President Bola Tinubu stated that his cabinet members have the ability and intellect to bring Nigeria around.
The President informed the new ministers that their daily activities reflected the hopes and aspirations of 200 million fellow Nigerians, and that he will offer the focused leadership required to stop failure in its tracks and achieve long-term progress.
“We shall evolve a homegrown re-engineering of our finances, a reimagined stewardship of our resources, and we will let the economy work for the people of this country.
“There are so many things we can and will do. Yes, some cynics will say it is impossible. But in your own dictionary of service, everything is possible, and it must be possible,” the President said.
The President emphasized that anyone who believes that appointments are for a fixed term is mistaken, and he expressed confidence that his carefully selected cabinet members understand that his government is a new one with a new approach and a new mandate to deliver for Nigeria without lamentation or excuses.
Tinubu said “We have the talent. We have the level of intellectual capacity required to turn this country around. We will make sure that the country is on the right path to succeed on behalf of more than 200 million Nigerians who rely on us.”
Tinubu stated that expectations are high and that underperformance by any of his cabinet colleagues will not be tolerated.
“You and I know that expectations are high, and these are tough times. We must work hard and move ourselves to create a buoyant economy that will serve Nigeria. We have an employment rate that is unacceptable, and we are facing threats from climate change.
“In order to turn things around, you have been selected to perform your utmost best. Our policy implementation will reform the economy, ensure inclusive growth, and strengthen security for peace and prosperity. Without security, there can be no investment,” the President said.
The Nigeria Hydrological Services Agency (NIHSA) stated that the recent floods in Nigeria are not the result of the opening of Cameroon’s Lagdo Dam.
According to the agency’s Director General, Clement Nze, the development is the result of flash floods, poorly constructed or non-existent flood channels, and insufficient drainage systems throughout the country.
He then said that even if the Lagdo Dam failed, the impact would not extend beyond Numan in Adamawa State.
Nze stated that the dam is currently blocked, and while urging calm, he reminded the impacted states that flood warnings have been issued since February.
The NIHSA chief also advocates for the construction of earth dams on Niger and Benue river tributaries, as well as quick progress on the Kashimbila Dam in Adamawa State.
He further explained that the Memorandum of Understanding (MoU) signed in 2016 between Nigeria and Cameron does not compel Cameroonian officials to notify Nigeria before releasing water from the Lagdo Dam.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the first half of 2023, showcasing a remarkable surge in profitability and key financial metrics.
In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of ₦82.99 billion, up 108% from the PBT recorded in the same period for 2022. Profit After Tax (PAT) of ₦67.92 billion was achieved in the first half of 2023, up 121% for the same period in 2022.
Driven by robust growth across its revenue streams, the company’s net interest income rose by 44%, amounting to ₦72.68 billion. Additionally, non-interest revenue surged by an impressive 57%, reaching ₦98.62 billion.
The initial months of 2023 were dominated by significant incidents like the general elections and cash scarcity, which temporarily impacted business activities. However, the tide turned in the second quarter as business activities gained momentum. The Stanbic IBTC Bank Purchasing Manager Index (PMI) rebounded, surpassing the 50-point mark in April 2023, to close at 53.2 in June 2023, indicating positive economic trends. Improved access to cash, heightened customer demand, and business expansion contributed to the resurgence.
Dr Demola Sogunle, Chief Executive, Stanbic IBTC, said, “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment…we reported significant growth in our key income lines during the period under review. The Group’s profitability increased by over 100% year-on-year (YoY), driven by growth across our revenue streams. Interest income grew by 62% YoY, mainly due to higher yield and volume of loans and investments, which aligns with our efforts to support our clients through loan offerings and investment opportunities.”
Demola reiterated that the organisation retained its Fitch AAA (nga) rating, reaffirming its position as the only financial services provider in Nigeria with the highest rating from a global rating agency. He assured that the organisation will continue supporting its clients’ growth by providing solutions that aid their expansion.
According to him, “Stanbic IBTC Bank successfully processed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria, an initiative of the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, designed to promote intra-African trade and economic integration. This demonstrates our efforts to provide our clients with efficient, secure payment and settlement solutions across Africa. We will continue to leverage our expertise to provide solutions that enable our clients to unlock the full potential of the African market.”
The company’s diverse income streams underscore its resilience and adaptability. Interest income grew by 62% year-on-year, buoyed by higher yields and loan volumes. Net fees and commission income increased by 12%, attributable to growing fees from digital banking transactions and letters of credit. The sustained growth in trading income was attributed to improved foreign exchange (FX) trading activities and FX revaluation gains.
Stanbic IBTC remains committed to sustainable practices and empowerment initiatives. The company demonstrated its dedication to financial literacy by organising 83 financial awareness sessions, benefiting around 3,500 participants. In addition to its financial efforts, Stanbic IBTC also launched the Blue Blossom community, tailored to empower Nigerian women through financial and non-financial services.
The company’s financial position saw significant strengthening, evident in key metrics such as total assets, gross loans and advances, and customer deposits. Total assets increased by 47% to ₦4.45 trillion, while gross loans and advances surged by 37% to ₦1.70 trillion. Customer deposits reached ₦1.64 trillion, marking a growth of 32%.
