”

Amr Rezk, CEO and Founder of AutoTager, said, “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high growth markets. The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high quality top decile returns”.

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ChatGPT Applications in Media Intelligence: It’s Benefits and Limitations

By: Philip Odiakose

As technology advances, media intelligence has become an increasingly important service for brands to stay ahead of the competition. One of the latest developments in this area is the application of ChatGPT, a language model developed by OpenAI, in media intelligence. ChatGPT has the ability to analyze vast amounts of data and provide insights in real-time, making it an attractive tool for businesses looking to improve their media strategy. In this article, we will explore the benefits and limitations of using ChatGPT in media intelligence.

ChatGPT in Media Intelligence

Media intelligence is the process of collecting, analyzing, and interpreting media data to gain insights into various topics. This can include news articles, social media posts, blogs, and other forms of online content. Media intelligence is used by brands, government agencies, NGOs and individuals to stay up-to-date on current events, track competitors, monitor brand reputation, and make informed decisions.

ChatGPT is a powerful tool that can help in media intelligence by analyzing and interpreting natural language queries. ChatGPT can understand and respond to text-based queries, which can be used to analyze media data quickly and efficiently. ChatGPT can also provide personalized responses, making it easier for businesses and individuals to obtain the information they need.

Benefits of Using ChatGPT in Media Intelligence

Real-time analysis: One of the most significant benefits of using ChatGPT in media intelligence is the speed at which it can analyze data. The tool can process a vast amount of data in real-time, allowing businesses to quickly gain insights into their media performance. This can be particularly useful for companies that need to respond quickly to emerging trends or issues.

Improved accuracy: ChatGPT has been trained on a vast corpus of language data, which enables it to analyze and understand the nuances of natural language. This makes it particularly useful for businesses looking to gain insights from social media data or other unstructured data sources. The improved accuracy of ChatGPT can help businesses make more informed decisions and improve their media performance.

Improved customer service: ChatGPT can be used in customer service to answer frequently asked questions and provide automated support, improving customer satisfaction.

Comprehensive analysis: ChatGPT can analyze a wide range of data sources, including social media, news articles, blogs, and more. This enables businesses to gain a comprehensive understanding of their media landscape and make informed decisions based on the insights provided by ChatGPT.

Limitations of Using ChatGPT in Media Intelligence

Limited contextual understanding: While ChatGPT is a powerful tool for analyzing data, it is not capable of understanding the context in which that data is presented. This can result in inaccurate or irrelevant insights. For example, ChatGPT may not be able to understand sarcasm or irony, which can impact the accuracy of its analysis.

Limited industry-specific knowledge: ChatGPT is a general-purpose language model, and its effectiveness in analyzing data from a specific industry may be limited. This is because the language used in different industries can vary significantly, and ChatGPT may not be able to accurately analyze data from an industry with which it is unfamiliar.

Data bias: The accuracy of ChatGPT is dependent on the quality of the data used to train it. If the data used to train the model is biased, then the insights provided by ChatGPT may also be biased. This can be particularly problematic when analyzing data related to sensitive topics such as race, gender, or politics.

Limited human input: ChatGPT is an automated tool and does not provide the same level of human input as traditional media intelligence. This can result in insights that are less nuanced or comprehensive than those provided by a human analyst.

Applications of ChatGPT in Media Intelligence

Content analysis: ChatGPT can analyze media content, such as news articles, blog posts, and videos, to provide insights into the topics being covered, the sentiment of the content, and the influencers talking about the topic.

News summarization: ChatGPT can summarize news articles into short, easy-to-read snippets, making it easier for media analysts to keep up with the latest news and trends.

Trend analysis: ChatGPT can identify trends and patterns in media content, such as the most frequently used words, topics, and hashtags, and use this information to inform media strategies.

Personalized content: ChatGPT can use data from social media and other sources to create personalized content for media consumers, such as news articles and videos tailored to their interests and preferences.

