The Nigeria Labour Congress (NLC) has requested that the federal government put plans to raise energy tariffs in the country on hold.
The NLC, in a statement issued by its president, Comrade Joe Ajaero, said the decision to raise energy tariffs by 40 percent on July 1st is both insensitive and cruel, reflecting an organized disregard for the well-being of consumers, particularly the poor.
NLC via a statement said “The massive increase is explained away as a response to the over 100 per cent increase in the pump price of premium motor spirit (PMS).
“Details reveal a movement in inflation from 16.9% to 22.41 (threatening to needle 30), and a shift in exchange rate from N441 to N750.
“We believe not even these figures are a justification for this reckless proposed tariff increase.
“The issue of capacity to pay and quality of service delivery are not only germane but superior to any rationalisation by market logic.
“The service providers in spite of sundry support have not been able to meet the threshold of 5000 megawatts.
“Coupled with this, there have been surreptitious increases without notice in violation of statutes.
“The inherent risk in the new regime of tariff is that there is no control, implying that by August, consumers will pay new rates.
“The other risk is that by the time other product or service-rendering entities come up with their new prices or rates, the ordinary person would have been compacted into dust.
“We would want to advise apostles of the Market who have called NLC all sorts of names to check their conscience.
“The rate at which they are going is highly combative and combustible. With contemplation of payment of school fees in tertiary institutions and increases in privately-owned ones in addition to other costs/tariffs on the way, life in Nigeria could truly be Hobbesian,” the statement partly read.
According to the NLC, the market economies that Market Fundamentalists aim to replicate have socioeconomic safeguards in place that we do not have, and as a result, the proposed rate hike should be shelved for Nigerians’ collective safety.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group and a leading end-to-end financial institution in Nigeria, proudly received two coveted awards at the esteemed International Finance Corporation (IFC) and Nigerian Exchange Limited (NGX) Nigeria2Equal Program Dinner and Awards event which was held in Lagos State.
The event celebrated organizations that exemplified unwavering dedication to gender equality and the empowerment of women in the workplace.
Stanbic IBTC emerged as the winner of both the highly regarded Company Leadership Gender Diversity Award and the prestigious Gender Equality Champion Award. These accolades were in acknowledgment of Stanbic IBTC’s relentless efforts in promoting gender diversity, inclusivity, and equality within its workforce and the wider business community.
The Company Leadership Gender Diversity Award was a testament to Stanbic IBTC’s commitment to creating an inclusive workplace environment that offered equal opportunities to all employees, regardless of gender. Through various initiatives, the organization implemented policies and practices that actively promoted gender diversity and encouraged the advancement of women into leadership positions.
Furthermore, the Gender Equality Champion Award solidified Stanbic IBTC’s position as a frontrunner in the fight for gender equality. The award recognized the organization’s exceptional contribution to advancing gender equality within Nigeria’s financial sector. Stanbic IBTC continuously advocated for gender-balanced leadership, facilitated mentorship programs, and provided career growth opportunities for women in the industry.
In addition to the two prestigious awards, Stanbic IBTC received Special Recognition for its outstanding efforts in scaling up the Blue Women Network (BWN). The BWN program, aimed at promoting gender equality in the workplace, empowered women and provided them with a platform to network, share knowledge, and develop their skills.
Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings PLC shared his heartfelt gratitude for the recognition bestowed on the Group, stating, “A diverse and inclusive workforce drives innovation, enhances decision-making, and paves the way for a more sustainable future. Stanbic IBTC will continue to champion gender equality and diversity, both within our organization and beyond.”
The IFC and NGX Nigeria2Equal Program Dinner and Awards event brought together leaders from various sectors, government officials, and gender advocates to celebrate the outstanding contributions made by organizations in promoting gender equality. The occasion served as a platform to share best practices and ideas that could further advance gender equality in Nigeria.
With their remarkable achievements, Stanbic IBTC continues to inspire other organizations to prioritize gender diversity and equality by setting an excellent example for the financial industry in Nigeria and beyond. Their unflinching commitment to creating a more equitable and inclusive society serves as a shining beacon of progress and opportunity for all.
L-R; Ifueko Omoigui Okauru, Director, MTN Nigeria and President Queens College Old Girls Association; Dennis Okoro, Director, MTN Foiundation; Prince Julius Adelusi-Adeluyi (OFR) mni, Chairman, MTN Foundation; Zubairu Abdullahi, Director, Special Duties, Federal Ministry of Education Abuja; Adetutu Obabori, Principal, Queens College Lagos and Odunayo Sanya, Executive Secretary, MTN Foundation, at the official commissioning of the science laboratories at Queen’s College Lagos, remodeled by the MTN Foundation, on Wednesday, 21June, 2023.
