The Central Bank of Nigeria (CBN) has announced stringent measures to curb the hawking and abuse of the Naira, warning that Deposit Money Banks (DMBs) found culpable will face severe penalties.
In a memo issued on Friday in Abuja, Mr. Solaja Olayemi, Acting Director of the Currency Operations Department, stated that the CBN would deploy “mystery shopping” exercises and regular spot checks to trace the source of Naira notes found with hawkers.
Under the new directives, DMBs linked to seized cash will be fined 10% of the total value of the cash withdrawn on the day in question. Repeat offenses will attract an additional 5% penalty increment.
“Banks engaging in cash hoarding, diversion, or violations of the Clean Note Policy will face appropriate sanctions,” Olayemi stated, emphasising the CBN’s commitment to ensuring efficient and responsible cash distribution.
As the yuletide season approaches, the CBN urged banks to bolster internal controls and prioritise cash disbursements through Automated Teller Machines (ATMs) to meet increased public demand.
The apex bank’s initiatives are part of broader efforts to promote accountability, prevent abuse of mint Naira notes, and enhance public access to cash. Olayemi confirmed that the CBN, in collaboration with law enforcement agencies, would intensify monitoring during the festive period to enforce compliance.
This crackdown sends a strong signal to financial institutions and hawkers alike, reaffirming the CBN’s dedication to preserving the integrity of Nigeria’s currency system.
The Nigerian naira closed at N1,652.25 per dollar at the official market on Friday, marking a slight depreciation of N2.05 (0.12%) from Thursday’s exchange rate of N1,650.20. This decline comes as foreign exchange turnover increased significantly, with $296.63 million traded, up from $214.73 million the previous day, according to data from the FMDQ Exchange platform.
At the Investors’ and Exporters’ (I&E) window, the naira traded between N1,699.00 and N1,620.00 per dollar, showcasing fluctuations amidst market dynamics.
In global commodities, crude oil prices are on track for a weekly decline. Brent crude traded at $71.58 per barrel, while WTI stood at $67.61. Despite this, Nigeria’s external reserves benefited from an uptick in crude oil production, with the Nigerian National Petroleum Corporation (NNPC) achieving a production level of 1.8 million barrels per day. Foreign reserves rose by $117.98 million to $40.24 billion, reflecting the impact of steady oil revenue inflows.
On the forward market, the naira held steady in one- and three-month contracts, while rates for six- and 12-month contracts appreciated slightly, indicating sustained investor confidence in the naira’s long-term prospects.
Meanwhile, gold prices plunged to $2,566.90 per ounce, marking their largest weekly drop in over three years. The strengthening of the U.S. dollar, fuelled by expectations of less aggressive interest rate reductions by the Federal Reserve, has diminished gold’s appeal as a safe-haven asset.
The interplay of global economic trends and local forex dynamics continues to shape Nigeria’s financial landscape, keeping stakeholders on edge as they navigate the challenges and opportunities of the currency market.
The Nigerian Exchange (NGX) ended the week on a bullish note, with market capitalisation surging by N294.96 billion on Friday despite inflationary pressures. Investors’ confidence was evident as key indices rebounded, driven by renewed buying interest across major sectors, particularly insurance.
The All-Share Index (ASI) climbed by 489.21 basis points to close at 97,722.28, marking a 0.5% increase. This recovery comes in the wake of October’s inflation rate hitting 33.88%, demonstrating the resilience of the equities market.
Trading volume rose by 1.26%, with 295.19 million shares valued at ₦6.77 billion exchanged in 8,433 deals. However, the total value of transactions dipped by 13.42%. ACCESSCORP led in trade volume, accounting for 11.35% of total transactions, while ZENITHBANK topped the value chart with 19.38%.
Sectoral performance was notably positive, led by the Insurance Index, which rose by 2.16%, buoyed by gains in CONHALLPLC (+9.94%). The Industrial Goods, Oil & Gas, Banking, and Consumer Goods sectors also recorded gains, with BUACEMENT (+3.80%) and FLOURMILL (+10.00%) contributing significantly.
The advancers’ chart saw FLOURMILL and EUNISELL leading with a 10% price appreciation each, followed by JOHNHOLT (+9.97%) and TANTALIZER (+8.70%). Conversely, DEAPCAP topped the decliners, losing 9.17%, alongside IKEJAHOTEL (-8.54%) and UNIVINSURE (-5.88%).
With 31 gainers against 19 losers, the market breadth closed positive, reflecting sustained investor optimism. As the NGX market capitalisation reached N59.22 trillion, analysts highlighted that the market’s robust performance amid inflation underscores investor confidence in Nigeria’s equities market potential.
The Nigeria’s state-owned oil firm, Nigerian National Petroleum Company Limited (NNPC), and private oil marketers have spent approximately $1.9 billion (nearly ₦3 trillion) on fuel imports between October 1 and November 11, 2024, despite the availability of refined products at the state-of-the-art Dangote Refinery.
