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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. ...
CBN expects $2bn diaspora remittances monthly, says Emefiele

CBN expects $2bn diaspora remittances monthly, says Emefiele

Finance
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said the target of the CBN is for the country to attract about $2bn monthly as remittances from citizens in diaspora. Emefiele’s position is coming after the apex bank introduced its new Diaspora Foreign Exchange Remittances Policy. The CBN boss told journalists during a press briefing on the new policy in Abuja that countries that had similar demographic features with Nigeria, such as Pakistan, often received about $2bn monthly from their citizens in diaspora. He said, “I’m aware from the data available that, for instance, Pakistan, even in the midst of COVID-19 receives $2bn monthly from flows from Pakistani in diaspora. “If Nigeria is able to receive even if it is just $1bn monthly or moving close to ...
Car Owners To Pay N250,000 To Convert Vehicles To Autogas —FG

Car Owners To Pay N250,000 To Convert Vehicles To Autogas —FG

Business
The Federal Government says car owners will pay up to N250,000 to have their vehicles converted to run on gas. Justice Derefaka, Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Timipre Sylva, made this known on Wednesday. According to him, conversion of vehicles from petrol to run on gas will take at least seven hours at the various conversion centres across the country. Derefaka, who is also the Programme Manager, Nigerian Gas Flare Commercialisation Project, stated this today while featuring on Channels Television’s Sunrise Daily programme monitored by The PUNCH. The petroleum minister had said in September that the government will convert the vehicles of Nigerians to run on gas for free to cushion the effect of the hike in pump...
OPEC delays talks with allies until Thursday

OPEC delays talks with allies until Thursday

Oil & Gas
The members of the OPEC oil producers cartel decided Tuesday to delay by two days talks with their allies over a possible extension to output cuts to support the pandemic-stricken market. An OPEC source told AFP that while the 13 members of OPEC proper may continue informal discussions on Tuesday, no formal ministerial conference along the lines of that on Monday was planned. The organisation confirmed that the meeting of the broader OPEC+ grouping — which includes Russia — had been delayed to Thursday at 1300 GMT. Cartel members had failed to reach agreement on Monday after around four hours of videoconference talks. Despite expectations before the meeting that an extension of output cuts was on the cards, analysts have taken the delay as a sign of splits within the groupi...
FG, Egyptian firm sign pact to invest in gold mining

FG, Egyptian firm sign pact to invest in gold mining

Business
The Federal Government and Messrs La Mancha Incorporated, a leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo, Egypt, have signed an Expression of Interest to invest in gold mining in Nigeria. Speaking at the signing ceremony supported by Egyptian African Arab Company for Development (EGAAD) in Cairo, the Minister of State, Mines and Steel Development, Dr Uchechukwu S. Ogah, said with the signing of the pact, the effort would attract big investors into the sector to started yield the desired result. Ogah also added that with the diversification of the economy through minerals, the firm, which has portfolio companies like Endeavour Mining, Golden Star Resources, and Altus Strategies among others, also has a market capital in excess of about $10 billi...
Crash in money market instruments triggers N2.3tr gain

Crash in money market instruments triggers N2.3tr gain

Finance
Investors on the Nigerian Stock Exchange (NSE) gained N2.3 trillion in November, as the market recorded its best monthly appreciation since 2018 on continued inflow of funds following persistent crash in money market instruments. At the close of transactions last month, capitalisation of listed equities, which stood at N15, 931 trillion as at Monday, November 2, 2020 when the market resumed trading for the month of November, increased by N.2. 378 trillion to close at N.18, 309.6 trillion as at November 30, 2020. The All-share index, which measures the performance of quoted companies rose by .4,308.67 points or 12.29 per cent from 30.479.39 to 35, 042.14. Market performance in the month under review pushed the growth of the market to 30 per cent, making the Nigerian equity market o...
How SCADA-DMS will boost power sector efficiency