Queens College, Lagos has received six refurbished science laboratories from the MTN Foundation. The laboratories were handed over on Wednesday June 21, 2023 at the school’s premises.
The donation, which includes two chemistry, physics and biology laboratories is part of the MTN Foundation’s Science and Technology Laboratory initiative, which includes the renovation of existing laboratory rooms, installation of laboratory furniture, supply of laboratory equipment and consumables, installation of solar-powered borehole and alternative power solution, and training of science teachers and laboratory attendants across secondary schools in Nigeria.
Speaking at the commissioning in Lagos, the State Governor, represented by the Permanent Secretary Ministry of Science and Technology, Ibilola Kasunmu, commended the Foundation’s commitment to partner with the government on improving education within the state.
“I am honored to commission the MTN Foundation Science Laboratories project, the project will provide a platform for young science and technology enthusiasts to hone their skills, aspire and achieve excellence.
“As a government our third pillar is education and technology which we believe we have dedicated and able partnership with organisations like MTN to achieve the 21st century status that is self-sufficient, innovative, creative and tech-savvy.
“In order for us to build the Lagos of our dreams, MTN has been with us throughout the journey, and the company continues to trailblaze a modern communication technology like the 5G which they launched last year. As we commission the laboratories today, I want to enjoin all stakeholders to see this project as their own and ensure that all will benefit from it.
“Too the students who will make use of these facilities, I want to encourage you all to aspire for the greatest you can be. Once again, I want to thank the MTN Foundation for this initiative, and we look forward to more collaborations with Lagos state government schools in future.”
In his remarks, the Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi (OFR) mni, highlighted that the MTN Foundation is dedicated to community development, he said “I can tell you that the MTN Foundation is easily one of the most effective Foundations in this country.
“The Foundation started in 2005, and till date, we have spent over 20 billion naira on education, health, Economic empowerment and that’s why we say, ‘What Are We Doing Today’. Every day, something somewhere is happening, supported by the MTN Foundation.
“For each school that we choose, there are hundreds of other schools that are eagerly waiting to participate and benefit from this initiative, however, the four schools that emerged were selected in recognition of set criteria. Therefore, my challenge today is that you monitor, evaluate and sustain the integrity of the equipment in these places.
“If that is done, you can trust us at the MTN Foundation to continue to work with you. I can tell you we appreciate the contribution of the authorities of the school, government, and the alumni and we look forward to continued collaboration” he stated.
Principal, Queens College Lagos, Mrs Adetutu Obabori, commended MTN for maintaining its corporate social responsibility to the society and pledged readiness to maintain the facility.
“Thank you MTN Foundation for your contribution towards the renovation of our laboratories, your commitment to education and community development is truly remarkable. We are immensely grateful for your ongoing partnership, and I pledge to continue my efforts to cultivating a learning environment that fosters innovation, discovery and excellence,” she said.
Three other schools – Government Secondary School Owerri, St. Aquinas College Akure, and St. Augustine college Ibusa, Delta state – also received a full renovation and refurbishment of their chemistry, physics and biology science laboratories.
MTN Foundation, through the Science and Technology Laboratory Project, has continuously assessed the need to strengthen academic performances in public secondary schools by improving learning outcomes of key science subjects.
Currently in its second phase, the Foundation has renovated science laboratories in 22 schools across several states in Nigeria including Lagos, Abuja, Edo, Kwara, Katsina, Bauchi and Abia.
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 either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at ₦765.61 per $1 on Thursday, June 22.
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 traded between ₦750 and ₦760 with an average of ₦755.00 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 bank.
Market exchange rates converged in a range of 765 naira to the dollar on Thursday amid mixed demand, with the Nigerian naira trading near market equilibrium levels, according to quotes from the FDMQ exchange.
At the Central Bank of Nigeria (CBN) exchange window for investors and exporters, the naira fell as demand for foreign currency increased. However, the national currency appreciated on the black market as users preferred bank exchange rates.
Thursday’s forex quotes from the FMDQ exchange platform showed US$1 selling at Naira 765.13 on the official window. This means the local currency has weakened compared to the exchange rate of 763.17 Naira per US dollar announced in the official market on Wednesday. Meanwhile, forex traders reported Thursday’s open target rate closed at 753.50 naira to the dollar. US$1 = 801 naira was the highest rate recorded in overnight trading until it settled at 765.13 naira.
The naira sold for just 446.32 naira against the dollar in Thursday’s trading, according to market data. A total of $204.84 million was traded in the official window for investors and exporters on Thursday. Nigerian bond yield rises to $7 44Futureview Financial Service Limited indicated that the exchange rate in the CBN Secondary Market Intervention Sale (SMIS) window remained unchanged at Naira 640.00 per dollar. The exchange rate fell 0.13% to 765.5 naira to the dollar in the parallel market on Thursday as Nigeria embarked on reforms.