Data obtained by the press shows the importation of 1.5 million metric tonnes of petrol and 414,018 metric tonnes of diesel during this period. The revelations have sparked controversy over Nigeria’s continued reliance on imported petroleum products and raised questions about the government’s commitment to domestic refining.
Critics, including the respected General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, have accused influential figures in the oil and gas industry of sabotaging private refinery initiatives.
Speaking at the Abuja Special Holy Ghost Service, themed “Total Restoration,” Adeboye alleged that vested interests perpetuate fuel importation for personal gain, undermining national progress.
This comes as Nigeria grapples with a severe foreign exchange crisis, causing factory closures and the exodus of multinational companies. Yet, questions remain about how fuel importers secure scarce dollars for these transactions. On the foreign exchange market, the naira plummeted to ₦1,740/$ on the parallel market and depreciated further to ₦1,652/$ on the official NAFEM platform, reflecting systemic economic strain.
The Dangote Refinery has reportedly flagged concerns about the quality of imported fuel, suggesting that some imports include low-grade products. There are also allegations that the fuel is sourced from Russia at discounted rates, sidestepping sanctions imposed by Western nations.
The situation underscores a critical misalignment in government policies, particularly its failure to prioritise domestic refining. Analysts warn that unless Nigeria harnesses its refining potential, it risks deepening economic instability and foreign dependency.
The Federal Government, in collaboration with the World Bank, revises its compensation framework for land acquisition, establishing new rates for various crops in the North Central Zone.
The updated framework sets the value of matured cocoa trees at N160,000 per tree and N160 million per hectare. Additionally, matured mango trees are now valued at N105,000 per tree and N13 million per hectare, while matured cashew trees are valued at N45,000 per tree and N5.5 million per hectare.
The announcement is made by the Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa, during a meeting with state commissioners responsible for lands and housing at the 13th National Council on Housing, Lands, and Urban Development in Gombe.
This revision addresses an 18-year gap in Nigeria’s land acquisition compensation policy and aims to ensure fair and equitable compensation for individuals impacted by infrastructure and housing projects. It aligns with current economic conditions and international standards, providing a more accurate reflection of the value of affected assets.
The updated rates for economic trees in the North Central Zone are as follows:
Cashew trees increase from N2,000 per matured stand to N45,000 per tree, and N5.5 million per hectare.
Mango trees rise from N4,000 per matured stand to N105,000 per tree, and N13 million per hectare.
Cocoa trees jump from N3,000 per matured stand to N160,000 per tree, and N160 million per hectare.
While these rates have been announced for the North Central Zone, a comprehensive rate card for all economic trees across Nigeria’s six regions is yet to be released.
Background
In October, Minister Dangiwa announces the government’s intention to review the compensation rates for crops and economic trees affected by national infrastructure projects. He points out that the previous compensation rates, set in 2008, are outdated and no longer aligned with current economic realities.
The revision aims to ensure that landowners receive fair compensation that accounts for both the financial value and the cultural significance of economic trees like cocoa, oil palm, and cashew, which are often tied to years of labor and heritage. The updated framework is designed to address both the financial and emotional impacts of land acquisition on affected communities.
The Federal Executive Council (FEC) approves a $2.2 billion financing package to support the Federal Government’s external borrowing strategy. The announcement comes from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following a council meeting in Abuja.
The approved funding includes access to the international capital market through a mix of Eurobonds and Sukuk bonds. The breakdown of the plan consists of approximately $1.7 billion in Eurobonds and an additional $500 million in Sukuk financing. Edun states that the government is awaiting approval from the National Assembly, after which the borrowing will proceed quickly, likely within this fiscal year.
“The next step is to present the borrowing plan to the National Assembly for approval. Once granted, we aim to proceed with the issuance this year,” Edun says.
Financing Strategy Dependent on Market Conditions
The final mix of financing instruments depends on prevailing market conditions and recommendations from financial advisors at the time of issuance. Edun notes that the government’s decision to use Eurobonds and Sukuk bonds is part of a broader strategy to optimize Nigeria’s access to global financial markets.
He highlights the resilience of the Nigerian financial markets, citing the success of recent domestic dollar bond issuances as evidence of market confidence. “Earlier this year, we demonstrated the strength of Nigeria’s financial markets with a successful issuance of dollar bonds, showcasing investor confidence in the nation’s economic policies under President Bola Tinubu’s administration,” Edun says.
Real Estate Investment Fund Launched to Address Housing Deficit
Alongside the borrowing plan, the FEC approves the establishment of the Morph Real Estate Investment Fund, a N250 billion initiative aimed at tackling Nigeria’s housing shortfall. The fund is designed to provide long-term, low-cost mortgages, helping reduce the country’s significant housing deficit, currently estimated at 22 million units.
