Wednesday, November 27, 2024
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2024 USA Election Polls: Who Is Leading—Harris or Trump?

The 2024 election was initially shaping up to be a rematch of 2020, but in July, everything changed when President Joe Biden withdrew from the race and endorsed Vice President Kamala Harris.

Now, the key question is: will the U.S. see its first woman president, or will Donald Trump secure a second term? As election day nears, we’re closely monitoring the polls to gauge the impact of the campaigns on the race for the White House.

Who’s Leading in the National Polls?

Since entering the race in late July, Harris has maintained a lead over Trump in national polling averages, as shown in the latest rounded figures below.

The two contenders squared off in a televised debate in Pennsylvania on September 10, drawing an audience of over 67 million viewers.

Polling in the week following the debate indicated a slight boost for Harris, with her lead growing from 2.5 percentage points on debate day to 3.3 points a week later. However, most of this increase stemmed from a dip in Trump’s numbers, which dropped by half a percentage point after the debate.

The chart below shows these shifts in poll averages, illustrating both the trends over time and individual poll results for each candidate.

https://flo.uri.sh/visualisation/19298662/embed?auto=1

While national polls offer insight into overall popularity, they aren’t always reliable predictors of the election outcome due to the U.S. electoral college system. In this system, 538 electoral votes are distributed across states, and a candidate must secure 270 to win.

Though there are 50 states, most consistently vote for the same party, so only a handful of battleground states—where both candidates have a chance—will determine the election.

https://flo.uri.sh/visualisation/19403381/embed?auto=1

Who’s Leading in the Swing States?

Right now, the polling averages show a tight race in the seven key battleground states, with just one or two percentage points separating Harris and Trump.

Pennsylvania, the most crucial of these states due to its high electoral vote count, is pivotal for both candidates’ chances of reaching the 270 mark.

When Biden dropped out, he was trailing Trump by nearly five points in these battleground states. However, since Harris entered the race, polling trends indicate she’s in a stronger position in some key states.

In particular, Harris has led in Michigan, Pennsylvania, and Wisconsin since early August, although the margins remain narrow. These states were traditionally Democratic strongholds until Trump flipped them in 2016. Biden reclaimed them in 2020, and if Harris can do the same, she’ll be well-positioned to win.

https://flo.uri.sh/visualisation/19161574/embed?auto=1

How Are These Polling Averages Calculated?

The figures in the graphics are based on averages calculated by polling analysis site FiveThirtyEight (538), which aggregates data from various national and state polls.

https://flo.uri.sh/visualisation/19469351/embed?auto=1

538 applies strict criteria for poll inclusion, ensuring that only surveys that disclose essential details, such as sample size and methodology, are counted.

Can the Polls Be Trusted?

Current polls suggest a close race in swing states, with only a few points separating Harris and Trump. When elections are this tight, it becomes difficult to predict the outcome with certainty.

Polls underestimated Trump’s support in both 2016 and 2020, and polling companies are working to adjust their methods to better capture voter sentiment. However, polling adjustments are complex, and predicting turnout on election day remains a challenge.

As election day approaches, these small margins in key states suggest a competitive and unpredictable race.

How To Follow The 2024 USA Presidential Election With Bizwatch Nigeria

How To Follow The 2024 USA Presidential Election With Bizwatch Nigeria

As the world gears up for the 2024 USA Presidential Election, many people, including Nigerians, are keen to understand its implications and outcomes. With the U.S. being a major player in global politics, the election will not only shape American policy but also affect international relations, including those with Nigeria.

Here’s how you can effectively follow the 2024 USA Presidential Election using Bizwatch Nigeria as your go-to source.

1. Stay Informed with Reliable News Coverage

What to Expect from Bizwatch Nigeria

Bizwatch Nigeria offers comprehensive news coverage, including in-depth articles, analysis, and opinion pieces regarding the U.S. elections. Make it a habit to regularly check their website for updates on major candidates, key issues, and electoral developments.

Importance of Reliable Sources

In an age of misinformation, following trustworthy outlets like Bizwatch Nigeria ensures you receive accurate and timely information. This is crucial for understanding the complexities of the electoral process.

2. Understand the Candidates and Their Policies

Key Candidates to Watch

Bizwatch Nigeria will provide profiles on the major candidates, their backgrounds, political ideologies, and key policies. Pay attention to candidates from both major parties: the Democratic and Republican parties.

2024 USA Presidential Election Comparative Analysis

Use Bizwatch Nigeria’s analyses to compare candidates’ policies on critical issues such as healthcare, immigration, and foreign policy. Understanding their stances will help you gauge potential impacts on U.S.-Nigeria relations.

3. Engage with Election Debates and Forums

2024 USA Presidential Election Live Updates and Commentary

Follow Bizwatch Nigeria for live coverage and commentary during key debates and forums. These events are crucial for understanding candidates’ positions and how they respond to pressing questions.

Social Media Engagement

Participate in discussions on social media platforms that Bizwatch Nigeria uses to engage readers. This not only enhances your understanding but also allows you to see different perspectives from other readers.

4. Follow Opinion Pieces and Editorials

Diverse Perspectives

Bizwatch Nigeria publishes various opinion pieces that can help you understand the broader implications of the election. Reading different viewpoints can enrich your perspective on the electoral landscape.

Critical Analysis

Critically assess the opinions presented to better understand the nuances of the election. This skill will help you develop your own informed opinions on the candidates and their policies.

5. 2024 USA Presidential Election Track Polls and Predictions

Importance of Polling Data

Polling is a significant aspect of elections. Bizwatch Nigeria often analyzes polling data, providing insights into voter sentiments and trends leading up to the election.

Understanding Polling Methodologies

Learn about different polling methodologies, as Bizwatch Nigeria may provide breakdowns of how polls are conducted. This knowledge will help you interpret the data more effectively.

6. Stay Updated on Key Issues

Major Topics of Discussion

Follow Bizwatch Nigeria for updates on major issues affecting the election, such as the economy, healthcare, climate change, and social justice. Understanding these topics will help you connect the dots between candidates’ policies and the concerns of American voters.

Global Context

Consider how these issues impact Nigeria and Africa as a whole. Bizwatch Nigeria often contextualizes U.S. policies within the framework of Nigerian interests, making it easier to understand potential implications.

7. Utilize Multimedia Resources

Videos and Podcasts

Check out Bizwatch Nigeria’s multimedia resources, such as videos and podcasts, which often feature discussions on the election. These formats can make complex topics more accessible and engaging.

Infographics and Visual Data

Visual aids like infographics can simplify the information and highlight key statistics or comparisons. Bizwatch Nigeria’s use of visual data can help you grasp the election dynamics at a glance.

