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Access Bank Supports Fight against COVID-19

Access Bank Supports Fight against COVID-19

Growth & Insight
Access Bank Plc has disclosed that it is one of the organisations at the forefront of the interventions deployed to fight the COVID-19 pandemic. The bank in a statement thursday, said it played a major role in the formation of The Coalition against COVID-19 (CACOVID), a task force instituted to ensure the minimisation of the impact of Coronavirus pandemic in Nigeria. The bank donated N1 billion to facilitate the building of 1000-bed isolation centers across the 6 geopolitical zones of the country. The building of the test and isolation centers would be in phases. The first phase of the project is the construction of additional testing and isolation centers, in Lagos (Yaba and Gbagada), Enugu, Kano, Port Harcourt, Borno, and Abuja.The next phase of the project will see the constru...
CBN Offers N95.681bn TBills, Records 59% Oversubscription

CBN Offers N95.681bn TBills, Records 59% Oversubscription

Economy
The Central Bank of Nigeria (CBN) offered a total of N95.681 billion debt instrument at its Nigerian Treasury Bills Primary Market Auction held wednesday. The results of the auction seen at the end of trading showed that the fixed income instrument was over-subscribed by 59 per cent, as total demand was put at N161.385 billion. However, the central bank allotted only the total amount it had offered. A breakdown of the treasury bills auction showed that for the 91-day bill, whereas the CBN offered a total of N10 billion, total subscription stood at N20.707 billion. Also, for the 182-day bill, while the regulator offered a total of N17.600 billion to investors, total subscription recorded was N28.819 billion. For the 364-day debt instrument, whereas total subscription stood at N111...
Banks Limit Debit Card Withdrawal Abroad

Banks Limit Debit Card Withdrawal Abroad

Finance
Nigerian banks are limiting the amount individuals can withdraw with their debit cards while abroad, bankers said on Wednesday, in an effort to ease foreign currency settlement risk. The central bank is battling to conserve dollar reserves that are down 16 per cent from a year ago after the coronavirus outbreak triggered a sharp fall in the price of oil, Nigeria’s main export. The oil price plunge has also prompted foreign investors to shed Nigerian assets. Fidelity Bank said it would impose a new limit of $1,000 from April 1, down from $3,000 previously, a senior executive told Reuters. Other lenders — Zenith Bank and GT Bank — have lowered withdrawal limits for individuals while abroad. Stanbic IBTC Bank said it has pegged its daily limit at $300. Such moves have previously bee...
COVID-19: Fidelity Bank Cuts Profit Target

COVID-19: Fidelity Bank Cuts Profit Target

Finance
Fidelity Bank Plc said wednesday it has cut its profit target for the year, citing the impact of the coronavirus pandemic. The bank also said it had set aside money for a Eurobond coupon payment due in two weeks, before the country begins a lockdown. The mid-tier bank now expects to see a 15 per cent drop in profit this year, to N25.8 billion, compared with its 2019 profit of N30.4 billion, its Chief Operations and Information Officer Gbolahan Joshua told Reuters. “We assume that Q2 is going to be soft after the disruptions associated with coronavirus,” he told Reuters. Africa’s largest economy has been hit hard by the coronavirus pandemic. It is struggling for foreign income from its production of oil, for which prices have slumped due to a drop in demand from China and a pri...
Covid-19: SEC Tasks Companies on Full Disclosure to Investors

Covid-19: SEC Tasks Companies on Full Disclosure to Investors

Business
The Securities and Exchange Commission (SEC) has urged all listed companies to continue to make material disclosures to investors despite the lockdown order by the federal government in Lagos, Ogun States and Abuja. The lockdown order has shut down business except the financial sector where permission was given for skeletal services. Trading in the stock market has been remotely since last week, while most players have activated various business continuity processes. However, SEC, which is the apex regulator of the capital market said all public companies are required to continue to make material disclosures to investors on the impact of COVID-19 Pandemic on their business operations. “They should also continue to disclose the trend and outlook for the company, and updates on imp...
FCMB Grows Profit to N20bn, Proposes Dividend of 14kobo Per Share