“This fund will support Nigerians seeking affordable housing and is expected to partially address the existing housing deficit,” Edun says. The initiative is part of a broader effort to boost the housing sector, generate employment, and stimulate economic growth.
The fund will also attract private-sector investment in housing development, offering long-term investors competitive returns. “Private-sector investors will have the opportunity to earn market-rate returns, backed by an initial seed funding of N150 billion,” Edun adds.
Economic Impact
These financial measures are part of the Federal Government’s strategy to support economic recovery, expand infrastructure, and foster sustainable development. The combination of external borrowing and the newly established real estate fund is expected to drive economic growth, create jobs, and improve access to affordable housing across Nigeria.
The Federal Government of Nigeria, through the Debt Management Office (DMO), announces plans to raise N120 billion in its November 2024 bond auction. This amount represents a 33.3% decrease compared to the N180 billion raised in October, suggesting a possible shift in borrowing strategy or improved revenue inflows.
The bond auction scheduled for November 18, 2024, includes two re-openings of existing bonds: the 19.30% FGN APR 2029 (5-year re-opening) and the 18.50% FGN FEB 2031 (7-year re-opening). Each bond tranche is valued at N60 billion. These offerings are expected to attract substantial interest from investors due to their competitive coupon rates, aligning with current market yields.
Investors can purchase these bonds at N1,000 per unit, with a minimum subscription requirement of N50,001,000, in multiples of N1,000. Settlement for the auction is set for November 20, 2024. These bonds are eligible for investment under the Trustee Investment Act and benefit from tax exemptions as per the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA). Additionally, the bonds are listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange, ensuring their liquidity and tradability.
Indications of a Strategic Adjustment
The reduction in the November bond issuance points to a potential adjustment in the government’s borrowing approach, possibly driven by lower funding needs or enhanced fiscal revenues. The N120 billion offering is one of the lowest amounts issued this year, indicating a more cautious stance on debt accumulation.
Insights from October Bond Auction
In the previous month, the government raised N289.597 billion through its October 2024 bond auction, exceeding the initial N180 billion target. The auction featured two re-opened bond tranches: the 5-year (19.30% FGN APR 2029) and the 7-year (18.50% FGN FEB 2031), which attracted robust investor participation.
The October auction saw a surge in total subscriptions, reaching N389.321 billion, compared to N293.097 billion in September. This heightened demand reflects investors’ strong appetite for longer-term government securities, which offer attractive returns amid a rising interest rate environment.
Higher participation in the October auction also led to increased marginal rates, indicating market expectations for higher yields in response to inflationary pressures and tighter monetary policies.
The naira depreciated against the US dollar in the official exchange market due to a shortage of liquidity. High demand for the dollar exceeded available FX supply, leading to a further slump in the spot rate across both official and black market rates due to reduced FX intervention sales.
According to FMDQ data, the naira fell by 0.29%, closing at ₦1,650.20 per US dollar. FX traders anticipate that the Central Bank of Nigeria (CBN) will soon release more details on its new exchange rate automation platform as November nears its end.
The CBN recently announced plans to implement the Electronic Foreign Exchange Matching System (EFEMS) for the Nigerian Foreign Exchange Market. Analysts believe EFEMS will offer authorized dealers a centralized platform for interbank FX transactions.
In collaboration with the Financial Markets Dealers Association of Nigeria (FMDA), the CBN plans to release trading rules and real-time buy/sell data for EFEMS. A two-week trial is set for November, with a full rollout scheduled for December 1, 2024.
Some analysts also attribute the recent decrease in FX allocations to banks in October as part of CBN’s transition to automation. Meanwhile, in the parallel market, the naira closed at ₦1,730 per dollar, driven by high demand for foreign currency. Analysts predict that seasonal demand may further pressure both official and parallel market rates.
Despite increased global oil prices—Brent Crude rose by 1.20% to $73.1 per barrel, and WTI climbed 1.32% to $69.3—weak economic conditions could limit household spending power during the holiday season.
The General Muhammadu Buhari International Airport, Maiduguri, will commence full international operations on January 1, 2025, marking a significant boost in connectivity for Nigeria’s North East Zone and positioning Maiduguri as a key player in global air travel and cargo transportation.
Announcing the development, the Minister of Aviation and Aerospace Development, Festus Keyamo, highlighted the strategic upgrade following his recent visit to the airport, accompanied by the heads of key aviation agencies.
Among the officials present were Olubunmi Kuku, Managing Director of the Federal Airports Authority of Nigeria (FAAN); Farouk Umar of the Nigerian Airspace Management Agency (NAMA); and Chris Najomo, represented by Balang, from the Nigerian Civil Aviation Authority (NCAA), as well as officials from the Nigerian Meteorological Agency (NiMet).
The one-day working visit saw Keyamo and the aviation executives engage with critical stakeholders, including Customs, DSS, Immigration, and the NDLEA, in discussions to ensure seamless international operations at the airport. The delegation was warmly welcomed by Borno State Governor Babagana Umara Zulum, who praised President Bola Ahmed Tinubu for appointing Keyamo and acknowledged his leadership’s impact on the aviation sector.
