The student loan has been a debate for sometime, after the act was signed, Nigerians have taken to the internet to express their concerns and some their excitement.
The purpose of the student loan is to reduce the financial burden of Nigerians in public institutions and to encourage the youth to get educated.
The Student Loan Bill was introduced by Femi Gbajabiamila, former speaker of the 9th House of Representatives, and was passed by lawmakers in late May 2023.
Gbajabiamila encouraged the Education Bank in November 2022 to make interest-free loans available to students in tertiary institutions in order to make paying education at that level more accessible to everybody.
On December 2022, the Academic Staff Union of Universities (ASUU) condemned the proposed introduction of education loans, claiming that they have been a colossal failure in Nigeria and other countries where they have been implemented.
There have been some concerns and controversies on the newly approved student loan. Some Nigerians are concerned about the sustainability of the loan, repayment and the effectiveness of the student loan.
Here’s why it may be difficult to access student loan
Family Income
One of the requirement of the loan is that the family income must be less that ₦500,000 per year. That means parent would be earning less than ₦30,000 which less than the minimum wage.
First of, financial inclusion is a problem meaning some Nigerians do not use banks or own an account. They hold onto their earnings and use it almost immediately on their needs. Without a bank account, how do you prove that you in deed qualify? Any organization that pays its employee below the minimum wage will be fined.
Tax Clearance
Let’s be honest only blue collar workers really pay tax, in fact not all of them pay tax what more of a petty trade or the poor. One of the requirements for the student loan is tax clearance and this may provide a major issue for kids whose parents do not have blue collared jobs.
Thee struggle of applying for the student loan
One of the struggles would be getting a cover letter signed by the Vice-Chancellor, students hardly have access to them.
You must not have been convicted of any offense including money laundering and drugs, if you have according to the bill you will not get the loan.
Another thing to consider is will the students affairs department secretly bill the students who submit their letters for the sake of special treatment/access?
Guarantor
Do you know how hard it is to get a guarantor when you want to borrow a loan? I mean the one from a legit organization not the loan sharks.
Well, it is not easy. However any student that wants to qualify for the loan must have 2 guarantors and they must be public servants or judicial officers. How feasible is it to get any of the people in the list below? Remember that the government pays nothing less than the minimum wage.
Remember that if the student faults on the loan payment; the guarantor will be held responsible.
Availability of funds
There is a clause in the bill, the funds will be given based on availability; meaning is there is no money you request for student loan will most likely not be approved swiftly.
Bad credit
The approval of the loan is subject to the student/parent’s credit performance. This means that if you have defaulted on ANY loan payment, you have indirectly disqualified yourself.
You might want to quickly pay your loans.
The government is doing this to protect the system from chronic debtors.
In all, it will be nice to see how this loan plays out.
The Joint Admissions and Matriculation Board (JAMB) has revealed that it paid a total of ₦1,478,416,000 to proprietors of non-JAMB Computer-Based Test (CBT) centers across the country for services done during the 2023 Unified Tertiary Matriculation Examination (UTME).
The announcement was made by JAMB’s Director of Public Affairs and Protocol, Dr Fabian Benjamin, in a statement issued on Thursday.
Benjamin stated that it was only proper to settle commitments as and when they become due in order to promote and maintain a cordial working relationship with partners who do their duties creditably.
“It is to be noted that most of the centres used for the examination are not JAMB-owned while some are ICT facilities of tertiary institutions.
“This symbiotic relationship between the board and the privately-owned CBT centres and others is collaborative in nature and is designed to ensure better quality service delivery and inclusiveness.
“Hence, the board is proud to announce that all centres owners who rendered quality service during the just-concluded examination had been appropriately commended for a job well done and paid accordingly,” he stated.
Ethiopian Airlines Group has announced that Lieutenant General Yilma Merdassa, the Commander of the Ethiopian Air Force, has been appointed by the Ethiopian government as Chairman of Ethiopian Airlines Management Board.
Merdassa’s appointment was said to have taken effect from Thursday, June 8, 2023.
He succeeds the former Chairman of the Ethiopian Airlines Management Board, Mr. Girma Wake.
Merdassa has been serving the Airline Group in the capacity of Management Board member for the last two and half years before he assumed the new role.
Ethiopian Airlines Group said it would welcome Merdassa and wished him success on his new role.
Girma Wake has led the Group as Management Board Chairman since March 2022. During this period, he provided effective guidance to the group sharing his wealth of experience in the aviation field.
Prior to that, he had served the airline in different capacities including as a member of the Management Board, and in CEO positions at different times. His contribution to the growth and success of the Airline Group has been enormous and will take a special place in the history of the group.
“Ethiopian Airlines would like to extend its gratitude and appreciation to Mr. Girma and wish him all the best in his new endeavors. Ethiopian Airlines executive Management shall continue to work closely with the management board to implement Vision 2035 and take the airline to the next level,” a statement from the airline said.
Former Emir of Kano, Muhammad Sanusi II, has lauded President Bola Tinubu for solving, once and for all, the double-hedged issues of fuel subsidy and multiple exchange rate regimes.
Sanusi, the former Governor of Central Bank of Nigeria (CBN), who met with the president yesterday evening, told newsmen that he was at the State House to show solidarity to his friend who according to him, was taking all the right steps as Nigerian leader.
According to him: “The first reason was to come and congratulate him formally, but also because I wear many caps, I wear the cap of an economist so I came to thank him for the steps he has taken to put this economy on course.
“As you know many of the issues that we’ve talking about; the subsidy that has cause a hemorrhage on the fiscal, the multiple exchange rates regime and on. These are issues that I have personally been talking about for a long time and I’m happy that on his very first day, he has addressed these issues and the markets are happy.
“It’s important when the government does the right thing for us to give them feedback. It’s not always when they do the wrong thing that we complain. So he has started on such a strong footing and as far as the economy is concerned, we have to come and support and encourage that we continue along that path and be advocates for the policies he has pursued.”
Sanusi also said he received the assurances of Tinubu that the federal government would take a closer look at the Nigerian Air Force raid that killed at least 37 herders in Nasarawa state in January, this year.
His words: “I’m concerned with the issue of herdsmen – farmer clashes. He (Tinubu) is also concerned. And we discussed steps that need to be taken to begin to look at some of those issues.
“But in particular, I came to appeal to him on the case of the 37 herdsmen who were bombed by the Airforce in Nasarawa State a few months ago which we wrote a letter to President Buhari on.
“And we have now written a reminder because it was a matter we didn’t want to be swept under the carpet. The president has asked me to send him that letter and I’m sure that he will look into the matter.”
In January, 2023, the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) had accused the Nigerian Air Force of killing its members in the Rukubi community of Doma Local Government Area of Nasarawa State.
MACBAN President, Baba Ngelzarma, had alleged that the herders, numbering about 40 were killed by operatives of the Nigerian Air Force Base in Makurdi, Benue State.
