Airtel Nigeria has announced its partnership with renowned manufacturers of 5G-enabled devices. The partnership is in line with Airtel’s commitment to enhance innovation, improve customer experience, and drive the adoption of 5G technology to transform various aspects of customers’ daily activities.
According to the Chief Commercial Officer of Airtel Nigeria, Femi Oshinlaja, the strategic partnership is not only to increase access to the latest technological advancements but also to encourage consumers to take advantage of the vast potential of 5G connectivity.
“Our partnership with leading 5G device manufacturers like Samsung, Tecno, and Infinix is a testament to Airtel’s commitment to providing our customers with access to the latest technological advancements.
We believe that through this partnership, consumers will not only gain awareness about the potential of 5G but also access devices that enable them to fully embrace the benefits of this transformative technology,” he said.
A notable highlight of this partnership is the exclusive data package provided for users of the Samsung Galaxy Z Fold 5. For just 2000 naira, customers can enjoy a generous 10GB of data, allowing them to explore the vast potential of 5G connectivity.
Airtel’s partnership with smartphone manufacturers has also enabled the introduction of the lowest-priced 5G device in Nigeria such as the Samsung A14 5G, Samsung’s flagship fold and flip 5, Infinix Hot 30 5G, Tecno Camon 201 and Tecno Spark 101.
World Football Summit is thrilled to announce its transformative rebranding initiative under the audacious claim: “The Football We Want, The Football We Need,” in a move that hopes to unite those working in the global football industry toward making it more professional, sustainable, and one that those who work in it are proud to champion.
World Football Summit is not just evolving; it’s revolutionizing. Known for its premier events that have been the cornerstone of the football industry since its first event in Madrid (Spain) in 2016, the company is now stepping up to become the global platform of choice for the football industry, focusing on networking, events, and content.
“To build the modern and progressive football industry we need,” says Jan Alessie, Co-founder and Director at World Football Summit. “The football industry is at a crossroads. It’s time for a change, and our ambition is to be at the forefront of this change. Our rebrand is not just a facelift; it’s a fundamental shift in our mission and vision.”
“We’re not just talking about change; we’re facilitating it. Our platform will serve as the nexus where the future of football is shaped, “adds Marian Otamendi, Co-founder and Director at WFS, “connecting a community of football industry leaders who share knowledge and ideas to evolve the industry from a business and values perspective.”
The Creative Minds Behind the Rebrand: Summa Branding
World Football Summit could not have embarked on such a journey without the creative force of Summa Branding, the agency responsible for guiding the new strategic narrative and visual identity. With a portfolio that includes top-tier football brands like FC Barcelona, Kings League, and Sevilla FC, Summa brought unparalleled expertise to the table.
“World Football Summit is setting the stage for a new chapter in the football industry. Their commitment to driving change aligns perfectly with our own vision,which made working on this project such a rewarding experience for our team” says Joan Mendoza, Head of Sports at Summa Branding.
What to Expect
The rebrand introduces a new visual identity, including a cutting-edge logo and a revamped website, designed to reflect the brand’s rebellious yet expert tone. But it’s not just about aesthetics; it’s about action. Expect more interactive events, thought-provoking content, and unparalleled networking opportunities that will redefine the football industry.
“We’re challenging the status quo because we know there’s a better way. And we have the network and expertise to prove it,” adds Jan Alessie.
Join Us
World Football Summit is not just setting the stage for the future of football; it’s building it. This is the football we want, the football we need.We invite you to be part of this revolutionary journey. Visit our newly launched website at www.WorldFootballSummit.com and follow us on Social Media for the latest updates.
This press release is designed to be more than just an announcement; it’s a call to action for the entire football industry. It’s not just about what World Football Summit is doing; it’s about what the industry needs to do. And that makes it not just newsworthy, but history-worthy.
Over the past two years, government restrictions significantly cut down gaming revenues and the number of gamers in China. However, the country’s esports market continued growing, with thousands of Chinese competing in tournaments to win hefty prize pools.
According to data presented by CasinosEnLigne.com, China is the world`s highest-earning esports nation with $256.4 million in total prize money, $6.5 million more than the United States.
China Won $6.5M more in Total Prize Money with 3x Less Players than the United States
China’s title of the world’s highest-earning esports nation is even more interesting when comparing the number of players in top markets.
According to Esports Earnings data, more than 7,700 Chinese esports players competed in 4,100 tournaments and won $256.4 million in prize money. Dota 2 tournaments made nearly one-third of that value, with $82.2 million in total prize money. Arena of Valour and PUBG Mobile were the next two highest-awarding games, with $55 million and $30.6 million in prize money, respectively.
The United States, as the second highest-earning esports nation, had 25,110 registered players so far, or three times more than the leading China. Still, American players won $6.5 million less in total prize money, or $250.1 million across 19,770 tournaments. Statistics also show Fortnite was the highest awarding game in the US, making up $45.9 million or roughly 20% of total earnings.
South Korea ranked third on this list, with 5,400 esports players who won $133 million in prize money across 7,780 tournaments. Statistics also show League of Legends was the top esports game in the country, with $34.6 million in total prize money.