Cowley Asset Management said in a memo that the three-month and one-year forward rates fell at Naira 776.16 and Naira 860.59 respectively, marking a loss, while the one-month forward rate closed at Naira 616.21.
Energy Department Secretary of State Temitope Fashedemi said the federal government is working to further improve, stabilize and maintain the electricity supply.
Ministry spokesman Chinwe Uduwem said in Abuja on Thursday that Fashedemi made the remarks during a visit to the ministry by President Bola Tinub’s special energy adviser Ol Ferhejen.
“I hope that the technical officers of the ministry and heads of agencies will identify some of the problems facing the sector when reporting on ongoing or completed projects,” said Fashedemi. Stated.
In his remarks, Verhejen said the energy sector is vital to the country’s growth and productivity. He noted that the energy sector reforms introduced over the years will have the desired positive effects. He emphasized synergies among energy sector stakeholders and the need for a holistic approach to achieving lasting solutions.
“We need to create an environment where the private sector can thrive and make electricity affordable for the largest consumers of electricity, households,” he said.
So far, technology chiefs under the ministry and heads of government agencies have taken turns to talk about the challenges and future directions for making the energy sector an enviable sector.
The Federation Account Allocation Committee (FAAC) has disclosed the distribution of a total amount of N786.161 billion as Federation Account Revenue for May 2023 to the Federal Government, States, and Local Government Councils (LGCs).
This information was conveyed in a statement released following the FAAC meeting held in June, which was chaired by Dr Oluwatoyin Madein, the Accountant General of the Federation (AGF).
As per the statement, the N786.161 billion distributed revenue consisted of N519.545 billion from statutory revenue, N251.607 billion from Value Added Tax (VAT) revenue, N14.370 billion from Electronic Money Transfer Levy (EMTL), and N639 million from Exchange Difference revenue.
“In May 2023, the total deductions for cost of collection amounted to N38.238 billion, while the deductions for transfers and refunds totaled N163.193 billion.
“The balance in the Excess Crude Account (ECA) stood at $473,754.57,” the statement read. It further mentioned that out of the total distributable revenue of N786.161 billion, the Federal Government received N301.889 billion, State Governments received N265.875 billion, and LGCs received N195.541 billion.
“A sum of N22.855 billion was allocated to the relevant States as 13 percent derivation revenue,” it stated. The statement highlighted that the revenue received in May exceeded that of April by N204.324 billion.
“The gross statutory revenue for the month of May 2023 amounted to N701.787 billion, showing an increase of N204.324 billion compared to the previous month’s figure of N497.463 billion.
“Out of the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, State Governments received N132.731 billion, and LGCs received N102.330 billion.
“An additional sum of N22.798 billion was allocated to the relevant States as 13 percent derivation revenue,” the statement noted.
It further explained that the gross revenue generated from Value Added Tax (VAT) in May was N270.197 billion.
“This amount surpassed the April figure of N217.743 billion by N52.454 billion.
“The Federal Government received N37.741 billion, State Governments received N125.804 billion, and LGCs received N88.062 billion from the N251.607 billion distributable VAT revenue.
“The N14.370 billion EMTL was distributed as follows: The Federal Government received N2.155 billion, State Governments received N7.185 billion, and LGCs received N5.030 billion,” the statement stated.
It clarified that out of the N639 million Exchange Difference revenue, the Federal Government received N307 million, State Governments received N156 million, and LGCs received N119 million.
“A sum of N57 million was allocated to the relevant states as 13 percent mineral revenue,” it added.
According to the statement, in May, there was a significant increase in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), and Import and Excise Duties, while the Electronic Money Transfer Levy (EMTL) witnessed a slight decrease.
Emirates Airlines has recommended passengers to take time to plan their travel journey this June and July, as departure numbers increase significantly just before Eid al Adha on 24 June, and again on the 1 July as many families set off on summer holidays.
With more than 80,000 passengers expected to depart Dubai on busy days, Emirates advises passengers to arrive at the airport up to three hours before a flight, take note of their boarding time to ensure they reach the departure gate on time, and take advantage of multiple check-in and baggage drop options to reduce time at the airport.
Other top tips offered its passengers to Fly Better with Emirates include checking in and getting their digital boarding pass in advance, dropping luggage off beforehand , thereby avoiding airport queues and generally enjoying the world-class airport experience
Passengers are encouraged to download the Emirates app on their mobile phone and are reminded that when departing from Dubai, boarding passes are now issued in digital format on the app, or by email when passengers check in online via Emirates.com. Both options allow customers to book and change flights, download a digital boarding pass for most destinations, check what meals will be served onboard, book a chauffeur drive service and even pre-select and plan movies to watch via ice inflight entertainment. Online check in and app check in are both open 48 hours ahead of flight departure time.
