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40 MW Kesses Solar Facility Becomes Operational In Kenya

40 MW Kesses Solar Facility Becomes Operational In Kenya

Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF), the Standard Bank Group acting through Standard Bank of South Africa Limited, Stanbic Bank Kenya and their project partner, Alten Kenya Solarfarms (Alten), announced that the 40 MW Kesses solar photovoltaic plant in Kenya is now operational.

The facility is providing thousands of people with a clean, renewable power source, contributing to the achievement of SDG 7 (Affordable and Clean Energy) – creating up to 400 construction jobs, with a further 15 permanent positions for local employees during operations.

Kesses is a significant milestone for EAIF, which has now supported green electricity generation in nine African countries. The Fund is approaching 1000 MW renewable generation capacity across its portfolio.

Expanding investment in clean, affordable power solutions is an important part of PIDG’s strategy, as the Group aims to increase supply in Africa’s most underserved regions with an increasing focus on renewables and off-grid technologies.

The US$87 million solar plant is located near Eldoret, which has the largest population concentration in Kenya’s Rift Valley Province. The town is a centre for local government, higher education, business and financial services, textile manufacturing, agribusiness, and sports tourism.

By supplying clean, renewable power to Eldoret and the surrounding communities, Kesses is driving a significant boost in productivity for the local economy. 100% of the electricity output is being delivered to the national grid through a 20-year take-or-pay Power Purchase Agreement between Alten and Kenya Power and Lighting Company, the national energy utility.

Sine Zulu, Investment Specialist, from Ninety One, fund manager of the Emerging Africa Infrastructure Fund, commented: “We are thrilled to see Kesses in action, further cementing Kenya’s status as a global renewable energy leader.

“Africa leads the world in solar energy potential, and more projects of this type are needed to ensure we meet the continent’s growing demand for energy without compromising GHG emissions. Kenya is the ninth African country where EAIF has supported renewable energy projects, underlining the Fund’s status as a lender of choice for renewable energy companies investing in Africa.”

Sherrill Byrne, Executive Energy and Infrastructure Finance from Standard Bank, said: “Standard Bank is committed to driving renewable energy growth across the African continent aligned to our sustainability goals and commitments.

“Standard Bank is one of the leading lenders to the Kenyan IPP sector and we were delighted to partner with EAIF in bringing the Kesses solar project to operation. Alten is a long-term client of Standard Bank having supported them in Namibia as well.”

Jorge Hernández Moro, Head of Asset Management at Alten, commented: “Kenya is a global leader in renewable energy generation, with over 80% of electricity coming from renewable sources. Projects such as Kesses will push the country towards achieving 100% clean energy generation by 2030, helping sustain Kenya’s economic progress and accelerate recovery from pandemic-induced losses, global supply chain disruption and rising inflation. This contributes to a more sustainable and inclusive future for the region.”

Unpacking The Impact Of Student Loans And Subsidy Removal

Unpacking The Impact Of Student Loans And Subsidy Removal

Unpacking The Impact Of Student Loans And Subsidy Removal

Unpacking the impact of student loans and subsidy removal will require us to take a trip down the trail. To start from where the trail begins in order to fully understand where we are at; the impact/effect.

Student loans

The student loan bill was approved and signed into law by President Bola Ahmed Tinubu on June 12, 2023.

After the announcement Nigerians reacted, while some were happy others were concerned about the loan even though it is interest-free. Despite the concerns and criticisms, the federal government has not suspended the bill even though it has not commenced.

There are some concerns about the requirements of the student loan bill and the effectiveness. What impact will the bill have on the students and the economy?

The Academic Staff Union of Universities (ASUU) had on December 2022 spoken out against the proposed introduction of education loans, claiming that they have been a colossal failure in Nigeria and other countries where they have been implemented.

The union expressed concern that proponents of the policy are so eager to force it down Nigerians’ throats when they have done more to push Nigerians into poverty through incompetence in managing the nation’s economic fortunes.

ASUU also after the bill was passed called on President Tinubu to convert the bill into a grant.

Subsidy removal

This one has touched everybody through the impact of the subsidy removal on the economy. The prices for transportation, petrol, good, services, food and even inflation has skyrocketed.

Not long after President Tinubu made the announcement, long queues and scarcity of petrol became the new song. Even the price trippled.

This shows how much one discussion can have a ripple effect on the economy and Nigerians at large.

The impact of the student loan and subsidy removal will be discussed extensively on Wednesday June 21, 2023 via Twitter spaces conversation at 7 pm.

BizWatch Nigeria will be hosting the conversation on the impact and solutions will be provided. Join the live session on Twitter Space as we unpack the effects of student loans and subsidy removal in Nigeria

Set a reminder http://bit.ly/BizwatchSpace to join the conversation at 7 pm. The conversation will be an open mic event, which gives you an opportunity to talk about how the situation has affected you or people around you. You will also have the opportunity to provide solutions and address any issue that about the student loan and subsidy removal.

Remember to tell a concerned Nigerian to tell a concerned Nigeria to tune in to the conversation and participate.

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Two Rivers Land Gazetted As Private Services-Focused Special Economic Zone

Two Rivers Land Gazetted As Private Services-Focused Special Economic Zone

Centum Investment Company has announced the establishment of the Two Rivers International Finance and Innovation Centre (TRIFIC). This follows the gazettement of the Two Rivers land as a private services-focused special economic zone (SEZ). It marks a significant milestone in the development of Kenya’s economic landscape and a boost for Africa’s global investment profile.

As Kenya continues to leverage its deep pool of highly competent human capital, attractive fiscal regime, cosmopolitan environment, and advanced digital infrastructure, it is in a strong position to offer a dynamic and prosperous destination for investment, innovation, and growth. Companies exploring expansion opportunities will find an ideal ecosystem in Kenya, where talent, supportive policies, and advanced technologies converge to drive sustainable success.

With a growing young population, the Two Rivers International Finance and Innovation Centre is an international-calibre urban node with world-class infrastructure, facilities and a strategic location.

It aims to position Kenya as a hub for global investment and job creation by providing a world-class ecosystem where enterprises seeking to access the global and regional services market can locate themselves and benefit from the fiscal and enterprise facilitation incentives available to SEZ enterprises. 

Spanning over 64 acres within Nairobi’s prestigious diplomatic blue zone, TRIFIC becomes the first-ever privately-owned business services SEZ in Kenya, offering new and exciting prospects for global, regional and Kenyan service-oriented business enterprises seeking a base to access international markets competitively.   

