Unilever Nigeria Plc released its unaudited interim report for the half year ended 30th June 2023, declaring N54.2billion in revenue, an increase of 24 per cent from N43.8billion recorded in the corresponding period in 2022.
The company recorded a gross profit of N13.1 billion for the period ended June 30, 2023 which is eight per cent drop versus N14.2 billion reported for same period last year.
The result showed a profit for the year from continuing operations of N2.8 billion for the period ended June 30th, 2023 compared to a profit for the corresponding period in 2022 of N1.9 billion which is 45 per cent up versus 2022.
Speaking on the results, the Managing Director, Unilever Nigeria, Tim Kleinebenne, in a statement said, “Unilever Nigeria remains focused on the delivery of its 4G growth model of competitive, consistent, profitable, and responsible growth.
“Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories,”
“Unilever Nigeria will continue to strengthen its operations in the country to meet citizen’s needs in health and hygiene through our brands and products,” he added.
As a centenary old company and the longest serving manufacturing company in Nigeria, Unilever Nigeria is committed to ensuring continuous socioeconomic impact and investment in Nigeria through its brands and operations.
The Central Bank of Nigeria (CBN) has stated that plans to gradually phase out the old N200, N500, and N1,000 naira notes are ongoing, as new notes are still being issued.
Folashodun Shonubi, acting governor of the apex bank, spoke after the monetary policy committee (MPC) meeting at the CBN headquarters in Abuja.
In October 2022, Godwin Emefiele, former CBN governor, announced plans to redesign the N200, N500, and N1,000 naira bills.
Emefiele had asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
The CBN later said Muhammadu Buhari, the former president, had approved an extension of the deadline for the demonetisaton of the old notes.
But in March 2023, the supreme court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.
Providing updates on the demonetisation policy on Tuesday, Shonubi said the old notes would “slowly, and overtime be replaced”.
He noted that the old notes were being exchanged for the new ones whenever it was being requested by the commercial banks.
“When a currency is printed and sent out. It is expected that it will go through a number of cycles, and then over time, will become one and then be replaced. That’s what we’re doing,” Shonubi said.
“We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing out and replacing them with the new notes.
“We believe that we have an optimal level of the currency out there and so much of what’s being done is replacement to keep the level, rather than just putting money out there.
“And that is seen by the fact that the banks, whenever they come to us for notes, we provide it to them. If it wasn’t enough, they will be asking us for more. If it was too much, they’ll be dumping that much more on us.
“So, we will slowly, and over time you will see the old notes replaced out of the system with the new notes that’ll be the norm.
“This will be out of practice, not fanfare, you’ll just see it slowly morph from old to new.”
The Nigerian Association of Resident Doctors (NARD) has declared a total and indefinite strike action in response to the government’s refusal to meet its members’ requests.
Dr. Emeka Orji, president of NARD, announced yesterday that the strike would begin on Wednesday, July 26, 2023.
He stated that the decision was made during the NARD NEC meeting on Tuesday in Lagos.
Orji stated that the Association’s primary requests include the immediate payment of the 2023 MRTF, the prompt release of the circular on one-for-one replacement, the payment of skipping arrears, and an upward revision of CONMESS in line with full salary restoration to the 2014 value of CONMESS.
Other demands include payment of arrears of consequential adjustment of minimum to omitted doctors, reversal of the downgrading of the membership certificate by the Medical and Dental Council of Nigeria (MDCN), payment of MRTF, new hazard allowance, skipping and implementation of corrected CONMESS in State Tertiary Health Institutions, and payment of omitted hazard allowance arrears.
BizWatch Nigeria recalls that Tajudeen Abbas, the Speaker of the House of Representatives, asked the NARD leadership on Monday to grant him two weeks so that he could meet with President Bola Tinubu about the Association’s requests.
Ultimatum
NARD had on July 5, 2023 given a new two-week ultimatum to the Federal Government (FG), demanding a 200% increase in its members’ wage structure, among other things.
The resolution was reached on Wednesday at a virtual Extraordinary National Executive Council Meeting (E-NEC) to assess the level of implementation of the Memorandum of Understanding (MoU) signed with the government on May 19, 2023, following the Association’s five-day warning strike on May 17, 2023.
NARD President Orji Innocent, Secretary General Chikezie Kelechi, and Publicity and Social Secretary Umar Musa all signed the communique.