To save time, Emirates passengers candrop off luggage at the airport the night before travel at no charge. Passengers who are departing from Dubai can check-in early and drop off their bags 24 hours before departure, or 12 hours before departure if flying to the US or Tel Aviv. Then closer to departure time, they can arrive at the airport and proceed directly to immigration.
For a slick start to summer travels, passengers can try the brand-new City Check‑in and Travel Store in ICD Brookfield Place, Dubai International Financial Centre (DIFC). Conveniently check in, drop luggage and enjoy the glamorous surroundings, as early as 24 hours and up to 4 hours before a flight. Customers can visit the space and check in anytime from 8:00am to 10:00pm daily, beginning their travel experience with seamless service via self check in kiosks and at dedicated desks with Emirates agents.
Those starting their journeys from Ajman can also take advantage of a 24‑hour City Check‑in at Ajman Central Bus Terminal. Passengers can check in up to 4 hours before the flight departs, check in baggage, and collect boarding passes, buy a bus ticket for AED 20 and head directly to Emirates Terminal 3, with regular bus departures throughout the day from 4am to 11.30pm. Upon arrival at the airport, travellers can simply continue through to their flight.
Passengers can also opt to check in at homein Dubai and Sharjah. DUBZ agents complete the check-in process in the customer’s home, hotel, or office, and take the bags to the flight while customers are free to breeze through the airport later. Passengers can book at least 24 hours before a flight and proceed to the airport check-in up to six hours before the flight departs. The Home Check In service is complimentary for First Class passengers.
Passengers can choose to use Emirates’ self-check-in kiosks at the airport if they haven’t already checked in online. It’s possible to view the travel itinerary, choose a preferred seat and add Emirates Skywards numbers, and use the baggage drop area to check-in bags.
People of Determination can access dedicated support from trained Emirates and airport staff when travelling over the summer period. This includes a pre-planning guide for Dubai International Airport (DXB) for those with hidden disabilities, 2 hours complimentary parking at the airport and access to a dedicated priority lane for check-in, passport control, security and priority boarding if required. Passengers can check the Accessible Travel page on Emirates.com for information and contact their Emirates local office with queries.
Passengers who wish to save even more time can pre-order Duty-Free Shopping on EmiratesRED.com and get access to exclusive Duty-Free products, which are then delivered to their seat in the air. With over 70 new products this summer, Emirates Red gives passengers the chance to purchase luxury products from Tom Ford, Jo Malone, La Mer and Dolce & Gabbana and many more. The pre-order service is available on most flights, and passengers can shop from 21 days up to 40 hours before their flight. Passengers need to provide their flight details during checkout, and the orders are delivered by cabin crew directly to the passenger’s seat inflight.
Are you tired of the same old breakfast options? Do you want to try something new and exciting? Look no further than Pinkberry’s new breakfast combo! For just N2,200, you can indulge in a delicious Pinkberry sandwich and a refreshing Lipton drink.
This combo is available both in-store and on the website, making it easy and convenient to satisfy your breakfast cravings. Order now via the Pinkberry website http://www.pinkberryng.com
But that’s not all – Pinkberry is also offering their Froyo Thrill offer for as little as N1000. With this offer, you can experience outstanding taste in all varieties at a pocket-friendly price. Pinkberry defines guilt-free enjoyment, and this offer is the perfect example of that. Treat yourself to a sample of the Pinkberry experience and let your taste buds do the talking.
If you’re in a rush and need a quick breakfast on the go, Pinkberry’s new breakfast combo is the perfect choice. The Pinkberry sandwich is both delicious and filling, making it a great option for those busy mornings. And if you’re in the mood for something sweet, be sure to try one of their new pastries – they won’t disappoint.
But wait, there’s more! Pinkberry is also activating its national Buy One Get One Free (BOGOF) offer. This never-ending offer allows you to purchase any medium cup and get the same size free or buy any large cup and get the same size free! This mouth-watering offer is sure to satisfy your sweet tooth and leave you feeling satisfied.
And if you’re a fan of the original flavor, you’re in luck. When you buy a medium or large cup size of the original flavor on June 8th, 15th, or 22nd, you’ll get an extra cup for free. That’s right – a double dose of enjoyment! So, what are you waiting for? Head on over to your nearest Pinkberry location or visit their website to try out these new and exciting products. Your taste buds will thank you for it!
For more details on all our deals and offerings, visit any Pinkberry store near you or hop on our website http://www.pinkberryng.com to order online. Follow us on social media @pinkberrynigeria.
inDrive, a global mobility and urban services platform, announces the appointment of Mark Loughran as its Group President, effective July 12th, 2023.
