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FCMB Group PLC Lists Its Pioneer Bond Of ₦20.69 Billion On FMDQ Exchange

FMDQ Approves Quotation Of TrustBanc Holdings' N200m Series One Commercial Paper

As a Securities Exchange with a commitment to facilitate growth and development in the Nigerian debt markets and the economy at large, FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) continues to promote an efficient, transparent, and well-regulated market, which attract and retain both domestic and foreign investors.

It is in this regard that the Exchange, through its Board Listings and Markets Committee, has approved the listing of the FCMB Group PLC ₦20.69 billion Series 1 Fixed Rate Resettable NC5.25 Additional Tier 1 Subordinated Bond under its ₦300.00 billion Debt Issuance Programme on its platform in May 2023.

FCMB Group PLC (“FCMB Group” or the “Issuer”) is a bank-led financial services group, headquartered in Lagos, Nigeria, with operating companies divided along three business groups – Commercial, Retail and Investment Banking.

The FCMB Group bond, which is sponsored by Chapel Hill Denham Advisory Limited (Lead Sponsor) and FCMB Capital Markets Limited (Co-Sponsor) – both Registration Member (Listings) of FMDQ Exchange, will be used by the Issuer to purchase Intercompany Notes to be issued by First City Monument Bank Limited (the “Bank”), for purposes of the Bank financing incremental term lending in focus sectors and shoring up the Bank’s regulatory capital base.

Speaking on the successful bond issuance, the Group Chief Executive, FCMB Group PLC, Mr. Ladi Balogun, stated “FCMB Group is grateful to our investors, advisers and regulators (particularly the Securities and Exchange Commission, Nigeria and the Central Bank of Nigeria) for their support on the maiden issuance under our ₦300.00 billion Programme.

The innovative structure of a perpetual, income yielding bond that qualifies as Tier 1 capital – a first of its kind in the domestic capital markets – achieves three objectives for investors: it is non-dilutive for existing shareholders; creates capacity for improved earnings and dividends per share; and provides an attractive income stream to investors. We are also pleased to support our largest banking subsidiary towards the attainment of its growth, risk management and strategic objectives with this investment.”

Furthermore, the Lead Sponsor of the bond on the Exchange, Chapel Hill Denham Advisory Limited, through its Managing Director, Mr. Lanre Buluro, said “Chapel Hill Denham Advisory Limited is pleased to have acted as Financial Adviser to FCMB Group PLC on the issuance of the ₦20.69 billon Perpetual Fixed Rate Resettable NC5.25 Additional Tier 1 Subordinated Bond.

This novel transaction structure provides a unique opportunity for banks and other domestic capital market participants to access financing from the investing public with more favourable terms and conditions than a conventional bond issuance, while meeting investors’ return requirements. Consequently, we would like to thank FCMB Group PLC, the financial and capital market regulators, and the investor community for their support in ensuring the successful capital raise.”

FMDQ Exchange will continue to work collaboratively with market stakeholders to align the nation’s debt markets to international standards, and will, through the promotion of product and service innovation and championing of key market development initiatives, take commendable steps to ensure that growth and development opportunities abound for the markets under its purview.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

Hilton Reaffirms Commitment To Supporting Nigerian And Other African Artists For Africa Day

Quickteller, Verve Celebrate Africa’s Rich Cultural Diversity At 9th AMVCAs

Quickteller, Verve Celebrate Africa's Rich Cultural Diversity At 9th AMVCAs

On the night of Saturday, May 20th, 2023, the Africa’s Movie Viewers’ Choice Awards (AMVCAs) lit up the skies of Lagos, dazzling attendees with its brilliant array of African stars, moviemakers, and cinematic masterminds.

Hosted annually by Multichoice, the AMVCAs have come to be seen as the highpoint of Africa’s cultural diversity, celebrating exceptional productions and performances that have enraptured audiences across the continent and around the world. Now in its 9th year, the three-day event was a melting pot of creativity and inspiration, showcasing the best of African talent.

The awards night, which took place at the prestigious Eko Convention Centre, was a culmination of the three-day event lineup which was proudly supported by Interswitch Group’s brands – Quickteller, the leading consumer digital payments platform and Verve- Africa’s leading payment cards and digital tokens brand.

Joining other film industry giants and senior representatives from the corporate sector for the awards presentation, was Interswitch’s Group Head, Brands and Communications, Tomijogun Ogunlesi, who presented two awards – Best Movie (Drama/Comedy) West Africa and Best Television Series (Drama/Comedy), adding to the glamour of the event.

But the AMVCAs were not just about awards. This year, the event lineup also featured a cultural exhibition and runway show that displayed the opulent designs and colors that are quintessentially African. In addition, was an after-party that closed out the exciting events. 

Interswitch is a fervent supporter of Africa, Africans and African industries including the creative arts industry, believing that the growth of the industry will not only create jobs and boost the economy but also help to tell Africa’s stories to the world. The AMVCAs, with its array of talented starts, filmmakers, and television producers, provided the perfect platform for this purpose.

Quickteller and Verve’s sponsorship of the 9th Africa Magic Viewers’ Choice Awards (AMVCAs) was a testament to their commitment to supporting Africa’s creative landscape. Their contribution not only celebrated Africa’s rich cultural diversity and talent but also recognized the hard work of those who have dedicated their lives to telling Africa’s stories.

Quickteller, Verve Celebrate Africa's Rich Cultural Diversity At 9th AMVCAs

In an age where the world looks to Africa for inspiration, events like the AMVCAs play a crucial role in showcasing the continent’s creativity and talent.

In all, the 9th Africa’s Movie Viewers’ Choice Awards was a spectacle to behold. Quickteller and Verve’s sponsorship added to the glamour and excitement, resulting in a glamorous event that left a lasting impression on all those in attendance and the millions who watched the live broadcast from their homes. It was a night to remember, a night that celebrated the richness of Africa’s cultural heritage and the boundless talent of its people.