Governor Zulum reaffirmed Borno State’s commitment to supporting the Federal Government’s efforts, underscoring the importance of the airport’s international status for the region’s economy and connectivity.
Keyamo noted that the General Muhammadu Buhari International Airport will be the first fully operational international airport in Nigeria’s North East, equipped with a world-class runway and modern facilities. In addition to passenger services, it will serve as a regional cargo hub, benefiting the economy of the North East and neighboring regions.
The visit provided an opportunity to address logistical aspects and ensure the airport’s readiness for international operations. The project reflects the Federal Government’s commitment to enhancing aviation infrastructure, supporting regional development, and fostering national cohesion through strategic investments in transportation.
The Nigerian Exchange (NGX) market capitalization took a hit on Thursday, shedding over ₦148 billion as major sell-offs impacted BUA Cement, Conoil, and other prominent stocks. This negative session led to a 0.25% decline in key performance indicators, further dampening the year-to-date return.
The NGX All-Share Index fell by 244.73 basis points, closing at 97,233.07. Despite a positive market breadth, overall market capitalization was weighed down by heavy sell-offs in blue-chip stocks.
The main contributors to the decline were Conoil, BUACEMENT, and others, collectively wiping out ₦148 billion of investor wealth, according to stockbrokers. However, trading activity saw improvement, with total trading volume and value up by 18.02% and 4.08%, respectively.
Atlass Portfolios Limited reported that roughly 291.53 million units worth ₦7.82 billion were traded across 7,931 deals. ACCESSCORP led in volume, making up 20.78% of the day’s trades, followed by UBA (6.17%), ZENITHBANK (5.59%), OANDO (5.38%), and UCAP (5.31%).
ACCESSCORP also topped in value terms, contributing 19.32% to the day’s traded value. FLOURMILL and TIP were the top gainers, each appreciating by 10.00%, with others like JOHNHOLT (+9.86%), INTENEGINS (+9.85%), and SUNUASSUR (+9.75%) following suit.
On the other hand, ABBEYBDS led the losers with a decline of 9.77%, while Conoil (-6.15%), BUACEMENT (-5.93%), CUSTODIAN (-4.76%), and OANDO (-3.23%) also saw significant drops.
The market breadth closed positive with 32 gainers against 15 losers. The Insurance (+0.95%), Consumer Goods (+0.56%), and Banking (+0.53%) indices ended on a positive note, thanks to gains in CONHALLPLC (+9.62%), FLOURMILL (+10.00%), and FBNH (+1.46%).
In contrast, the Industrial Goods (-1.85%) and Oil and Gas (-1.76%) indices fell, reflecting losses in BUACEMENT (-5.93%) and OANDO (-3.23%).
Overall, NGX’s market capitalization lost ₦148.16 billion, ending at ₦58.92 trillion.
Money market rates surged higher on Thursday as liquidity constraints worsened within the banking system. With minimal inflows from maturing financial instruments, the market liquidity level dipped into negative territory once more.
Short-term benchmark interest rates spiked, exceeding 32% ahead of anticipated outflows on Friday. The liquidity shortfall compelled some local banks to rely on the Central Bank of Nigeria’s (CBN) lending facility.
To support their operations, Nigerian banks accessed the CBN’s borrowing window at elevated rates following a recent adjustment to the monetary policy rate in September. Cash-rich banks began to demand higher returns on their excess liquidity, while smaller banks faced higher funding costs.
Analysts noted that recent outflows and a lack of substantial inflows kept the liquidity level negative. This tight liquidity situation is expected to persist due to upcoming CBN foreign exchange settlements and cash reserve requirements.
According to Cowry Asset Limited, the Nigerian Interbank Offered Rate (NIBOR) decreased across most maturities, though the overnight NIBOR increased by 0.09% to 32.67%. Short-term rates like the open repo rate (OPR) and overnight lending rate (O/N) also rose, reaching 32.18% and 32.55%, respectively, as per data from the FMDQ platform.
“We expect interbank rates to remain elevated due to CRR debits and FX settlements, despite the inflow from FGN bond coupon payments,” AIICO Capital Limited analysts commented.
TrustBanc Capital Limited also highlighted a 37% increase in the system deficit, which stood at a negative balance of N219.69 billion as of Thursday.
Charles Murito, Google’s head of government relations and public policy for Africa, urges African governments to recognize fibre optic cables as critical infrastructure to safeguard the continent’s communications network. Speaking at the Africa Tech Conference, Murito emphasizes the crucial role of terrestrial and subsea fibre cables in supporting Africa’s growing digital economy.