The SEZ designation grants businesses within the Two Rivers International Finance and Innovation Centre access to a wide array of incentives available under the Special Economic Zone regime. The business-friendly enabling policies and facilitation services policies provide a competitive advantage for companies to stimulate investment, innovation, and growth. By harnessing the potential of the SEZ, TRIFIC is paving the way for the establishment of businesses that will contribute significantly to job creation and propel socio-economic development in Kenya.

Centum Group CEO, Dr James Mworia, said “The gazettement of Two Rivers as a private, services-focused Special Economic Zone is a game-changer for Kenya. TRIFIC will revolutionize Kenya’s economic landscape. It will serve as a magnet for global investment, capitalizing on Kenya’s exceptional human capital resources and advanced digital infrastructure by leveraging the deep pool of high-quality human capital, and attractive incentives.

This significant milestone not only solidifies Kenya’s position as a hub for global investment but a global talent hub that generates a multitude of employment opportunities for our skilled workforce that can address the skill shortage currently being faced by the developed world.”

The Two Rivers International Finance and Innovation Centre’s strategic location, within Nairobi’s diplomatic blue zone, coupled with the fact that it already has world-class infrastructure with office, hospitality and residential facilities and social amenities is an ideal destination for businesses seeking a world-class environment to thrive.

By attracting enterprises from across the globe, the Centre will facilitate knowledge transfer, promote technological advancements, and encourage collaboration among industry leaders. It will also create an attractive cosmopolitan environment for global talent. 

“TRIFIC is designed to act as a strategic driver to Kenya’s economic vision and to propel Africa’s engagement with global investors and businesses, offering them an enabling environment and a unique location that can enable them to offer competitive services to clients across the globe.

“We have the potential to develop a further 1.2 Million square meters of development within TRIFIC which can accommodate thousands of enterprises and we will shortly commence the development of a world-class convention centre, a five-star hotel and a hospital,” said James Mworia.

The establishment of TRIFIC reaffirms Kenya’s commitment to economic growth and prosperity. By providing a conducive ecosystem for businesses, the Centre will drive innovation, boost exports, cement Kenya’s position as a financial hub and nurture the country’s technological advancements.

With its ability to attract foreign direct investment and generate employment opportunities, TRIFIC plays a pivotal role in Kenya’s journey towards becoming a premier global investment destination.

TRIFIC’s commitment to job creation and socio-economic development aligns with Kenya’s vision of building a prosperous and inclusive economy. By attracting foreign direct investment, stimulating innovation, and nurturing local talent, TRIFIC is poised to play a pivotal role in driving Kenya’s economic growth and creating a brighter future for all.

Child Malnutrition: AfDB Steps Up action To Save African Children At Risk Of Dying Before Their Fifth Birthday
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Child Malnutrition: AfDB Steps Up Action To Save African Children At Risk Of Dying Before Their Fifth Birthday

AfDB Approves $115m Loan To Abia State For Road Rehabilitation, Erosion Control

At least 216 million African children suffer from stunting and malnutrition. In sub-Saharan Africa, malnutrition is the second leading cause of death among children after malaria.

To end this situation, the African Development Bank is stepping up its actions and its calls for mobilization both in Africa and worldwide. In 2016, the Bank launched the African Leaders for Nutrition (ALN) initiative as an advocacy tool that would enable African countries to work with partners to boost nutrition on the continent.

Backed by the African Union, the initiative also commits African governments to commit part of their budgets to reducing malnutrition. In particular, countries are invited to implement policies and interventions to combat malnutrition through agriculture, the food system and education, in tandem with various development partners.

Race against time

To demonstrate its commitment to combating malnutrition in Africa, in 2018, the Bank also unveiled the Multisectoral Nutrition Action Plan.

The plan seeks to mobilize additional financial resources for smart nutrition investments in the key sectors of agriculture, education, health, social protection, and water, sanitation and hygiene to reduce child stunting on the continent by 40% through 2025.

These sectors account for over 30% of public spending in Africa and are the underlying drivers of nutrition. So far, the Bank has allocated nearly $2.8 billion of its portfolio to smart nutrition, on a baseline of USD 0.70 billion in 2018, broken down as follows: health (USD 531 million), agriculture (USD 950 million), WASH (USD 650 million) and social protection (USD 605 million).

Moreover, the Bank is continually stepping up initiatives to ensure that thousands of African children have the chance to celebrate their fifth birthday. Through the “Banking on Nutrition” programme, a partnership with Big Win Philanthropy and the Aliko Dangote Foundation, the Bank is leading the urgent fight against infant malnutrition.

The programme is mainstreaming nutrition into regional and national strategies and work to increase the production and consumption of healthy, nutritious food through the mobilization of partnerships, governments and the private sector.

For example, in the Sahel region, which faces enormous impacts from climate change including desertification, drought, erosion, flooding and political insecurity, the bank is implementing a specific regional programme on food security and nutrition. The Programme to Build Resilience to Food and Nutrition Insecurity in the Sahel (https://apo-opa.info/3PlX0yh) exemplifies the sort of collaboration the Bank seeks to establish with other development partners to combat malnutrition.

With contributions from the Canada-African Development Bank Climate Fund, the West African Development Bank, and the African Development Fund, the African Development Bank Group’s concessional window, the initiative will mobilize $176 million to sustainably increase productivity and income from agrarian, forestry, pastoral and fisheries value chains.

The programme is also strengthening Africans’ capacity to adapt to climatic hazards and contributes to mitigating the effects of climate change in six countries: Burkina Faso, Guinea, Mali, Niger, Senegal and Togo. Some 1.38 million people will benefit directly from this project, and a further 5.69 million will benefit indirectly.

In Burkina Faso, the School Meals with Local Produce for Intelligent Nutrition Project, financed by Japan through the African Development Bank, keeps thousands of schoolchildren in school. With funding of $990,000, the project is reinforcing efforts by the Burkina Faso government to ensure that every child in elementary school has at least one balanced meal a day.

Adesina among the UN’s global champions against malnutrition

In 2019, the Bank approved a grant of $8 million for the creation of the Regional Centre of Excellence in Nutritional Sciences in Burundi. It will help address the shortage of qualified nutrition and agro-processing specialists to strengthen food security in Burundi and the East Africa region.

The project was implemented against a backdrop of high rates of chronic malnutrition in Burundi (56%) and East Africa. The centre will offer courses in clinical nutrition, nutrition and public health, agrifood technology, food quality, food safety and climate change. By June 2022, the syllabi had been developed and a cohort of 59 students enrolled for training.

As affirmation of his work on nutrition, bank President, Dr Akinwumi Adesina, has just been appointed by UN Secretary-General António Guterres as one of 22 global leaders to spearhead the fight against malnutrition at a critical time for food and nutrition security.