How SCADA-DMS will boost power sector efficiency

Business
Electricity consumers have expressed optimism that SCADA-DMS would improve the efficiency of Distribution Companies (DisCos) in Nigeria, while urging others to emulate Eko Electricity Distribution Company (EKEDC) to acquire it. SCADA-DMS is a state-of-the-art technology, which provides remote coverage and relay of interconnected network communication that would enable DisCos to have real-time access to monitor and control its distribution infrastructure. The consumers, who spoke with The Guardian, noted that it was time the Nigerian electricity distribution companies (DisCos), introduced software that would enable them improve their services and give their customers less concerns. Speaking, the Managing Director, Tech Systems Limited, Dr. Walter Olatunde, said it was a welcome...
Stock market ends November bullish as index

Stock market ends November bullish as index

Capital Market
Exchange migrates four companies to growth board Following gains recorded by most blue-chip stocks, the equity market ended trading for the month of November, bullish, as the All-Share Index (ASI) appreciated by N82 billion. The ASI gained 156.63 absolute points, or 0.45 per cent to close at 35,042.14 points. Similarly, the market capitalisation also appreciated by N82 billion to close at N18.310 trillion. Yesterday’s uptrend was driven by price appreciation in medium and large capital stocks, including Airtel Africa, MTN Nigeria Communications (MTNN), Aiico Insurance, and FCMB Group. Analysts at United Capital Plc predicted mixed performance with a bearish bias in the equity market, as investors book profits and hunt for bargains. However, sentiment, as measured by market bre...
Civil servants mobilise to force accountant-general out of office

Civil servants mobilise to force accountant-general out of office

Appointments
Association of Senior Civil Servants of Nigeria (ASCSN), says it has mobilised members to force the Accountant-General of the Federation (AGF), Ahmed Idris, out of office over his refusal to proceed on retirement after attaining 60 years of age. The union, which said it had mobilised its Abuja members to storm the parastatal, was supposed to occupy his office until he leaves the position. A statement by ASCSN’s Secretary-General, Alade Bashir Lawal, said Idris, who turned 60 years on November 25, 2020, was due for retirement and should therefore vacate the position to allow others to advance to the peak of their career. The workers posited that they could no longer accept a situation where civil servants, who head government agencies or become permanent secretaries, would st...
Court gives PENGASSAN nod to picket BakerHughes oil firm

Court gives PENGASSAN nod to picket BakerHughes oil firm

Appointments
The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) last Thursday, won a court judgement against an oil firm, BakerHughes Nigeria, which attempted to stop the union from picketing it over alleged anti-labour practices. BakerHughes Company Limited, which failed in her attempt to secure an interlocutory injunction to stop the picketing of her offices in Nigeria, had filed a lawsuit with number NICN/LA/398/2020 against PENGASSAN at the National Industrial Court (NIC) in Lagos. The judge, Hon. Justice (Mrs.) Ama Oji of court 8, while delivering the court ruling on the 26th of November 2020, affirmed that the ongoing picketing by PENGASSAN in the operations facilities of BakerHughes was peaceful and well managed. Noting by all indication that there was no proof to the co...
How SMEs can attract huge private equity investment’

How SMEs can attract huge private equity investment’

Business
Participants at the Small and Medium Enterprises (SMEs) Finance Series Webinar, organised by the Nigerian Stock Exchange (NSE), in Lagos, weekend, have underscored the need to adopt strategies that would enable operators develop their business models and attract private equity investment. The stakeholders, who bemoaned the comatose state of the Nigerian SMEs sector, especially with the ongoing COVID-19 crisis, submitted that if nothing was done urgently to revitalise this market segment, the rate of unemployment would worsen in the next few years. Speaking on the theme: ‘Private Equity: A Bridge or Albatross? Role of the Capital Market,” they maintained that given the sector’s contribution to the gross domestic product (GDP), there is a need to attract huge investment into the sector a...