Governor Agbu Kefas of Taraba State on Friday pronounced free training in all primary and secondary schools to cushion the effects of the removal of fuel subsidy.
The decision was made just 48 hours after it was announced that university tuition would be cut by 50% to help the country through its current difficulties.
He said that Taraba State’s primary and secondary education would be free starting with the next school year.
An assertion by his Representative, Emmanuel Bello, said Kefas made the statement at the Ebenezer Grade School in Wukari as a feature of his evaluation visit.
The governor emphasized that students should not be charged fees and that the costs should be covered by the government.
He stated that the removal of the fuel subsidy has made the move imperative, in addition to fulfilling a campaign promise.
On Wednesday during his visit to the Taraba State College in Jalingo, Kefas reported the evacuation of school charges in the college, saying quality training remained his fundamental need.
Kefas stated that he had committed to free primary and secondary education and had since declared a state of emergency in the education sector.
The development was welcomed by many University students, who said that the lower tuition would significantly improve their lives.
“Some parents stated that the difficulties brought on by the removal of the fuel subsidy have made it difficult to pay for school fees. They claimed that the cut has increased their optimism, Bello had stated.
The Niger Delta Development Commission (NDDC) has revealed that it has completed about 7,000 projects worth more than 1.66 trillion naira so far in the Niger Delta region, with another 6,000 projects currently underway.
Established on June 5, 2000 by Act No. 6 of the Niger Delta Development Commission, 2000, the NDDC is the federal agency with sole authority for the development of Nigeria’s oil-rich Niger Delta region. The commission also announced that 6,000 projects underway in the region are worth more than 1.5 trillion naira, adding that the agency has signed over 5 trillion naira worth of contracts since the establishment of the NDDC.
This was announced in Abuja during a day-long policy dialogue with development partners and donor bodies organized by the Commission in collaboration with the Federal Ministry of Niger Delta Affairs. In a presentation at the event, the Chairman NDDC-Public Private Partnership Committee, Emmanuel Audu-Ohwavborua, said, “The NDDC has completed over 7,000 projects since inception, valued at N1.66tn.
“Also, over 6,000 projects are ongoing across various locations in the Niger Delta region and these projects are valued at over N1.5tn.”
He stated that the value of the total contracts awarded by the agency since it was established was N5.2tn, whereas the agency had received just about N2.5tn from inception, adding that the sum include staff salaries, executed projects, etc.
Audu-Ohwavborua told donors and partners at the event that over N200bn worth of renewable energy projects had been completed and ongoing to attract carbon credit to the region. The Managing Director, NDDC, Samuel Ogbuku, said the dialogue was organised to get the collaboration of stakeholders and development partners in promoting greater synergy for enhanced result in the oil-rich region.
He explained that the NDDC policy dialogue was part of a deliberate effort by the commission to deepen relationships with development partners and the private sector to close gaps in sustainable development in the region. “We do this by coordinating our development work to improve effectiveness and impact,” Ogubuku explained.
Undersecretary of the Federal Ministry of Niger Delta Affairs Shuaib Bergore said the dialogue was one of many strategies by the ministry and the NDDC to “accelerate the development of the Niger Delta region through off-budget commitments.” . It aims to meet the socio-economic needs of the region. “
“The platform will also provide an opportunity for stakeholders to jointly review our past development efforts in the region and design a new and robust roadmap based on integrity and corporate governance structures,” he added. I believe,” he added.
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Following investors’ renewed interest amid the Central Bank of Nigeria’s (CBN) foreign exchange reform, Zenith Bank Plc’s market capitalisation crossed the N1 trillion mark on the Nigerian Exchange Limited (NGX).
So far, investors who invested in Zenith Bank, have gained over N250 billion, when the stock price opened for trading this year at N24 per share.
Zenith Bank has now joined MTN Nigeria Communication (largest company in market capitalisation) , Airtel Africa, Plc, Dangote Cement Plc, BUA Foods Plc, and BUA Cement Plc with a market capitalisation in trillion of naira on the bourse. The six companies contributed 67 per cent or N21.560 trillion to market capitalisation that closed June 23, 2023 at N32.237 trillion.
Commenting on the development, the Vice President, Highcap Securities Limited, Mr. David Adnori, also attributed hike in Zenith Bank performance on banking stocks rally amid unification of the foreign exchange and fuel subsidy removal.
“These two policies have awakened the fundamentals of the macro-economy and it reflected in the Zenith Bank’s stock lately. These policies are masterstroke as market stakeholders have been clamouring for it a long time.
“We have been clamouring for full unification of the foreign exchange so that there will be clear rates for everyone to see.
“With the unification of foreign exchange, we have seen the full value of naira and if the naira is floated, it means foreign direct investors can seamlessly come-in and exit the stock market.”
In its unaudited results for the first quarter (Q1) ending 31st March 2023, Zenith Bank recorded an exceptional double-digit growth of 41 per cent in gross earnings, increasing from N191.5 billion in Q1 2022, to N270 billion in Q1 2023.
The statement of account submitted to the NGX indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27 per cent year-on-year (YoY) increase in Profit Before Tax (PBT), which rose from N68 billion in Q1 2022, to N86.6 billion in Q1 2023. It also showed that Zenith Bank’s Profit After Tax (PAT) grew by 13 per cent, from N58.2 billion to N66 billion during the same period.