Dollar To Naira Exchange Rate Today (Tue. May 23, 2023)
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Dollar To Naira Exchange Rate Today (Tue. May 23, 2023)

Dollar To Naira Exchange Rate For 8th Dec 2023

Dollar to naira, on Tuesday, May 23, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

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

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.81 per $1 on Friday, May 19.

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

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦752 and ₦765 with an average of ₦758.67 in the black market in the state.

It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks

UNICCON Group To Showcase Some Of Africa’s Most Innovative Tech Projects At GITEX Africa 2023

UNICCON Group To Showcase Some Of Africa’s Most Innovative Tech Projects At GITEX Africa 2023

UNICCON Group of Companies one of Africa’s leading technology companies based in Abuja Nigeria, will be live at GITEX Africa 2023 to showcase some of Africa’s most innovative tech projects to the world.

GITEX Africa is the world’s largest tech, startup, and investor super-connector in the world, taking place at Marrakech, Morocco from May 31st to June 2nd, 2023.

Some of the innovative tech projects that UNICCON Group will be showcasing at GITEX Africa include: Omeife (Africa’s First Humanoid Robot); Omeife AI (Omeife as a Service); SmartAfri Labs (Africa’s Premier Web3 Ecosystem); Baba Sky (UAV Drones) and other software solutions. 

UNICCON Group is excited to showcase the capabilities of its innovations at GITEX Africa 2023, with a commitment to delivering cutting-edge technology to enable individuals, businesses, corporates and governments in Africa to scale productivity.

Omeife AI is designed to revolutionize the way businesses operate by providing advanced generative AI, language as a service, digital literacy, etc. SmartAfri Labs provides blockchain solutions that cut across NFT marketplace, Crypto, AR/VR, etc.

Baba Sky, the company’s custom drone brand offers a range of solutions for military, agricultural, and multipurpose use cases.

“We are thrilled to be participating in GITEX Africa 2023 and showcasing our innovative indigenous technology solutions that are adaptive to Africa and use cases.” said Chuks Ekwueme, CEO of UNICCON Group. “Our products are designed to help businesses operate productively and enrich the African economy, and we believe that GITEX provides the perfect platform to demonstrate their functionalities.”

GITEX Africa is the perfect platform for the UNICCON Group to connect with businesses, industry experts, and potential partners/donors from around the world. UNICCON Group looks forward to sharing its vision for the future of domestic technology in Africa and demonstrating the unique capabilities of its products to attendees at the event.

MoMo PSB To Invest In Financial Education, Mobile Financing, To Drive Financial Inclusion

Hilton Reaffirms Commitment To Supporting Nigerian And Other African Artists For Africa Day

As part of Africa Day 2023, Hilton is celebrating the continent’s vibrant cultures through a series of unique collaborations with African artists. By celebrating culture and embracing diversity, these local art partnerships are in support of Hilton’s Travel with Purpose ESG strategy, aimed at creating a positive impact across the communities Hilton operates in around the world.

Hilton’s hotels across the Africa & Indian Ocean region are supporting their local communities and spotlighting local cultures by partnering with artists to create installations, showcase their work, as well as provide them with an opportunity to sell their art pieces. Various hotels are hosting art exhibitions – as well as art fairs, with each piece telling a story ranging from African mythology and creativity, to making use of sustainable sourcing and recyclable materials. 

Some of the inspiring art collaborations and the stories include:

Transcorp Hilton Abuja: Where Sustainability Meets Art

Transcorp Hilton Abuja recently partnered with Nduwhite Ndubuisi Ahanonu, the Nigerian artist behind ‘The Face’, an installation created from recycled materials collected from the hotel’s garage and workstation. The collaboration was centered around environmental sustainability and has been created in collaboration with the United States Embassy. The installation serves as a reminder of the impact of human activity on the environment and encourages people to think more about sustainability.

Legend Hotel Lagos Airport, Curio Collection by Hilton: Empowering Nigerian Communities through art.

L-R: The Igunnuko Masquerades and The Rise of Emotan at Legend Hotel Lagos Airport, Curio Collection by Hilton

Lagos artisans Victor Ehikhamenor and Dotun Popoola have created stunning installations such as ‘The Igunnuko Masquerades’ (a traditional masquerade known to support the wellbeing of communities), ‘Irinola’ i.e. Waste-to-wealth  (a hybrid metal assemblage made from scrap metal and recycled materials) and ‘The Rise of Emotan’ (depicting a revered market woman known for her selflessness). Their work is being showcased at Legend Hotel Lagos Airport, Curio Collection by Hilton to help local people in need.

Hilton Addis Ababa: Ethiopian Artists Take the Stage at Big Art Sale 

Hilton Addis Ababa is showcasing the work of local artists in Ethiopia through its Big Art Sale. This exhibition takes place annually and features over 250 artists and more than 2,500 paintings and sculptures.

The exhibition provides a platform for local artists to highlight their talent and connect with potential buyers, with proceeds from the exhibition channelled towards charity projects via the Art Association of Ethiopia. The Big Art Sale has grown tremendously since its inception five years ago, with the number of participating artists increases every year.

The hotel also displays some of the art pieces in various parts of the hotel for guests to view and purchase. Some artists have also gone on to showcase their art in other organisations, including embassies, because of the exposure received from the Big Art Sale.

Hilton Yaoundé: Empowering Cameroon’s Art Scene

Hilton Yaoundé is collaborating with local handicraft artisans, through the Hilton Yaoundé Fair. To support local artists, whose lives were disrupted by the pandemic, the property launched the fair in September 2020. The initiative provides a commercial platform for local artisans to sell their products and pass on a part of Cameroon’s history to the public.

