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• Former governor presents handover documents, denies liabilities, challenges government to produce evidence if..

By Princely Onyenwe | Political Desk

AWKA, ANAMBRA STATE — Former Anambra State Governor Peter Obi has rejected claims by the state government that his administration left behind outstanding debts, unpaid workers’ entitlements and a ₦2 billion ecological-related liability, challenging authorities to produce documentary evidence to support the allegations.

Obi, who served as governor from 2006 to 2014, made the clarification in a statement titled “Debunking the Phantom Debts and Ecological Loan Fallacy,” amid an escalating dispute over the financial position his administration left behind.

He maintained that his government systematically cleared historical gratuities and arrears dating back several years, amounting to more than ₦35 billion. According to Obi, Anambra owed nothing in salaries, gratuities or pensions at the point of handover, while contractors whose projects had been duly executed and certified had also been paid.

The former governor also disputed the description of the ecological money as a loan. Obi said about ₦2 billion was released barely three months before the end of his tenure for the Oko/Umuchiana erosion crisis, but that he deliberately refused to spend it because it was tied to a specific project and should be preserved for his successor.

He further claimed that the money was left intact in a First Bank account, which he identified as Account No. 2018779464, with a balance of more than ₦2.13 billion. Obi said funds earmarked for specific projects were separate from the more than ₦75 billion in savings he said his administration left behind.

The Anambra State Government, however, has rejected Obi’s account and presented a direct challenge to his claim concerning the ecological fund. Commissioner for Information and Value Reorientation, Law Mefor, said the government obtained a certified printout of the First Bank account cited by the former governor.

According to Mefor, the account was an Internally Generated Revenue Consolidated Revenue Account, not an ecological fund account, and the government claimed that records covering the account from its opening in 2011 showed no ₦2.13 billion balance or inflow as described by Obi. The commissioner consequently challenged the former governor to explain where the money he said he left behind was kept.

The state government has also disputed Obi’s broader claim that his administration left no outstanding financial obligations. Mefor said eight external borrowings contracted during the Obi administration remained outstanding, with their combined balance put at about ₦127.4 billion as of June 30, 2026, based on the government’s account of the debt records.

Mefor further alleged that salary, pension and gratuity liabilities connected to earlier administrations remained unresolved, including arrears involving retired teachers and workers of the former Water Corporation. He also disputed Obi’s claim of leaving more than ₦75 billion in savings, asking for records to substantiate the figure.

Obi, however, has stood by his account and thrown the issue back to his critics, declaring that if anyone can establish that his administration left the alleged liabilities, he would stop his 2027 presidential campaign.

The controversy has therefore shifted from political claims to a question of documentary evidence, with the disputed First Bank account, historical debt records, salary and pension arrears and the alleged savings now at the centre of the disagreement.

For now, the competing claims remain those of the former governor and the Anambra State Government. Independent verification of the underlying bank statements, debt records and handover documents would be required to conclusively establish the financial position of the state at the March 2014 transition.

Peter Obi has released his handover document in response to claims by the Anambra State Government that his administration left behind loans and other financial liabilities.

The document, dated March 17, 2014, reportedly shows the state’s financial position at the time of handover, including a net positive balance of over ₦86 billion. The Anambra Government, however, maintains that outstanding loans linked to previous administrations remain unpaid.

For inquiries on this news report contact 9News Nigeria on +234 08036856526

9News Nigeria

9News Nigeria

• Accountability must rest on documents, dates, figures and verifiable transactions—not insinuations repeatedly recycled into the public space.

By Mazi Etofolam Felix Osuji mni fca

The continuing attempt to make Peter Obi’s administration, which ended more than twelve years ago, a recurring subject of contemporary Anambra governance is becoming an unfortunate embarrasing distraction from the more important question before the people which is what measurable legacy is the government of today building for the Anambra of tomorrow? Every administration is entitled to examine the records it inherited, and no former governor should be insulated from legitimate scrutiny. But accountability must rest on documents, dates, figures and verifiable transactions—not insinuations repeatedly recycled into the public space. If liabilities incurred during Peter Obi’s tenure are still being serviced in 2026, the responsible course is straightforward: publish the loan agreements, the dates they were contracted, the amounts originally borrowed, the purposes for which they were obtained, the repayment schedules, subsequent restructurings, and the outstanding balances. Let the documents speak.

Peter Obi has publicly challenged the allegation, maintaining that when he left office he was not owing salaries, pensions, gratuities, processed contractor obligations or suppliers whose payments had become due. That creates a factual dispute which cannot responsibly be resolved through political rhetoric. Government possesses the records. It therefore carries the responsibility of placing the complete documentary trail before the public. Anambra people deserve evidence sufficiently detailed to distinguish obligations actually contracted by an administration from externally funded programmes, counterpart arrangements, subsequent commitments, inherited liabilities and debts that may have undergone restructuring after that administration left office.

More fundamentally, governance cannot become an endless argument with history. Professor Chukwuma Soludo has now had years in office and possesses the intellectual pedigree, executive authority and public resources to establish a legacy capable of standing independently. The enduring measure of his administration will not be how effectively it interrogated Peter Obi, Willie Obiano or any other predecessor. It will be what happened to Anambra’s schools, hospitals, roads, security, businesses, employment opportunities, public finances and institutions under his own stewardship. Where a predecessor established something worthwhile, statesmanship requires improving upon it. Where something failed, leadership requires correcting it. Neither task demands diminishing the individual who previously occupied the office.

Indeed, Peter Obi himself responded to earlier criticism from Soludo with a remarkably useful philosophy of governmental continuity: whatever he could not complete, his successor had the opportunity to improve. That is how democratic government ought to evolve. One administration lays foundations; another strengthens them, corrects mistakes and moves society further forward. The political relationship between the two men has long contained disagreement—Soludo himself described their differences in 2022 as “fundamentally political” while referring to Obi as his brother. That acknowledgement should encourage a debate based on records rather than an enduring contest between personalities.

There is therefore a higher responsibility upon those who speak officially for the Anambra State Government. Dr. Law Mefor, as Commissioner for Information and Value Reformation, should recognise that his office is an institution of the state, not merely an instrument for political combat. His own published intervention in November 2025 portrayed the relationship between Soludo and Obi in distinctly combative terms, describing Soludo as someone who “punches multiply harder” when provoked. Whatever the political differences between the two leaders, official communication should elevate public discourse through facts, context and restraint. Where an assignment risks transforming a state information apparatus into a platform for prolonged political confrontation, professional judgment should favour verifiable information and institutional dignity.

Professor Soludo does not need Peter Obi diminished for Soludo’s achievements to be recognised, just as acknowledging anything worthwhile in Obi’s eight years as governor does not diminish the incumbent administration. Both records can stand before the people. Let every road, school, hospital, investment, loan, revenue figure and development outcome be documented and subjected to the same standard. Let legitimate shortcomings in Obi’s record be acknowledged where the evidence establishes them, and let the achievements of the Soludo administration similarly receive their due recognition. That is a far more credible approach than allowing the political conversation of 2026 to remain trapped in disputes originating in an administration that ended in 2014.

Anambra should also resist turning legitimate differences between prominent Igbo leaders into permanent internal warfare. Political disagreement is inevitable; institutional hostility is not. The obligation of leadership is larger than the personalities occupying office at any particular moment. Rather than asking citizens continually to revisit yesterday’s quarrels, the present government should invite them to examine today’s results and tomorrow’s possibilities. The strongest answer Professor Soludo can give to any predecessor is not a negative narrative about that predecessor but a demonstrably stronger Anambra State.

Ultimately, history will require separate accounts from Peter Obi and Chukwuma Soludo. It will examine what each inherited, what each did with the resources available to him, what each built, what each left behind and how the lives of Anambra people changed during his stewardship. Neither man can write the other’s final historical verdict. That belongs to evidence, to the people and, eventually, to history itself. The wiser course therefore is simple: publish the facts where questions genuinely exist, correct the past where necessary, preserve what worked, improve upon it and build a legacy worthy of the future.

You have disgraced the Anambra and Igbo people enough. You are, notwithstanding the fact that you are a Governor, expected to use your office positively to protect the future of your people, especially Anambra people specifically and Igbosin general.

Mazi Etofolam Felix Osuji mni writes from Owerri

9News Nigeria

9News Nigeria

Founder of China Evergrande Group and once one of China’s richest men, Xu Jiayin has been sentenced to life imprisonment by a court in Shenzhen, China.

Xu was convicted of multiple financial crimes, including fundraising fraud, illegal deposit-taking, securities fraud and embezzlement.

The court also imposed a fine of RMB 8.82 billion on China Evergrande Group, while Evergrande Real Estate was fined RMB 7 billion.

In addition, the court ordered the seizure of Xu’s personal assets as part of the judgment.

Xu’s conviction follows continued fallout from the collapse of Evergrande, once one of China’s largest property developers.

9News Nigeria

9News Nigeria

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed that the Federal Government saved ₦15.8 trillion from subsidy reforms between June 2023 and December 2025.

Oyedele made the disclosure on Wednesday during a press conference on Nigeria’s reforms scorecard.

According to him, the savings solely generated from subsidy reforms helped mobilise additional resources for the Federation.

“Between June 2023 and December 2025, subsidy savings mobilised the sum of ₦15.8 trillion in resources for the Federation,” Oyedele said.

He further acknowledged that many Nigerians may question where the savings from subsidy removal have gone, asking, “Many people will say, where is the subsidy savings?”

9News Nigeria

9News Nigeria

Heirs Insurance Group has appointed Nigerian cleric and founder of Streams of Joy International, Pastor Jerry Eze, as a Non-Executive Director of the company.

The appointment, which was announced on Monday, is part of the insurance group’s efforts to strengthen its leadership and leverage the experience, influence and strategic contributions of accomplished individuals across different sectors.

Heirs Insurance Group is part of the Heirs Holdings Group, founded by Nigerian entrepreneur Tony Elumelu, and operates in Nigeria’s insurance industry with a focus on providing accessible and innovative insurance solutions.

Pastor Eze, who is widely recognised for his ministry and the global reach of the NSPPD (New Season Prophetic Prayers and Declarations) platform, brings extensive experience in leadership, communication, community engagement and institution building to his new role.

As a Non-Executive Director, he is expected to contribute to the strategic direction and governance of Heirs Insurance, while providing independent perspectives to support the company’s growth and long-term objectives.

9News Nigeria

9News Nigeria

The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has highlighted what he described as significant improvements across key sectors of the Nigerian economy since May 2023.

Adedeji presented an economic snapshot comparing indicators from the beginning of President Bola Ahmed Tinubu’s administration with figures recorded by mid-2026.

According to the NRS chairman, Nigeria’s domestic refining capacity increased from 30,000 barrels per day in May 2023 to about 700,000 barrels per day by mid-2026, with the country recording its first net petrol export in March 2026.

On tax revenue, Adedeji said collections by the former Federal Inland Revenue Service (FIRS), now NRS, rose from ₦12.3 trillion in May 2023 to ₦28.3 trillion in 2025, while revenue stood at ₦27.1 trillion as of July 2026.

He also pointed to Nigeria’s trade balance, which moved from a marginal ₦44.7 billion surplus in May 2023 to ₦7.55 trillion in the first quarter of 2026.

On capital importation, Adedeji said the figure increased from US$3.9 billion in May 2023 to US$23.22 billion in 2025.

The NRS chairman further stated that revenue from the solid minerals sector rose from ₦16 billion in May 2023 to ₦70 billion in 2025.

According to the figures presented, Nigeria’s capital market also recorded significant growth during the period. 

The NGX All-Share Index reportedly rose from 55,738 points in May 2023 to about 250,000 points by mid-2026, while market capitalisation increased from ₦30.36 trillion to ₦161 trillion.

Adedeji also referenced education and social indicators, noting that the estimated number of out-of-school children declined from approximately 20 million in 2023, based on a UNICEF estimate, to between 18.3 million and 18.5 million by mid-2026.

On workers’ earnings, he noted that Nigeria’s minimum wage increased from ₦30,000 in May 2023 to ₦70,000.

The figures formed part of Adedeji’s broader defence of the economic reforms and policies implemented under the Tinubu administration.

These explanations from the NRS boss comes as the government continues to face scrutiny over the impact of its reforms on households and businesses.

9News Nigeria

9News Nigeria

Nigeria’s financial services, Zenith Bank Plc has confirmed that cybercriminals gained unauthorized access to parts of its database.

In a notification sent to customers on Tuesday, the bank disclosed that the breach affected certain personal details, including customers’ email addresses and phone numbers. 

It, however, assured customers that no sensitive banking credentials or financial systems were compromised.

According to the bank, the incident is linked to a wider global cyberattack that has targeted organizations across multiple sectors.

Zenith Bank stated that its core banking operations, digital platforms, and customer accounts remain secure and fully functional despite the breach.

The financial institution said it immediately activated its cybersecurity response protocols upon detecting the attack and has commenced a thorough investigation to determine the scope of the incident and strengthen its security architecture.

As part of its advisory to customers, the bank urged users to remain alert to phishing attempts, warning them against responding to suspicious emails, text messages, or phone calls requesting confidential banking details.

The bank also reminded customers never to disclose their passwords, Personal Identification Numbers (PINs), One-Time Passwords (OTPs), or any other security credentials to anyone.

Zenith Bank also thanked its customers for their continued confidence and assured them that investigations into the incident are ongoing.

The development comes nearly two years after Guaranty Trust Bank disclosed an attempted cyberattack on its website domain in 2024, although the bank maintained at the time that customers’ data remained secure.

It also follows repeated warnings by the Central Bank of Nigeria (CBN) over the growing threat of cyber fraud, with the apex bank cautioning Nigerians against fraudulent emails and online messages.

9News Nigeria

9News Nigeria

Nigerians who are threatened, harassed, or have their personal information shared without their consent by digital loan applications have the right to seek redress through the Federal Competition and Consumer Protection Commission (FCCPC).

The reminder follows the FCCPC’s recent enforcement action against digital lenders over abusive debt recovery practices.

If a loan app threatens you, sends abusive messages, repeatedly calls you or your contacts to shame you, publishes your photograph, or shares your personal information without your consent, you can file a formal complaint with the FCCPC. 

Such actions may violate the Federal Competition and Consumer Protection Act, the Nigeria Data Protection Act, and other applicable regulations governing digital lending.

To strengthen your complaint, consumers are advised to:

• Take screenshots of threatening messages, WhatsApp chats, emails, or social media posts.
• Save call logs and, where legally permissible, record threatening phone conversations.
• Keep copies of loan agreements, repayment records, and payment receipts.
• Document the dates, times, and details of every incident.
• Obtain statements from friends, family members, or colleagues who were contacted or harassed by the lender.

A petition can then be submitted to the FCCPC with all supporting evidence for investigation and possible enforcement action. 