The growth in the topline was propelled by substantial increases in both interest income and non-interest income. Interest income surged by 52 per cent from N126.4 billion in Q1 2022, to N191.6 billion in Q1 2023, while non-interest income expanded by 27 per cent from N57.2 billion to N72.8 billion.
The growth in interest income was attributed to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.
Regarding efficiency, the cost-to-income ratio improved from 55 per cent to 53.4 per cent in the current period, supported by a bolstered income line.
The cost of risk also moderated from 0.8 per cent to 0.7 per cent during the same period due to an enlarged loan book. However, Zenith Bank’s cost of funding doubled YoY from 1.3 percent in Q1 2022 to 2.7 percent in Q1 2023, owing to a considerable spike in interest rates between both periods as interest expense grew from N25.8 billion in Q1 2022 to N70.8 billion in Q1 2023.
This impacted the net interest margin (NIM), which reduced from 7.3 per cent to 6.9 per cent over the same period. Total assets expanded by nine per cent from N12.29 trillion in December 2022, to N13.36 trillion in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings.
In addition, the results showed that in the review period, Zenith Bank’s customer deposits increased by two per cent from N8.98 trillion in December 2022, to N9.14 trillion in March 2023. Loans and advances also experienced marginal growth of one per cent from N4.12 trillion in December 2022, to N4.15 trillion in March 2023 as customers continued to adjust to the full impact of higher rates on risk assets
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency dropped in value against the United States dollar, as the foreign exchange (forex) trading closed at ₦762.63 per $1 on Thursday, July 6.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last exchange between ₦777 and ₦785 with an average of ₦781.00 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
Mele Kyari, chief executive of the Nigerian National Oil Company Group, announced on Thursday that NNPCL will build a new international gas pipeline worth about $8 billion.
NNPCL and its partners are currently working on the construction of the US$25 billion Nigeria-Morocco gas pipeline, which will transport gas from Nigeria to about 11 African countries and from Morocco to Europe.
During a panel discussion at the 8th International Oil Exporters Seminar in Vienna, Austria, kyari explained that the proposed $8 billion pipeline would run through the Republic of Niger to Algeria and then to Europe. bottom.
He revealed this in a video clip provided to the NNPCL correspondent in Abuja. Kyari participated in a roundtable discussion of a seminar titled “Eradicating Energy Poverty”.
“We are building a $25 billion pipeline from Nigeria to Morocco via 11 countries in West Africa,” he said. We plan to build another pipeline through the Republic of Niger and through Algeria to Europe, with a potential of $7 billion to $8 billion.
“We are also adding another train to our current LNG (liquefied natural gas) facility, which of course will double the capacity of our current plant and make it available to the market. means that.”
The NNPC pilot said the oil company is working on a number of other gas projects to further push gas penetration in Nigeria and other countries. Last month, Nigeria, Morocco, Côte d’Ivoire, Liberia, Benin and Guinea signed four memoranda of understanding to build a $25 billion Nigeria-Morocco gas pipeline project.
The participating countries signed a memorandum of understanding at the Abuja headquarters of the Economic Community of West African States, while the project steering committee met at the ECOWAS office to discuss the progress of the project and its strategic direction. Four memorandums of understanding were signed and a tripartite agreement was signed between NNPCL and the Moroccan National Hydrocarbon Mining Authority, the Ivory Coast National Oil Companies Association, the Liberian National Oil Company and the Society Association. On the other hand, Benin’s Nationale des Hydrocarbures and Guinea’s Société Nationale des Pétroles.
This Memorandum of Understanding was signed between ECOWAS on 15 September 2022, Mauritania and Senegal on 15 October 2022, and Gambia, Guinea-Bissau, Sierra Leone and Ghana on 5 December 2022. The same, and reaffirmed the following commitments of both parties: strategic project.
The completion of the Nigeria-Morocco pipeline project will enhance the monetization of natural gas resources in affected African countries and also provide a new alternative export route to Europe.
In another development, NNPCL confirmed in a tweet on Thursday that no fuel subsidies have been paid to oil distributors since 2016. This confirms that NNPCL has subsidized gasoline for several years and paid for it itself. “As of January 2016, no petrol subsidies have been paid to distributors.
“NNPC Ltd will coordinate subsidy deductions with the association,” the company said.
The Nigerian stock market continued its upward trend on Thursday, with investors registering a daily profit of Naira 270 billion. Equity investors expected market capitalization to rise by around Naira 34 trillion on the back of improving sentiment.
Data from the local stock exchange showed key performance indicators rose slightly on strong buying momentum on the floor of the Nigerian stock exchange. Higher Dangote cement prices were the main catalyst for the day’s gains, followed by consumer discretionary stocks.
Again, there was unusual volume trading at FBNH, but the slight rise suggests there were random buy and sell orders that sparked a price spike on Thursday as the market valuation of financial services neared Naira 700bn. are doing.
The all stocks index rose 81 basis points to close at 62,019.88 from 61,523.57 on Wednesday, according to exchange data. Year-to-date stock market returns rose to 21.01%, approaching inflationary pressures in May 2023, in contrast to sluggish bond market rates despite double-digit base rates.
The market index, or all stocks index, rose 496.31 basis points today, up +0.81% to close at 62,019.88 points. Brokers said the market activity picked up on the day, with trading volume and trading volume up +543.24% and +821.84% respectively.
