L-R: Head of IT Operations, Airtel Nigeria, Adebanjo Adeola; Senior Manager, Corporate Social Responsibility, Airtel Nigeria, Chioma Okolie; Head of Information Security & Business Continuity (IT CISO), Airtel Nigeria, Joy Omoruku; Director, Information and Technology, Airtel Nigeria, Seun Solanke; Principal, Kuramo Senior College, Abdulwahab Babatunde Lawal and Head of Project Release Management, Airtel Nigeria, Akinkunle Oyafajo during the presentation of Routers to Kuramo college in Victoria Island, Lagos, on Wednesday, 24th May 2023
Employees of Airtel Nigeria, under its CSR initiative, Employee Volunteer Scheme Initiative, paid a visit to Kuramo College, a government secondary school in Lagos, and donated modern routers, each equipped with 100GB of data and a two-month roll-over access fee.
The connection devices were donated by Airtel’s Information and Technology team, with a mission to empower students with enhanced digital connectivity.
Airtel Employees Equip Students With Access To Digital Education
Speaking during the event, Director, Information and Technology, Seun Solanke, said, “Airtel aims to empower young minds by equipping them with the connectivity to imagine and unlock a world of knowledge and opportunities.
“For Airtel, it is no longer about being a smartphone network but giving people a reason to imagine, so that people can explore the possibilities powered by technology and connectivity.
“The world is evolving, young Nigerians now have access to unlimited possibilities and can now create their own job titles and descriptions, which is why we now have YouTubers, social media Influencers and the likes.”
He concluded by encouraging the students to maximize the provision of connectivity to back up their future imaginations with the right information and resources, in other to ensure a bright future.
The activities under the Airtel Nigeria Employee Volunteer Scheme, said Airtel management, aligns with the company’s commitment to bridging the digital divide in the country and enabling students to leverage the power of the internet, as the distribution of routers with data plans will ensure that students have uninterrupted access to educational resources, research materials, and online learning platforms, regardless of their socio-economic background.
Planning a date can be one of the most stressful things you have to think about, from what to do, where to do it, when to do it and many more factors that you’ll have to take into consideration just to get the perfect date planned out, It is very stressful.
We at Bizwatch Nigeria have decided to go through that stress for you today, we have done our research and surveys and have decided to give you the best date ideas that will leave your significant other with the Butterflies in the stomach Perfect Date feeling. Here are the best seven date night ideas that you can do:
Plan a picnic under the stars
Pack a basket full of your favourite snacks, grab a blanket, and head to a local park or beach for a romantic night under the stars. You can do this on your house balcony, out at the park or on the driveway of your house, or anywhere that has natural moonlight. This can be done with a tent, a mat or a carpet or rug, to make the moment special, You can even bring a telescope and try to spot constellations together.
Take a cooking class
This will mean a lot to your significant other because it shows that you are going out of your way for them. Learn how to cook a new dish or cuisine together by taking a cooking class. It’s a fun and interactive way to spend time together, and you’ll get to learn how to cook, learn new cooking dishes, understand your partner, and better enjoy the fruits of your labour at the end of the class.
Have a game night
Bring out board games, card games, or video games and have a friendly competition with your significant other. Make it even more fun by setting up a prize for the winner. Make it challenging and also very entertaining, it will show you a lot apart your partner like their competitiveness, selflessness, ability to manage one’s emotions and many other important things to look for in a partner
Visit an art gallery or museum
Spend an evening exploring an art gallery or museum together. It’s a great way to learn something new and spark interesting conversations about their past, present and also what they see them becoming in the future. you will learn alot about how they view life and what they see things.
Go on a scavenger hunt
Create a scavenger hunt for your partner that leads them on a fun adventure around your city. You can include clues that lead to special spots that are meaningful to your relationship. This can be done on birthdays, wedding anniversaries, or even propsals. Its a fun way to create tension and suspense.
Attend a comedy show
Laughing together at a stand-up comedy show. Is a great way to break the ice and bond over shared humour. Its fun to seem them at their most comfortable and to be there with the as well builds physical connections on another diffrent level, Laughing, holding hand, cheek rubs and alot of other things. This will increase your intimacy levels through the roof.
Go on a hike or nature walk
Set some thime apart to just have a walk, spend an evening enjoying nature and each other’s company on a scenic hike or nature walk. Make sure to take pictures and enjoy yourself to the maximum. You can bring a picnic or snacks to enjoy at the end of the hike. This will help you to have those tough and deep conversations that youre afraid to have, you also get to spend quality time with the person, without distractions and intefreance from other things and people as well and get to connect on a more emotional level.
Don’t limit yourself to the regular going out to get something to eat, so try something unique and suprise the person. Always remeber not to limit your imagination because of where you are or who you are with. Its the thought that matters. XOXO
Mobile banking has developed as a strong instrument for financial inclusion, allowing users to use their mobile devices to access financial services and perform transactions.
Financial inclusion and literacy are critical to promoting inclusive economic growth and allowing individuals to determine their financial fate. Momo PSB’s mobile banking platform has proven to be an effective instrument in reaching these objectives.