Russia and Denmark are the next two highest-earning esports nations globally, with $73.8 million and $55.6 million in total prize money, respectively.
World’s Highest-Earning Esports Nation Generates Only 12% of Global Esports Revenue
Although China beats the United States in total esports prize money, the US market generates most of the global esports revenue. According to a Statista survey, the global esports industry is expected to gross nearly $4bn in 2023, 15% more than last year. Almost 30% of that value, or $1.08bn, will come from the United States.
As the second-largest globally, the Chinese esports market will hit $450 million in revenue, making 12% of the world’s total in 2023. South Korea follows with a 6% market share and $270 million in revenue this year.
However, China convincingly leads in the number of esports fans. According to Statista, more than 580 million people worldwide are expected to watch eSports in 2023, up from 526 million last year. China, the world’s esports capital, will make one-third of that number, with 189 million viewers. Far below, the United States and South Korea follow, with 30.5 million and 7 million esports fans, respectively.
In alignment with MTN’s strategic intent on ‘Digital Skills for Digital Jobs’, MTN Foundation has partnered with ATC Nigeria Foundation and Sightsavers IT Bridge Academy to provide digital literacy for rural communities through the “Digital Communities” project. This announcement was made on Tuesday, August 29, 2023, at the MTN Nigeria headquarters in Falomo, Ikoyi.
The Digital Communities project launched by ATC Nigeria Foundation provides learning kiosks where individuals of all ages in rural communities can access the internet through digital devices with educator-led and self-guided instructions. The initiative provides healthcare, financial, educational and career development services based on the needs of each community, with a goal of improving quality of life through connectivity. To facilitate learning, MTN Foundation will supply routers and data for one year, for learning kiosks in the 78 target locations.
Speaking on the importance of the partnership, the Executive Secretary, MTN Foundation, Odunayo Sanya, said “The most important thing for us is that we stay true to our commitment that we have set out to do, and we will do it in the best possible way at all times. We have seen a lot of projects start and fizzle out, however for us today, we are making a commitment to use everything within our disposal – our resources, time and intellectual capability – to ensure that at the end of the day, we are pushing new frontiers.”
Also speaking on the project, Rino Lawal, Senior Manager, Programmes and Sustainability ATC Nigeria stated “For us, it’s about impact, and sometimes we talk about our impact, but we don’t understand how huge it is until you hear testimonials. For instance, we visited one of our digital communities in the outskirts of Abuja, and the head of the community invited me and told this fantastic story of his daughter who went through one of our classes and came back to teach all her siblings. We have so many stories of lives we are touching through our Digital Community project and knowing that we have partners who share our goals and are able to help is amazing.”
MTN Nigeria has announced the fourth edition of the mPulse Spelling Bee Competition. This year’s edition began on August 21, 2023, and incorporates a blend of digital and on-site models, with the initial two rounds taking place on the MTN mPulse website. The grand finale of the competition is scheduled to be held in Lagos.
Targeted at primary and secondary school students between 9 and 15 years old, the competition is a proposition launched in 2020 to inspire a love for language and learning while promoting healthy competition among students. Since its inception, the competition has empowered over 40,000 Nigerian students with digital skills, educational materials, and adequate resources to maximize their potential.
Speaking on the brand’s dedication to education and youth empowerment, Chief Marketing Officer (CMO) of MTN Nigeria, Adia Sowho, expressed the brand’s unwavering commitment to education and youth empowerment. She said, “Words are the bridge to knowledge, we aim to build the future of our young learners, one letter at a time. The MTN mPulse Spelling Bee Competition is not just about spelling; it’s about nurturing a profound appreciation for language and instilling a passion for lifelong learning. We hope to ignite the flames of curiosity and excellence in these bright young minds, and we look forward to our next CEO for a Day.”
Snow George won the inaugural edition, securing a two-million-naira scholarship, a laptop, a smartphone, and mPulse goody bag brimming with gifts for her teacher and school. In 2022, the coveted title was claimed by Akinyele Ademoyegun walked away with rewards for himself, his English teacher, and his school.
Last year, Kate Ene David from Nasarawa joined the League of Champions, subsequently making history as the first-ever female CEO MTN Nigeria for a day. Kate, along with the other top finalists received several prizes.
This year’s edition will reward the top 20 finalists with over N18 million worth of prizes, Laptops, smartphones, and goody bags. The winner’s school will also be presented with cutting-edge ICT devices to facilitate learning.
In addition to these, the winner will go ahead to become the next MTN Nigeria’s CEO for a day, and the face of MTN mPulse for 0ne year.
The competition is open to primary and secondary school students between the ages of 9 and 15. Students may register to participate at the mPulse website, provided they are subscribed to the mPulse plan.
Students who want to migrate to the mPulse plan should text the word ‘mPulse’ to 344 or dial *344*1#. The mPulse website features learning resources and practice materials that participants can leverage for the competition.
Air traffic controllers at Murtala Muhammed International Airport in Lagos have been compelled to transfer from the terminal building tower to a mobile tower near Caverton Helicopters.