He highlights the increasing risks to fibre optic infrastructure from criminal activities, especially syndicates targeting telecom tower sites to steal batteries and generators. Murito stresses the importance of classifying fibre optic infrastructure as critical, ensuring stricter penalties for any intentional damage. “Classifying it as a critical investment ensures that there are severe repercussions for those who maliciously damage it,” he states.
Google has invested significantly in Africa’s connectivity, including the Equiano subsea cable, which links Africa to Europe, and the recent Umoja cable, connecting Africa to Australia. Murito argues that stronger protection for fibre infrastructure and mobile towers would provide reassurance to investors looking to establish businesses in Africa.
He also suggests that greater cooperation among Internet Service Providers (ISPs) in sharing cables could help reduce data costs and enhance accessibility. Additionally, he calls for the harmonization of policies around cable installation, which would simplify operations for telecom and tech companies, ultimately accelerating network expansion across the continent.
Murito points out that while mobile internet access is vital for African economies, only 27% of the population had mobile internet access last year. He attributes this low penetration to inconsistent telecom infrastructure regulations, making it difficult for companies to establish and maintain fibre optic networks. Murito urges governments to streamline permissions and regulations to foster the growth of these essential services.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1745.00 per $1 on Friday, November 11 , 2024. Naira traded as high as 1658.00 to the dollar at the investors and exporters (I&E) window on Thursday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1740 and sell at N1745 on Thursday 14th November 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1740
Selling Rate
N1745
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1657
Selling Rate
N1658
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Federal Executive Council (FEC) has approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027, proposing a budget of N47.9 trillion for 2025.
The framework includes a borrowing plan of N9.22 trillion to address the projected budget deficit, according to the Minister of Budget and Economic Planning, Abubakar Bagudu.
Bagudu briefed journalists at the State House, Abuja, following the FEC meeting, noting that the MTEF is a crucial fiscal planning document that outlines Nigeria’s macroeconomic assumptions and targets for the next three years. Key parameters for 2025 include an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the dollar, and a GDP growth rate of 4.6 per cent.
“The 2025 budget estimate of N47.9 trillion reflects borrowing of N13.8 trillion, which is 3.87 per cent of the projected GDP,” Bagudu stated. He also highlighted the need for continued deregulation of petroleum prices and exchange rates, as well as efforts to lower production costs in the oil and gas sector.
The approval of the MTEF precedes the formal submission of the 2025 Appropriation Bill to the National Assembly, a step expected to be completed by Monday, November 18, 2024. The Minister affirmed the government’s commitment to maintaining the January-December budget implementation cycle despite delays.
Bagudu also provided insights into the economic outlook and priorities outlined in the MTEF, which acknowledges Nigeria’s positive growth trajectory amid global economic challenges. The economy recorded a 3.19 per cent real GDP growth in Q2 2024. However, he stressed the need to tackle inflation, improve the business environment, support vulnerable populations, and invest in high-employment sectors.
Reviewing the performance of the 2024 budget, Bagudu disclosed that N16.98 trillion had been spent as of August 2024, against a prorated target of N23.37 trillion. Of this, N7.41 trillion was allocated to debt servicing, N3.7 trillion to personnel costs, and N3.65 trillion to capital projects. He noted that delays in capital releases were partly due to capacity-building requirements for new upload procedures.
Bagudu expressed optimism about smooth collaboration with the National Assembly for the swift approval of the MTEF and the subsequent preparation of the 2025 budget. He credited the transparent relationship between President Bola Tinubu’s administration and the National Assembly for fostering mutual understanding.
The MTEF submission, a statutory requirement under the Fiscal Responsibility Act 2007, underscores the government’s fiscal strategies and economic objectives, aimed at enhancing revenue collection, sustaining expenditure management, and fostering economic resilience.
The United Bank for Africa (UBA) Plc has commenced a rights issue aimed at raising N239.4 billion through the sale of 6.8 billion ordinary shares at N35.00 per share.
The offer, which opened on Friday, November 15, 2024, enables existing shareholders to purchase additional shares in the ratio of one new share for every five shares held as of November 5, 2024.
This rights issue follows UBA’s approval in May 2024 to establish a N400 billion Equity Shelf Programme, as outlined by Group Chairman Tony Elumelu. He highlighted that this move is the first step in UBA’s broader capital-raising agenda, designed to fortify the bank’s capacity for growth and bolster its leading position in the banking sector.
“The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu explained.
He added that the proceeds will fund UBA’s lending expansion, enhance its digital infrastructure, and support sustainable business practices, particularly across its African operations.
This issuance aligns with the Central Bank of Nigeria’s revised minimum capital requirements for commercial banks in Nigeria, set to ensure financial stability within the industry.
Elumelu further noted UBA’s commitment to driving economic development across Africa, emphasizing the bank’s historic partnership with the African Continental Free Trade Area (AfCFTA) Secretariat. UBA has pledged up to $6 billion over three years to support eligible SMEs across the continent, reinforcing its role in fostering economic growth.