Where a consumer’s data privacy rights have been violated, complaints may also be lodged with the Nigeria Data Protection Commission (NDPC).

The FCCPC has consistently warned digital lenders against public shaming, unauthorized disclosure of borrowers’ personal information, intimidation, and other unfair debt recovery practices. 

Furthermore, the commission has maintained that while lenders are entitled to recover legitimate debts, they must do so within the bounds of the law.

Legal experts also note that victims who suffer financial loss, reputational damage, emotional distress, or privacy violations may, depending on the circumstances, seek additional remedies through the courts.

However, consumers should be cautious of claims circulating online that every offending loan app will automatically be required to pay at least ₦20 million in damages. 

Compensation is not automatic and depends on the specific facts of each case, the applicable law, and the outcome of regulatory or judicial proceedings.

The FCCPC continues to encourage Nigerians to report abusive lending practices rather than endure harassment in silence.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.

The decision was announced at the 305th meeting of the Monetary Policy Committee (MPC) on Tuesday.

It means that the apex bank has opted to keep its key lending rate unchanged as it continues to monitor inflationary pressures and broader macroeconomic developments.

The Monetary Policy Rate serves as the benchmark for interest rates across the banking sector and is one of the CBN’s primary tools for managing inflation, stabilising prices, and supporting economic growth.

9News Nigeria

9News Nigeria

By Princely Onyenwe | 9News Nigeria

The growing rejection of genuine ₦100 banknotes across Nigeria has exposed a dangerous wave of misinformation capable of undermining public confidence in the naira. While the Central Bank of Nigeria (CBN) maintains that both the standard and commemorative ₦100 notes remain legal tender, many citizens continue to reject the standard ₦100 note, disrupting commerce, creating avoidable disputes and raising serious concerns about financial literacy, respect for the law and confidence in Nigeria’s monetary system.

The strength of any nation’s currency depends not only on the authority of its central bank but also on the confidence of its people. Across the world, legal tender serves as the foundation of commerce, enabling individuals and businesses to exchange goods and services with certainty. When citizens begin rejecting genuine banknotes based on rumours rather than official policy, that confidence is weakened, everyday transactions become difficult, and the integrity of the financial system comes under unnecessary strain. This is precisely the challenge Nigeria is beginning to face with the growing rejection of valid ₦100 banknotes.

The growing rejection of genuine ₦100 banknotes by many Nigerians is one of the most disturbing examples of how misinformation can disrupt everyday life and weaken public confidence in the nation’s financial system. Across markets, commercial buses, POS outlets, shops and business centres, many citizens now refuse to accept certain ₦100 notes, claiming they have been withdrawn from circulation or replaced with newer versions. This misconception has become so widespread that many people now treat a perfectly valid banknote as though it were worthless.

I recently witnessed an embarrassing confrontation between a shuttle bus driver and a passenger after the driver handed an older version of the ₦100 note as change. The passenger immediately rejected the note, insisting that it had been abolished and was no longer in use. What surprised me most was not merely the disagreement itself but the reaction of other commuters, who overwhelmingly supported the passenger and confidently repeated the same false claim. Within minutes, the atmosphere became tense, with both parties arguing over money that remains legal tender under Nigerian law. Unfortunately, this is no longer an isolated incident but a reflection of a growing national problem that deserves urgent public attention.

The obvious question is this: Who declared the standard ₦100 banknote illegal? The answer is simple—no one. In its official press statement issued on July 8, 2026, the Central Bank of Nigeria categorically reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender throughout Nigeria and must be accepted for all transactions nationwide. The Bank further clarified that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote. Both versions continue to circulate legally side by side unless and until the CBN officially withdraws either of them from circulation.

The CBN also issued a strong warning to individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote. According to the apex bank, such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in Nigeria’s national currency. The Bank further warned that it will not hesitate to apply appropriate enforcement measures against any individual or organisation found to be in breach. This clarification leaves no room for doubt. Any claim that the standard ₦100 note has been abolished or is no longer valid is false, misleading and unsupported by any official directive.

The confusion surrounding the ₦100 note appears to be one of the lingering consequences of Nigeria’s difficult naira redesign experience in 2022 and 2023. Millions of Nigerians endured severe cash shortages, conflicting policy interpretations and uncertainty over which banknotes remained valid. That painful experience understandably left many citizens suspicious of older-looking notes. Sadly, that suspicion has now spread to denominations that were never redesigned or withdrawn, allowing rumours to flourish where verified information should prevail.

The rejection of valid banknotes is not limited to the ₦100 denomination. In many communities, people also reject worn ₦200, ₦500 and ₦1,000 notes, as well as lower denominations, simply because they appear faded, old or different from newer prints. Some transport operators insist on receiving only crisp notes, while some traders refuse commemorative notes despite their continued legal status. These practices have no basis in law and only frustrate commercial activities, inconvenience ordinary Nigerians and weaken confidence in the country’s currency.

It is important to understand that a banknote does not lose its legal value because it appears old or because rumours suggest otherwise. A genuine banknote remains legal tender until the Central Bank of Nigeria officially withdraws it from circulation. No trader, passenger, transport operator, POS agent or business owner has the legal authority to determine which genuine CBN-issued notes should or should not be accepted. If every individual begins selecting the currency they prefer, Nigeria risks creating unnecessary confusion that could undermine confidence in the naira and the nation’s monetary system.

The economic implications of this growing misconception should not be underestimated. Every rejected banknote delays transactions, fuels needless arguments, wastes productive time and weakens trust in the financial system. Transport operators struggle to provide change, customers abandon purchases, businesses lose sales and innocent citizens are subjected to public embarrassment over money that remains perfectly valid.

Beyond these immediate inconveniences lies an even greater danger—the erosion of public confidence in the national currency. Currency derives its value not only from government backing but also from the collective trust of those who use it. Once misinformation begins determining which genuine banknotes are acceptable, unnecessary transaction costs increase, market efficiency suffers, and confidence in the monetary system gradually weakens. For a country working to strengthen financial inclusion, encourage digital payments and stabilise its economy, such misconceptions are both harmful and avoidable.

The Central Bank of Nigeria’s warning should therefore not be dismissed as a routine advisory. It is a reminder that the effectiveness of a nation’s currency depends on collective respect for its legal status. While enforcement has its place, sustained public enlightenment remains the more practical and enduring solution.

The CBN should therefore intensify nationwide awareness campaigns through radio, television, newspapers, digital platforms and community engagement programmes to educate citizens on the legal status of all genuine banknotes in circulation. Commercial banks should equally enlighten customers during cash withdrawals instead of assuming they already understand currency regulations. Market associations, transport unions, POS operators, supermarkets and business organisations should educate their members and discourage the rejection of valid naira notes.

The media also has an important responsibility. At a time when misinformation spreads rapidly through social media and word of mouth, journalists and news organisations must continue to verify currency-related claims before publication while providing accurate, factual and timely information capable of correcting dangerous misconceptions. Financial literacy should equally become a national priority through schools, civil society organisations and public education campaigns so that citizens understand the difference between rumours and official monetary policy.

Nigeria’s economy depends not only on sound monetary policies but also on public confidence in the naira. That confidence is weakened whenever genuine legal tender is rejected without lawful justification.

The Central Bank of Nigeria has now spoken clearly and unequivocally. There should no longer be any confusion. Every genuine ₦100 banknote issued by the CBN—whether the standard note or the commemorative centenary edition—remains legal tender and must be accepted for all transactions across the country until officially withdrawn by the Bank.

Nigerians should therefore reject rumours—not valid currency. Respect for legal tender is ultimately respect for the rule of law, confidence in national institutions and commitment to economic stability. No economy can thrive when citizens begin deciding for themselves which legally issued currency deserves acceptance. Correcting this dangerous misconception is therefore not only the responsibility of the government but also of financial institutions, the media, market leaders, civil society organisations and every Nigerian committed to building a stronger economy anchored on trust, facts and respect for the nation’s currency.

Editor’s Note: This opinion is based on the Central Bank of Nigeria’s official press statement issued on July 8, 2026, reaffirming that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender nationwide. The views expressed are those of the author.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

In a press release issued on December 16, 2025, signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, the apex bank said the decision was taken under its powers as provided in Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

According to the CBN, the affected institutions failed to meet the minimum paid-up share capital requirement applicable to their licence category. 

The banks were also found to have insufficient assets to cover their liabilities, raising concerns about their ability to meet obligations to customers and other stakeholders.

The regulator further noted that both mortgage banks were critically undercapitalised, with capital adequacy ratios falling below the prudential minimum prescribed by the CBN. 

Additionally, the institutions failed to comply with several regulatory directives and obligations despite repeated interventions.

The revocation, the CBN said, forms part of its broader efforts to reposition the mortgage sub-sector, strengthen regulatory compliance, and safeguard the stability of Nigeria’s financial system.

“The Central Bank of Nigeria remains committed to its core mandate of ensuring financial system stability,” the statement added.

9News Nigeria

9News Nigeria

European nation, Switzerland made a bold move in 1974 that transformed the hospitality industry: it abolished tipping entirely. 

The change came after a high-profile dispute over taxes on gratuities, which raised questions about fairness and transparency in how service staff were compensated.

Since then, tipping has been unnecessary in Switzerland. 

Meanwhile, service is automatically included in the price of meals and services, and restaurant and hotel staff receive higher base wages to make up for the absence of tips. 

Customers no longer have to worry about calculating or adding extra charges, making dining out simpler and more straightforward.

The reform has had wide-reaching effects. 

It eliminated wage uncertainty for workers, improved tax compliance, and created a culture where good service is expected as part of the job, not as a reward contingent on generosity. 

For tourists, it’s a pleasant surprise: the price you see is the price you pay, with world-class service already factored in.

Switzerland’s tipping-free model has often been highlighted internationally as an example of how to balance fair employee pay with customer convenience. 

By the removal of gratuities, the country has not just streamlined its hospitality sector but also reinforced the principle that excellent service should be standard, not optional.

9News Nigeria

9News Nigeria

The newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025 is set to transform Nigeria’s financial landscape, following President Bola Ahmed Tinubu’s assent to the landmark legislation.

The Act, which repeals and consolidates several outdated laws, introduces sweeping reforms designed to improve transparency, strengthen regulatory oversight, and deepen insurance penetration across the country. 

According to the Presidency, the NIIRA 2025 is central to the administration’s goal of building a $1 trillion economy under the Renewed Hope Agenda.

One of the core reforms in the Act is the introduction of stringent capital requirements for insurance and reinsurance operators. 

This measure is expected to bolster the financial stability of the sector and reduce the risk of collapse among low-capital firms.

The law also mandates the strict enforcement of compulsory insurance policies, including those for motor vehicles, public buildings, and construction projects. 

This move is designed to enhance consumer protection and ensure broader coverage across both urban and rural communities.

Digitisation is another critical pillar of the reform. 

The Act encourages the full digital transformation of insurance operations, aiming to increase accessibility, eliminate fraud, and improve service delivery, especially in claims processing and policy management.

The NIIRA, to rebuild public confidence, enforces a zero-tolerance stance on delays in claims settlement. 

Insurance companies will now be obligated to process and pay valid claims within a stipulated timeframe or face sanctions.

In addition, the law provides for the establishment of dedicated policyholder protection funds to safeguard customers in the event of insurer insolvency. 

This new layer of protection is expected to encourage more Nigerians to embrace insurance as a reliable safety net.

The Act also supports Nigeria’s greater involvement in regional insurance frameworks, particularly the ECOWAS Brown Card System, which facilitates cross-border motor vehicle insurance within West Africa.

The National Insurance Commission (NAICOM) has been tasked with administering and enforcing the provisions of the NIIRA 2025. 

The Commission is expected to play a central role in driving the reform’s implementation, increasing industry compliance, and attracting new investment into the sector.

9News Nigeria

9News Nigeria

The Federal Inland Revenue Service (FIRS) has officially transitioned into the Nigerian Revenue Service (NRS), following the signing of the Tax Reforms Bills into law by President Bola Ahmed Tinubu.

The new development signals a significant shift in Nigeria’s revenue administration.

Chairman of the new Nigerian Revenue Service, Dr. Zacch Adedeji, who spoke shortly after the presidential assent, described the development as historic and transformative. 

“We were the FIRS just two hours ago, but with the President’s assent to the Tax Reforms Bills, we are now the Nigerian Revenue Service. 

“This change reflects a broader mandate—not just tax administration, but overall revenue generation, including non-tax income.” He said.

The restructuring marks a fundamental change in the architecture of public finance in Nigeria. 

By widening the scope of the agency to include the collection of non-tax revenues and enhancing efficiency across board, the reforms aim to strengthen Nigeria’s fiscal resilience and reduce reliance on oil income.

President Tinubu’s assent follows months of deliberations and input from the Presidential Fiscal Policy and Tax Reforms Committee led by Taiwo Oyedele. 

The committee had earlier submitted interim recommendations, urging the harmonization of tax processes, the elimination of redundant taxes, and an overhaul of the revenue collection framework to reduce leakages and improve ease of compliance.

Dr. Adedeji noted that the renaming of the service goes beyond a change in nomenclature. 

“It is a bold declaration of intent—a clear message that we are entering a new era of efficient, technology-driven, and transparent revenue administration,” he stated. 

He added that the NRS would deepen collaboration with sub-national governments and ensure that the agency becomes a catalyst for development, aligned with the objectives of the Renewed Hope Agenda.

The new law also provides the legal backing for a restructured revenue system that is expected to enhance service delivery, streamline administrative processes and foster public trust in the country’s fiscal institutions.

9News Nigeria

9News Nigeria

Circle (NYSE: CRCL), the issuer of the USDC stablecoin, continued its remarkable post-IPO surge on Wednesday, rising 34% during regular trading and another 6% after hours. 

The rally came on the heels of a landmark decision by the U.S. Senate, which passed the GENIUS Act; a bipartisan bill that seeks to integrate stablecoins into the core of the American financial system. 

Since its public debut on June 5, Circle’s stock has jumped over 540%, catapulting the company’s market capitalization past $48 billion.

While the bill still awaits House passage and President Trump’s signature, the Senate’s decisive 68–30 vote has already sent waves through global financial markets. 

For Nigeria, Africa’s largest economy and a rising player in fintech innovation, the move signals a turning point in global digital finance.

Stablecoins – cryptocurrencies pegged to fiat currencies like the U.S. dollar offer faster, cheaper, and more transparent cross-border transactions. 

Circle’s flagship product, USDC, is already the world’s second-largest stablecoin, and with a clear regulatory framework now in view in the U.S., its adoption is expected to accelerate globally.

For Nigeria, where remittances, inflation, and fintech adoption are critical economic concerns, the GENIUS Act could redefine how foreign exchange is accessed and used.

“If stablecoins like USDC become legally recognized payment instruments in the U.S., Nigerians abroad could bypass traditional banks and send money home almost instantly,” says Dr. Nkiru Chikwe, a digital finance expert in Abuja. 