On Wednesday, a fire broke out in the MMIA’s baggage hall. The fire, which erupted about 8 a.m., forced a temporary evacuation of passengers and airport personnel from the flagship airport.
In a later statement, the Federal Airports Authority of Nigeria verified the occurrence.
The statement, issued by the Director, Public Affairs and Consumer Protection, FAAN, Abdullahi Yakubu-Funtua, read, “At approximately 0723 hours this morning, a suspected electrical spark at the baggage hall ceiling caused the smoke incident that was reported at Terminal 1 of the Murtala Muhammed International Airport, located in Ikeja, Lagos.
“The source of the smoke was identified as a burning lithium inverter battery installation at the basement.
“Promptly responding to the situation at 0730hrs the dedicated firefighters from the Aerodrome Rescue and Fire Fighting Services (ARFFS) of the Murtala Muhammed International Airport and the Electrical Department of the authority initiated immediate action. Their swift response and professional efforts have successfully brought the situation under control.
“In accordance with our unwavering commitment to the safety and well-being of passengers, staff, and all airport users, the terminal building was promptly evacuated due to the smoke that had permeated some areas of the facility. We are pleased to report that the situation is presently under control.”
According to officials, the fire damaged some cables, causing a blackout in the control tower. As a result, it was discovered that the ATC officers would continue to operate from the mobile tower until the problem was fixed.
The Nigerian Airspace Management Agency’s Director of Media, Khalid Emene, confirmed that the ATC officials had been shifted to a mobile tower, but stressed that this was a standard preventative action during an emergency.
He said, “The fire did not affect the control tower in any way. If there is an incident, the normal thing is to evacuate people from the building.”
Asked when ATC officers would relocate back to the terminal building tower, Emene said, “The good thing is that FAAN handled the situation quickly. There is absolutely nothing wrong with the tower. It is an operational issue. The equipment and tower is okay. I will confirm when they will be back on the tower and let you know.”
He added, “Our flight services have not been affected. Airplanes have been landing and taking off without any accident. The essence of having a mobile tower is because of emergency. We at the Nigerian Airspace Management will ensure safety which is the most important thing.”
The tribunal court while delivering its judgement on Wednesday on the presidential petitions dismissed the complaints of the Allied Peoples Movement (APM), the Peoples Democratic Party (PDP) and its presidential candidate, Atiku Abubakar, and the Labour Party (LP) and its presidential candidate, Peter Obi.
The Tribunal dismissed the petitions of the three parties contesting President Bola Tinubu’s (APC) win in the February 25, 2023 election.
The five-man panel, led by Justice Haruna Tsammani, not only dismissed the aggregated petitions of the PDP, APM, and LP, but also firmly validated Tinubu’s, a former governor of Lagos State, win in the presidential election.
Justice Tsammani said, “This petition accordingly lacks merit. I affirm the return of Bola Ahmed Tinubu as the duly elected President of the Federal Republic of Nigeria. The parties are to bear their cost.”
Significantly, Obi and Atiku, who have previously attended Tribunal sessions, were not in court on Wednesday. Tinubu was also absent from court since he is in India for the G-20 summit.
The APM’s plea was the first to be heard by the Tribunal, followed by the LP and the PDP.
In the case of the APM, the Tribunal dismissed the action filed by the party seeking to invalidate Tinubu’s election on grounds of lack of merit and incompetence.
Justice Tsammani, who read the verdict, stated that the grounds presented by the APM in its appeal were pre-election problems that could only be resolved by the Federal High Court.
The court also sustained the respondents’ preliminary objections to the suit’s competence.
Justice Tsammani pointed out that because the case was about Tinubu’s eligibility to run for president, the APM should have gone to court within 14 days of Tinubu’s nomination by the APC.
The Tribunal dismissed the petitioners’ (PDP) claim that Tinubu has dual citizenship and hence should be excluded from voting.
The panel also threw out the testimony of some of Atiku’s witnesses since their sworn witness statements were not provided with his petition.
The court further ordered that 37 exhibits presented by the witnesses be removed from the court’s records.
On the subject of dumping documents on the court, he stated that this would just add to the weight of such evidence.
On the matter of Tinubu’s conviction and dual citizenship, the Tribunal decided, as it had before, that these issues were incompetent and liable to be dismissed, and they were.
Concerning the election officials’ incapacity to transmit, ten of the 27 witnesses brought by the petitioner were polling unit agents who testified about how the polls were conducted in their respective polling units.
All ten witnesses claimed that voting occurred smoothly and peacefully in their respective polling units, but that they were unable to upload results electronically to the INEC portal, so they entered the results manually and took them to the ward or state collation center.
The tribunal emphasized that litigation is fought on pleadings, and that parties swim or drown on their pleadings.
The Labour Party (LP) has rejected the Presidential Election Petitions Court’s (PEPC) judgements in the party’s petitions contesting President Bola Tinubu of the All Progressives Congress (APC) electoral win in the February 25, 2023 election.