UBA’s financial resilience has consistently been evidenced by its strong performance and commitment to shareholder returns, exemplified by its progressive dividend policy with a 14.8% annualized yield. In 2023/2024, UBA received prestigious awards, including ‘Bank of the Year’ accolades in eight African subsidiaries and the Regional Award for Africa, alongside recognitions for its operations in frontier markets and SME banking.
Existing shareholders may apply for their rights via the NGX e-offer portal during the offer period, with options for additional shares beyond their provisional allotment. UBA customers can also access their rights through the bank’s internet and mobile banking channels.
UBA Plc, a prominent Pan-African financial institution, serves over 45 million customers through more than 1,000 offices in 20 African countries and maintains a global presence in New York, London, Paris, and Dubai. The bank continues to connect businesses across Africa and internationally through its extensive retail, commercial, and corporate banking services.
US boxer Mike Tyson (L) and US boxer-actor Jake Paul (R) face each other during a press conference ahead of their heavyweight bout at The Pavilion at Toyota Music Factory in Irving, Texas, on November 13, 2024. (Photo by TIMOTHY A. CLARY / AFP)
Nearly 40 years after his debut and 19 years since retiring, 58-year-old boxing legend Mike Tyson is set to return to the ring on Friday. His opponent: YouTuber-turned-boxer Jake Paul, 27, in a Netflix-sponsored fight that has divided the boxing world.
Taking place at AT&T Stadium in Arlington, Texas, the bout will feature eight two-minute rounds. Originally scheduled for July, the fight was postponed due to a medical issue that saw Tyson requiring treatment for a bleeding ulcer after vomiting blood on a flight.
Critics have condemned the fight, calling it a dangerous spectacle. Tyson’s last professional match in 2005 ended in a technical knockout loss, and many argue he shouldn’t be fighting at his age.
“Mike Tyson retired 20 years ago already worn out,” British promoter Eddie Hearn commented. “Putting him in the ring now is reckless.” Fellow promoter Frank Warren likened the fight to a car crash: “People just slow down to look, but it shouldn’t be happening.”
Tyson, reportedly earning $20 million for the bout, brushed off concerns, calling his critics jealous. “I’m beautiful. People wish they were in my place,” he said earlier this year.
At an open workout this week, Tyson expressed confidence, saying, “This fight is a celebration. I’ve put in the hard work, and now I’m just ready.”
Jake Paul, who has a 10-1 record, expressed confidence in a quick victory. “I feel sharp and powerful,” he said, predicting a “short night” for Tyson.
While the 1980s-era Tyson might have defeated Paul in minutes, veteran promoter Bob Arum remarked, “At 58, Tyson can’t compete at that level.” He added, “I hope he doesn’t get hurt, but I give him almost no chance.”
Recent data from Nigeria’s Debt Management Office (DMO) shows an increase in external debt for the states and the Federal Capital Territory, rising from $4.61 billion in December 2023 to $4.89 billion by June 2024—an uptick of 6.14%.
When measured in naira, this debt skyrocketed by 73.46%, increasing from N4.15 trillion to N7.2 trillion due to a sharp currency devaluation from N899.39/$1 to N1,470.19/$1 over the same period.
This data underscores a growing dependence on foreign loans among Nigerian states, driven by the need to finance large-scale infrastructure projects and essential services. While these borrowings can support economic development, they also raise concerns about the sustainability of such debt, particularly as Nigeria grapples with broader fiscal challenges.
Here are the top 10 most indebted Nigerian states to foreign creditors as of June 30, 2024:
10. Katsina
Katsina’s foreign debt increased by an impressive 125%, jumping from $50.31 million in December 2023 to $112.98 million by June 2024, an increase of $62.67 million. This substantial growth is likely due to new loans aimed at enhancing agricultural and rural infrastructure, vital to the state’s largely agrarian economy.
9. Kano
Kano, an economic hub in northern Nigeria, experienced a 14% increase in foreign debt, rising from $107.92 million to $123.39 million over six months. The $15.47 million boost may reflect Kano’s initiatives to expand industrial parks and trade infrastructure, aimed at strengthening commercial activities.
8. Ekiti
Ekiti saw a 13% increase in foreign debt, from $121.05 million in December 2023 to $136.64 million in June 2024, representing a $15.59 million rise. This additional debt likely supports ongoing investments in education and healthcare improvements within the state.
7. Ogun
Ogun’s foreign debt decreased slightly, falling by 1% from $168.83 million to $166.64 million, a reduction of $2.20 million. The state’s position as an industrial center may be driving increased internal revenue, allowing it to manage debt more effectively and reduce reliance on external borrowing.
6. Bauchi
Bauchi also recorded a minor 1% drop in its foreign debt, which decreased from $187.63 million to $185.28 million, a reduction of $2.36 million. Known for its agricultural sector, Bauchi seems to be adopting a conservative fiscal approach, aiming to keep its debt levels manageable.