The Central Bank of Nigeria (CBN) launched its own digital currency, the eNaira, in 2021, becoming the first African country to do so. 

However, adoption has been slow, partly due to limited use cases and regulatory uncertainty. 

The GENIUS Act could inspire a rethink of digital asset policies in Nigeria, especially if stablecoins begin to offer real competition to conventional financial infrastructure.

CBN has historically taken a conservative stance on crypto, banning banks from facilitating cryptocurrency transactions in 2021 before later softening its position. 

With stablecoins gaining official status in a major economy like the U.S., experts say Nigerian policymakers may be forced to review their approach.

Remittance inflows to Nigeria totaled $20 billion in 2023, and stablecoins could dramatically reduce transaction fees and settlement times. 

Meanwhile, the 2025 Nigerian Investment and Securities Bill will replace the law passed in 2007, now considered obsolete in the light of global developments. 

Under the new law, a crypto asset is defined as “a digital representation of value that can be transferred, digitally traded and used for payment or investment purposes.”

Small businesses involved in cross-border trade, particularly in tech, agriculture, and manufacturing stand to benefit from faster, programmable payments backed by fiat currencies like the dollar.

If Circle succeeds in reshoring stablecoin innovation to the U.S., as analysts at Bernstein predict, regulated players could offer a safer alternative to the unregulated peer-to-peer crypto markets currently popular in Nigeria.

For Nigeria, the message is clear: the future of money is being redefined and nations that move quickly to align with new global standards will be better positioned to thrive.

Chinedum Anayo writes on finance, policy, and technology in Africa.

9News Nigeria

9News Nigeria

The Group Managing Director of Sahara Power Group, Kola Adesina, has taken a swipe at the growing trend of wealth pursuit without value creation.

Speaking at a recent leadership and economic forum in Lagos, Adesina addressed the fallout from the collapse of CBEX, a now-defunct digital investment platform that left thousands of Nigerians financially stranded.

He condemned what he described as a culture driven by greed rather than purpose.

In his blunt assessment, Adesina remarked:

“Your prosperity is not about problem-solving, you are doing ‘Yahoo Yahoo’. Everybody that fell into the sea of CBEX drowned because they did not have any problem they were solving. It was only greed that was offered.”

CBEX had gained popularity by promising high and often unrealistic returns on investments, with little transparency or backing. 

Its eventual crash led to widespread losses, echoing the pattern of past fraudulent schemes that exploited the desperation and ambitions of investors, particularly among Nigerian youth.

Adesina emphasized the need for a mindset shift, urging young people and aspiring entrepreneurs to prioritize innovation, integrity, and the creation of solutions that address real societal problems.

“Wealth that is not rooted in purpose is fleeting. We must redefine prosperity to mean value-driven impact, not shortcuts and speculative traps,” he added.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu’s administration has progressed through 2025, embarking on ambitious initiatives aimed at revitalizing Nigeria’s economy and infrastructure. 

However, these efforts have been met with both commendation and criticism, reflecting the complex challenges facing the nation.

Starters; Infrastructure Development, Budget Priorities

In December 2024, President Tinubu presented the “Budget of Restoration,” proposing a record-breaking ₦54.2 trillion for the 2025 fiscal year. 

A significant portion, ₦4.06 trillion, is allocated to infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway. 

These projects are expected to enhance connectivity and stimulate economic growth across regions.

Following; Economic Reforms and Taxation

The administration has pursued tax reforms to increase revenue and reduce fiscal deficits. 

In March 2025, the House of Representatives passed four tax reform bills, introducing measures such as a global minimum tax for multinational corporations and adjustments to the Value Added Tax (VAT) distribution formula. 

However, these proposals have sparked debates, particularly concerning their potential impact on economically disadvantaged regions.

Then; Energy Sector and NNPC Reforms

President Tinubu, in April 2025 appointed Bayo Ojulari, a former Shell executive, as the new CEO of the Nigerian National Petroleum Company (NNPC). 

This move is part of broader efforts to enhance transparency and efficiency within the state-owned oil company, which has faced longstanding challenges related to financial mismanagement and lack of accountability.

Breaking; International Partnerships and Mining Sector

On April 17, 2025, Nigeria signed a minerals cooperation agreement with South Africa to bolster its mining sector. 

The partnership focuses on joint geological mapping, data sharing, and the exploration of various mineral resources, aiming to diversify Nigeria’s economy beyond oil dependency.

Summarizing; Public Response and Economic Challenges

Despite these initiatives, the administration faces mounting public dissatisfaction due to persistent economic hardships. 

The removal of fuel subsidies and currency devaluation have led to increased inflation and a higher cost of living. 

Protests erupted during Nigeria’s 64th independence anniversary in October 2024, with citizens expressing frustration over unemployment and food insecurity.

President Tinubu’s first year in office has been marked by significant policy shifts and ambitious projects aimed at economic revitalization. 

While these efforts demonstrate a commitment to structural reforms and development, the administration must address the current economic challenges facing Nigerians to ensure broader public support and sustainable progress.

9News Nigeria

9News Nigeria

Africa’s richest man, Aliko Dangote, continues to dominate global wealth rankings, now surpassing all living Arab billionaires in net worth.

As of April 2025, Dangote’s estimated fortune has surged to an impressive $23.9 billion, placing him 86th on the Forbes list of the world’s richest individuals. 

This wealth is primarily driven by his massive investments in Dangote Petroleum Refinery & Petrochemicals, along with holdings in Dangote Cement and other industrial ventures across Africa.

In contrast, the wealthiest Arab billionaire, Egypt’s Nassif Sawiris, holds a net worth of approximately $7.4 billion, less than a third of Dangote’s fortune. 

This confirms that no living Arab currently surpasses the Nigerian industrialist in personal wealth.

Dangote’s financial rise has been described as a testament to his vision and relentless business drive, particularly following the operational launch of the multibillion-dollar Dangote Refinery, which is set to reshape Africa’s energy sector.

The revelation has further cemented Dangote’s position not only as a leading figure in African enterprise.

9News Nigeria

9News Nigeria

The Securities and Exchange Commission (SEC) has delivered a grim update on the collapsed CBEX Global Investment Limited, confirming that the over ₦1.3 trillion lost by investors is unlikely to be recovered. 

The regulatory body identified the platform as a Ponzi scheme and issued a stern warning to Nigerians about the dangers of engaging in such fraudulent ventures.

According to SEC officials, CBEX lured unsuspecting individuals with promises of unrealistic returns, some as high as 25% monthly, without any credible business model to support such profits. 

Instead, the company operated by using funds from new investors to pay off earlier participants, a hallmark feature of a Ponzi scheme.

“A Ponzi scheme thrives on deception. It offers mouth-watering returns to attract quick investments but has no sustainable source of income. Once new inflows slow down, the entire system collapses, leaving thousands in financial ruin.” 

CBEX, which gained popularity through aggressive marketing and social media hype, attracted tens of thousands of Nigerians, including retirees, civil servants, and small business owners. 

Many invested their life savings, only for the company to suddenly shut down operations in late 2024, cutting off communication with investors and disappearing without a trace.

The SEC, in collaboration with the Economic and Financial Crimes Commission (EFCC), has launched investigations into the promoters of CBEX. 

However, the Commission says efforts to trace and recover the stolen funds have so far yielded no success due to the nature of the transactions, many of which were routed through unregulated platforms and foreign accounts.

This latest incident adds to a growing list of fraudulent schemes that have targeted vulnerable Nigerians seeking quick returns amid economic hardship. 

The SEC has emphasized that legitimate investments require proper registration, transparency, and regulatory oversight—features Ponzi schemes lack entirely.

The Commission also called on traditional and digital media platforms to join the fight against financial fraud by verifying claims before amplifying investment advertisements.

9News Nigeria

9News Nigeria

The Securities and Exchange Commission (SEC) has declared that the recovery of the over ₦1.3 trillion lost by Nigerian investors in the collapsed investment scheme operated by CBEX Global Investment Limited is unlikely.

The Commission made this grim revelation on Friday while addressing concerns from affected investors and members of the public who have been demanding restitution following the collapse of the controversial investment platform.

According to SEC officials, preliminary investigations revealed that CBEX operated as a Ponzi scheme, collecting funds from unsuspecting Nigerians with promises of outrageous returns. 

The funds, however, were allegedly funneled through untraceable channels and offshore accounts, making recovery efforts practically impossible.

“The unfortunate reality is that the funds invested in CBEX are gone”. An official confirmed.

“Due to the nature of the scheme and the lack of proper financial trail, the chances of retrieving the money are extremely slim, if not nonexistent.” He added.

CBEX Global Investment Limited, which gained popularity across Nigeria through aggressive marketing and referral programs, lured thousands of Nigerians with the promise of monthly returns as high as 25 percent. 

The company abruptly shut down operations late last year, triggering widespread panic among investors.

The SEC had earlier issued warnings about the operations of CBEX and similar unregistered investment platforms, urging the public to exercise caution. 

Meanwhile, several victims have taken to social media to express frustration over the loss of their life savings, with many calling on the government to intensify efforts to bring the perpetrators to justice.

Legal proceedings against key promoters of the scheme are said to be ongoing, with the Economic and Financial Crimes Commission (EFCC) reportedly collaborating with the SEC to prosecute those behind the fraudulent operation.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has reaffirmed his administration’s dedication to revitalizing the agricultural sector and ensuring food security for all Nigerians.

In his 2025 budget presentation to the National Assembly on Wednesday, December 18, 2024, he addressed the challenges posed by insecurity, which has severely hampered agricultural productivity.

The President also emphasized the importance of supporting farmers through financial aid and the provision of essential inputs.

“Food security is non-negotiable. We are taking bold steps to ensure every Nigerian can feed conveniently, and no citizen will have to go to bed hungry.” President Tinubu declared.

The proposed budget prioritizes measures to boost agricultural output, positioning it as a cornerstone of the government’s broader economic recovery and growth agenda. 

The President called for concerted efforts to reignite productivity in the sector, stressing that increased agricultural production is critical to achieving national food security.

9News Nigeria

9News Nigeria

FAAC have released the year 2024 November disbursement at a whooping total of N3.143 Trillion Naira, projected to be the highest ever recorded , since FAAC was constituted in Nigeria.

In a statement signed by
Mohammed Manga FCIA
Director, Information and Public Relations December 13, 2024 disclosed that FG, STATES, LGCs SHARED N1.727 TRILLION FROM A GROSS TOTAL OF N3.143 TRILLION FOR THE MONTH OF NOVEMBER 2024.

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired by the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.727 Trillion to the three tiers of government as Federation Allocation for the month of November, 2024 from a gross total of N3.143 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), the Federal Government received N581.856 Billion, the States received N549.792 Billion, the Local Government Councils got N402.553 Billion, while the Oil Producing States received N193.291 Billion as Derivation, (13% of Mineral Revenue).

The sum of N103.307 Billion was given for the cost of collection, while N1.312 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of November 2024, was N628.972 Billion as against N668.291 Billion distributed in the preceding month, resulting in a decreased of N39.318 Billion.

From that amount, the sum of N25.159 Billion was allocated for the cost of collection and the sum of N18.114 Billion given for Transfers, Intervention and Refunds. The remaining sum of N628.973 Billion was distributed to the three tiers of government, of which the Federal Government got N87.855 Billion, the States received N292.850 Billion and Local Government Councils got N204.995 Billion.

Accordingly, the Gross Statutory Revenue of N1.827 Trillion received for the month was higher than the sum of N1.336 Trillion received in the previous month by N490.339 Billion. From the stated amount, the sum of N77.521 Billion was allocated for the cost of collection and a total sum of N1.294 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N455.354 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N175.690 Billion, States received N89.113 Billion, the sum of N68.702 Billion was allocated to LGCs and N121.849 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.046 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.257 Billion, States got N7.523 Billion, Local Government Councils received N5.266 Billion, while N0. 0627 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N671.392 Billion from Exchange Difference, which was shared as follows: Federal Government received N316.054 Billion, States got N160.306 Billion, the sum of N123.590 Billion was allocated to Local Government Councils, N71.442 Billion was given for Derivation (13% of Mineral Revenue).

Oil and Gas Royalty and CET levies recorded significant increases, while Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), Electronic Money Transfer Levy ( EMTL), decreased considerably.

According to the Communique, the total revenue distributable for the current month of November 2024, was drawn from Statutory Revenue of N455.354 Billion, Value Added Tax (VAT) of N585.700 Billion, N15.046 Billion from Electronic Money Transfer Levy (EMTL), and N671.392 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.727 Trillion.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

Governor Mbah of Enugu State Nigeria has stated government readiness to take the state to a higher hub on trade and investment. This step alongside more is a testament of the strategic partnership deal with the global Community , this time around with CWEIC was very much in line with his administration’s humongous projection to grow Enugu State’s economy exponentially from $4.4bn to $30bn.

On this therefore, the Enugu State Government and the Commonwealth Enterprise and Investment Council, CWEIC, on Thursday, signed a strategic partnership agreement that would accelerate trade and investment inflow to the state.

This was even as Governor Peter Mbah of Enugu State was named a co-chair of the Governors Roundtable at the 2025 edition of Commonwealth Trade and Investment Summit coming up in London in April.

CWEIC is a commercial, not-for-profit membership organisation, which has the official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 56 Commonwealth member nations, using its convening power and trusted network of the Commonwealth.

Speaking during the partnership signing ceremony at the Government House, Enugu, the leader of the delegation and Chief Executive Officer (CEO) of CWEIC, Mrs. Rosie Glazebrook, expressed the organisation’s eagerness to support the investment drive of the Governor Mbah administration.

“We are delighted to sign the strategic partnership with the Governor. We work primarily with the private sector, businesses. Our organisation is there to drive trade and investment. We do this with very excellent convening power. We will bring this to bear in our partnership with Enugu State.

“Our organisation is there to support and collaborate to really showcase anything that Enugu is ready to offer in investment and trade. Our organisation’s aim is to look out for how we can bring down barriers to trade and to encourage investment.

“Our strategic partnership with the Government of Enugu State is really important to us, and we are there to be extremely active and really make sure that we use all of our network and our convening power to the absolute benefit of the state,” he stated.

Mrs. Glazebrook, who was also accompanied by other CWEIC officers and partners, including CWEIC Country Director for Nigeria, Mr. Obinna Anyanwu; Novare South Africa representative, Mr. Ayotunde Adesulu; Regional Head for South South & South East, Emerging Africa Group, Mr. Collins Olise; and the Regional Director, South South/South East, Leadway Assurance, Mr. Ikponmwosa Iyamu, noted they many investment opportunities in the state, commending also the governor’s effort to de-risk investment.

“The opportunities here are many. Whether it is education, infrastructure, the new city, the light railway. These are all of great interest to many of our partners,” he stated.