Hilton Yaoundé also encourages Team Members to showcase their own artwork at the fair. Hotel Team Member, Murielle Ibis Njoh dedicates her free time to creating items such as soaps, wool carpets, jewellery, beaded headdresses, ginger syrup, and vegetable oils. The initiative has supported 80 local artisans, including Njoh.

Hilton Seychelles Labriz Resort & Spa: An Art Gallery Fit for Paradise

Hilton Seychelles Labriz Resort & Spa recently reopened its Art Gallery on Silhouette Island, where the resort showcases a collection of stunning artworks created by talented local artists. The gallery is a celebration of the vibrant culture and breath-taking natural beauty of Seychelles and features over 80 artworks from 13 local artists. The art collection ranges from sculptures to abstract interpretations of the Seychellois way of life.

Hilton has also supported other African artists across the continent, including:

  • Hilton Garden Inn Lusaka Society Business Park features a beautiful sculpture called ‘Kanyimbo ka Alangizi’ made by Gift Chiyawa, which was unveiled in 2019 to celebrate Zambian culture and support the local arts sector.
  • The #PushaBW initiative at Hilton Garden Inn Gaborone provides a platform for local artists to showcase and sell their artwork to international customers from the hotel’s lobby. #PushaBW is a hashtag coined by the government of Botswana, “Pusha” comes from the word push while “BW” stands for Botswana.

L-R: Kanyimbo ka Alangizi sculpture on showcase at Hilton Garden Inn Lusaka Society Business Park, and a painting from the #PushaBW initiative at Hilton Garden Inn Gaborone.

5 African Presidents To Join Buhari In Commissioning Dangote Refinery

‘98.5% Of eNaira Wallets Unused’ – IMF

'98.5% Of eNaira Wallets Unused' - IMF

The International Monetary Fund (IMF) revealed that 98.5 percent of Nigeria’s eNaira wallets have never been used.

In a recent working paper titled ‘Nigeria’s eNaira, One Year After,’ the Bretton Woods organization reflected on the first year of the eNaira — Africa’s first Central Bank Digital Currency (CBDC).

BizWatch Nigeria recalls that on October 25, 2021, President Muhammadu Buhari publicly unveiled the digital currency at the State House in Abuja.

The IMF stated that, despite a commendable year of uninterrupted operation, the CBDC programme has not progressed beyond the initial wave of limited uptake.

The International Monetary Fund (IMF) revealed that 98.5 percent of Nigeria’s eNaira wallets have never been used.

According to the fund, home and merchant adoption of the eNaira has been slow.

The IMF classified eNaira public adoption as “disappointingly low” because to low levels of wallet downloads and transactions.

According to the fund, as of end-November 2021, the total number of retail eNaira wallets was around 860,000, which is equivalent to only 0.8 percent of Nigeria’s active bank accounts.

“The retail wallet downloads saw a few weeks of initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units—but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days,” the paper reads.

“As of end-November 2021, the total number of retails eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts.

“Merchant wallet download has reached about 100,000 in end-June, which is about one eleventh of the number of merchants with Point-of-Sales (POS) terminals—which enables credit or debit card payments.”

In terms of transactions, the IMF stated that most wallets appear to be idle, with the exception of a small window of weeks of activity increase.

According to the institution, only 1.5 percent of downloaded wallets carried out an average number of eNaira transactions per week.

“The average number of eNaira transactions since its inception amounts to about 14,000 per week—only 1.5 percent of the number of wallets out there. This means that 98.5 percent of wallets, for any given week, have not been used even once,” the paper further reads.

“The average value of eNaira transactions has been 923 million naira per week—0.0018 percent of the average amount of M3 during this period. The average value per one transaction has been 60,000 naira.”

According to the IMF, network effects indicate that breaking the initial low adoption period will require a coordinated policy push.

“The eNaira’s potential in financial inclusion requires a strategy to set the right relationship with mobile money, given the former’s potential to either complement or substitute the latter,” the institution said.

“Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may also be substantial.”

eNaira Records Over 700,000 Transactions Valued At N8bn

Facebook To Pay €1.2bn For Misusing Users’ Data

Facebook Takes Rebranding Route, Seeks To Change Name

Meta, the parent company of Facebook, was penalized with a €1.2 billion (£1 billion) penalties for improperly managing user data during transfers between Europe and the United States.

The General Data Protection Regulation privacy law’s biggest fine to date was issued by Ireland’s Data Protection Commission. Before utilizing a person’s personal data, a company must obtain that person’s consent under GDPR regulations.

According to Meta, it will challenge the “unjustified and unnecessary” decision. The use of Standard Contractual Clauses to transfer EU data to the US is key to this conclusion. These legal agreements, drafted by the European Commission, provide protections to guarantee that personal data remains secure when transferred outside of Europe.

There are worries, however, that these data flows might still expose Europeans to the laxer privacy regulations of the US and allow US intelligence access to the data. A risky precedent

Most major businesses have intricate webs of data transfers to foreign receivers, many of which rely on SCCs, that can include email addresses, phone numbers, and financial information. Meta asserts that the fee is unjust because of their widespread use.

Facebook president Nick Clegg said, “We are therefore disappointed to have been singled out when using the same legal mechanism as thousands of other companies looking to provide services in Europe.

“This decision is flawed, unjustified, and sets a dangerous precedent for the countless other companies transferring data between the EU and the US.”

InterswitchSPAK 5.0: Inspiring The Next Generation Of African Innovators

‘Don’t Consider My Past Performance’ – Godswill Akpabio

'Don't Consider My Past Performance' - Godswill Akpabio

Former Akwa Ibom State governor Godswill Akpabio has implored Nigerians not to condemn him based on his record as a member of President Muhammadu Buhari’s cabinet.

Akpabio was the Minister of Niger Delta Affairs until he quit last year (2022) to run for the All Progressives Congress (APC) presidential ticket. This was stated by Akpabio in a chat with the media this weekend in Abuja.