8. Follow the Election Timeline

Key Dates to Remember

Bizwatch Nigeria will keep you informed about important dates such as primaries, caucuses, and the general election. Create a timeline of these dates to stay organized and informed.

Impact of the Election Cycle

Understanding the election timeline helps contextualize news reports. For instance, knowing when primaries are happening can help you interpret candidate momentum and strategies.

9. Engage with Your Community

Local Discussions and Forums

Participate in local discussions or forums in Nigeria to share insights gained from Bizwatch Nigeria. Engaging with others can enhance your understanding and encourage diverse perspectives.

Influence of the U.S. Election in Nigeria

Discuss how the U.S. election outcomes could influence Nigerian politics and policy. This dialogue can deepen your understanding of the global political landscape.

10. Follow Post-Election Analysis

What Happens After the Election?

After the election, Bizwatch Nigeria will provide analysis on the results and their implications for both the U.S. and Nigeria. Understanding the outcomes and the electoral process is vital for contextualizing future events.

Preparing for Future Elections

Analyzing the 2024 election can prepare you for understanding future elections, both in the U.S. and Nigeria. The dynamics of political campaigns, voter behavior, and international relations are often interconnected.

Conclusion

Following the 2024 U.S. Presidential Election through Bizwatch Nigeria offers an informative and educational experience that can help you understand the complexities of global politics. By utilizing reliable news coverage, engaging with diverse perspectives, and participating in community discussions, you will not only be well-informed but also better equipped to discuss the implications of the election on Nigeria and the world.

As you embark on this journey, remember that informed citizens play a crucial role in shaping discourse and understanding in our interconnected world. So, grab your device, follow Bizwatch Nigeria, and stay engaged!

Naira Continuous Surge Pushes Exchange Rates Gap to N123

Investors Raise Stakes On Nigerian Treasury Bills Ahead of Auction

LBS Discloses FG's Targets With Naira Redesigning

Investors upped their bets on Nigerian Treasury bills in the secondary market ahead of the primary market auction on Wednesday. The Central Bank of Nigeria (CBN), through the Debt Management Office (CBN), will offer investors approximately N82 billion in Treasury instruments at today’s primary auction.

Analysts anticipate continued strong demand for fixed-interest products in the debt capital market. The disadvantage, according to fixed income analysts, is the financial system’s low liquidity level.

Though liquidity improved yesterday, short term benchmark interest rates ended in mixed note, above 32%. Traders reported that he treasury bills market ended on a bullish note on Tuesday investors took positions ahead of tomorrow’s auction.

Analysts at AIICO Capital Limited said there was little demand for the 25 Sept 2025 Bill towards the close of the market. The average yield declined by 1bp to 22.9%, Cordros Capital Limited said in a note. The investment firm stated that the average yield declined at the short (-1bp), mid (-1bp) and long (-2bps) segments.

This was as a result of demand for the 79-day to maturity (-1bp), 170-day to maturity (-2bps), and 352-day to maturity (-2bps) bills respectively.

Similarly, the average yield declined by 5bps to 24.5% in the OMO segment, according to the investment note.

NGX Equities Investors Down N70bn As Indexes Drop Further

Dollar-to-Naira Exchange Rate For 9th October 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1680.00 per $1 on Wednesday, October 9, 2024. Naira traded as high as 1629.00 to the dollar at the investors and exporters (I&E) window on Tuesday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1670 and sell at N1680 on Tuesday 8th October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1670
Selling RateN1680

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1628
Selling RateN1629

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigeria And Brazil To Launch Direct Flights Under BASA Agreement

Following President Bola Ahmed Tinubu’s directives, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has begun discussions with the Brazilian Ambassador to Nigeria, Carlos Garcete, to establish direct flights between Nigeria and Brazil under the Bilateral Air Service Agreement (BASA).

Tunde Moshood, Keyamo’s Special Adviser on Media and Communications, indicated on Monday that the meeting is part of efforts to implement the two countries’ 2018 Memorandum of Understanding to improve aviation connectivity and economic cooperation. During their discussion, both officials emphasized the importance of updating BASA to match modern aviation norms and requirements.

This renewed collaboration aligns with discussions held by President Tinubu and Brazilian President Luiz Inácio Lula da Silva in Addis Ababa in February 2024, where both leaders agreed to revive the BASA framework, recognizing the cultural and economic ties shared by Nigeria and Brazil.

Ambassador Garcete highlighted that the direct flight routes could commence promptly, with the potential for 4 to 5 weekly flights.

“The introduction of direct flights will spark significant economic growth between our countries,” he said, emphasizing the benefits for both nations.

However, Garcete noted that the full implementation of direct flights will require completing the Open Skies Agreement to facilitate seamless operations.

NGX Equities Investors Down N70bn As Indexes Drop Further
Dollar-to-Naira Exchange Rate For 8th October 2024

NGX Equities Investors Down N70bn As Indexes Drop Further

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

Equity investors lost more than N70 billion on the Nigerian Exchange (NGX) as purchasing sentiment faded. The dismal trading day was fueled by weak sentiment in Guinness and African Prudential, among others.

Stockbrokers reported that key performance indices, such as the NGX-ASI and Market Capitalization, fell by 0.12% on Tuesday. At the completion of the trading session, the All-Share Index fell 121.89 basis points to 97,584.81.

Market observers ascribed the decline to profit-taking in recently valued medium- and large-cap companies. Tickers: GUINNESS, OANDO, and GTCO all lost money as a result of selling. However, market activity was mixed, with total volume traded down by 45.05% and total value moved up by 39.92%.

In its market, stockbrokers at Atlass Portfolios Limited said approximately 719.11 million units valued at ₦8,341.40 million were transacted across 9,435 deals.

WAPIC was the most traded stock in terms of volume, accounting for 55.97% of the total volume of traded in the market. Other volume drivers include FIDELITYBK (6.95%), ACCESSCORP (3.54%), UBA (3.21%), and VERITASKAP (1.94%).

SEPLAT also emerged as the most traded stock in value terms, with 26.92% of the total value of trades on the exchange.

REGALINS topped the advancers’ chart with a price appreciation of 10.00 percent. Other gainers include PZ (+8.78%) growth, CUTIX (+5.60%), DEAPCAP (+5.59%), TIP (+5.26%), MCNICHOLS (+5.19%) and twenty others.

Twenty-nine stocks depreciated, according to data from the Nigerian Exchange. GUINNESS was the top loser, with a price depreciation of -10.00%. Other decliners include AFRIPRUD (-9.86%), INTBREW (-9.07%), OANDO (-5.84%), JAPAULGOLD (-3.82%), and DANGSUGAR (-1.23%).