“We demand the immediate release and the implementation of the guidelines on one-for-one replacement of clinical staff to cushion the effect of the massive manpower shortage in our various hospitals nationwide.
“NEC calls on the Medical and Dental Council of Nigeria to discontinue the downgrading of the membership certificate issued by the West African Postgraduate Medical and Surgical colleges as this is not obtainable in other parts of West Africa where these same certificates are issued.
“NEC demands the immediate payment of all Salary Arrears, implementation of the CONMESS salary structure and new Hazard Allowance and domestication of the Medical Residency Training Act and payment of the Medical Residency Training Fund to our members in the State Tertiary Health Institutions nationwide.
“NEC hereby wishes to further extend her already expired ultimatum issued to the government by 2 weeks with effect from today 5th July 2023.
“The NEC of NARD insist on the immediate implementation of a minimum of 200% increment in the CONMESS (Consolidated Medical Salary Structure) salary structure and upward review of the associated allowances as requested in her previous letters on the subject matter since the current economic realities in the country cannot justify the continued payment of CONMESS as it is at the moment or any increment below the 200% as demanded.
“For purposes of emphasis, at the expiration of this further extended ultimatum by 19th of July 2023, if all these demands are not met, we cannot guarantee industrial harmony in the Health Sector nationwide.”
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) lifted the country’s Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. Mr Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, stated this on Tuesday while presenting the MPC meeting statement.
Shonubi further stated that the committee reduced the asymmetric corridor around the MPR from +100/-700 to +100/-300 basis points, kept the Cash Reserve Ratio (CRR) at 32.5 percent, and kept the Liquidity Ratio at 30%.
According to Shonubi, the committee has just two policy options: retain the policy rate or modestly raise it to counteract the moderate increase in headline inflation.
“Considering the option to hold, the committee reviewed the impact of the continued rise in inflation on various macroeconomic variables, noting the potential dampening effect on output growth.
“Members agreed unanimously that the previous series of rate hikes had indeed greatly moderated the pace of price development and was gradually but steadily yielding the expected outcome.
“The option to continue to hike the policy rate, albeit moderately, also presents a strong alternative,” he said.
He said this was premised on the expected liquidity injections into the economy, from the recent policy developments and the likely impact on inflation.
“The committee remained cautious in arriving at a policy decision as members noted the need to continue to support investment, ultimately leading to the recovery of output growth.
“The balance of these arguments thus, leaned in favour of a moderate rate hike, to sustain efforts at anchoring inflation expectation, narrow the negative real interest rate gap, and improve investor confidence.
“The MPC, thus, resolved by a majority vote to raise the Monetary Policy Rate (MPR) by 25 basis points. Six members voted to raise MPR by 25 basis points while five members voted to hold the MPR Constant.
“All members, however, voted to narrow the asymmetric corridor from +100/-700 to +100/-300 around the MPR,” he said. #CBN Hikes Benchmark Interest Rate to 18.75%
Following a dispute with officers of the Nigerian Correctional Service (NCS), DSS agents re-arrested suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Emefiele was re-arrested on Tuesday in a Federal High Court in Lagos sitting in Ikoyi. Justice Nicholas Oweibo granted bail to the controversial and suspended CBN Governor in the sum of N20 million.
The judge further ordered that the apex bank president be held at the detention facility until the bail requirements were met.
Shortly after the decision, the secret police deliberately positioned the Hilux Pick Up vehicle used to transport Emefiele to court, implying that they intended to return him to their prison center.
This prompted Emefiele’s lead counsel, Joseph Daudu, (SAN), and other lawyers to raise an alarm about their client’s planned re-arrest by the DSS.
When the prison officials moved to take the former apex bank chief into custody pending the fulfillment of his bail conditions, the secret police challenged them and it led to a clash.
Amid the clash, Emefiele’s lawyers said he “reluctantly allowed the DSS disobey court order and take custody of their client” to avoid a gun battle.
Following this, the prison officials exited the court in their vehicle and the DSS took charge. At exactly 03:03pm, operatives of the DSS led the suspended CBN governor out of the courtroom into their waiting vehicle.
Google has partnered with Verve, the largest domestic card scheme in Africa, to make digital transactions on Google Play Store easier and more accessible for Nigerians.