“I do know that I have not changed in any way. I am somebody God has given the opportunity to be an uncommon transformer wherever I go.

“I will not like to be judged by ministerial appointment for Niger Delta, which everybody knows is a problematic place,” Akpabio was quoted to have said in the interview.

“But I would like to be judged by my record as a lawyer of 36 years, Commissioner of six years and a governor of eight years.”

He told Nigerians that if elected Senate President, he will continue the January-December budget cycle established by the Ninth National Assembly.

According to him, the implementation of the January-December budget cycle was one of the Assembly’s significant accomplishments.

“If given the opportunity by my colleagues to lead the 10th Assembly, one of the programmes I will like to sustain would be the January to December budget cycle,” Akpabio said.

“The Introduction of that is what I commend the 9th National Assembly for very seriously because it allows for proper planning and allows the government to take off on a good note and also help bring about foreign direct investment into the country.

“So I think that will be sustained by the 10th Senate and that is whether I am Senate President or not. I believe working with my colleagues, we shall sustain it, because it is a collective idea. Everybody is important.”

BizWatch Nigeria reports that Akpabio was initially elected to the Nigerian Senate in 2015, where he served as Minority Leader on the Peoples Democratic Party (PDP) platform until defecting to the ruling party.

NDDC Probe: Godswill Akpabio Retracts Accusation against Lawmakers

Dangote Refinery Opens, Expects Crude From Three Continents

Dangote Refineries Will Create Massive Jobs - Aliko Dangote

The 650,000 barrels per day Dangote Refinery, which will start operating on Monday (today), has been built to handle crude oil grades from the three continents of Africa, Asia, and America. Additionally, it was learned that the oil processing plant will supply Nigeria with an excess of nearly 38 million liters of gasoline, diesel, kerosene, and aviation fuel per day, fully satisfying the nation’s need for fuel.

The Dangote Refinery could enable the creation of 26,716 filling stations, generate 100,000 direct and indirect employment, and provide a $21 billion market for Nigerian crude oil yearly, according to data in a document that was received from the firm on Sunday.

The Dangote Refinery, established by Africa’s richest man, Aliko Dangote, is scheduled to be inaugurated on May 22. A presidential aide, Bashir Ahmad, had tweeted that the inauguration would be done by the President, Major General Muhammadu Buhari (retd.).

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” Ahmad announced.

The Dangote Petroleum Refinery and Petrochemical Project, a subsidiary of Dangote Industries Limited, is a 650,000 barrels per day crude oil refinery, located in Dangote Industries Free Zone, Ibeju-Lekki, Lagos, Nigeria.

The Dangote Petroleum Refinery is an industrial plant that transforms crude oil into various usable petroleum products such as diesel, gasoline, jet fuel and kerosene. Dangote Petroleum Refinery with a capacity to refine 650,000 barrels of crude oil per day covers an area of approximately 2,635 hectares in the Lekki Free Trade Zone in Lagos.

The refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene. The firm stated that the facility was “designed to process a large variety of crudes including many of the African crudes, some of the Middle Eastern crudes and the US (United States) Light Tight Oil.”

On the target market and petroleum sufficiency, it stated that the refinery could meet 100 per cent of the Nigerian requirement of all liquid products, including gasoline (petrol), diesel, kerosene and aviation jet, and would also have a surplus of each of these products for export.

“The refinery is designed to use the latest technology to comply with stringent guidelines and regulations to protect the local environment, and at the same time produce the latest environmentally friendly petroleum products for worldwide markets,” the document from the firm stated.

On fuel requirements in Nigeria and supply from the refinery, the document showed that the facility would produce a daily surplus of 38 million litres of petrol, kerosene, aviation fuel and diesel.

It stated that the refinery would produce a surplus of about 20 million litres of petrol daily, a surplus of one million litres of kerosene daily, a surplus of one million litres of JetA1 daily, and a surplus of 16 million litres of diesel daily. For product evaluation, the refinery’s dispatch facilities by road (tanker) for the product (gasoline, diesel, kerosene/jet fuel, propane and slurry) is up to 80 per cent of the total production and up to 75 per cent through marine facilities.

It has a year-round operation for road loading operation, with a total of 177 tank farms with a capacity of 4.74 billion litres, and a total tanker loading of 2,900. “This number is based on a tanker capacity of 33 KL,” the firm stated. It explained that the Dangote Refinery project was particularly complex, featuring engineering, procurement, construction, pre-commissioning, and related storage facilities, all located in the Dangote Industries Free Zone Area of Ibeju-Lekki, Lagos.

“Dangote is one of the few companies in the world executing a petroleum refinery and a petrochemical complex directly as an Engineering, Procurement, and Construction contractor. Globally, apart from three companies, no individual owner has done the complete EPC contract for a petroleum refinery,” it stated.

The document further pointed out that the total number of temporary housing in the premises was for 33,000 people. The refinery has its own dedicated steam and power generation system with adequate standby units for reliable/uninterrupted utility supply to operating plants. The power plant has a capacity of 435MW.

For the roll-on/roll-off quay, the document stated that Dangote Industries had developed a port and constructed quays with a load-bearing capacity of 25 tonnes/sq-meter to bring Over Dimensional Cargoes close to the site directly to handle liquid cargoes.

It stated that the jetty was situated at a distance of 12.3km from the refinery thereby effectively reducing the travel time, adding that there were over 1,029 trucks to improve the capacity of the local logistics.

On employment generation, the firm stated that the facility had a capacity of generating over 100,000 indirect employment at retail outlets, 26,716 filling stations and 129 depots in Nigeria, ease of availability of products by helping to open up service stations, and 16,000 trucks for transport that would create additional jobs.

It stated that over 30,000 were currently working at the petroleum refinery project site, through various contractors.