She described Governors Roundtable as a centerpiece of the forthcoming 2025 Commonwealth Trade and Investment Summit in London that would bring together business leaders and top government officials from the 56 commonwealth nations and thanked Mbah for accepting the invitation to co-chair the session.

“We are looking forward to a Commonwealth Trade and Investment Summit which happens annually in London and the governor has received the invitation to lead the Governors Roundtable to showcase some of the amazing opportunities that exist in Enugu,” she said.

“We know that we cannot wish that growth into existence. Instead, we need to take steps. We have to do things deliberately and we have to be very intentional; which is why we see the partnership with the Commonwealth Enterprise and Investment Council as quite strategic.

“The value of this strategic partnership cannot be lost on us because we see it as a platform that will enable us to tap in. We have over 140 private sector partners. Whether it is partnership between government and business or between government and government, we see you as that channel that would give us access.

“So, we are truly looking forward to the opportunities that this partnership brings. I have received your invitation and I can tell you that it is truly an honor to be able to participate in your Investment Summit next year and to co-chair your Governors Roundtable,” he said.

Mbah emphasised that his administration’s huge investments in infrastructure, security, education, including the completion of the Enugu International Conference Centre among others.

In addition the governor pointed also the ongoing construction of the adjourning Five-Star Hotel, revamping of moribund state assets, and the imminent launch of Enugu Air were all geared towards catalysing trade, investment, tourism, exponential economic growth in the state.

9News Nigeria

9News Nigeria

The President of Germany Vielen Dank, Bundespräsident Frank-Walter Steinmeier has arrived Nigeria Wednesday for a one day working visit with the government.

Welcoming President Frank-Walter Steinmeier of Germany to the Presidential Villa on his State Visit to Nigeria, President Ahmed Bola Tinubu GCFR expressed honour to have the august visitor in the country.

The visit is targeted at engaging on bilateral discussions and solidification of business ties between the two countries as 9News Nigeria reports.

However, the business forum that took place during this visit offered a valuable opportunity to further strengthen and expand the critical partnership between Nigeria and Germany while looking towards establishing some future business expansion and development in Nigeria.

President Tinubu gave the German President assurance that Nigeria have a solid foundation based on a rich history of collaboration in important sectors such as energy, agriculture, education, development, technology, and renewables.

Bundespräsident Frank-Walter Steinmeier had a good stay at the state house in Abuja after technical engagement with the Nigerian experts in the bilateral policies of government aimed at giving Nigeria a free hub of economical advancement with the German government.

Recall that Renewed Hope administration under President Ahmed Bola Tinubu is keen on economic recovery and developmental advancement which has endeared him wide policy assimilation with business developed countries and the international organizations to preserve our green economy.

-Princely Onyenwe reporting

9News Nigeria

9News Nigeria

The Federal House of Representatives has taken steps to enforce verifiable documentation for Point of Sale (POS) operators and fund recipients across the country.

The motion, brought forward on Wednesday, November 27, 2024, by Hon. Chike Okafor, the representative of Okigwe South Federal Constituency in Imo State, seeks to combat the rising wave of fraudulent activities associated with POS transactions.

During the session, Hon. Okafor highlighted the vulnerabilities of undocumented POS operations, which he identified as channels for crimes such as identity theft, money laundering, and unauthorized financial dealings.

“Undocumented POS transactions have become a growing threat, providing an avenue for criminal activities to flourish.

“Mandating identity verification and documentation for all POS users is a necessary step to reduce fraud and bolster financial security in Nigeria.” Okafor stated.

According to the lawmaker, enforcing proper documentation would not only enhance accountability among operators but also enable law enforcement agencies to trace and prosecute offenders effectively.

“This motion is about protecting Nigerians and building confidence in the cashless financial system, which is key to our economic growth.” He said.

Hon. Okafor emphasized that the proposed measure aligns with the federal government’s drive to foster a cashless economy, ensuring that digital financial platforms are secure and reliable for all Nigerians.

The House is expected to deliberate further on the motion in subsequent sittings, signaling a commitment to tackling financial crimes and enhancing the trustworthiness of electronic payment systems.

9News Nigeria

9News Nigeria

Stanbic IBTC Bank Partners with FinDev Canada to Boost Sustainable and Gender-Inclusive Finance in Nigeria

In a significant move to enhance access to sustainable finance in Nigeria, Stanbic IBTC Bank has secured a loan of up to US$40 million from Canada’s Development Finance Institution, FinDev Canada. This financial backing, aimed at fostering long-term collaboration across Sub-Saharan Africa, is set to strengthen Stanbic IBTC Bank’s efforts in supporting sustainability-related initiatives in key sectors of the Nigerian economy.

The loan from FinDev Canada will be directed towards critical areas such as agribusiness, health, education, affordable housing, and sustainable infrastructure, promoting broader economic development in Nigeria. Additionally, it will enhance access to finance for micro, small, and medium-sized enterprises (MSMEs) and further climate change mitigation and adaptation efforts. Importantly, at least 30% of the funds are allocated to women-owned or women-led enterprises, addressing the persistent gender financing gap in the region.

Nigeria’s economy heavily relies on MSMEs, which contribute to 96% of the country’s businesses and provide 84% of employment. Although 41% of micro-enterprises are owned by women, many of these businesses remain underbanked due to limited access to finance. This partnership between FinDev Canada and Stanbic IBTC Bank, the seventh-largest bank in Nigeria by assets, offers a pathway to reaching underserved segments of the Nigerian economy.

Lori Kerr, CEO of FinDev Canada, expressed her pride in supporting Nigeria’s development through private sector engagement. “Market development is a top priority for FinDev Canada, and this partnership with Stanbic IBTC Bank presents a valuable opportunity to expand access to capital for key sectors in Nigeria. It contributes to stronger markets and improves livelihoods, particularly for women. We look forward to deepening our impact in Sub-Saharan Africa through this partnership.”

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, emphasized the transformative nature of the partnership. “This financing enables us to lead the charge for sustainable and gender-inclusive financing. Our commitment to empowering women and advancing sustainable initiatives goes beyond financial gains—it is about creating a future where prosperity is inclusive, and social impact is at the heart of every investment. This partnership with FinDev Canada lays the foundation for a future where financial strength and social progress are intertwined.”

This transaction aligns with FinDev Canada’s long-term development goals and the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work and Economic Growth), SDG 5 (Gender Equality), and SDG 13 (Climate Action). Additionally, it qualifies for the 2X Challenge, an initiative aimed at increasing capital for investments that empower women in developing countries through entrepreneurship, leadership opportunities, and access to quality jobs.

Through this collaboration, both Stanbic IBTC Bank and FinDev Canada are poised to make a lasting impact on Nigeria’s economy, fostering inclusive growth, gender equality, and sustainable development.

9News Nigeria/NAN

9News Nigeria

9News Nigeria

Nigerian Financial Institution, Zenith Bank has issued an apology for the recent disruptions experienced across its electronic banking channels. 

In a statement released on Thursday, the bank explained that the glitches were the result of routine information technology maintenance aimed at enhancing service delivery.

The bank, however emphasized that the upgrades are critical to optimizing performance and ensuring uninterrupted access to its services. 

Zenith Bank reaffirmed its commitment to maintaining 100% uptime, stating that it takes this responsibility “very personally” and has invested significant resources to achieve seamless service availability.

The bank expressed regret for any inconvenience, reassuring its clientele that the improvements being made are intended to provide a higher level of service in the future.

The statement reads in part:

“Dear Valued Customer,

“We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide.”

9News Nigeria

9News Nigeria

Ahmed Ali Ahmed, Borno State Commissioner of Finance and Economic Development has passed away.

The news of his death was confirmed on social media platforms on Monday morning, although details surrounding his passing are still unclear.

As the news spread, residents of Borno State took to social media to express their condolences and pay tribute to the late commissioner.

Many offered prayers and well-wishes, seeking forgiveness and mercy for him.

However, the time for his funeral prayer has not been announced at the time of filling this report.

9News Nigeria

9News Nigeria

Current Naira Exchange Rates As of today, the official exchange rate of the Nigerian Naira (NGN) against the US Dollar (USD) is approximately NGN 1,530 per USD. On the black market, the rate is significantly higher, hovering around NGN 1,580 per USD. These rates reflect the ongoing volatility and disparities between official and unofficial currency markets in Nigeria.

Factors Influencing the Naira Exchange Rate Several key factors are influencing the Naira’s exchange rate. Firstly, Nigeria’s economic policies, including recent shifts under President Bola Tinubu’s administration towards inflation targeting and a more flexible exchange rate regime, are crucial. While these policies aim to stabilize the currency, initial implementation phases have faced criticism for lack of depth, leaving the Naira vulnerable to depreciation and inflation​ (CoinCodex)​​ (Nairametrics)​.

Secondly, global oil prices play a significant role. As an oil-dependent economy, fluctuations in oil prices directly impact Nigeria’s foreign exchange earnings and reserves. Despite high global oil prices, domestic production challenges and longstanding US dollar demand backlogs continue to exert downward pressure on the Naira​ (The future of trading)​.

What to Expect for the Naira Exchange Rate In the coming week, experts predict a mixed outlook for the Naira. Short-term forecasts suggest slight fluctuations with the exchange rate expected to range between NGN 1,515 and NGN 1,620 per USD​ (CoinCodex)​. However, a more stable and possibly stronger Naira could be seen if recent policy adjustments by the Central Bank of Nigeria (CBN) are firmly implemented and foreign inflows increase​ (Nairametrics)​.

Expert Analysis Analysts from Goldman Sachs have noted that the Naira looks undervalued on a Real Effective Exchange Rate (REER) basis and predict an appreciation to NGN 1,200 per USD within the next 12 months. This optimistic outlook hinges on continued policy reforms and successful management of Nigeria’s external liquidity and currency crises​ (Nairametrics)​.

Conversely, other experts, including those at Capital.com, maintain a bearish stance, expecting sustained downward pressure on the Naira due to factors like dwindling foreign exchange reserves, high inflation, and persistent US dollar demand​ (The future of trading)​.

Prediction: The Naira is expected to experience minor fluctuations in the short term with potential for appreciation in the long term if economic policies are effectively enforced and external economic conditions improve. As always, these predictions are subject to change based on new economic developments and global market dynamics. Investors and stakeholders are advised to stay updated on policy changes and market trends.

9News Nigeria (Business )

9News Nigeria

9News Nigeria

The exchange rate between the Nigerian Naira and the US Dollar is a critical economic indicator that reflects the health of Nigeria’s economy. Predicting the volatility of the Naira can be a complex task, given the myriad of factors that affect currency values, including economic trends, political stability, and global market dynamics. In this article, we will delve into the key aspects that influence the Naira’s exchange rate and explore how to anticipate its fluctuations against the Dollar.

Economic Indicators and the Exchange Rate

To understand the exchange rate’s potential volatility, one must keep a keen eye on economic indicators. Nigeria’s GDP growth, inflation rate, and balance of trade are significant factors that can sway the value of the Naira. A robust GDP growth can strengthen the Naira, while high inflation may lead to devaluation. Similarly, a favorable balance of trade, where exports exceed imports, can bolster the Naira’s position against the Dollar.

Inflation and Purchasing Power

Inflation erodes purchasing power and can lead to a weaker Naira. As prices for goods and services rise, the amount of goods that can be purchased with the same amount of Naira decreases. This often prompts investors and the market at large to lose confidence in the currency, subsequently affecting its exchange rate.

Balance of Trade and Foreign Investment

A positive balance of trade, characterized by higher exports than imports, can lead to an influx of foreign currency, strengthening the Naira. Conversely, a negative balance can weaken it. Foreign investment plays a similar role; when Nigeria attracts foreign investors, demand for the Naira increases, potentially stabilizing or increasing its value.

Political Stability and Policy Decisions

Political stability is paramount for a stable currency. Uncertainty and unrest can lead to a loss of investor confidence and capital flight, causing the Naira to falter. Additionally, government policies regarding foreign exchange controls and monetary policy significantly impact the Naira’s strength. For example, policies that limit foreign currency access can lead to a parallel market, influencing the official exchange rate.

Central Bank Interventions

The Central Bank of Nigeria (CBN) plays a crucial role in managing the Naira’s value. Through interventions such as adjusting interest rates or direct market participation, the CBN can influence the Naira’s exchange rate. Monitoring the Central Bank’s actions can provide insights into the future movement of the Naira.

Global Market Dynamics

The Naira does not operate in isolation. Global economic trends, commodity prices (particularly oil, a major export of Nigeria), and the US economy’s performance can all have a ripple effect on the Naira’s value. For instance, a strong US economy typically strengthens the Dollar, which can lead to a weaker Naira.

The Impact of Oil Prices

Nigeria’s reliance on oil exports means that fluctuations in oil prices can have a direct impact on the Naira’s strength. An increase in oil prices can lead to a stronger Naira, while a decrease can have the opposite effect.

Conclusion

Predicting the Naira’s exchange rate volatility against the US Dollar requires a multifaceted approach that considers economic indicators, political stability, and global market trends. By staying informed on these fronts, one can better navigate the complexities of currency fluctuations and make more educated financial decisions.

For more insights on economic trends and exchange rate predictions, stay tuned to our financial analysis and updates.

Original text:

The article “The Naira’s Future: Predicting Continued Volatility Against the US Dollar” discusses the future outlook for the Naira’s exchange rate against the US Dollar, highlighting the potential for continued volatility. It likely delves into factors influencing this volatility and offers predictions on how the exchange rate may fluctuate in the future.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

Tinubu’s Economic Reforms Propel Naira to Remarkable 7.2% Surge Against the US Dollar

In a stunning turn of events, the Nigerian currency, the Naira, has defied expectations and surged by an impressive 7.2% against the US Dollar at the official market, thanks to the implementation of economic and monetary policies under the leadership of President Bola Tinubu. This remarkable achievement has surpassed the predictions of some skeptics who anticipated a steep decline, with projections suggesting that the Naira could reach an alarming exchange rate of 2,000 Naira to 1 USD by the end of 2024.

At the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, data reveals that the Naira traded at an encouraging rate of N1,142.38 to the dollar on Friday. This demonstrates a significant gain of N88.23, marking a remarkable 7.16% increase compared to the previous trading date on Monday, April 8, when the exchange rate stood at N1,230.61 to a dollar before the Sallah holiday.

The positive trend is further reflected in the surge of the total daily turnover, which skyrocketed to $281.34 million on Friday, a substantial rise from the $125.55 million recorded on Monday, according to the News Agency of Nigeria. Even at the Investor’s and Exporter’s window, the Naira exhibited strength, trading between N1,265 and N1,100 against the dollar.

