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 N460.56 per $1 on Monday, May 8.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦747 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.
Five trailblazing entrepreneurs from across North Africa and the Middle East have been selected as finalists for the 2023 Aviram Awards competition hosted by the Aviram Foundation and Forbes in Marrakech on May 16th, 2023. President Bill Clinton will also join the event as a headline speaker.
Each year the Aviram Awards aims to identify, mentor and support ventures in the region which have the potential to drive significant social and environmental change through innovation and technology.
This year’s finalists were selected by impressing the international judging panel with their proposals for ground-breaking technology that will change the world for the better. The finalists are:
Youssef Bouyakhf, CEO and cofounder of Deepecho (Morocco) which uses AI to assist minimally trained ultrasound technicians in advanced video diagnosis. The product detects birth defects and allows a response to premature birth that includes low birth weight.
Hilla Ben-Pazi, CEO and cofounder of StrokeAlert (Israel) which makes a wearable, neck monitoring system that can generate automatic alerts for stroke enabling early detection and treatment.
Gil Davidman, CEO of QD-SOL (Israel) which uses photocatalysts combined with sun light to split hydrogen from water, providing affordable, profitable green hydrogen production that is not dependent on electricity grids.
Rodrigo Jimenez Sandoval, CEO and cofounder of Polymeron (Saudi Arabia) which produces biodegradable and compostable plastic pellet formulations using the organic waste from the poultry and date farming industries as raw materials. This addresses the problem of plastic pollution as well as providing alternatives to the organic waste disposal and food security concerns in the Middle East.
Dan Deviri, CEO and cofounder of Carbon Blue (Israel) which provides a solution for removing carbon dioxide from the sea and in turn captures CO2 from the atmosphere. The technology is cheap, compact, energetically efficient, requires no logistics or feedstock, and requires very little maintenance.
The competition provides a springboard for the entrepreneurs of the future to make their breakthrough ideas a reality. The winning start up, one based on an innovative breakthrough and a contribution to humanity, will win a cash prize $500,000, professional mentoring from globally renowned business leader and Founder of the Aviram Foundation, Ziv Aviram, as well media support from Forbes. The second-place winner will be awarded a prize of $100,000, and a prize of $50,000 will be awarded to the third-place winner.
The finalists will now be invited to pitch live on-stage to a judging panel of world-acclaimed business leaders in Marrakech, Morocco on May 16, 2023. Judges at the prestigious event will include Ziv Aviram; Randall Lane, Editor in Chief of Forbes magazine; Melda Akin, Cofounder & CEO of D14.AI; Yassine Laghzioui, CEO of UM6P Ventures and Lamiae Benmakhlouf, Managing Director of MITC.
To qualify for the 2023 Aviram Awards, entrants were required to be the business owner or team leader of a tech start-up—in at least the pre-seed or seed phase—with an established concept that positively impacts humanity, and live in Algeria, Bahrain, Egypt, Israel, Jordan, Morocco, Tunisia, Saudi Arabia or the United Arab Emirates.
Vice Admiral Awwal Zubairu Gambo, the Chief of Naval Staff, announced on Wednesday that 16 warships from the Nigerian Navy, three Above Water 109E NN helicopters, and Super Tucano (NAF) aircraft, among others, will take part in the Presidential Fleet Review in Lagos to honor President Muhammad Buhari.
This is in line with the CNS’s claim that the Nigerian Navy acquired a total of 20 capital ships during President Muhammadu Buhari’s eight-year administration, which also stated that “the ships comprise of Offshore Patrol Vessels, Landing Ship Transport, Hydrographic Survey Vessels, Seaward Defence Boats, Helicopters, as well as, over 300 Inshore Patrol Vessels and Assault crafts.”
The Chief of Policy and Plans, Rear Admiral Saidu Garba, spoke on behalf of the CNS during a press conference in Abuja. He said,”The NN Fleet has undergone a period of significant reform throughout President Muhammadu Buhari’s administration. In order to ensure the recapitalization of the NN Fleet, which has grown to be the pride of the Gulf of Guinea (GoG) and one of Africa’s most adaptable naval fleets, the President shown immense political resolve.”
NNS Thunder, NNS Centenary, NNS Ikenne, NNS Kada, NNS Lana, NNS Kano, NNS Nguru, NNS Ibeno, NNS Aba, NNS Oji, NNS Andoni, NNS Osun, NNS Ose, NNS Ekulu, NNS Gongola, and NNS Shiroro were among the NN ships he named as taking part. One MI35 Helicopter, one Diamond-42, one ATR-42 MPA, and three A29 Super Tucano are among the participating NAF aircraft.