As of today, Nigerians can use their Verve cards to make purchases on the Google Play Store, strengthening the digital ecosystem in Nigeria.
Under this new arrangement, Google will process Verve transactions within Nigeria. These transactions will be undertaken in Nigerian Naira (NG), and treated as local transactions by the country’s banking institutions. As a result, any Nigerian with an Android device and a Verve card now has a streamlined method for making purchases on the Google Play Store.
Anthea Crawford, Head of Retail and Payment Partnerships, Google Play, said, “We are thrilled to collaborate with Verve, expanding Google Play access for more Nigerians. The introduction of local payments with Verve cards is a significant milestone, enabling more Nigerians to participate in the app economy and access the apps they need.”
Speaking about this partnership, Vincent Ogbunude, Managing Director Verve International, stated that “the integration with Google Play is a significant stride towards achieving Verve’s vision of promoting financial inclusion. We are excited to bring digital content and services closer to Verve cardholders, hence bridging the digital divide.”
As a foremost payment card scheme in Nigeria, Verve’s expanding acceptance promotes inclusion by extending the reach of digital services to a larger segment of the Nigerian population. Maximizing this exciting possibility, users can now add their Verve Cards to their Google Play Account and pay in Naira, without stress.
Here’s how to use your Verve card on Google Play: Open the Playstore, choose the app you want to buy, click “Buy,” and enter your Verve card details when asked. You can also go topay.google.com, log in with your Gmail account, click on ‘Payment Methods,’ ‘Add Payment Method,’ enter your Verve card details and save. Then, return to the Playstore to make your purchase. Your card will be charged automatically.
This new partnership not only simplifies the payment process for Google Play Store apps and services but also contributes significantly to a more inclusive digital environment for Nigerians.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 26th July below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N863 and sell at N870 on Tuesday, 25th July 2023, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N863
Selling Rate
N870
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Foreign exchange rate-influencing factors
Here are a few reasons why the dollar to naira conversion rate is declining.
Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.
Conditions of Trade: Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the dollar. China, India, and the majority of Asian nations are the source of everything.
Government Debt: A country’s level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. If inflows are substantial, the currency rate will move in the naira’s favor.
Interest Rates: Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.
Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling.
The Russia–Africa Economic and Humanitarian Forum business programme’s look at ‘The New Global Economy’ will kick off on 27 July with a panel discussion on ‘New Russian-African Logistics Routes’. Speaking at the event are Aide to the President of the Russian Federation and Secretary of the State Council of the Russian Federation Igor Levitin, Acting Head of the Federal Customs Service of the Russian Federation Ruslan Davydov, Chairman of the Board of FESCO Andrey Severilov, President of the Russian Academy of Transport Alexander Misharin, and Chairman of the Board of Novostal-M Ivan Demchenko. The discussion will be moderated by Chairman of Delovaya Rossiya (Business Russia) Alexey Repik.
Many factors are involved in an increase in trade and economic turnover between Russia and Africa, but central to all is logistics. Passenger and cargo transportation have a significant impact on the development of co-operation in the widest range of spheres – from tourism to the real economy. Russian experience creating large-scale multilateral projects is extensive. One such example is the International North–South Transport Corridor, which involves 12 different nations. Cargo traffic through the INSTC is projected to reach 41 million tonnes by 2030. Objective prerequisites mean it would be possible for Africa to join this large-scale project.
“A fundamental redistribution of trade flows to the East and South are taking place right now, and the outlook for Africa is good,” Acting Head of the Federal Customs Service of the Russian Federation Ruslan Davydov said.
Participants of the panel discussion will look at problems related to the establishment of logistical routes between Russia and Africa and answer questions about how to build a more efficient system of logistics flows to ensure trade and economic turnover between Russia and Africa continue to grow.
Days after the management of the Nigerian Ports Authority (NPA) and the Lagos State Government commenced the clearing of shanties along the port access roads, the NPA has said there is an increasing extortion along the access roads of the Lagos and Tin Can Island Port Complexes.
This was contained in a statement on Tuesday by NPA.
The authority had between July 16 and 18, rid the port corridor of shanties and illegal structures which harboured criminal elements that perpetrated these acts of extortion.
The Managing Director of NPA, Mohammed Bello-Koko, during the clearing of the shanties, lamented that these acts of extortion and allied illegalities are injurious to trade facilitation.