“When operational, the petroleum refinery is going to generate over 100,000 direct and indirect jobs for Nigerian youths,” the firm stated.

Buttressing on other forms of investments in the facility, the document stated that 70 per cent of the site was swamp and the land had to be reclaimed. It stated that 65 million cubic metres of sand filling, costing approximately 300m euro, was invested to elevate the height of the plant by 1.5 metres, and to insure against any potential impact of the increase in mean sea level due to global warming.

For civil construction, it stated that “we bought over 1,209 pieces of equipment to enhance the local capacity for site works since even Julius Berger, Dantata & Sawoe, Hi-Tech, etc, are unable to handle some portions of our construction requirement.

“In mechanical construction, we bought 332 cranes to build up equipment installation capacity since the current capacity in Nigeria is extremely poor.”

5 African Presidents To Join Buhari In Commissioning Dangote Refinery

AFDB Appoints Mike Salawou As Director Of Infrastructure And Urban Development Department

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

The African Development Bank (AfDB) has appointed Mike Salawou as Director of the Infrastructure and Urban Development Department, effective 16th May 2023.

Salawou, a Danish national, has been the Acting Director of the Infrastructure and Urban Development Department, where he led sovereign and non-sovereign operations. He also doubled as the department’s Infrastructure and Partnerships Division Manager.

Salawou has extensive years of experience in the African Development Bank. He has delivered transformational continental, regional and national infrastructure programs, sector policy dialogue and initiatives, including the Bank’s support to the African Union Commission and African Union Development Agency NEPAD’s Program for Infrastructure Development in Africa (worth $160 billion in investment potential). He successfully managed the NEPAD Infrastructure Project Preparation Fund for bankable infrastructure projects, which mobilized close to $11.5 billion in downstream investment, including $2.6 billion from the private sector.

In his new role, Salawou will guide the Bank’s strategies and action plans towards implementation of the Ten-Year Strategy and High Five priorities. He will oversee and grow a transport infrastructure portfolio worth over $11 billion while focusing on driving value, sector policy reforms, best practices and international standards for transport and urban development and related sectors, private sector, and governments.

Salawou joined the Bank as a young professional in 2002. He has held several other leadership positions, including advisor to the Vice President and Secretary General and as Acting Manager for NEPAD Division.

Prior to joining the Bank, Mr. Salawou worked as Corporate Credit Analyst for the Investment Banking arm of Société Générale, Paris La Défense, France. He also served as a management consultant in Copenhagen, Denmark.

Salawou holds a Master of Science in Economics and Finance from Copenhagen Business School, Denmark; a dual Master of Arts in International Management from Copenhagen Business School and Ecole des hautes études commerciales, Paris, France; and an Executive Master’s degree in Development Policies and Management from Sciences Po Paris, France.

Commenting on his appointment, Salawou said: “Infrastructure is critical to economic development, regional integration and improvement of the quality of life of people as highlighted by the Bank’s High 5s. I look forward to working with the operating partners internally and externally to reinforce the Bank’s leadership in financing sustainable infrastructure and to strive to close the infrastructure financing gap on the continent”.

Commenting on the appointment, the President of the African Development Bank Group, Dr. Akinwumi Adesina, said: “I am pleased to appoint Mr. Mike Salawou as Director for Infrastructure and Urban Development Department. The Infrastructure Department is one of the key drivers of the Bank’s High 5s, with huge potential for private sector development.

Mike is a pragmatic and solution-oriented professional, with hands-on experience in infrastructure financing and development. Having served the institution for many years in various capacities, his knowledge of the Bank and its operations will enable him to build effective partnerships with internal and external stakeholders, and to roll out the Bank’s strategies in a sustainable, integrated, inclusive and innovative manner across its Regional Member Countries, in furtherance of the Bank’s High 5s”.

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Over 70% Of Food Exported By Nigeria Are Rejected – NAFDAC

Over 70% Of Food Exported By Nigeria Are Rejected - NAFDAC

The National Agency for Food and Drug Administration and Control (NAFDAC) revealed that more than 70% of Nigerian food exports are rejected abroad.

Mojisola Adeyeye, the agency’s director-general, stated this during the ceremonial commissioning of the new NAFDAC office complex at the Murtala Muhammed International Airport in Lagos, saying the problem was inflicting massive financial losses to exporters and the country as a whole.

According to her, if collaboration between NAFDAC and other government agencies at the ports is increased, the occurrence of food export rejection by other countries may soon become a thing of the past.

Adeyeye stated that NAFDAC, in collaboration with port agencies, would guarantee that commodities being exported are of sufficient quality and fit the regulatory standards of the importing countries before they are packaged.

“Over 70 per cent of the products that leave our ports get rejected. Considering the money spent on getting those products out of the country, it is a double loss for both the exporter and the country,” she said.

Adeyeye went on to say that the duty to protect the populace’s health and the quality of imports into a country like Nigeria, which is “overwhelmingly dependent” on importation, cannot be fulfilled “without the effective presence of NAFDAC at the ports and land borders.”

“Without customs, we will not be able to do a lot of what we have been able to do,” Adeyeye said.

She also stated that NAFDAC cannot do much in terms of investigation and enforcement without the assistance of the police.

“We have over 80 policemen with us in NAFDAC. They help us a lot when we are doing raids or investigations as the case may be”

5 African Presidents To Join Buhari In Commissioning Dangote Refinery
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Immigration: UK To Restrict Inflow Of Dependents

Immigration: UK To Restrict Inflow Of Dependents

The United Kingdom (UK) has stated that it intends to prohibit some overseas students from bringing family members into the country.

The action is part of a rumored immigration crackdown, with official data due out this Thursday believed to indicate that net migration has surpassed one million.

“A string of alarmed Tory MPs have broken cover to call for Rishi Sunak to get a grip on the rocketing numbers,” The Sun UK revealed in a report.