Other global leaders include Cindy McCain, Executive Director of the World Food Program; Catherine Russell, Executive Director of UNICEF; Gabriela De Bukele, First Lady of El Salvador; Sania Nishtar, member of the Senate and President of the NGO Heartfile in Pakistan; and Gunhlid Stordalen, Founder and President of the EAT Foundation in Norway, also feature on the list.

“I am greatly honoured by the United Nations Secretary General appointing me among global leaders to tackle global malnutrition. Thank you SG. I look forward to helping to deliver on this agenda,” said Dr Adesina on Twitter, welcoming the news.

The appointment should reinforce the commitment of Mr. Adesina, under whose leadership, the Bank has helped mobilize $72 billion from international partners, following the Dakar 2 Summit on Food Sovereignty and Resilience, to boost food and agricultural production in Africa. The Bank itself has committed to invest $10 billion in the sector over the next five years in Africa.

Climate Crisis Is Changing Parental Decisions On Purchasing, Careers – HP
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Running Business With Humanity

Running Business With Humanity

In a world where profit often takes precedence, Stanbic IBTC stands out as a shining example of a company that places humanity at the core of its operations.

With a steadfast commitment to addressing a crucial issue like limb loss, the organisation has, over the years, established its flagship Corporate Social Investment (CSI) initiative, Together4ALimb, as a beacon of hope for transforming lives.

Losing a limb is a devastating experience that extends far beyond physical loss. For children facing such challenges, access to healthcare, rehabilitation services, and social inclusion are vital for their physical, emotional, and social well-being. With the gift of prosthetic limbs, these children receive a second chance. They can walk, run, and play again, embracing the joys of childhood.

Since its establishment in 2015, the Together4ALimb initiative has provided solace to 55 children aged one and above. Through this transformative program, children who have lost limbs are equipped with prostheses that are replaced as needed, ensuring ongoing support until they reach the age of 18.

Running Business with Humanity

The impact of Stanbic IBTC’s Together4ALimb initiative goes beyond physical assistance. It encompasses emotional and educational support as well. These children have a robust support system that enables them to receive a good education. By incorporating an Education Trust of ₦‎1.5 million per child, beneficiaries get access to quality education, paving the way for brighter futures.

The stories of these children are inspiring. Despite the adversity, they exhibit an unwavering determination to succeed. With Stanbic IBTC as their trusted partner, they demonstrate that anything is possible with the right support. Within this initiative lie touching stories illuminating families, communities, and society.

At Stanbic IBTC, embracing hope and transforming lives is a noble aspiration and a tangible reality. By prioritising humanity and addressing critical needs, the organisation makes a meaningful difference in the lives of those who need it most. Together, we can create a brighter, more inclusive future for all. 

Click here to watch the documentary on the Stanbic IBTC Together4ALimb initiative and be inspired by the extraordinary journey.

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Airtel Nigeria Launches 5G, Partners Samsung To Provide Affordable 5G phones

Airtel Nigeria Launches 5G, Partners Samsung To Provide Affordable 5G phones

Leading telecommunications service provider, Airtel Nigeria, has announced the launch of its 5G network in Nigeria in line with its commitment to providing innovative solutions that empower its customers to stay connected and do more beyond their imaginations.

This was announced alongside Airtel’s partnership with Samsung to provide some of the most affordable 5G devices in the country.

With the launch of 5G, Airtel will be offering this cutting-edge technology, which promises to revolutionize the way Nigerians stay connected. The 5G network is expected to offer faster download and upload speeds, lower latency, and more reliable connectivity, providing Airtel customers with a seamless and enhanced digital experience.

Commenting on the launch, Airtel Nigeria CEO, Carl Cruz, said, “5G is a completely new experience that supercharges cloud computing, telemedicine, self-driving cars, cloud gaming, Augmented Reality and Virtual Reality (AR & VR), Internet of Things (IoT), Smart homes, and so much more.

“While we may think that 4G is a remarkable improvement on our internet experiences, 5G completely opens a new vista where anything and everything is possible. Right now, with 5G, we can only be limited by the limits of our imagination.”

Cruz also described a link between the 5G launch and the company’s current marketing campaign, A Reason to Imagine.

“If you go by our recently-launched brand theme – A Reason to Imagine – you will notice that it fits perfectly with this paradigm shift. With 5G, it is more achievable to empower creatives and entrepreneurs in tech, medicine, fashion, retail, communications, and media to bring executive more adventurous ideas.

“5G ushers in a new era of collaboration that breaks boundaries and presents a new wave of economic benefits for this generation and the next, and we cannot wait to see how young people all over the country explore this new world of instant and unbroken connections to unleash a revolution in creativity,” he said.

Also speaking at the event, Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja, said, “5G is simple and not meant to be out of reach, which is why Airtel has come to democratize 5G, so that Nigerians can get the most affordable 5G routers. We are also glad to have partnered with Samsung to deliver the most affordable 5G mobile phone for 122,000 naira only.”

According to Airtel, the Airtel 5G network is available in key cities across Nigeria, and Airtel will continue to expand its coverage to other parts of the country in the coming months.”

Airtel has been at the forefront of providing innovative solutions to its customers in Nigeria since its inception. The launch of 5G is another milestone in telecom industry in Nigeria, as it will drive economic growth and innovation while providing faster and more reliable connectivity to Nigerians.

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Climate Crisis Is Changing Parental Decisions On Purchasing, Careers – HP

Climate Crisis Is Changing Parental Decisions On Purchasing, Careers - HP

HP announced that new global research conducted by Morning Consult revealing the serious actions many parents are taking due to climate change, from everyday decisions to long-term family planning. 

The study among parents in India, Mexico, Singapore, United Kingdom and United States found that 91% of parents are concerned about the climate crisis, leading to changes that are reshaping their lives and purchasing habits. More than half (53%) say it has impacted their perspective on having more children. Forty-three percent of respondents said they had reconsidered working for a company based on its commitment to environmental and social issues.  

The research also found many parents favor companies that are taking action to address climate change. Nearly two-thirds (64%) of parents prefer products that are sustainably sourced and 60% say sustainable company practices play a large part in their purchasing habits. That is despite the findings that the vast majority of parents (84%) acknowledge the cost of living is rising and more than half (57%) believe engaging in environmentally friendly practices takes up a lot of time. 

“Families, like all our customers, rely on HP to connect them to the things that matter most, be it work, entertainment or loved ones,” said Michele Malejki, Global Head of Social Impact.

“It’s one of the reasons parents are top of mind for us. And like every generation before them, today’s parents have their own unique pressures, especially the climate crisis. It’s why we’re going beyond our business impact to make our business better for people and the planet.” 