The exercise is also likely to include a few foreign warships from allies including Ghana, Ghana, Brazil, and Spain.
Rear Admiral Garba stated, “This theme was carefully chosen to underscore the essence and value of the NN, as a responsive naval force poised to achieve national prosperity. The theme of the NN Presidential Fleet Review (PFR) 2023 is ‘Fleet Readiness for National Prosperity’.
Therefore, it is necessary to hold the PFR-2023 in honor of Mr. President for his dedication to enhancing the nation’s naval resources and capacity to project her instruments of maritime power for the benefit of the entire country.
The Nigerian Bar Association (NBA) has stated that it is preparing a petition to pursue disciplinary action against Adamawa State’s beleaguered Resident Electoral Commissioner (REC), Hudu Yunusa-Ari, who is also a lawyer.
The REC is being investigated for his role in the disputed announcement of Aishatu Dahiru of the All Progressives Congress (APC) as the winner of the April 15 supplemental governorship poll.
Monday Ubani, the NBA’s Chairman of the Section of Public Interest and Development (SPIDEL), stated on Wednesday’s program that the NBA intends to file a petition against him as a member of the Bar.
“This is one of the suggestions that were made; that a body like NBA should not allow such a man who brought what I would consider a national disgrace to NBA to go scot-free,” he said.
According to him, in order to investigate what he did, the NBA disciplinary committee must obtain a report because the REC who was sent on a national assignment “did not represent the body well enough.”
Ubani noted that more research is needed to determine the reason of the abnormalities.
“If he is innocent, let us be told that he is innocent. If he is not innocent, then the next thing that should follow is prosecution. This is because it sends the right signal that we are a nation that wants to protect our integrity,” he said.
According to the human rights lawyer, the Independent National Electoral Commission (INEC) does not have the authority to investigate criminality under the country’s legal structure.
Ubani said that the police are the primary prosecutor in such cases.
“It is the Nigerian Police that does investigation in the country, so if a matter is alleged to fall into the realm of crime, it is the Nigerian Police that carries out the responsibility.
“Even if INEC would prosecute, there must be an investigation first by a body authorised to do that,” he said.
The SPIDEL chairman also stated that INEC’s body language will reduce political and electoral wrongdoing.
He stated that if INEC’s integrity and strictness are maintained, politicians will be fearful and desperate.
“The body language of the electoral umpire (INEC) has a role to play, it goes a long way to the integrity of the system. The politicians are waiting to see the reaction of INEC in the electoral process.
“When the umpire is having issues and the politicians see the body language, they see that there are still loopholes and room for them to manipulate,” he said.
Following price reductions in ETI, which increased by 7.1%, FBNH, which increased by 2.2%, and other financial services stocks, the equities division of the Nigerian Exchange (NGX) traded slightly higher.
According to data from the market, as a result, the All-Share Index increased by 0.1% to 52,605.78 points and the year-to-date return increased to 2.6%.
Based on information from the Nigerian Exchange website, the market capitalization grew by N15 billion (0.05%) to close at N28.644 trillion, up from N28.629 trillion on Monday.
The market’s overall performance was mostly driven by gains in Tier-1 banking companies such Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, Conoil, Dangote Sugar, and Union Bank.
Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
As a result, the year-to-date (YTD) return increased to 2.64 %. Additionally, the All-Share Index (ASI) increased by 26.26 points, or 0.05 percent, to close at 52,605.78 as opposed to 52,579.52 in the previous session.
According to analysts at Vetiva Securities Ltd., “Sectors traded mixed today, as profit taking was primarily observed in the consumer goods area, while Tier-I banks dominate the activity.
“We anticipate the other one to continue tomorrow.”
In the meantime, market breadth, a gauge of market mood, was up because 19 equities increased compared to 14 declining ones. Conoil experienced the greatest price increase, up 10%, to close at N48.40 per share.
Following closely behind, Multiverse Mining and Exploration increased by 9.97% to close at N3.75, while John Holt increased by 9.77% to close at N1.91 per share.
Transcorp increased by 9.5% to close at N1.96, while Computer Warehouse Group increased by 9.66% to close at N1.59 a share.
Unity Bank, on the other hand, topped the losers’ chart by 9.26% to settle at 49k per share. Following Japaul Gold and Ventures, cutix fell by 8.8% to settle at N2.28 per share, while Japaul Gold and Ventures fell by 8.82% to close at 31k.