According to Atlass Portfolios Limited, approximately 5,443.83 million units (worth £95.0514 billion) were settled in 9,948 transactions. FBNH was the most traded stock on a volume basis, accounting for 86.19% of total volume, followed by FCMB (2.33%), ACCESSCORP (1.04%), JAPAUULGOLD (1.01%) and STERLINGNG (0.86%). Top 5 in volume table. In addition, FBNH was also the most traded stock by value, accounting for 92.43% of total forex trading volume. ETERNA, UBN, CONOIL, LEARNAFRCA and MRS topped the leaderboard with 10.00% gains each.
These stocks saw NASCON up 9.95%, ETRANSACT up 9.88%, JAPAUULGOLD up 9.78% and ABCTRANS up 9.76%. There were 45 other winners of his on the market today.
DANGCEM up 1.75%, PRESCO up 2.56%, FBNH up 2.70%, JAPULGOLD up a staggering 9.78%, CONOIL and MRS both post huge gains of 10%, NASCON a stunning A 9.95% increase was recorded. 18 stocks fell, the biggest loser was WAPIC, down -9.59%, along with UPDC (-9.24%), HONYFLOUR (-7.46%), CHAMPION (-5.00%), JAIZBANK (-2.22%), FLOURMILL -9.59% down to close at ₦0.66. (-1.32%) also fell.
According to the exchange’s data, the market range ended positive, registering 54 gainers and 18 losers. Market sector performance thus ended positive with three of the five major market sectors finishing green.
The oil and gas index rose slightly by 2.36%, followed by the industrial index by 0.93% and the consumer goods sector by 0.22%. Meanwhile, the banking and insurance sectors fell -2.48% and -0.55%, respectively. Overall, the market capitalization of stocks closed at ₦33,770.44 trillion, up ₦270.25 billion compared to ₦33,500.19 trillion yesterday.
The imbalance between foreign currency supply and demand in the official market prevented the Nigerian naira from repeating yesterday’s gains ahead of next week’s Nigerian Eurobond payments.
The Nigerian currency lost weight in the forex window for investors and exporters on Thursday as foreign exchange demand outstripped market supply, while the naira let go of its mid-week gains.
In addition, Nigeria’s foreign currency shortage has simultaneously weakened the spot exchange rate in the parallel market. Traders at the Lagos Exchange Authority said demand for U.S. dollars for offshore trading from individuals and businesses has surged.
A US dollar shortage in the economy means that market supplies remain tight despite a high reliance on imports for both production and consumption. Data from the FMDQ exchange showed that the naira fell against the US dollar at the investor-exporter (I&E) window, trading at 762.63 naira (742.31 naira).
In the parallel or open market, the US dollar fell 0.70% to 786.3 naira from the mid-week announcement of 781 naira as reserves fell. Other major currencies rose against the naira, but analysts expect a possible trend reversal.
Nigeria’s total foreign exchange reserves rose to about $34 billion, covering six months’ worth of imports. However, there is also a view that foreign exchange reserves will further decrease next week due to the eurobond resolution.
In the global oil market, Brent crude fell 0.95% to $75.92 a barrel and WTI crude fell 0.90% to $71.15 a barrel. Oil futures fell Thursday as negative sentiment over a possible economic slowdown outweighed the impact of a larger-than-expected drop in crude stockpiles.
Since the beginning of 2023, FX reserves have come under pressure, falling from US$37.1 billion in January 2023 to US$36.1 billion on March 15, 2023 as a result of foreign exchange market interventions.
Forex analysts said the local currency will continue to suffer due to high import costs and foreign currency demand for services. CBN has signaled plans to intervene in the foreign exchange market to limit the pace of currency depreciation.
Deposit Money Banks and Other Financial Institutions in Nigeria have been requested by the Central Bank of Nigeria (CBN) to increase transaction monitoring with businesses and individuals from Cameroon, Croatia, and Vietnam.
This was in accordance with the following circular: FPR/AML/PUB/BOF/001/029, which Mr. Chibuzo Efobi, Director of Financial Policy and Regulation, issued on Thursday.
CBN says that Nigerian banks and other financial institutions need to keep an eye on their transactions with those countries because the Financial Action Task Force recently put them on a grey list.
The Financial Action Task Force is a global organization tasked with developing and promoting measures to combat terrorist and proliferation financing, as well as money laundering.
Any nation under expanded checking is effectively working with the FATF to address key lacks in its system to counter tax evasion, psychological oppressor funding, and multiplication supporting.
The apex bank also stated that banks should keep a close eye on the Democratic People’s Republic of Korea, Iran, and Myanmar, which remain on the list of high-risk jurisdictions.
The Circular states, among other things, “The results of Financial Action Task Force Plenary conducted from June 21-23, 3023 and subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring’ are drawn to the attention of banks and other Financial Institutions.”
Additionally, the Democratic People’s Republic of Korea, Iran, and Myanmar remain on the “Call for Action” list of high-risk jurisdictions.
As a result, “improved due diligence should be applied,” and “countermeasures may need to be implemented in severe cases to safeguard the international financial system.”
The CBN went on to say that Russia is still out of the FATF and that banks need to be on the lookout for any risks when doing business with the countries on the list.
“We would also like to emphasize that the Russian Federation’s exclusion from the FATF remains in effect.”
“Financial institutions (FIs) are obligated to be on the lookout for new risks that could emerge as a result of violations of measures taken to safeguard the international financial system.”