Demola expressed optimism regarding the company’s performance for the rest of the year. He affirmed the company’s dedication to delivering on its 2023 guidance and continuing to provide solutions that unlock the potential of the African market.
With exceptional profit growth, diverse revenue streams, and a commitment to sustainability, Stanbic IBTC Holdings PLC continues to make significant strides in Nigeria’s financial landscape.
A deepfake is a video, visual, or audio recording that has been distorted, manipulated, or synthetically created using deep learning techniques to present an individual, or a hybrid of several people, saying or doing something that they did not say or do.
These deepfakes are often used in digital injection attacks which are sophisticated, highly scalable, and replicable cyberattacks that bypass the camera on a device or are injected into a data stream.
In a matter of seconds, it is possible to hold your phone up to your face and see what you will look like in 40 years. Or you could fuse the image of your face with that of a celebrity.
You could even record a birthday song for a friend in the voice of their favourite artist. With deepfake technology, it is simple and possible to edit a person’s facial and vocal likeness with alarming accuracy.
For the most part, this can be seen as harmless entertainment. But what if your likeness was used to drain your savings or commit fraud? As the technology to create deepfakes becomes easier and cheaper, the need to guard against these cybercrimes have come to the forefront.
Murray Collyer, Chief Operating Officer of iiDENTIFii, says, “Digital injection attacks present the highest threat to financial services, as the AI technology behind it is affordable, and the attacks are rapidly scalable.
“In fact, a recent digital security report by our technology partner, iProov, illustrates how, in an indiscriminate attempt to bypass an organisation’s security systems, some 200-300 attacks were launched globally from the same location within a 24-hour period. As more and more South Africans embrace digital banking, deepfake technology is a serious threat.”
Recent research by Discovery Bank and Boston Consulting Group (BCG) into the future of retail banking in South Africa found that most (86%) South Africans are ready to do all their banking digitally, particularly via an app. Much of this trend stems from previously unbanked people. The Covid-19 pandemic naturally accelerated the trend.
As more South Africans set up digital accounts and do their banking online, financial crime and cybercrime have become more inextricably linked than ever before. Interpol states that financial and cybercrimes are the world’s leading crime threats and are projected to increase the most.
Collyer adds, “Deepfake technology is one of the most rapidly growing threats within financial services, yet not all verification technologies are resilient to it. Password-based systems, for example, are highly susceptible to fraud. South Africa needs to strengthen their technology to outwit cyber criminals.”
While deepfakes are a severe threat, the technology and processes exist to safeguard financial services companies against this method of fraud.
A growing percentage of face biometric technology incorporates some form of liveness checks – such as wink and blink – to verify and authenticate customers. Liveness detection uses biometric technology to determine whether the individual presenting is a real human being, not a presented artefact. Therefore, this technology can detect a deepfake if it were to be played on a device and presented to the camera.
While many liveness detection technologies can determine if someone is conducting fraud by holding up a physical image (for example, a printed picture or mask of the person transacting) to the screen, many solutions cannot detect digital injection attacks.
Collyer says, “Specialised technology is required to combat deepfakes. Within iiDENTIFii, we have seen success with the use of sophisticated yet accessible 4D liveness technology, which includes a timestamp and is further verified through a three-step process where the user’s selfie and ID document data are checked with relevant government databases. This enables us to accurately authenticate someone’s identity.”
Collyer will be part of the speaker panel that will present to delegates at the 8th instalment of the AML, Financial Crime Southern Africa Conference, that also includes representatives of companies such as Financial Intelligence Centre South Africa, Investec, Sanlam, Stanlib, Albaraka Bank, Standard Bank Mozambique, iiDENTIFii, Nice Actimize, SABRIC, Rand Merchant Bank, S & P Global Intelligence, FirstRand Namibia, Corruption Watch and many more.
The high-level conference will be hosted on 6 & 7 September at the Indaba Hotel Fourways South Africa and is attended annually by professionals from banks, insurance and investment companies, service providers, government, and MLCO’s from non-designated financial service providers.
“With the right technology, it is not only possible to protect consumers and businesses against deepfake financial crimes but also create a user experience that is simple, accessible and safe for all,” Collyer concludes.
With the abolition of the Fuel subsidy and the balancing of currency rates, the Federal Government has no intention of borrowing from any local or foreign organization.Chief Wale Edun, Minister of Finance and Coordinating Minister for the Economy, made the announcement at the conclusion of the inaugural Federal Executive Council meeting on Monday in Abuja.
He stated that the benefit of the subsidy elimination will be reinvested in numerous sectors with the goal of increasing government income and strengthening the business environment for domestic and foreign investment.
Edun stated that as a result of the additional revenue from subsidy elimination, several palliatives have been made available to mitigate its impact in the short, medium, and long term. He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself overtime.
Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.
On his part, the Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians. He said that the president had advised them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such moves.
Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day on his inauguration.
The Minister of Information and National Orientation, Alhaji Mohammed Malagi, said that the president has charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.
He urged the media to avail themselves of this opportunity not to misinform the public through verification and fact checking on their stories, adding that this will reduce the incidence of informing Nigerians out of ignorance.