While NPFMicrofince Bank lost 5.71 percent to settle at N1.60 per share, Nigerian Breweries lost 5.88 percent to close at N32.10.
Analysis of market activity revealed that trade turnover decreased in comparison to the prior session, with a 0.09 percent decrease in transaction value.
In addition, 5,684 transactions involved the exchange of 640.97 million shares for N7.13 billion. With 129.73 million units exchanged in transactions worth N1.48 billion, Accesscorp topped the volume and value charts.
The Oil & Gas (+1.1%) and Banking (+0.8%) indexes both saw gains, while the Consumer Goods (-0.7%) and Insurance (-0.2%) indices did not. Sectoral performance was therefore uneven. The industrial Goods index ended unchanged. NGX increases due to persistent demand for banking stocks.
According to figures from the central bank, nearly 30% of Nigeria’s foreign exchange reserves, which printed at $35.2 billion, were comprised of traded foreign currency. As a result of the invasion of foreign currencies with high economic productivity, the naira has been in a downward spiral due to a smaller foreign exchange buffer.
Nigeria’s external reserve accumulation slows down considerably as a result of the meager hydrocarbon sales revenue inflows. The Organisation of Petroleum Exporting Countries confirmed in a report that Nigeria’s production grew to an average of 1.3 million barrels per day (mbpd) in the first quarter of 2023.
In July 2022, oil output, including condensates, dropped to 1.1 mbpd from 2.1 mbpd in 2019, averaging 1.5 mbpd for the entire year, according to a report from Fitch. This decline was attributed to oil theft, pipeline vandalism, aging infrastructure, and a lack of investment.
By restarting the Forcardos terminal and Trans-Niger pipeline as well as tightening up onshore monitoring to combat theft, it was stated that production increased to 1.6 mbpd in March.
Fitch predicts a further rise to 1.75 mbpd in 2024 due to increasing infrastructure spending on the oil industry and the government’s acceleration of new oil discoveries for commercial extraction.
“There will be a significant increase in refining capacity in 2023 when the Dangote plant begins operations (with an eventual 0.65 mbpd capacity), reducing import costs,” Fitch said in a statement.
Tolu Osinibi, chief executive of FSDH Capital, claimed that the CBN restricted the supply of foreign exchange to invisibles by nearly half as a result of the low level of its reserves in an interview with MarketForces Africa.
Foreign currency has not been continuously rationed, and neither the official window nor the black market have benefited from this. The exchange rate has gotten worse and has become crucial to Nigerians’ ambitions to leave the country.
According to the Chief Executive of FSDH Capital, gross foreign reserves would be at their lowest level after you take into account outstanding forwards, swaps, redemption of eurobonds, etc. According to Osinibi, the apex bank has been putting off paying out on its foreign currency sales at retail auctions.
“Adjusting the FX rate to allow for some depreciation in order to be able to draw actual FX flows into the system is the sustainable option.
Foreign portfolio investors may not trust any changes to FX policy that are made before the next Administration takes office at the end of May 2023 because there are still some credibility concerns. The $35 billion in gross external reserves should also be kept in mind.
After accounting for all legally-binding agreements, such as sold forwards and swaps that must be unwound, etc., we have no notion what the net reserves position is. Fitch calculated that the FX swap commitment in its rating note for Nigeria is around 30%.
In order to control external pressures, there is still a significant amount of use of import and foreign exchange (FX) limitations, various exchange-rate windows, and constrained flexibility of the primary “I&E” rate.
Due to this, the private sector experiences acute foreign currency shortages, there is a significant difference between the official and parallel exchange rates, and there have been significant private sector capital outflows over the past year as a result of weak foreign investment.
International reserves decreased from USD39.2 billion in July 2022 to USD35.3 billion in April.
This supports our prediction that foreign exchange reserves will decrease from 4.9 months of current external payments at the end of 2022 to 4.0 months at the end of 2024 due to weak capital inflows.
Despite Fitch’s assessment that about 30% of Nigeria’s reserves are made up of FX swaps, this is still significantly more than the expected “B” median of 3.3 months.
Due to oil theft, pipeline vandalism, outdated infrastructure, and a lack of investment, oil output (including condensates) decreased from 2.1 mbpd in 2019 to a low of 1.1 mbpd in July 2022 and averaged 1.5 mbpd for the entire year.