“Considering these turns of events, FIs are coordinated to take note of all increments to locales under ‘Expanded Checking,’ as well as, high-risk purviews subject to a ‘Call-for-Activity’ and go to fundamental lengths to moderate these dangers successfully,” the CBN said.
Prior in February this year, Nigeria was additionally dim recorded by the FAFT.
According to a recent statement from the Nigerian Financial Intelligence, the FATF has reduced Nigeria’s 84 deficiencies from 84 to 15. This is due to the country’s positive push to get off the grey list.
Zacchaeus Adedeji, special assistant to the president on revenue said that the Federal Government (FG) has no plans to levy new taxes on Nigerians.
On Thursday, Adedeji addressed the media at the presidential mansion in Abuja.
He stated that rather than imposing additional taxes, the government would focus on improving existing tax collection.
In response to a query on whether the president’s action would effect the petroleum tax and whether new taxes would be imposed, Adedeji stated that the president’s intention was to alleviate tax loads, harmonise and manage existing taxes in the best interests of Nigerians.
“As you rightly said that there’s a plan or possibly proposal for petroleum tax, if you look at the current price templates, that has already been included, so this suspension has nothing to do with that.
“So the pricing structure that you have for PMS today, all those have been included, there’s no new taxes that we’re bringing in,” the special adviser said.
“Like my colleague has said, one of the key focus of this administration is to harmonise our taxes, the way we collect it.
“Mr. President actually wants to simplify and make it friendly to business, the way we operate taxes in Nigeria. As we know, when we talk about the revenue management, it’s not only in tax collection, the starting point is our economic policy because our aim is not to tax poverty.
“Our aim is not to tax production. Our aim is to increase our productive activities, capacity to produce, then we can tax our consumption and that is the direction of our economic planning and then we want to increase the trust that we have in the government.
“If you have observed what has happened in the last months that we’ve been here, we’ve kept our words, part of what we are doing today, just to increase this trust that we’re here to do what’s best for the country.
“Lastly, we have a robust plan to improve our collection management and compliance management because that is what is needed.
“So we’re not going to impose new taxes, it’s the one that we have that we’ll improve the collection, the management and the efficient use of those resources.
“That is the pledge and promise of Mr. President, which we’re here to make sure comes to reality.”
Kano State’s House of Assembly on Thursday confirmed the appointment of Dije Aboki as the state’s first female Chief Judge.
Aboki’s nomination was confirmed when a letter from Governor Abba Yusuf was handed to the Assembly on Thursday.
Ismail Falgore, Speaker of the House, read the appointment letter during plenary.
Aboki’s path to the office of Chief Judge began in March, when she was named Acting Chief Judge by the state’s former governor, Abdullahi Ganduje.
The House Speaker congratulated Aboki on her appointment and asked her to continue her dedicated service to the courts.
He said, “We congratulate Dije Aboki on this historic appointment. We believe that her wealth of experience and professionalism will contribute to the development and growth of our state’s legal system.
“We urge her to remain dedicated to her duties and work collaboratively with the government to enhance the progress of Kano State.”
Aboki’s appointment was confirmed following a screening process undertaken by Speaker Falgore, in which three commissioner nominations — Ibrahim Fagge, Ibrahim Namadi, and Amina Abdullahi-Sani — were also approved.
The Speaker emphasized the importance of these nominations complementing the government’s efforts to further Kano State’s development agenda.
Twitter has threatened Meta with legal action over its new app “Threads”, accusing the social media giant of luring former staff to create a “copycat” product.
Instagram parent company Meta unveiled Threads, a text-based Instagram companion that resembles Twitter, on Thursday.
Within hours after the release, Twitter’s lawyer, Alex Spiro, wrote to Meta CEO Mark Zuckerberg, charging the business of “systematic, willful, and unlawful misappropriation of Twitter’s trade secrets and other intellectual property.”
Spiro via a letter said “Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information.
“Twitter reserves all rights, including, but not limited to, the right to seek both civil remedies and injunctive relief without further notice to prevent any further retention, disclosure, or use of its intellectual property by Meta.”
Spiro accused Meta of recruiting dozens of former Twitter workers who “had access to Twitter’s trade secrets and other highly confidential information” and “continue to have access to Twitter’s trade secrets and other highly confidential information.”
To protest the EU (European Union) assessment on the 2023 presidential election, protesters affiliated with the Coalition of Civil Society Organization and Political Parties for Good Governance on Thursday stormed the national secretariat in Abuja.
Over a hundred protesters marched from National Hospital to the EU office while carrying placards that said things like “Nigerians reject EU election observer report,” “Don’t incite violence in Nigeria,” and “We say No to manipulated report.”
The group sought to meet with the European Union Ambassador to Nigeria, Ms. Samuela Isopi, and Deputy Head of the EU to Nigeria, Alexandre Borges-Gomes, while shouting the well-known “On your mandate” campaign anthem of President Bola Tinubu.
When there is the group demanded to see the European Union Ambassador to Nigeria, Ms Samuela Isopi and Deputy Head of the EU to Nigeria, Alexandre Borges-Gomes.
The presence of the protesters consequently attracted a heavy retinue of armed security operatives who barricaded the perimeter.
The demonstration is coming in the wake of the final report by the European Union Election Observation Mission on Nigeria’s February 25 presidential poll.