FCMB Grows Profit to N20bn, Proposes Dividend of 14kobo Per Share

Business
FCMB Group Plc has announced an improved performance for the year ended December 2019 and recommended a dividend of 14 kobo per share for the shareholders. Details of the audited results showed gross earnings of N181.249 billion in 2019, indicating a growth of 2.2 per cent, compared with N177.248 billion in 2018.Net interest income rose from N72.573 billion to N75.975 billion, net fee and commission income fell from N21.606 billion to N20.722 billion. Profit before tax rose from N18.442 billion to N20.130 billion showing an increase of 9.1 per cent, while profit after tax grew faster by 15.8 per cent to print at N17.337 billion, compared with N14.972 billion in 2018. Based on the performance, the board has recommended a dividend of 14 kobo per share, which is the same paid the pr...
Expert Promotes e-Commerce

Expert Promotes e-Commerce

Technology & Innovation
A Lagos-based Development Economist, Adeola Seyi-Smith, has stressed the need for the federal and state governments to encourage e-Commerce and support online shopping among Nigerians, with the outbreak of the COVID-19. He, advised governments to encourage and promote online shopping among Nigerians, in order to stop the spread of Coronavirus. However, he faulted the recent decision by the federal government to shut down economic activities in some states of the country, as measures to stop the spread of virus. Reacting to Sunday’s nationwide broadcast of President Muhammadu Buhari, where the he ordered a total lockdown in the Federal Capital Territory, Lagos and Ogun states, Seyi-Smith Seyi-Smith said: “Hundreds of jobs have been wiped off like almost all the value chains inc...
COVID-19: Jumia Implements Contactless Delivery, Cashless Payments

COVID-19: Jumia Implements Contactless Delivery, Cashless Payments

Business
Jumia, an e-Commerce platform has announced the implementation of ‘contactless’ delivery for prepaid packages on the platform. The company is taking additional measures to keep consumers, delivery agents and partners safe in the wake of the COVID-19 outbreak. To drive the initiative, the ‘contactless safe delivery’ option has been implemented on JumiaPay, the payment platform. This enables consumers to make prepaid payments for products online and get it delivered without a direct body contact or cash exchange with the delivery agent. Announcing the initiative, Senior Vice President, Logistics at Jumia, Apoorva Kumar, said: “The health and safety of our customers and delivery agents is our absolute priority. We are uniquely positioned to step up and be part of Africa’s response stra...
Stanbic IBTC Bank Offers Relief Initiatives

Stanbic IBTC Bank Offers Relief Initiatives

Finance
Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has introduced customer relief initiatives aimed at reducing the unease felt by its customers as a result of the Covid-19 global pandemic. The movements of individuals had to be curtailed to discourage physical contact between people as a way of containing the spread of the virus. Stanbic IBTC Bank Plc has also announced the closure of some of its branches, to safeguard the lives of its customers and employees. The bank has also encouraged its customers to make use of its digital banking platforms for transactions during this period, the bank said in a statement. The statement further said management of the bank has introduced further relief measures for its customers beginning from April 1, 2020, which include: full ...
Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

Uncategorized
Don Pedro Aganbi, one of Nigeria’s top information communication technology (ICT) broadcast journalist, is set to celebrate 20 years of reporting the information technology (IT) and telecoms industry in Nigeria and championing the course of ICT advocacy in the country. Tagged “Celebrating 20 years of positive impact in Tech Broadcasting and Advocacy”, the event which is set to hold in June 2020 in Lagos will host leading stakeholders in the IT and telecoms industry in Nigeria. Aganbi, who made this known at an interactive session with the media in Lagos recently, described his contribution towards the growth of the IT and telecoms industry of the country as one of the best part of his life saying that it has been twenty years of passion, consistency and resilience. He disclos...
MTN, Ericsson Commence Network-managed Operations in Benin

MTN, Ericsson Commence Network-managed Operations in Benin

Business
MTN Benin has extended its long-term relationship with Ericsson to provide world-class managed services, including network operations centre, field services in radio, core and transmission in Benin. The new contract will propel MTN Benin towards intelligent and data driven operations with the power of Artificial Intelligence (AI) used cases. Under the agreement, the future capabilities of efficiencies, automation and data will enable MTN Benin and Ericsson to jointly create a world of predictive operations with focus on customer experience, network quality, performance and automation. Chief Executive Officer at MTN Benin, Stephen Blewett, said: “Network managed operations play a significant role in improving MTN customers’ satisfaction and enhancing customer experience as well as en...
Experts want government to create intervention funds for essential industries, others

Experts want government to create intervention funds for essential industries, others