According to him, they were returning from Makurdi, the Benue State capital, where they went to retrieve over 1,000 cows seized by the Benue Livestock Guards.
He said after the payment of fines totalling N29 million, some of the livestock were released to the herders by the guards. However, they were trailed and killed while offloading the cattle shortly after they reached their destination in Nasarawa.
MACBAN had condemned the attack describing it as a war crime under the Geneva convention that prohibits the indiscriminate killing of livestock.
The Lagos State Government has begun group sessions for perpetrators (abusers) of domestic and sexual abuse.
Titilola Vivour-Adeniyi, Executive Secretary of the Domestic and Sexual Violence Agency, said in a statement on Thursday that the initiative was in keeping with Governor Babajide Sanwo-Olu’s commitment to delivering a holistic response to sexual and gender-based violence in the state.
“The worrisome increase in cases of domestic violence has informed the necessity to address the trend,” she stated.
“The support and healing group sessions for perpetrators of domestic violence will tackle the root causes of domestic violence. The programme will help identify and address the underlying factors contributing to perpetrators’ violent behaviour as results from the research show that these domestic violence cases stem from deep-seated issues such as unresolved trauma, anger management problems, substance abuse, or learned patterns of violence.”
According to her, if no psychiatric assistance was provided, the behavior may become a vicious cycle.
“Without psychological intervention, there is a risk that the perpetrators may perpetuate the cycle of violence in their relationships or pass it on to future generations,” Vivour-Adeniyi said.
“Hence through strategic intervention perpetrators can gain insight into these factors and develop healthier coping strategies and also break the cycle of violence that the support and healing group sessions can avail.”
She said that the planned intervention sessions will provide abusers with insights on alternate coping strategies, conflict resolution techniques, and healthy relationship dynamics.
The National Economic Council (NEC) has formed a committee to study the National Salaries and Wages Commission’s suggestions to mitigate the impact of the elimination of the gasoline subsidy.
At its first meeting on Thursday, headed over by Vice President Kashim Shettima, the NEC stated the committee should consider the ₦702 billion recommended as a cost of living allowance to federal personnel to lessen the burden of subsidy removal.
Nasir Idris, governor of Kebbi, chairs the committee, which consists of governors from each geopolitical zone.
According to Bala Mohammed, governor of Bauchi, who briefed State House media after the meeting, the commission also proposed “a monthly offer of ₦23 billion or ₦25 billion to cushion the effect on workers.”
“The NEC had received recommendations on the various ways and means that the country can use whatever increases that we have in the revenue to mitigate the impact that this is going to make on the lives of our workers,” he said.
“And so they recommended that there should be a consequential adjustment, estimated at N702.92 billion as part of the allowances that should be given as petroleum allowance to all workers and as well as N23 or N25 billion monthly offer to cushion the effect on workers.
“In addition to the palliative, the government looked at all the issues, challenges and problems holistically and set up a small committee of the council to review and come up with a term of reference to organise areas specifically where this palliative can come from and how it will be dispensed to alleviate the problem of workers and other vulnerable groups.
“We will sit within two weeks to come up with a recommendation to NEC for a holistic decision that will be taken immediately to alleviate the problem that is being encountered by the removal of the subsidy.”
Mohammed went on to say that the council had received further ideas to evaluate salaries and compensation.
Interswitch, Africa’s leading integrated payments and digital commerce company, has partnered with Equity Bank, one of the top Banking Groups in East Africa, to provide the Bank’s customers with faster and more affordable banking services at over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.
This arrangement mirrors Interswitch’s operations in Nigeria and Kenya as it will also enable Equity Bank’s ATM machines to accept bank cards of other local participating banks and institutions on the Interswitch network. Equity Bank also becomes an acquirer for Verve cards, adding to its wide portfolio of cards accepted by all Point-of-Sale (POS) machine locations and ATMs countrywide. There are approximately 250,000 Verve card holders in Uganda.
Announcing the partnership at a press launch which held on Wednesday, June 7, at Sheraton Hotel in Kampala, Country General Manager for Interswitch Uganda, Peter Kawumi, noted that the partnership is ideal and timely. He pointed out that for the past 20 years, Interswitch has provided technology solutions to businesses in Africa, to allow them to provide their customers with accessible, seamless, and affordable banking services.
“This partnership demonstrates an interesting shift in the attainment of service quality and competitive advantage. By joining the Interswitch network, Equity Bank will now benefit from the entire ecosystem that includes all the other financial institutions and their consumers in Uganda and across the region. In this way, Equity Bank has achieved two key things.
Firstly, the cost of transacting at ATMs and merchant locations has been significantly reduced. For example, the cost of withdrawals for Equity Bank customers at Interswitch-enabled ATMs, as well as customers of other financial institutions at Equity Bank ATMs has reduced by over 60% – “that is a significant cost reduction” said Kawumi.
Speaking about the latest partnership, Mitchell Elegbe, Founder/Group Managing Director, Interswitch Group said “Once more, we reiterate our commitment to making payment more accessible, convenient and affordable for Africans. Our partnership with Equity Bank enhances the interoperability efforts of the Ugandan financial industry and banking sector. The restriction across inter-bank payment channels in Uganda is further reduced. This partnership reiterates our capacity to support the expansion plans of our partners in Nigeria and other countries, into other regions.”
Speaking during the launch, Equity bank Managing Director Anthony Kituuka said, “We are delighted and proud of our rapid growth and expansion in Uganda over the last 15 years, bringing us to 50 branches, 7,000 Equi Duuka agents and over 6,500 merchants.
“This new partnership with Interswitch will support the existing network, allow us to serve our customers better and meet their financial needs right at their doorsteps. Even as the Bank continues to grow, we are committed to offering Ugandans a great customer experience with a variety of tailor-made products that speak to their financial needs.”
Adding, “whether you are a farmer, a retail or wholesale trader or on transit, Equity bank services will now be accessible across 650 Interswitch-enabled ATMs, allowing you to efficiently deposit funds, make withdrawals or make payments. We are keen on growing with our customers and look forward to serving them better with this new partnership.”
The strategic partnership between Interswitch and Equity Bank showcases the dedication of both institutions to fostering innovation and improving the availability and affordability of banking services for customers.
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Nigeria’s local currency, the naira, continued to decline after the apex bank’s floating exchange rate (foreign exchange) worsened the local currency’s position in the market.
On the Investor and Exporter FX window, US Dollars were sold to Importers, Companies and Manufacturers at N702.19, FMDQ Exchange data shows, N664.04 days Yesterday.
The local currency has lost about 41% by midweek after a dramatic shift to a less restrictive exchange rate policy took effect as the CBN under the recent administration gave banks autonomy in determining exchange rate.
The decision to float the naira comes into effect with the collapse of existing market segments in the investor and exporter window, Cowry Asset Management said in a note on Thursday.