“Scrambling to get ahead of the bad news, ministers are expected to announce the immigration clampdown on Tuesday or Wednesday.”

According to the article, “all masters students and many other postgraduate students” will be barred from bringing family members over.

“The ban will not apply to PHD students, whose courses usually last between 3 and 5 years and are very highly skilled,” it added.

According to immigration data, there has been a “explosion” in the number of persons relocating to Britain on the basis of their families’ student visas.

In 2022, 135,788 family members accompanied students to the United Kingdom for studies, which is nine times more than in 2019.

Home Office data

“Last year, 59,053 Nigerian students brought over 60,923 relatives,” the report noted.

UK To Limit Dependents For Nigerians On Study Visa

BizWatch Nigeria recalls that in October 2022, Nigerian migrants to the United Kingdom (UK) may face restrictions as a result of the country’s plans to reduce net migration.

According to Home Office data, Nigerians accounted for the greatest increase in the number of dependants accompanying people on study visas for the fiscal year ending in June 2022.

“In the year ending June 2022, there were 486,868 Sponsored study visas granted (to both main applicants and their dependants), 71% (202,147) more than 2019,” the report reads.

“The number of Sponsored study visas granted in the year ending June 2022, is the highest on record in our time series, with the substantial increase representing both a recovery from lower numbers during the Covid-19 pandemic but also an increase on the pre-pandemic period.

“In the other top 5 nationalities, Nigerian nationals saw the largest relative increase in Sponsored Study grants compared with 2019, increasing by 57,545 (+686%) to a record high of 65,929, making them the third largest nationality group in the latest year,” the report said.

UK To Limit Dependents For Nigerians On Study Visa
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Nigerian Treasury Bills Yield Increases To 7%

LBS Discloses FG's Targets With Naira Redesigning

Nigerian Treasury Bills’ (NTB) average yield marginally increased to 7% as cash-rich deposit money banks (DMBs), funds, and asset managers sold their holdings to meet liquidity needs.

According to market statistics, the financial system’s liquidity level has decreased, forcing up funding rates in the absence of greater inflows from maturing assets. The 10 billion Naira in matured OMO bills were not refinanced by the Central Bank of Nigeria.

The monetary policy committee is anticipated to raise interest rates in the coming week, according to data from FMDQ Exchange, which led to a rise in short-term benchmark rates. To reach 15.6%, the overnight lending rate rose by 300 basis points.

The Federal Government of Nigeria (FGN) bond auction in May 2023 debited the financial system this week for N368.15 billion, exceeding the N10 billion inflow from open market operations (OMO) maturities.

According to Cordros Capital’s market brief, as a result, the average system liquidity decreased to a net short position of N29.89 billion as opposed to a net long position of N660.01 billion the previous week.

This week, when local investors sought to raise money, the market’s low system liquidity caused activity in the secondary market for Treasury notes to become unfavorable.

As a result, the average yield across the market expanded by 33 basis points to 7.0%. This week, T-bills worth N180.45 billion will be auctioned by CBN via the primary market; viz: 91-day bills worth N9.96 billion, 182-day bills worth N1.82 billion, and 364-day bills worth N168.67 billion.

“We envisage lower yields … with system liquidity expected to be buoyant”, analysts said. The market expects liquidity in the system to improve over expected inflows from FAAC allocation worth N407.13 billion and FGN bond coupon payments totaled N17.87 billion.

Dollar To Naira Exchange Rate Today (Mon. May 22, 2023)

BetaLife To Showcase Its AI-Powered Health Tech Solution At GITEX AFRICA 2023

BetaLife To Showcase Its AI-Powered Health Tech Solution At GITEX AFRICA 2023

BetaLife Health is changing the African healthcare narrative by leveraging Artificial Intelligence (AI) to promote health equity and improve patient outcomes.

Africa has long been plagued by a blood donation shortage, with many countries struggling to meet the demand for blood transfusions. But now, thanks to advances in AI, the continent is on the brink of a breakthrough that could save countless lives.

BetaLife Health has revolutionized the way that blood donations are managed in Africa. Instead of relying on manual processes, hospitals and blood banks are now using BetaLife Health sophisticated algorithms to predict when and where blood donations will be needed most. This has led to more efficient distribution of blood products, reducing waste and ensuring that those who need it most receive the lifesaving treatment they require.

In addition, BetaLife Health AI-powered chatbots are being used to help recruit blood donors and spread awareness about the importance of donating blood. These chatbots help engage with potential donors on social media platforms and messaging apps, answering questions and dispelling myths about the donation process.

One of the most significant advantages of AI in the blood donation process is its ability to analyze vast amounts of data and make predictions based on that data. BetaLife Health groundbreaking technology has helped blood banks predict when donation rates will be low and take proactive steps to encourage donors to give blood before shortages occur.

In Africa, the need for blood stands more pronounced, as blood transfusion is needed every few seconds. According to the World Health Organization report, over ten million pints of blood are required to meet the transfusion needs in the African region.

As a way to promote its lifesaving activities to other African countries, BetaLife is being sponsored by the JICA to represent Nigeria at the GITEX Africa 2023 Tech event in Morocco. BetaLife is also one of the few beneficiaries of the Microsoft startup support, Health Tech Hub Africa Accelerator, Winner Health 4 Equity Grant, Winner AfriHacks challenge and coming on top as the best performing startup of the NITDA i-hatch startup incubation program.

Furthermore, the cloud-based platform connects hospitals and blood centers nationwide in a way never possible before to ensure the efficient flow of lifesaving blood products to patients in need. By providing direct access to a diversified base of premier blood centers, BetaLife Health is increasing inventory turns, eliminating waste, reducing shortages and accelerating growth.