Obiora Ifoh, the LP’s National Publicity Secretary, said in a statement following the Tribunal’s decision on Wednesday that justice had not been given in the party’s lawsuits against the APC and Tinubu.
He also stated that the Labour Party will make its next action after consulting with its lawyers and receiving the Certified True Copy of the judgements. According to the party, the court’s decision “did not reflect the law and the desire of the people.”
“Nigerians were witnesses to the electoral robbery that took place on February 25, 2023, which was globally condemned but the Tribunal in its wisdom refused to accept the obvious,” the statement partly read.
“What is at stake is democracy and we will not relent until the people will prevail.
“We salute the doggedness of our team of lawyers who fearlessly exposed the wrath in our system. We can only weep for democracy in Nigeria but we refuse to give up on Nigeria.
“Details of the party’s position will be presented after consultation with our lawyers after the Certified True Copy of the judgment is made available to us.”
Crude oil prices surged to $90 per barrel for the first time in 2023 as supplies tightened and the US dollar strengthened. For the first time since November, the oil market pushed upward, with ICE Brent closing above US$90 per barrel.
The increase was triggered by Saudi and Russian supply restrictions. Saudi Arabia has declared that it will prolong its voluntary supply reduction of 1 million barrels per day until the end of the year. Russia said that it will prolong its export cut of 300 million barrels per day until the end of the year.
While it was widely assumed that these voluntary cuts would be extended, most people expected a one-month extension rather than a three-month extension. This leaves the market with a larger-than-expected deficit in the fourth quarter of 2023, which should be mitigated.
“For now, we are reluctant to revise higher our price forecasts on the back of this extension, as demand concerns continue to linger and Iranian supply is rising”, ING analysts said in a note. Iran is producing close to 3.1MMbbls/d and plans to pump around 3.4MMbbls/d. Meanwhile, our oil balance shows a small surplus in the first quarter of 2024, which should limit prices moving significantly higher.
“We continue to forecast that Brent will average US$92/bbl over the fourth quarter of this year”, analysts added. Looking further ahead, analysts at ING said they would not rule out a further extension of these cuts (fully or partially) into early next year, given that our balance sheet shows that the oil market will be in a small surplus over the first quarter of next year.
Any cuts will obviously depend on where oil is trading towards the end of the year and whether demand worries are still present.
The oil market managed to edge higher yesterday with ICE Brent settling at US$89/bbl, although trading volumes were relatively subdued owing to a public holiday in the US. Sentiment in the oil market remains largely constructive, particularly with a largely bullish narrative coming out of the ongoing APPEC week in Singapore.
The strength of flat price over the last week has been accompanied by stronger time spreads, with the prompt spread strengthening to a backwardation of US$0.75/bbl, up from US$0.39/bbl at the start of last week. Meanwhile, the Dec’23/Dec’24 spread is now trading above US$6/bbl.
“These stronger spreads suggest that we will continue to see a tightening in the physical market, something which our balance sheet also shows through until the end of this year.”, ING said in a note
Given that the market is only expected to tighten further, this suggests that there is room for further upside in both the flat price and time spreads. As for natural gas, negotiations between Chevron and unions do not appear to be progressing well. Partial strike action at the Gorgon and Wheatstone LNG facilities in Australia is set to commence on 7 September.
However, the Offshore Alliance has now said it has served Chevron with further notice for full rolling stoppages from 14 September.
This is likely to provide some support to gas prices today and comes at a time when there is ongoing maintenance work at the Norwegian gas field, Troll, which has seen flows from Norway falling to around 130mcm/day, compared to more than 300mcm/day in mid-August
According to the Presidential Election Petitions Tribunal, the Electoral Act 2022 does not include a required provision for electronic transmission of election results.
The five-member panel, led by Justice Haruna Tsammani, emphasized that the Bimodal Voter Accreditation System is the only technological need specified for use by the Independent National Electoral Commission during elections.
In response to claims of non-compliance with the Electoral Act, INEC laws, and Guidelines, Justice Tsammani stated that there is no requirement in the laws for BVAS to electronically send polling unit results.
“There is no provision for the electronic transmission of election results in the Electoral Act 2022. It is at best optional,” he said.
According to the presidential election petitions tribunal, the federal capital territory (FCT) is not given preferential treatment in the election because it is not superior to any state.
The tribunal ruled that the Labour Party’s (LP) interpretation of the 25 percent vote cast in the FCT is “fallacious.”
“With due respect to the petitioners’ counsel, their interpretation of the provision of the constitution regarding the 25% in Abuja is fallacious, if not completely ludicrous,” the court stated on Wednesday.
The Presidential Election Petitions Tribunal said it rejected 10 of the 13 witnesses produced by Labour Party Presidential candidate Peter Obi.
On Wednesday, Justice Haruna Tsammani, who took over to give judgment on Obi and LP’s substantive petition, stated this. Tsammani stated that Obi summoned 13 witnesses, who testified as PW1 through PW13, adding that only three witnesses’ statements under oath were presented with the petition.
According to the Justice, the other ten witnesses were subpoenaed and their sworn witness statements were only filed after the hearing began.
