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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. ...
NANNM partners JIK, grants exclusive right to use official logo

NANNM partners JIK, grants exclusive right to use official logo

Business
The National Association of Nigeria Nurses and Midwives (NANNM) has endorsed the leading hygiene and household disinfectant brand, JIK, to promote better hygiene practices in Nigeria. The partnership is in line with JIK’s long-term vision to realise a world where families are safe from illness-causing germs and viruses.   NANNM is a professional and trade union organisation of all professional nurses and midwives trained, registered, and licensed to practise nursing at all levels of the nation’s healthcare delivery system. According to the brand, the strategic endorsement deal will enable them to encourage good hygiene practices in communities and the public through several far-reaching bouquets of programmes.    It will also help create public awareness messages, campaigns and sponsor...
Mobilise domestic revenue, reshape values for Africa, says WAUTI president

Mobilise domestic revenue, reshape values for Africa, says WAUTI president

Business
For Africa to develop without aids, there is the need to mobilise domestic revenue, reshape mindsets and values as well as take advantage of natural resources on the continent.  President of the West African Union of Tax Institutes (WAUTI), Gladys Simplice, stated this, saying there was a need to develop Africa for Africans. Speaking during a press briefing on a two-day 7th WAUTI conference in Lagos, themed, ‘Designing and implementing Tax Measures for the COVID-19 Era and Beyond’, Simplice said the international conference aims to deepen an understanding of the consequences on taxpayers and tax administrators while contributing to the recovery of the economies of the West African countries.  She maintained that the conference, which plans to arm affected people and firms with appropri...
PwC recommends NEXTGEN for family business sustainability

PwC recommends NEXTGEN for family business sustainability

Business
To protect the family business legacies, PwC has recommended the adoption of the next generation (NEXTGEN), saying families are upskilling the younger generation to institutionalise their organisations. This was contained in PwC’s 10th global bi-annual survey of family businesses, which revealed the current thinking and outlook of 2801 family business leaders across 87 territories including Nigeria. PwC noted that the NextGen are the ones to bring in a more evidence-based approach both for the business and philanthropy as well as leverage technology and digital trends, saying the time to act is now if family businesses would keep their legacy for future generations.  It noted that family businesses were essential to the success of the global economy, responsible for half of the glo...
FG to expand national grid size, leverage hubs for gas pricing

FG to expand national grid size, leverage hubs for gas pricing

Oil & Gas
• Over 30km of welding completed on AKK project, says NNPC The Federal Government, through the Nigerian National Petroleum Corporation (NNPC), has announced plans to increase the size of the national grid by leveraging the country’s 203.16tcf gas potential in order to resolve lingering power sector issues nationwide.  Similarly, the oil company hopes to address pricing issues in the gas value-chain to increase adoption and utilisation in the industrial sector.   Gas pricing and dollarisation have remained a challenge among gas providers and industrial users.   Besides, the NNPC noted that the AKK project is well on course, stressing that over 30 kilometers of welding have been achieved. “We do not see anything that will stop the project. We are hoping to cross the River ...
Glo claims biggest Internet subscriber growth in 2020

Glo claims biggest Internet subscriber growth in 2020

Growth & Insight
Telecommunications Company, Globacom, has recorded a major leap in its Internet subscriber base with a 39 per cent growth in 2020.   Nigerian Communications Commission (NCC), on its website, showed that the telecommunications sector grew by 22 per cent with 28,145,458 new Internet users from 125,728,328 at the end of December 2019 to 153,873,786 in December 2020. The NCC statistics indicated that the telecoms sector was pivotal to the early escape of the country from its recent economic recession with a contribution of 12.45 per cent to its Gross Domestic Product (GDP).Globacom recorded the highest subscriber growth from 28,934,439 data users at the end of 2019 to 40,106,659 at the end of 2020, an addition of 11,172,220 new data subscribers or 39 per cent growth. This is more than ...
Total bank credits rose to N25 trillion in December