“Trade facilitation is our core function and we cannot allow these nefarious characters make nonsense of the gateways to the national economy which the ports constitute,” he said.
In the statement, the NPA boss vowed to deal with any staff member involved in the extortion.
Bello-Koko said, “We had in the past visited punitive measures on of our staff who were complicit in such unethical practices, and I want to reiterate that once we are confronted with evidence of any our staff involved in these acts of sabotage, we would sanction them in line with the public service rules and our conditions of service which has zero tolerance for such malfeasance.”
The statement added that Bello-Koko had whilst receiving the Lagos State Commissioner of Police, Mr. Idowu Owohunwa, earlier this month at the NPA headquarters, enlisted the support of the police in tackling the extortion menace.
The statement quoted Bello-Koko as specifically saying that the jurisdictional rule that restricts the powers of the Port Authority Police Command to the port premises, is the more reason the agency is calling for increased synergy between PAPC and officers of the Lagos State Police Command”.
According to the statement, the NPA MD had earlier met with the leadership at the various levels including the Nigerian Army, Nigeria Navy, Federal Roads Safety Corps and the Lagos State Traffic Management Authority stressing the need to collectively nip the menace of extortion in the bud.
It added that the NPA under Koko had completed the perimeter fencing of the Tin Can Island Port to curb unauthorised access to the port premises.
The statement read in part, “The sanity achieved by this measure is localised within the port whilst majority of these illegalities happen along the port access road which is not within the NPA’s purview.
“The authority’s fact finding has identified flash points of extortion ranging from 500 naira to as high as 5,000 naira and the mode of perpetration.
“The authority however solicits the collaboration of sister government agencies operating along the port corridor to sustainably tackle this menace that is impeding ease of doing business around our ports.”
The Plateau Government is to begin vaccination of 4.3 million cattle to curb the spread of anthrax in the state.
Dr. Sipak Shase, the Director of the Plateau State Ministry of Agriculture, made this known on Tuesday in Jos while addressing newsmen.
He said that the state government has already bought 200,000 doses of vaccines.
The News Agency of Nigeria reports that anthrax is caused by the spore-forming bacterium, Bacillus anthracis, which primarily affects animals, such as cattle, sheep, and goats.
The disease can be contracted by humans who come into direct contact with infected animals or contaminated animal products, such as meat, wool, or hides.
Anthrax may be contracted through the inhalation of spores, while cutaneous anthrax can result from contact with contaminated materials or through open wounds.
”There is no case of anthrax in the state. Gov. Caleb Mutfwang has instructed that all animals in the state must be vaccinated.
“The 17 local government areas will be involved in the exercise with the support of ad hoc staff,” the director said.
Also addressing the butchers in some abattoirs in the state, the director said there is a need for personal hygiene to fight the disease.
Also, Dr. Magdalene Nanven, Risk Communication and Community Engagement Officer enlightened the butchers on the need to wear face masks, overalls, and hand gloves, and to be conscious of personal hygiene. Some butchers who spoke with the News Agency of Nigeria appreciated the prompt and proactive measures taken by the state government.
Mr Ikeana John, a butcher, said, “For the fact that the campaign was brought to the abattoir showed that the state was mindful of us”,
Mr Bilal Yusuf, another butcher, said that support from the government will check any further outbreak.
Members of the Academic Union of Polytechnic, Osun State Polytechnic, Iree, mounted a protest at the institution’s entrance on Tuesday, asking that the Rector, Dr. Tajudeen Odetayo, be reinstated.
Odetayo, who was appointed Rector in March of this year, was suspended, according to a letter written by Mr. A. Jimoh, Permanent Secretary, Ministry of Education.
Protesters led by Mr Fatai Afolabi, chairman of Ospoly ASUP, maintained that the acting Rector nominated to replace Odetayo was unqualified for the position.
Ademola Adeleke, the governor of Osun State, had removed Odetayo as rector of the polytechnic over corruption charges and appointed Alabi Adeyemi as acting rector.
The governor also confirmed Mr Alabi Kehinde Adeyemi’s appointment as acting Rector with immediate effect, “pending the completion of appropriate investigations by relevant bodies.”
The letter suspending Odetayo dated July 11, 2023, a copy of which was obtained in Osogbo on Monday, partly read, “You are hereby suspended as the Rector of Osun State Polytechnic, sequel to the strong allegations of financial recklessness, corruption, misappropriation of funds, abuse of office among others.