The restart of the Forcardos terminal and Trans-Niger pipeline, as well as an increase in onshore surveillance to combat theft, helped production rebound to 1.6 mbpd in March.
Fitch forecasts a further increase to 1.75 mbpd in 2024. There will be a marked increase in refining capacity in 2023 when the Dangote plant commences operations (with an eventual 0.65 mbpd capacity), reducing import costs.
There remains extensive use of foreign exchange (FX) and import restrictions to manage external pressures, with multiple exchange-rate windows at the Central Bank of Nigeria (CBN), and limited flexibility of the main “I&E” rate.
Fitch projects the current account balance, which improved by 1 percentage point in 2022 to a surplus of 0.2% of GDP, worsening to a deficit of 0.8% of GDP in 2024, on less favourable terms of trade.
Analysts define a foreign currency swap as a deal between two nations to switch the interest rates on their respective loans in their distinct currencies. The agreement may also call for exchanging loan principal sums.FX swaps make about 30% of Nigeria’s foreign exchange reserves.
The Federal Government (FG) has promised Nigerians that ongoing projects will not be abandoned by the incoming administration of President-Elect Bola Tinubu.
Suleiman Adamu, Minister of Water Resources, announced this following the Federal Executive Council meeting on Wednesday, which was headed by Vice President Yemi Osinbajo and lasted over seven hours.
He explained that the council has continued to certify numerous contracts worth billions of naira because they have promised to work to serve Nigerians until the end of time.
The Council granted N449.9 million for the construction of an airport master plan for the country’s 17 airports. Murtala Mohammed Airport in Lagos and Nnamdi Azikiwe Airport in Abuja are two of them.
Other airports in Nigeria include Port Harcourt, Kano, Owerri, Benin, Enugu, Maiduguri, Yola, Kaduna, Calabar, Ilorin, Sokoto, Ibadan, Jos, Akure, and Katsina.
Garba Shehu, Senior Special Assistant to the President, also announced that the Council approved two major contracts for Ogoni in the second phase, ₦22.8 billion water project and a N107 billion award for the remediation of newly identified hydro carbon impacted sites along the shoreline of Ogoni land.
The United Kingdom Supreme Court declared on Wednesday that it was too late for Nigerian plaintiffs to sue Shell’s two subsidiaries for an offshore oil spill from 2011, siding with the major British multinational oil and gas firm.
A vessel was allegedly loaded at Shell’s Bonga oilfield, 120 kilometers off the coast of Nigeria’s Niger Delta, when an estimated 40,000 barrels of crude oil allegedly escaped.
According to Reuters, Shell denied the claims and asserted that the Bonga spill was distributed offshore and had no negative consequences on the beach.
The lawsuit was one of several legal disputes Shell had in London courts with Nigerians who reside in the oil-rich Niger Delta, an area plagued by pollution, war, and corruption linked to the oil and gas business.
Asserting that the ensuing oil slick poisoned their lands and waterways, ruining farming, fishing, drinking water, mangrove forests, and religious shrines, a collection of 27,800 people and 457 towns has made multiple attempts to sue Shell.
However, a panel of five justices on the Supreme Court unanimously affirmed decisions by two lower courts that concluded the plaintiffs had filed their case after the six-year legal time had passed.
The claimants’ attorneys had contended that the pollution’s continuous effects constituted a “continuing nuisance,” a category of civil tort, which would have rendered the deadline irrelevant.
The plaintiffs’ argument is rejected by the Supreme Court. In this case, there was no persistent annoyance, Justice Andrew Burrows ruled.
According to Reuters, even though the Supreme Court case had two Nigerians as appellants, the decision would be applied to the thousands of other claims.
Shell claimed that the Supreme Court decision has ended all legal claims over the spill in English courts.
Despite being extremely unfortunate, the 2011 Bonga spill was quickly contained and cleaned up offshore, according to a Shell representative.
An email seeking comment from a lawyer for the Nigerian appellants did not receive a response right away.
In a prior lawsuit addressing Niger Delta pollution, the Supreme Court came down against Shell. It permitted a group of 42,500 farmers and fishermen from the Ogale and Bille communities to sue Shell over spills in February 2021; the High Court is now hearing the case.
In a different case, Shell finally conceded in 2015, following a protracted court battle in London, to compensate the Bodo community of the delta with 55 million pounds ($70 million) for two spills.
Whilst consistently seeking ways to empower its stakeholders by proffering solutions that address pressing needs, and ultimately delivering value, FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) continues to provide access to capital for corporates entities through its efficient and proficient Securities Admissions Service.