The market breadth closed negative, recording 26 gainers and 29 losers. On the other, the market sector performance was positive, as three of the five major market sectors were up,

The oil & gas sector grew by +1.98%, followed by the insurance sector, which gained +0.86%, while the industrial sector rose by +0.01%. The consumer goods and banking sectors declined by 1.73% and 0.50%, respectively. Overall, the equities market plunged by ₦70.04 billion, representing a decline of 0.12%, settling at ₦56.08 trillion.

Foreign Investment In Nigeria’s Equities and Money Markets Soars In Q2 2024

Naira Continuous Surge Pushes Exchange Rates Gap to N123

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira rose by around 5% against the US dollar in the foreign currency market as FX liquidity pressures eased. According to spot data from the FMDQ platform, the local currency rose 4.49% to close at N1,561.76 per US dollar in the official market.

The rally, which was one-sided between the official and parallel markets, caused the FX spread to surge significantly. According to a channel check, the naira finished at ₦1,684 per US dollar in the parallel market.

At current trading spot rates, the exchange rate spread has increased to N123, providing incentives for speculative wagers. The Nigerian autonomous foreign exchange (NAFEM) market saw increased volatility in September 2024 as a result of restricted foreign exchange supply and increasing corporate demand.

Exchange rates fluctuated between N1,500 and N1,699, AIICO Capital Limited said in a report. The Central Bank of Nigeria (CBN) intervened several times, injecting an estimated $544 million, which helped stabilize rates.

Thus, the Naira appreciated by 3.54% month on month, with the NAFEX fixing rate closing at $/₦1,541.94, with improved dollar liquidity in the market. FX turnover was 17.34% above August record, reflecting a monthly increase of $706.16 million, the investment firm stated.

However, the parallel market saw a 4.01% month on month depreciation, according to AIICO Capital Limited, with rates closing at $/₦1,687.50. On a positive note, Nigeria’s gross foreign exchange reserves grew by 5.64%, adding $2.05 billion to reach $38.35 billion in Sept,

Overall, the market remained pressured, but liquidity showed signs of recovery. Keeping interest rate high is part of the CBN’s efforts to manage exchange rate volatility as the fiscal side continue borrowing spree, analysts said.

Elsewhere, Oil dropped by over 4%, pausing the rally driven by increased geopolitical risk as the market awaited Israel’s response to Iran. Brent prices fell by 4.03% to $77.67, while WTI prices decreased by 3.99% to $74.06.

APC National Chairman Abdullahi Ganduje Faces Resignation Ultimatum Over Zoning Controversy

Lagos State Clears N68bn Pension

Full List: Sanwo-Olu Swears In 37 New Commissioners, Special Advisers

The Lagos State Government, led by Governor Babajide Sanwo-Olu, has cleared N68.5 billion in pension arrears for retirees in the state public service. Mr Bode Agoro, Head of Service for Lagos State, confirmed this on Tuesday in Lagos.

Agoro spoke at a public awareness campaign on the Contributory Pension Scheme (CPS) for state public personnel organized by the Lagos State Pension Commission (LASPEC).

The HoS applauded Sanwo-Olu for his ongoing efforts to ensure that older individuals receive their retirement benefits as soon as they leave the service. He also complimented the governor for prioritizing the well-being of public employees and pensioners.

He said the CPS, which was passed into law on March 19, 2007 in Lagos, was to provide a sustainable retirement plan that ensures financial security upon staff retirement from active service.

“Since its introduction, a lot of government policies have been made to strengthen the Nigerian pension industry, provide security for citizens’ savings, well as protect workers’ retirement benefits.

“However, all these policies have come with the need to align ourselves, as workers, with the evolvement of the scheme.

“Knowledge, they say is power, and information is key. Therefore, a man without the right information will no doubt be deformed,” he said.

According to him, the need to avoid misinformation regarding the CPS, led to the sensitisation organised by LASPEC, to disseminate vital information about important updates and changes on the CPS as it affects stakeholders.

The HoS added that the state had continually embarked on data updating exercise, occasioned by linking of National Identification Number (NIN), to all of the existing accounts, be it in the banks, telecommunication service providers and others.

He noted that it was imperative to have the data recaptured with the Pension Fund Administrators (PFAs) to ease documentation, facilitate processing and smooth pension payments upon retirement.

According to him, for those who just have their service documents regularised, changed locations or names, the exercise was poised to provide them with fresh opportunities to register such changes with their PFAs, accordingly.

He said: “Considering the different development that public servants might have experienced over the years, this exercise will be made periodic to allow you register such development with your PFAs.

“This is to enable updated information that will ease processing of your retirement benefits by LASPEC as well as the PFAs.

“As partners in progress, our PFAs will be made available at the Adeyemi-Bero Auditorium at Alausa, Ikeja, for four days as scheduled in our circular, to attend to your proper documentation.

Agoro commended LASPEC for the laudable initiatives and bringing the PFAs services to the doorsteps of the civil servants for them to update their data accordingly. He urged the workers to pay attention to the vital information concerning the pension scheme.

“Let me reiterate that this exercise is not aimed at stressing anybody, however, it is an avenue to ease the process of receiving your retirement benefits as soon as you exit the services,” he said.

In his address, Mr Babalola Obilana, Director General (DG), LASPEC, said that the sensitisations was crucial to share vital updates and changes in the CPS to the public servants.

Obilana explained that the CPS was designed to ensure that all employees have a secure and sustainable source of income upon retirement. He said the scheme operates on a simple principle: both employees and employers contribute a portion of the employee’s salary into a pension fund, which is then managed by a designated authority.

“This collective effort provides financial security for our future and fosters a culture of savings and responsibility among public servants.

“It is a mutual commitment to one another that we all need to embrace,” he said.

He noted that over the years, the administration of the CPS in Lagos state had undergone several important updates, aimed at enhancing its efficiency and transparency.

The DG said that the changes reflect on the commitment to improving the management of pension funds and ensuring that the benefits are protected and accessible.

He added that one of the most significant changes was to enhance collaboration between LASPEC, the PFAs and the Annuity Service Providers (ASPs). The director-general noted that LASPEC had been streaming the processes to ensure easy access to pension benefits at retirement.

“This collaboration is crucial in ensuring that your retirement savings grow and are managed responsibly.

“However, despite these advancements, it has come to our notice that a number of public servants in MDAs and parastatals, are yet to open their Retirement Savings Accounts (RSAs).

“This oversight has serious implications for their future financial security,” he said.
According to the DG, many of these people’s pension funds are being held in an escrow account since they do not have RSAs.

Obilana stated that the scenario was not only bad to such defaulters’ financial futures, but would also hinder their pension payout process when they retire. He urged affected workers and other state public servants to take advantage of the scheme, complete the necessary tasks, and update their data with the PFAs.