Economic experts have been effusive in their praise for the prudent fiscal and monetary policies implemented by President Bola Tinubu’s administration, which have played a pivotal role in the steady appreciation of the Naira. The Central Bank of Nigeria (CBN), in its policy meetings held in February and March, raised interest rates by a total of 600 basis points. This proactive measure effectively addressed dollar scarcity, reduced market volatility, and lessened reliance on parallel markets.

The impressive gains made by the Naira against the US Dollar are a testament to the effectiveness of Tinubu’s economic reforms. The resilience of the Nigerian currency is instilling confidence in the economy, bolstering investor sentiment, and positioning Nigeria as an attractive destination for foreign investments. As these policies continue to demonstrate their strength, Nigeria’s prospects for sustained economic growth and stability are becoming increasingly promising.

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

9News Nigeria

9News Nigeria

If you’re reading this, then you are one of the millions of people curious and googling about this trending question.

Facts about making 60 trillion dollars in three hours

Acquiring 60 trillion dollars in just three hours is an extremely unrealistic and practically impossible scenario. It would require unprecedented financial resources and access to wealth that is far beyond what any individual or even most countries possess. Furthermore, attempting to accumulate such an enormous sum of money in such a short time span through illegal or unethical means would be highly illegal and could lead to severe legal consequences.

It’s important to approach financial goals in a realistic and lawful manner. Building wealth typically involves long-term planning, investing, and developing valuable skills or assets. It’s advisable to seek legitimate opportunities, such as entrepreneurship, investing in the stock market, or building a successful business, to accumulate wealth over time.

Remember, it’s crucial to prioritize ethical practices and abide by the laws and regulations governing financial transactions in your jurisdiction.

Certainly! Building wealth and pursuing financial success is a multifaceted and complex topic. Here are some key points to consider:

1. Setting Financial Goals: Define your long-term and short-term financial goals. This could include saving for retirement, purchasing a home, starting a business, or funding your children’s education. Clearly defining your objectives will help you create a plan to achieve them.
2. Budgeting and Saving: Develop a budget to track your income and expenses. This will help you understand your cash flow and identify areas where you can cut costs and save more money. Consistently saving a portion of your income is crucial for building wealth over time.
3. Investing: Investing is an effective way to grow your wealth over the long term. Consider various investment options such as stocks, bonds, mutual funds, real estate, or even starting your own business. However, it’s important to conduct thorough research and seek professional advice before making any investment decisions.
4. Acquiring Financial Knowledge: Educate yourself about personal finance, investing, and money management. There are numerous books, online resources, and courses available to help you improve your financial literacy. Understanding basic concepts like compound interest, diversification, and risk management can greatly benefit your financial decision-making.
5. Entrepreneurship: Starting your own business can be a path to financial success. However, it requires careful planning, market research, and a willingness to take calculated risks. Entrepreneurship can provide a platform for wealth creation, but it also involves hard work, dedication, and perseverance.
6. Seek Professional Advice: Consult with financial advisors, accountants, or investment professionals who can provide expert guidance tailored to your specific financial situation. They can help you develop strategies, manage your investments, and navigate complex financial matters.

Remember that building wealth is a gradual process that requires discipline, patience, and a long-term perspective. It’s important to avoid get-rich-quick schemes or illegal activities that promise unrealistic returns. Instead, focus on sustainable wealth-building practices and make informed financial decisions.

9News Nigeria

9News Nigeria

Let us begin with the profound words of Chief Obafemi Jeremiah Oyeniyi Awolowo, a Nigerian nationalist and statesman who played a key role in Nigeria’s independence movement (1957–1960). Awolowo, in his book, “Voice of Courage” Awo, remarked as follows: Africa’s Dependence on Former Colonial Masters “Today, Africa is a continent of COMPETING BEGGAR-NATIONs.

“We vie with one another for favors from our former colonial masters; and we deliberately fall over one another to invite neo- colonialists to come over to our different territories to preside over our economic fortunes…Unless a beggar resolutely shakes off and irrevocably turns his back on, his begging habit, he will forever remain a beggar. For, the more he begs, the more he develops the beggar characteristics of lack of initiative, courage, drive and self-reliance.”

Similarly, George Pratt Shultz, an American politician, economist, statesman, and businessman. He served as the United States Secretary of Labor from 1969 to 1970, as the U.S. Secretary of the Treasury from 1972 to 1974, and as the U.S. Secretary of State from 1982 to 1989. Shultz remarkable posited: “The price of freedom is eternal vigilance and a willingness to act in its defense.” In my humble opinion, eternal vigilance is not only the price of liberty; eternal vigilance is the price of human decency.

A characteristic feature of Nigeria’s post-independence economic/industrial policy was deregulation and the monetary policy in our beloved country Nigeria. I will be very frank: it has been a very distressing period for us as a nation, under a different constitution. Thus, we have now lived over six decades of nationhood without clear direction. IMF/World interference, sharp practices, compromises, and unethical practices in the banking sector have been having negative multiplier effects on the cost and standard of living of Nigerians.

To be honest, our Constitution and Monetary policies have become a doubtful experiment, and at the end of over half a century, we find that it has not been able to preserve the liberties of the people, secure the rights of property, and that our country has not improved and is yet flourishing beyond any former example in the history of nations. In our domestic concerns, there is everything to discourage us, and if we are true to ourselves there are so many impediments on our march to the highest point of national prosperity.

Furthermore, the current crisis of deregulation in Nigeria is generated by the pervasive impact of yesterday’s Recklessness and Profligacy. For example, the sums of $43.4m, 27,700 British pounds ($36,000), and 23.2 million naira ($74,000) were found by the Economic and Financial Crimes Commission (EFCC) at a private residence in Lagos. Sadly, like many others, it may have been swept under the carpet as they say in the local parlance.

Additionally, in response to allegations by the current governor of Edo State Godwin Obaseki that money was being printed indiscriminately under former president Buhari. The former Minister of Finance, Budget and National Planning, Zainab Ahmed had dismissed the claim by Obaseki as false. Zainab Ahmed said no money was printed for sharing. Whereas the former CBN Governor Godwin Emefiele contradicted the minister. However, Gov. Godwin Obaseki reiterated his position, asking the Nigerian government to end the current monetary rascality and stop playing the ostrich.

Let me, therefore, continue with the position canvased, some three decades ago by no less a personality than Bashorun Moshood Kashimawo Olawale Abiola (MKO), the President whose mandate was truncated by reactionary forces. MKO profoundly posited: “…every effort have been made in the past to shave people’s heads in their absence; the commutative wisdom of all the bankers would have seen us out of the trouble.

Some people came from the IMF and World Bank; what do they know about Nigeria? You see…the most brilliant doctor in Norway may not have seen MALARIA before. Therefore, imposing such will be tantamount to sending our people to their early graves. You see…we will rely on Nigerians to keep things running, not those who will be imposed on us by foreign authorities. We are an independent entity under God, ain’t we”?

At this point, permit me to share with you one of the feedbacks from my recent article “A CORRUPT NATION IN DEPRESSION”

Richard, g’day. “This is a good article. I would like to add that ours is not a country with leaders – instead, we have RUINERS of various generations. They are made up in the form of a hydra with five legs: political, religious, Civil (evil) servants, 99% of so-called businessmen/women, and judicial imposters (law careerists of all categories).”

“I do not like comparing Nigeria with America or any other industrialized countries on earth as it amounts to false and erroneous pursuits. You can only give relief to your people if you have the funds to do so. Welfarism requires money to implement and where your country is in the “valley of death” money-wise, you have no way out or the capacity to provide hand-outs to any masses.”

“If I get it right, we service our debt with over 80% of our GDP, how do you provide for a people that produce practically, nothing of much value and breed like a rabbit? We are in a deep-rooted mess, and no government can quickly resolve this matter.”

“This is why I produced a simple economic model that is based on the Malaysian Mahattir Mohammed’s model. You cannot use the established Western economic models – our past and current governments have continued our enslavement using the IMF/WB models, and the approach would not work. Please, look at my model again as I am convinced that it is this model or its tactful variation that could pull us out of the current mess! My regards.”

These are the profound word, eruditely posited by Prof Kunle Oloyede, the first African professor of medical Engineering.

Likewise Steve Biko’s Black Theology of Liberation from the Perspective of Ubuntu – “If one is free at heart, no man-made chains can bind one to servitude”.

Conclusively, I should note, at this point, that Nigerians were treated to a comical show of ignominy when it came to light that some criminals inside Emefiele’s CBN forged the signature of ex-President Muhammadu Buhari to steal $ 6.3 Million. It was more comical when “Big Masquerade” Boss Mustapha, former secretary to the government of the federation (SGF), said the recipient of the $6,230,000 from the Central Bank of Nigeria (CBN) is not a staff of the SGF office. What a country, what a system! Who does that? Where would you forge the signature of Vladimir Putin in Russia and still be walking on Mother Earth?

Characteristically, in the pitfalls of unbridled self-promotions; Godwin Emefiele and Zainab Ahmed, former finance minister, had jointly signed a statement advising the then President Muhammadu Buhari to restructure the Ways and Means of N23.71 trillion “a different figure presented to the National Assembly on the same date”. On the contrary, Buhari presented N22.7 trillion to the National Assembly in December 2022. This shows conflicting figures within the same system. Hence, this is part of the Ways and Means of fraud in the banking sector under a government that prides itself on “Anti CORRUPTION”.

Richard Odusanya
odusanyagold@gmail.com

9News Nigeria

9News Nigeria

Minister of Finance Economy, Wale Edun

The West and Central Africa Ministers of Finance met on Thursday, to discuss how to attain sustainable growth and development.

Briefing reporters after the meeting which took place with the World Bank Group in Abuja, Nigeria’s Minister of Finance Economy, Wale Edun, said the meeting also discussed major projects financing through concessional funding for the West and Central African countries and the poor countries in general.

Edun said; “This is focusing on the International Development Association (IDA). We are here to discuss the funding of electricity access, social safety needs, digitisation and the general issues that affect poor countries,” he added.

Similarly, the World Bank Managing Director of Operations, Mrs Anna Bjerde, while briefing reporters said the ministers also talked about the challenge of energy access.

“Energy access is an excellent example of what can be accomplished. It is also an issue that African leaders have prioritised since 2000, and access to energy has more than doubled across Africa.

“Despite significant investment and progress at the current pace, close to 600 million Africans are likely to remain without electricity by 2030, with two thirds of those living in countries currently classified as protected” she added.

9News Nigeria

9News Nigeria

After subjecting Nigerians to an unnecessary hardship months ago, the Central Bank of Nigeria (CBN) has declared that all Naira notes issued by it remain legal tender.

The Central Bank of Nigeria (CBN) announced that all Naira notes issued by them are still legal tender, despite reports of a shortage of cash in some major cities.

The Director of the CBN’s Corporate Communications Department, Isa AbdulMumim clarified a press statement made available to 9News Nigeria on Wednesday.

Isa AbdulMumim clarified that there are sufficient cash stocks in all locations across the country and urged the public to accept all CBN-issued banknotes currently in circulation.

He also advised the public to embrace alternative modes of payment to reduce pressure on the use of physical cash.

Director AbdulMumim’s clarification was against the backdrop of a reported scarcity of Naira notes across some major cities in the country.

9News Nigeria reports that the CBN has directed all branches to continue issuing different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers.

According to AbdulMumim, there are sufficient cash stocks in all locations across the country.

“Our attention has been drawn to reports of scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.

“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

“For the avoidance of doubt, we reiterate that there are sufficient banknotes across the country for all normal economic activity.

“We wish to state unambiguously that every banknote issued by the CBN remains legal tender and should not be rejected by anyone, as stipulated in the CBN Act,” he said.

Abdulmumim urged the Nigerian public to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

He also advised members of the public to continue to embrace alternative modes of payment to reduce pressure on the use of physical cash.

“We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.

“Furthermore, to reduce the pressure on the use of physical cash, Members of the public are again advised to continue to embrace alternative modes of payment,” he said.

Recall that the CBN, under the leadership of its embattled former governor, Godwin Emefiele, announced the introduction of the redesign of N200, N500 and N1,000 banknotes in October 2022.

Emefiele had said the banknotes were redesigned due to a request from the President Muhammadu Buhari-led Federal Government.

He explained that the Naira redesign policy would enable the CBN to take control of the currency in circulation, manage inflation, combat counterfeiting, and ransom payment

However, in March, due to the hardship that the policy brought on Nigerians, the Supreme Court declared that the policy breached the fundamental rights of the citizens in various ways.

The apex court also nullified the policy, declaring it as an affront to the 1999 Constitution.

President Bola Tinubu, however, extended the deadline for the legal tender status of the old Naira notes to Dec. 31.

9News Nigeria / NAN

9News Nigeria

9News Nigeria

By Lydia Ngwakwe

FirstBank of Nigeria Ltd. has launched the Win Big promo to reward and delight its valued customers.

The Group Head, Marketing and Corporate Communications, FirstBank, Mrs Folake Ani-Mumuney, said this in a statement on Wednesday in Lagos.

The statement said that the bank was thrilled to launch the Win Big promo in appreciation of the patronage, trust and loyalty the bank customers have shown over the years.

“The exciting modalities of the promo reflect our commitment to enhancing the banking experience of our customers across any or all of our digital banking services.

“This is the season when FirstBank provides opportunities and platforms for the yearly memorable homecoming experience from across the world.

“The promo is an enabling opportunity for customers, their friends, and families to have exciting, fun-filled, memorable experiences.

“We encourage our customers to seize this opportunity and participate actively,’’ it said.

The four-month promo, which started Oct. 23, 2023, will run through Feb.23, 2024 and would reward several new and existing customers of the bank with a total cash reward of N170 million.

The statement said that at the end of the four-month promo, 1,240 new and existing customers would have been rewarded with N100,000 each, as each month would have 310 new and existing customers winning N100,000.

“Up to 40,000 customers who reactivate their dormant account stand a chance to win free airtime as 10,000 customers will be rewarded with free airtime monthly for reactivating their dormant account.

“Six customers will emerge lucky winners of one million each in the grand finale draw. The promo is open to new and existing savings and current account customers.

“To open a FirstBank account, dial USSD code 8940# and follow the prompt or visit the Bank’s website and click on “Open Account”. You can also visit any FirstBank branch near you to open an account,’’ it said.

To qualify for the N100,000 monthly draw, customers will have to deposit and maintain a minimum amount of five million in their account monthly and transact a minimum of five times transactions on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions.

Customers who are eligible to win one million naira must have a deposit of N50,000 monthly for four consecutive months or maintain a minimum deposit of N200,000 for four months and transact a minimum of five times on any of the Bank’s digital banking channels; to qualify for the grand finale draw.

The statement said that customers who reactivated their account(s) are also eligible to win.

“For reactivating their account, the first 10,000 customers to deposit N1,000 and transact on any of the Bank’s digital channels will be rewarded with free airtime.