According to a report by International Monetary Fund (IMF), “Financial inclusion in Nigeria has had obvious success, with residents continually being onboarded into the banking industry.
“However, total exclusion rates continue to exceed official expectations, owing in part to a lack of financial literacy.
“Going forward, Nigeria’s financial inclusion strategy should more systematically leverage rapidly developing digital instruments.
“Uptake of digital financial services, notably mobile money, is still lower than in peer countries, and overcoming this would require improving digital financial literacy, upgrading digital infrastructure, and promoting incubation and sound practices of fintech firms.
“Nigeria’s CBDC also has an enabling potential if accompanied by a comprehensive package of supportive policies,” IMF said.
Mobile gateways were used 108.14 million times in January 2023, a 230.72 percent rise from the 32.69 million times they were used in the same period last year. During the review period, the value of mobile transactions increased by 124.85% to ₦2.37 trillion from ₦1.05 trillion in January 2022.
Financial literacy/education
According to Eli Hini, CEO of MoMo PSB, the mobile money operator would invest in financial education, mobile device financing, and other financial solutions to overcome Nigeria’s financial inclusion gap.
He made the remarks at the MoMo Stakeholder Forum, which was hosted to commemorate the first anniversary of Nigeria’s Payment Service Bank. On May 17, 2023, the event was hosted at the Lagos Continental Hotel.
Eli, after identifying financial illiteracy as one of the barriers to financial inclusion said, “Financial literacy is key in the drive for financial inclusion.
“This is why we are committed to investing in customer education to ensure people understand basic financial solutions and are able to use them to improve their lives.
“This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives.”
According to Eli, MoMo PSB “intends to invest in the provision of mobile phones to rural locations to help improve access to phones which will enable us to provide financial services to our rural communities.”
While access to financial services is critical, financial literacy is critical in ensuring individuals make informed financial decisions. Momo PSB understands the importance of financial education and goes above and above to provide its customers with necessary financial knowledge.
SDG 8
Momo PSB’s action is line with the achievement of the Sustainable Development Goal (SDG) 8 – Decent Work and Economic Growth. This goal sesks to “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.”
Because of their extensive distribution and penetration into rural areas, organizations such as MoMo PSB will address the issue of limited access to traditional financial institutions. They believe that we can provide financial solutions to all Nigerians in order to close the gap.
Financial Gap
Mobile banking has emerged as a game changer in terms of closing the financial gap between traditional banking and neglected groups. The company plays an important role in fostering financial inclusion and financial literacy.
Momo PSB enables the unbanked and underbanked communities to participate actively in economic activities and manage their funds efficiently by removing the need for physical visits to banks and lowering transaction costs.
Launching a product without educating your target audience will lead to a knowledge gap and low results. It is important to educate all your consumers, leave none behind and create more ways to positively impact your consumers.
The Department of State Services (DSS) has advised the media and Civil Society Organizations (CSOs) to avoid fake news, false alarms, and sensationalism ahead of the May 29 inauguration.
In a statement on Thursday, DSS spokesperson Peter Afunanya said the decision was made to avoid reports that could incite division, tension, and violence before and after the inauguration.
DSS WARNS AGAINST UNRULY BEHAVIOURS AND NON-ADHERENCE TO PROTOCOLS DURING INAUGURATION ACTIVITIES
It would be recalled that the Secretary to the Government of the Federation and Chairman of the Presidential Transition Council (PTC) on 18th May, 2023 held a World Press Conference
— Department of State Services (DSS) (@OfficialDSSNG) May 25, 2023
Afunanya stated that the service was aware of plans by subversive elements to disrupt the program in several parts of the country.
He said, “It would be recalled that the Secretary to the Government of the Federation and Chairman of the Presidential Transition Council (PTC) on 18th May, 2023 held a World Press Conference during which he announced activities for the Presidential inauguration.
“The major highlight of the activities is the swearing-in of the President on 29th May, 2023 in Abuja. On the same date, new Governors will also be inaugurated in most of the States.
“The Service is, however, aware of plans by subversive elements to disrupt the programmes in parts of the country. The aim is to undermine security agencies’ efforts at ensuring peaceful ceremonies as well as creating panic and fear among members of the public.
“Based on these, citizens, the media and Civil Society Organisations are advised to adhere strictly to security and civil protocols during the events.”
The spokesperson for DSS also said, “They are also urged to shun fake news, false alarms, skewed reportage/narratives and sensationalism that may likely inflame division, tension and violence prior to and after the exercises.
“This is more so that such undesirable acts will serve no purpose other than destroying national unity and cohesion.
“Additionally, all unauthorised (and unaccredited) persons are warned to stay away from restricted and certain designated areas at the event venues.
“The Service reiterates its earlier call for the populace to remain calm and law abiding. Meanwhile, it will continue to sustain collaboration with sister agencies to ensure successful inaugurations.”
Every year on May 25th, the world comes together to celebrate Africa Day, a commemoration of the foundation of the Organisation of African Unity, now known as the African Union, and the diverse cultures, traditions, and achievements of this incredible continent.