APC National Chairman Abdullahi Ganduje Faces Resignation Ultimatum Over Zoning Controversy

Foreign Investment In Nigeria’s Equities and Money Markets Soars In Q2 2024

NGX Records N60bn Trading

Foreign investment in Nigeria’s equities market reached approximately $150 million in the second quarter of 2024 (Q2 2024), representing a significant 204% increase from the $49.4 million recorded in the first quarter of 2024.

This surge also marks an extraordinary 1,660% growth compared to the $8.5 million recorded in the same period in 2023.

According to the latest Capital Importation report released by the National Bureau of Statistics (NBS), Foreign Portfolio Investment (FPI) in Nigeria during Q2 2024 amounted to $1.4 billion.

While this reflects a 32% decline from the $2.08 billion recorded in the first quarter of 2024, it signifies a notable year-on-year growth of about 1,215% from the $107 million recorded in Q2 2023.

In total, foreign portfolio investment in Nigeria for the first half of 2024 (H1 2024) hit $3.48 billion, a remarkable 360% increase from the $756.1 million recorded during the same period in 2023.

 However, despite this impressive growth, foreign participation in Nigeria’s equities market saw a 14% decline in H1 2024, with $199.3 million recorded compared to $230.8 million in the first half of 2023.

Much of the foreign portfolio investment in H1 2024 was concentrated in money market instruments, such as Treasury bills, OMO (Open Market Operations) bills, and commercial papers.

These instruments accounted for 77% (or $2.68 billion) of Nigeria’s total foreign portfolio investment. In Q2 2024 alone, $1.08 billion was invested in money market instruments, while Q1 2024 saw $1.61 billion.

Year-on-year, foreign participation in Nigeria’s money market surged nearly 20 times from $139 million in H1 2023.

The sharp rise in foreign investment in Nigeria’s money markets is largely attributed to the high interest rates offered by the Central Bank of Nigeria (CBN). During H1 2024, the CBN offered yields of up to 22.5% on some Treasury bills and 22% on OMO bills, some of the highest rates for CBN-issued money market instruments.

By the second half of 2024, these rates had increased even further, with OMO bills yielding 27.25%, aimed at attracting more foreign portfolio investment.

In the debt securities market, private companies have also benefited from foreign portfolio inflows. Many companies with strong credit ratings have been offering commercial papers at discount rates of up to 30%.

In terms of bond investments, medium- and long-term bonds attracted $599 million in foreign portfolio investment during H1 2024, with $420.8 million of that coming in Q1 2024. This represents a 55% increase compared to the $386 million recorded in H1 2023.

Overall, Nigeria’s total capital importation in H1 2024 reached $5.98 billion, marking 177% year-on-year growth from the $2.16 billion recorded in H1 2023. Notably, foreign portfolio investment accounted for 58% of the total capital inflows into the country during the period.

By Ibe Wada

Dangote’s $20bn Refinery Built Without Government Aid Says – Dangote Group

Dangote Refinery Now Sole Provider Of Jet A1 Fuel For Nigerian Airlines – FG

The Federal Government of Nigeria has designated the Dangote Refinery as the exclusive supplier of Jet A1 fuel to airlines operating within the country.

This was disclosed by the Minister of Aviation, Festus Keyamo, during an interview on Channels TV on Tuesday.

According to Keyamo, the decision was reached with the consent of airline operators, who agreed to source their jet fuel exclusively from the Dangote Refinery, a 650,000 barrels per day (bpd) facility.

This move, he stated, received his full endorsement.

“The airline operators recently convened and, with my approval, agreed that they should exclusively purchase Jet A1 fuel from Dangote Refinery,” Keyamo said.

He further highlighted a recent naira-for-crude purchase agreement between the Federal Government and Dangote, aimed at stabilising the fuel supply chain without reliance on foreign exchange.

“Yesterday, we commenced a naira-for-crude purchase with Dangote. It’s a strictly naira-based transaction, with no dollar component involved,” the minister added.

Keyamo explained that this initiative would alleviate the pressure on foreign exchange, as the price of Jet A1 fuel would no longer be subject to the volatility of the international oil market. He assured that the switch to local currency payments would bring about clarity and potentially lower costs for airlines.

“We are confident that this arrangement will lead to more affordable Jet A1 fuel as pricing will be insulated from the fluctuations of the global market. The cost will be fixed in naira, offering airlines a more predictable and stable fuel supply,” he said.

By Ibe Wada

Dangote’s $20bn Refinery Built Without Government Aid Says – Dangote Group

SEC To Tighten Regulations In Nigeria’s Fintech Sector To Protect Investors

The Securities and Exchange Commission (SEC) has announced its intention to enforce stricter regulations within Nigeria’s fintech ecosystem to address issues of fund mismanagement and ensure operators comply with existing capital market rules.

This was revealed by SEC Director-General Emomotimi Agama, during his keynote address at the Nigeria Fintech Week held on Tuesday.

Agama emphasized that the primary objective of the new regulations is to safeguard investors’ funds while promoting the sustainable growth of the fintech industry.

The move follows the shutdown of seven Nigerian fintech startups in 2023, which resulted in a loss of $79.15 million in investor funding.

These shutdowns were attributed to various factors, including failure to raise additional capital and a lack of proper corporate governance structures.

Agama highlighted that fintech companies engaged in fundraising activities must now adhere to capital market rules, particularly those that are public limited companies.

“If you are raising funds as a fintech company and are a public limited entity, you must come under the supervision of the SEC. However, private fundraising must also comply with the laws,” he stated.

He further stressed that the fast-growing fintech sector cannot be left unchecked, noting the potential risks of data misuse and unregulated public fundraising by companies.

“We cannot afford to leave this growing sector unchecked. Large amounts of investment data could be misused without consent, and companies are increasingly raising public funds without adequate regulatory control,” Agama added.

To strike a balance between regulation and innovation, the SEC is adopting a “smart regulation” approach, which tailors existing capital market laws to the specific needs of fintech operators.

The Commission’s innovation and fintech portal, FinPort, was established to assist new and existing fintech companies in navigating regulatory requirements; smart regulation takes into account the peculiarities of products in the fintech space and adapts regulations to fit them, rather than applying a one-size-fits-all approach.”

Additionally, the SEC has introduced a ‘three-pronged approach’ to fintech regulation, focusing on regulatory compliance, stakeholder confidence, and investor validation.

This strategy aims to ensure that innovative solutions meet security and consumer protection standards while fostering sustainable growth in the market.

“We want to create a regulatory environment that fosters innovation while protecting investors. Our framework is designed to encourage growth while ensuring that fintech solutions adhere to the necessary standards,” Agama stated.

