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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. ...
Federal Govt To Establish Solar Plants In 25 States

Federal Govt To Establish Solar Plants In 25 States

News
The federal government has expressed commitment to partner with the state governments in facilitating the shift towards their increased participation in the electricity market as envisioned by the Electricity Act, 2023 so as to tackle the issues associated with power supply in the country. Vice President Kashim Shettima stated this at the power sector stakeholders interactive dialogue/workshop organised by the House Committee on Power, held in Abuja on Tuesday. Shettima said this will require an open channel of communication to adequately plan the transition, and respond to issues as they emerge and willingness to leverage all the knowledge that has been accumulated over the last decade of operating the current market structure, and to learn from the mistakes and successes therefrom...
Transcorp plans diversification of services to drive revenue growth

Transcorp plans diversification of services to drive revenue growth

News
The Managing Director\Chief Executive Officer, Transcorp Hotels Plc, Dupe Olusola, said that the company plans  on diversifying its services, among other strategies, to increase its revenue growth in 2024 and beyond. Olusola disclosed this during the company’s analysts presentation of its 2023 financial year report and investors call, noting that the organization plans to expand its digital landscape to improve its performance by enhancing the use of its digital platform Aura, upgrading technology to enrich the guest experience, continuously looking for ways to enhance the value and utility of its assets among other things.   She said: “To sustain our performance, we will focus on key growth drivers that will ensure we continuously win in this ever-changing industry and economy. Som...
SANWO-OLU UNVEILS EKO CARES TOMORROW

SANWO-OLU UNVEILS EKO CARES TOMORROW

News
Governor Babajide Sanwo-Olu will tomorrow flag off the various interventions deployed to lessen the burden of Lagosians amid the economic hardship. The interventions – in transportation, education, health and agriculture – are coming under the umbrella of EKO CARES. The fuel subsidy removal sparked a rise in cost of living. Mr. Sanwo-Olu announced a 50% cut in fares on all government transport platforms on February 8, 2023.  After a review of the situation, the fare slash was reduced to 25%. For six weeks, the Ounje Eko Sunday market that signalled the reduction of food by 25% has been running. Civil servants from levels one to 14 were asked to work thrice a week. A N35,000 wage award was also given to all civil servants. About 15,000 women from all the 20 local governments ...
Tinubu seeks creation of regional anti-terror centre

Tinubu seeks creation of regional anti-terror centre

News
President Bola Tinubu has called for the establishment of a regional counter-terrorism centre that will serve as a hub for intelligence sharing, operational coordination, and capacity building throughout Africa. Speaking at the African High-level Meeting on Counter-Terrorism in Abuja on Monday, the President emphasised the need for a comprehensive approach to combating terrorism, not only through military might but by addressing the root causes, including poverty, inequality, and social injustice. This was disclosed in a statement by Special Adviser to the President, Ajuri Ngelale, on Monday. Tinubu stated that Africa must take a comprehensive approach to combating terrorism, not only through might, but by addressing the root causes of the scourge, which include poverty...
Transcorp Hotel To Maintain Growth Performance Through 2024

Transcorp Hotel To Maintain Growth Performance Through 2024

News
The managing director/CEO, Transcorp Hotels Plc, Dupe Olusola said the Company will maintain its growth performance through 2024 and beyond. Olusola stated this at the Transcorp Hotel Investors conference held via virtual. She said the Company is committed to redefining the hospitality experience across the continent, ensuring that every interaction with our brand is memorable and unmatched. She added that “our flagship brand, Transcorp Hilton Abuja, continues to set the standard for luxury hospitality and culinary excellence. With 670 rooms, 20 meeting rooms, and 7 restaurants, it stands as one of the largest hotels in Sub-Saharan Africa, offering a unique blend of hospitality and lifestyle experiences that resonate with both business and leisure travellers seeking exceptional serv...
SEC Approves N1.5trn Infrastructure Fund Programmes To Ease Banks’ Recapitalisation