In this regard, the Board Listings and Markets Committee of the Exchange has approved the quotation of the Zedcrest Capital Limited ₦5.00 billion Series 1 Commercial Paper (“CP”) under its ₦15.00 billion CP Issuance Programme on its platform. Zedcrest Capital Limited (“Zedcrest Capital” or the “Issuer”), a subsidiary of Zedcrest Group, is a proprietary and capital management firm, investing in debt and equity capital markets, business acquisitions and buyouts.
To commemorate the CP quotation, FMDQ Exchange, held a prestigious Quotation Ceremony at its offices in April, for the Issuer, represented by the Group Managing Director, Mr. Dayo Amzat, along with other key representatives from Zedcrest Capital.
Also present at the Ceremony were the representatives from the sponsor to the quotation, CardinalStone Partners Limited, as well as other parties to the issue.
Ms. Tumi Sekoni, Managing Director, FMDQ Exchange, represented by Ms. Jumoke Olaniyan, Senior Vice President, Business Development Division, FMDQ Exchange, whilst welcoming guests to the Ceremony, congratulated the Issuer for the successful quotation of its maiden CP, stating that FMDQ Exchange’s quotation service has been tailored to provide, amongst others, a unique opportunity for Issuers to raise finance thereby meeting their short term funding needs even as the Nigerian debt markets becomes aligned with international best practices and standards.
She also stated that through this quotation, Zedcrest Capital will benefit from FMDQ Exchange’s diversified investor base, its highly efficient and responsive securities admission processes, amongst others. She highlighted that FMDQ Exchange will remain dedicated to advancing the growth of the Nigerian debt markets by leading and supporting market-driven initiatives and maintaining its position as the preferred platform for registration, listing, quotation, trading, and reporting of financial securities.
Whilst delivering the Special Address, Mr. Dayo Amzat commented that “Zedcrest Capital is pleased to announce its ₦5.00 billion CP Issue under our ₦15.00 billion shelf Programme quoted on the FMDQ Exchange’s platform.
“This Programme marks our entry into the capital market as an issuer and the proceeds will be deployed to implement Zedcrest Capital’s 2023 strategic goals of digitising its consumer finance business and expanding its securities dealing offerings beyond West Africa.
“We are proud to welcome top local investors from the Pensions, Asset Management and Insurance industries as strategic partners. We are humbled by the faith placed on us and we look forward to rewarding their trust through strong execution of our 2023 aspirations.”
Also, the sponsor of the CP and Registration Member (Quotations) of the Exchange, CardinalStone Partners Limited, through its Group Managing Director, Mr. Michael Nzewi, stated that “CardinalStone Partners Limited is pleased to announce its role as the Sole Arranger to the ₦5.00 billion Series 1 CP Issue for Zedcrest Capital Limited under its ₦15.00 billion CP Programme.
“As the Sole Arranger, we utilised our extensive network of relationships with a diverse pool of investors including Pension Fund Administrators, Asset Managers and Insurance companies to successfully execute this transaction.
“This achievement is a testament to our unwavering commitment to deliver exceptional financial advisory and capital-raising solutions to our esteemed clients. We remain committed to providing innovative and tailored financial services, strengthening our position as a leading investment firm in Nigeria.”
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.
The repatriation of export revenues into the country grew by 40% from three billion dollars in 2021 to 5.6 billion dollars by the end of 2022, according to Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
Emefiele made this statement on Tuesday in Lagos during the bi-annual RT200 Non-Oil Export Summit, which had as its topic “RT200: Challenges and Prospects to Success.” He continued by saying that the outlook for 2023 was equally promising, with good figures.
The third summit in the series aims to exchange cutting-edge concepts for increasing Nigeria’s non-oil export revenues. Additionally, it makes sure that the money made from them is used as efficiently as possible for Nigeria’s economy.
Over the next three to five years, the CBN’s newly launched RT200 FX Programme seeks to generate 200 billion dollars in foreign exchange revenues from non-oil proceeds. A five-point agenda serves as its foundation.
Emefiele claims that since the RT200 program’s inception in February 2022, export proceeds repatriation has advanced significantly.
“It was only $62 million when we began since we were collecting quarterly data; by the second quarter, which ran from April to June, it had climbed to almost $600 million.
It increased to over $900 million by the third quarter, which is July through August or September. The program resulted in a 40% increase in repatriations, from $3.0 billion in 2021 to $5.6 billion at the end of 2022, according to data that is now available.