A concerning trend is emerging on the global stage — a rise in cyberattacks targeting government agencies.
According to the data presented by the Atlas VPN team, in the first half of 2023, there were 49 significant cyber incidents concerning government agencies — a rise of 11% from the same time last year. The attacks affected government bodies in at least 27 countries across the world.
The analysis is based on the information by the Center for Strategic and International Studies, which keeps track of significant cyber incidents dating back to 2003. We focused only on cases involving government agencies, their representatives, or contractors.
This year, government agencies in the United States encountered the greatest number of attacks, with 16% specifically aimed at the country.
In January 2023, the cybersecurity agency of the US government issued a warning that financially motivated hackers had breached federal agencies using mate remote desktop software.
Meanwhile, in June, a series of US federal government agencies fell victim to a worldwide cyberattack orchestrated by hackers linked to Russia. Among the affected entities were the Department of Energy and the US Office of Personnel Management. The cybercriminals exploited a vulnerability in software extensively utilized by these agencies, as reported by a US cybersecurity official.
The extended conflict between Russia and Ukraine has also resulted in a number of cyber incidents against state government entities in the countries. In April 2023, cybersecurity experts from the National Security Agency reported instances of ransomware and supply chain attacks originating from Russia. These attacks were aimed at Ukraine and several other European nations providing humanitarian aid during the ongoing conflict in Ukraine.
When it comes to potential perpetrators, Russian hackers are at the forefront, believed to be responsible for approximately 29% of these attacks. Following closely are cybercriminals associated with China, accounting for 18%, while Iran ranks third with 10%.
Government agencies accumulate and store a significant amount of sensitive data, such as personal information about individual citizens. This data can be sold on the dark web or held hostage until a ransom is paid, which makes these agencies an attractive target for cybercriminals.
Apart from monetary motives, roughly a quarter (12) of all cyberattacks targeting government agencies worldwide in 2023 can be attributed to state-linked threat actors engaged in cyberespionage campaigns. Additionally, hacktivist activity played a role, constituting approximately 10% of the recorded incidents within the government sector during the first half of 2023.
Since 2005, government agencies worldwide have experienced a total of 616 significant cyberattacks. More than half of these — 56% — occurred just in the last five years, including the first half of 2023.
Nyesom Wike, Minister of the Federal Capital Territory (FCT), has stated that President Bola Tinubu has approved a palliative of ₦2 billion for the FCT.
Wike revealed this on Monday, after meeting with contractors in his office following the current administration’s first Federal Executive Council (FEC) meeting.
Confirming the approval of the two billion as a palliative for FCT inhabitants, the minister stated that the cash will primarily address the transportation challenge.
He stated that, while the Federal Government is aiming to enhance project funding, the FCT Administration will also examine internally produced revenue.
He also cautioned contractors that there would be no space for excuses.
The Federal Government has sanctioned billions of naira for the 36 federation states and the FCT to cushion the impact of the elimination of gasoline subsidies on the people.
Recently, UMIDIGI has launched the highest version of the G5 series. Now, let’s take a closer look at the specifications of the UMIDIGI G5, which has proven to be the most valuable phone in the market.
The “ Display” Takes the Limelight with 90Hz High Refresh Rate
The G5 houses a 6.6” HD+ waterdrop display. It offers a comparatively larger display when used for video watching and game playing. Moreover, the narrow bezels reduce in size giving a perception of a larger and seemingly edge-to-edge display. The pixel density is 269 PPI, and the brightness reaches 400 nits, both of which contribute to a vibrant and clear visual experience. Finally, the 90Hz high refresh rate makes everything on the screen look smoother and easier on the eyes.
Design Upgrades
The magnificent design is a combination of the trendy slim edges and the integration of the matter composite material and glass-like finish, which takes on a shining outlook and practical user experience. The G5 continues the five variants: Space Gray, Graphite Black, Pearl White, Jade Green, and Lavender Purple. These vibrant color choices are sure to capture popular preferences.
The 5000mAh Long-Lasting Battery
The G5 is not just another smartphone, it’s the perfect solution to all your battery woes. With a massive 5000mAh battery, the phone provides users with an exceptional battery experience. The phone allows you to enjoy your favorite apps, games, and media for an extended period without worrying about the need to charge the device This makes it one of the best battery experiences in the segment, providing full-day usage to users.
More Storage, More Saving
The G5 is equipped with 8GB of RAM, complemented by an additional 8GB of virtual RAM, giving you a total of 16GB of RAM at your disposal. This abundance of memory allows for seamless browsing of whatever content you desire. Alongside this, the 128GB ROM ensures ample storage space for all your needs. Moreover, you have the possibility of expanding your storage by an additional 1TB through TF expansion, allowing you to store even more data and content.
Highly Performance Processor with TSMC Process Technology
The G5 is equipped with an efficient TSMC 12nm processor, specifically the Unisoc T606. It incorporates two high-performance cores clocked at 1.6GHz, the A75, alongside six power-efficient A55 cores also running at 1.6GHz. This configuration guarantees optimal performance and efficiency.