On the other hand, the parallel market saw a slight appreciation for the N757 as the race towards the convergence of multiple exchange rates began. One-month, three-month and one-year forward rates closed higher at N676.1, N712.22 and 767.72, respectively, indicating losses of N191.35, N201.05 and N202.1, according to the report. Cowry Asset Limited.
Market data shows that the FMDQ OTC OTC market sets the Nigeria Autonomous Foreign Exchange Fixed Rate (NAFEX) at 610.20 Naira per US Dollar. This means that there is still a gap between the two windows, although analysts expect all ratios to be in agreement as the market continues to find balance.
NAFEX – Reference FMDQ – rate for spot forex transactions in the forex window of traders and exporters. NAFEX is considered the spot rate queried based on submissions from ten contributing banks
According to FMDQ Exchange documentation, upon receipt of a quote, submissions by individual contributing banks are ranked in descending order.
Analysts Expect Inflation Rate To Jump To 18.2% In May
Nigeria saw consumer price inflation worsen in May 2023 due to the fuel subsidy crisis, rising to 22.41% from 22.22% in April of the same year, according to data from National Bureau of Statistics (NBS).
However, the gain fell below market expectations. Some analysts predict that the consumer price index will double in the future due to the immediate impact of fuel subsidies on household finances.
However, analysts say that because the inflation figure is a lagging indicator, the impact of fuel subsidies on gasoline prices increasing by more than 250% has not been taken into account.
NBS said in the report that headline inflation in Nigeria maintained its upward trend in May, rising 19 basis points to 22.41% year-on-year. Similarly, on a monthly basis, headline inflation rose 3 basis points to 1.94% from 1.91% in April.
Food inflation increased by 21 basis points to 24.82% year-on-year, from 24.61% in April 2023. Rising food inflation was driven by higher prices of oil and fats, yams, and yams. and other tubers, bread and cereals, fish, potatoes, fruit. , Meat, Vegetables and Spirits.
On a monthly basis, food inflation increased to 2.19% from 2.13% recorded in the previous month. Elsewhere, core inflation fell 7 basis points to 20.06% from 20.13%.
Significant pressures were observed on the prices of Gasoline, Air Passenger Transport, Liquid Fuels, Vehicle Parts, Fuels and Lubricants for Personal Transport Equipment, Medical Services and Passenger Transport. Road. The statistics office said the benchmark rose 36 basis points to 1.81% month-on-month in April 2023.
Reporting on emerging technology is more challenging than you might think, precisely because it’s still “emerging”. Whether it’s virtual reality, cryptocurrency, or Artificial Intelligence, much of the technology is undergoing rapid development, it hasn’t reached its potential.
In fact, often we aren’t entirely sure what the potential is. On CNN’s Decoded we get a snapshot in time of what it might be, and it’s had some…mixed results! Here are three of the things I’ve looked at over the past year.
The Metaverse
Exploring the metaverse across its many platforms was a wonderful, sensory overload. Each time I took the VR headset off I crashed back to reality. Side effects of a metaverse trip include motion sickness, a sweaty face and headset lines indented into the face. Yet there is a lot to recommend the metaverse: the skies are always blue, there’s always a party somewhere, you have endless outfits and hairstyles at your fingertips (I am partial to a mohawk), and you can catch up with friends who live thousands of miles away in a more fun and immersive way.
I truly believe that the metaverse is here to stay for socialising and gaming, and even connecting with colleagues for meetings. However, like many promising technologies, this one has received a lot of hype. I was shocked by the breathless market for virtual real estate – a “property” made of pixels and algorithms can sell for millions of dollars, a virtual superyacht (complete with helipad and DJ booth) has sold for $650,0000. I think it’s great that investors and businesses see the potential of the metaverse, but I worry that many may just be throwing money into the abyss, fearful of missing out on the next big thing.
Artificial Intelligence
Over the last year AI is the technology you’ve heard about the most, particularly since the launch of ChatGPT and the many AI chatbots that followed. I have no qualms in telling you I already use AI chatbots in my day-to-day life, I’ve used one to hone an email to a wedding photographer to haggle on price, to write up a hotel review, and to bounce ideas off for stories I am working on. AI is already replacing mundane tasks, and for better or worse, it will change and replace jobs all over the world – as many as 300 million according to Goldman Sachs.
Many of the fears about AI are valid, particularly when it comes to issues around bias and misinformation. Other fears are overblown. Will AI become sentient and enslave humanity? Doubtful. Generative AI is trained on huge troves of data and information online, and it’s not always factually correct. It can even “hallucinate”, according to industry experts, but it is not sentient. Chatting with AI becomes even stranger off screen, I was thrilled to meet Desdemona, a humanoid robot programmed with AI. Our conversation was certainly original but not particularly intelligent. Ways to foil Desdemona: switching her off, killing her Wi-Fi connection, talking too fast, and walking away – all easy options.
Cryptocurrency
This was the topic that worried me the most – and not just regarding how best to explain the blockchain and Bitcoin mining. Firstly, there’s the total lack of regulatory oversight, which results in scandals and scams. There are the exchanges that went bust when customers took their crypto out, there are the many ‘AltCoins’ (name any animal, food item, or mythical beast and add the word “coin” to the end) professing to be the next Bitcoin, when really they are worth nothing and vanish into oblivion. People are parting with real money for digital currencies that aren’t decentralised, that have limitless supplies, and, given the absence of regulation, can be created by anyone. The second issue that worries me is how people are getting their crypto information and investment advice.
The thing I found most surprising about cryptocurrency is that it I am now a convert, at least on the philosophy of Bitcoin. I think there is a place in the world for a truly decentralised cryptocurrency, with which people can move money across borders without taxation, outside of the remit of banks, in countries where hyperinflation and political corruption risk it being worthless. Unfortunately, Bitcoin hasn’t reached its potential. It remains volatile, and after so many crypto exchanges and wallets have gone bust or proven corrupt, trust has been eroded.
Overwhelmingly, the technology we explored blew my mind. I’ve had lots of glimpses into a future that is better connected, more sustainable, and healthier. For me the best of technology wasn’t found in the glitzy virtual reality headsets, or on the lifelike face of a humanoid, it was in the clinical setting of laboratories all over the world.
I’ve seen how Artificial Intelligence can diagnose disease in ways that humans cannot, how Genetic Technology is curing diseases that were incurable, and even how human organs can be 3D printed. There is a seismic shift happening in healthcare that is already enabling us to live longer, healthier and better-quality lives, and it’s developing fast. Imagine a world where disease is eradicated, where old age isn’t debilitating, and people can live decades longer in good health. All this may now be entirely possible thanks to some of the greatest minds, the trailblazers of technology.
On Friday last week, news broke of President Bola Tinubu suspending central bank governor Godwin Emefiele with immediate effect, as investigations into his office and planned financial sector reforms were underway. Coincidentally, during this time, I was writing an article based on my personal experience with accessing Personal Travel Allowance (PTA) for my daughter.