“Customers who reactivate their dormant account could also qualify for the monthly draw when they deposit and maintain a minimum amount of N5,000 monthly and transact a minimum of five times on any of the Bank’s digital channels.

“They could also emerge winners of N1,000 in the grand finale draw if they meet the criteria. To reactivate the account, the customers will have to dial USSD code 8947# and follow the prompt to reactivate Tier 1 accounts or visit any nearest FirstBank branch for Tier 2 and 3 account reactivation.

Source: (NAN)

9News Nigeria

9News Nigeria

By Wisdom Nwedene

The Federal Government through the Federal Competition and Consumer Protection Commission has finally banned Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their respective apps – “Getloan” and “Camelloan”.

In addition, the Commission has entered an Order to Google Playstore and other payment and financial service providers, permanently prohibiting the provision of any services associated with digital lending to Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited.

This was made known in a statement made available to 9News Nigeria by Babatunde Irukera, Executive Vice Chairman/ Chief Executive Officer.

The Commission reiterates that this revocation and action are permanent without option or opportunity of reconsideration, and the same consequence shall apply to all other violators as the Commission discovers them. In addition, all the information and evidence available with respect to these businesses will be transferred to law enforcement agencies and or any other relevant regulator(s).

The Commission has also placed DMLs that have refused or failed to register under the Guidelines on its watchlist for strict surveillance and necessary action. The list of those DMLs will be made available on the Commission’s website.

The Commission will continue to scrutinise listed DMLs and periodically update the list to ensure only businesses that consistently and completely comply with the spirit and intention of the regulatory framework are allowed to do business legally in Nigeria.

As such, the Commission again advises consumers to exercise restraint and discretion in selecting DMLs, and specifically recommends that consumers patronise only DMLs on the Commission’s approved list to diminish, if not eliminate being victims of illegal and prohibited lending and recovery practices.

The Commission further advises consumers to consider only DMLs whose apps can be downloaded from Google’s Playstore, as only those have been subjected to regulatory scrutiny, and the technology associated with their apps precluded from accessing and downloading private information of consumers. All other DMLs are operating illegally.

The Commission and the JRETF continue assiduous efforts to track illegal operators using APK and other means to engage, and interact with consumers, and welcome credible evidence from the public.

9News Nigeria

9News Nigeria

Nigeria, the largest economy and most populous country in Africa, has faced significant challenges in recent years. There are several key factors that have contributed to the underperformance of the Nigerian economy, including political context, economic overview, development challenges, and recent macroeconomic and financial developments. However, amidst these challenges, there are also opportunities for growth and transformation. In this article, we will explore the future of the Nigerian economy, highlighting the challenges it faces and the potential solutions to position it on a path of sustained growth, transformation, and diversification.

Political Context

Nigeria is a multi-ethnic, multi-religious and culturally diverse federation of 36 autonomous states and the Federal Capital Territory. The political landscape is dominated by the ruling All Progressives Congress party (APC), which controls the executive arm of government and holds the majority of seats in both the Senate and House of Representatives. The high level of insecurity resulting from violent crimes and political unrest in different parts of the country has added to the challenges faced by the country.

The challenges are internationally perceived as serious threats that deprecate the trust of foreign investors and tourists.

The Boko Haram Islamic extremist group has continued causing havoc in Northern Nigeria; While Bandit groups have continued to carry out widespread killings, kidnappings, and looting across several states in Nigeria’s northwest region.

Armed robbery, kidnapping and ritual killings in the West and other parts of southern Nigeria have been rhetorically tackled with reckless abandon.

The insecurity and fear caused by separatist agitation in the southeast is another core back-breaker to the economic growth prospect especially in the Southeast.

Economic Overview

High oil prices in recent years have not translated into economic stability for Nigeria. Macroeconomic stability has weakened, and the declining oil production, costly petrol subsidy, exchange rate distortions, and high inflation have all contributed to the deteriorating economic environment. This has led to an increase in poverty levels, regional inequality, and social and political unrest. The Nigerian economy is projected to grow at a modest rate in the coming years, driven by services, trade, and manufacturing.

Development Challenges

Nigeria faces significant development challenges that hinder its progress. The country’s human capital development ranks low compared to other nations, with high levels of poverty, inequality, and limited job opportunities. In addition, climate change and extreme weather events have had adverse effects on food production and nutrition. To address these challenges, critical macroeconomic and structural policy reforms are needed. These reforms should focus on eliminating petrol subsidies, adopting a market-responsive exchange rate, reducing inflation, increasing non-oil revenues, and addressing major constraints to productivity, such as infrastructure gaps and insecurity.

Recent Macroeconomic and Financial Developments

In recent years, Nigeria has experienced a slowdown in economic growth, primarily due to a decline in oil production, widespread flooding, and rising costs. The industry sector has been particularly affected, while services and agriculture have seen some growth. Inflation has reached a two-decade high, leading to an increase in the policy rate to curb rising prices. The country’s fiscal deficit has narrowed but remains financed by borrowing, resulting in a rise in public debt. Oil production, which is a significant source of government revenue, has declined, contributing to foreign exchange shortages.

Outlook and Risks

The outlook for the Nigerian economy remains subdued, with modest GDP growth and elevated inflation projected for the coming years. Efforts to shore up domestic food supply and contractionary monetary policy are expected to impact inflation rates. The planned removal of the petrol subsidy and increased revenue could narrow the fiscal deficit, but risks such as insecurity and social resistance to subsidy removal persist. Resolving the court challenge of the 2023 presidential election peacefully could boost investment and strengthen Nigeria’s democracy.

Climate Change Issues and Policy Options

Nigeria, with its abundant natural resources, has the potential for sustainable and inclusive green growth. Exploiting the country’s gas reserves and addressing gas flaring can support the transition to clean energy. Nigeria also has opportunities in the development of solid and critical minerals, such as lithium, which can drive green development and create green jobs. However, there is a need for a blueprint to attract green financing and investment. Nigeria requires significant climate finance to implement its Nationally Determined Contribution, with a focus on clean energy and other sectors.

Improving Ease of Doing Business

One critical lever for Nigeria’s economic growth is improving the ease of doing business. The country currently faces obstacles such as corrupt practices, inadequate infrastructure, trade barriers, and limited foreign exchange capacity. Addressing these issues will require reforms in customs regulation and policy, trade capacity building, and private sector support. Simplifying business regulations, streamlining customs processes, and attracting investments are vital for creating a favorable business environment.

Enhancing Labor Productivity

Enhancing labor productivity is another key aspect of Nigeria’s economic development. Currently, a large percentage of the workforce is employed in low-productivity sectors such as agriculture and non-tradable services. This limits income growth and poverty reduction. To address this, investments in vocational and technical training, skills development, and job creation are necessary. Upskilling young Nigerians, especially in digital skills, is crucial for embracing the potential of the tradable services sector and driving technological advancements.

Reducing Corruption Perception

Corruption has been a significant challenge to Nigeria’s economic development. To improve the overall level of corruption perception, strong transparent governance and anti-corruption measures are essential. Strengthening institutions, promoting transparency, and enforcing accountability can help combat corruption. Additionally, creating a policy environment that supports small businesses and provides access to market-driven vocational training can contribute to reducing corruption and promoting inclusive economic growth.

Conclusion

The future of the Nigerian economy is marked by both challenges and opportunities. Addressing issues such as political unrest, wanton crime, systemic corruption, economic instability, and development challenges requires a comprehensive approach that encompasses macroeconomic and structural reforms. Improving the ease of doing business, enhancing labor productivity, and reducing corruption perception are critical levers for Nigeria’s economic growth.

By implementing these measures, Nigeria can position itself for sustained growth, transformation, and diversification, ultimately achieving a high human development status and improving the lives of its people.

Disclaimer from 9News Nigeria Business Editorials: The information presented in this article is based on relevant sources and analysis. However, it is important to note that economic conditions and policies can change over time, and the future trajectory of the Nigerian economy may be subject to various factors and uncertainties.

By Mr Obinna Ejianya (9News Nigeria – Melbourne, Australia)

#9newsnigeria #economy #investment #NigerianEconomy #Nigeria

9News Nigeria

9News Nigeria

Here are the 17 companies licensed by CBN as mobile money operators in Nigeria

Key highlights
The CBN licensed 17 companies to provide mobile money services in Nigeria
Some of these service providers have been providing succor to Nigerians in recent times as banks’ digital transaction channels fail
There are also concerns among some customers about the genuineness of these mobile money operators/fintechs.

Following the recent glitches experienced by users of commercial banks’ mobile apps and other digital channels in the wake of the naira scarcity, many Nigerians have shifted to other financial services providers, especially fintechs like Opay, Palmpay, and Paga, for a better experience.

True to their expectations, fintechs, licensed as mobile money operators by the Central Bank of Nigeria (CBN), have been providing succour for Nigerians in this trying time of banking failures.

Aside from swift transfers, mobile money operators are also offering perks such as zero charges and daily rewards for customers.

However, these freebies have become a source of concern for some customers, who are unaware of the status of these financial service providers as far as CBN licensing is concerned. Since some of these offers are too good to be true, some customers fear that these branchless ‘banks’ might disappear with their money one day.

But the truth is that these neo-banks are duly licensed by the CBN. What this means is that they cannot just disappear, and the customers’ funds in their care are also safe. Deposits in these fintechs are also insured by the Nigeria Deposit Insurance Corporation (NDIC), just like the commercial banks.

For clarity, mobile money involves the use of mobile phones for the initiation, authorization, and confirmation of the transfer of a value out of a current/checking, savings, or stored value account. According to the CBN, there are currently 17 companies licensed as mobile money operators in Nigeria.

Abeg Technologies Limited: Abeg Technologies Limited, a division of Piggytech Global Limited, was issued a mobile money license by the CBN in 2022. The company has since changed its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp). The platform’s new name alludes to its expanded user-buying and selling capabilities via virtual “pocket stores” and supports its entry into a social commerce market.

Chams Mobile Limited: Chams Mobile Limited is licensed by the CBN to provide mobile money operations and agency banking services through KEGOW, its special mobile wallet that allows special savings, debit cards, and thrifts. The KEGOW wallet is also available for agents and businesses. Chams Mobile has evolved into a digital products and services company.

eTranzact International Limited: eTranzact is Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and cards. The company also owns a mobile money license, which allows it to provide financial services over mobile.

Fortis Mobile Money Limited: Fortis Mobile Money is licensed by the CBN to provide mobile payment services in Nigeria. With a vast knowledge of the bottom of the pyramid earned through a consistent working relationship with its sister bank – Fortis MFB, the company prides itself as a leader in the financial inclusion of the unbanked and other sectors of the economy.

Funds And Electronic Transfer (FETS) Limited: Incorporated in 2010, FETS Limited got its mobile money license from the CBN in 2011. The company provides a safe and easy-to-use web, mobile app, and agent platform, which enables the transfer of money from one point to another – person, business, and government.

Hedonmark Management Services Limited: Hedonmark is a total solution provider, proffering professional and reliable Back Office management solutions to small, medium, and corporate clients. The company is also among the 17 companies licensed as mobile money operators in Nigeria.

MKudi Nigeria Limited: MKudi was established in 2009 with the exclusive purpose of providing mobile money transfer services to the Nigerian public. MKudi allows both banked and unbanked personnel to send money via their mobile devices across Nigeria.

Nownow Digital Systems Limited: NowNow App, founded in 2018, provides a new way for people and merchants to bank using their smartphones. The company is licensed by the CBN as a mobile money operator, and it is building a mobile app that accommodates different styles, allowing users to send and receive money and pay bills fast.

Pagatech Limited: Paga, founded in early 2009 by Tayo Oviosu, aims to make it simple for one billion people to access and use money. The company is licensed by the CBN as a mobile money operator and is solving two major problems in the world by eliminating the use of cash for transactions and providing access to financial services. Its first market is Nigeria, where it now has over 20 million unique users.

Palmpay Limited: Palmpay is one of the popular fintechs used by Nigerians for financial services and is also a licensed mobile money operator by the CBN. The company launched its service in Nigeria and Ghana in 2019 and has since provided over 5,000,000 customers with convenient and affordable digital payments.

Parkway Projects Limited: Parkway Projects is licensed by the CBN as a mobile money operator as well as a payment service provider. The company has been providing transaction solutions to businesses and currently serves over 3,000 banks, government agencies, large corporates & SMEs across 30 African countries in multiple sectors of the economy.

Opay Digital Services Limited: OPay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services for every individual. The company is licensed by the CBN as a mobile money operator and boasts over 18 million registered app users and 500,000 agents in Nigeria who rely on its services to send and receive money, pay bills, and many more.

Teasy International Company Limited: Teasy International was incorporated in 2011 and was licensed by the Central Bank of Nigeria (CBN) in December 2012 as a Mobile Payments Operator. Teasy was granted commercial approval by the CBN in July 2013 and is authorized to carry out Agency Banking activities in Nigeria.

Visual ICT Limited: Visual ICT is a fast-growing fintech startup and a mobile financial services provider licensed by the CBN to provide mobile money services. The company provides a suite of mobile financial services not limited to mobile money services, agent networks, cash and electronic disbursements, payroll processing, e-wallet management solutions, airtime top-up, inter-bank transfers, bill payments, and financial solutions designed to suit the diverse needs of its clients and drive financial inclusion.

VTNetwork Limited: VTNetwork, which is doing business as VCASH, is a CBN-licensed mobile payment operator that also provides International Money Transfer (IMTO) services in Nigeria. The company allows users to transfer money locally and internationally with capabilities in 140 countries.

Xpress MTS Limited: Xpress MTS Limited, a subsidiary of Xpress Holdings Limited, was granted a mobile money operator license by the CBN in October last year. The license allows the company to leverage mobile technology to deliver financial services to Nigerians. The company is building an ecosystem to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere.

Kongapay Technologies Limited: KongaPay, a financial technology company and a subsidiary of Nigeria’s leading e-commerce group – Konga, is also a licensed mobile money operator in Nigeria. The company is committed to offering the most reliable and fastest payment service in the country while aiming to be the most preferred e-payment service provider in Africa.

Bottomline: Currently, these 17 companies hold licenses to offer mobile money services, and some of them possess additional licenses that enable them to provide other services in the payment system ecosystem. However, only a few of these licensed mobile money operators are currently offering financial services to promote financial inclusion in the country.

It is important to note that even though MTN MoMo, Airtel Smartcash, and similar companies offer financial services via mobile, they belong to a different license category known as “Super-Agent Authorization” as designated by the CBN.

9News Nigeria

9News Nigeria

“Based on this, should the CBN continue to maintain the gap, the official rate is likely to be devalued to about N500/$, while the parallel market rate depreciates to about N900/$ by the end of 2023 unless mitigating measures are taken.

”On the 2023 budget, it said the total revenue was estimated to be N10.49tn and total expenditure was approximately N21.83tn, thereby indicating a budget deficit of N11.34tn, a 39 per cent increase from the last budget’s deficit of N8.17tn.