Economy
To alleviate pains of COVID-19 on the citizenry, financial experts have urged the Federal Government to consider the provision of intervention funds to support essential industries/commodities such as rice, vegetables and related products. According to them, the measure would also enhance outputs and efficiency. The experts, while suggesting key fiscal measures that the federal government should consider within this period, said government should also develop economic stimulus packages for essential industries and commodities in their respective states. Specifically, experts from FSDH Securities Limited, said there is need to target specific non-oil products and industries for exporters to take advantage of the devalued exchange rate. “Key fiscal measures that Federal Governm...
Sit-at-home subscribers pressure telecom operators for tariffs slash

Sit-at-home subscribers pressure telecom operators for tariffs slash

What's Hot
Telecommunications subscribers have pressured mobile network operators (MNOs) to initiate slash in prices of data, voice and all other telecoms services across the country. This, according to them, has become necessary following the Federal Government’s Sit-At-Home policy. They stressed that since most people will be working from home, and at the same time not get bored, MNOs should be considerate enough to bring down prices. The Sit-At-Home policy is part of the Federal Government’s efforts targeted at curtailing the effect of the COVID-19 pandemic.  Subscribers took to the social media to voice out their opinions called on the Nigerian Communications Commission (NCC) to intervene in the matter urgently. There are about 185 million active telephone users in Nigeria. ...
Inventories hit N402 billion amid weakened purchasing power, forex concerns

Inventories hit N402 billion amid weakened purchasing power, forex concerns

Finance
Despite struggling to access foreign exchange to secure raw materials, local manufacturers have decried the rising level of inventory, especially for unsold manufactured goods, adding that weakened disposable income of consumers has worsened the situation. Similarly, irregular electricity supply from the national grid system has cost manufacturers in the country about N67.38 billion from self-generated electricity. According to the Manufacturers Association of Nigeria (MAN), there is a need for the government to initiate policies that will strengthen the purchasing power of consumers to stimulate aggregate demand and deliberately support industries to reduce the production cost of locally manufactured products. The local producers also predicted an all-time unemployment rate a...
NLPGA asks members to ignore PPPRA’s administrative charge on LPG

NLPGA asks members to ignore PPPRA’s administrative charge on LPG

Business
The Nigeria LP Gas Association (NLPGA), has asked its members and operators to ignore the directive of the Petroleum Products Pricing Regulatory Agency (PPPRA), on the levy and administrative fee imposed on Liquefied Petroleum Gas (LPG) or cooking gas despite the product being deregulated. The Association had argued that imposing administrative charges would be counter-productive, especially now that the government has taken deliberate steps to boost gas development, including LPG in Nigeria. According to the group, barely a few months after the Department of Petroleum Resources (DPR) commenced levying Off-takers’ Permit, which to the group, led to loading disruptions at a number of depots, the PPPRA has now announced that it is levying almost N50,000 per 20MT truck as administra...
300,000 seafarers still stuck on ship

300,000 seafarers still stuck on ship

Maritime
About 300,000 seafarers are still stuck aboard vessels across the world owing to the coronavirus pandemic. Some of the affected seafarers said they are already feeling like they have been taken “hostage”, while they miss their families for several months. One of the seafarers, Ashchaye Mohitram, said he has not set foot on land since early March. He’s been stuck on an MSC cruise ship since the COVID-19 pandemic, which forced the cruise industry to shut down most global operations. “For the past six months we have been struggling to get back home,” Mohitram told ABC News. “We feel like hostages here, being far away from our family and not being on land for so long.” The 28-year-old steward said he’s one of a group of 103 Mauritian seafarers on three different MSC ships near the...
Nigeria securing more sea time for cadets, despite COVID-19

Nigeria securing more sea time for cadets, despite COVID-19

Business
Nigeria is making significant progress in securing sea time berths for cadets trained under the Nigerian Seafarers Development Programme (NSDP), despite the limitations of the coronavirus pandemic.   Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, disclosed this in Lagos, following a recent three-month extension granted the 400 Nigerian seafarers undertaking sea time in different parts of the world due to the COVID-19 pandemic. The three-month programme leading to the award of Certificate of Competency (CoC) to beneficiaries was extended for another three months by NIMASA in the first instance, to enable the seafarers complete their training amid the global lockdowns. Jamoh said despite the COVID-19 outbreak, the Agency ...
Release dead assets to private sector, LCCI tasks Federal Government