Total bank credits rose to N25 trillion in December

Finance
• As non-performing loan stood at 6.01 per cent The total banking sector’s credits rose by N774.28 billion in December, hitting N25.02 trillion at the end of the year. The non-performing loans (NPL) ratio also increased to 6.01 per cent the same month from 5.88 per cent it was in November. The NPL ratio was above the five per cent prudential maximum threshold in December.  These were contained in the communiqué of the first meeting of the Monetary Policy Committee (MPC) held from January 25 to 26, 2021. The communiqué was released yesterday.  The statement noted that “banking sector gross credit as of end-December 2020 stood at N25.02 trillion compared with N24.25 trillion at the end of November 2020, representing an increase of N774.28 billion.”  The aggregate domestic credit, t...
Stock market reverses gains amid profit-taking

Stock market reverses gains amid profit-taking

Capital Market
After days of an upward trend, the bears seized control of the Nigerian Stock Exchange (NSE) yesterday leading to price losses suffered by some blue-chip stocks. This resulted in the market capitalisation depreciating by N65 billion.  Total capitalisation plunged by N65 billion to close at N20.978 trillion from N21.043 trillion traded the previous day. The All-Share Index (ASI) also depreciated by 0.31 per cent or 125.81 points to close at 40095.49 points, from 40221.30 points reported on Wednesday.  Analysts attributed the drop in the indices to profit-taking by investors, saying the trend would be sustained as investors move to leverage the moderate appreciation recorded in the last few days.  Investors traded 326.042 million shares valued at N3.713 billion in 4567 deals against ...
Nigeria engages other countries as OPEC moves to ease production cut

Nigeria engages other countries as OPEC moves to ease production cut

Oil & Gas
As Nigeria engages key African countries ahead of the Organisation of Oil Exporting Countries and allies ((OPEC+) meeting due next week, indications emerged yesterday that the cartel may consider a reduction of the over seven million barrels per day suppressed crude to stabilise the price of crude oil.   Minister of Petroleum Resources, Timipre Sylva has been on OPEC diplomatic mission Equatorial Guinea, Gabon, Congo Brazeville and South Sudan on consultations over OPEC production cut. The consultation was said to be mandated by the Joint Ministerial Monitoring Committee (JMMC) of OPEC over the production cuts.While OPEC and its allies are meeting on March 4, 2021, the possibility of increasing crude oil production levels is in focus after crude oil price rebalances to a peak of $67 per b...
Metro fibre networks account for 25% of sector’s infrastructure

Metro fibre networks account for 25% of sector’s infrastructure

Technology
• Concentrated majorly in Lagos, Abuja, PH• Operators spend N24.3b on diesel yearly Metro fibre concentrations networks in Nigeria account for less than 25 per cent of the total fibre distances in the country, a report has revealed. The networks are concentrated in major cities such as Lagos, Abuja, Port Harcourt, and within Edo and Ogun states while other locations remain unserved or underserved. The report by the Nigerian Communications Commission (NCC) reveals that access of fibre networks within 5 kilometers of the population currently stands at an average of approximately 39 per cent reach with a high of 85 per cent in Lagos State and a low of 12 per cent in Jigawa State. With a focus on the need to improve infrastructure in the telecoms industry, NCC observed that in...
Nigeria losing jobs to China over moribund facilities, says DPR

Nigeria losing jobs to China over moribund facilities, says DPR

Economy
The Department of Petroleum Resources (DPR), yesterday, raised concerns over moribund oil and gas facilities across the country.    Speaking during a visit to one of such facilities, a fabrication yard located at Ilase Village, Snake Island, Lagos State, Director of DPR, Sarki Auwalu, said the development would limit domestic refining capacity and hinder projected benefits.He insisted that the Federal Government was, however, committed to reactivating the moribund oil and gas support facilities across the country.   He added that the move was part of the government’s effort to increase domestic refining capacity and gas utilisation to curb unemployment and poverty in Nigeria.   Auwalu expressed dissatisfaction that the facility which was licensed to...