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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. ...
N120b petrol subsidy to double as CBN adjusts exchange rate

N120b petrol subsidy to double as CBN adjusts exchange rate

Oil & Gas
As the Central Bank of Nigeria (CBN) signals a subtle harmonisation of exchange rates with the removal of N379/$1 official rate from its website, all is set for labour unions to lock horns with the Federal Government on petrol subsidy removal. The return of subsidy have posed new challenges for the country in terms of discrepancies in the volume of daily consumed fuel about to be worsened by the apex bank’s adoption of the Investors and Exporters (I&E) window rate, pushing subsidy claims above N120 billion every month. While the Presidential Economic Advisory Council had last week asked President Muhammadu Buhari to remove subsidy on petrol and adopt a pricing regime that reflects the cost of the commodity, the Nigeria Labour Congress (NLC), in a swift reaction at the weeken...
Financial stocks contribute 64.38% to market turnover

Financial stocks contribute 64.38% to market turnover

Capital Market
….As index rises by 0.72% despite festive breaksThe financial services industry dominated in terms of volume at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX). It led the activity chart with 541.015 million shares valued at N5.493 billion, trading in 7,824 deals, thus contributing 64.38 per cent to the total equity turnover. The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the conglomerate industry ranked third with a turnover of 84.792 million shares worth N512.775 million in 551 deals. Trading in the top three equities: Access Bank Plc, Zenith Bank Plc and Etranzact International Plc accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent to ...
Marriott to open first premium hotel in Lagos May 19

Marriott to open first premium hotel in Lagos May 19

Business
Riding on the success of its over 8 outlets in Nigeria, Marriott International, the world’s largest hotel group, is set to open its largest hotel in Lagos, Nigeria. The 250-room Lagos Marriott Hotel Ikeja, which is owned and built by Sifax Group, is a premium brand and will open on May 19, 2021. The hotel is the first Marriott designed and purposed-built hotel in Nigeria and the largest in Sub-Saharan Africa, amid contemporary facilities, great service and experience for guests. Speaking at a media preview of the hotel at the Ikeja GRA, Lagos, on Tuesday, Rudi Janse Van Resnburg, general manager of the hotel, described the new hotel as an amazing product, noting that Marriott International is yet again boosting experience for guests who want travel brilliantly with the great ...
Payment solution provider honoured with Next Bull award

Payment solution provider honoured with Next Bull award

Corporate Stories
Xpress Payment Solutions Limited has emerged winner of the Next Bull Award at the 2021 Nigeria Investor Value Awards (NIVA).    This came on the heels of a commendable record it achieved regarding corporate excellence, outstanding achievements and remarkable performance from the company’s commitment to economic development, financial inclusion, and growth.  The NIVA award recognises the company’s ingenuity in revolutionising the payment industry through a system that always provides easy, fast, and secured transactions.  The Nigeria Investor Value award hosted by BusinessDay is also known as the Top Chief Executive Officers and Next Bulls Awards. It celebrates CEOs of companies who have created sustainable alpha-generating value through strategic intelligence, operating efficiencies, mark...
Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Economy
‘Poor performance caused by 27.7% decline in flows to Nigeria’ Remittances to Sub-Saharan Africa fell by 12.5 per cent last year on account of 27.7 per cent decline in inflows to Nigeria, the World Bank has said. The total remittances in 2020 stood at $42 billion compared with $48 billion inflows received by the region in 2019. Nigeria had reported $17.2 billion remittances in 2020 as against $23.55 billion recorded in the previous year.   According to the document the World Bank released yesterday, remittances to Sub-Saharan African countries, but Nigeria remained strong with 2.3 per cent improvement.    But the overall performance was pulled into the negative region by Nigeria, which accounts for 40 per cent of the total amount remitted to the region. It noted an improvemen...
Nigeria’s oil output nears 1.6mbpd as cartel anticipates rising demand

Nigeria’s oil output nears 1.6mbpd as cartel anticipates rising demand

Oil & Gas
Though the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) confirmed at the last meeting that they intend to proceed with the implementation of the agreement to gradually increase oil production over the next three months, anticipating that rise in global oil demand may push up output.While OPEC’s April data showed that Nigeria pumped 1.548mbpd in April, the latest S&P Global Platts survey puts the country’s production at 1.6mbpd, above its 1.51mbpd quota under the production cuts agreement. Iran pumped its largest volume of crude in almost two years in April, while non-compliance Russia also boosted its output yet again, bringing total production of OPEC+ to a three-month high, according to the latest S&P Global Platts survey.The cartel is h...
EKEDC, IBEDC promise stable power during Eid-El-Fitri

EKEDC, IBEDC promise stable power during Eid-El-Fitri

Power
Ibadan Electricity Distribution Company (IBEDC) and EKO Electricity Distribution Company (EKEDC), yesterday, felicitated with Muslim faithful across the country on this year’s Eid-El-Fitri. In their goodwill messages, they assured customers across the network of their commitment to hitch-free and stable services during the holiday. IBEDC Chief Operating Officer, John Ayodele, stated that measures have been put in place to ensure network stability and smooth operation during the holidays. He said: “IBEDC is aware that our customers are looking forward to enjoying uninterrupted services during the holidays. We are committed to ensuring this as much as is within our remit and control.”   EKEDC, in a statement signed by the company’s General Manager, Corporate Communications, Godwin Id...
FG unveils policy to tackle phone theft

FG unveils policy to tackle phone theft

Economy
As part of new security measures in the country, especially crimes associated with mobile phones, the Federal Government has put in place a new policy to tackle phone theft crimes in the country. Tagged Device Management System (DMS), which will be managed by the Nigerian Communications Commission (NCC), the strategy will serve as a repository for all registered mobile phones’ International Mobile Equipment Identity (IMEI) and owners of such devices in the country.   The IMEI is a 15-digit unique number for mobile devices that identifies each mobile device and its model specification. It can be used in the tracking of stolen phones.   This new development is contained in the revised National Identity Policy for SIM Card registration recently unveiled by President Muhammadu Buhari; Mini...
Stakeholders advocate fair hearing as NPA probe begins

Stakeholders advocate fair hearing as NPA probe begins

Maritime
Stakeholders in the maritime sector have urged the Federal Government to give fear hearing to the suspended Managing Director of the Nigeria Ports Authority (NPA) in the N165.3 billion non-remittance dispute. The Minister of Transportation, Rotimi Amaechi had petitioned the presidency about an estimated shortfall in remittances by NPA between 2016 and 2020. However, Bala Usman in her response said the total of N76.384 billion (2017 and 2018) and another N82.687 billion for the period 2019 and 2020 were remitted to the government in line with the template issued by the Fiscal Responsibility Commission (FRC). Few days after her suspension, stakeholders have clamoured for sincerity of purpose in the process, calling on the presidency to give the process fair hearing. The Guardian...
FG hopeful of improved earnings from floating LNG

FG hopeful of improved earnings from floating LNG

Corporate Stories
The Federal Government has expressed optimism about improved earnings from its gas monetisation scheme, following the signing of the Pre-Front End Engineering Design (Pre-FEED) contract by the licensee to commence the development of 176 million cubic feet per day Liquefied Natural Gas (LNG) floating plant. The Department of Petroleum Resources (DPR) had issued Licence to Establish (LTE), the first floating Liquefied Natural Gas (LNG) production plant to UTM Offshore Limited, an indigenous oil and gas company, earlier this year. UTM is to install a 1.2mn t/yr FLNG unit at Yoho field under a licence to be established by the DPR. Yoho, which started crude production in 2003, is due to move into a blow-down phase — removing re-injected gas that was used for enhanced oil recovery — i...