The momentum for 2023 is displaying both remarkable numbers and promising futures. “A total of US$1.7 billion was repatriated to the economy in the first quarter of 2023, while approximately $790 million has been sold at the Investors and Exporters window year to date,” he said.
Emefiele said that the remaining revenues were still in the exporters’ export domiciliary accounts. The proceeds, he said, could not and would not be qualified for the refund since they were not sold via the Investors and Exporters window (I&E).
He exhorted people who had export revenues in their domiciliary accounts to sell them at the I&E Window in order to receive the rebate.
“We keep hearing cases of people trying to sidestep the process as much as possible,” the CBN governor stated.All I can do at this point is make a request to those of us who wish to export without documentation to try as hard as we can to stop doing so.
To make sure that we need to nip the occurrences of exporting without documentation in the bud, we will continue to engage customs, the Nigeria Ports Authority, and the shipping lines and agents.
“What this does is lower the country’s potential export earning potential.” Emefiele recalled a meeting the bank had with the shipping lines from roughly three years ago and added, “I had said that the CBN will be beaming searchlight on undocumented shipments during that meeting at the CBN in Lagos.
He advised exporters to use the meeting as an opportunity to call out banks that were unresponsive to them. “So that they can ask the banks to be more accommodating, because by doing so, we are able to source export proceeds that boost our economy,” he said.
“We can produce export revenues and find export proceeds that will benefit our economy. That eliminates our reliance on the Central Bank of Nigeria as a source of foreign currency to pay for our imports. It’s a dream, but I hope it materializes quickly.
Lagos State Governor Babajide Sanwo-Olu praised CBN for starting the initiative and said it was a crucial step for diversifying the economy.
According to the governor, it would also improve the non-oil sector’s ability to produce more foreign exchange revenues, spur economic growth, and stabilize the economy as a whole.
The Commissioner for Economic Planning and Budget, Mr. Samuel Egube, acted as Sanwo-Olu’s representative. The summit’s theme, according to the governor, was appropriate and quite educational.
He claims that it has given decision-makers and other stakeholders in the non-oil sector the chance to evaluate the success of the strategy in comparison to the anticipated result. He invited attendees to consider all suggestions and come up with solutions to some of the problems, such as the “Japa syndrome.”
The presiding judge, James Omotosho, ruled on Wednesday that the NBC lacks the legal authority to issue fines.
The judge also overturned NBC’s sanctions imposed on 45 broadcast stations.
In his judgement, Omotosho stated that when it acted on the claimed breaches, the commission acted as the complainant, court, and judge.
The judge further stated that the Nigeria broadcasting code, which enables the commission, does not grant the commission judicial jurisdiction to impose criminal charges or punishments.
He said that the commission is not the Nigeria Police Force (NPF), which has the authority to conduct criminal investigations, and that the NBC’s actions are “contrary to the doctrine of separation of powers.”
The commission also fined some broadcast stations during and after the 2023 elections.
The most recent round of sanctions drew criticism from stakeholders.
Bola Tinubu, Nigeria’s newly elected president, has left for Europe on a business trip.
Tinubu left the country on Wednesday afternoon via Lagos’ Murtala Muhammed International Airport.
Tinubu will “use the opportunity of the trip to finetune the transition plans and programs, as well as his policy options with some of his key aides without unnecessary pressures and distractions,” according to Tunde Rahman, his media aide.
While in Europe, the president-elect is also slated to meet with investors.
“The country’s economy forms a major plank of Tinubu’s Renewed Hope agenda and the meeting is part of his efforts to re-establish Nigeria’s importance in the global economic chain and create empowering opportunities for the country’s huge youth population,” his media aide said.
“The president-elect has hitherto promised to hit the ground running and the visit is reflective of his commitment to the promise as he has already begun talks with global actors in the important areas of the economy and security.
“Before he left the country, Asíwájú Tinubu met with the House of Representatives candidates for Speaker and Deputy Speaker endorsed by his party, the All Progressives Congress, Hon. Tajudeen Abbas and Hon. Benjamin Kalu, who was presented to him by the Joint Task Team of the House.”
Rahman stated that Tinubu would return to the country shortly before his inauguration as the country’s 16th president on May 29, 2023.
Tinubu returned to Nigeria in April after spending a month overseas.
Some areas of the Nigerian Air Force Base on Airport Road in the Federal Capital Territory (FCT) have been destroyed by fire.
Federal fire Service personnel have also attempted to extinguish the flames.