50MP Main Camera
UMIDIGI has been heavily promoting the camera prowess of the G5, especially its impressive camera setup. G5 boasts a 50MP main camera, a 2MP depth camera, and an 8MP front camera. The 50MP camera excels in capturing light and delivering excellent picture quality. In both good lighting and low conditions, the shots are filled with intricate details, sharpness and accurate colors. The camera system also includes AI scene enhancement, which automatically adjusts the settings to produce vivid and natural images that perfectly capture the moment.
The Continuation of Dual Unlock
The convenient dual-unlock system, featuring a side fingerprint sensor and AI Face Unlock, enhances the security and efficiency of the G5, allowing you to access your device easily without the need for passwords.
The G5 is a must-buy smartphone for anyone who values an exceptional battery and photography experience in the price segment. With its long-lasting battery life and power-saving features, users can enjoy uninterrupted usage throughout the day and night. Furthermore, the phone’s premium design, brilliant features, and performance make it a great value for its price. You can buy the G5 for $149.99.
A new addition to the Canon range of innovative home printing solutions, the Canon PIXMA TS7640i and PIXMA TS7740i have been recently launched; High-quality, compact, and a true all-rounder, the Canon PIXMA TS7640i and PIXMA TS7740i printers are set to optimise your workflow within the comfort of your own home; Both models will be compatible with the PIXMA Print Plan subscription where users can save up to 50% on the cost of ink.
This October, Canon is set to release a brand-new addition to its innovative printing range that is perfectly designed to take your home study, work or creative space to the next level – the PIXMA TS7640i/ TS7740i. Delivering quality printouts with ease and speed, this cutting-edge printing solution promises to revolutionize and simplify the print-at-home experience.
A slight extension to PIXMA TS7640i’s offering, PIXMA TS7740i has been fitted with a 35-sheet ADF for added convenience and efficient multi-page document management. Whether you are a student requiring a printer for your course work, an arts and craft enthusiast running a small business from home or simply someone who appreciates fast high-quality photo prints [1], the Canon PIXMA TS7640i series will bring your vision to life on paper.
The Canon PIXMA TS7640i/ TS7740i have been designed with practicality and ease of use in mind. In addition to its 2.7” color LCD touchscreen, tilt panel and LED status light for maximum comfort, the compact size printers are space-saving in recognition of a wide variety of home set-ups, ensuring the printer fits seamlessly into the home, without compromising on quality. In fact, the PIXMA TS7640i/ TS7740i – which prints 15 ipm to 10 ipm [2] – is designed to deliver high quality document printing with excellent durability, and resistance to highlighters, friction, and water.
Recognising that a desk space in our home fulfils multiple functions, from work to side hustles and admin tasks, these two models are productivity champions, allowing each member of the home to quickly get their tasks done, with automatic two-sided printing and a new feature that provides a copy of your page with just a single button touch.
Furthermore, the Canon PIXMA TS7640i/ TS7740i comes with a Switch UI function, a user-friendly touchscreen interface which consolidates popular functions into different icons, keeping operation simple and streamlined. Users can quickly switch between icons through the menu at the top of the screen, customise background colour and lock functions that aren’t required. Different members of a household can create their own profiles, making it easier and faster to access most frequently used settings.
With PIXMA TS7640i/ TS7740i, users can now say goodbye to the days of complex set-ups and tangled cables with easy and simple wireless setup, and the option to connect without a router via Wireless Direct. This can be initiated by scanning a QR code and creating a direct connection between a mobile device and the printer. To further optimize workflows, this printer allows users to scan a document by having it sent directly to their mobile device via QR code functionality without the use of any additional apps or workarounds.
For quick printing tasks, the Canon PRINT app enables seamless PC-free printing along with compatibility with Apple AirPrint® and Mopria for Android. Further apps and software expand the creative possibilities, with the Creative Park app, Easy-Photo Print Editor, Easy-Layout Editor and PosterArtist Web (https://apo-opa.info/45PqFFg).
The Canon PIXMA TS7640i/ TS7740i printers will sit above the Canon PIXMA TS5340a and Canon PIXMA TS7440a and below the Canon PIXMA TS6340, a sleek 5-individual-ink multitasker more geared towards the creative community.
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Asharami Energy, a Sahara Group Upstream Oil and Gas company, has commissioned the newly renovated Koko Police Station, in Delta state in keeping with its commitment to enhancing security in Koko and its environs.
Delivered through Sahara Group Foundation, the corporate social sustainability vehicle for Sahara Group, the project is yet another expression of the organization’s commitment to making a difference across its host communities.
Speaking at the event, the Director, Sahara Group Foundation, Ejiro Gray said “At Sahara Group Foundation, we are fully committed to impacting lives and livelihoods wherever we operate. Our unwavering commitment to promoting a sustainable environment is reflected through projects like this. The installation of solar panels will facilitate access to clean and reliable energy, helping the police carry out its activities seamlessly.”
Gray commended the Nigerian Police Force for their support and collaboration during the renovation process, adding that Sahara Group Foundation would continue to seek avenues for joining forces with well-meaning organisations for the purpose of touching and improving lives and communities.
The newly commissioned Koko Police Station boasts of a range of enhancements, including, structural repairs and aesthetical changes to the building, plumbing works and change of sanitary wares.