5. Rivers
Rivers State recorded the largest nominal increase in foreign debt, rising by a remarkable 152% from $80.94 million in December 2023 to $203.81 million in June 2024. This $122.86 million surge indicates a high dependency on foreign borrowing.
4. Cross River
Cross River’s foreign debt remained steady at $211 million during this period. The lack of change reflects a cautious approach to borrowing as the state prioritizes fiscal sustainability while funding key tourism and infrastructure projects.
3. Edo
Edo State experienced a significant 21% increase in foreign debt, growing from $314.45 million to $380.97 million—an increase of $66.52 million. This debt rise underscores Edo’s continued reliance on external borrowing to fund infrastructure projects and stimulate economic growth.
2. Kaduna
Kaduna’s foreign debt grew by 9%, increasing from $587.07 million to $640.99 million, a rise of $53.92 million. This increase highlights the state’s ongoing need for external financing.
1. Lagos
As Nigeria’s commercial powerhouse, Lagos State has the highest foreign debt, standing at $1.201 billion as of June 2024. This figure, however, marks a 3% reduction from $1.244 billion in December 2023, a decrease of $42.80 million. Lagos’s substantial debt is driven by extensive infrastructure investments, particularly in road networks and public transport. The slight decrease may reflect strategic repayments aimed at better managing the state’s debt profile.
Overall, the data reveals both a reliance on external borrowing across Nigerian states and some shifts in debt management strategies, as states balance development needs with fiscal prudence.
The Nigeria Customs Service (NCS) announced that it has collected N5.079 trillion in revenue as of November 12, 2024, exceeding its 2024 revenue target with over a month left in the fiscal year.
This achievement was revealed by the Comptroller-General of Customs, Adewale Adeniyi, at the 2024 Comptroller-General of Customs Conference in Abuja, themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.” Adeniyi expressed optimism about the agency’s capacity to further boost Nigeria’s economy.
“Our strategic engagements and collaborative approaches have yielded outstanding results across our primary responsibilities. As of yesterday, November 12, 2024, the NCS has exceeded its target of N5.07 trillion, reaching N5.079 trillion,” Adeniyi said.
He attributed the strong performance to a partnership-driven approach, which he believes enhances both revenue collection and trade facilitation. The accomplishment, Adeniyi noted, reflects how improved stakeholder collaboration, streamlined processes, and modernized systems can positively impact Nigeria’s economy.
Adeniyi highlighted the NCS’s ongoing modernization initiatives, which continue to provide immediate benefits to stakeholders. For instance, the Authorized Economic Operator (AEO) program now has six active participants, selected based on strict compliance standards. Additionally, an advance ruling program has processed 31 requests, with 12 rulings issued, enabling faster customs decisions for imports and exports.
In other efficiency gains, the NCS recently introduced 24-hour cargo clearance at major ports, reducing wait times significantly. A Time Release Study has also provided the NCS with data to enhance operational efficiency, while advanced risk management systems and non-intrusive inspection equipment are expediting cargo examinations without compromising control.
On enforcement, Adeniyi emphasized the NCS’s success in safeguarding both the economy and public welfare. In 2024, NCS seizures, valued at N28.1 billion, included critical items such as wildlife products, arms, narcotics, and pharmaceuticals. A particularly notable operation led to the seizure of 48 containers of illicit pharmaceuticals and narcotics, highlighting the agency’s commitment to public safety.
He also commended Operation Whirlwind, a joint anti-smuggling initiative led by the Office of the National Security Adviser and the Nigerian Midstream and Downstream Petroleum Regulatory Agency. This collaboration, aimed at curbing fuel smuggling, underscores the effectiveness of inter-agency cooperation in protecting national resources.
However, Adeniyi acknowledged several challenges, particularly widespread non-compliance among many traders who contribute minimally to trade volume and revenue. The agency has been intensifying its engagement and compliance initiatives in response to these challenges.
An internal issue facing the NCS is high turnover in its leadership. Adeniyi noted that in recent years, a large percentage of the management team has exited, with another 40% expected to retire by the end of 2024. To address this, the NCS has launched a human resource development plan, including accelerated career advancement for qualified officers and a focus on youth leadership in line with the World Customs Organization’s priorities.
Despite these challenges, Adeniyi sees the transition as an opportunity to reshape the agency’s future. For 2025, he outlined ambitious goals: reducing physical inspections, fully deploying e-customs systems, expanding the AEO program, strengthening regional cooperation, and deepening stakeholder engagement through regular forums.
Reflecting on the year, Adeniyi emphasized the importance of collaborative approaches to meet the complexities of modern customs challenges. “The intricate nature of international trade and our internal transformation demand innovative partnerships,” he said.
TikTok, owned by ByteDance, introduces Symphony Creative Studios, an AI-powered video creation suite designed to assist brands, agencies, and creators in producing tailored content on the platform. This launch is part of TikTok’s broader effort to streamline the creative process and improve the efficiency of content development for advertisers worldwide.