Andersen, an independent tax and business advisory firm has said that the parallel rate of the naira may fall to N900 in 2023 from demand pressure if mitigating measures are not taken. The firm that has a worldwide presence through the member firms and collaborating firms of Andersen Global disclosed this in its report titled ‘Nigeria’s 2023 economic outlook’, which was presented by its partners in Lagos.The report read in part, “In 2022, the value of the naira was relatively more stable in the official market than in the parallel market thereby widening the premium between the two exchange rate windows.

This was due to the heightened demand pressure spurred by FX illiquidity. “FX excess demand pressure is expected to continue in 2023 fuelled by varying factors such as elevated global interest rates attracting portfolio investments away from Nigeria; a structurally import-dependent economy; currency speculations if the gap between official and parallel market rates are not closed; etc, which will make the naira to remain pressured in the foreign exchange windows.

According to the report, “The Director-General of the Debt Management Office stated that improvement in revenue generation serves as a solution to the increasing debt profile. Despite the increase in government income and expenditure altogether, the education and health sectors are still underfunded.

“The rising inflation rate and the impact of the Russia-Ukraine war on food and energy prices are factors likely to affect Nigeria’s 2023 budget performance.

”It noted that the financial services sector grew by 12.7 per cent in Q3, 2022. The sector had also been driven by several factors such as technology adoption, increasing population, increase in credit to the private sector, the rise of the fintech industry, competitive landscape and government reforms among others.

“Recent trends in the sector include a focus on digitisation and adoption of new and emerging technologies, currency redesign and cash withdrawal limits, bank and fintech partnerships, insurtech, etc,” the statement said.

9News Nigeria

9News Nigeria

CBN Debunks Plan To Shut Down Financial Transactions Over Elections The Central Bank of Nigeria has debunked the report that financial transaction will be shut down from Thursday, February 23 till Monday, February 27.

This was disclosed via CBN’s Instagram account on Wednesday saying, “Please be wary of fake news!” According to the circular CBN debunked, the transaction shutdown was to make sure politicians are unable to buy vote. The circular read, “CBN plans to shut down financial transaction from Thursday 23 of February till 27th of February. Go and stock your home.

“Anyhow you can get money between today and tomorrow, get and keep it, also whatever transfer you want to do, do it between today and tomorrow, information am hearing is that, as from Thursday, bank network will go off till Sunday or Monday, so that polititian will not be able to transfer money to anybody for vote, so buy enough food at home, do ur transfer now. Because the next five days will be difficult pls.

”Credit: Instagram | centralbankng

9News Nigeria

9News Nigeria

An old man who came out to work to pay for his rising house rent has been asked to go home and Rest The 80-year-old man had his rent raised by N184,000 and he had to come out to work to be able to pay for It However, luck smiled on him when some students decided to raise money for him and he finally went home with over 41.4 Million

Luck have smiled on an old man who came out to work to pay for his increased house rent.

The 80-year-old man, Mr James, came out to work as a janitor at a high school.

His house rent was increased by N184,000 and he could not cover the additional accommodation cost.

Students raise money for 80-year-old janitor Fortunately for him, two students named Marti and Banner brought the idea of raising money for him online.

The man named Mr James came out to work at 80 years of age. Photo credit: Instagram/@goodnews_movement and Bloomberg/Gettery Images.Source: UGC

9News Nigeria

9News Nigeria

• Some Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.
• This was contrary to the claim by the Central Bank of Nigeria that it did not instruct the banks to continue to collect the old notes from depositors.
• On Friday, The PUNCH reported that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.

The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.

The banking regulator stated,

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes. “For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

”When one of our correspondents visited Access Bank in Oregun, Lagos, the branch was attending to customers who had succeeded in filling the required form from the CBN portal, and collecting the old N500 and N1,000 from them.

The CBN had opened a portal on its website and mandated all those willing to return their old notes to fill a form and generate a reference code.

An official at the Access Bank branch explained to Sunday PUNCH, “We are only collecting deposits of the old notes from those who have filled the form and generated the code. If you don’t have a code, you cannot enter because you will not be attended to.

We have been open since 10am and will close by 2pm. ”When asked how many times a customer could come and deposit, he said, “You are required to bring all the deposits at once and it must not be more than N500,000.“If it is more than N500,000, you have to take it to the CBN and we can collect it only once from you because the deposit will be linked to your BVN.

”At Zenith Bank on Isaac John Street, Ikeja GRA, customers also came to deposit their old N500 and N1,000 notes before the bank closed by 2pm.

A security guard said, “If you don’t have a reference code, you cannot enter.

”He explained how to generate the reference code saying, “You have to go to the CBN website to register on the portal. Some people don’t know how to do it, but they have been going to cybercafés to generate the code. That is when you can deposit and it must not be more than N500,000.”

The GTBank at Olowoira in the Ojodu area of the state was also attending to depositors when one of our correspondents visited on Saturday.A security guard, who refused to disclose his identity because he was not authorised to speak on the matter, said,

“We have closed already, but some people are still inside the banking hall. We closed at 1pm and only those that had the code were allowed in.“Some people came but because they did not have the code, we did not allow them in because it is mandatory. Those who had the code before 1pm were allowed in and some of them are still inside now, but we have closed for today to those that are just coming.

”Some depositors seen outside, however, expressed disappointment over the confusing information by the CBN over the collection of the higher denominations.A man told Sunday PUNCH, “I have N480,000 that I want to deposit but I heard yesterday (Friday) that the CBN said it did not direct the banks to collect the notes, so I stayed at home.

“Later when someone called me that he was able to deposit the old notes, I rushed to the bank but was told that they had closed for the day.“This is unfair because the information did not circulate. People were just saying all sorts of things. It is not fair coming here now and I cannot even enter the bank.”

9News Nigeria

9News Nigeria

Protest has allegedly broken out in the Diobu and Mile 1 areas of Port Harcourt, Rivers state. According to the report, banks are being set on fire with people are out on the roads protesting the new naira redesign.

The pictures show banks being set on fire by angry protesters while weapon-wielding men are seen on the streets of the state protesting. Residents living in that area have been advised to stay indoors due to gun shots being heard.

MORE DETAILS COMING SOON

9News Nigeria

9News Nigeria

Access Bank Dual Transaction Service (DTS)
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Benefits

9News Nigeria

9News Nigeria

Two Public Interest lawyers, Ayodele Ademiluyi Esq. and Aare Oladotun Hassan Esq. have begun moves to file fundamental rights action against President Muhammadu Buhari’s administration over the crisis arising from the cash swap policy of the Central Bank of Nigeria.

The suit jointly signed by 11 lawyers and issued on Thursday is also seeking the removal of restriction of time for the exchange of old naira notes with new notes based on Section 20(3) of the Central Bank of Nigeria Act, 2017.

The suit jointly signed by 11 lawyers and issued on Thursday is also seeking the removal of restriction of time for the exchange of old naira notes with new notes based on Section 20(3) of the Central Bank of Nigeria Act, 2017. Joined to the action are the President of the Federal Republic of Nigeria; Attorney General of the Federation, Minister of Finance; Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele; Central Bank of Nigeria and the National Assembly as Respondents.

The suit, marked FHC/ABJ/CS/183/2023 is seeking enforcement of fundamental rights to life, freedom of movement, right to own moveable and immoveable properties which were brutally violated by the deadline set by the Respondents, jointly and severally for 31st January 2023. But at the time of filing this report, the matter has yet to be assigned.Part of the statement reads, “Where the questions are resolved in favour of the Applicants, the Applicants seek against the Respondents jointly and severally the following reliefs:

“A DECLARATION OF THIS HONOURABLE COURT that the deadline for exchange of old naira notes with new naira notes on 31st January, 2023 by the 6th Respondent, under the leadership of the 4th Respondent, occupied at the moment by the 5th Respondent, under the overall command of the 1st and 3rd Respondents without adequate and commensurate availability of the new naira notes by the 6th Respondent for vast majority of Nigerians including the Applicants, thereby restraining legal tender of the old naira notes for exchange of goods and services including food, fuel, groceries and other basic facilities for day-to-day survival, thereby subjecting vast majority of Nigerians, including the Applicants to unwarranted agony and human indignity is an infringement of the right of the Applicant to human indignity under Section 34 of the Constitution of the Federal Republic of Nigeria (1999 as amended).

”The suit is also seeking an order of the court “compelling the 6th Respondent to act in compliance with Section 22 of the Central Bank Of Nigeria Act (2007 As Amended) and Section 1 (3) of the Banks And Other Financial Institutions Act (2020) to allow the vast majority of Nigerians including the Applicants to redeem old naira notes with new naira notes beyond 10th day of February, 2023 and 17th February, 2023. “AN ORDER OF THIS HONOURABLE COURT restraining the 1st, 2nd 3rd, 4th, 5th and 6th Respondents jointly and severally from violating the right to life of the Applicants by setting deadline for exchange of old naira notes and restraint of legal tender of the old naira notes for exchange of goods and services with new naira notes on 10th February, 2023 and 17th February, 2023 any other such dates by the 6th Respondent, under the leadership of the 3rd Respondent, occupied at the moment by the 4th Respondent, under the overall command of the 1st Respondent.”

9News Nigeria

9News Nigeria

Elon Musk, the world’s second-richest billionaire, has experienced the largest wealth increase this year despite intense investor pressure to buy Tesla stock.

His net worth has increased by a whopping $45 billion between January and now.

With a net worth of $182 billion, Mr. Musk’s net worth is now close to that of Bernard Arnault ($187 billion) who is currently the world’s richest man.

Tesla’s share rise: The share price of the electric vehicle manufacturer has risen by 65% to $201.29 since January. Tesla’s increase in value, along with the overall market’s upward trend, came in with stronger-than-anticipated fourth-quarter earnings, and other events that the market saw as favorable portents of future performance.

Investors are placing a lot of money on the stock since data indicates that the company is doing well despite heightened geopolitical uncertainty. The company’s Q4 results, which were released on Jan. 25 by the company, served as the most favourable valuation trigger.

Tesla’s financial report: The EV manufacturer reported non-GAAP (adjusted) earnings per share of $1.19 on revenue of $24.32 billion, compared to the consensus analyst expectation of $1.13 on $24.16 billion in sales.

The stock received a new boost of positive momentum from the top and bottom-line beats, but there were other drivers of performance in the previous month

9News Nigeria

9News Nigeria

This came a day after several branches of GTBank, Unity Bank, Access Bank, Zenith Bank, Ecobank, UBA, FCMB and others were shut on Tuesday.In Ogun State, our correspondent visited two banks along the Alagbole-Akute axis.

As the naira scarcity persists, more banks have started shutting down their branches, according to findings by 9NEWSNIGERIA observed large queues still existed at the Automated Teller Machines of many commercial banks in Lagos, Ogun and Abuja and other parts of the country on Wednesday.

As the February 10 deadline for old N1000, N500 and N200 notes to stop being legal tender approaches, more Nigerians are getting frustrated due to the inability to access cash for their regular transactions.

This has further led to protests and attacks on banks, which have been condemned by the National Union of Banks, Insurance and Financial Institutions Employees.

This came amid a Supreme Court injunction asking the Central Bank of Nigeria not to implement the February 10 deadline.

Lagos More commercial banks’ branches in Lagos have joined the long list of banks that shut down operations on Wednesday following the scarcity of new and old notes in the country.

According to the findings by 9NEWSNIGERIA, the Fidelity Bank on Isaac John Street, Ikeja, was opened but customers were prevented from entering.

The ATMs on the bank premises did not work when our correspondent visited.Similarly, the First Bank on Isaac John Street, Ikeja, Lagos, was shut down.

Our correspondent reported that none of the ATMs was working during a visit on Wednesday afternoon.

Our correspondent reported a total shutdown of operations at the Zenith Bank located at Ajisafe Street, GRA, Ikeja. All the ATMs of the lending bank did not work.Also, the Access Bank at Abule Onigbajo Street, Lagos, was not operating while customers were barred from entering the lender.

A customer with Guaranty Trust Bank, Mr Anthony Ifeanyi, said he was stranded at the Anthony area of Lagos when he tried making a withdrawal from the bank there on Wednesday.

Upon visiting the Guaranty Trust Bank and EcoBank at the University of Lagos, our correspondent observed a long queue of several students both at the ATM machines and inside the bank awaiting the dispensation of naira notes. Getting inside the banking halls, the bank officials noted that they were still waiting for cash as well.

One of the officials said, “We have not cash yet.”

Ogun Banks

This came a day after several branches of GTBank, Unity Bank, Access Bank, Zenith Bank, Ecobank, UBA, FCMB and others were shut on Tuesday.

9News Nigeria

9News Nigeria

A man shot by the police during a protest in Abeokuta, the Ogun State capital over the scarcity of fuel and new naira notes is alive and responding well to treatment, SaharaReporters learnt on Wednesday.

The state governor, Dapo Abiodun visited the patient in the hospital where he is being treated on Wednesday, promising to foot his medical bills.

The state governor, Dapo Abiodun visited the patient in the hospital where he is being treated on Wednesday, promising to foot his medical bills. There was a protest at Odo Eran in the Obantoko area of Abeokuta on Tuesday following which trigger-happy policemen opened fire on a group of protesters.

One of the videos obtained by SaharaReporters shows as the bloodied victim who had just been shot held his right hand, staggered as he walked and fell inside a drainage.

Some onlookers present quickly rushed to him and helped him up. Videos also show how a police van drove roughly through the area and how lawless policemen shot into the air as the protesters scampered to safety. There was apprehension as several shops were deserted while the lawless policemen forcibly dispersed the protesters.

9NEWSNIGERIA earlier reported that some angry Nigerians also blocked the Benin-Ore Highway in Ondo State to register their displeasure over the scarcity of naira notes and fuel, which had been ravaging the nation for weeks.

The protest which caused gridlock made travellers plying the route to be stranded.

A cross-section of the protesters attributed their actions to the frustrations being faced in banks and filling stations. According to videos seen by SaharaReporters, the protesters also defied police presence as they marched on the highway.

9News Nigeria

9News Nigeria

A cabal’s is a group of people who are united in some close design, usually to promote their private views or interests in an ideology, a state, or another community, often by intrigue and usually unbeknown to those who are outside their group. One member of such a cabal was Isa Funtua, of blessed memory, an associate of President Muhammadu Buhari, who once boasted that is not a member of any cabal but a “cabal myself.”

By Richard Odusanya

Many Nigerians, prominent among whom is the First Lady, Aisha Buhari, have claimed that there is a ‘cabal,’ whose influence on the decisions taken by President Muhammadu Buhari and the presidency, is immense and significant.

Aisha Buhari, at several instances, had accused these people of controlling her husband at the expense of Nigerians, who entrusted Mr president with their mandate. Part of those routinely fingered as members of the cabal’s include the president’s relative, Mamman Daura and Tunde ……, nephew of the President and their associates in the corridors of power.