Recognized globally, this day serves as an opportunity to acknowledge the remarkable progress Africa has made, while reflecting on the challenges it continues to face.
Africa, a continent of vibrant colors, diverse landscapes, and rich cultural heritage, is a true testament to the human spirit’s resilience and creativity. It is a land of breathtaking natural wonders, pulsating rhythms of contemporary Afrobeats, and a trove of unforgettable experiences waiting to be discovered.
In commemoration of Africa Day, we invite you to embark on an enchanting journey to the heart of Africa.
In this listicle, we present to you 13 spectacular ways to celebrate and pay tribute to the myriad of cultures, traditions, and stories that make this continent so unique and beautiful. Embrace the spirit of Africa and let it spark a newfound love and appreciation for its astounding heritage.
Step inside and explore the collections
There are thousands of iconic museums, galleries, and cultural sites in Africa, including Nigeria’s Yemisi Shyllon Museum. Virtually visit 45 cultural institutions across the continent and read over 300 expert-curated stories on art, identity, music, fashion, food and more.
Discover the colours of Africa with Design Indaba
By celebrating the beauty of colour, learn about arts and culture through 60 artists from across the countries in Africa, curated by Design Indaba. Spin the kaleidoscope to explore how the artists capture the character of their home country through colour.
Learn about the sacred Osun Osogbo groves
Find out more about Nigeria’s sacred Yoruba site, and meet the people keeping its spiritual, natural, and artistic legacy alive. You can also pay a virtual visit to the annual Osun Osogbo Festival where the renewal of the town’s pact with the Goddess Osun is celebrated.
Step into the rich history and heritage of Mali to learn about its manuscripts, music, monuments and modern art. The Malian people’s unbelievable resilience to human and environmental threats, and their unwavering commitment to preserve their heritage will move you.
Take inspiration from a legendary photographer
Discover the works by the Kenyan hero Mo Amin and learn why he is known as the Eye of Africa. In a bespoke experiment, immerse yourself in works spanning his entire career and step behind-the-scenes to uncover his passion, favourite cameras, music taste and unique work ethic.
Find out why Africa is the birthplace of creativity
Journey back in time to discover why Africa is known as the Cradle of Creativity. From the first artist’s studio, to ancient rock art all the way to some of today’s best artistic voices — taking this journey is sure to get your creative juices flowing.
Which Kenyan superhero are you?
Step back in time with 61 Kenyan heroes and discover how they fought for their communities’ land, freedom and spiritual well-being. Take the quiz to find out who your super alter-ego would be. Drawing on Afrofuturism, be inspired by artists from the diaspora and Osborne Macharia to create your own Afrofuturist world. Release your inner superpowers and let your imagination be your guide.
Step inside Lagos, Nigeria’s most populous city, with Èkó for Show, and let over 100 creatives inspire you. Start singing Afrobeat tunes with Teni, paint the lagoon with Victor Ehikamenor, meet the stars of Nollywood with Iké Udé and let Davido inspire your taste buds. Continue your journey to South Africa and feel the urban vibe with musicians Busiswa and Muzi. Let them take you on a personal city tour and learn how Durban and Johannesburg have impacted their lives.
Join the movement to preserve Africa’s wonders
Climate change is impacting nature, historical sites and communities across the continent. Be inspired by the people of Kilwa Kisiwani in Tanzania, and learn how planting mangrove trees and using technology can help save historical ruins and communities.
Turn your lens on Africa
Join Africa’s photographers in capturing and sharing culture in new ways. Be inspired by legendary photojournalist James Barnor, take a look back at 10 years of LagosPhoto Festivaland learn how to turn the street into a runway with Stephen Tayo.
Explore Black history beyond the continent
African culture has had a transformative impact on the world and keeps fuelling creativity in the diaspora. Join rapper Nas in paying homage to the long tradition of Black musicians and storytellers who inspire us to this day. Learn more about black history and culture in the United States, the United Kingdom or explore 50 years of black creativity through the exhibition ‘Get Up, Stand Up Now.’
Looking To Start An Online Food Business? Here Are Top Ideas
Choosing a catchy name for your food brand is crucial for economic success. Your brand’s name will be perceived by your clients as soon as they hear it, and it has the power to create or ruin your company.
A memorable name may encourage your clients’ inventiveness, loyalty, and trust. On the other side, a bad reputation can mislead, turn off, and even drive away potential clients. So how do you come up with the ideal name for your food company? Here are some pointers to get you going:
Identify the character and values of your brand
It’s crucial to determine your brand’s personality and ideals before you start naming anything. Consider your brand’s distinctive qualities, the principles you uphold, and the type of consumer you hope to draw in. Are you a high-end company that places an emphasis on quality and refinement, or are you a youthful, playful brand? The naming process need to be guided by your brand’s personality and ideals.
Keep it short, sweet, and memorable.
The most memorable brand names are short and uncomplicated. Be careful not to use terms, puns, or references that your clients might not get. Additionally, individuals are more likely to recall and associate shorter names with certain things.