In the preliminary findings presented by its Chief Observer, Barry Andrews, the EU-EOM held that though the elections were held on schedule, it lacked transparency as noticeable irregularities and operational failures also reduced trust in the electoral process.
Coordinator of the coalition, Dr Ene Ogbole, however, faulted the report, saying it was a deliberate attempt to create chaos in the country.
Addressing reporters at the entrance of the EU office, the former coordinator of the Tinubu-Shettima Presidential Campaign Council noted that every election across the globe comes with peculiar problems.
She said, “Every election held across the world including the United States of America, Great Britain and even the European Union countries have their peculiarities. The election that produced President Bola Tinubu was one of the most transparent in the history of Nigeria.
“We were therefore taken aback when the media was awash with the EU report carefully and specifically saying the election was fraudulent and fell short of requirements. I don’t know where that one is coming from. If it is the election we were all part of and fought vigorously with our lives for as patriots, something is fishy somewhere.”
Ogbole also queried why the union resorted to taking its report to the Presidential Election Petitions Tribunal to make its point. According to her, no serious government or institution would draw a conclusion from the account of a presidential election conducted in less than 1,000 polling units to reflect what went down in over 176,000 units spread across the country.
“The EU should know where to stop. Why on earth should they take the report of this election to the tribunal? They have procedures in their counties. But when they come to Nigeria, they act out of protocol. They must begin to have protocols and respect our rule of law.”
“You will agree with me that the report of the European Union is enough to trigger a national problem, chaos and put Nigeria’s security and sovereignty at stake. We understand the role they played. But again, there comes a time when we have to stop,” she stated.
Another high-ranking member of the coalition, Danjuma Mohammed, believed the EU election report was ‘orchestrated by detractors of Nigeria’s democracy’ and called on Nigerians to reject it.
While stating that it was not out of place for election observers to report on what they see, the APC stalwart stated the conclusion of the EU team was biased.
“The European Union’s conclusion about a fraudulent election is unwarranted and we believe it was orchestrated by the detractors of Nigeria’s democracy. We urge the media and well-meaning Nigerians to defend Nigeria’s democracy. That report is a threat to our democracy and it should be rejected outright.
“It is natural that there will be disputes and disagreement during elections. But the distraction that is being caused by the European Union’s negative contribution is unwarranted, unnecessary and we reject it in totality; particularly now that we are grappling with fundamental issues of insecurity,” he said.
Delta Air Lines and Southwest Airlines have both implemented bans on the video-sharing app TikTok for their employees, according to Simply Flying, an online aviation news platform.
Delta Air Lines recently announced that it was prohibiting the use of TikTok on phones connected to its work network.
This decision aligns with a recent US Government ban that restricts the presence and use of TikTok on information technology networks, including equipment used by Federal contractors.
Delta Air Lines is extending the ban to include any personal device used to access its internal network systems. This means that using TikTok on employees’ personal devices for work-related purposes, such as accessing apps, email, the intranet, or flight booking systems, will no longer be allowed.
Delta Air Lines itself has an official TikTok account with a significant number of followers, but the ban applies specifically to employee devices.
Southwest Airlines had previously implemented a similar ban on TikTok for the same reasons. As a federal contractor that works with various government agencies and carries federal employees on official travel, Southwest Airlines is required to adhere to the government’s guidance. TikTok has been inaccessible on the Southwest network since June 28, 2023. However, the Southwest Social Business and Insights Team will continue to use TikTok outside the airline’s network to communicate with customers.
According to the airline: “As a federal contractor we are required to adhere to this guidance and accordingly, TikTok will be inaccessible via the Southwest network beginning June 28, 2023.
These bans by Delta and Southwest Airlines were prompted by an interim rule issued by the US Department of Defense, General Services Administration, and National Aeronautics and Space Administration. This rule prohibits the use of TikTok and other ByteDance applications on devices used for official business by government contractors.
The US Government’s guidance on TikTok usage stemmed from the “No TikTok on Government Devices Act” issued by the White House in February 2023. This act instructed agencies to remove TikTok from federal devices and restrict its use on devices used by certain state governments. Notably, personal phones not used for work-related tasks are exempt from this prohibition.
The bans primarily affect devices used for official business by government contractors and may not directly impact personal devices that are not used in the performance of a contract.
“This prohibition applies to devices regardless of whether the device is owned by the Government, the contractor, or the contractor’s employees (e.g., employee-owned devices that are used as part of an employer bring your own device (BYOD) programme).
“A personally-owned cell phone that is not used in the performance of the contract is not subject to the prohibition,” US Government’s guidance on TikTok stated.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group and the leading end-to-end financial services provider in Nigeria, recently announced various Board appointments across the Group.
These appointments are a reflection of the Group’s commitment to strengthening its leadership teams and driving continued growth and innovation in the financial services sector.
Mrs. Ndidi Nwuneli, a highly accomplished businesswoman and social entrepreneur, was appointed Independent Non-Executive Director of Stanbic IBTC Holdings PLC. With an extensive experience and deep understanding of business development and sustainability, Ndidi will contribute invaluable insights to the Board’s strategic decision-making processes.
Mr. Yinka Sanni also joined the Board of the Holding Company as a Non-Executive Director. Yinka brings a wealth of experience in the financial services industry, and a strong track record of leadership. His robust industry experience and strategic insight will be instrumental in shaping the company’s growth trajectory. In addition to this role, Yinka will serve as a Non-Executive Director of Stanbic IBTC Bank.