Tsammani ruled that, under Section 285 of the Nigerian constitution, Section 137(7) of the Electoral Act 2022, and other provisions, every witness statement was admissible in court.
He said that based on the Supreme Court authority, once the 21-day window for filing an election petition elapses, the content of the petition cannot be amended.
The Justice stated further that no additional statement on oath can be filed after the close of the specified window since the respondents would not have the opportunity to respond.
Tsammani said the petitioners were aware of the legal provision relating to the filing of witness statements on oath, yet went ahead to present 10 witnesses without their witness statements on oath earlier filed with the petition.
The area impacted was the primary entryway, but firefighters were quickly mobilized to put out the fire.
The incident was reported about 7:50 a.m., according to the Federal Airports Authority of Nigeria (FAAN)’s Director of Public Affairs and Consumer Protection, Abdullahi Yakubu-Funtua.
According to the authority, the source of the smoke was discovered as coming from the terminal building’s basement.
“Promptly responding to the situation, the dedicated firefighters from the Aerodrome Rescue and Fire Fighting Services (ARFFS) of the Murtala Muhammed International Airport initiated immediate action,” it said.
“Their swift response and professional efforts have successfully brought the situation under control.”
See the full statement below:
PRESS RELEASE SEPTEMBER 06, 2023
FIRE INCIDENT AT MURTALA MUHAMMED INTERNATIONAL AIRPORT, IKEJA, LAGOS
At approximately 0750 hours this morning, a smoke incident was reported at Terminal 1 of the Murtala Muhammed International Airport, located in Ikeja, Lagos. The source of the smoke was identified as originating from the basement of the Terminal building.
Promptly responding to the situation, the dedicated firefighters from the Aerodrome Rescue and Fire Fighting Services (ARFFS) of the Murtala Muhammed International Airport initiated immediate action. Their swift response and professional efforts have successfully brought the situation under control.
In accordance with our unwavering commitment to the safety and well-being of passengers, staff, and all airport users, the Terminal building was promptly evacuated due to the smoke that had permeated some areas of the facility.
We are pleased to report that the situation is presently under control.
FAAN…..Committed to her core values… Safety! Security!! Comfort!!!
Abdullahi Yakubu-Funtua Director Public Affairs & Consumer Protection
In a world where gender equality remains an ongoing challenge, the African tech industry is witnessing a transformative revolution, highlighted by the prestigious Aurora Tech Awards.
BizWatch Nigeria urges African women in the tech industry to apply for the 2024 Aurora Tech Awards.
Launched in 2020, the Aurora Tech Awards is a global annual celebration of women founders of IT startups who are breaking boundaries and shattering stereotypes in the tech world. The Aurora Tech Awards is proud to announce that entries for the 2024 Aurora Tech Awards are now open.
The significant shift in Africa’s technological landscape became undeniably evident during the 2023 Aurora Tech Award. A large portion of the nominations highlighted the achievements of African women in tech from Ghana, Nigeria, Kenya, and Uganda, all of whom helm IT startups that have rendered immense value to their communities.
These visionary women not only harnessed technology to bridge the gap between communities and essential educational, health, and financial services but also fervently supported fellow entrepreneurs in their pursuits. The 2023 award was ultimately won by Elizabeth Mwangi from Kenya and her startup, Gwiji for Women, which connects cleaners living in the slums of Nairobi with their clients.
The award’s mission is threefold: to applaud the strides of women in IT entrepreneurship, to empower them with the resources they deserve through substantial cash prizes, and to shatter the very gender biases that have long confined the industry.
“In a tech world still grappling with gender disparity, awards like the Aurora Tech Award are catalysts for change. Our recognition empowers women, shattering barriers and inspiring young minds.
“The positive feedback from past winners resonates with the transformative impact. As applications pour in globally, we’re excited to spotlight talents making community-changing impacts and serving as role models.
“We envision a future where gender ceases to limit potential. This award isn’t just a recognition; it’s a step towards a more inclusive and innovative tomorrow” says Ekaterina Smirnova, executive director of the Aurora Tech Award.
The Aurora Tech Award heralds a future where innovation knows no gender and where women’s potential flourishes uninhibited. It’s not just about breaking glass ceilings; it’s about forging an industry that stands as a testament to the capabilities of all, regardless of gender.
The application must meet the following criteria
Women founder The startup must be founded or co-founded and led by a woman entrepreneur.
Funding stage The startup should not have received investments exceeding $4 million in funding, including the seed round.
Operation time The startup must be no more than 5 years old.
Minimum Viable Product (MVP) The startup should have a functional prototype. If you have only an idea, your application will not be considered.
Dates and deadlines
Entries should be submitted between September 5 and December 1, 2023
Finalist announcement date: Jan. 31, 2024
Final assessments and announcement of winners: Mar. 8, 2024
The panel of judges will include prominent female IT entrepreneurs, the winners of last year’s Aurora Tech Award, and key industry experts.
Prize
The prizes will be awarded as follows:
First prize: $30,000 Second prize: $20,000 Third prize: $10,000
There will only be one winner per category, and the prize can be awarded to a contestant from any of the participating countries. In addition to the prizes, the entrepreneurs will gain access to the inDriver mentorship program.