Think about your intended audience
When selecting a name for your food business, take into account your target market. Are families with children, busy professionals, or health-conscious customers your target market? Your brand name ought to appeal to and capture the values and interests of your intended market.
Be distinctive and unforgettable
Your brand may stand out from the competition with the aid of an original and memorable name. A generic name that doesn’t set your brand apart from others in your industry should be avoided. To make your name more memorable, think about employing alliteration, rhyming, or a distinctive tagline.
Do a trademark and availability search
Make sure your name is accessible for use and doesn’t violate any already-registered trademarks before deciding on it. You may utilize internet resources to see if your name is already taken as a trademark, social media handle, or domain name.
With your target market, do a name test
Lastly, gauge the response from your target market by putting your name to the test. You may use social media to conduct surveys, focus groups, or just to solicit opinions. You may use this information to determine how effectively your name appeals to your target market and make any required revisions.
In conclusion, it’s important to carefully evaluate your brand’s personality and values, target market, simplicity, uniqueness, and availability while coming up with the ideal name for your food business. By using these suggestions, you can come up with a name that appeals to your target market and makes your business stand out in a congested marketplace.
The Federal Executive Council (FEC) has adopted a new policy that allows commercial banks to issue debit cards that also serve as national identity cards to consumers at no additional cost.
The clearance was given by the council on Wednesday during a meeting presided over by President Muhammadu Buhari.
Isa Pantami, minister of communication and digital economy, told journalists after the meeting that the instruction came from the National Identity Management Commission (NIMC), allowing banks to issue debit cards that also serve as national identity cards.
“It is going to be a form of the multipurpose card where it will serve as your national identity card on one hand, and also your bank card on the other hand, either Mastercard, Visa or any other kind of card,” the minister said.
Pantami stated that, despite the fact that the NIMC Act of 2007 merely requires Nigerians to have a NIN and not necessarily a printed card, demand for cards has increased.
“As in the NIMC Act of 2007, section 27, what is mandatory for our citizens and legal residents is the acquiring of the national identity number, not the card. However, the card is optional,” Pantami added.
“But many citizens, particularly those living in rural communities, always go to NIMC offices complaining that they need the card at hand, even though it’s optional.
“To make it easier, NIMC last year, we introduced a smart ID card you can download from the NIMC app. It is just a smart card. You don’t need to have it physically, but that is becoming difficult for our people living in rural communities.
“To ease the difficulty, NIMC has partnered with the Central Bank of Nigeria (CBN) so citizens who are interested in having a card at hand can easily go to the relevant banks.
“The bank is permitted to print the card along with either a Mastercard or Visa card. It is going to be a form of a multipurpose card that will serve as your national identity card on one hand and also your bank card on the other. And based on the agreement, it is without any additional costs to our citizens.
“So when you apply for a card at your bank, you can indicate that ‘I want this card to serve multiple purposes where it will serve as my bank card and also my national identity card’.
“Both of them are going to be printed on the same card and it is going to serve the same purposes without any additional costs.”
The minister further stated that the NIMC and the CBN have inked an agreement to safeguard card applicants.
He stated that the two companies signed a nondisclosure agreement in which clients’ privacy and confidentiality must be safeguarded while supplying the cards.
“When you apply for the card, the bank will apply online to NIMC through their database.
“When they verify and confirm that your record in the database is in alignment with your record in the NIMC database, it will be permitted and the card is going to be printed for you immediately,” Pantami explained.
The Federal Executive Council (FEC) has approved multiple contracts to increase power supply around the country.
Power Minister Aliyu Abubakar briefed press during the council’s valedictory meeting on Wednesday.
According to the minister, the council approved the award of a contract for the engineering, procurement, construction, and financing of 330 kilovolts (KV) and 132 KV transmission lines, as well as 33 KV, 11 KV, and a 400 Protective Earth (PE) distribution line project, as part of phase one of the Presidential Power Initiative (PPI).
He stated that the contract was given to “two contractors in the sum of $581,629,355.93, inclusive of 7.5 percent, at the prevailing exchange rate, with a completion period of 36 months as indicated.
“The recipient companies for lot one, from DL from Benin and Enugu DisCos, Messrs SLD electric. Then, lot DM 3 Abuja, Jos, Kano, Kaduna DisCos, Messrs China civil engineering construction cooperation, totaling a distance of around 13,000 kilometers for the two ‘lots’, and it has been graciously approved by council.
“Council approved the award of contract for the construction of 750 kilowatts solar PV power plant at the headquarters of where the Transmission Company of Nigeria (TCN) is also situated in favor of Proserv Energy Services Limited in the sum of ₦1.6 billion inclusive of 7.5 percent VAT with a completion period of six months.
“Council also approved routine maintenance for the Transmission Company of Nigeria (TCN). The council approved a contract for the upgrading of the substation in Potiskum town in Yobe state with 132 power transformers.
“It is an existing substation, which has been there for a very long time with only one transformer and it serves a lot of areas around Potiskum.”