“You are to proceed on suspension immediately, while investigation into the allegations levelled against you commences soon.”
Dr Fatai Afolabi, the union’s Chairman, also proclaimed an indefinite suspension of academic operations at the university.
Dr Afolabi during the protest said, “the governor appointed someone who is not qualified as the acting Rector of the institution. The person that the governor appointed contested the post of deputy rector and lost out.
“We have a deputy rector on the ground who should replace him if the rector is removed. That is what the guidelines say, and in the absence of the deputy rector, the most senior chief lecturer will be appointed as acting Rector.
“The person that was appointed in ranking among the chief lecturers, he is not ranked from one to 50. The only thing that qualifies him is that he is from Ede. The governor is nepotistic with the appointment and dealings in Iree poly. The governor wants to put Ede indigenes everywhere in the school which is not possible. Is it only Ede that voted for him ? Everybody voted for him.
“The person that was appointed as acting Rector now contested the post of Deputy Rector and he lost. Dr Odetayo who was removed was accused of corruption among others.
“He was never made to face any panel or enquiry, he was never issued a query. The main reason for his removal was that he was invited and instructed to make the person they appointed as acting Rector now, the deputy rector.
“The order given to the Rector goes beyond the capacity of the Rector because it is by election. When they voted, the government anointed candidate got 19 votes, while the winner, who is the most senior chief lecturer on campus got 51 votes. The state of things in Iree now is that all academic activities including the ongoing exam stand suspended.”
The second edition of the highly anticipated Knorr Jollof Fest took place on July 23, 2023, at the vibrant Muri Okunola Park in Lagos. This remarkable event was a true celebration of Nigeria’s beloved dish – Jollof rice, captivating the hearts and taste buds of attendees from all walks of life, and not even the rain could dampen the spirits of the enthusiastic participants who came out to have a good time.
The Knorr Jollof Fest was an immersive culinary experience that delighted attendees with a variety of captivating activities and mouthwatering Jollof rice creations. Participants were treated to a range of interactive games and engaging competitions that added an element of excitement to the event. The festival provided a platform for individuals to showcase their creativity and immerse themselves in the rich cultural heritage of Jollof rice.
Situated within the festival grounds, the “Eat for Good” garden was a highlight that showcased Knorr’s dedication to promoting nutritious and wholesome meals. Attendees had the opportunity to explore and discover a diverse range of fresh cooking herbs and spices, inspiring them to ‘Eat for Good’ by infusing their meals with more herbs and vegetables.
“The Knorr Jollof Fest 2023 was a celebration of the vibrant culinary tapestry of Nigeria. Our aim was to ignite culinary passion and bring people together through the love of Jollof rice,” said Bolanle Kehinde-Lawal, Marketing Director, Nutrition, Unilever West Africa. “The festival succeeded in creating an immersive experience that showcased the versatility and creativity that Jollof rice represents.”
With an array of tantalizing Jollof rice variations, from the aromatic Suya Jollof to the indulgent Seafood Jollof, attendees were treated to tasty and very nutritious meals that delighted their taste buds. Rain or shine, the flavors of Jollof rice shined bright, leaving everyone with a sense of satisfaction and culinary delight.
The Knorr Jollof Fest continues to inspire and empower food enthusiasts across the nation to explore new culinary possibilities and embrace the rich cultural heritage of Nigerian cuisine. The festival is a testament to Knorr’s commitment to enhancing mealtime experiences and introducing healthier and nutritious ways of eating one of Nigerians favorite dishes – Jollof. No weather could deter the excitement and passion of the attendees, and it’s a testament to the enduring love for Knorr and Nigeria’s beloved dish-Jollof.
The Central Bank of Nigeria (CBN), on Tuesday, July 25, 2023, raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
Acting CBN Governor, Folashodun Shonubi disclosed this development after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.
This is the first decision of the monetary committee since President Bola Tinubu’s assumption of office on May 29, 2023.
It is also the first decision of the committee in about a decade without Godwin Emefiele who was suspended as the governor of the apex bank on June 9, 2023.
Last week, Nigeria’s headline inflation rose to 22.79% in June from the 22.41% recoded in May 2023 amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.
This was according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistic (NBS). The CPI measures the rate of change in prices of goods and services.