Mrs. Funeka Montjane was appointed Non-Executive Director of Stanbic IBTC Bank PLC. Her rich expertise in banking and financial services across Africa and beyond will be instrumental in achieving the Bank’s strategic objectives and ensuring its continued success.
Mr. Efe Omoduemuke joined the Board of Stanbic IBTC Asset Management as an Executive Director. With broad knowledge in investment management and risk management, Efe will play a pivotal role in driving the next growth phase and development of the asset management business.
Mrs. Joyce Dimpka was appointed Non-Executive Director of Stanbic IBTC Insurance Brokers. Her vast background across the financial services industry at Senior Management and Board levels will provide valuable insights and guidance to the company’s operations.
Similarly, Mrs. Temitope Popoola was recently appointed as an Executive Director of Stanbic IBTC Insurance Brokers Limited. Temitope’s wealth of experience, which traverses Finance, Operations, Customer Service, Internal Audit, and Human Capital will be instrumental in achieving the Company’s strategic objectives in delivering excellent service and innovative insurance solutions to clients.
Mr. Oladele Sotubo was appointed as Executive Director on the Board of Stanbic IBTC Capital Limited. With his expertise and experience in the capital markets, Oladele will bring valuable insights and contribute to the growth and success of Stanbic IBTC Capital Limited.
Lastly, Mrs. Titi Ogungbesan was appointed as the Chief Executive of Stanbic IBTC Ventures. With her demonstrated leadership skills and deep understanding of the Nigerian business landscape, Mrs. Ogungbesan will lead the company in identifying and maximizing investment opportunities, driving its growth, and expanding the company’s portfolio.
The Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, said: “These appointments represent a significant milestone in the flight plan of Stanbic IBTC as we continue to position ourselves as a leader in the Nigerian financial services industry. The newly appointed directors bring a wealth of multi-dimensional experience, diverse perspectives, and a deep commitment to driving excellence and innovation.”
“We are delighted to welcome these esteemed professionals to our Board of Directors. As we navigate the evolving financial landscape and continue to deliver exceptional value to our shareholders, clients, and communities, we recognise that people are the driving force behind any company’s growth. Hence, we prioritise people over profits at Stanbic IBTC,” Demola said.
Demola expressed his satisfaction with the newly appointed directors and reaffirmed the Group’s commitment to nurturing its workforce while maintaining exceptional service standards across its subsidiaries.
He encouraged the new appointees to make a meaningful impact in their roles while expressing confidence that their collective experience and skills would further strengthen the organisation’s corporate governance.
Nigeria is taking a significant stride towards improving the lives of its citizens by introducing a groundbreaking digital birth registration program. This initiative is the result of a collaborative effort between the National Youth Service Corps (NYSC), the National Population Commission (NPC), and UNICEF, marking a crucial milestone in enhancing birth registration in Nigeria.
Presently, only around 40% of children born in Nigeria have their births officially recorded, leading to a multitude of challenges. The absence of birth registration hinders access to essential services such as education, healthcare, and social protection. It also exposes unregistered children to a higher risk of exploitation, including child labor, trafficking, and forced marriage. Moreover, limited opportunities for education and employment further exacerbate the difficulties faced by these children.
The partnership between NYSC, NPC, and UNICEF offers an unparalleled opportunity to rectify the birth registration issue in Nigeria and ensure every child can embrace a brighter future. As part of the initiative, the NPC is recruiting adhoc staff for the E-Birth registration program for 2023/2024.
Valid National Identification Number (NIN): This unique identification number, akin to a social security number, is essential for the application process.
Pass Assessment Test: Successfully complete the assessment test to demonstrate the necessary skills for the job.
Device with a Camera: Have access to a phone, tablet, or computer equipped with a camera for the job.
Bank Details Matching the NIN: Ensure that your bank account details align with your NIN information to verify your identity.
Valid Education Certificate: Possess a valid high school or college degree certificate as proof of completed education.
Valid Gmail Account: Use a valid Gmail account for communication and application purposes.
Score of 50% or More on the Assessment Test: Achieve a minimum score of 50% on the assessment test.
Valid Bank Account Number: Provide a valid commercial bank account for payment purposes.
Valid Phone Number: Maintain an active phone number for communication throughout the recruitment process.
Remember, your NIN can only be used once for the assessment test, and retaking the test is not possible. Ensure you are adequately prepared before taking the test.
The collaboration between NYSC, NPC, and UNICEF operates through assigned roles and responsibilities:
Roles and Responsibilities:
NYSC: Assigning 850 corps members to oversee the birth registration process.
NPC: Providing training and support for corps members and recruiting adhoc birth registrars at the local level.
UNICEF: Offering technical expertise and assisting with data collection and analysis.
To apply for NPC E-Birth Recruitment 2023/2024, follow these steps:
Start the Application: Click the “Start Application” button to commence the application process.
Choose Start as NYSC or Start as Adhoc: Select the appropriate option based on eligibility and preference.
Read Application Instructions: Thoroughly review the provided application instructions to ensure a complete understanding.
Check the Box: Indicate your understanding of the instructions by checking the provided checkbox.
Proceed: Click the “Proceed” button to advance to the next stage of the application.
Verify NIN: Validate your National Identification Number (NIN), as it can only be used once for the assessment test.