Other renovation work done includes a new office block/building for investigative officers, and the installation of solar power.
In his remarks, Babatomiwa Adesida, Head, Stakeholder and Community Relations, Asharami Energy, said the project would help promote sustainable policing in the community and foster economic growth and development.
Adesida stated that “the renovation of the Koko Police Station reinforces Asharami Energy’s commitment to working collaboratively with its host communities to drive sustainable development. Security is a critical requirement for the well-being of any community, and we are confident that the project will support the activities of the Police, improve security remarkably, and give the good people of Koko the confidence to pursue their dreams.”
In his address to guests at the event, the Deputy Police Commissioner, Koko Police Station, CSP Offordile Leonard commended both Asharami Energy and the Sahara Group Foundation for the work they have done with the Koko police station.
He stated that “the renovated Police Station will significantly boost the morale of the officers at the Koko Police Station and support their endeavors towards promoting peace and security within the Koko area, as well as neighboring communities”.
The Koko Police Station renovation project is just one out of a series of completed and ongoing renovations of police stations across the country, being implemented by the Sahara Group Foundation.
Other Police Stations to have received full renovations from Sahara Group Foundation includes, the Ijede Police Station, Ipaje Police Station, Omagwa Police Station, Onne Police Station, the MMA Police Station, Trinity Police Station, Ologbo Police Station, and many others.
The Federal Government announced on Monday that the opening of Cameroon’s Lagdo Dam might cause flooding in all frontline states along the Benue River’s route within the next seven days.
Speaking at a briefing in Abuja at the request of President Bola Tinubu’s Presidential Committee, Dr Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, said the new committee would implement various policies and rescue missions aimed at mitigating the effects of the Lagdo Dam flood.
She encouraged the Nigeria Governors’ Forum to step up its efforts by securing the rapid evacuation of Nigerians from flood-prone areas to safer locations.
She said, “This coordinating meeting is holding at the instance of President Bola Tinubu, who directed such after I raised the issue of flooding in today’s Federal Executive Council meeting. Mr President directed that all relevant ministries must meet to find a solution to the issue of flooding.
“As earlier stated, the Lagdo Dam in Cameroon was opened recently and we will see the effect in the coming days. Flood has been a major issue in Nigeria and has been causing loss of lives and property. We have been given a task by Mr President to ensure proper preparedness against the effect of the opening of the Lagdo Dam.
“One of the things government in different states must begin to do is to ensure that drainages are cleaned. Blockages must be removed. Also, proper enlightenment and sensitisation of residents must be carried out.
“Residents in affected areas must begin to relocate to safer planes. States must stand up to involuntary relocations. It is inconceivable to witness avoidable loss of lives and property.”
The Minister of Environment, Iziaq Salako, as well as the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, joined the humanitarian minister during the briefing, and promised to intensify efforts against the devastating impact of floods.
The China Development Bank (CDB) on August 29 in Cairo signed a development-focused agreement to provide the African Export-Import Bank (Afreximbank) with a US$400-million term loan facility to support the financing of Small and Medium-sized Enterprises (SMEs) across Africa.
The agreement, signed by Mr. Tan Jiong, President of CDB, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, at the Afreximbank Headquarters in Cairo, provides for Afreximbank to deploy the facility to support African SMEs involved in extra- and intra-African trade and those engaged in the productive sectors in Afreximbank Member States. According to the agreement, the facility, which has a seven-year tenor, will be deployed either directly to eligible African SMEs that meet Afreximbank’s requirements or indirectly through local financial intermediaries.
Speaking after the signing, Prof. Oramah pointed out that African SMEs continue to struggle to access adequate and affordable financing for growing their businesses and said that the CDB facility would help increase the level of financing available to them.
He added that since Afreximbank was receiving the facility as medium to long-term funding at relatively affordable pricing, the Bank would transfer the financial advantage in pricing and tenor to the end beneficiaries.
“This facility further strengthens the strategic partnership we have developed with the China Development Bank over the last six years, which has seen CDB make three previous interventions in support of our work at Afreximbank,” continued President Oramah.
“It will also enable our two institutions achieve our respective mandates and developmental outcomes, which include job creation, increased economic activity and increased extra-African trade with China.”
KPMG has reduced its growth prediction for Nigeria to 2.65 percent in 2023, down from 2.85 percent previously.
The professional services firm stated in a flashnote headlined ‘Underwhelming Q2 2023 GDP Growth Recorded’ that the modification is based on a number of factors.
Among the issues identified by KPMG are the recent decline in oil output, subdued government investment in the economy, the impact of subsidy withdrawal, and the unification of foreign exchange (FX) rates on households.
KMPG via the report said, “Q2 2023 GDP results is broadly in line with our earlier downward revision of 2023 GDP to 2.85%. Nevertheless, we are adjusting our 2023 forecast further downwards to 2.65%.
“Firstly, half-year 2023 GDP currently stands at 2.41% and will require an average growth in H2 2023 of 3.30% and 3.50% to end the year at 2.85% and 3.0% respectively for 2023 which we believe is challenging and unlikely.