Acknowledging the presence of over 200 fintech companies currently operating in Nigeria, Agama assured stakeholders that the SEC remains a supportive institution, particularly given the youthful and often inexperienced nature of many fintech founders.

“The current SEC is friendly and accommodating, knowing that many people involved in fintech are young and inexperienced. A lot don’t even know what to do,” he remarked.

However, Agama made it clear that the SEC will no longer tolerate regulatory breaches, stating that the days of overlooking gaps in the system are over.

He reiterated the Commission’s commitment to enforcing regulations that provide structure to the fintech space without stifling innovation.

In his remarks, Ade Bajomo, President of the Fintech Association of Nigeria (FinTechNGR), emphasized the need for a regulator that supports innovation within the fintech sector. He expressed concerns over a decline in investment, noting that funding in Nigeria’s fintech sector fell to $186 million in the first half of 2024, compared to $826 million in the same period of 2023.

The SEC’s enhanced regulatory oversight is expected to provide greater stability to the fintech ecosystem while encouraging responsible innovation and protecting investor interests.

By Ibe Wada

Dangote’s $20bn Refinery Built Without Government Aid Says – Dangote Group

APC National Chairman Abdullahi Ganduje Faces Resignation Ultimatum Over Zoning Controversy

APC Revises Schedule For Primary Elections

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has been given a seven-day ultimatum to step down from his position by Alhaji Saleh Zazzaga, a prominent party figure.

 Zazzaga, who leads the North-Central APC Forum and previously served on the Tinubu/Shettima Campaign Council, raised concerns over the violation of the party’s zoning arrangement, which has now sparked a growing internal crisis.

Briefing Journalists on Tuesday in Jo’s, Plateau State, Zazzaga outlined his objections, citing constitutional breaches and governance issues within the party.

According to him, “the APC’s national chairmanship was allocated to the North-Central zone, yet Ganduje, who hails from the North-West, was controversially appointed to the position in August 2023 following the resignation of Senator Abdullahi Adamu.”

“The chairmanship was zoned to Nasarawa State in the North-Central, yet Ganduje, from the North-West, has assumed the role, clearly violating Article 31.5 of the APC Constitution,” Zazzaga stated,.

He revealed that efforts to address the matter through internal channels were dismissed, raising concerns that the chairmanship dispute could further alienate party supporters in the North-Central region.

Zazzaga warned that such a divide could weaken the party’s electoral chances in future elections.

Beyond the zoning dispute, Zazzaga also pointed to Ganduje’s ongoing corruption trial in Kano State, which he claimed tarnishes the APC’s image.

 “For the sake of credibility and the party’s integrity, I call for the immediate resignation of His Excellency Abdullahi Ganduje, PhD, as the National Chairman of the APC,” He declared.

He explained that the letter demanding Ganduje’s resignation has been forwarded to key political figures, including President Bola Tinubu and Senate President Godswill Akpabio, stressing that if Ganduje refuses to step down, a fact-finding committee should be set up to investigate the issues raised.

 He further warned that legal action could follow if the ultimatum is ignored.

Dollar-to-Naira Exchange Rate For 8th October 2024

Dollar-to-Naira Exchange Rate For 8th October 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1675.00 per $1 on Tuesday, October 8, 2024. Naira traded as high as 1629.00 to the dollar at the investors and exporters (I&E) window on Tuesday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1665 and sell at N1675 on Monday 7th October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1665
Selling RateN1675

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1628
Selling RateN1629

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

NNPC Ends Exclusive Agreement With Dangote Refinery, Allowing Open Market Access For Petrol

The Nigerian National Petroleum Company Limited (NNPC) has officially ceased its exclusive purchase arrangement with Dangote Refinery, opening the market for other petroleum marketers to buy petrol directly from the refinery.

This significant development, reported by Bizwatch Nigeria, shifts the market away from the NNPC’s exclusive purchasing role, providing room for marketers to negotiate prices with Dangote on a “willing buyer, willing seller” basis.

This transition aligns with Nigeria’s current market practices for fully deregulated products like diesel, aviation fuel, and kerosene, which are already open to direct sales.

Dangote Refinery, with its 650,000 barrels per day capacity, began producing petrol in September. Initially, Dangote’s Vice President, Devakumar Edwin, noted that the NNPC would be the exclusive buyer.

However, recent statements from the NNPC clarified that the refinery is free to sell to any interested marketer, removing its previous single-offtaker stance.

On 15 September, NNPC began loading gasoline from Dangote Refinery, but it initially limited access to major marketers. Independent marketers, however, were excluded from lifting the product.

Dollar-to-Naira Exchange Rate For 7th October 2024

Dangote’s $20bn Refinery Built Without Government Aid Says – Dangote Group

In a resounding affirmation of private sector-led investment, the Dangote Group has announced that its $20 billion refinery was constructed without financial incentives or subsidies from the Nigerian government.

This was announced on Tuesday, October 8, 2024, at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos, themed “Making Nigeria a Net Exporter of Petroleum Products.”

Mansur Ahmed, the Executive Director of the Dangote Group, who represented Aliko Dangote, the conglomerate’s president, stated that the refinery’s success was driven purely by private sector funding.

“We built the Dangote refinery without a single incentive from the government, signaling a major achievement for Nigeria’s refining industry.” Ahmed emphasised.

The refinery, which boasts a capacity of 650,000 barrels per day, is Africa’s largest and was commissioned in 2023 under former President Muhammadu Buhari.

Though it faced initial delays, it began supplying petroleum products to the local market in April 2024, starting with diesel and jet fuel.

Ahmed highlighted the importance of boosting domestic crude supply to ensure the refinery’s continued success.

He pointed out the need for Nigeria to stop “mortgaging crude” and instead expand production capacity.

He also praised President Bola Tinubu’s administration for its proactive steps in fast-tracking international oil company (IOC) divestments and other initiatives to strengthen local oil production.

Despite the Dangote Group’s independence in the project, Ahmed acknowledged that, going forward, government incentives would be crucial in encouraging further investments that could transform Nigeria into a regional refining hub.

He acknowledged that with disruptions in global petroleum trade flows, particularly in Europe, Nigeria is uniquely positioned to seize new opportunities in the global oil market.

“This strategic positioning has already led to an agreement between the federal government and the Dangote Refinery on the commercial terms for crude supply, petrol, and diesel off-take.”

“As part of this agreement, the refinery will initially supply 25 million litres of gasoline daily from its Lagos-Lekki Free Zone facility, marking a significant boost for Nigeria’s fuel supply. This move further cements the country’s position as a leader in Africa’s refining industry.” Ahmed Concluded.