Reporting directly to founder and CEO Arsen Tomsky, Mark’s role is to chart and drive inDrive’s business strategy, scale the company’s investments and new businesses, and optimize internal processes.
He will also spearhead further development of inDrive’s inVision hub, whereas the company engages in initiatives to support justice and equality in science, education, sports and the arts.
The appointment comes amid inDrive’s transformation into a multinational and multi-vertical group of companies. This new decentralized structure will facilitate agile decision making and foster growth across new verticals.
Arsen Tomsky, inDrive founder and CEO, said: “Mark brings to inDrive a wealth of leadership acumen and experience, as well as extensive knowledge of the technology, software and engineering industries. His track record and expertise make him an invaluable addition to our team, and an excellent choice for this pivotal role.
“We look forward to working with Mark to realize our continued growth as a leading mobility and urban services provider, and to further our broader vision to drive positive change in the world.”
“inDrive has made remarkable strides in its journey from startup to unicorn and onwards,” Mark said. “I’m eager to help the company continue this trajectory by expanding its business and promoting the company’s profound underlying values and mission.”
Mark joins inDrive from Honeywell, where he was President for Central and Eastern Europe, and he previously headed up Microsoft’s Commercial Cloud Business in Poland, delivering a $1 billion investment in digital transformation.
He has held leadership roles at global companies including GlaxoSmithKline, Nokia, Pace International and his own consultancy where he advised tech companies on consumer strategy and execution.
Mark holds a BA, MA and Ph.D. in Natural Sciences from the University of Cambridge.
Listicles are a different type of article that is written in various forms, it may sometime come inform of small sentences or multiple praragrpahs which is meant to inform, educate and entertain your readers.
To increase your chances of ranking on Google’s search engine, there are several factors to consider when writing your listicles. Here are some essential tips to help optimize your content for better search engine visibility:
Choose a Target Keyword
Select a specific keyword or keyphrase that accurately reflects the topic of your listicles. Use keyword research tools or Google’s Keyword Planner to identify relevant and high-volume search terms.
Write High-Quality Content
Create comprehensive, well-researched, and original content that provides value to your readers. Make sure your article is structured logically, with clear headings, subheadings, and paragraphs. Aim for a word count that thoroughly covers the topic without unnecessary fluff.
Optimize the Title Tag
Craft a compelling and descriptive title for your article that includes your target keyword. Keep it concise (under 60 characters) and make it engaging to attract clicks in the search results.
Meta Description
Write a concise and appealing meta description that summarizes the content of your article. Although meta descriptions do not directly impact rankings, they can influence click-through rates, which indirectly affects SEO.
URL Structure
Keep your URL short, descriptive, and include the target keyword if possible. For example, if your article is about “how to bake chocolate chip cookies,” a good URL could be: yourwebsite.com/how-to-bake-chocolate-chip-cookies.
Heading Tags
Use header tags (H1, H2, H3, etc.) to structure your content. Include the target keyword in at least one of the headings, preferably the H1 tag.
Keyword Placement
Naturally incorporate your target keyword throughout the content, including the introduction, headings, body paragraphs, and conclusion. However, avoid keyword stuffing, as it can harm your rankings.
Image Optimization
Optimize images by using descriptive filenames and alt tags that include relevant keywords. Compress the images to ensure fast loading times, which can positively impact user experience and SEO.
Internal and External Linking
Include internal links to relevant pages on your website to enhance the user experience and provide additional context to search engines. Additionally, link to reputable external sources to support your content.
Mobile-Friendliness
Ensure your website and article are mobile-friendly and responsive, as Google prioritizes mobile-friendly content in its rankings.
Page Load Speed
Improve your website’s load speed by optimizing images, utilizing caching techniques, and minimizing code. Users and search engines prefer fast-loading pages.
Social Sharing
Encourage readers to share your listicle on social media platforms by including social sharing buttons. Increased visibility and engagement can indirectly benefit your rankings.
User Experience
Focus on creating a positive user experience by using a clean design, readable fonts, and proper formatting. Provide clear instructions and make your content easy to follow.
Promote Your Content
Share your listicle on relevant platforms, such as social media, forums, and communities, to attract more traffic and potential backlinks. Increased visibility can lead to better search engine rankings.
Remember that search engine optimization is an ongoing process, and it may take time to see significant results. Consistently publishing high-quality, optimized content and building a reputable online presence will contribute to better rankings over time.
Nigerian government bonds plunged in the secondary market mid-week following monthly auctions by the Debt Management Office (DMO).
The Nigerian Debt Authority has sold old and new bonds to market participants, raising more than N427 billion in addition to the N46 billion allocated to uncompetitive bids.