“Q2 2023 is however the quarter where the impact of Subsidy removal, FX unification and other reforms of the new administration had it major impact on squeezing household consumption demand and firms’ costs of operations as well as reduced private investment as firms continued to adopt a wait and see approach, tweak strategies to cope with rising costs and reduced demand for their goods and services and struggled to find FX to operate.
“These factors will likely constrain non-oil growth given that household consumption and private investment constitute the largest share of GDP.
“The impact of subsidy removal was evident in the biggest contraction in road transportation GDP since the new GDP series. Though, subsidy was only removed in June 2023 representing one month impact of the three months of the quarter, road transport GDP contracted by -55.14% in Q2 2023, representing the biggest contraction in road transport GDP in history.
“This contradicts the muted results recorded with respect to inflation for that same month which according to NBS was not expected to fully reflect on the CPI though methodologically, the Inflation rate in each sector is used to deflate nominal GDP for that sector.
“At the same time, there has been muted government capital investment in the economy in Q2 2023 and the first half of Q3 2023 so far, with new administrations at the Federal and State level settling down in Q3 2023.
“Furthermore, oil production has started Q3 2023 with a further contraction in July 2023 and if this trend continues for the remaining two months of Q3 2023, we will have a situation where non-oil sector growth and oil sector growth underperform.”
Inflation is predicted to rise further for the rest of the year, increasing the pressure on nominal to real gross domestic product (GDP), limiting stronger real GDP growth in Q3 2023.
The national Chairman of the Labour Party (LP), Julius Abure said that the tribunal will proclaim Peter Obi, the party’s presidential candidate, to be the president of Nigeria.
During a tour in the United States (US), Abure spoke to some Nigerians.
Obi, who finished third in the February presidential election, and his party are contesting the results.
They are asking the court to overturn Bola Tinubu’s (APC) victory.
Abure, who is on a tour of the United Kingdom and the United States, stated that the Presidential Election Petition Tribunal’s (PEPT) decision is due on or before September 16.
“Following Peter Obi’s participation in the 2023 general election, we changed the political narratives in Nigeria. We gave them a run for their money,” he said.
“They have murdered sleep and they will sleep no more. They have stolen what is not for them and they will not sleep until we recover it all.
“We are expecting judgment between now and the 16th of September. And I am very sure Peter Obi will become President.
“Without sounding immodest, since they took over, things are now worse. The only party and the only candidate that has solutions to the challenges of the country is the Labour Party and Peter Obi. And so we still believe that things will change in Nigeria.
“I want to say that we should not lose hope, we should not be discouraged. The hope is still alive and I am confident that Peter Obi will be president.”
The Nigerian Exchange (NGX) equities section began the week on a high note, as the consumer goods index increased market capitalization by more over N324 billion. The market extended its winning streak from the previous week, with bargain-hunting in BUAFOODS (+9.1%) and DANGSUGAR (+10.0%) pushing the benchmark index up 0.9%.
According to last week’s data, Dangote Sugar gained 36% due to a merger deal with NASCON, while Transcorp’s worth increased 39% due to the acquisition of Abuja Disco. Among other things, BUAFOODs appear in the program.
With a change in focus toward consumer goods stocks, despite relatively poor performance in the first half due to the negative effects of naira fluctuation, stockbrokers expect that the equities space will gain momentum.
As stock buyers filled their order buckets logged by equities investors, the All-Share Index closed at 66,151.38 points, with the month and year-to-date gains increasing to +2.8% and +29.1%, respectively.
The total volume traded declined by 12.6% to 311.12 million units, valued at N3.92 billion, and exchanged in 7,193 deals. ACCESSCORP was the most traded stock by volume at 43.70 million units, while DANGSUGAR was the most traded stock by value at N820.84 million.
From a sectoral perspective, the Banking (-0.9%) and Insurance (-0.4%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (+5.9%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.4x), as 33 tickers gained relative to 24 losers. OMATEK (+10.0%) and THOMASWY (+10.0%) recorded the most significant gains of the day, while CWG (-10.0%) and JOHNHOLT (-9.8%) topped the losers’ list.
Top gainers on the NGX chart include DANGSUGAR (+10%), NASCON (+9.94%), TRANSCORP (+10%), BUAFOODS (+9.09%), GLAXOSMITH (+9.91%) and FLOURMILL (+1.69%) with 28 other stocks.
Overall, equities market capitalisation advanced by N324.26 billion to close at N36.21 trillion.
In today’s rapidly evolving digital landscape, effective public relations strategies are more critical than ever for maintaining a strong brand presence and reputation. One indispensable tool that PR agencies can offer to clients is media monitoring and intelligence.
This sophisticated resource empowers businesses to stay ahead of their competition, adapt swiftly to changing trends, and make data-driven decisions. In this article, we delve into the art of pitching media monitoring and intelligence services to clients, showcasing the value it brings to the table.
Understanding the Basics
Before diving into the pitch, it’s essential to have a clear grasp of what media monitoring and intelligence entail. Media monitoring involves tracking mentions of a brand, product, or keyword across various media channels, including traditional news outlets, social media, blogs, and forums. Intelligence goes a step further by analyzing the collected data, uncovering insights, performing sentiment analysis, and identifying emerging trends.