While parents are taking personal action, most also believe key players in the corporate world must act, too. Most parents (51%) believe that companies have “a lot” of responsibility in holding themselves accountable on climate action, as opposed to customers (36%). 

“Our research correlates to what we see in our business: we are keeping customers, winning new sales, and attracting talent because of our Sustainable Impact initiatives and sustainable products,” said James McCall, Chief Sustainability Officer.

“If we are serious about changing the trajectory of the climate crisis, industry must go beyond, changing the mindset of ‘do no harm’ to ‘do more good.’” 

The findings come as HP releases its annual Sustainable Impact report for the twenty-second year. The report details the company’s progress toward comprehensive and bold environmental and social goals. HP has: 

  • Reduced its absolute carbon footprint by 18% since 2019. This brings the company closer to its goal to achieve net zero carbon emissions by 2040 – end to end. 
  • Reduced single-use plastic packaging by 55% compared to 2018. 
  • Counteracted deforestation for 32% of all paper used in HP products and services toward goal of 100%. 
  • Accelerated digital equity for more than 21 million people on path to 150 million by 2030. 
  • Committed to building a pipeline of diverse talent, with 46% of U.S. new hires last year from racial or ethnic minorities. 

HP aspires to be the most sustainable and just technology company. In 2021, HP set aggressive Sustainable Impact goals in three areas where the company believes it can make the most difference – Climate Action, Human Rights and Digital Equity.

The 2022 report details progress toward all three focus areas including a net zero carbon value chain, giving back more to forests than we take, creating a more circular economy, building a culture of equality and empowerment, and accelerating digital equity around the world to enable traditionally excluded communities to thrive in a digital economy.

BCW Launches Ground-breaking New Framework For Moving People

BCW Launches Ground-breaking New Framework For Moving People

BCW, the leading global communications agency, has introduced its cutting-edge approach to uncovering the key insights that drive behaviour. It combines behavioural science, research, data analytics and digital trend mapping rather than relying solely on traditional demographic and psychographic targeting models.

In doing so, BCW pairs a deep understanding of overarching values with real-time insights into today’s fluid and dynamic cultural landscape to pinpoint exactly how to move people to action.

BCW’s insight into how people prioritize values was gleaned from an analysis of more than 36,000 people across 30 countries which yielded more than 30 million data points and enabled the agency to identify seven archetypes that cut across geography, income and generations, shattering the commonly held perception that Generation Z, Millennials, Generation X and Baby Boomers are homogeneous groups that can be marketed to as monoliths.

The agency also developed a proprietary real-time analytics tool, BCW Values Intelligence (BCW V.I.), to combine its understanding of values with what is changing in culture, online conversations and trends.

By analysing hundreds of thousands of data points, BCW V.I. identifies trending themes and opportunities that can align with the interests of a particular Values Archetype. It then uses advanced analytics to organize all the data points into logical clusters to uncover more granular subtopics and identify communication opportunities in a complex and ever-evolving communications environment.

“Values are formed in adolescence and stay fairly stable over time; they are what I like to call a ‘persistent truth,’ more constant than attitudes, opinion or emotion,” said Rebecca Grant, BCW’s Global Chief Brand Officer. “When business and brands root their communications in shared values that cut across generations and demographics, they can navigate complexity, uncertainty and change and sustain long-term engagement.”

Values and Archetypes

The agency’s research into values and the development of the BCW V.I. was conducted by the BCW Movatory, the agency’s business accelerator for clients that pioneers thinking and develops tools. BCW’s “Age of Values 2023” research revealed seven Values Archetypes.

The Success Seeker is drawn by a desire for power and personal achievement; The Adventurer seeks stimulation and new experiences; The Good Neighbour prizes the welfare of friends, family, and community; and The Conformist wants to fit in and avoid confrontation.  The Visionary is someone who prizes personal freedom and creativity; The Protector prioritizes people and planet; and The Traditionalist focuses on safety, stability, and harmony. 

Each Archetype comprises some of the 11 universal values identified in Professor Shalom H. Schwartz’s “Theory of Basic Human Values.” They include Power, Achievement, Hedonism, Stimulation, Self-Direction, Universalism – Societal, Universalism – Nature, Benevolence, Conformity, Tradition and Security.

Four Values Archetypes are heavily represented in Generation Z: The Success Seeker, The Adventurer, The Good Neighbour and The Conformist, which reveals a more nuanced approach to targeting this group would be effective.

“Generations have become the default for businesses around the world to group their audiences,” said Lisa Story, Global Chief Strategy Officer of the BCW Movatory.

“The belief that people are best understood primarily by age is the foundation for many communications strategies, especially when it comes to Generation Z.​ Alongside this assumption is a narrative that often pits generations against each other, whether around social attitudes or economic priorities.​ But our findings suggest this view is myopic and fails to fully appreciate people’s true motivations and behaviours.” 

Using this new approach, BCW examined climate change and the drivers of pro-environmental behaviours and found that values are more influential predictors of these behaviours than demographics. But the values driving some of that behaviours were unexpected.

BCW’s research established that when it comes to buying an electric vehicle (EV), Stimulation, Power and Achievement values were stronger motivators than Universalism – Nature, clearly indicating that EV marketers need to appeal to people’s desire to showcase status, perhaps more so than their concern for the environment.

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Stanbic IBTC Holdings Receives ‘AAA(nga)’ Rating Affirmation From Fitch Ratings

Stanbic IBTC's Strong Performance: H1 2023 Profit Grows by 121%, Sets ₦1.50 Interim Dividend Record

Stanbic IBTC Holdings PLC, a leading end-to-end financial institution in Nigeria, has received a significant affirmation of its creditworthiness as Fitch Ratings reaffirms its National Long-Term Ratings at ‘AAA(nga)’ with a Stable Outlook.

The rating also extends to its subsidiary, Stanbic IBTC Bank PLC, highlighting its strong support from its ultimate parent, Standard Bank Group Limited (SBG) of South Africa, and underscores its resilience in a challenging operating environment.

Fitch Ratings, a globally recognised credit rating agency, considered Standard Bank Group’s controlling ownership of Stanbic IBTC, its strategic importance as the holding company for leading Corporate and Investment Banking (CIB) and Wealth businesses in Nigeria, and the integral role of Stanbic IBTC Bank in Standard Bank Group’s Nigerian operations.

The agency acknowledged the high level of integration, shared branding, and the modest contribution to net income as factors contributing to SBG’s propensity and ability to support both entities, as reflected in its ‘BB-‘ rating and Nigeria’s ‘B-‘ Country Ceiling.