Fill the Application Form: Provide accurate information in the application form, including personal details, educational background, employment history, and contact information.
Review Filled Details: Carefully review all the filled details before submission, ensuring accuracyand completeness. Make any necessary corrections or additions.
Submit the Form: Once you have confirmed the accuracy of the provided information, click the “Submit” button to finalize your application.
Please note that the above steps serve as a general guide, and the actual application process may vary based on specific instructions and requirements provided by the NPC for their Birth Registration Adhoc E-Recruitment. It is crucial to follow the instructions provided on the official NPC website or any other authorized platform to access accurate and up-to-date information.
Join the NPC E-Birth Recruitment 2023/2024 and play a vital role in transforming birth documentation in Nigeria, ensuring that every child has the right to be recognized and safeguarded, ultimately contributing to a better Nigeria for future generations.
Prembly Compliance Industry Dialogue has announced its exclusive event titled “The Future of Financial Regulations in Nigeria,” scheduled to take place on the 20th of July, 2023.
This much-anticipated event will feature eminent speakers from the Central Bank of Nigeria (CBN), the Nigerian Exchange (NGX), the National Identity Management Commission (NIMC), and other key regulatory entities in Nigeria.
The Prembly Compliance Industry communication is a prime platform for constructive communication between regulators and the regulated, with a focus on compliance-related issues in their respective industries.
The event is specifically designed to present participants with a one-of-a-kind opportunity to engage in meaningful conversations, exchange ideas, and address difficulties related to Nigerian financial legislation.
This year’s program is themed “The Future of Financial Regulations in Nigeria,” emphasizing the need of staying ahead of emerging trends and preparing for regulatory improvements. Attendees may expect thought-provoking lectures, insightful conversations, and interactive panel sessions with key regulatory experts and decision-makers.
Prembly Compliance Industry Dialogue thinks that collaboration between regulatory bodies and the industry is critical for developing a strong and resilient financial ecosystem in Nigeria.
The event seeks to enable information sharing, create best practices, and strengthen the compliance framework across the country by bringing together stakeholders from diverse industries.
The Institute of Chartered Secretaries and Administrators of Nigeria has elected Mrs Funmi Ekundayo as its 29th and first female president.Funmi Ekundayo would take over the leadership of ICSAN for the next two years when Mr Taiwo Owokalade’s tenure comes to end at ICSAN.
Funmi Ekundayo is a Lawyer, Chartered Secretary and Administrator, Corporate Governance professional, Chartered Stockbroker and Capital Market practitioner. She attended the Kwara State Polytechnic where she obtained her A’ Level certificate and graduated with flying colours. She then proceeded to the University of Lagos where she obtained her Bachelor of Laws degree in 1995 and was called to the Nigerian Bar in 1996. She returned to the University of Lagos to pursue her master’s degree in Law, which she obtained in 1998.
Funmi’s professional and career course started with her Law Office Attachment experience at the leading Law Firm of Banwo & Ighodalo. Funmi was appointed as the Managing Director/CEO of STL Trustees Limited (then Skye Trustees Limited) in 2010. For her professional and organisational shrewdness, Funmi has also had the honour of receiving the “Trustees Company CEO of the Year” award numerous times from the Business Day Banks and Other Financial Institutions Awards, the Nigeria Finance Innovation Awards and the Marketing Edge Awards.
President Bola Tinubu has signed four Executive Orders, one of which suspends the 5% Excise Tax on communications services as well as the escalation of Excise Duties on locally created products.
Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, stated this on Thursday while briefing journalists at the State House in Abuja.
Finance Act
He added that President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which moves the start date of the Act’s modifications from May 23, 2023 to September 1, 2023.
According to the presidential spokesman, this is to ensure compliance with the 2017 National Tax Policy’s 90-day minimum advance notice requirement for tax changes.
The Customs, Excise Tariff
The Customs, Excise Tariff (Variation) Amendment Order, 2023, was also signed by Nigeria’s President, changing the start date of the tax revisions from March 27, 2023 to August 1, 2023, in accordance with the National Tax Policy.
Green Tax
Tinubu also ordered the suspension of the newly implemented Green Tax in the form of an Excise Tax on Single-Use Plastics, such as plastic containers and bottles, as well as the suspension of the Import Tax Adjustment Levy on certain automobiles.
Alake also stated that the President issued these measures to mitigate the detrimental effects of the tax modifications on firms and households in affected sectors.
He did, however, reaffirm the President’s commitment to investigating complaints concerning different taxation, local, and anti-business restrictions.
He also stated that President Tinubu’s administration will continue to provide the necessary impetus through friendly policies to allow businesses to thrive in the country.
The President told Nigerians that no future tax increases will be implemented unless vigorous and broad consultations are conducted within the context of a cohesive economic policy framework.
Simi Nwogugu, the CEO of JA Africa, a youth-serving NGO in Nigeria, has been named the winner of the Africa Education Medal 2023, presented by HP in partnership with Microsoft and T4 Education.
The Africa Education Medal was founded last year to recognise the tireless work of who are transforming African education.
UNESCO data shows that Sub-Saharan Africa has the highest rates of education exclusion in the world. Over one-fifth of children between the ages of 6 and 11 are out of school, with girls particularly disadvantaged.