The average return on Nigerian Treasury bills finished flat in the secondary market on Tuesday, ahead of Wednesday’s main market auction by the Central Bank of Nigeria (CBN). As a consequence, the average yield remained unchanged at 7.6%. Similarly, the average yield on OMO bills remained constant at 13.3%.
Existing T-Bills totaling N214.74 billion, divided into N1.03 billion, N10.55 billion, and N203.15 billion among the 91-day, 182-day, and 364-day instruments, will mature and be rolled over on Wednesday.
According to MarketForces Africa, during the most recent auction, investors staked N1.54 trillion on Nigerian Treasury notes, the most in 2023, much above the total amount offered of N303.21 billion.
Eventually, N303.21 billion was allotted, bringing the overall bid-to-cover ratio to 5.09x. Despite this strong level of demand, the stop rate on the 91-day, 182-day, and 364-day instruments increased by 19 bps, 210 bps, and 417 bps, reaching 5.19%, 8.00%, and 13.97%, respectively.
In the coming auction, Meristem Securities analysts said they anticipate a decline in rates across the trio instruments. Analysts said this expectation stems from the higher interbank liquidity which settled at N353.60 billion as of Sept 4 relative to the amount offered, which could exert downward pressure on rates.
In the money market, the overnight lending rate expanded by 115 basis points to 3.4% over moderate liquidity pressures in the financial system. The open repo rate (OPR) climbed 125 basis points to 2.83%
In addition, the investment firm said the Government’s need to manage its borrowing costs serves as an incentive to keep rates lower. On the flip side, Meristem highlights the likelihood of investors demanding higher rates due to the uptick in the inflation rate.
In the secondary market, selling activities dominated, resulting in a decline in instrument prices. Consequently, the average T-bills yield increased by 36bps to 7.74% as of Sept 04 from 7.37% as of the previous auction date.
Fixed income market analysts said they expect a reversal of this trend in the near term as unmet demands at the auction are channelled to the secondary market.
The Nigerian Exchange (NGX) increased by more over N30 billion on Tuesday, ahead of the presidential election tribunal’s decision on Thursday. Dangote Sugar and BUA Foods have prolonged bull runs on the local exchange, becoming a new bride.
Key performance indicators rose mostly as a result of bargain hunting on the consumer goods index. As a result, the NGX All-share index or market index finished 8 basis points higher at 68,334.68 index points.
Furthermore, the stock market’s year-to-date return has raced ahead of the annual inflation rate, with Nigeria’s bourse emerging as the best-performing among emerging market peers.
The year-to-date return increased to 33.33%, according to figures from the local exchange. Data from the local bourse indicated that activity had stalled. The day’s total volume and total value traded fell by -34.04% and -21.70%, respectively.
Atlass Portfolios Limited said in its market update that 557.85 million units valued at $10,210.29 million were moved in 9,818 transactions.
In terms of volume, UBA was the most traded stock, accounting for 11.38% of total transaction activity. The top five on the volume table were completed by OANDO (11.01%), FIDELITYBK (10.45%), ACCESSCORP (7.57%), and TRANSCORP (7.31%).
Meanwhile, GTCO was the most traded stock in value terms, with 14.98% of the total value of trades on the exchange. MULTIVERSE, OMATEK, BETAGLAS, and SUNUASSUR topped the advancers’ chart with a price appreciation of 10% apiece.
These stocks were trailed by OANDO (9.84%), CWG (+9.75%), ABCTRANS (+8.65%), TANTALIZER (+8.33%), and twenty-two others. Stockbrokers reported that thirty-one stocks depreciated, where NSLTECH was the top loser, with a price depreciation of -10.00%, to close at ₦0.27.
IKEJAHOTEL lost 9.68%, according to trading data from the local exchange. NEIMETH share price declined by 8.93%. TRANSCORP gave up 6.52% of its market valuation. FBNH dipped by 5.05% and FLOURMILL slumped by 4.91%.
Amidst the bargain hunting, the market breadth closed negative, recording 30 gainers and 31 losers. Also, the market sector performance closed par, as two of the five major market sectors were up,
The Consumer goods sector (+1.98%) and Industrial sector (+0.03%), while the Banking and Insurance sectors were down by -0.60% and -0.11% respectively. The Oil & Gas closed unchanged.
Overall, equities market capitalisation advanced by ₦30.39 billion, representing a growth of +0.08%, to close at ₦37,400.05 trillion from ₦37,369.66 yesterday.
The Nigerian naira climbed somewhat on Tuesday as the amount of foreign currency (FX) transactions at the Investors and Exporters window closed at over $64 million, despite the economy’s cash shortfall.
According to data from the FMDQ OTC FX platform, the local currency strengthened against the US dollar and traded at N744.97, however the parallel market exchange rate deteriorated.
Separate FX dealers and experts stated late Tuesday night that the naira gained 0.39 percent compared to the N747.87 it traded for the US dollar on Monday, ahead of the presidential election tribunal verdict on Wednesday.