Despite her recent graduation from university, she was required to provide a 3-year tax clearance as per the CBN directive. With over 20 years of banking experience at the highest levels of compliance and after speaking to multiple banks, I couldn’t find any that understood the true application of the CBN directive for someone in my daughter’s situation. A quick search on Twitter revealed hundreds of youths expressing their frustrations with the same experience.
I want to delve a little into the challenges faced in differentiating the spirit and the letters of CBN directives during Godwin Emefiele’s nine-year tenure as governor of the Central Bank of Nigeria, which have affected numerous industries and altered the trajectories of countless lives.
I will also explore the recent operational changes announced by the CBN after the suspension of Emefiele and the subsequent appointment of a new governor, which have brought about significant shifts in the Nigerian Foreign Exchange (FX) Market. These changes aim to address the previous challenges and improve the overall effectiveness of the FX market.
Challenges Faced Under Governor Godwin Emefiele:
During Governor Emefiele’s tenure, challenges arose in the implementation of directives, particularly concerning the Personal Travel Allowance (PTA) and its impact on individuals. The requirements, such as providing a 3-year tax clearance for individuals who recently graduated, lacked clarity and created significant barriers for accessing funds for education and personal travel. The previous foreign exchange market also led to scarcity of fx, haphazard attempts at regulating the fx market with restrictions on personal dollar accounts, preferential allocation to bureau de change and so many other challenges that affected countless lives and raised concerns about the consistency and spirit of the CBN’s directives.
Operational Changes Announced by the CBN after Emefiele’s Suspension
Under the new leadership and President Tinubu’s oversight, the CBN has introduced operational changes that aim to address the previous challenges and improve the overall effectiveness of the FX market.
Let’s explore these operational changes in a way that the average Nigerian can understand:
Abolishment of Segmentation – A Unified Market:
Previously, the FX market was divided into different segments, creating complexity and inefficiency. The CBN has now consolidated all segments into the Investors and Exporters (I&E) window. This means that the process for foreign exchange transactions has been simplified, and there is now a unified platform for conducting these transactions. Specific applications such as medical expenses, school fees, personal and business travel allowances, and small and medium-sized enterprises (SMEs) will continue to be processed through deposit money banks, ensuring specialised services for essential needs.
Example: Previously, if you wanted to exchange currency for personal travel, you had to go through a separate process from someone who needed foreign exchange for medical expenses. Now, all these transactions can be conducted through the unified Investors and Exporters window, making it simpler and more efficient for individuals and businesses.
“Willing Buyer, Willing Seller” Model – A Fair Marketplace:
The CBN has reintroduced the “Willing Buyer, Willing Seller” model at the I&E window. This means that all eligible transactions can access foreign exchange through this window. The aim is to promote fairness and equal opportunity for participants, aligning with the principles of a free market. The guidelines outlined in the existing circular will govern operations within this window, ensuring clarity and consistency.
Example: Previously, there were restrictions and preferential treatment in the FX market, leading to unfairness and lack of transparency. With the reintroduction of the “Willing Buyer, Willing Seller” model, individuals and businesses can participate on equal terms, creating a fairer marketplace for everyone.
Aligned Operational Rate for Government Transactions:
To align government-related transactions with prevailing market rates, the operational rate for these transactions will be based on the weighted average rate of the preceding day’s executed transactions at the I&E window. This ensures a fair valuation and reflects the dynamic nature of the market.
Example: Previously, government transactions might have been conducted at fixed rates that didn’t accurately reflect the market value. With the new operational rate based on the weighted average, government transactions will be aligned with market rates, resulting in a fairer valuation.
Balanced FX Position Limits – Managing Risk:
The CBN has introduced measures to balance the risk associated with foreign exchange positions. Oversold positions are subject to proscribed trading limits, while short positions can be hedged with Over-The-Counter (OTC) futures, enabling effective risk management. On the other hand, overbought positions have been limited to zero to maintain market stability.
Example: In the past, some individuals or institutions may have taken excessive risks by holding large foreign exchange positions. These measures aim to manage risk by imposing limits on oversold positions and allowing short positions to be hedged with OTC futures, while also preventing the accumulation of excessive positions that could destabilise the market.
Order-Based Two-Way Quotes – Transparent Trading:
Order-based two-way quotes have been reintroduced in the FX market, creating a transparent and fair trading environment. This means that buyers and sellers openly present their bid and ask prices, promoting price discovery and efficient trading. Additionally, all transactions will be cleared by a Central CounterParty (CCP), ensuring integrity and accountability.
Example: Previously, the FX market may have lacked transparency, with unclear pricing and hidden costs. With the reintroduction of order-based two-way quotes, individuals and businesses can see the bid and ask prices upfront, allowing for better decision-making and fairer transactions.
Reintroduction of Order Book – Enhancing Transparency and Execution:
The reintroduction of the Order Book provides a transparent view of orders and facilitates seamless execution of trades. Participants can efficiently view and execute orders, contributing to a more transparent and accountable market environment.
Example: The reintroduction of the Order Book means that individuals and businesses can see all the pending orders for foreign exchange, allowing them to understand the market depth and execute trades more efficiently. This enhances transparency and accountability in the FX market.
Foreign investors closely monitor operational changes in the central bank’s policies and regulations. The recent reforms announced by the CBN are likely to attract foreign investors’ attention, as they signal a commitment to improving the Nigerian FX market’s integrity, transparency, and fair competition. A more unified and transparent market, coupled with a fairer marketplace and effective risk management measures, can foster investor confidence and encourage greater foreign direct investment (FDI) inflows.
Moreover, the long-term effects of these changes can be far-reaching. By addressing previous challenges and implementing measures that promote fairness and transparency, the Nigerian FX market becomes more attractive to foreign investors seeking stable and predictable environments for their investments. This can lead to increased capital inflows, job creation, and overall economic growth.
However, it is crucial for the CBN to continue addressing the challenges faced during Governor Emefiele’s tenure, particularly in the implementation of directives like the Personal Travel Allowance, by providing clarity, consistency, and effective communication. This commitment to improving the understanding and application of CBN directives will further enhance the confidence of foreign investors and ensure that policies align with the broader objectives of economic stability and growth.
In conclusion, the operational changes announced by the CBN hold the potential to reshape the Nigerian FX market, benefiting individuals, businesses, and foreign investors. These changes, coupled with ongoing efforts to address challenges and improve communication, can pave the way for a more inclusive, transparent, and attractive investment environment in Nigeria.
The Premier League has unveiled the schedule and dates for all 380 matches in the 2023/2024 season. The champions Manchester City (Man City) will kick start the season with a match against Burnley.