As a result, the market price of FGN bonds remained relatively stable across most maturities. The average yield in the secondary market has fallen to 13.49%, according to Cowley Asset Management Limited, due in particular to an increase in willingness to buy medium-term bonds.
The investment firm said yields on benchmark 10-, 20- and 30-year FGN bonds were stable at 14.23%, 15.35% and 15.60% respectively. Elsewhere, FGN Eurobond values ended lower as bearish sentiment persisted across all tracked maturities.
As a result, the average secondary market yield continued to rise to 11.33%. Cordros Capital told investors in a market note that the average short-term (+7 basis points) and long-term (+7 basis points) yields on the benchmark curve have risen.
The rise was due to profit taking on the January 2026 bond (+35 basis points) and his June 2053 bond (+1612 basis points). Conversely, the mid-segment average yield (-185 basis points) fell due to purchase interest in the July 2030 bonds (-523 basis points).
Secondary market yields stabilized as investors slowed their purchases of Nigerian government bonds. Trading momentum slowed, and the average yield on the secondary market of government bonds was flat at 6.60%.
Local deposit bank activity against the Central Bank of Nigeria’s (CBN) permanent credit facility has also declined due to healthy liquidity in the financial system. Despite the settlement of the FGN bond auction, system liquidity ended above £900.25 billion, analysts report.
After that, short-term benchmark interest rates fell due to high liquidity, and funds are expected to flow in this week as well. It has a solid funding profile within the system. The Nigerian Interbank Offered Rate (NIBOR) fell for most maturities in the interbank market.
Open repo and overnight rates fell to 11.50% and 11.90% respectively from previous levels of 11.60% and 12.20%.
In addition, the three-month interbank auction rate fell 32 basis points to 13.18%, according to a market report from Cowley Assets. Inflation has clouded the real yield of bonds in the local bond market. The Nigerian Naira’s depreciation also weighed on market participants’ expectations, weighing on the real return on investment.
Trading momentum slowed, and the average yield on the secondary market of government bonds was flat at 6.60%. Local deposit bank activity against the Central Bank of Nigeria’s (CBN) permanent credit facility has also declined due to healthy liquidity in the financial system.
Analysts said in a report that system liquidity ended above £900.25 billion despite the settlement of the FGN bond auction. After that, short-term benchmark interest rates fell due to the large amount of liquidity, and funds are expected to flow in this week as well.
The Nigerian stock market continues its uptrend as sentiment continues to improve. The stock market closed on a positive note on Wednesday, leading to a year-to-date gain in yields, according to data from the local stock exchange.
All stock indices and consumer market capitalization rose on the Nigerian stock exchange as investors scrambled ahead of the second quarter earnings season. Despite high interest rates for investors, the year-to-date return of 15.75% is approaching faster inflation than the bond market.
Equity investors earned Rs 116 billion as the market index (All Shares Index) rose 213.93 basis points, up +0.36% to close at 59,323.95. However, market activity was mixed on the day as total volume increased +9.20% while total volume decreased -31.84%.
Atlass Portfolios Limited said in a market report that 7,806 transactions were settled with approximately 643.03 million units valued at £6.1798 billion. In the market, UNIVINSURE was the most traded stock in terms of volume, accounting for 22.05% of total trading volume.
Insurance stocks were followed by GTCO (7.00%), JAPAULGOLD (5.88%), UBA (4.94%) and ACCESSCORP (4.28%) in the top five volume charts. Due to its size, GTCO became the most traded stock by trading value, accounting for 23.61% of total FX trading volume. AFROMEDIA tops the leaderboard today with a price increase of 10.00%, followed by ETRANSACT (9.91%), FTNCOCOA (+9.88%), NEIMETH (+9.88%), UNITYBNK (+9, 76%) and 38 others continued.
Twenty-five stocks fell, with JAIZBANK the biggest loser, falling -10.00% to close at ₦1.53. MEYER (-9.88%), IKEJAHOTEL (-9.86%), TANTALIZER (-9.09%), CADBURY (-9.04%), INTENEGINS (-8.23%) also dropped.
Thus, the market width ended positive, recording 43 winners and 25 losers.
Market sector performance also finished positive, with three of the five major market sectors up. Insurance (+1.93%), followed by Oil & Gas (+1.41%) and Industrials (+1.84%). Meanwhile, the banking and consumer staples sectors fell -0.60% and -0.11%, respectively. Overall, the stock market closed at ₦32,302.18 trillion, up ₦116.49 billion from ₦3,218.569 billion the day before.
Npower Invites More Preselected Applicants For Account Validation
In today’s latest Npower news, the Npower management has announced the invitation of additional preselected applicants for account validation. This development aims to facilitate the enrollment of Npower Batch C2 beneficiaries into the program.