The Air Force confirmed the fire on its property, stating that it impacted a fuel station run by Messer Geometrics Synergy Services Limited.
The NAF Director of Public Relations and Information, Air Commodore Ayodele Famuyiwa, stated in a statement that an inquiry into the event has begun.
He expressed thankfulness that no lives were lost as a result of the fire, praising the work of the Federal Road Safety Corps, the Nigeria Security and Civil Defence Corps, and other agencies in putting out the fire.
“The fire, which created an explosion from the fuel tanks, has since been put out by the combined efforts of the Fire Services from the Federal Airports Authority of Nigeria, Federal Capital Territory Administration, the Federal Fire Service and the NAF Fire Service.
“It is gratifying to note that no life was lost in the incident. However, an investigation has been instituted to unravel the immediate and remote causes of the fire incident.”
President Muhammadu Buhari has urged the Senate to approve a request for a $800 million loan from the World Bank.
Buhari’s plea was contained in a letter read aloud by Senate President Ahmad Lawan on the floor of the upper legislative house on Wednesday.
The cash, according to the president, would be used to supplement funding for the National Social Safety Net program.
Buhari stated that if the proposal is allowed, N5,000 will be transferred to about 60 million poor Nigerians, stimulating the informal economy and improving health and education.
“Please note that the federal executive council approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme and the need to request your consideration and approval to ensure early implementation. Copy of FEC extract attached,” he said.
“The senate may wish to know that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs.
“You may wish to note that the federal government of Nigeria, under the conditional cash transfer, will transfer the sum of N5,000 per month to 10.2 million poor and low income households for a period of six months, with a multiplier effect on about 60 million individuals.
“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
“The NASSP being a social intervention programme, will stimulate the informal sector, improve nutrition, health, education, and human capital development of beneficiaries’ households.”
Corporate institutions have continued to explore alternative financing options by tapping the Nigerian debt markets to sustain their business activities and plug capital shortfalls.
FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) provides access to capital for corporate Institutions through its efficient and proficient Securities Admission Franchise.
It is with this mandate that FMDQ Exchange, through its Board Listings and Markets Committee, has approved the quotation of the Dangote Cement PLC ₦44.00 billion Series 4 and ₦46.00 billion Series 5 Commercial Papers (“CPs”) under its ₦150.00 billion CP Programme on its platform.
Dangote Cement PLC (“Dangote Cement”) is one of Africa’s largest cement producers, with a production capacity of 51.6 million tonnes per year across ten (10) countries.
The proceeds from the Dangote Cement Series 4 and 5 CPs, which are sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), ARM Securities Limited, FSDH Capital Limited and Quantum Zenith Capital & Investments Limited (Co-Sponsors) – all Registration Member (Quotations) will be used to fund expansion projects, refinance short-term debts, as well as working capital expenditure.
The admission of these CPs and other debt securities on the Exchange, by corporates across diverse sectors, continue to validate FMDQ Exchange as the choice platform for the registration, listing and quotation of debt securities in the Nigerian financial markets.
It also lays credence to the innovation, efficiency, and operational excellence for which the Exchange is reputed for, as endorsed by issuers, investors, and other market stakeholders.
FMDQ Exchange shall continue to provide an efficient platform targeted at supporting the aspirations of institutions and government within the Nigerian financial markets.
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.
Juergen Peschel, the Chief Executive Officer of 9mobile Nigeria, claimed that more than N70 billion had been invested in the telecommunications company’s continuing network modernization.
Peschel made this statement recently in Lagos at the company’s annual Channel Partners Conference. In addition to other technical, digital, and organizational upgrades to show 9mobile’s core values of Innovation, Quality of Service, and Customer-Centricity, he informed the partners of the addition of 600 new sites, equipped with 4G LTE facilities for enhanced operations and market competitiveness, being deployed alongside new broadband services to enlarge its fiber network across some Nigerian cities.
He also stated that the company is on the verge of a comeback as a result of the significant investments made in its network operations and the board and management’s strong resolve to aggressively retake market share.
In his speech on the subject of “Re-engage to Succeed,” Peschel stated that “9mobile is on the path of resurgence. In order to reestablish our unique position and market leadership, we are regaining lost market territory and moving forward.
Huawei has urged current businesses in Nigeria to adopt “yottabyte” era data applications in an effort to expand new businesses and improve the income profiles of existing enterprises.