By Ibe Wada

CBN Reaffirms Commitment To Financial Stability, Assures Nigerians Of Secure Bank Deposits

Stanbic IBTC Pension Managers Kicks Off FUZE 3.0 Talent Show

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, has officially kicked off the third season of its acclaimed FUZE Talent Show with the unveiling of a panel of judges. The event at the Stanbic IBTC Towers in Lagos set the stage for what promises to be the most exciting edition yet, of the youth-centric talent discovery platform.

In his address, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, revealed this year’s theme: ‘Light it up’. The theme encapsulates the show’s mission to illuminate and celebrate Nigerian youths’ boundless creativity and talent.

Olumide emphasized the transformative power of the FUZE Talent Show, stating, “Each season, we’ve witnessed this platform’s ability to uncover, foster, and propel young talents into the spotlight; giving rise to new stars who now shine across the realms of music, dance, fashion, and technology”.

A key event highlight was the announcement of an unprecedented grand prize of N50 million for this year’s winners, setting new stakes for talent competitions in Nigeria. This substantial increase in prize money underscores Stanbic IBTC Pension Managers’ commitment to providing life-changing opportunities for young Nigerian talents.

The star-studded judging panel for FUZE 3.0 was unveiled, featuring a diverse group of industry experts who will evaluate contestants in four categories:

Fashion: Funke Adepoju, a celebrated Nigerian fashion designer and the founder of Funke Adepoju Couture, will bring her expertise in blending traditional Nigerian aesthetics with contemporary styles to the fashion category.

Technology: Akinwande Akinsulire, the Director of Engineering at Co-Creation Hub (CcHub), will lead the technology category in identifying ideas in the tech space.

Dance: DonFlexx, a renowned entrepreneur, social media influencer, and digital marketing expert, will bring his dynamic energy to the dance category; looking for performers who can captivate audiences both on stage and online.

Music: Korede Bello, an award-winning Nigerian singer and songwriter, will lend his musical prowess to identify the next big stars in the music category.

These industry heavyweights will provide fair ratings, valuable feedback, and guidance to participants throughout their FUZE journey.

The media parley also revealed an expanded regional selection of contestants for the competition, promising even more diverse opportunities for participants to showcase their skills. Building on the success of previous seasons, which engaged over 10,000 participants and captured millions of viewers worldwide, FUZE 3.0 is poised to reach new heights in participation and global attention.

Olumide called on Nigeria’s youths to seize this opportunity: “To our participants, let your creativity flow freely; your passion ignite the spark within; and your talents illuminate the stage. You are the heart and soul of the FUZE Talent Show, and we’re here to celebrate each of you.”

The event concluded with a robust Q&A session, during which members of the press engaged with the Stanbic IBTC Pension Managers team and the newly announced judges, gaining deeper insights into the competition’s structure, judging criteria, and the long-term vision for FUZE as a catalyst for youth empowerment in Nigeria.

As anticipation builds for FUZE 3.0, Stanbic IBTC Pension Managers reaffirms its commitment to nurturing young talent and contributing to the growth of Nigeria’s creative industries. The company threw open the event’s invitation to all Nigerian youths to participate in this life-changing opportunity and called on the media and public to continue to support this initiative that is set to uncover the next generation of Nigerian stars.

CBN Reaffirms Commitment To Financial Stability, Assures Nigerians Of Secure Bank Deposits

Nigerian Treasury Bill Yield Rises To 23%

LBS Discloses FG's Targets With Naira Redesigning

The average yield on Nigerian Treasury bills increased as investors sold more naira assets in the secondary market ahead of inflation data.

Inflation is predicted to slow, although economists have begun to raise concerns about disinflationary expectations due to rising petroleum pump prices. Investors are earning a negative interest yield despite monetary policy tightening. In June, Nigeria’s debt management modified spot rates on Treasury bills to reflect shifting market conditions.

Fixed income specialists have voiced divergent views on spot rate pricing on government borrowing instruments ahead of the forthcoming Treasury bill auction.

Investment bankers at AIICO Capital Limited said the treasury bills market started the week with a mixed to bearish tone due to tight system liquidity. Analysts said selling interest was evident in the mid-and long-term papers, particularly in the March 2025, April 2025, and some September 2025 papers.

Across the curve, the average yield declined at the short (-3bps) and mid (-4bps) segments, analysts at Cordros Capital Limited said in a report.

The yield declined due to demand for the 66-day to maturity (-4bps) and 171-day to maturity (-5bps) bills, respectively. Meanwhile, the average yield expanded at the long (+34bps) end due to profit-taking activities on the 332-day to maturity (+199bps) bill.

Elsewhere, the average yield declined by 4bps to 24.6% in the OMO segment. In September, the Central Bank of Nigeria (CBN) held three rounds of Treasury bills and two rounds of OMO auctions to manage excess liquidity.

For NTB, yield varied across different tenors, with the 91, 182, and 364-day bills closing at 17.0%, 17.5% and 20.0% respectively, down 1.2 percentage points (ppts), 1.7ppts and 0.9ppts from August, Afrinvest said in a note.

Investor demand for NTBs remained steady, particularly for the longer-tenor bills, as investors sought to hedge against rising inflation.

Concurrently, the CBN actively used OMO auctions as a liquidity management tool, withdrawing ₦712.5 billion from the system to moderate excess liquidity and curb inflationary pressures.

FG Sets September 2025 Deadline For Completion Of N280bn Bodo-Bonny Road Project In Rivers

FG Proposes Six-Month Supply For Dangote Petroleum Refinery

The Nigerian National Petroleum Company Limited’s supply of crude oil in naira to the Dangote Petroleum Refinery would initially last six months, subject to a subsequent evaluation by the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency.

Multiple committee and Dangote refinery sources confirmed on Monday that the naira-for-crude agreement will last six months in its initial phase because crude oil is priced in dollars as an international product.

Meanwhile, Bloomberg reported Monday that the Federal Government planned to transfer up to 400,000 barrels of Nigerian crude oil per day to the Dangote plant.

The report said the development is expected to take place over the next two months, amounting to 24 million barrels of Nigerian crude oil supply between October and November 2024.

Also on Monday, oil marketers stated that they had yet to get any information from NNPC or the Dangote refinery regarding the reported halt of NNPC as the sole off-taker of petrol produced by the Lagos-based refinery.

According to reports on Monday, NNPC is no longer the exclusive off-taker of petrol from the Dangote refinery. Despite many attempts by our journalists to obtain their comments, NNPC and Dangote declined to corroborate this.

While the purported stoppage of NNPC as the sole off-taker of Dangote petrol made headlines in the oil sector on Monday, certain depots halted sales of products in their tanks in anticipation of a likely increase in petrol prices.