The Npower management has escalated the call for Npower account validation specifically targeting Batch C2 beneficiaries. These preselected applicants are now receiving validation invites, which enable them to validate their accounts through the designated validation link: https://validation.nasims.ng
Second Chance for Preselected Applicants
Preselected applicants are individuals who were initially selected but missed the opportunity to become beneficiaries due to their absence during the Npower physical verification exercise. However, they are now being reconsidered and given a second chance to validate their accounts, thereby becoming eligible for the program and receiving payments.
Important Message for Applicants
If you have applied for the Npower Batch C2 program and have received the following message, it is strongly advised to comply with the instructions:
Dear Applicant, You have been pre-selected for the N-power Batch C2 program. Please confirm your status by visiting the portal https://validation.nasims.ng
Meeting Enrollment Targets
It appears that the Npower management team is striving to fulfill their commitment of enrolling 500,000 beneficiaries in Batch C2. By extending the account validation process to more preselected applicants, they aim to meet the intended enrollment numbers.
For more information, you may also be interested in checking out the following:
Npower Nasims Account Validation Link
Census Delay – What NPC-Approved Enumerators Should Be Doing
Outstanding Payments for Already Enrolled Beneficiaries
It is important to note that some of the Npower Batch C2 beneficiaries who have already been enrolled are still awaiting the clearance of backlog payments. This includes unpaid stipends for the months of October, November, and December 2022, as well as outstanding payments for January, February, March, April, and May 2023.
For more information, you may also be interested in checking out the following:
The Oil and Gas Bar, A student-run Association of The Faculty Of Law, University of Lagos, has hosted its annual student conference, titled: The Energy Expo 4.0. The fourth edition of this prestigious program is Themed – The Roadmap To Diversification Of Nigeria’s Energy Mix.
The program featured a keynote address, a panel discussion with industry experts such as – Tega Ishaya (Operations Engineer, Ikeja Electric), Jumoke Fagemirokun, Collins Okamadiri, and Nenritmwa Gotodok Gofup with an Inter-University public speaking competition consisting of schools like the University Of Lagos (UNILAG), University of Ilorin (UNILORIN), Lagos State University (LASU) and Olabisi Onabanjo University (OOU).
Attendees, consisting of tech developers, energy enthusiasts, energy experts, and students of various universities enjoyed an immersive learning experience and also gained valuable insight with networking opportunities.
In the opening remarks, Arawajoye Grace Ifeoluwa, Career advancement officer UNILAG Oil and Gas Bar, stated that “the aim of the expo is to confer energy solutions towards removing Nigeria’s energy sector out of the darkness.” This was followed immediately by the keynote speaker, Tega Ishaya, Operations Manager, Ikeja Electric, who, in her presentation titled- The Roadmap to Diversification of Nigeria’s energy mix, revealed that “80 percent of our power generation comes from gas and the remaining from oil, however, there is a shift towards solar as Nigeria has started to explore its large Solar resources.”
During the panel session moderated by Coker Richard Ayodeji, attendees were given the opportunity to ask questions and interact with the panelist. Questions were asked to satisfy their career curiosities as well as employment opportunities and the potentials of the energy and renewable energy market.
When asked about the benefits and impact of renewable energy, Panelsit Gofup Gotodok Nenritmwa said” It is beneficial for us to have our fossil fuels, but also have a significant mix with renewable energy even for our own home”. she also stated that “if we have a regulation and the people manning such regulation, the drivers, do their work, follow the standard operating procedure, we will observe that it is highly beneficial to use solar power, it is highly beneficial to take advantage of all these renewable sources of energy we have abundant in our country.”
The Public speaking competition rounded up the event and the University Of Lagos (UNLIAG) emerged victorious while Olabisi Onabanjo University (OOU) came second. The winner was given a cash prize of N300,000 and the runner-up received N100,000.
The event which was held on Wednesday 21st June 2023 at Tayo Adenirokun Hall, UNILAG Campus was a resounding success, gathering a diverse and dynamic community of Energy experts and enthusiasts together.
The naira fell against the US dollar in investors’ and exporters’ trade on Wednesday as interest rates began to converge across markets.
The US dollar sold to eligible users at 763.17 naira, devaluing the local currency by 0.87 per cent compared to 756.61 naira exchanged for dollars on Tuesday. The open target rate on Wednesday closed at 741.21 naira to the dollar. The rate of 815 naira per dollar was the highest recorded in day trading until it settled at 763.17 naira.
The naira sold overnight at 476 naira to the dollar. On Wednesday, a total of $96.44 million was traded on the official window for investors and exporters.