Predictive analytics: ChatGPT can use historical data to predict future trends in media consumption and engagement, helping media companies to make informed decisions about content creation and distribution.

ChatGPT has the potential to be a valuable tool for businesses looking to improve their media intelligence strategies. Its real-time analysis capabilities, improved accuracy, cost-effectiveness, and ability to provide comprehensive analysis make it an attractive option for businesses of all sizes. However, there are limitations to using ChatGPT in media intelligence, including its limited contextual understanding, industry-specific knowledge, data bias, and limited human input. Businesses should be aware of these limitations when using ChatGPT and should ensure that it is used in conjunction with other media intelligence tools and human input to ensure the most accurate and comprehensive analysis possible.

Philip Odiakose is the Chief Insights Consultant at P+ Measurement Services, a Media Intelligence Consultancy in Lagos state, Nigeria.

‘$800m World Bank Loan Awaiting NASS Approval For Disbursement’

AMCON Acquires Glano Nigeria For Over N2 billion Debt

AMCON Adopts New Debt Recovery Plan
AMCON Adopts New Debt Recovery Plan

According to the Asset Management Corporation of Nigeria (AMCON), it has acquired Glano Nigeria Limited’s assets in exchange for a debt of more than N2 billion.

In a statement released on Monday, it claimed that this was in accordance with an order made by Federal High Court Lagos Division Honorable Justice I. N. Buba.

The statement recalled that AMCON, which was founded to recover bad debt on behalf of the Federal Government of Nigeria, had been patiently waiting until 2018 despite being embroiled in a protracted legal dispute with Glano Nigeria Limited and its promoters since 2016.

The court ultimately chose to support AMCON’s takeover of Glano Nigeria Limited after considering the entire case, particularly the efforts AMCON made to resolve the loan amicably without the obligor’s cooperation, it claimed.

The property owned by Glano Nigeria Limited and located at No. 22 Woji Road in Port Harcourt, the capital of Rivers State, had been managed by Sterling Law Alliance since 2019. In accordance with the enforcement order, AMCON took effective possession of the property on Thursday, April 6, 2023.

“The court ordered AMCON to take all necessary steps to realize the assets of the obligor within the judicial division, by seizing and taking any money bank notes, paychecks, bills of exchange, promissory note, and all forms of bonds of security for money, to realize view to realizing the huge outstanding debt,” reads the court’s order granting AMCON possession of the property located at No. 22 Woji Road in Port Harcourt.

It was also mentioned that the loan was acquired from United Bank for Africa Plc back in 2013 during the third phase of eligible bank assets, which made the case of Glano Nigeria Limited and its promoter a lengthy one.

The obligor and his company, Glano Nigeria Limited, have since remained recalcitrant and unwilling to repay the enormous debt owed to the company, according to AMCON, which has said it has explored all options to settle the matter amicably.

Jude Nwauzor, the head of AMCON’s corporate communications department, stated in the statement that the enforcement came after a protracted, meticulous legal battle.

According to the Federal High Court’s order, “The Corporation finally enforced on the properties on April 6, 2023,” he said.

He claimed that the enforcement process went smoothly in part because the court had also instructed the Nigerian Police Force, court employees, and other security agencies to help AMCON secure the assets.

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Blockchain Technology Can Increase Employment – Adefisayo

Blockchain Technology Can Increase Employment - Adefisayo

The commissioner of education in Lagos, Folashade Adefisayo said that blockchain technology is a feasible talent that students and youths may learn to become employable anywhere in the globe.

Adefisayo stated that there was a need to narrow the unemployment gap during the recent cohort one graduation ceremony of the Blockchain Vibes Academy in Lagos.

To address the issue, she stated that the state government has implemented certain efforts, including the development of technical skills that can make them “not just employable but also employers of labor.”

Youths, according to the commissioner, can help alleviate the country’s unemployment problem by learning blockchain technology.