Crafting the Pitch
1. Know Your Client’s Needs: Begin by understanding your client’s industry, target audience, and communication goals. Tailor your pitch to address their specific pain points and objectives. Highlight how media monitoring and intelligence can provide actionable insights to enhance their PR efforts.
2. Demonstrate ROO: Clients are often interested in the return on objectives. Explain how media monitoring can help them gauge the impact of their PR campaigns, track sentiment shifts, and measure media coverage. Intelligence derived from monitoring can inform strategy adjustments for better results.
3. Real-Life Examples: Share success stories from your portfolio that illustrate how media monitoring and intelligence transformed PR campaigns. Highlight instances where clients gained a competitive edge by staying informed and adjusting their strategies promptly.
4. Competitive Advantage: Emphasize that media monitoring allows clients to keep an eye on competitors, benchmark their performance, and identify gaps in the market. This data-driven approach helps in staying ahead and making informed decisions.
5. Crisis Management: Position media monitoring as a crucial tool for crisis management. Showcase how near real-time tracking can help identify potential PR crises and enable a swift, proactive response to minimize damage.
6. Customization: Offer flexible packages that cater to different client needs. Whether they require comprehensive monitoring services or focused intelligence reports, tailor your offering to suit their requirements.
Addressing Concerns
Acknowledge any concerns your clients may have, such as data privacy, accuracy, and cost. Explain how your agency ensures data security, employs media analyst experts, and delivers value that far outweighs the investment.
Final Thoughts
Pitching media monitoring and intelligence to clients is about showcasing the potential for smarter decision-making, improved PR strategies, and a competitive edge in the market. By presenting real-world examples, emphasizing customization, and addressing concerns, PR agencies can effectively communicate the transformative power of these services. In a world where information moves at lightning speed, media monitoring and intelligence are the compass that guides successful PR campaigns toward their goals.
In a move that demonstrates its unwavering commitment to enhancing safety for urban mobility in Kenya, inDrive has made a significant investment of nearly half a million Kenyan shillings.
This dedicated fund was channelled towards the distribution of safety helmets and jackets for its drivers, aiming to ensure a more secure riding experience for both drivers.
The distribution was met with overwhelming appreciation. Numerous drivers vocalized their gratitude for the proactive gesture, noting that such measures not only enhance their safety but also instill greater confidence.
This initiative is part of a larger strategy where inDrive, a leading global mobility and urban services platform, has unveiled its Safety Pact.
This pact has been designed not just as a testament to inDrive’s dedication towards safety, but also as a comprehensive guideline for both passengers and drivers. With this, inDrive is taking a proactive approach to promote and ingrain safe riding habits across its user base.
The Safety Pact serves a dual purpose. Firstly, it introduces dedicated features that users can leverage for a more secure ride-hailing experience. Secondly, it provides an extensive list of safety tips along with a code of conduct. This ensures that every journey taken using the inDrive platform is not just comfortable but also rooted in best safety practices.
Godfrey Mabula, inDrive’s Business Representative in Kenya said “Our investment in safety gear and the introduction of the Safety Pact is a testament to our commitment. We encourage every passenger and driver to opt into the pact. This will foster an environment of mutual respect and promote secure practices for each trip.”
As urban mobility continues to evolve in Kenya, inDrive remains at the forefront, championing initiatives that prioritize the safety of its users. The company remains steadfast in its mission to make ride-hailing safer, more efficient, and accessible for everyone in Kenya and beyond.
The MEST Africa Challenge (MAC) 2023 has on August 28, 2023 opened its application for early-stage technology startups operational in Ghana, Nigeria, Senegal, Kenya, and South Africa are invited to participate in this prestigious competition to showcase their innovative businesses and entrepreneurial prowess.
MEST is a pan-African software and entrepreneurship training program, seed fund, and incubator that assists in the establishment of technology firms around the continent.
MEST Africa Challenge offers exceptional benefits to participating startups and the application will close on October 9, 2023.
Why should you apply
The winner will receive a significant equity investment of USD 50,000, which will provide critical financial support to drive their business growth.
Furthermore, the winner and other excellent participants will have access to MEST Africa’s global community and networks, which will open up potential partnership, mentorship, and investment opportunities.
This platform propels startups to the next stage of their business growth and global exposure.
MEST Africa has highlighted and influenced the growth of winning firms such as Accounteer from Nigeria, Kilimo Fresh from Tanzania, OZE from Ghana, Snode Technologies from South Africa, Waya Waya from Kenya, and the incumbent champion, Kwely from Senegal.
Source: MEST Africa
Eligibility Criteria for MAC 2023
Early-stage technology startup
Operational in either Ghana, Kenya, Nigeria, South Africa or Senegal
Monthly Recurring Revenue: A minimum of $5k
Funding raised: $0 to $1M cumulative
Years in existence: 3 years and below
Traction: At least 6 months of recurring revenue
Founding team: At least 2 founding team members
Registered in Delaware (This is preferred)
Any industry
Any business model (B2B, B2C, B2B2C, B2G etc…)
All participants must pitch in English
MEST has trained over 2000 entrepreneurs from around the continent and has sponsored over 90 firms in fields such as agritech, fintech, SaaS, eCommerce, digital media, and healthcare.