New Stipends Payment For Npower Batch C Not Approved Yet – Nasims
In today’s latest Npower news, the Npower management, Nasims, has provided clarification regarding the delay in the payment of stipends for Npower Batch C beneficiaries. It has been stated that the new payment has not yet been approved.
The delay in the stipends payment suggests that the approved ongoing payment is currently designated for the backlog of unpaid 2022 stipends for Npower Batch C beneficiaries. Nasims has assured that once the new payment is approved, it will be initiated promptly. Notably, beneficiaries are currently owed a 5-month stipend payment for the year 2023.
Npower Invites More Preselected Applicants for Account Validation
In related news, Npower is currently in the process of enrolling additional preselected applicants. These individuals have been invited for account validation, which is a prerequisite for becoming beneficiaries of the program. Beneficiaries who have successfully validated their accounts through the provided validation link have reported receiving their backlog payments.
Hold on Payments to Vendors and Service Providers
It has come to light that there are circulating rumors suggesting that the Federal Government has temporarily suspended payments to vendors, contractors, consultants, and service providers. However, it is important to note that salaries and pensions have been exempted from this hold.
Payment Resumption and Opening of the Npower Portal
Until a thorough auditing process is completed, payments will remain on hold. Npower beneficiaries can expect to receive their stipends once the portal is opened for payment processing.
MTN Nigeria held a bazaar and trade fair for small and medium enterprises today, Wednesday 21 June 2023 at its corporate head office in Ikoyi, Lagos. The trade fair is part of the ongoing annual MTN employee volunteerism initiative – 21 Days of Y’ello Care.
Attended by the First Lady of Lagos State, the exhibition had more than 50 local entrepreneurs who showcased their products to enthusiastic MTN employees and guests.
Expressing her delight, the First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu said “It is my pleasure to be here today for an initiative that I consider a solid example of sustained positive impact within our communities – MTN’s 21 days of Y’ello Care driven by MTN staff. I find it particularly gratifying that this year’s programme is shining a spotlight on SMEs. I applaud the Lagos State officials, MTN partners, SMEs, MTN Board, Management and staff, and all other stakeholders present here today for driving and facilitating this noble cause.”
“This is the 16th year of our signature volunteer initiative designed to impact lives and communities around us. This year, we are ‘Empowering Entrepreneurs to Unlock Growth and Job Creation for Communities’ with a focus on leveraging skills, digital and financial tools to drive growth among entrepreneurs. In special focus are our women, youth, and people living with disabilities. We assure all our stakeholders that we remain unrelenting in our efforts to empower entrepreneurs and uplift communities in Lagos and across the country,” said Esther Akinnukawe, Chief Human Resources Officer, MTN Nigeria.
The event also featured a Y’ello Den Pitch-A-Thon in partnership with the Bank of Industry, for business owners to pitch their business expansion plans to qualify for financial and tech support from MTN Nigeria.
Launched in 2007, Y’ello Care seeks to inspire MTN employees, encouraging them to actively contribute their resources (time, financial, and skill set) to community development. Since June 1, 2023, MTN employees have trained SMEs owners, particularly persons with disabilities (PWDs), across Nigeria on financial literacy and digital skills whilst providing them with financial support.
Bill Gates, co-founder of the Bill and Melinda Gates Foundation, believes Nigerian leaders must make more financial commitments to improving healthcare and education.
On Wednesday, Gates addressed at the Lagos Youth Innovation Forum.
The event titled ‘Advancing Africa: Unleashing the Power of Youth in Science and Innovation’ was co-hosted by the Lagos Business School and Co-Creation Hub (CcHub), in collaboration with Africa.com and Channels Television.
Because of the enormous potential of new technology, Gates believes there will be possibilities for adolescents to make a difference in the world.
He believes that talented young people can make the world a better place.
“Even though Nigerians are still facing many of the challenges I talked about five years ago, and you’re having to contend with economic instability and security threats, I have a lot of faith that your generation will persevere and improve lives throughout Nigeria and beyond,” Gates said.
“Nigeria has one of the biggest youth populations in the world, and it’s growing fast. That represents a lot of potential skills and passion to solve big problems.”
Gates stated that in order for youngsters to shine, they must be supported, “beginning with a great education.”
“In this capacity, Nigeria has a strong foundation, with some of the best educational and research institutions across the continent. In Africa, Nigeria is a hub for venture capital and financial technology,” he said.
“There are also many exciting innovations in the global pipeline that are going to improve lives here in Nigeria.
“They’re going to prevent infectious diseases, provide life-saving interventions for mothers and babies, make food more nutritious, and give women more convenient contraception options.
“Down the road, artificial intelligence will be applied in ways that will bring quality healthcare and education to more people,” Bill Gates said.