Abubakar stated that the town is the largest in the state, having a considerable population, and that it serves as a commercial and transportation hub.
Potiskum, according to the lawmaker, will become a hub for electricity transmission and distribution as a result of the renovation.
“The other component of it is the line bringing additional line from Damaturu. Before now, the line was coming from Gombe, which is over 200 kilometers. It is a 132 single-line coming into Potiskum to power the substation,” he said.
“So, having a 330 substation in Damaturu makes it easier and more prudent to take electricity from Damaturu to Potiskum over a distance of 120 kilometers.
“Because the longer you take the electricity on a 132 line, you get low quality of electricity.
“So, with the 132 from Gombe single line and now this proposed one coming from Damaturu to Potiskum, you will have a double circuit, and with an additional transformer of 132 cables, that is one by 60 MB.
“The second one on that memo was the construction of a two by 60 MBA and 132 line transmission substation at Sapade in Ogun state and in favour of Messrs VNK International Technologists at the total cost of a foreign component $10.2 million and a local component of ₦3.3 billion.
“The third one was the supply and installation of 33 KV substation equipment at Daura Emirate, Katsina state, in favour of Eases Power Deal Construction Limited in the sum of ₦4 billion.”
President Muhammadu Buhari claims that members of his government have given their all over the last seven and a half years.
According to Femi Adesina, the president’s media adviser, Buhari addressed following the valedictory Federal Executive Council (FEC) meeting on Wednesday.
Buhari instructed the ministers to clean up their work and prevent last-minute rushes that could jeopardize the years of good work they had done.
“I am proud to say we gave our best. In the course of our years together, ranging from our newest addition to the oldest members of the team for the past seven and half years, we have differed on many issues,” Adesina quoted Buhari as saying.
“I urge that we understand that those positions were for the collective good, and no one should keep grievances, or carry these differences forward.
“For those of us that will not directly be in government, I know that I am one of such, I ask that we continue to provide our support, in whatever way we can, if called upon by our great party, All Progressives Congress (APC) that gave us the platform to stand and we must continue to support it in every way we can.
“I also thank God for the strength and for keeping us together. I look forward to a great many of you, disproving that Daura has not become too distant because I am no longer Mr President.
“I will also be happy to do the many things that I have not been able to since May 29th, 2015, one of such is my favourite pastime of taking care of my cattle.
“I wish all of us the best and hope to hear good news whenever any of our names are mentioned. Thank you and God bless the Federal Republic of Nigeria.”
The total domestic transactions carried out by investors on the floor of the Nigerian Exchange Limited (NGX) during the first four months of 2023 have reached N659.26 billion notwithstanding the prevailing macroeconomic difficulties.
The information on domestic and international portfolio involvement in Nigeria’s equities trading for the month of April was only recently made public. The sustained lack of foreign currency and inflation, among other factors, have had a negative impact on the Nigerian economy. The capital market, which serves as a barometer for the economy, had mixed attitudes in transactions during the reviewed month.
For example, domestic transactions fell by 45.30% from N3.556 trillion in 2007 to N1.945 trillion in 2022, and international transactions fell by 38.47% from N616 billion to N379 billion over the same time period.
In addition, local transactions made up over 84 percent of all transactions in 2022, while international transactions made up roughly 16 percent of all transactions during same time.
However, according to transaction statistics for 2023, there were N659.26 billion in total domestic transactions, compared to N62.18 billion in total international transactions.
The overall volume of transactions at the country’s stock exchange climbed by 30.77% from N146.22 billion (about $317.09 million) in March 2023 to N191.21 billion (roughly $413.25 million) in April 2023, according to the report. The total number of transactions declined by 7.13 percent in the current month compared to April 2022 (N205.88 billion), according to the performance of the current month.
On the other hand, between March and April 2023, total foreign transactions declined by 7.83%, from N9.19 billion (about $19.94 million) to N8.47 billion (around $18.31 million).
The survey also showed that the total value of domestic investor-executed deals surpassed investor-executed overseas transactions by 92%. Foreign inflows and outflows were N3.67 billion and N4.80 billion, respectively, while domestic inflows and outflows totaled N91.91 billion and N90.83 billion in the reviewed month.
Retail transactions climbed by 40.43 percent from N52.83 billion in March to N74.19 billion in April 2023, according to a comparison of domestic sales in the two months previous (March 2023) and this one.
Similarly, from N84.20 billion in March 2023 to N108.55 billion in April 2023, the institutional composition of the domestic market expanded considerably by 28.92%.
The Presidency revealed on Wednesday that President Muhammadu Buhari granted the go-ahead for last-minute cash to be handed over to the administration of Bola Tinubu because the government needs monies to clear debts.
Femi Adesina, Special Adviser to the President on Media and Publicity, mentioned this during a program while analyzing Buhari’s eight-year time in government.
“A wicked man pays and owes not, that is what the good book says. When you owe and you refuse to pay, the Bible says you are a wicked man. If the government is owing all those debts, why shouldn’t it pay? It should pay.