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, expressed his satisfaction with the rating affirmation, stating, “We are delighted with Fitch Ratings’ affirmation of our ‘AAA(nga)’ ratings, which underscores our financial strength and stability in the Nigerian market. This rating affirms our commitment to maintaining a solid capital base, sound asset quality, and profitability. It also reinforces our stakeholders’ confidence in our ability to navigate challenging operating conditions.”

Despite the risks associated with the exchange rate disparity, the agency acknowledges Stanbic IBTC’s leading position as a domestic universal bank in Nigeria, comprising a significant portion of the Bank’s consolidated assets.

Stanbic IBTC’s sound asset quality is evident in its impaired loans ratio, which stood at 2.5% at the end of the first quarter of 2023, with total reserves coverage of bad loans at a robust 121%.

The institution has demonstrated strong and consistent profitability, with an operating profit-to-risk-weighted assets ratio of 7.7% in the first quarter of 2023, driven by a wider net interest margin and trading gains.

Its solid capitalisation, reflected in a CET1 ratio of 18.4%, provides a substantial buffer over regulatory requirements under Basel III.

Mr Wole Adeniyi, Chief Executive, Stanbic IBTC Bank also added, “Our diversified business model, sustained growth in net fees and commissions, and prudent risk management practices will continue to drive our profitability and solidify our position as a leading financial institution in Nigeria.”

Stanbic IBTC Bank has established an entrenched funding profile, although it maintains a higher loan-to-customer deposits ratio than peers due to its modest retail franchise and greater reliance on wholesale funding.

Nevertheless, the Bank’s funding profile remains stable, supported by its good brand recognition and a significant share of current and savings accounts (CASA) deposits. The institution also maintains sufficient liquidity buffers in local and foreign currency.

The rating affirmation from Fitch Ratings provides confidence in Stanbic IBTC’s financial strength, resilience, and ability to weather the challenges in the Nigerian banking industry. It highlights the unwavering support of its ultimate parent,  Standard Bank Group, and solidifies Stanbic IBTC’s position as a leading player in the Nigerian financial market.

Dollar To Naira Exchange Rate Today (Wed. Jun. 21, 2023)
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Nigeria’s Stock Market Maintains Bullish Trend, Soars By N52bn

Nigeria's Stock Market Maintains Bullish Trend, Soars By N52bn

Extending gains for the second consecutive day trading session, the stock market of the Nigerian Exchange Limited (NGX), on Tuesday, June 20, 2023, closed higher as the overall capitalisation gained N52 billion due to bargain-hunting activities in Seplat Energy Plc and 49 others.

The NGX All Share Index (ASI) rose by 95.17 basis points or 0.16 per cent to close at 59,110.02 basis points.

Consequently, the year-to-date (YTD) return rose to 15.33per cent while the market capitalization gained N51.82billion to close at N32.19trillion.

On sectors, the NGX Insurance rose 1.9 per cent, NGX  Oil & Gas appreciates by 1.4 per cent,  and NGX  Industrial Goods increases by 0.1per cent, while the NGX Banking index was unchanged.

As measured by market breadth, market sentiment was positive as 50 stocks gained relative to 19 losers. Academy Press, Chams, Guinea Insurance and Skyway Aviation Company recorded the highest price gain of 10 per cent each to close at N1.98, 44 kobo, 22 kobo and N7.70 respectively, per share.

Learn Africa followed with a gain of 9.92 per cent to close at N2.26, while Unity Bank appreciated by 9.82 per cent to close at N1.23, per share. On the other hand, C&I Leasing led the losers’ chart by 10 per cent, to close at N4.05, while Cornerstone Insurance followed with a decline of 9.82 per cent to close at N1.01, per share.

Secure Electronic Technology and Veritas Kapital Assurance depreciated by 8.70 per cent each to close at 42 kobo and 21 kobo respectively, while RT Briscoe Nigeria declined by 8.11 per cent to close at 34 kobo, per share.

The total volume traded declined by 34.06 per cent to 588.854 million units, valued at N8.961 billion, and exchanged in 8,272 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 78.512 million shares valued at N907.474 million.

Guaranty Trust Holding Company (GTCO) followed with 65.4 million shares worth N2.107 billion, while Transnational Corporation (Transcorp) traded 33.706 million shares valued at N112.041 million.

Access Holdings traded 31.379 million shares valued at N466.627 million, while Veritas Kapital Assurance sold 27.759 million shares worth N6.089 million.

According to analysts at Afrinvest Limited, “We anticipate buying interest to dominate tomorrow’s trading session due to sustained improvement in investor sentiment.”

Showmax Offers Students 40% Discount On Subscription At Soundcity On Tour

Showmax Offers Students 40% Discount On Subscription At Soundcity On Tour

Showmax, Africa’s original streaming service, is offering students a 40% discount and an instant cashback of ₦500 on the first month only when they subscribe to the service using their debit card.

This means that students will get to pay ₦‎220 for their Showmax subscription for the first month and continue to enjoy a 40% discount until September 2023.

This special discount is on offer at the ongoing Soundcity on Tour which kicked off Tuesday, 13 June 2023 at the Yaba College of Technology (YABATECH), Lagos. The tour is scheduled to run till September in nine other campuses, with the second stop at The Federal University of Agriculture, Abeokuta (FUNAAB) on Wednesday, 21 June.

Students will also get an additional 1GB of free data when they watch three hours of their favorite shows and stand the chance of winning instant cash prizes up to a million naira through a raffle draw.

Showmax has partnered with Soundcity, Nigerian lifestyle and music channel, on a nationwide campus tour to offer students an affordable entertainment experience with its rich library of local and international content, that can be streamed on mobile devices including smartphones and tablets with data consumption management available using the bandwidth capping feature.

Speaking on the partnership, Opeoluwa Filani, General Manager, Showmax Nigeria said: “The youth market is critical audience for us at Showmax as we believe that entertainment can have many cognitive, social, and emotional benefits for students.

“This partnership with Soundcity underscores our commitment to the youth market and our mission to provide world class entertainment at an affordable rate”.

The exclusive discount offered by Showmax to students is expected to alleviate financial burdens while enabling them to explore a variety of video entertainment options from Showmax.

Furthermore, students who visit the Showmax dedicated booth will be treated to a showcase of Showmax’s vast content offering with complimentary Wi-Fi to watch and download their favourite series available on the service.

Showmax’s local content slate includes a strong and growing list of Showmax Nigerian Originals including the first long-running telenovela, WURA; season one of the drama series, Flawsome; police procedural series, Crime and Justice Lagos (winner Best TV Series and Best Picture Editor AMVCA 2023); Showmax’s first animated series, Jay Jay: The Chosen One; and the hit reality TV show, The Real Housewives of Lagos (winner Best Costume Designer AMVCA 2023)

Also available on Showmax are Africa Magic originals such as Covenant, Itura, My Beautyful Life, Ricordi and Unmarried amongst others.