See below the dates for all 380 matches for the new season starting from 11 August, 2023
Friday 11 August 2023
20:00 Burnley v Man City (Sky Sports)
Saturday 12 August 2023
12:30 Arsenal v Nott’m Forest (TNT Sports) AFC Bournemouth v West Ham Brighton v Luton Town Everton v Fulham Sheff Utd v Crystal Palace 17:30 Newcastle v Aston Villa (Sky Sports)
Sunday 13 August 2023
14:00 Brentford v Spurs (Sky Sports) 16:30 Chelsea v Liverpool (Sky Sports)
Monday 14 August 2023
20:00 Man Utd v Wolves (Sky Sports)
Saturday 19 August 2023
Aston Villa v Everton Crystal Palace v Arsenal Fulham v Brentford Liverpool v AFC Bournemouth Luton Town v Burnley Man City v Newcastle Nott’m Forest v Sheff Utd Spurs v Man Utd West Ham v Chelsea Wolves v Brighton
Saturday 26 August 2023
AFC Bournemouth v Spurs Arsenal v Fulham Brentford v Crystal Palace Brighton v West Ham Burnley v Aston Villa Chelsea v Luton Town Everton v Wolves Man Utd v Nott’m Forest Newcastle v Liverpool Sheff Utd v Man City
Saturday 2 September 2023
Arsenal v Man Utd Brentford v AFC Bournemouth Brighton v Newcastle Burnley v Spurs Chelsea v Nott’m Forest Crystal Palace v Wolves Liverpool v Aston Villa Luton Town v West Ham Man City v Fulham Sheff Utd v Everton
Saturday 16 September 2023
AFC Bournemouth v Chelsea Aston Villa v Crystal Palace Everton v Arsenal Fulham v Luton Town Man Utd v Brighton Newcastle v Brentford Nott’m Forest v Burnley Spurs v Sheff Utd West Ham v Man City Wolves v Liverpool
Saturday 23 September 2023
Arsenal v Spurs Brentford v Everton Brighton v AFC Bournemouth Burnley v Man Utd Chelsea v Aston Villa Crystal Palace v Fulham Liverpool v West Ham Luton Town v Wolves Man City v Nott’m Forest Sheff Utd v Newcastle
Saturday 30 September 2023
AFC Bournemouth v Arsenal Aston Villa v Brighton Everton v Luton Town Fulham v Chelsea Man Utd v Crystal Palace Newcastle v Burnley Nott’m Forest v Brentford Spurs v Liverpool West Ham v Sheff Utd Wolves v Man City
Saturday 7 October 2023
Arsenal v Man City Brighton v Liverpool Burnley v Chelsea Crystal Palace v Nott’m Forest Everton v AFC Bournemouth Fulham v Sheff Utd Luton Town v Spurs Man Utd v Brentford West Ham v Newcastle Wolves v Aston Villa
Saturday 21 October 2023
AFC Bournemouth v Wolves Aston Villa v West Ham Brentford v Burnley Chelsea v Arsenal Liverpool v Everton Man City v Brighton Newcastle v Crystal Palace Nott’m Forest v Luton Town Sheff Utd v Man Utd Spurs v Fulham
Saturday 28 October 2023
AFC Bournemouth v Burnley Arsenal v Sheff Utd Aston Villa v Luton Town Brighton v Fulham Chelsea v Brentford Crystal Palace v Spurs Liverpool v Nott’m Forest Man Utd v Man City West Ham v Everton Wolves v Newcastle
Saturday 4 November 2023
Brentford v West Ham Burnley v Crystal Palace Everton v Brighton Fulham v Man Utd Luton Town v Liverpool Man City v AFC Bournemouth Newcastle v Arsenal Nott’m Forest v Aston Villa Sheff Utd v Wolves Spurs v Chelsea
Saturday 11 November 2023
AFC Bournemouth v Newcastle Arsenal v Burnley Aston Villa v Fulham Brighton v Sheff Utd Chelsea v Man City Crystal Palace v Everton Liverpool v Brentford Man Utd v Luton Town West Ham v Nott’m Forest Wolves v Spurs
Saturday 25 November 2023
Brentford v Arsenal Burnley v West Ham Everton v Man Utd Fulham v Wolves Luton Town v Crystal Palace Man City v Liverpool Newcastle v Chelsea Nott’m Forest v Brighton Sheff Utd v AFC Bournemouth Spurs v Aston Villa
Saturday 2 December 2023
AFC Bournemouth v Aston Villa Arsenal v Wolves Brentford v Luton Town Burnley v Sheff Utd Chelsea v Brighton Liverpool v Fulham Man City v Spurs Newcastle v Man Utd Nott’m Forest v Everton West Ham v Crystal Palace
Tuesday 5 December 2023
Aston Villa v Man City Brighton v Brentford Everton v Newcastle Fulham v Nott’m Forest Luton Town v Arsenal Sheff Utd v Liverpool Spurs v West Ham Wolves v Burnley 20:00 Crystal Palace v AFC Bournemouth
Wednesday 6 December 2023
20:00 Man Utd v Chelsea
Saturday 9 December 2023
Aston Villa v Arsenal Brighton v Burnley Crystal Palace v Liverpool Everton v Chelsea Fulham v West Ham Luton Town v Man City Man Utd v AFC Bournemouth Sheff Utd v Brentford Spurs v Newcastle Wolves v Nott’m Forest
Saturday 16 December 2023
AFC Bournemouth v Luton Town Arsenal v Brighton Brentford v Aston Villa Burnley v Everton Chelsea v Sheff Utd Liverpool v Man Utd Man City v Crystal Palace Newcastle v Fulham Nott’m Forest v Spurs West Ham v Wolves
Saturday 23 December 2023
Aston Villa v Sheff Utd Crystal Palace v Brighton Fulham v Burnley Liverpool v Arsenal Luton Town v Newcastle Man City v Brentford Nott’m Forest v AFC Bournemouth Spurs v Everton West Ham v Man Utd Wolves v Chelsea
Tuesday 26 December 2023
AFC Bournemouth v Fulham Arsenal v West Ham Brentford v Wolves Brighton v Spurs Burnley v Liverpool Chelsea v Crystal Palace Everton v Man City Man Utd v Aston Villa Newcastle v Nott’m Forest Sheff Utd v Luton Town
Saturday 30 December 2023
Aston Villa v Burnley Crystal Palace v Brentford Fulham v Arsenal Liverpool v Newcastle Luton Town v Chelsea Man City v Sheff Utd Nott’m Forest v Man Utd Spurs v AFC Bournemouth West Ham v Brighton Wolves v Everton
Saturday 13 January 2024*
AFC Bournemouth v Liverpool Arsenal v Crystal Palace Brentford v Nott’m Forest Brighton v Wolves Burnley v Luton Town Chelsea v Fulham Everton v Aston Villa Man Utd v Spurs Newcastle v Man City Sheff Utd v West Ham *Fixtures to be split across weekends of 13 & 20 January
Tuesday 30 January 2024
Aston Villa v Newcastle Fulham v Everton Luton Town v Brighton Nott’m Forest v Arsenal Spurs v Brentford West Ham v AFC Bournemouth Wolves v Man Utd 20:00 Crystal Palace v Sheff Utd
Wednesday 31 January 2024
20:00 Liverpool v Chelsea 20:00 Man City v Burnley