The Symphony Creative Studios suite includes Symphony Assistant, an AI-driven virtual assistant that supports content ideation, development, and optimization. It offers creative insights, recommendations, and guidance throughout the content creation process, enhancing collaboration between brands and creators.
“We are excited to invite brands and creators to explore Symphony Assistant and its creative capabilities, now available in the TikTok Creative Center. This tool is designed to spark creativity and drive innovation,” TikTok says in its announcement.
Key Features of Symphony Creative Studios
Symphony Creative Studios offers a range of tools to help brands and creators with various aspects of content production:
Symphony Assistant: An AI-powered tool that aids in ideation, scriptwriting, and research, guiding users through TikTok’s creative best practices. Integrated with Adobe Express, it allows Adobe users to incorporate Symphony’s tools within their workflows.
Digital Avatars: This feature enables creators to generate digital avatars, offering brands a way to maintain a consistent online presence without constantly producing new video content.
AI-Driven Video Generation: Symphony automates video creation by transforming text inputs into video drafts, allowing users to easily generate preview content that can be edited for final use.
Remixing and Translation: The platform allows creators to remix existing content and translate videos into multiple languages, making it easier for brands to reach diverse audiences. Symphony supports prompts and responses in various languages, including English, Spanish, German, Vietnamese, Portuguese, Thai, Japanese, Bahasa Indonesian, and Chinese.
Top Ads Analysis: The Assistant’s Top Ads feature provides valuable insights by analyzing top-performing ads, breaking down successful video components, and summarizing effective ad structures. Users can search for keywords and gain video-level insights, including script analysis.
Trend Analysis: Symphony Assistant offers real-time analysis of trending content, helping advertisers understand viral trends and the elements that drive engagement. The tool provides insights into what is trending, why it’s viral, and displays related videos and audio.
Collaboration with Adobe Express
In collaboration with Adobe, TikTok integrates Symphony Assistant into Adobe Express, Adobe’s all-in-one content creation platform. This integration enables users to seamlessly brainstorm and generate TikTok content within Adobe’s ecosystem.
TikTok expresses enthusiasm about the partnership, stating, “We’re excited to announce that Symphony Assistant is now available within Adobe’s content creation app, providing a smooth experience for Adobe users to create and share content on TikTok.”
Global measles cases rise by 20% in 2023, with over 10 million people infected, according to a new report from the World Health Organization (WHO) and the US Centers for Disease Control and Prevention (CDC). This surge highlights ongoing issues with inadequate immunization coverage.
The report estimates that 10.3 million measles cases are recorded globally in 2023, and around 107,500 people die from the disease, with children under five being the most affected.
Immunization Gaps Contribute to the Increase
Measles, a highly contagious viral disease, is preventable through two doses of the measles vaccine. However, more than 22 million children miss their first dose of the vaccine in 2023, which contributes to the rise in cases. The data shows that 83% of children receive their first dose, while only 74% receive the recommended second dose. This falls short of the 95% coverage needed to prevent outbreaks.
WHO Director-General, Dr. Tedros Adhanom Ghebreyesus, stresses the importance of improving immunization efforts: “The measles vaccine has saved more lives than any other vaccine over the past 50 years. To protect the most vulnerable, we must invest in immunization for everyone, regardless of where they live.”
CDC Director, Mandy Cohen, also highlights the global rise in infections and emphasizes that the measles vaccine remains the best defense against the virus, urging continued investment in vaccination initiatives to increase access.
Widespread Outbreaks Around the World
Due to gaps in vaccination coverage, 57 countries experience significant or large measles outbreaks in 2023, a 60% increase from the previous year. All regions, except for the Americas, see disruptions, with nearly half of these outbreaks occurring in African countries.
Measles continues to cause high mortality rates, with 107,500 deaths in 2023, primarily among children under five. While this marks an 8% decrease from 2022, health experts warn that far too many children are still dying from this preventable disease. The slight reduction in deaths is attributed to better health and nutrition in regions where outbreaks have occurred.
Threat to Global Elimination Goals
The increase in measles cases threatens global efforts to eliminate the disease, as outlined in the Immunization Agenda 2030. By the end of 2023, 82 countries have achieved or maintained measles elimination. Brazil is reverified as measles-free, making the WHO Americas Region once again free of endemic measles. However, at least one country in every WHO region, except Africa, has successfully eliminated the disease.
WHO and CDC call for urgent, targeted vaccination campaigns, particularly in Africa, the Eastern Mediterranean, and other vulnerable regions affected by conflict and instability. The agencies emphasize the need for high-performing immunization programs and effective, high-coverage vaccination campaigns to ensure all children receive two doses of the measles vaccine.
“Achieving and maintaining high immunization rates is essential to stopping the spread of this preventable and deadly disease,” the report concludes.
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