Release dead assets to private sector, LCCI tasks Federal Government

Economy
Worried over the rising debt profile of Nigeria, the Lagos Chamber of Commerce and Industry (LCCI) has charged the federal government to sell dead assets to the Organised Private Sector (OPS) to reduce the nation’s debt profile. The president, LCCI, Mrs. Toki Mabogunje, stated this on the side lines of the official presentation of ISO 9001:2015 certificate to the Chamber in Lagos. She said the Federal Government should urgently organize Public-Private Partnerships (PPPs) to turn certain assets into viable entities to earn the nation foreign exchange. In her words, “The debt profile is a concern to all of us and one of the things we have realized is that as a country we have a lot of assets and they are dead assets. The federal government has property all over the country. Ther...
Fan milk, Danone Africa partner Ogun government on local dairy production

Fan milk, Danone Africa partner Ogun government on local dairy production

Business
Fan Milk Plc (a Danone Company) “the Company” in partnership with the Ogun State Government, through its Ministry of Agriculture, intends to kick off a dairy backwards integration project for the improvement of the State’s agricultural value chain and enhancement of local dairy production. Fan Milk is planning to develop a flagship dairy farm (including pasture development and the launch of a Danone training institute for local farmers) within the Odeda Farm Institute in the Odeda Local Government Area of Ogun State Fan Milk Plc. is one of Nigeria’s leading fast-moving consumer goods companies offering healthy and nutritious dairy food products. A heritage company, Fan Milk has been manufacturing ice cream, frozen dairy and ambient drinks in Nigeria and West Africa for nearly 60 ...
Ibom deep seaport will improve efficiency, generate employment

Ibom deep seaport will improve efficiency, generate employment

Business
The Ibom deep seaport has been described as a project that will be of immense value to Nigeria, in terms of employment generation, increase in port capacity, and also improve efficiency in shipping business. Akwa Ibom State Commissioner for Economic Development, Akan Okon, who made this known while speaking with The Guardian in Uyo, said the state is banking on the huge economic potential of the deep seaport in job creation and decongesting existing port facilities. He added that the port, estimated to cost about $4.6 billion, will be built in phases, and would be of benefit to the entire country, while easing the clearance of goods. He explained that the deep seaport, which is designed for very large vessels that can load over 13,000 containers in one voyage, will also serve ...
‘Companies must remodel business operations to survive post pandemic era’

‘Companies must remodel business operations to survive post pandemic era’

Business
As many parts of the world cautiously reopen by easing travel restrictions and lockdown policies, Nigerian companies have been urged to stay ahead of trends, and remodel business operations to leverage window of opportunities amid COVID-19. In a report by KPMG Professional Services, titled: “COVID-19, and Global Mobility – Outlook for the Future,” the firm said there is a need for companies to stay ahead of the curve by embracing the new normal to ensure survival. According to the report, COVID-19 among others, have made it imperative for entities to refocus their value propositions. “We must stay ahead of the curve by embracing the new normal, because the pandemic represents a rare but narrow window of opportunity to reflect, re-imagine, and reset our world. “There is no gainsayi...
Sustained profit-taking drags index further by 0.19%

Sustained profit-taking drags index further by 0.19%

Business
Persistent profit-taking in the shares of some blue-chip companies, yesterday, dragged the domestic equity market to a downturn, causing the All-Share Index (ASI) to depreciate further by 0.19 per cent. Precisely, the ASI declined by 47.65 absolute points, representing a loss of 0.19 per cent to close at 25,550.31 points. Accordingly, investors lost N1 billion in value as market capitalisation went down to N13.353 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Cadbury Nigeria, Lafarge Africa, NEM Insurance, Zenith Bank and International Breweries. On stock market performance, analysts at Afrinvest Limited said: “We expect the bearish performance to persist as we anticipate more profit-taking. However, there a...
Court resolves controversies in jurisdictional scope of unions in paper industry

Court resolves controversies in jurisdictional scope of unions in paper industry

Appointments
The National Industrial Court (NIC) has put to an end controversies on jurisdictional scope between workers in the printing and publishing sector. The controversy on jurisdictional scope is between Association Pulp Paper and Paper Products, Printing and Publishing Senior Staff Association of Nigeria (PPAPPPAPSSAN) and National Union of Printing, Publishing and Paper Products Workers (NUPPPPROW). PPAPPPAPSSAN argued that every effort of the union to settle the over two decades of controversies out of court proved abortive. It said the confusion was capitalised on by employers in the industry to choose which of the two unions to operate in the company rather than having the two simultaneously as provided in labour laws. It said this was in spite of several clarifications by the Fed...