Showmax is also the home of HBO in Africa with award-winning series including Succession, Game of Thrones and its prequel, House of the Dragon, Barry, The Last of Us, Love and Death, Industry and Euphoria.

For a list of what to watch on Showmax this month including latest releases and new seasons, see here.

Lagos Leather Fair 2023 Drives Discourse On The Future Of African Creatives In The Global Leather Industry
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Dollar To Naira Exchange Rate Today (Wed. Jun. 21, 2023)

Dollar To Naira Exchange Rate Today (Thur. July. 20, 2023)

Dollar to naira, on Wednesday, June 21, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

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 ₦756.61 per $1 on Tuesday, June 20.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦7359 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.

Lagos Leather Fair 2023 Drives Discourse On The Future Of African Creatives In The Global Leather Industry

Lagos Leather Fair, the leading leather trade event in Africa and initiative of Femi Olayebi, CEO, Femi Handbags, has further advanced the growth of leather industry in Nigeria and Africa, at its recently concluded 6th edition.

The 2-day event which held at Balmoral Convention Centre, Lagos from 17 – 18 June, hosted over 3000 industry stakeholders, designers, creatives, and visitors as they explored the latest advancement in the leather industry and discussed growth strategies to scale the industry.

The event is the largest gathering of leather experts and creatives in the West African region, providing an exceptional networking hub for craftsmen, tanners, leather services experts, emerging designers, industry stakeholders, and regulators, as well as a platform to celebrate creativity, excellence, and innovation through the LLF awards.        

Speaking at the event, Femi Olayebi, Founder, Lagos Leather Fair, expressed her gratitude and satisfaction at the growth, the continuity of legacy, and the impact of the annual leather fair. She said, “Once again, I am truly amazed at the wonderful turnout at the 2023 edition. I appreciate the support and expert workmanship of the many brands, creatives, and exhibitors who were a part of this year’s edition and made it an absolute success. LLF is all about the quality and innovation of the craft, and it is great to see how much effort has been put in by everyone to uphold the highest quality standards known for at Lagos Leather Fair. As an industry, we need to put the extra into the ordinary, ensuring that our products can sit anywhere in the world. Nigeria is known for good quality leather, and I am confident with platforms like this, the sector will continue to advance. This fair has always been about creativity, innovation, networking, and coming together to tell the African story and I’m glad it was all captured in LLF 2023.”

The event was well-attended by key stakeholders and featured over 30 speakers who led thought-provoking conversations and workshops. One of the key highlights of the event was an insightful panel session where experts examined the creative sector with an emphasis on the leather industry. They drove the discourse on how to move the industry forward and strengthen the value chain, ensuring African creatives stay relevant globally. The session spotlighted how leather creatives in Nigeria can leverage collaboration to ensure economic growth within the industry and strategically position the Nigeria Leather industry as a premium sector globally.

Commenting further, Femi Olayebi said, “We launched this fair six years ago to change the narrative of the Nigerian leather industry and ensure professionals have a platform to deliberate on sustainable solutions and workable goals that cater to both local and global demands. We welcomed thousands of visitors during the past two days to not only explore the various developments the industry has seen and its outlook, but to also build working relationships and nurture a new generation of creatives. By connecting all the parties in the industry, Lagos Leather Fair will continue to unearth lasting solutions to key challenges facing the industry, ensuring leather remains a relevant instrument for the realization of the Zero-Oil Initiative”.

The fair also hosted exciting hands-on workshops, which guided leather designers through the process of building their unique brand identities and leveraging social media for business growth.

Lagos Leather Fair 2023 was an impactful event featuring exhibitions, runway shows, and the Lagos Leather Fair Awards, the first of its kind. The winners of the maiden edition award categories included K Aspen who was awarded for the best-curated boot at the fair, Maraz who won the Brand Excellence Award, and Tender Leather Care who bagged the Trailblazer Award. Ohiole Lagos alsosecured the final award of the night, named the Most Innovative Designer.

The Lagos Leather Fair continues to advocate for the growth of the Nigerian Leather industry. It is a constant reminder that made-in-Nigeria leather and products, if given the right support can compete and thrive in the international markets.

25 African Startups Unveiled to Receive $4M Google for Startups’ Black Founders Fund

PROFILE: 7 Things To Know About Acting IGP, Kayode Egbetokun

PROFILE: 7 Things To Know About Acting IGP, Kayode Egbetokun

The Vice President, Kashim Shettima, on Tuesday, June 20, 2023, decorated the newly-appointed Inspector General of police, Kayode Egbetokun with his new rank of inspector-general of police (IGP).

The new acting IGP had served as Commissioner of Police in Lagos State.

Below are seven things to know about Kayode Egbetokun

  1. Until his latest appointment, Egbetokun was decorated as the Deputy Inspector-general of Police and supervising DIG for the South-West geo-political zone, to man the Force Criminal Investigations Department (FCID), Force Headquarters, Abuja since April 6, 2023.
  2. The new Police boss was born on September 4, 1964 in Erinja, Yewa South local government area of Ogun State and he enlisted into the Nigeria Police Force on March 3, 1990, as a Cadet Assistant Superintendent of Police.
  3. He had his initial cadet training in the Nigeria Police Academy, and has attended many other courses within and outside the Police Force.
  4. He has worked in several Police Commands and formations across the country and held command positions at various times.
  5. As a Deputy Superintendent of Police in 1999, he was appointed the Chief Security Officer to the then-elected governor of Lagos State, Bola Tinubu, who is now the President of Nigeria.
  6. In that capacity, he coordinated the security of the entire state while reporting to the governor.
  7. He has served as the Commander, Rapid Response Squad (RRS), Lagos, Squadron Commander, MOPOL, Anti-Fraud Unit, FCT Command, Abuja, Chief Superintendent of Police, Administration, Lagos State Command headquarters, Ikeja, Area Commander, Osogbo, Osun State Command and Area Commander, Gusau, Zamfara State Command, among several others.

25 African Startups Unveiled to Receive $4M Google for Startups’ Black Founders Fund

Google Launches Nigeria Elections Trends Hub for 2023 Elections

Google for Startups (GfS) today announced the 25 African-based startups selected for this year’s $4million Black Founders Fund.

The Black Founders Fund, now in its third year, aims to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early stage Black-led high-growth businesses across Europe and Africa. 

The selected cohort of 40 startups from Europe and Africa, includes 25 African startups that embody the diverse entrepreneurial spirit across the African continent. Startups led or co-founded by women make up 72% of the group, highlighting the role women play in shaping Africa’s startup ecosystem. The funding will provide the businesses with the capital needed to take their ventures to the next level and expand to new markets, supercharging economic opportunities and job creation.