Saturday 3 February 2024
AFC Bournemouth v Nott’m Forest Arsenal v Liverpool Brentford v Man City Brighton v Crystal Palace Burnley v Fulham Chelsea v Wolves Everton v Spurs Man Utd v West Ham Newcastle v Luton Town Sheff Utd v Aston Villa
Saturday 10 February 2024
Aston Villa v Man Utd Crystal Palace v Chelsea Fulham v AFC Bournemouth Liverpool v Burnley Luton Town v Sheff Utd Man City v Everton Nott’m Forest v Newcastle Spurs v Brighton West Ham v Arsenal Wolves v Brentford
Saturday 17 February 2024
Brentford v Liverpool Burnley v Arsenal Everton v Crystal Palace Fulham v Aston Villa Luton Town v Man Utd Man City v Chelsea Newcastle v AFC Bournemouth Nott’m Forest v West Ham Sheff Utd v Brighton Spurs v Wolves
Saturday 24 February 2024
AFC Bournemouth v Man City Arsenal v Newcastle Aston Villa v Nott’m Forest Brighton v Everton Chelsea v Spurs Crystal Palace v Burnley Liverpool v Luton Town Man Utd v Fulham West Ham v Brentford Wolves v Sheff Utd
Saturday 2 March 2024
Brentford v Chelsea Burnley v AFC Bournemouth Everton v West Ham Fulham v Brighton Luton Town v Aston Villa Man City v Man Utd Newcastle v Wolves Nott’m Forest v Liverpool Sheff Utd v Arsenal Spurs v Crystal Palace
Saturday 9 March 2024
AFC Bournemouth v Sheff Utd Arsenal v Brentford Aston Villa v Spurs Brighton v Nott’m Forest Chelsea v Newcastle Crystal Palace v Luton Town Liverpool v Man City Man Utd v Everton West Ham v Burnley Wolves v Fulham
Saturday 16 March 2024
Arsenal v Chelsea Brighton v Man City Burnley v Brentford Crystal Palace v Newcastle Everton v Liverpool Fulham v Spurs Luton Town v Nott’m Forest Man Utd v Sheff Utd West Ham v Aston Villa Wolves v AFC Bournemouth
Saturday 30 March 2024
AFC Bournemouth v Everton Aston Villa v Wolves Brentford v Man Utd Chelsea v Burnley Liverpool v Brighton Man City v Arsenal Newcastle v West Ham Nott’m Forest v Crystal Palace Sheff Utd v Fulham Spurs v Luton Town
Tuesday 2 April 2024
AFC Bournemouth v Crystal Palace Arsenal v Luton Town Brentford v Brighton Burnley v Wolves Nott’m Forest v Fulham West Ham v Spurs
Wednesday 3 April 2024
Chelsea v Man Utd Newcastle v Everton 20:00 Liverpool v Sheff Utd 20:00 Man City v Aston Villa
Saturday 6 April 2024
Aston Villa v Brentford Brighton v Arsenal Crystal Palace v Man City Everton v Burnley Fulham v Newcastle Luton Town v AFC Bournemouth Man Utd v Liverpool Sheff Utd v Chelsea Spurs v Nott’m Forest Wolves v West Ham
Saturday 13 April 2024
AFC Bournemouth v Man Utd Arsenal v Aston Villa Brentford v Sheff Utd Burnley v Brighton Chelsea v Everton Liverpool v Crystal Palace Man City v Luton Town Newcastle v Spurs Nott’m Forest v Wolves West Ham v Fulham
Saturday 20 April 2024
Aston Villa v AFC Bournemouth Brighton v Chelsea Crystal Palace v West Ham Everton v Nott’m Forest Fulham v Liverpool Luton Town v Brentford Man Utd v Newcastle Sheff Utd v Burnley Spurs v Man City Wolves v Arsenal
Saturday 27 April 2024 AFC Bournemouth v Brighton Aston Villa v Chelsea Everton v Brentford Fulham v Crystal Palace Man Utd v Burnley Newcastle v Sheff Utd Nott’m Forest v Man City Spurs v Arsenal West Ham v Liverpool Wolves v Luton Town
Saturday 4 May 2024
Arsenal v AFC Bournemouth Brentford v Fulham Brighton v Aston Villa Burnley v Newcastle Chelsea v West Ham Crystal Palace v Man Utd Liverpool v Spurs Luton Town v Everton Man City v Wolves Sheff Utd v Nott’m Forest
Saturday 11 May 2024
AFC Bournemouth v Brentford Aston Villa v Liverpool Everton v Sheff Utd Fulham v Man City Man Utd v Arsenal Newcastle v Brighton Nott’m Forest v Chelsea Spurs v Burnley West Ham v Luton Town Wolves v Crystal Palace
Sunday 19 May 2024
16:00 Arsenal v Everton 16:00 Brentford v Newcastle 16:00 Brighton v Man Utd 16:00 Burnley v Nott’m Forest 16:00 Chelsea v AFC Bournemouth 16:00 Crystal Palace v Aston Villa 16:00 Liverpool v Wolves 16:00 Luton Town v Fulham 16:00 Man City v West Ham 16:00 Sheff Utd v Spurs
inDrive.Couriers, a service to help users order same-day and on-demand delivery, is proudly celebrating two years of successful operation in Lagos, Nigeria. This achievement serves as a testament to the company’s commitment to excellence within the logistics industry, amid economic challenges.
In a move to provide even greater coverage, inDrive is thrilled to announce its expansion into two additional Nigerian cities, Abuja and Ibadan. This expansion signifies the company’s growth and commitment to offering their unique peer-to-peer model of courier services to an even larger Nigerian audience.
The unique model allows customers and drivers to negotiate delivery costs, ensuring a fair price. It has been embraced for its cost-effective and streamlined solution in the face of rising fuel prices. With this expansion, inDrive brings this innovative approach to Abuja and Ibadan, further contributing to the logistics landscape in Nigeria.
inDrive.Couriers offers its services around the clock, focusing on fast collection of packages up to 20kg, with real-time tracking. The platform allows clients to review the courier’s rating and order completion history before selection, ensuring the highest level of transparency and trust.
With e-commerce flourishing across the continent, inDrive sees significant growth opportunities in this sector. The courier service’s expansion into Abuja and Ibadan comes at a time when Africa’s e-commerce market is forecast to witness unprecedented growth, making inDrive’s services crucial in facilitating trade and commerce.
inDrive intends to work closely with small to medium-sized businesses; these in turn stand to benefit as these services enable a broader customer base and promote supply chain efficiency.