Speaking at the CBN headquarters in Abuja on Tuesday, Shonubi said “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.
Bountiful rewards abound as Stanbic IBTC Bank unveils the much-anticipated third season of its Reward4Savings Promo, demonstrating its commitment to acknowledging and empowering customers who embrace a savings mindset.
Leveraging the triumphs of past seasons, the financial institution is determined to deliver an unparalleled experience in this exciting promotion, revolutionising the way Nigerians save. The Reward4Saving 3.0, themed “The Rewards are back,” aims to encourage individuals and families to save money wisely while enjoying many unique benefits.
The last season rewarded customers with 156 million naira worth of cash prizes while producing 35 millionaires. This season will not be an exception. Reward4Saving Promo 3.0 is set to reward 840 customers in the monthly draws, and ten customers, each across seven zones, will be rewarded with N100,000 each for the next twelve months. 28 customers; one customer per zone will win N1 million in the quarterly draws, and seven customers, one customer per zone, will get N2 million in the grand finale
To qualify for the Reward4Savings 3.0 Promo, existing and new Stanbic IBTC customers must open and maintain a savings account with a minimum balance of N10,000. For every N10,000 saved within 30 days, participants will earn one entry into the monthly draws. The more savings a customer accumulates, the higher their chances of winning.
This Promo presents an exceptional opportunity for Nigerians to unlock their financial potential. Savers not only stand a chance to win exciting cash prizes, but they equally embark on a rewarding journey towards financial freedom.
To participate in the Reward4Saving promo Season 3 and stand a chance to win incredible prizes, visit your nearest Stanbic IBTC branch, explore the Bank’s online account opening option on the Mobile App, USSD (*909*37#) and Quick Services on the Bank’s website. You can also contact the customer service hotline at [0700 909 909 909] for more details.
Do not be left out. Join the savings movement today and secure your financial future with Stanbic IBTC Bank!
L-R: Adedayo Adelegan, Growth Marketing Manager (Enterprise), Interswitch; Robinta Aluyi, Group Head, Sales & Accounts Management- Digital Infrastructure & Managed Services (Interswitch Systegra); Silvia Boblea, Marketing Executive, Stratus Technologies; and Pieter Van Der Merwe, Regional Manager, Sales and Business Development (Africa and Middle East) Stratus Technologies, at the recently concluded Nigerian Oil & Gas (NOG) Energy Week in Abuja.
Interswitch Group, Africa’s leading integrated payments and digital commerce company, and Stratus® Technologies, Inc. (“Stratus”), an SGH (Nasdaq: SGH) company and a global leader in simple, protected, and autonomous Edge Computing platforms, have recently unveiled a plethora of cutting-edge technological solutions that will address gaps in the Nigerian oil and gas industry.
These novel solutions were showcased at the recently concluded Nigeria Oil & Gas (NOG) Energy Week themed ‘Powering Nigeria’s Sustainable Energy Future’ that was held from July 9 to 13 2023, at the International Conference Centre (ICC) in Abuja.
The 5-day conference and exhibition which drew energy industry leaders, experts, and key stakeholders from across Nigeria and beyond, focused on strategies for the Nigerian government and private sector participants to navigate the emerging trends in the energy sector.
Stratus and Interswitch jointly played a prominent role at the event as they actively engaged participants and showcased a range of solutions including advanced asset performance management applications, fault-tolerant edge computing platforms supporting advanced analytics with Artificial Intelligence (AI) and Machine Learning (ML), real-time simulation and digital twins for efficiency optimization, secure and autonomous edge computing platforms for monitoring and control.
The solutions are expected to enable industry players to harness the power of next-generation computing technologies to streamline operations, increase efficiency, and reduce costs.
“We are extremely pleased with the overwhelming response and positive feedback we received at the Nigeria Oil & Gas Conference,” said Jonah Adams, MD, Digital Infrastructure & Managed Services (Interswitch Systegra).
“Our partnership with Stratus Technologies has enabled us to deliver state-of-the-art solutions that empower organizations in the oil and gas industry in Nigeria. By leveraging IoT-driven the capabilities of the edge computing and the ft servers, our solutions enable enhanced performance, cost optimization, and efficiency. We are proud to contribute to Nigeria’s sustainable energy future.”