On Tuesday, the open indicative rate was N774.99 to the dollar. According to market statistics, the spot exchange rate for the greenback reached N799.83 during the day’s trade before settling at N744.97.
According to FX market statistics, the naira traded for as little as N588 to the dollar throughout the day’s trading. According to FX statistics, a total of 63.60 million dollars were exchanged in the investors and exporters window on Tuesday. FMDQ reported in its financial market report that spot FX market turnover was $3.61 trillion or $4.66 billion in July 2023, a 24.34% or $1.16 trillion decline from the previous month’s turnover of $4.77 trillion.
In the FX Market, the US Dollar appreciated against the Naira, with the spot exchange rate increasing by 22.94% (₦143.60) to close at an average of ₦769.51 in July 2023 from ₦625.90 recorded in June 2023. Further, exchange rate volatility decreased in July 2023 as the Naira traded within an exchange rate range of ₦740.08 -₦803.90 compared to ₦464.67 – ₦770.38 recorded in June 2023.
While the US dollar rallied further on Tuesday, the euro could weaken against sterling if the European Central Bank holds interest rates at the Sept. 14 meeting, says Rabobank senior FX strategist Jane Foley in a note.
The Presidential Election Petitions Tribunal (PEPT) much-anticipated decision has been delivered live on national television.
BizWatch Nigeria recalls that the Labour Party (LP), Peoples Democratic Party (PDP), and Allied Peoples Movement (APM), along with their presidential candidates, had petitioned the tribunal to overturn President Bola Tinubu’s victory as the winner of the 2023 presidential election.
Tinubu had in the February 25, 2023 election secured 8,794,726 votes to defeat Atiku Abubakar of the Peoples Democratic Party (PDP) who got 6,984,520, and Peter Obi of the Labour Party (LP) who polled 6,101,533 votes.
UPDATE
Labour Party’s (LP) claim is genuine
While stressing an allegation by the respondents that Obi’s petition simply alleged widespread anomalies without providing specifics and polling units.
According to Justice Abba Mohammed, it would be wrong not to indicate where there were anomalies in a presidential election held in 176,866 polling units throughout 774 Local Government Areas.
The petitioners, he claims, just made generic allegations.
“Pleading must set out material facts and particulars. In the instant petition, there was no effort to prove specific allegations, particulars of complaints,” said the Tribunal.
The law is clear that if someone charges irregularities in a certain voting unit, that person must prove the specific anomalies in that polling unit before the petition can succeed, according to the Tribunal.
According to the court, the petitioners failed to substantiate the specific voting unit where the election did not take place, nor did they describe specific polling units where there are supposed complainants of irregularities.
“It was only in one instance that figures were given of alleged suppressed votes and we all know that elections are about figures,” it said.
“LP alleged that INEC reduced their scores and added it to APC votes but failed to supply particulars of what they actually scored before the said reductions, neither did they supply the polling units where it happened….”
Tribunal Declares APC’s Petition On Obi’s Membership Incompetent
The Court also ruled that the APC’s petition contesting Obi’s membership in the LP was ineffective. According to Justice Abba, political party membership is an internal matter.
The Tribunal also discussed the non-joinder of Atiku Abubakar, who finished second in the polls, and pondered how Obi & LP’s appeal could be efficiently decided without joining the candidate who finished second in the polls.
The petitions filed by the Allied Peoples Movement (APM) against President Bola Tinubu and his Vice President, Kashim Shettima, have been dismissed by the Presidential Election Petition Court.
The PEPC dismissed the APM’s case to overturn Tinubu’s election as incompetent.
The court ruled that the grounds brought by the APM in its appeal were pre-election matters that could only be decided by the Federal High Court.
The verdict was read aloud by the panel’s chairman, Justice Haruna Tsammani.
The APM petition against the Independent National Electoral Commission and four others was also dismissed by the tribunal.
INEC, the All Progressives Congress, Bola Tinubu, Kashim Shettima, and Kabiru Masari are among the first to fifth respondents.
Nigerian Govt To Spend N59bn On Building Rural Roads
Matthew Antwi is a haulier and works for a Nigerian business that exports coconuts. He regularly drives the Lomé-Cotonou road from his home country Ghana to deliver the nuts to Nigeria.
“A few years ago, it took around two hours to complete all the formalities at the border and up to three hours to get to Aflao (on the border between Togo and Ghana) from the Benin-Togo border-control post,” That was because of the poor state of the section of road between Lomé and Cotonou,” recounts the driver, seated in the cab of his truck. “But now it’s been renovated, it takes between one and two hours. It’s better for me because I waste less time, and the lighting at night means I feel calmer when driving in the dark.”
Émile Elavagnon is a carpenter in the town of Togokomè, in Togo, which is served by the Avépozo-Aného section. He, too, has a history with the road: “When the works began, we had to clear the road, which meant we lost a lot of customers. But now that it’s usable, we’ve seen some really positive changes,” he grins, adding: “We now have more customers coming from Benin and Ghana, and a lot more visibility. Delivery times are shorter because the road is better. Our deliveries to Lomé used to take us an hour, but now they take a maximum of 45 minutes,” says a delighted Mr Elavagnon.