“The government has a mandate from a time to a certain time, that mandate was from 2019 to 2023, so the government is working,” he said.
BizWatch Nigeria reports that President Buhari had earlier written to the Senate on Wednesday, requesting approval for a request to pay the judgment debt in the amount of $566,754,584, £98,526 and N226 billion.
Senate President Ahmad Lawan read the President’s letter of request in plenary on Wednesday, four months after 648 lawsuits were filed against the President and other Federal Government parastatals.
Cabinet
Meanwhile, at the last valedictory Federal Executive Council meeting on Wednesday, Buhari failed to dissolve his cabinet, and Adesina stated that there is no provision requiring the president to dismiss his cabinet after valedictory.
“It depends on the President. Style is typical to each person, that is the style of the President.
“He wants them to work till the very last day. We know some Presidents who would dissolve after the last FEC meeting, that is their own style,” he stated.
Adesina stated that the Buhari administration did not suppress dissenting voices and that it accommodated all points of view.
“Critics have the right to their opinion, they can make their own assessment. There are fact sheets published to show that the government worked, and it achieved a lot,” he said.
In conjunction with the Law Ladies Day event at the University of Lagos in Yaba, Lagos, the Central Bank of Nigeria has taken the eNaira sensitization effort to women.
According to a release, the project aimed to further encourage the use of eNaira, the nation’s digital currency, among Nigerian women, students, and law students who gathered for the 2023 Law Ladies’ Day program at UNILAG, Yaba, Lagos.
The CBN took advantage of the opportunity to reach out to students and other individuals on the university campus, to sensitize them on the benefits and importance of eNaira transactions and why they should use the channel, in keeping with the law ladies’ day program themed, “Defying Stereotypes: Celebrating the Different Shades of Femininity.”
It was time for women to embrace using eNaira for transactions, according to Mary Fasheitan, Special Adviser Payment Systems to the Governor, CBN. She spoke to women about the value of eNaira as well as the benefits and opportunities the digital currency presented to both the financial community and women.
She claimed that eNaira provided women with inclusion and financial independence that other financial instruments did not. It provided quick transaction times, cross-board payment options, and financial inclusion for women.
She remarked, “eNaira offers a distinctive type of Naira-denominated money. When compared to cash payments, eNaira offers improved payment prospects in retail transactions, acting as both a medium of exchange and a store of value. Its unique operational structure is very impressive and different from other types of central bank money.
Fasheitan noted that the entire world was transitioning to digital technology, and the CBN was rightly responding by establishing numerous cashless policies, of which eNaira was one.
She mentioned that the Central Bank of Nigeria was the second institution in the world and the first in Africa to establish the e-Naira. Fasheitan urged female law students to adopt eNaira since it was risk-free, secure, and entirely digitalized for transactions. You shouldn’t be concerned, she continued, as it is one of the top bank’s most secure channels for transactions.
The managing partner of Hilton Top Solicitors, Deborah Enyone Oni, also spoke at the event and praised CBN’s eNaira as a fantastic innovation.
The war risk premium on shipping has been referred to as global fraud by Temisan Omatseye, a former director-general of the Nigerian Maritime Administration Safety Agency.
He recently asserted that nations continued to pay the war risk premium without receiving claims while speaking at the Taiwo Afolabi Annual Maritime Conference in Lagos.
“It is an unseen charge, so you cannot see it, but it is included in the price you pay. And someone is obtaining that cash. I will continue to hold that the war risk premium is a scam, he stated.
An insurance policy known as “war risk insurance” shields the policyholder from financial harm caused by occurrences including invasions, insurrections, riots, strikes, revolutions, military coups, and terrorism.
According to Omatseye, Nigeria was spending $400 million a year on war risk insurance as of 2009. “When I was the DG of NIMASA, Nigerian Liquified Natural Gas came me and complained that the amount they were paying for the war risk premium was too high. In 2009, Nigeria was making payments totaling $400 million annually. There hasn’t been a single allegation, and that was simply for LNG and light carrier vessels.
He claimed that several individuals gathered at Lloyd and established a war risk committee, which makes decisions.
Omatseye added that it was regrettable that Nigeria had given outsiders control of its future in the maritime sector and emphasized the necessity for the nation to begin building up its domestic capability.
In his opening remarks, Dr. Taiwo Afolabi, Chairman of SIFAX Group, stated that the country’s maritime industry was dealing with a number of problems, including a lack of infrastructure, a shortage of foreign exchange, and insecurity on Nigerian waterways. He was represented by Mr. Bode Ojeniyi, Managing Director of Skye Capital.
He also mentioned uneven policies and low technology adoption and deployment as some of the issues the industry was facing.
“The TAAM Conference was born to serve as a platform where key issues that will spawn innovations and useful ideas needed to sustain the growth of the maritime sector are discussed and practical solutions are proffered to challenges confronting the sector,” he said.
Funmi Folorunsho, the secretary-general of the African Shipowners Association, stated that the country’s available vessels did not meet the necessary requirements for the current commerce. We currently require a Nigerian shipping line, not a national one.