However, tireless international efforts have seen Africa make great strides in boosting enrolment in the decades leading up to the pandemic. By celebrating the stories of those working every day to expand upon these vital gains, the Africa Education Medal aims to inspire others to follow in their footsteps and bring lasting change in African education.
Simini Nwogugu is based in Nigeria and heads up JA Africa, an NGO that is part of the Nobel Peace Prize-nominated JA Worldwide – one of the world’s largest youth-serving NGOs that prepares young people for the future of work.
For 25 years, Nwogugu has been leading JA’s efforts in various capacities as it embarked on a mission to help young people to generate and effectively manage wealth, create jobs for their communities, as well as apply entrepreneurial thinking to the workplace and skills that will secure their financial future.
Her passion for strategy and innovation led to the development of many impactful programmes that are ensuring young Nigerians have the skillsets and mindset to succeed.
Nwogugu said, “I am so honoured to receive this accolade, but it is not just about me. This award is for all the fantastic staff at JA Africa, and for all the inspirational young people they have worked with, helping pave the way to a brighter future for our continent’s young. I want to thank T4 Education, HP and Microsoft for giving these people hope that together we can make a difference.”
The vital importance of Nwogugu’s work is highlighted by the fact that 60% of the population of Sub-Saharan Africa and about 37% of its workforce are under the age of 25. By 2025, Africa will be home to 25% of the world’s youth population.
Through the delivery of hands-on, blended learning in financial literacy, work readiness, and entrepreneurship, her organisation empowers young people to grow their entrepreneurial ideas, hone their work readiness skills, manage their earnings and secure better lives for themselves, their families, and their communities.
Mayank Dhingra, HP Senior Education Business Leader for Southern Europe, Middle East and Africa, congratulated Simi on the fantastic achievement of winning the Africa Education Medal 2023.
“Her work at JA Africa is empowering the continent’s next generation to face the future with confidence. She is an inspiration to all of us at HP, where we have a bold goal to accelerate digital equity for 150 million people globally by 2030.
“Only by joining forces and aligning with NGOs, government, educators and businesses can we truly improve the education environment. The Africa Education Medal brings together all those who are changing the face of African education, whose vital work deserves to be celebrated”, he added.
Vikas Pota, Founder and CEO of T4 Education, commended Simi for dedicating her life’s work to upskilling Africa’s young people, equipping them with the tools to not only survive but thrive in the world they are entering. He adds: “Congratulations on winning the Africa Education Medal 2023. Your success will serve as a rallying cry for changemakers to come forward and help Africa unlock its potential.”
Nwogugu was first introduced to JA while working at Goldman Sachs in New York City. Impressed by the organisation, she quit her lucrative job at age 24 to bring JA to Nigeria, where it now reaches more than 100,000 young people annually, before going on to head up JA’s operations across the continent.
She is a passionate advocate for girls’ education and one of her unique initiatives includes the Leadership, Empowerment Achievement & Development (LEAD) Camp for Girls, which has inspired and empowered over 1,200 young girls to become high-achieving women leaders in society.
Another initiative she has championed is the Venture in Management Programme (ViMP), which is designed to empower young people in the different facets of managing a business, making crucial business decisions and developing skills for General Management and social responsibility.
Graduates of the programme have gone on to become founders of Nigeria’s leading businesses as well as leaders of the most impactful non-profit organisations on the continent. She also built digital an out-of-school youth programmes that enabled her organisation to reach underserved populations in the North of Nigeria, even during the Boko Haram crisis and the COVID-19 pandemic.
Before becoming JA Africa CEO in 2020, she led JA Nigeria to impact the lives of over 1 million Nigerians in 5,000 schools. Among the many JA alumni who have gone on to become job creators and social entrepreneurs is Iyin Aboyeji, the founder of two unicorns: Andela and Flutterwave.
Nwogugu also serves as President of the governing board of the Harvard Business School Alumni Association of Nigeria (HBSAN) and has been recognised by the school with numerous awards including the Bert King Award for Social Impact presented by the Harvard Business School African American Alumni Association. She is currently a fellow of the Aspen Institute’s Africa Leadership Initiative for West Africa (ALIWA) where she is pursuing her passion to empower and equip 10 million African girls to build thriving communities by 2050.
Simi Nwogugu was chosen from the Top 10 finalists for the Africa Education Medal
Mary Ashun, Principal of Ghana International School, Ghana
Laura Kakon, Chief Growth & Strategy Officer of Honoris United Universities, Morocco
Rogers Kamugisha, Country Director of Educate!, Rwanda
Grace Matlhape, CEO of SmartStart, South Africa
Mary Metcalfe, former policymaker and CEO of Programme to Improve Learning Outcomes (PILO), South Africa
Martha Muhwezi, Executive Director of FAWE, Uganda
Jean-Claude Nkulikiyimfura, Executive Director of Agahozo-Shalom Youth Village, Rwanda
Simi Nwogugu, CEO of JA Africa, Nigeria
Sara Ruto, Former Chief Administrative Secretary of Kenya’s Ministry of Education and former CEO of PAL Network, Kenya
Snehar Shah, CEO of Moringa School, Kenya
Nominations for the Africa Education Medal opened in February 2023 for individuals working to improve pre-kindergarten, K-12, vocational and university education who are either educators, school administrators, civil society leaders, public servants, government officials, political leaders, technologists, or innovators.
The winner was chosen by a Jury comprising prominent individuals based on rigorous criteria.