“Now, I understand that blockchain is another skill that we can teach our students, which will make them eminently employable and I also believe it will make them employers and effective in the world we live in,” she said.

“It’s something that I will think through because even in our coding departments, we are developing a curriculum and we have to teach our students many other things beyond just coding.

“But I can see now that we need to start going to even deeper technical things like the blockchain and I am not going to just take the money for myself, but to see how we can take advantage of the education we can use.

“Even as an educationist, I understand that we cannot go narrow about technology. Every sector now uses technology in multiple areas.”

Speaking about the training’s significance, Femi Adegolu, chairman of Blockchain Vibes Academy, stated that education and innovation are important components in creating chances.

Adegolu stated that the graduates will set the pace for innovation and create enterprises that will contribute to the country’s growth and revenue.

“The aim of the academy is to train people and also give them an opportunity for internships and also jobs. You know, education goes along with innovation. When you are educated, you are empowered and when you are empowered, you will want to innovate,” he said.

“So, in our ecosystem right now we are looking to create unicorns, in the next two to three years. We want to raise startup founders in the blockchain academy that will raise $1 million or more and also attract foreign direct investments in Nigeria.

“When funds are raised, what happens is they are going to employ people and this would in turn have socio-economic impacts in Nigeria and even within Africa.”

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JAMB Extends Registration For 2023 Direct Entry

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The Joint Admissions and Matriculation Board (JAMB) extended the deadline for 2023 Direct Entry (DE) registration by one week, effective Friday, April 21, 2023.

According to JAMB’s spokesman, Dr Fabian Benjamin, the DE registration process began on Monday, March 20, and is scheduled to end on Thursday, April 20, 2023.

“The extension was partly to give all holders of Cambridge A/Level Certificates, who were unable to register for the exercise on account of some issues associated with the verification of their certificates another opportunity to do so,” Benjamin stated.

He added that it would also accommodate others who wanted to register but were unable to do so within the time limit.

“It should be noted that in its bid to ensure the Cambridge A/L Certificate is onboarded in the verification process, the British Council is partnering with the board.

“As such would be providing a verification portal for the seamless verification of its Cambridge Certificates as obtained with other categories of A/Level certificates.

“It is this provision of a verification portal by the Council that informed the board’s decision to reconsider its earlier stand on the non-inclusion of Cambridge certificate for DE registration.

“Consequently, all holders of Cambridge Certificates, who desire to register for the 2023 Direct Entry, can now proceed to any of the board’s offices nearest to them to register for the exercise,” he said.

According to him, candidates expecting Cambridge Certificates were not considered since “Awaiting Results” would not be allowed.

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Lagos Now Has Adidas’ Largest Flagship Location

Adidas, a sportswear company, has opened its largest and first-ever store in West Africa in Lagos State, Nigeria.

Adidas revealed that this is the fourth adidas store to open in partnership with BrandCo in Nigeria in a statement. According to the statement, the flagship location would offer a comprehensive and neighborhood-focused shopping experience for exclusive Adidas collections.

It was revealed that Tosin Oshinowo, a Nigerian architect and the founder of cmDesign Atelier was responsible for the Aadidas Lagos Flagship’s conceptualization.

The statement read, “The building’s façade draws inspiration from iconic Makoko corrugated roofing from Lagos, and the design incorporates cutting-edge building materials and energy-efficient systems.”

Local sports freestylers performed for the crowd at the flagship store’s opening, and guests were also treated to immersive artistic installations by local artists Osa-7, Chinelo Ezewudo, Gbolahan Ayoola, and Dennis Osadebe.

According to the announcement, “The Adidas Lagos Flagship store features a wide selection of sport and lifestyle footwear, apparel, and accessories for men, women, and children, as well as in-demand collab collections. “

The Adidas Lagos Flagship, which was created with inclusivity in mind, combines sport and fashion in one location with a sports café and a basketball court.

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