This, however, did not happen, as neither NNPC nor the Dangote refinery confirmed the claim. The depots that earlier stopped sales eventually resumed operations after some hours.

Also on Monday, the Independent Petroleum Marketers Association of Nigeria revealed that the NNPC portal used for the purchase of petrol had been opened to IPMAN members by the national oil company.

The portal had earlier been shut to IPMAN members, depriving them of access to pay for products. But on Monday, the independent marketers revealed that the portal had been opened.

Naira-for-crude deal

Several sources said the naira-for-crude deal is to last for six months. They also stated that the product is still being expected by the Dangote refinery.

“We’ve realised that many Nigerians are excited that the government has agreed to the naira-for-crude deal, but most people don’t know that the deal is to last six months in the first instance,” an impeccable source at the Dangote refinery who spoke in confidence due to lack of authorisation to speak on the matter, stated.

On Saturday the Federal Government said it had commenced the sales of crude oil and other refined products in naira. The Federal Ministry of Finance disclosed this in a post on its X handle.

The statement read, “The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024.

“Following a meeting of the Implementation Committee, chaired by the Minister of Finance on October 3, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”

Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council under the leadership of President Bola Tinubu had approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.

“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.

The government explained in September that the naira-for-crude initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products across the country.

However, sources stated on Monday that the deal would not last forever.

“The deal is for six months in the first instance. People shouldn’t think it is forever. This is a dollar-based business, so supplying it in naira though at the equivalent dollar rate is significant. The President should be commended for this.

“Otherwise, the local crude would have been purchased from foreign-based traders who often mark up their prices and this has its effect on the cost of producing refined commodities whether in Nigeria or elsewhere,” a senior official at Dangote refinery stated.

A member of the committee on crude sales in naira also corroborated the position, stating that “the deal is for six months in the first instance and would be reviewed when the need arises.”

This comes as Bloomberg claimed that the Federal Government planned to deliver up to 400,000 barrels of Nigerian crude oil per day to the Dangote plant. According to cargo allocations obtained by Bloomberg News, Dangote’s increasing reliance on domestic feedstock may destabilize the Atlantic oil market by significantly reducing Nigerian crude exports.

The 650,000 barrels per day plant, which is larger than any other in Africa or Europe, will receive 13 to 14 shipments from Nigeria’s usual monthly programme of 50 cargoes.

According to Ronan Hodgson, a FGE analyst based in London, the West African crude market would be “substantially tighter” in the fourth quarter due to Dangote’s supplies. The volumes could even send Nigerian exports below one million barrels a day, he said.

Some shipments over the next two months may not be delivered as planned, and October’s list includes two cargoes already delayed from September.

Still, the scheduled volume is significantly larger than the average 255,000 barrels a day of Nigerian oil taken in by Dangote over the first half of the year as it gradually ramped up processing, data compiled by Bloomberg show.

CBN Reaffirms Commitment To Financial Stability, Assures Nigerians Of Secure Bank Deposits

Stanbic IBTC Bank And FinDev Canada Partner To Increase Sustainable Finance And Gender Finance

https://bizwatchnigeria.ng/fg-to-close-lagos-airport-old-terminal-from-october-1/

To increase access to sustainable finance in Nigeria, Canada’s Development Finance Institution, FinDev Canada, provides a loan of up to US$ 40 million to Stanbic IBTC. This loan to Stanbic IBTC, a member of Standard Bank Group, Africa’s largest bank by assets, paves the way to a long-term partnership in the Sub-Saharan African region.

FinDev Canada’s loan will support Stanbic IBTCBank’s sustainability-related activities in Nigeria and support the development of productive sectors of the economy, including agribusiness, health, education, affordable housing, and sustainable infrastructure. It will also increase access to finance for micro, small and medium-size enterprises and financing for climate change mitigation and adaptation. At least 30% of the loan amount is dedicated to women-owned or led enterprises.

Nigeria’s economy heavily relies on micro, small and medium enterprises, which generate an estimated 84% of employment and account for 96% of businesses. While women own 41% of the micro-enterprises segment, many remain unbanked due to a persistent gender financing gap.

Through our partnership with Stanbic IBTC Bank, the seventh largest bank in Nigeria by assets, serving over 3 million clients through a network of 130 branches, FinDev Canada can expand its reach to these crucial but often underserved segments of the Nigerian economy.

“We are proud to support development and economic growth through the private sector,” declared Lori Kerr, Chief Executive Officer at FinDev Canada. “Market development is a key priority for FinDev Canada and the partnership with Stanbic IBTC Bank offers a tremendous opportunity to enhance access to capital for important sectors of Nigeria’s economy, contributing to stronger markets and improving the livelihoods of women and men. Our partnership with Stanbic IBTC Bank is also an opportunity to continue to expand our impact in Sub-Saharan Africa in the years to come.”

“As we embark on this transformative journey, I am honored to acknowledge the strategic importance of the financing we have secured to champion sustainable and gender-inclusive financing,” said Wole Adeniyi, Chief Executive, Stanbic IBTC Bank. “This financial commitment not only fuels our vision for a more sustainable future but also underscores our unwavering dedication to fostering equal opportunities. Empowering women and advancing sustainable initiatives is not just a financial decision; it is a commitment to building a world where prosperity knows no gender and where every investment is a step towards a brighter, more sustainable future. Together, with this significant partnership with FinDev Canada, we pave the way for a future where financial strength and social impact walk hand-in-hand,” Wole added.

This transaction will contribute to FinDev Canada’s long-term development impact goals and the Sustainable Development Goals (SDGs), particularly SDG 8, Decent Work and Economic Growth, SDG 5, Gender Equality, and SDG 13, Climate Action.

This transaction qualifies for the 2X Challenge, which seeks to shift more capital towards investments that empower women in developing countries to access entrepreneurship and leadership opportunities, quality jobs, and products and services that enhance their economic participation.

SEC, FMDQ Say Nigeria Is A Major Player In Cryptocurrency

CBN Reaffirms Commitment To Financial Stability, Assures Nigerians Of Secure Bank Deposits

Tinubu Orders Osayande To Investigate CBN, Related Affairs

The Central Bank of Nigeria (CBN) has reaffirmed to the public its unwavering commitment to ensuring the stability and resilience of the Nigerian financial system, reassuring Nigerians that their bank deposits are safe.

This assurance was conveyed in a press release issued on Tuesday, October 8, 2024, by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications of CBN.

In the statement, the CBN emphasised the critical importance of maintaining public confidence in the banking sector, noting that regular stress tests are carried out on financial institutions to identify and address potential vulnerabilities.

 “The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.”

“Stress testing is a vital component of its risk management strategy aimed at safeguarding the financial sector and protecting depositors’ funds.”