According to The Nigerian Exchange Limited, the transformation of the Nigerian economy depends on sustainable finance.
Jude Chiemeka, Divisional Head, Capital Markets, NGX, stated this during his remarks at the Investor Engagement session co-hosted by NGX and the Global Reporting Initiative on Wednesday in Lagos with the topic “Empowering Responsible Investing – ESG Disclosure.”
In order to better inform the investor community about using environmental, social, and governance data in decision-making, GRI collaborated with the Exchange on the engagement session.
The exchange recognizes the strength and promise of responsible investing, according to Chiemeka. Sustainable finance is more than just a trendy term; it is a powerful force that has the power to improve both our economy and society.
He continued by saying that the NGX has embraced this ambition and made real progress toward responsible investment practices.
The NGX Divisional Head emphasized the crucial part GRI plays in establishing the framework for global sustainability reporting, stating that “by their work, they have paved the way for increased accountability and ethical business practices. We applaud their perseverance and passion to creating a more sustainable future.
Dr. Aisha Mahmood, the Special Adviser to the Governor, Central Bank of Nigeria, on Sustainable Banking, gave the keynote talk. She discussed the CBN’s efforts to promote sustainable banking in the nation through enforcing regulatory ESG disclosure requirements for banks.
Additionally, she mentioned that the CBN was examining the Nigerian Sustainable Banking Principles in order to include climate risk reporting for the banking industry.
The Director of GRI Africa, Mr. Douglas Kativu, who was represented by Manager of GRI Africa, Tendai Matika, emphasized the importance of ESG information for investors and gave companies advice on how to prepare their disclosures in accordance with GRI guidelines.
Investors often want to understand the main environmental, social, and governance (ESG) risks and opportunities facing a corporation, including how the firm assesses and monitors these issues among other things, according to Kativu.
In spite of a shortage of foreign currency in the domestic economy, the naira strengthened on Wednesday at the Investors and Exporters foreign exchange market, trading at N463.33 to the US dollar. The local currency is still under strain due to rising demand and declining FX availability.
While US Fed, ECB, and Bank of England rate hikes continue to cause foreign exchange outflow from the African market, oil receipt has been erratic and portfolio investors have kept their distance due to inadequate market returns and capital restrictions. In the bond market, yields fluctuated in different directions due to inflationary pressures and interest rate increases. The weekend saw a wormseed in the exchange rate throughout the FX markets as the market started to consider economic concerns before May 2029.
The current spot FX rate, which is trading lower than N464 from N464.42 on Tuesday, amounts to a daily gain of 0.23 percent, according to traders. According to market statistics, the open indicative rate on Wednesday finished at N464.29 to the dollar.
The highest exchange rate for the US dollar during trading on Wednesday on the FMDQ Exchange platform was N467 before it closed at N463.33. The naira reportedly traded for as little as N460 to the US dollar on Wednesday. On Wednesday, transactions in the official Investors and Exporters window totaled 77 million dollars.
In contrast, the parallel market lost value by 0.06%, falling from N760 to N761, as foreign reserves decreased. Nigeria’s overall international reserves were less than $35.2 billion in advance.
In the global crude oil market, Brent rose 1.38% to $77.04 per barrel, while West Texas Instruments (WTI) crude gained 1.95% to $73.45 per barrel. Oil futures rose on Tuesday, as seasonal energy demand outweighed demand concerns amid a stall in US debt ceiling talks. Elsewhere, gold was hovering around $1,972 per ounce (+0.15%), boosted by a downtick in US Treasury yields.
July export plans for some of the key Nigerian crude oil streams emerged on Tuesday, showing a slight decrease from the previous month. Loadings from the Forcados, Bonny Light, Bonga, and Qua Iboe streams will total about 600,000 barrels per day (bpd), compared with 580,000 bpd in June. The trimmed volumes were on the Bonny Light and Forcados streams, which technical issues have plagued in recent months, traders said.
The Escravos stream will load four cargoes, Erha and Agbami three, Agbami three, and Yoho two. Angola’s Sonangol offered a July loading cargo of Girassol crude at dated Brent plus $2.60 a barrel, but it was unclear if it was sold.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, announced the names of fortunate recipients of its prestigious University Scholarship Award for 2022. The N80,000,000 valued scholarship award for 2022 will provide financial support to 200 outstanding Nigerian undergraduates who excelled in the 2022 University Tertiary Matriculation Examination (UTME) and satisfied other prerequisite conditions.
The scholarship funds will be disbursed in annual instalments over the course of four academic years, and will provide recipients with the essential financial assistance required to meet their educational expenses. Subsequent disbursements will be contingent upon the beneficiaries fulfilling certain criteria. These criteria include maintaining their enrollment in the universities and degree programmes to which they were admitted, as well as adhering to the academic and administrative policies set forth by their respective institutions. By ensuring compliance with these requirements, the recipients can continue to receive the scholarship throughout their academic journey, facilitating their uninterrupted pursuit of higher education.