The young Founder & CEO of BetaLife, Mubarak Ayanniyi just at age 21 is proud to be the Changemaker driving blood supply in Africa, their innovation has benefited thousands of ill people, mothers experiencing labor complications, fathers undergoing heart surgery, children undergoing chemotherapy treatments, grandparents suffering from severe anemia, premature babies and accident victims. Money can’t buy life, but they have been able to give these patients an extra life on earth with their innovation.

BetaLife is the first of its kind in Africa, existing solutions in this vertical do not have real-time visibility into blood bank inventory, so they must rely on reports or physically visit blood bank centers to obtain real-time information about available blood bags. This leads to time wastage and reflects a poor use of human resources, especially during emergencies. Without BetaHealth, hospitals cannot communicate in real-time with blood banks. 

Nevertheless, their solution is fully API-based infrastructure, thus can be easily deployed into any market without a physical footprint through partnerships with blood bank regulators and hospitals.

BetaLife management has diverse skill sets and experience across healthcare, entrepreneurship, product design, operations and tech necessary to scale the product. The team enjoys an unfair advantage with a deeply rooted experience at the intersection of tech, healthcare and product design.

Blood as we all know cannot be manufactured and the demand is going to be till the end of time. BetaLife’s mission is enhancing the wellbeing of patients by providing a platform that guarantees the visibility, security and reliability of records from donation to transfusion and by promoting research and education programs in transfusion medicine. With their already launched service they are determined in saving millions of lives in Africa.

BREAKING: FAAN MD Capt Rabiu Yadudu Sacked

Media Intelligence Report On “Hilda Baci Cook-a-thon” 2023

Media Intelligence Report On “Hilda Baci Cook-a-thon” 2023

Leading Media Intelligence Consultancy, P+ Measurement Services, conducted a media performance audit on Hilda Baci’s (Hilda Bassey Effiong) Cook-a-thon, which got her into the Guinness World Records, making her the world’s longest-cooking champion.

The audit critically examined and revealed the media sentiment, media reach, media share by countries, and sponsorships of Hilda Baci’s Cook-a-thon.

According to the analysis, the positive sentiment garnered 85%, which can be leveraged by Hilda Baci to build brand loyalty and increase engagement with her audience; while the negative sentiment of 15% suggests that any issues or concerns raised during the event were addressed promptly and effectively.

The analysis of media share by country highlights the top five countries with the highest earned media coverage of Hilda Baci. 67% of the media coverage emanates from Nigeria, followed by the USA with 15%.

Media Intelligence Report On “Hilda Baci Cook-a-thon” 2023

The United Kingdom with 4%, Ghana with 3%, and Canada with 1%. The remaining countries had a relatively lower media share, indicating varying degrees of interest and coverage.

Hilda Baci’s Cook-a-thon was analyzed using data harvested from traditional and digital media. These media types provided significant insights on the reach, impact, and characteristics of the event, with 87% generated from digital media and 13% from traditional media, providing a sense of credibility and authenticity to the event. 

The audience reach of 4,812,704,500 is a testament to the popularity and success of the Cook-a-thon media engagement. The traditional media gained 13% and the digital media gained 87% based on the media type analyzed. The high percentage of online media mentions also suggests that digital media played a significant role in driving awareness and engagement about the event.

The Amore Gardens, the top sponsor, received 18% of the media attention, followed by Uber with 14%, BaigeWallet in third with 13%, and Arla and Woodscope in lower positions with 10% and 9%, respectively. Noting that media prominence doesn’t necessarily equate to the level of financial or logistical support provided by each sponsor. It reflects the volume of media exposure and visibility they received during the event period.

Nigeria’s Hilda Baci Gets Guinness World Record For Longest Marathon Cooking
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Electricity Agreement Signed Between Real Estate Firm And Communities

Electricity Agreement Signed Between Real Estate Firm And Communities

A Memorandum of Understanding was recently signed by Pelican Valley, a real estate company, with the representatives of the Ogun State communities of Ijeun Ariobiologbo and Arowa.

The company stated in a statement that the agreement’s goal was to give people access to energy by using a nearby transformer that now serves Pelican Valley’s estate and is located around 200 meters from those settlements.

Babatunde Adeyemo, the Chief Executive Officer of Pelican Valley, who signed the Memorandum of Understanding on the company’s behalf, stated that the work of connecting the beneficiaries to the national grid was taken on as part of the company’s CSR to commemorate its 44th birthday.

He explained, “The intervention’s first stage would provide 20 homes with access to electricity, with additional homes being accommodated in later stages.”

Chief Rasheed Odewale, the Baale of Ijeun Ariobiologbo, and Chief Akeem Raheem, the Baale of Arowa, praised the company for saving their lives.

The two settlements had been without electricity for more than 60 years, according to Raheem.

In the past, certain organizations had made commitments to connect the communities to the public power supply without following through on those promises, the speaker stated.

Amoke Alani, an Arowa community member who also spoke, pleaded with the company to dig boreholes for the area’s residents while lamenting the fact that the community’s stream, which had previously been their main supply of water, had become polluted as a result of the flood.

She insisted that if locals and residents continue to drink water from the creek, especially during this rainy season, they run the risk of contracting cholera and other waterborne diseases.

The statement also stated that the owner of Pelican Valley celebrated his 44th birthday with prisoners in Ibara, Abeokuta, Ogun State, and gave them bags of rice and money.

Adeyemo explained to the prisoners that he decided to share his birthday with them in order to motivate them not to be depressed about their situation.

He urged them to keep believing in God.

James Ogunmoyede, the correctional center’s deputy controller, said the Pelican boss was the first person to contribute gifts to the convicts after Senator Ibikunle Amosun’s visit in January. convicts are allowed to visit the correctional facility and show support for the inhabitants.

After that, Ogunmoyede made a plea for other people to emulate the company and be kind to the prisoners.