 These tests help the apex bank detect emerging risks in the banking system, allowing them to take proactive measures to ensure stability.’’

“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient,” the statement reads.

The statement further noted that CBN, in addition to stress tests, implemented Early Warning Systems to promptly detect potential threats to the financial system, thereby allowing timely interventions to maintain sector stability.

By Ibe Wada

FG Sets September 2025 Deadline For Completion Of N280bn Bodo-Bonny Road Project In Rivers

FG Sets September 2025 Deadline For Completion Of N280bn Bodo-Bonny Road Project In Rivers

Lagos-Sagamu Road Closes For Three Days

The Federal Government has set a new deadline of September 2025 for Julius Berger to complete the long-awaited N280 billion Bodo-Bonny Road project in Rivers State.

This announcement comes following the approval by President Bola Tinubu of an upward review of the contract sum, aimed at accelerating the project’s completion.

Minister of Works, David Umahi, disclosed these developments during an inspection of federal road projects in Rivers State on Monday. He explained that the revised contract followed extensive negotiations between the government and the contractor, Julius Berger, which lasted over a year. Umahi stated that the government had to agree to the contractor’s terms to ensure the road’s timely completion.

“We have given Julius Berger what they asked for in terms of funds. After a year of negotiations without a breakthrough, the Federal Government approved the full amount they requested. The award letter has been issued, and they are required to sign the addendum,” The minister stated.

He further revealed that the project now has a fixed contract sum of N280 billion, following approval from the Federal Executive Council (FEC) and President Tinubu.

Umahi acknowledged the significance of the new timeline, stressing that the contractor must mobilise resources across at least three locations to ensure steady progress.

“We are giving a firm deadline of September 2025 for the project’s completion,” he emphasized.

The minister announced plans for two more inspections before the end of 2024 to ensure the project stays on track.

“President Tinubu is highly committed to seeing this road completed as soon as possible; the Bodo-Bonny Road, once completed, is expected to transform connectivity in Rivers State, linking Bonny Island, an oil and gas hub, to the mainland.’’  Umahi added.

He also highlighted the involvement of key government figures in monitoring the project, including the National Security Adviser and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), who have held meetings with the contractor to ensure smooth operations.

By Ibe Wada

EFInA’s Remarkable Achievement: Awarded For MSME Digital Financial Inclusion Programs And Policy Initiatives

SEC, FMDQ Say Nigeria Is A Major Player In Cryptocurrency

According to the Securities and Exchange Commission (SEC), Nigeria has emerged as a major player in the cryptocurrency sector, notably in peer-to-peer transactions.

Dr Emomotimi Agama, Director-General of SEC, revealed this at the start of the 2024 International Organisation of Securities Commissions (IOSCO) World Investor Week (WIW) in Lagos.

The theme for the event is “Technology and Digital Assets, Cryptocurrency, and Sustainable Finance.” Agama, represented by the SEC’s Executive Commissioner of Operations, Mr Bola Ajomale, stated that the crypto market environment remained very volatile, and investor protection was vital.

He disclosed that SEC had developed and released frameworks for regulating Virtual Asset Service Providers (VASPs). According to him, the regulator shall continue to address risks such as fraud, money laundering and market manipulation, while also fostering innovation in a safe and transparent manner.

“Our frameworks balance the need to encourage innovation within a safe, regulated environment while maintaining investor protection. Crypto assets must be subject to clear regulatory oversight that ensures market integrity without stifling growth.

“Through this approach we have created a Regulatory Incubation Programme within which new technologies and digital assets can be tested and approved for public use, “he said.

According to him, the SEC has also created an Accelerated Regulatory Incubation Program to encourage non-registered crypto operators, who are now exceedingly risky and banned, to submit themselves for regulatory scrutiny.

Agama stated that as the framework evolved, enforcement action against unlawful crypto platforms, ponzi schemes, and market abuse will become substantially more severe.

He stated that the focus area of sustainable finance was not just a global priority, but also an urgent issue in Nigeria, as environmental, social, and governance (ESG) factors become increasingly relevant in investment decisions.

The director-general mentioned that as Nigeria celebrates the growth of the Nigerian market, stakeholders must acknowledge the evolving risks. He noted that global markets were interconnected, and Nigeria was not insulated from economic volatility, cybersecurity threats and financial crimes such as fraud and market manipulation.

“We as a unified capital market join IOSCO in our commitment to fostering collaboration across borders to ensure that regulatory frameworks keep pace with these developments.

“You might note that so far, we have demonstrated leadership by implementing progressive regulations to protect investors and ensure market integrity.

“As we embark on this WIW, let us remember that the responsibility for a strong and inclusive market lies with all of us —regulators, market participants, and investors alike.

“We firmly believe in the power of collective action. SEC of Nigeria shall continue to work with all exchanges and stakeholders in the Nigerian capital market.

“This is to ensure that we uphold the highest standards of transparency, fairness, and investor protection,” he said.

In his address, the Chief Executive Officer, FMDQ Group Plc, Mr Bola Onadele, said Nigerian youthful population rank among the top users of cryptocurrency and digital assets in the world, having embraced it.

Onadele stated that in today’s global financial landscape, it was impossible not to marvel at the rapid transformation taking place in technology and digital assets, cryptocurrency and sustainable finance. According to him, Nigeria as an emerging market, also known as the leading financial centres in Africa, is at the forefront of many of these developments in Africa.

He said the Central Bank of Nigeria (CBN) for instance, was among the first to launch its central bank digital currency with the introduction of the E-Naira. Onadele noted that the event organised to commemorate the 2024 IOSCO WIW reflects and reaffirms a shared commitment to three fundamental pillars of the WIW.

These pillars, the FMDQ boss listed as, investors education, protection and financial literacy, in an ever evolving financial market landscape. Onadele stated that FMDQ was proud to align itself with the notion, adding that the values are embedded in everything the Exchange does. He added that FMDQ believes the values are critical to building financial market, that are sensible, transparent and beneficial to all Nigerians.

The FMDQ boss noted that the mission of market leaders, regulators and financial educators was clear. According to him, they must continue to create a financial environment that is at the cutting-edge of global development.

Onadele said that they must also ensure that every investor, regardless of their experiences or background was equipped with the knowledge and tools to make informed decisions.

“As we commenced this WIW of learning and collaboration, aimed at empowering investors to navigate the complexities of modern finance.

“This is a unique opportunity to share insights and engage in valuable discussions on critical developments in the market.

“Your participation is indeed vital in shaping the future of the financial market and ensuring that we not only adapt to changes, but also lead with foresight and innovation,” he said.

ITASPA’s Philip Costa Seeks Donation To Light Up Nigeria With Solar
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