Early-stage investment is essential for the success of startups and the African startup ecosystem as a whole. This is crucial for Africa to become a global tech leader. With the significant decrease in African tech investment in 2023, startups in Africa need funds to sustain their growth and develop innovative solutions for the continent.

From accessible healthcare to efficient logistics, to innovative fintech solutions, these startups are harnessing the power of technology to address some of Africa’s most pressing challenges. HealthDart is elevating healthcare by providing comprehensive services and insurance through its digital platform. Tushop is reimagining retail with a group-buying platform in Kenya that encourages cost-saving and community engagement. Herconomy is breaking new ground in the fintech sector with its goal to become Africa’s first women-focused bank. 

Each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, 1:1 mentoring by industry experts and invaluable connections within Google’s network. 

Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google said “Startups play a major role in advancing Africa’s digital transformation. We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa. The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed” 

Ifedayo Durosinmi-Etti, Founder of Herconomy, selected for the 2023 Fund comments:, “At Herconomy, we are on a mission to reimagine the financial landscape for women in Africa. Being chosen for the prestigious 2023 Black Founders Fund will fuel our revolutionary vision and accelerate our progress. With the funding and support provided by the program, we will expedite the development of our innovative solutions, enhance support for our valued customers, and expand our presence on an international scale. 

Cathy Chepkemboi, Founder of Tushop, selected for the 2023 Fund comments:, “At Tushop, our passion lies in leveraging technology to empower Kenyan consumers and increase their buying power. Our ultimate ambition is to transform the way daily essentials and FMCG products are accessed, enabling individuals to save significantly. With the support of Google for Startups, we are one step closer to realising our goal of positively impacting the lives of millions of consumers in Kenya and beyond. 

Njabulo Skhosana, Founder of HealthDart, selected for the 2023 fund comments, “At HealthDart, we empower patients to access affordable and timely solutions for basic health problems through our technology-driven approach. By integrating pharmacy, telemedicine, and insurance with seamless payment options, we ensure affordable access to comprehensive primary healthcare. With the support of Google for Startups, we are poised to further enhance our platform, enabling more individuals to find the most cost-effective and efficient healthcare options.

Since its inception, the Black Founders Fund has facilitated over $205 million in investor conversations, representing a 12-fold increase. This has sparked significant growth within the participating startups, with their combined monthly recurring revenue now exceeding $6.1 million, marking a 7% increase. 

List of Startups 

  • Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
  • BezoMoney (Ghana) : Digital banking for Africa’s underbanked via mobile/web platforms.
  • Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
  • Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
  • Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
  • Excel At Uni (South Africa): Supports student funders via digital services.
  • EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
  • Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
  • Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
  • HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
  • Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
  • Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform.
  • MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
  • My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
  • Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
  • Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
  • Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa.
  • Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
  • Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora.
  • Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
  • TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
  • Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
  • Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
  • Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
  • Zydii (Kenya): Localised digital training solutions for African SMEs.

PROFILE: Meet Nigeria’s Chief of Air Staff, AVM Abubakar

PROFILE: Meet Nigeria's Chief of Air Staff, AVM Abubakar

Air Vice Marshal Hassan Abubakar was appointed the 22nd Chief of Air Staff by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Tinubu, on Monday, June 19, 2023.

His profile, released by the NAF Headquarters, states that Abubakar was born on September 11, 1970, and hails from the Shanono Local Government Area of Kano State.

He enlisted in the Nigerian Air Force as a member of the Nigerian Defence Academy Regular Course 39 and was commissioned Pilot Officer on September 19, 1992.

Abubakar has attended several courses, among which are ab-initio and Basic Flying Training Courses at the then 301 Flying Training School, Kaduna, and Basic and Advance Airborne Courses at the Nigerian Army Infantry Centre and School, Jaji.

He also attended the Company Amphibious Operations Course at the Nigerian Army Infantry Centre and School, Calabar.

Others include Junior and Senior Command and Staff Courses at the Armed Forces Command and Staff College, Jaji, and the National Defence Course at the Nasser Higher Military Academy, Cairo, Egypt.

Previous appointments held by the new CAS included Officer Commanding ‘B’ Squadron (Do 228), 81 Air Maritime Group NAF Benin; Team Leader MILOB Team Site 615 Mahagi (Ituri Brigade), United Nations Organisation Mission in the Democratic Republic of Congo (MONUC); and Aviation Planning Officer, MONUC Air Operations Kinshasa, Democratic Republic of Congo.

He was Commanding Officer, Base Services Wing 81 Air Maritime Group, Benin, and later served at different times at the 88 Military Airlift Group, Ikeja, where he held various appointments, including Operations Officer, Operational Conversion Unit; Operations Officer, Commanding Officer, 21 Wing, and Group Safety Officer.

He was Fleet Operation Officer 011 Presidential Air Fleet, and thereafter Commandant of the Unit.

His other appointments included Chief of Staff, Mobility Command, Yenagoa; Air Officer Commanding Logistics Command, Ikeja, as well as Director of Policy and Director of Operations, both at the Headquarters Nigerian Air Force, Abuja.

Nigerians Groan As FG Implements 7.5% VAT On Diesel

Nigerians Groan As FG Implements 7.5% VAT On Diesel
Diesel Prices Increase By 55.9% In 1 Year

Many Nigerians have lamented the effects of the introduction of the 7.5 per cent Value-Added Tax on the price of diesel.

This comes barely a month after President Bola Tinubu removed the subsidy on petrol during his inaugural speech on May 29, raising the price of PMS from N188 to about N580 in different states of the federation.

Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Finance Act 2020 raised the previous five per cent VAT of the country to 7.5 per cent on commodities including automobile gas oil and it was implemented on February 20, 2020.

But the VAT-exempt items include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.

While other commodities have been VAT-compliant, diesel was not until recently.

However, the new development has hit Nigerians hard, as many have called for an utmost review of it, especially because of the recent removal of fuel subsidies.

A Twitter user, Ingawa said, “That means for every litre of AGO you will buy, you have to pay 7.5 per cent VAT of the pump price. For example; If one litre of AGO is N650 at the filling station, then you have to pay an additional N48.75 being payment for 7.5 per cent VAT. The total price per litre will be N698.75 per litre.”

Another user, Angry Non-Nigerian, said, “When Tinubu said ‘widen the tax net, you people thought he was joking. The only thing that man knows is tax, tax and tax. As Lagosians.”

One Oyo said, “The Citizens will be the main IGR for this government. There is no single move to cut the cost of government from the Senate to the House to other departments.

“They went to education first by trying to add tuition fees, now 7.5 per cent VAT on PMS. Everything directly to the common man.”