While he gave his opening remarks at the virtual award ceremony, the Chief Executive of Stanbic IBTC Holdings, Dr Demola Sogunle, said, “At Stanbic IBTC, we recognise the importance of education and its role in shaping the future of our great nation, Nigeria. Our principal objective for this scholarship is to provide unlimited opportunities for bright, young Nigerians who have demonstrated academic merit.”
He further mentioned that the number of annual scholarship recipients was increased from 100 to 200, as education should not be a luxury reserved for a select few but accessible to all.
The selection process for the scholarships was rigorous and fair, with beneficiaries chosen from each of the six geo-political zones in Nigeria. The candidates were carefully evaluated based on merit, taking into account their exceptional academic performance.
By investing in the academic journeys of these exceptional students, the leading end-to-end financial institution will not only make a difference in their lives but also contribute to the development and prosperity of the nation as a whole.
The 200 scholarship recipients will be able to pursue their dreams with financial confidence, knowing that Stanbic IBTC will stand firmly by their side.
A safety college program has recently been introduced by Eko Electricity Distribution Company with the intention of improving the organization’s overall safety culture and increasing employee awareness of how to carry out their responsibilities safely.
This information was released in a statement from Babatunde Lasaki, the general manager of corporate communications and strategy at EKEDC, who said that the program was designed as training sessions with the goal of educating at least 90% of the operations team members (linesmen, lines mates, cable jointers, etc.) by the end of the year.
He stated, “Over the years we realized that the majority of accidents caused within our network are due to a knowledge deficiency and procedural breach in our current operations, which reiterates the need for retraining of all the operational staff in batches through the initiative.”
In 10 batches of 110 participants each, 1100 employees will receive training in the Standard Protection Code, HSE, and Security Modules, which will be included in their annual performance reviews and added to the scoring system used by the human resources division.
He added that the program, which was launched during the recently passed World Day for Safety and Health at Work, would be expanded upon and continued as part of the staff’s annual training modules in order to emphasize the significance of safe practice and to instill and strengthen HSE culture.
As stated by Lasaki, “We believe the initiative would facilitate the desired level of ownership, engagement, and participation that was required to reduce and eliminate accidents and sustain the HSE Management System.”
When questioned about the recent incident involving the electrocution of two EKEDC employees, the police reported it, Lasaki called it an unpleasant circumstance and informed the public that the families of the deceased had been contacted and that actions were being done to help the family of the deceased.
We sympathize with the relatives of the deceased and are working with them right now, he said. The fact that lives were lost in the disaster regardless of its cause is something we are willing to discuss with the safety college.
On Wednesday, the Monetary Policy Committee of the Central Bank of Nigeria unanimously decided to raise the interest rate on its monetary policy to 18.5%.
The bank’s MPC decided to raise the benchmark interest rate by 50 basis points, to 18%, in March. This information was provided in the communiqué from the third MPC meeting of the year by CBN Governor Godwin Emefiele on Wednesday.
At the conclusion of the two-day meeting in Abuja, Mr. Emefiele spoke to the media and said that the committee had decided to maintain the asymmetrical corridor at +100 and -700 basis points around the MPR.
The MPC cited problems in the supply chain and high energy costs as reasons for the growing inflation rate, among other factors that are beyond of reach of the CBN.
He added, “The current trend in price development would continue to be monitored by the bank with greater collaboration with fiscal authority to address the drivers of inflation.”
Analysts in the country had predicted the CBN and the MPC might raise the lending rates at the end of the Monetary Policy Committee.
The apex bank had increased the MPR from 11.5 per cent earlier last year to 18 per cent in March this year across six consecutive rate hikes.
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The Senate has passed a bill for second reading that seeks to recompense victims of the EndSARS protest.
Senator Gershom Bassey, a member of the Peoples Democratic Party (PDP) from Cross River State, sponsored the bill, which was passed on Wednesday.
Bassey, who led the bill debate, stated that the law wants to establish the EndSARS Victims Compensation Fund.
He said, “Distinguished colleagues, you may recall that as a result of the EndSARS nationwide protests in October 2020.
“Judicial panels of inquiry were constituted to address the demands of protesters and compensation for verified victims of the EndSARS protest.
“The findings of the judicial panels of inquiry and the Senate Joint Committee on EndSARS revealed the killing of protesters, and destruction of private and public properties by rampaging hoodlums, who seized and took over the protest vandalizing and looting valuable assets.
“However, the implementation of the recommendation of all the panels and committees regarding compensation has been very discouraging.”
He claimed that the victims have been left to groan in pain from injuries inflicted by hoodlums during the rally.
According to Bassey, the eventual establishment of the fund and fulfillment of the recommendations of the judicial panel of inquiry and Senate Joint Committee on EndSARS would undoubtedly provide relief to the victims of the 2020 EndSARS nationwide protest.
“Mr. President, distinguished colleagues, it is my prayer that you support this amendment bill that seeks to bring hope to the victims of the 2020 EndSARS protest,” he added.
The Senate President, Ahmed Lawan, then forwarded the bill to the Committee on Special Duties for further legislative input, with a one-week report back to plenary.