Chris Lu, Chief Executive Officer of Huawei Nigeria, said there has been an explosion of data over the years, which gives an opportunity for businesses to start processing and exploiting data to increase revenue. Chris Lu was speaking at an event in Lagos. According to Lu, certain organizations and sectors use data as a strategic and foundational resource to quickly expand their firms’ credibility and dependability, which is a crucial part of the data infrastructure.
According to him, data is quickly becoming a new type of currency and oil in the digital age, giving businesses a view into the wants and needs of customers like never before.
The truth is that most businesses are not well-positioned to store and safeguard their data from cyberattacks, let alone turn these data sets into insights to improve business choices.
The growing number of data applications as we move into the yottabyte age makes trustworthiness and reliability a crucial part of data infrastructure.
We currently support organizations all over the world with our 12 Research and Development (R&D) facilities, over 4000 R&D R&D engineers, and 3000 storage-related patents.
Dauda Oyeleye, Regional Coordinator, Southwest, Galaxy Backbone (GBB), stated in his speech that Huawei has made notable advancements in advancing ICT in Nigeria through a partnership with the Nigerian government and other industry participants.
President Muhammadu Buhari will stay in London for an extra week after attending King Charles III’s coronation ceremony to receive dental care.
Buhari “will remain in London, United Kingdom, for an additional week, based on the advice of his dentist, who has started attending to him,” according to a statement signed on Tuesday by the President’s Special Adviser on Media and Publicity, Femi Adesina.
Adesina revealed in a statement headed “President Buhari to stay an additional week in London,” that the Specialist needs to visit the President in another five days for a procedure that has already begun.
The President who went for the United Kingdom last Wednesday to attend King Charles III’s coronation ceremony, was due to return to the country early this week.
On Saturday, May 6, 2023, Nigeria’s President attend the coronation among other world leaders.
Prior to the new government’s anticipated May 29, 2023,inauguration, the Federal Airport Authority of Nigeria (FAAN) has ordered the immediate transfer of all aircraft stationed at the General Aviation Terminal of the Nnamdi Azikiwe International Airport, Abuja.
According to FAAN, removing the parked planes at the Abuja airport was necessary to improve airport security for the upcoming presidential inauguration.
Numerous private jets owned by affluent Nigerians, businesses, and airlines are parked at the GAT facility in Abuja.
The FAAN Regional Manager, Kabir Mohammed, issued a circular with the relocation instruction on May 8, 2023, addressed to aircraft operators.
Stating,”This is to alert you of the need to temporarily relocate your aircraft to alternative airports owing to the impending Presidential Inauguration scheduled for May 29, 2023, according to the circular with reference number: FAAN/ABJ/NAIA /RGM/NC/AM/1000/VOl-1.”
“Since the Presidential Inauguration is a high-security event, it has become necessary to temporarily move all aircraft parked at the GAT to other airports in order to assure the safety and security of all parties concerned. In order to accomplish this, kindly transfer your aircraft by May 22, 2023, at the latest.”
A former managing director of the Nigerian Airspace Management Agency and the CEO of Top Brass Aviation, Capt Roland Iyayi, reacted to the development by expressing concern that the majority of the aircraft parked at the GAT terminal at the Abuja airport are unusable.
He stated that it might be challenging to relocate them from the location as a result.
“The majority of the parked aircraft cannot fly, therefore if FAAN is requesting that planes be relocated, it would imply that they know something that we do not. I don’t think it’s conceivable because the most of the parked aircraft are not fully operational. How would you transfer them then?”
Ernest Omo-Ojo, a Nigerian born Canadian immigrant made history by winning the Herzing College Cup, an award for overall best student of the respected institution which specializes in high-demand skills.
According to the President of the Herzing College, Ottawa, Kevin Crupi, Ernest is the first winner in the 30 years of the award to emerge from the campus. Herzing college is over 55 years old with some 7 campuses in Canada and in the United States. The Herzing Cup is a competition for students across all campuses and it’s on its 30th edition.
In its 30 years existence, no student from Ottawa campus has ever won the award, a feat that was finally broken in its 2022 edition by Ernest.
The Herzing cup involves submissions from various campuses nominating their best students each year to a panel of nearly 50 judges.
After a career in ExxonMobil in his birth country Nigeria which ended with Ernest having to opt for voluntarily retirement, Ernest decided to relocate with his family to Canada, and re-skill at Herzing after authoring 2 books (The Potent Force of Sponsorship and his latest – The Audacious Faith) on self-improvement based on his experiences while at Exxon.
This is an amazing story for tenacity and self-development.