InterswitchSPAK 5.0: Inspiring The Next Generation Of African Innovators

128,770 Nigerian Students Further Studies In the UK

Worries For Nigerians Travelling To UK As Access Bank Limits FX

Between 2015 and the end of 2022, a total of 128,770 Nigerian students registered at British institutions in quest of a better education and quality of life, according to a study of data acquired from the UK’s Higher Education Statistics Agency.

As Nigerians attempt to flee the horrors of poor governance and the disruption of academic activities by tertiary institutions-based unions like the Academic Staff Union of Universities and the Senior Staff Association of Nigerian Universities, among others, the number of Nigerian students has increased over time.

Statistics show that 16,100 Nigerians were enrolled at UK institutions during the 2015–2016 academic year.

Only 12,655 Nigerians signed up for classes during the 2016–2017 academic year, a dramatic fall that analysts attribute to the recession in Nigeria. The number of Nigerian students enrolling decreased from 10,685 in 2017–2018 to 10,810 in the 2018–2019 academic year.

In the academic year 2019–2020, there were 13,020 students registered in total. In the next year, 2020–2021, there were 21,305 students enrolled, a 64 percent increase.

The most students have been registered for a session since Nigeria’s independence in 1960—44,195—according to the most recent data made available by HESA. Nigeria placed third in the top 10 foreign students list, after China and India, according to a breakdown of the HESA figures. The movement of Nigerian students to overseas schools has continued to be advantageous for foreign postsecondary institutions and their home nations.

For instance, according to a survey by SBM Intelligence, Nigerian students and their dependents in the United Kingdom contributed an estimated £1.9 billion to the UK economy in 2021.

Poor government policies are one of the reasons Nigerians look for better prospects overseas, according to Ayodamola Oluwatoyin, a prominent advocate for education and the director of Reform Education Nigeria.

Meanwhile, The United Kingdom is set to announce new restrictions that will most likely stop Nigerian students and other nationalities studying in the UK from bringing their families over. According to an exclusive report by The Sun UK, this crackdown will be announced this week.

InterswitchSPAK 5.0: Inspiring The Next Generation Of African Innovators

Lagos Free Zone To Generate $12bn By 2032

Lagos Free Zone To Generate $12bn By 2032

Dinesh Rathi, the General Director of the Lagos Free Zone (LFZ) stated that the company (LFZ) aims to contribute around $12 billion to Nigeria’s annual GDP by 2032.

Rathi stated the aim would be met when the zone is fully operational, with more enterprises taking use of the potential in the area, during a recent discussion with journalists at the LFZ’s offices in Ibeju Lekki.

According to him, the free zone requires at least 150 enterprises to be fully operational.

“If you look at the zone and the master plan, today, we are having 24 companies operating inside the zone, once you have 150 to 160 companies operating inside the zone, and if you put a number based on that, we can easily get an output equivalent of $12 billion,” he said.

“We did our workings and that is our vision. And then, with that number, you will be 2 to 3 percent of the national GDP.

“This whole free zone along with the Lekki port can be a game changer in the years to come. And this has happened in the case of China and Dubai.”

According to Rathi, who also serves as the LFZ’s CEO, the $12 billion aim is contingent on the influx of enterprises into the zone.

The managing director stated that plans are in the works to bring local businesses into the zone.

“We are in constant touch with a lot of Nigerian operators to get them inside the zone and leverage the port and the zone to create, not only a hub for domestic sales but also for exports under the continental free trade agreement and under the ECOWAS treaties,” he said.

“So, that is our goal: to get as many people as possible to come and operate in the zone.”

As part of its expansion plans, LFZ stated that it expects to build a gas infrastructure to meet the electricity needs of local businesses.

BREAKING: FAAN MD Capt Rabiu Yadudu Sacked
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CBN Forbids The Mint Corporation From Printing Checks

CBN Approves Reduction In Banks' CRR

A recent circular states that the Central Bank of Nigeria has authorized four homegrown companies to issue checks in the nation.

Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press are among the companies listed in the circular, which was signed by Sam Okojere, the director of the Banking Services Department.

These businesses were accredited and given permission to print and personalize checks.

The Central Bank of Nigeria (CBN) stated, “In furtherance of its mandate to ensure an efficient Payment and Settlement System, the CBN, in collaboration with the MICR Technical Implementation Committee, conducted the re-accreditation of Cheques Printers and Cheque Personalizers in line with the NICPAS qualification criteria. The list of Cheque Printers and Personalizers with active authorization as of May 4, 2023, is as follows.

Seven banks, including Zenith Bank Plc, Ecobank Plc, Stanbic IBTC Bank Plc, First Bank Ltd, Keystone Bank Ltd, Wema Bank Plc, and Providus Bank Ltd., were also listed in the circular as having been given approval to personalize checks.

It was claimed that all authorized printers and personalizers had been adequately informed and certificates had been issued.

The list currently available does not include two businesses that were accredited and approved in 2014.
The companies include Euphoria Group Limited and Nigeria Security Printing and Minting Company Plc.

Nigeria’s currency, including the recently minted new N1000, N500, and N200 notes, is printed by the Nigeria Security Printing and Minting Company Plc. Additionally, it was noted that there are now four check printers as opposed to 14 in 2010, a fall of 71.43 percent.

5 African Presidents To Join Buhari In Commissioning Dangote Refinery

BREAKING: Dangote To Start Selling Refined Petroleum Products In August

Aliko Dangote, the President of Dangote Group, on Monday, May 22, 2023, disclosed that his newly-commissioned refinery will start selling refined petroleum products in August.

Speaking at the event, the billionaire said his company will release the first batch of refined products from the 650,000 bpd capacity Dangote Refinery and Petrochemicals plant into the market in three months time.

While expressing gratitude to the President Muhammadu Buhari-led government, Dangote maintained that the refinery will meet all of Nigeria’s refined products needs as well as meet demand in the African market.

More details to follow…

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