Matthew and Émile are two of the many people to benefit from the second phase of the Lomé-Cotonou Road Rehabilitation and Coastal Protection Project (https://apo-opa.info/44BmXOj). The project, funded jointly by the African Development Bank, the European Union, the West African Development Bank (BOAD), the Islamic Development Bank (IsDB) and the Global Environment Facility (GEF), is a vector for development, regional integration and improving the living conditions of the beneficiary populations.
The total cost of the project (US$194.89 million) was funded by the African Development Bank Group (US$39.47 million) in loans and donations from the African Development Fund and the Transition Support Facility, a donation of US$19.48 million from the European Union and contributions in the form of loans or donations from the BOAD, the IsDB and the GEF.
Works associated with renovating the road allowed the refurbishment of the medical and community centre in Agbodrafo and the secondary school in Aného (Togo), to the delight of their inhabitants. As a result, as well as improving driving conditions for hauliers and users, the project has helped improve the everyday lives of local people.
Youmane Fernando Loagui, head of the laboratory at the medical and community centre in Agbodrafo, comments: “Following the refurbishment of the medical centre, staff are now working in better conditions and our ability to welcome and care for patients has improved significantly. Equipment and pharmaceutical products are stored in complete safety,” he explains, before continuing: “There’s now more space, patients feel more comfortable, and their privacy can be respected. We still remember how people used to complain about how cramped the premises were. Maintaining confidentiality was a big issue for us, particularly for patients living with HIV/AIDS, because they often want to remain anonymous. All that now belongs in the past.”
The refurbished laboratory in Agbodrafo is attracting more people and it is now considered one of the best in the project area.
“We realise the positive impact that infrastructure can have on the living conditions of local people. Following the renovation of the road, our business is doing well, and our living conditions are better, and that’s very motivating,” comments Mr Elavagnon.
The Lomé-Cotonou Road Rehabilitation and Coastal Protection Project (Phase 2) is a flagship infrastructure project in Togo and is aligned with two of the Bank’s five strategic priorities, namely “Integrate Africa” and “Improve the Quality of Life for the People of Africa”.
It is contributing to enhancing the level of service in the transport logistics chain and keeping traffic flowing on the corridor between Abidjan and Lagos, as well as improving the living conditions of residents in the project’s intervention area.
The project is also strengthening the resilience to climate change of infrastructure in the coastal areas of Togo and Benin. The project provides a direct benefit to transport users and indirectly benefits 1.7 million people in the two countries.
As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount. Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions. According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases have jumped to a whopping 276.98%.
According to Chika Nwosu, MD/CEO of PalmPay, “With the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”
In 2022, PalmPay introduced the Wallet Safety Workshop to ensure the security of user transaction privacy and stable and reliable transactions. This monthly campaign for payment security awareness helps customers improve their overall security knowledge, manage their personal information online, and learn how to spot and avoid e-scammers and fake news.
Since the launch of the workshop, PalmPay has been using online and offline channels, including the app, social media, official website, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour and necessary steps to take to avoid being trapped.
In the past year, PalmPay has been educating users and the general public on various aspects of cybersecurity knowledge, such as password and devices management, risk identification, phishing, fraud detection, and payment security.
Internally, PalmPay has significantly fortified its security features, aiming to empower users in account protection. The Fintech has taken action against fraudulent accounts through an investigation of internal accounts and has banned thousands of problematic accounts to enhance user account security.
The introduction of device management feature allows users to control trusted devices and remove untrusted ones. When accessing the PalmPay app from an untrusted device, a comprehensive security verification process is required, combining OTP and PIN, to ensure top-tier security.
Additionally, an automatic logout feature has been implemented, allowing users to set a time limit for inactivity, followed by PIN entry upon re-entry. PalmPay also offers fingerprint and facial ID login options to enhance account access. In 2023, millions of users have linked secure email addresses for seamless receipt of in-app OTPs and future security-related notifications.
PalmPay is taking its commitment to user security to the next level by integrating liveness detection and facial recognition capabilities into its transaction scenarios, particularly during withdrawals. This security measure ensures a more accurate identification of potential fraudulent activities and unauthorized access, further safeguarding customer accounts.
Recently, PalmPay unveiled the new PalmPay Business App, featuring a comprehensive security upgrade. It now integrates advanced features such as liveness detection and facial recognition. The upgraded system verifies if the user’s actions are performed by the genuine account holder. Even in cases of telecom fraud where sensitive information like OTP/PIN might have been compromised, the system can use facial recognition to confirm the user’s identity, thereby safeguarding customer accounts and financial assets.
According to Mr Nwosu, “It’s impressive that these efforts have led to remarkable financial recovery. In the first seven months of 2023, over $677 million has been successfully recovered for more than 853,000 users. This achievement highlights our commitment to safeguarding our customers’ financial interests and assets.” He urged Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible.
The brand commits to keep educating users and the general public on security guidelines both on online and offline channels.