SEC Approves N1.5trn Infrastructure Fund Programmes To Ease Banks’ Recapitalisation

News
The Securities and Exchange Commission (SEC) will soon issue appropriate guidelines to facilitate an efficient capital raising process for the proposed recapitalisation of banks in the country. This is even as SEC approved five infrastructure fund shelf programmes totaling N1.5 trillion, in aligning with and directly supporting the federal government’s infrastructure development goals. The commission equally actively supported the growth of the Fund Management industry in 2023 with approvals for new mutual funds (N18.20 billion) and discretionary/non-discretionary investment products (N17.60 billion). The outgoing director-general of SEC, Lamido Yuguda, who stated this at a virtual press briefing on the 2024 first quarter Capital Market Committee (CMC) meeting held at the weekend, n...
Nigerian Automotive Components Manufacturers Seek FG’s Support

Nigerian Automotive Components Manufacturers Seek FG’s Support

News
In a pivotal dialogue on automotive components manufacturing in Abuja organised by the National Automotive Design and Development Council (NADDC), stakeholders in Nigeria’s automotive industry have urged for a collaboration between component manufacturers and the federal government to revitalise vehicle component manufacturing in the country. They spoke in Abuja, yesterday at a dialogue on Automotive Component Manufacturing in Nigeria. During the deliberations, Mr. Anslem Ilekuba, representing the Automotive Local Component Manufacturers Association of Nigeria (ALCMAN), lamented the decline in local component production from 40 per cent in the 1980s to less than 10 per cent presently, He emphasised that Nigeria currently supplies less than 10 per cent of its local components, fal...

Non-registration: Shippers’ Council To Sanction Port Service Providers

News
The Nigeria Shippers Council (NSC), on Thursday, threatened crackdown on service providers and port users at the nation’s seaports over non-registration of the service with the council. This was disclosed by the executive secretary, Barr. Akutah Pius Ukeyima, at a sensitization program organised for stakeholders on the registration of regulated port service providers and users at the council’s headquarters in Lagos. The Shippers’ Council boss who was represented by the director of Consumer Affairs, Cajetan Agu, said service providers who have failed to register on the council’s online portal by the third quarter of 2024 will face stern consequences. We report that in a bid to tackle the challenge of faceless Shippers’,  importers and Clearing agents, the Council announced an onli...
NUPRC, 2 Others Rake In N439.1bn As Cost Of Revenue Collection

NUPRC, 2 Others Rake In N439.1bn As Cost Of Revenue Collection

News
Three revenue Generating Agencies: Nigerian Upstream Petroleum Regulatory Commission (NUPRC); Nigeria Customs Services (NCS) and the Federal Inland Revenue Service (FIRS) have collected the sum of N439.1 billion from the federation account as cost of revenue collection for the federal government in 2023. The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) made the disclosure in a statement. The commission also advocated that the cost of collection received by revenue-generating agencies should henceforth be tied to their performance as a way of increasing revenue generation and remittances. RMAFC chairman, Mohammed Shehu in the statement revealed that FIRS received the sum of N115,228,307,052.31 billion and N3,470,427,738.60 billion as the cost of collection on PPT/CIT...

NSIA Unveils 2024 Strategic Plans, Generates 245,000 Direct Jobs

News
The Nigeria Sovereign Investment Authority (NSIA) has charted its course for 2024, outlining strategic priorities aimed at bolstering its foundational operations, workforce, and overall effectiveness. the managing director/chief executive officer of NSIA, Aminu Umar-Sadiq highlighted these priorities during a media engagement to present the NSIA’s earnings for 2023. Umar-Sadiq emphasised four key areas of focus: enhancing fiscal responsibility, attracting foreign investment, becoming the environmental, sustainability, and governance partner of choice, establishing a long-term saving mechanism, and ensuring effective project execution. He underscored the importance of operationalising subsidiaries to attract capital effectively and achieving household recognition akin to previous succes...

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