Sections
Agritech, Biotechnology and medical research
Clean technology and energy
Creative, media and entertainment
E-commerce, Education
Fashion
Fintech
HealthTech
HR and recruitment
Legal services
Logistics
Marketing and PR
New medial
Real estate
Retail
Timeline
Application opens: 28th August 2023
Application closes: 9th October 2023
Regional Finalist Announcement: 3rd November 2023
Regional Finals: 20th November 2023 – 24th November 2023
Finalist announcement: 27th November 2023
Final Demo Day: December 2023
How to apply
To apply for MEST Africa Challenge 2023, look through the eligibility list and visit the website. Be sure to cross-check and verify your details and submit your application on time.
For more information, sign up for MAC’s information session which will be held on August 30, 2023.
MEST Africa in partnership with Absa Bank, is delighted to announce the opening of applications for the highly anticipated MEST Africa Challenge Startup Pitch Competition. Early-stage technology startups operational in Ghana, Nigeria, Senegal, Kenya, and South Africa are invited to participate in this prestigious competition to showcase their innovative businesses and entrepreneurial prowess. The application period begins today and will close on 9th October 2023.
The MEST Africa Challenge offers exceptional benefits to participating startups. The winner will receive a substantial equity investment of USD 50,000, providing crucial financial support to accelerate their business growth. In addition, the winner and other outstanding participants will gain access to MEST Africa’s global community and networks, unlocking valuable partnerships, mentorship, and investment opportunities. This platform catalyzes startups to unlock the next phase of their business growth and gain global recognition.
Building upon the success of the previous years, the 2022 MEST Africa Challenge crowned Kwely, a B2B e-commerce startup from Senegal, as the winner Kwely’s groundbreaking solutions stood out among the fierce competition, and their success serves as an inspiration to entrepreneurs across Africa.
_”This year’s tagline, ‘Unlock Your Startup Potential’, resonates deeply with the vibrant technology landscape we are witnessing in Africa today. With the remarkable advancements in technology innovation and adoption across the continent, this year’s competition is poised to showcase groundbreaking ideas and solutions. I am confident that the MEST Africa Challenge will uncover exceptional startups that will shape the future and drive positive change in Africa and beyond,” said _Ashwin Ravichandran, Portfolio Advisor and MEST Africa Challenge Lead.
Over the years, the MEST Africa Challenge pitch competition has garnered thousands of applications from across the continent, attaining global recognition and forging partnerships, while nurturing a thriving community of African tech founders. It has spotlighted and impacted the growth of winning startups such as Tanzania’s Kilimo Fresh, Ghana’s OZE, South Africa’s Snode Technologies, Kenya’s Waya Waya, Nigeria’s Accounteer, and reigning title holder, Kwely from Senegal.
Energy Capital & Power (ECP) is proud to announce that Luis Fernandes, General Manager of the Petroleum Derivatives Regulatory Institute (IRDP) of Angola, will speak at this year’s edition of the Angola Oil & Gas (AOG) conference scheduled for 13–14 September in Luanda. The IRDP also represents a strategic partner of the event.
Representing the body responsible for regulating the importation of petroleum products in Angola as well as the quality of products marketed in Angola, energy pricing and infrastructure efficiency, the participation of Fernandes at AOG 2023 will be crucial for providing updates on Angola’s energy sector expansion plan and related opportunities.
The IRDP has been instrumental in stabilizing Angola’s petroleum market by balancing petroleum imports and local refining. While the country’s resources have historically been exported as unprocessed crude, national efforts to enhance value addition through the development of downstream infrastructure is set to turn this trend around. As the country seeks to improve consumer access to quality and affordable petroleum products for economic sustainability, the IRDP is spearheading investment efforts.
“The IRDP is focused on encouraging market players to build new privately-owned petrol stations, set up lubricant production plants, install butane gas piping networks in buildings with more than five floors and build gas filling facilities. These are investment opportunities aimed at improving the distribution of fuel and other oil derivatives in Angola,” states Fernandes. “At this conference, rather than giving an overview of the sector and launching an appeal to national and foreign businesspeople to invest in oil products, we will discuss _Energy Security, Decarbonization and Sustainable Development_ in the Angolan Downstream in line with the central theme.”
Currently, the IRDP – under the leadership of Fernandes – is making great strides towards expanding Angola’s refining capacity through several large-scale projects. Three new refining facilities are currently under construction – Cabinda, Lobito and Soyo – while the Luanda refinery is undergoing an upgrade. Following the refineries completion, Angola’s capacity will increase to over 400,000 barrels per day, representing a major boost to the market.
Under the theme, ‘Energy Security, Decarbonization and Sustainable Development,’ AOG 2023 will feature high-level panel discussions on the state of play of Angola’s oil and gas sector, including exploration and production, downstream developments, and the integration of renewables.
AOG 2023 returns to Luanda for its fourth edition on 13-14 September 2023 under the auspices of the Ministry of Mineral Resources, Oil and Gas, and in partnership with the National Oil, Gas and Biofuels Agency, IRDP, Sonangol and the African Energy Chamber.