The recent launch of inDrive’s moto delivery service adds another layer to their commitment to their clients. The new service, aimed primarily at businesses, increases the speed and efficiency of deliveries, reaffirming inDrive’s pledge to continuously adapt and innovate to meet the needs of the evolving market. As the number of moto couriers has grown rapidly, the service has become even cheaper in comparison with ride-hailing.
“Celebrating two years of operation and expanding into Abuja and Ibadan are significant milestones for us. These achievements reflect the dedication and hard work of our team and the effectiveness of our unique peer-to-peer model.
“We are dedicated to nurturing the growth of e-commerce in Nigeria and beyond by continuously improving and expanding our courier services to meet the evolving market demands.” said Stanislav Troskin, Director of inDrive.Couriers.
Brand Manager, Chic Choc & Nutrisnax, OK Foods, Olayinka Johnson; Brand Manager, Pure Bliss, Bukola Yusuph; Senior Legal Officer, Lagos State Lotteries and Gaming Authority, Kemi Adebiyi; Head, Lagos Office, Federal Competition and Consumer Protection Commission (FCCPC), Susie Onwuka and Head, Marketing, OK Foods, Sachin Wali during the unveiling of the Pure Bliss 60 Millionaires in 60 Days Consumer Promo held in Lagos on Wednesday, June 14, 2023.
Pure Bliss, one of the leading biscuits brands from OK Foods, has unveiled plans to delight and reward its consumers in the second edition of its national consumer millionaire promo.
The campaign, ‘Pure Bliss Millionaire Promo’, will see 60 millionaires emerge in 60 days, with an additional 30 million naira worth of Airtime to be won.
Speaking on behalf of the Business Head of OK Foods Limited, Murali Krishnan, during a media parley to unveil the Promo in Lagos on Wednesday, June 13, 2023, Sachin Wali, Head of Marketing, OK Foods emphasized the credibility & due diligence of the promo, stating that measures have been put in place to ensure fairness and transparency.
“We are once again initiating one of the largest give-back consumer promotions in the biscuits category. We want to thank our consumers for their patronage over the years and assure them that the promotion will be managed with due diligence, fairness, and utmost credibility,” he said.
Olayinka Johnson, Brand Manager, Chic Choc & Nutrisnax, Ok Foods Limited, disclosed that the ‘Pure Bliss 60 Millionaires in 60 days’ Promo is a great way to reward the consumers in line with the Pure Bliss brand promise – ‘Light Up Your Day’.
“The Pure Bliss 60 Millionaires In 60 Days Promo is a great initiative at this time because consumers get to enjoy their favourite Pure Bliss Cookies & Wafers, while winning big”.
In her remarks during the parley, the Brand Manager of Pure Bliss, Oluwabukola Yusuph, revealed that over 300,000 winners are to be rewarded with Airtime beyond the 60 lucky consumers that will be rewarded with 60 million Naira cash prize – One million Naira each.
Explaining the mechanics of participating in the Promo, Yusuph stated that consumers are expected to buy any Millionaire Promo pack of Pure Bliss Milk Cookies, Milk Cream Wafers, Choco Cookies & Chocolate Cream Wafers, look inside the pack for a 7-digit alphanumeric code and text the unique code to 8011 using the format: PUREBLISS <SPACE> 1234567 <SPACE> LOCATION, e.g. PUREBLISS 1234567 LAGOS. She stated that the consumers will receive an SMS from 8011, notifying them of their prize – either N100 Airtime or One Million Naira as each code guarantees a prize.
“We believe the Pure Bliss Millionaire Promo will truly create delight for our consumers, especially in these times. As part of our values, it is important that we stay true to the brand’s promise of uplifting consumers’ moods. In addition to producing delicious, indulgent biscuits and wafers enjoyed by our consumers, this promotion is one of the ways through which we can bring our brand promise to life”, she said.
Endorsing the Promo, the Senior Legal Officer, Lagos State Lotteries and Gaming Authority, Kemi Adebiyi, noted that the promotion has fulfilled the mandate required by the regulatory authority, which is to ensure that the promotion is registered and regulated. She promised that the agency would play its role in ensuring that the selection process is transparent. She commended OK Foods for introducing the promotion to reward consumers at this time.
Brand Manager, Chic Choc & Nutrisnax, OK Foods, Olayinka Johnson; Brand Manager, Pure Bliss, Bukola Yusuph; Senior Legal Officer, Lagos State Lotteries and Gaming Authority, Kemi Adebiyi; Head, Lagos Office, Federal Competition and Consumer Protection Commission (FCCPC), Susie Onwuka and Head, Marketing, OK Foods, Sachin Wali during the unveiling of the Pure Bliss 60 Millionaires in 60 Days Consumer Promo held in Lagos on Wednesday, June 14, 2023.
Also, speaking during the parley, the Head, Lagos Office, Federal Competition and Consumer Protection Commission (FCCPC), Susie Onwuka confirmed that the promotion has passed through regulatory approvals, urging consumers to participate.
“As an institution, our mandate is to protect the consumers and ensure that the promotion they are participating in is genuine. Besides, we also have a responsibility to ensure that consumers are not shortchanged in this promotion. We want to assure you that we will ensure that the selection process is free and fair,” Onwuka said.
In his remarks, Assistant Chief Administrative Officer, National Lottery Regulatory Commission, Niyi Adeleke explained that the consumer promotion embarked upon by Pure Bliss enjoys regulatory approval, noting that the agency would be available to ensure that all promises made are kept.
The Pure Bliss Millionaire promo is available across the following Pure Bliss SKUs: Pure Bliss Milk Cookies 27g & 50g, Pure Bliss Choco Cookies 50g, Pure Bliss Milk Cream Wafers 16g & 30g and Pure Bliss Chocolate Cream Wafers 30g. The promotion ends on July 31, 2023, or while stock lasts.
It would be recalled that in 2020, Pure Bliss carried out a similar consumer promo in which 15 consumers were rewarded with 1 million Naira each, while thousands of other consumers were rewarded with Airtime and other gift items.
Moores Energy, an indigenous gas company in Nigeria, has concluded the selection process of this year’s edition of Moores Awards for Public Schools (MAPs).
The selection process saw 40 students in Lagos public schools, and seven teachers from different districts across the state, jostling for the highly-reputable Moores Awards.
Witnessed by a representative from the Lagos State Ministry of Education, the nominated students and teachers were treated to commendable reception.
While only six students, according to the awards organisers, would become recipients of MAPs, only one teacher among those selected, would be awarded.
Speaking on MAPs 2023, which is scheduled to hold on Friday, June 23, Bola Tom-Jones, the Chief Executive Officer (CEO) of Moores Energy, stated that the awards seek to celebrate outstanding students and teachers in Nigeria.
“The dedication and passion demonstrated by our educators and students are truly remarkable. They are the ones shaping the future and laying the foundation for a better tomorrow. For this, they deserve to be celebrated and recognised, and that’s what we are doing with Moores Awards for Public Schools,” Tom-Jones stated.