Also commenting on the partnership and its attendant possibilities, Pieter van der Merwen, Regional Manager Sales and Business Development Africa and the Middle East, Stratus Technologies, said “Collaborating with Interswitch Group has been a remarkable journey.
“Our fault-tolerant Edge Computing platforms, combined with Interswitch’s technological expertise, offer oil and gas industry organizations unparalleled capabilities for real-time data processing, advanced analytics, and simulation. We are delighted to be part of this transformative journey, enabling enhanced efficiency, predictive maintenance, and cost optimization.”
As a forward-looking technology company that provides services across industry verticals, Interswitch continues to develop industry-disrupting innovations that spur efficiency and drive performance excellence.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that its members further increased the prices of petrol at the pumps in Nigeria so as to remain afloat, citing the need to align with the reality of the current dynamics in the market.
It would be recalled that last week’s Tuesday, the Nigerian National Petroleum Company Limited (NNPC) and the independent marketers raised the price of the fuel from between N488 to N557 the product previously sold, to N558 in Lagos to above N617 in many parts of the country.
But the National President of IPMAN, Chinedu Okoronkwo, who spoke on Channels Television, explained that members of the association were going out of business due to the removal of subsidy on petrol.
He maintained that the petrol marketers have been unable to raise money to load from depots and the NNPC with the previous rate, given the new foreign exchange and crude price dynamics.
“You need to be in business. If you go back, you will go and buy at a new price. Assuming you are selling N520, then there is a sudden change from where you are getting it, you have to still be in business.
“Some of my members have got to the level of putting products in their tankers, all of a sudden, there was an information that the price had changed. They didn’t load them again. Some are even battling now to see how they can load on that old price and now the new price,” he explained.
The IPMAN boss said the timing of the price increment was not the issue but that the government must work on how to mitigate the effect of the price adjustment and ease the pressure on the dollar.
Okoronkwo also called on the government to develop infrastructure for Compressed Natural Gas (CNG) and consult with industry players in the oil and gas sector on how other alternative energy sources can be deployed.
In his remarks, a former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Peter Esele, accused the petrol marketers of taking advantage of the situation to make extra profit.
The Federal Government’s outstanding N1.3tn debt to the Nigerian National Petroleum Company Limited has nothing to do with the payment of dividends to the government, the NNPCL stated on Thursday.
In June of this year, the national oil firm disclosed that it expected a reimbursement of around N1.3tn from the Federation Account as a debt owed by the Federal Government. It revealed this as President Bola Tinubu’s inter-agency committee was ready to begin meeting to address the outstanding debt dispute.
The Federal Government accused the NNPCL of being indebted to the tune of around N2.8tn, but the oil firm maintained that the Federal Government should first pay back almost N4.1tn in unresolved outstanding claims for petroleum subsidy products imports, supplies and distribution on behalf of the government.
“The Federation owes NNPC almost N4.1tn and NNPC owes about N2.8tn to the Federal Government. So, they should actually give us a cheque for the debt of N1.3tn they owe NNPC Limited,” a senior official of the company had reportedly stated recently in Abuja, as the inter-agency committee constituted by the President moved to resolve the matter.
But despite this debt by the Federal Government to the NNPCL, the company announced recently that it paid a dividend and Production Sharing Contract profit of about N123bn to the Federal Government in June.
It stated, “NNPC has remitted N123bn (N81bn as monthly interim dividend and N42bn as 40 per cent PSC profit oil) in addition to compliance on payment of royalties and taxes.
“This clearly shows that the company under the leadership of Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA (Petroleum Industry Act),” the company’s Chief Financial Officer, Umar Ajiya, stated in a chat with journalists.
When approached by our correspondent and asked if the oil company had begun to deduct part or all of the N1.3tn due it by the Federal Government, the corporation answered in the negative, owing to the fact that it had recently given the government a N123bn dividend.
Garba-Deen Muhammad, NNPCL’s Chief Corporate Communications Officer, went on to explain that the dividend payment had nothing to do with the Federal Government’s N1.3tn debt to the national oil firm.
“Dividend payment is on projected profit and has nothing to do with the outstanding N1.3tn owed to the NNPC Ltd,”
Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, was granted bail in the sum of N20 million with one surety in the same quantity on Tuesday by the Federal High Court in Lagos State.
He was granted bail after pleading not guilty to the two counts of illegal possession of guns and ammunition.