Dollar To Naira Exchange Rate Today (Tue. Jun. 20, 2023)

Dollar To Naira Exchange Rate For 8th Dec 2023

Dollar to naira, on Tuesday, June 20, 2023, opened at N756.61 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at N756.61.

This would mean that the Nigerian currency dropped in value against the United States dollar, as the foreign exchange (forex) trading closed at ₦770.38 per $1 on Monday, June 19.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦735 and ₦760 with an average of ₦746.00 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

Radisson Hotel Group Announces Three New Hotels In Nigeria

Radisson Hotel Group one of the fastest-growing hotel companies in Africa plans to strengthen its robust African presence in 2023 further with the opening of eight new hotels already confirmed to date.

Radisson Hotel Group , one of the fastest growing international hotel companies and one of the largest hotel operators in Nigeria, continues its ambitious growth in the country with the signing of three new hotels. These new hotels include the highly anticipated debut of the bold and cutting-edge upscale lifestyle Radisson RED brand to the country and cemented the Group’s introduction in Abuja with two brands.

The hotels add over 400 rooms to Radisson Hotel Group’s Nigerian portfolio comprising of 11 hotels in operation and under development, placing the group firmly on track to reach their objective of 15 hotels in Nigeria by 2025.

Erwan Garnier, Senior Director, Development, Africa at Radisson Hotel Group says: “We are proud of our accelerated expansion in Nigeria, which mirrors our focus territories of Lagos and Abuja and the expansion of our diverse brands, from our premium luxury lifestyle brand with the Radisson Collection Hotel & Conference Center, Abuja to our renowned upper upscale brand with the Radisson Blu Hotel, Abuja CBD and finally the debut of our upscale lifestyle brand with Radisson RED Lagos VI – the first Radisson RED hotel in West Africa and third in Africa. These three signings have to date this year, increased our Nigerian pipeline by 50% with a rise from nearly 850 rooms to almost 1300 rooms. They are all under active construction as well, aligned with our African accelerated pipeline strategy which has kept us in the steady lead in terms of pipeline materialization.”

Radisson Hotel Group’s new hotel signings in Nigeria include:

Radisson Collection Hotel & Conference Center, Abuja

The new-build, 249 room hotel will be Abuja’s first luxury hotel and will further expand the Group’s Radisson Collection portfolio in Nigeria as the country’s third Radisson Collection hotel and the premium lifestyle brands debut in Abuja. The hotel will have an expansive range of rooms, from standard rooms and apartments to lofts and presidential suites. Spanning across almost 3000 square meters, the meeting spaces will consist of a dividable conference hall, five meeting rooms, a board room, as well as a pre-function area.

Located next to the Presidential Palace in Maitama District, one of the most sought after and exclusive areas in Abuja, the hotel will be a 45-minute drive from the Nnamdi Azikiwe International Airport, the country’s second busiest airport after Lagos. In proximity to the hotel is the city’s most popular market, Wuse market, Jabai Boat Club, a water based recreational facility and family entertainment center, and Abuja National Mosque, also known as the Nigerian National Mosque, built in 1984.

Radisson Blu Hotel, Abuja CBD

Debuting the renowned upper upscale Radisson Blu brand in Nigeria’s capital city is the Group’s 3rd Radisson Blu hotel in Nigeria. The 104-room hotel, scheduled to open in Q1 2025, will be in Abuja’s Central Business District (CBD), 45 minutes from the Nnamdi Azikiwe International Airport.

The hotel will have a stylish piano bar and an all-day dining restaurant along with fitness and wellness facilities and 245 square meters of meetings and events space.

Radisson RED Lagos VI

Further expanding the Group’s presence as its 7th hotel in operation and under development in Lagos, is the highly anticipated debut of the bold and cutting-edge upscale Radisson RED brand in Nigeria. The new-build, 62 room hotel scheduled to open in Q4 2025 will introduce the country to the renowned Radisson RED brand and its unique food and beverage concepts through its lobby bar, all day dining restaurant and rooftop bar and terrace which in true Radisson RED style will become the most coveted rooftop venue in the country.

Additional facilities will include a gym and pool along with 249 square meters of flexible meetings and events space, consisting of a conference room, a board room and two meeting rooms. The hotel will be located just over 30 minutes’ drive from Lagos Murtala Muhammed Airport, in Victoria Island, the main business and financial center and one of the most sought-after residential areas in Lagos, which has the highest hotel performance in West Africa due to its financial hub status and size of its economy.

Lagos-Ibadan: FRSC Announces Traffic Division

Treasury Bills Rates Falls, Demand Drops

LBS Discloses FG's Targets With Naira Redesigning

On a side note, average yields on Nigerian government bonds continued to fall as investors stepped up their purchases of banknotes, leading to lower yields despite higher headline inflation and lower stop rates. High inflation generally reduces the bond market’s real return on capital.

The government bond market ended the week calmly, although most secondary market participants traded cautiously. Fund/wealth managers were eyeing Wednesday’s main auction, which was noted as CBN offered 34.54 billion Naira worth of Nigerian government bonds.

The supply was split into Naira 1.01 billion for 91 days, Naira 1.29 billion for 182 days and Naira 32.15 billion for 364 days. Futureview analysts said in an investor note over the weekend that the stop rate for Apex Bank’s auction of Nigerian treasury bills in June had fallen.

Cordros Capital Limited said in a letter to investors that the previous auction closed at N830.19 billion with a total offer of N286.13 billion, with demand concentrated in longer-term bonds. informed investors.

Fixed income analysts reported that the June 14, 2023 primary market auction saw a large volume of subscriptions with maturities of 182 days and 364 days, resulting in lower stop rates. Compared to the previous auction, the stop rate on the 182nd fell to 5.12% and 8.24% on the 364th, but rose slightly to 4.89% on the 91st.

The 182-day and 364-day subscriptions received offers of Naira 7.27 billion and Naira 277.27 billion respectively, with sales of Naira 1.28 billion and Naira 277.27 billion respectively, according to CBN auction results. rice field. .

The 91-day price was slightly oversubscribed at 1.58 billion naira against the offering price of 1.1 billion naira. Analysts at Futureview said strong demand for short-term financial products is likely to continue amid persistent signs of high inflation.

A short-term reference rate applies to the money market.
Overnight interest rates ended flat at 12.1% as there were no major inflows into the financial system. The average liquidity level thus ended at 233.86 billion naira for net long positions compared to 543.14 billion naira for net long positions in the previous week.

Futureview expects overnight rates to rise as analysts expect tensions in FGN bond auctions next week and the possibility of a CRR to weigh on liquidity in the system.

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