Addressing the nominated teachers and students, the Moores Energy CEO congratulated them all, saying: “It doesn’t matter who wins, or not. To be here today is a proven fact that you are outstanding individuals.”
Emphasising the importance of highlighting the positive impact of education on society and expressing their commitment to continue promoting excellence in education, Tom-Jones said the forthcoming awards ceremony shines a spotlight on exceptional teachers and students.
“We hope to inspire others and encourage everyone to appreciate and support the field of education,” she added.
The MAPs convener, however, thanked supporters of the awards, including the Permanent Secretary of the Lagos State ministry of education, Abayomi Abolaji.
On their part, the nominated students and teachers expressed gratitude to Tom-Jones and other organisers of MAPs, for contributing to the development of the Nigerian education sector.
Amongst them is Adedeji Adekunle, a teacher of Education District 4, who said he’s excited to be part of those nominated for the recognition.
“I’ve been teaching for over 10 years now, and this award nomination gave me a feeling of fulfillment. I felt that definitely the works I’ve put in all these years are not in vain,” he added.
Like Adekunle, Ambrose Adenike, a teacher with Bolade Senior Grammar Oshodi, noted that the education sector in Nigeria needs more of MAPs. Her words: “Both teachers and students need to be given utmost attention. It’s important we get celebrated regularly and I’m happy Mrs Bola Tom-Jones is doing that with MAPs. I’ve been teaching for 21 years now and this feat looks great already.”
Nigeria’s inflation, which measures the rate in prices of goods and services, has risen to 22.41 percent in May 2023. This is amid the petrol subsidy removal.
In a report cited by BizWatch Nigeria, the NBS disclosed that the consumer price index (CPI) hit the figure last month, up from 22.22 percent in the previous month.
The Nigerian Exchange’s (NGX) equities sector gained momentum on the back of favorable sentiment on currency reforms underway by the new government.
The recorded uptrend was fueled by positive investor sentiment following reports that the Central Bank of Nigeria has allowed the Naira to float freely in its I&E window. Tier 1 bank names sparked a market revaluation, with MTN Nigeria’s gains helping momentum.
As a result, the year-to-date increase in the Nigerian Exchange All Stocks Index (NGX ASI) was 17.04, even though the number of rising stocks (70 stocks) outweighed the number of falling stocks (13 stocks) on the exchange. increased to %. Therefore, the All Stocks Index closed at 59,985.10 points. Nigerian banks continue to rise: FBNH (+10.00%), STANBIC (+9.96%), FIDELITYBK (+9.85%), ACCESSCORP (9.79%), ETI (+9.75%), ZENITH BANK (+9.74%), UBA (+9.63%) and GTCO (9.42%) all ended the day higher.
The investor also bought a stake in oil giant TOTAL (+9.99%) as the company announced an oil and gas discovery on his Ntokon Offshore OML 102. Performance of all sub-indexes tracked was mostly positive except for the NGX industrial index, which fell 1.13% due to the selling of cement giants BUACEMENT (-6.52%) and DANGCEM (-0.98%).
Meanwhile, market activity continued to improve, with total transaction number, transaction volume and value increasing by 15.22%, 9.28% and 9.65% respectively, with 11,947 stores, 1.3 billion units of merchandise and 210 transaction value. 180 million naira. Measured by market width, market sentiment was broadly positive (5.4x) with 70 tickers gaining while 13 stocks fell. DANGSUGAR (+10.0%) and INTBREW (+10.0%) topped the list of gainers, while PHARMDEKO (-9.7%) and CWG (-9.4%) posted the biggest losses of the day.
UBA emerged as the most actively traded stock on a volume basis, with 230.76 million shares valued at Naira 2.74 billion traded in 638 trades. By sector, Banks (+26.5%) and Insurance (+23.0%) recorded the biggest gains, followed by Oil & Gas (+16.0%) and Consumer Goods (+4.1%). The industrial product index (-1.1%) was the only one that fell on the day. Overall, the market capitalization of shares increased by Naira 991.8 billion to Naira 32.7 trillion.
AIICO Insurance plc has announced Profit After Tax of N7.55 billion for the year ended December 31, 2022 as against N4.92 billion profit in the same period in 2021.
The company announced this at its 53rd Annual General Meeting held in Lagos.
AIICO’s shareholders at the meeting applauded the growth trajectory achieved by the firm during the period commending the board and management of the firm for the positive financial performance and sustained dividend payout during the year.
Chairman of AIICO Insurance Plc, Mr. Kundan Sainani informed the shareholders that the firm’s Gross Premium Written (GPW) stood at N88.28 billion in 2022, compared to N71.63 billion recorded in 2021, while the Gross Premium Income (GPI) was N74.03 billion, as against N61.10 billion achieved in the previous year.
Sainani maintained that the company’s net claims payment was N44.99 billion in the year under review, contrary to N39.91 billion expended in the previous year. According to him, the firm’s total assets in the year were N270.33 billion; total equity, N45.01 billion, and shareholders’ fund, N44.59 billion.
He noted that the company’s approach to capital allocation has not changed, adding that the firm still has to manage the tension between reinvesting in its businesses and returning cash to shareholders while keeping regulatory and economic capital constraints in view.
“To manage these tensions, and in recognition of the importance of returning cash to Shareholders, the company has a dividend policy that stipulates a percentage of profits to be returned to shareholders, whenever possible.
“In the 2021 fiscal year, the company returned a dividend per share of 2 kobo to shareholders, considering our constraints. This year, the company is happy to announce that it is proposing a dividend of 3 kobo per share to shareholders, a 50 percent rise from the payout in the last year. The
company’s management has determined that subject to economic capital targets, this sum represents the optimal cash transfer to shareholders, based on the 2022 full-year performance,” he said.
He said the company recorded impressive revenues and growth in shareholders’ value in 2022, adding that the achievement was part of the company’s efforts to improve engagement with shareholders and the investment community.
Speaking at the meeting, the National Coordinator, Independent Shareholders Association of Nigeria, (ISAN), Moses Igbrude, said the company’s financial performance amid enormous challenges in the country was commendable.
Whilst applauding the firm for a 3kobo dividend payout, he implored the firm to do more in insurance education, stressing that getting more policyholders, would beget more profits and return on investment to shareholders.
Another Shareholder, Managing Director Lancelot Ventures Limited, Adebayo Adeleke, commended the firm for recording such a good financial performance.
The Central Bank of Nigeria (CBN) has officially unified all segments of the forex exchange (FX) market.
In a sighted by BizWatch Nigeria, the apex bank said all FX windows are now collapsed into the investors & exporters (I&E) window.
The CBN said the move is part of a series of immediate changes to operations in the Nigerian FX market.
“Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” the circular signed by Angela Sere-Ejembi, director, CBN financial markets department, reads.
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from 9am to 4pm, Nigeria time.”