Emefiele is facing two counts of unlawful possession of guns and ammunition, which the Federal Ministry of Justice has filed against him before the vacation judge, Justice Nicholas Oweibo.
The Ministry of Justice is charging him with illegally carrying a single-barreled shotgun (JOJEFF MAGNUM 8371).
He is also charged with illegally possessing 23 rounds of live ammunition (cartridges) without a permit.
The defendant committed the offences on June 15, 2023, at No. 3b Iru Close, Ikoyi area of Lagos.
Vice President of Nigeria, Kashim Shettima has revealed that Nigeria has generated more than half a billion dollars for innovative, profitable, equitable, and sustainable food system transformation initiative.
Mr Olusola Abiola, Director, Information, Office of the Vice President, in a statement, said that Shettima made this known while chairing a high-level meeting on the first day of the UN Food Systems Summit in Rome, Italy. The meeting was declared open by the UN Secretary-General, Antonio Guterres.
Shettima explained that the funds were mobilized through domestic resources, multilateral development banks, international financial institutions, and climate funds by leading agro-businesses. He said that the money would be used for financing food system transformation, development of Nigeria’s agro value chain, and the setting up of Special Agro-Industrial Processing Zones.
“In this event, the Government of Nigeria will be showcasing its Value Chain Development Programme (VCDP) as a unique example of a successful partnership between producers, the public sector and private operators.
“The VCDP, which is co-funded by Nigeria and IFAD, has empowered vulnerable farmers and youth to engage in commercial partnerships with some of the biggest food processing and marketing firms in the world such as OLAM,“ Shettima said.
OLAM is operating in more than 60 countries with an annual revenue of about 39.8 billion dollars. While speaking on the government’s vision about ending hunger, the vice president noted that building on the success of the VCDP, the Federal Government was determined to empower Nigeria’s rural smallholders and operators, youth, and women living below the poverty line to enable them to take advantage of the new Special Processing Zones.
Also on the Special Agro-Industrial Processing Zones (SAPZ), Shettima said it brought together local governments, IFAD, AfDB, IsDB, GCF, OLAM, and other private actors alongside the government of Nigeria for transformative financing of food systems that leave no one behind.
Similarly, while featuring in the panel discussion with the Prime Minister of Somalia, Hassan Sheikh Mohamud; Deputy President of Kenya, Rigathi Gachagua; and Prime Minister of Niger Republic, Ouhoudou Mahamadou, Shettima said President Bola Tinubu was determined to transform the concept and meaning of modern governance” by demonstrating commitment towards the food system in the country.
“President Tinubu hit the ground running from day one of his administration, which is barely two months in office, and has declared a state of emergency in food security and took it as a livelihood item within the National Security Council.”
On removing impediments to economic recovery, he said “We had two albatrosses around our necks, subsidy on petrol and multiple exchange rates system.
“We withdrew the subsidy on petrol from day one, just like President Ruto did in Kenya.
“To mitigate the effects of the subsidy removal, the government embarked on the immediate release of grains and fertilizers.
“A commodity marketing board has been put in place to continuously review and monitor the prices of food items. Along this way, the president has already approved the infusion of a huge quantum of funds towards repositioning our security architecture.
“We have similar problems with Somalia and Kenya, especially in the Northeast and Northwest regions of our country and so we are repositioning our security architecture to provide support for farms and farmers,“ the vice president said.
Earlier, while declaring the Summit open, the UN Secretary General, Guteress commended the participating countries for their commitment to addressing the problems of hunger and malnutrition.
“This is the gathering about the food system. It is essentially to fulfil those basic human rights, the right to food. It is outrageous that people continue to suffer in the world of plenty,” he said.
The Vice President also had a bilateral meeting with the Italian Prime Minister, Giorgia Meloni. Both leaders discussed issues about the development of the two countries. Shettima was accompanied to the meeting by Nigeria’s Ambassador to Italy, Mfawa Abam and the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, and other senior government officials.
In attendance were the President of IFAD, Dr Alvaro Lario, Muhammad Suleiman Al Jasser, President of Islamic Development Bank (IsDB) and the Vice President of AfDB, Mrs Hassatau N’Sele. Others were the Vice President of OLAM International, Mr. Reji George and the Vice President, of Commodity Alliance Forum (Representative of farmers) Mrs. Ejim Lovelyn.