Interestingly, Nasir Ahmad El-Rufai, a Nigerian politician and the current Governor of Kaduna State has famously posited: “Unmasking them (cabals) is not as joyful as defeating them,” he said. “They will be unmasked in time.

We have defeated them when they wanted their people in the national working committee of the APC.

We have defeated them when they wanted their own anointed person to be the presidential candidate without due regard, due process or even respect for those of us who are governors, that put the party together, campaign for it and deliver the election twice.

No doubt, the outbursts and the excruciating pains occasioned by the over two month-long unmitigated scarcity has worsen the cost of living and affected businesses in Nigeria.

Many petrol stations sell as high as N500/litre against the official N185/litre pump price.

Sadly the current sabotage of the Naira notes swap and fuel scarcity that had caused untold hardship to millions of Nigerians across the country revealed the true character of many people with opportunistic tendencies; typically characterised by greed, self-centeredness and corrupt practices that contribute and cause discomfort to the nation.

firstly, it was Olusegun Obasanjo’s Do-or-die politics enveloped in a new year day letter titled, “My appeal to all Nigerians, particularly young Nigerians” In the poisonous letter, the former president endorsed the Labour Party’s Presidential Candidate, Peter Obi.

This is apart from the same elements “owners of Nigeria” hand in glove, the protagonists of Interim government.

Secondly, the interest of the so-called “Cabal” the power mongers in and around the corridors of power.

He further stated that the budget for the CBN to the BDC operators yearly was $5.2 billion dollars.

He said this move was taken so as to enable the CBN raise enough ForEx for PTAs, educational and medical purposes etc.” He then lamented, that; “while the CBN was still struggling to meet these obligations, the black market kept expanding.” Interesting times ahead.Simply put; Emefiele and his ‘Gang’ have been funding the black market through a back door channel, at the expense of the Nigerian economy.

The CBN dollar rate is 460, black market rate averaged 650 since 2021.

With this sustained arbitrariness, it is easy to make over N 1 trillion yearly. Hence, his refusal to float the Naira. At the current market rate of N750 to $1, the dollar is overpriced. If Emefiele had floated the Naira (which eliminates the black market), the Naira was going be lower than N750.” Why in the first place will a new government under the leadership of President Muhammadu Buhari, reappoint Godwin Emefiele engaged by previous government? An appointment in the core of policy making of the government.

This is apart from several infractions, moral issues and allegations by the Department of State Security (DSS) about Emefiele funding terrorism and the elements of IPOB.

I think it was politically suicidal in addition to risking of a mole from the opposition elements.In view of the foregoing, I reckoned with the saying that bad conducts must be discouraged.

It is instructive to note that as weighty as the allegations, coming from the government’s flagship intelligence agency are, President Buhari has continued to hold one-on-one meetings with Godwin Emefiele since December.

This is a real time exemplification of the term ‘

Alas, the world of mortal man is stranger than the most imaginative piece of fiction. Finally, I like to conclude this article that focuses on the subject of cabal, fuel scarcity and redesigned naira with a promise of HOPE. A renewed hope that was scuttled three decades ago by the same elements “Owners of Nigeria”

NIGERIA WILL BE PEACEFUL.

9News Nigeria

9News Nigeria

An eyewitness account said the customer died after futile attempts to withdraw cash from the bank but the police have dismissed the account, saying the customer was at the bank to collect his Automated Teller Machine card.

A yet-to-be-identified bank customer has slumped and died after spending hours at a generation bank in Agbor, Delta State, South-South Nigeria.

9NEWSNIGERIA gathered that incident happened on Thursday in the Ika South Local Government Area of the state.

Confirming the incident to SaharaReporters, the Police Public Relations Officer, PPRO, in the state, DSP Bright Edafe, said the deceased was in the bank to collect his ATM card.”He was not trying to withdraw cash, he came to collect his ATM card,” he said.

Read Also: Naira paucity: Gone So Soon, As Pregnant Woman Dies After Husband Could Not Get Cash To Pay Hospital Bills

Nigerians have decried the painful experience they endure in commercial banks to withdraw cash following the redesign of N200, N500 and N1000 banknotes by the Central Bank of Nigeria and the attendant scarcity.

Many banks and ATMs have not been dispensing cash – either old or new notes.Some frustrated bank customers including Point of Sale operators have lamented how they visited different banks but could not make withdrawals at the counter or from ATMs.

Meanwhile, some banks have been rationing cash dispensed to customers with some paying a maximum of N1,500 per customer.

9News Nigeria

9News Nigeria

“We will never forget your beauty and mature look. Go for we shall never see you again 😭😭😭”

As the deadline for the invalidation of the old ₦200, ₦500 and ₦1,000 notes is close by, Nigerians pour out their farewell messages as they mourn the unwarranted exit.

Following the announcement of the Central Bank of Nigeria (CBN) governor that the old notes will cease to be legal tender after a deadline of 31st January 2023, Nigerian netizens have shown deep emotion towards the imminent exit.

While some expressed that they will miss the old Naira notes due to their superior quality to the new ones, others blame the president for the change on the argument that it does not add any value to the Naira currency.

9News Nigeria Facebook page followers, reacting to a post on the deadline, poured out their comments as they will miss the old notes.

“I will never forget you, go well,” Yusuf Bitrus commented while Mr Akan Offongekpe commented, “It’s now we realise that we had a dollar equivalent in terms of superior design.”

Others who posted their comments as they bid the old notes farewell include:

Obioma Edwin – “The best of Nigerian currency so far among the currency ever had”

Faith Okagbare – “This our fine money we miss you”

Abisola Akinola – “You fought it but it was time. Life is turn-by-turn”

Friday Macaulay – “Nigerians will never forget Buhari and Emefele”

McBidex MC commented, “So painful 😭😭😭😭 We will miss u”

View more comments on the Facebook page https://m.facebook.com/story.php?story_fbid=pfbid02mAPsEzXFchr7emmerM213r5qz27T4ta4q6vfedDSqRrXevNSDde9GcEYoQyTAtJDl&id=239724326376914&mibextid=qC1gEa

The two chambers of the National Assembly, the Senate and the House of Representatives had in separate resolutions asked the CBN to extend the deadline till 31 July.

But the CBN governor, Emefiele and President Buhari reaffirmed that there won’t be an extension of the 31st January 2023 deadline issued for the invalidation of the old Naira notes.

The National Assembly demanded that the deadline be extended to July 31st citing that the new notes were not yet adequate in circulation and that Nigerians were in for chaotic times in a bid to beat the deadline.

In contrast to the view of the National Assembly, The CBN governor, Emefiele said that about ₦1.3 trillion to ₦1.5 trillion of the old currencies had been deposited with the CBN, expressing hope that about ₦2 trillion of the old notes will have been deposited by the end of this week.

While addressing journalists at the end of its first Monetary Policy Committee (MPC) meeting for the year, the CBN governor said there was no going back on the policy, appealing to those who still have the old notes to turn them in be- fore January 31.

Emefiele said: “Unfortunately, I don’t have good news for those who said we should shift the deadline. My apologies.

Report by Obinna Ejianya, 9News Nigeria Melbourne Australian correspondent (Publisher)

9News Nigeria

9News Nigeria

FCT, Abuja (9News Nigeria) – The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele has dared the National Assembly by insisting that there won’t be an extension of the January 31st deadline for the current ₦200, ₦500 and ₦1,000 notes to cease being legal tender.

While addressing journalists at the end of its first Monetary Policy Committee (MPC) meeting for the year, the CBN governor said there was no going back on the policy, appealing to those who still have the old notes to turn them in be- fore January 31.

The National Assembly had made a demand that the deadline for the expiration of the current ₦200, ₦500 and ₦1,000 notes be extended to July 31st citing that the new notes were not adequate in circulation and that Nigerians were in for chaotic times in a bid to beat the deadline.

In contrast to the view of the National Assembly, The CBN governor, Emefiele said that about ₦1.3 trillion to ₦1.5 trillion of the old currencies had been deposited with the CBN, expressing hope that about ₦2 trillion of the old notes will have been deposited by the end of this week.

Emefiele said: “Unfortunately, I don’t have good news for those who said we should shift the deadline. My apologies.

“We believe 100 days are adequate for people to turn in their old naira notes. We do not see any reason to talk about shift because people could not deposit their old notes.”

Emefiele also argued that the Nigerian apex bank has put in place a number of measures to cater for the interest of the people in various categories.

The CBN governor said that the apex bank has unveiled a cash swap programme in partnership with Super Agents and Deposit Money Banks (DMBs) to enable those in either rural areas or people with limited access to formal financial services to exchange old naira bills for the new Naira bills.

He further pointed out that the CBN’s aggressive stance targets high inflation by reducing access to credit and mopping up excess liquidity.

9News Nigeria, Abuja

#9NewsNigeria #CBN #NASS

9News Nigeria

9News Nigeria

Our citizens have become jobless, economy and many other things affected negatively. The nation is in total darkness despite humongous investment in the power sector that may have ended up in private pockets.

The Arrest Of Our Noble National Dream And Consequence For Our Industrialisation

By Richard Odusanya

It is unconscionable, unbelievably shocking to see some of our infrastructures yet to be upgraded or in a state of total decay. First, it is important to inform our readers about the following:

• The Second Niger Bridge was conceived in 1964.
• The Ajaokuta-Kaduna-Kano (AKK) gas pipeline was conceived in 1971.
• The Anambra, Kashibilla, Zungeru and Mambilla dams were conceived in 1975.
• The Lagos-Ibadan Expressway was conceived in 1978.
• The Warri-Itakpe standard guage rail line was conceived in 1986.
• The Lagos-Kano double standard rail guage was conceived in 1982
• The Ajaokuta steel company was conceived in 1962.
• The National Steel development was conceived in 1966.

Corruption and infrastructural decay has completely undermined our advancement in the areas of industrialization and sustainability. Electricity production in Nigeria over the last 50 years has varied from gas-fired, oil-fired, and hydroelectric power stations, to coal-fired stations with hydroelectric power systems and gas-fired systems taking precedence.

Industrialization: What It Is, Examples, and Impacts on Society.

The Industrial Revolution led to unprecedented expansion in wealth and financial well-being for some.

A larger middle class emerged as consumer demand for more goods and services grew and business creation boomed to feed the demand. Other changes that helped bring about the Industrial Revolution included the use of steam, and later of other kinds of power, in place of the muscles of human beings and of animals. Therefore, the innovations allowed for mass production.

The Industrial Revolution brought about sweeping changes in economic and social organization. These changes included a wider distribution of wealth.

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system.

New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient. New industries also arose, including, in the late 19th century, the automobile industry.

Furthermore, industrialization is the social and economic transformation of society from an agrarian to an industrial economy. Industrialization has brought economic prosperity; additionally it has resulted in more population, urbanization, obvious stress on the basic life.

Industrialization also exacerbated the separation of labor and capital.

Those who owned the means of production became disproportionately rich, resulting in what we have today as a nation.

Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels.

With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies.

Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society.

This involves an extensive re-organisation of an economy for the purpose of manufacturing. Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society.

This involves an extensive re-organisation of an economy for the purpose of manufacturing. This precedence is predicated on the fact that the primary fuel sources (coal, oil, water, and gas) for these power stations are readily available. Nigeria is considered as one of the energy-rich countries in the world.

No doubt, power is a critical issue as it concerns our developmental strides in all ramifications. This is majorly the reason for lack of advancement or retardation in the areas of industrialization and sustainability.

The sad reality is that many of our elites who are the players in that sector have become stupendously rich in billions but our beloved country Nigeria is completely down.

Conclusion: the failures in completion of the critical components and infrastructural decay is the real issue and the incoming administration should of necessity revisit such with a mindset of the Fourth Industrial Revolution.

9News Nigeria

9News Nigeria

N800 billion used to maintain naira in four years Ahmad said the CBN spent about N800 billion between 2017 and 2021 on currency production, storage, transportation and destruction.

• Central Bank of Nigeria’s Deputy Governor of Financial System Stability, Aisha Ahmad, has stated that the bank’s spending on maintaining the naira has spiked by N10 billion yearly.
• She revealed this on Friday, December 23, 2022, when she appeared before the House of Representatives to defend the bank’s new policy on cash withdrawal limits.

According to the Punch, the CBN spends about N150 billion yearly on naira management. The amount has now risen by N10 billion, per Ahmad’s presentation.

Kingsley Moghalu, an ex-CBN deputy governor, disclosed that the CBN spends about N150 billion yearly to maintain the local currency.

Moghalu said that the amount is used to store, produce, transport, protect and destroy the notes annually.

The CBN deputy governor said the management of currency is a crucial function of the bank as contained in the CBN Act of 2007, adding that the integrity of the naira and efficient supply of naira notes are indicators of a functional central bank.

She stated: “The challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness if left unaddressed.

These challenges include wholesale hoarding of naira banknotes by members of the public. She further stressed the risk of counterfeiting as evident in reports from security agencies on the increase in fake-related incidents in some states, including the FCT.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has raised its weekly cash withdrawal limits set for individuals and Corporate Organisations to N500, 000 and N5 million respectively.The earlier limits pegged individual cash withdrawal per week at N100, 000; while Corporate organisations were limited to weekly withdrawals of N500, 000.

9News Nigeria

9News Nigeria

https://unsplash.com/photos/lBhhnhndpE0

Home to well over 200 million people, Nigeria represents the largest economy in Africa. Despite this, unemployment remains high in the country and a staggering 40% of the population found themselves living beneath the poverty line in 2019. Corruption, political instability, terrorism and poor infrastructure all combine to undermine the remarkable progress made in recent years.

As the most popular sport in Nigeria, football has contributed to this progress and continues to do so going forwards. Although many problems persist for everyday Nigerians, the beautiful game not only gives them something to cheer about, but it can also make a tangible difference to their economic well-being in concrete ways. Here are a handful of them.

Grassroots development

Any successful footballing nation knows that the best way to achieve victory on the international stage is through funding the next generation of talents. City Sports Group is an organization which aims to train up promising young things and instill in them the values of hard work, respect and determination. The organization currently hosts hundreds of disadvantaged kids on a weekly basis, while in 2022 it succeeded in taking dozens of them to Europe to witness a different footballing culture and participate in trials at some of the continent’s clubs.

Sponsorship of talent

As well as pumping time and money into the Nigerian youth, football is also responsible for rewarding those at the very top of their profession. For example, chemicals and fluids company Eunisell sponsors the Nigerian football league’s Golden Boot. Every season, the corporation will pay 200,000 naira for each goal netted by the competition’s top scorer, with Chijoke Akuneto of Rivers United taking home 3.8 million naira for his 19 goals in the 2021/22 season. In the past, the award has even been shared by more than one individual, with both claiming the prize money.

Sports betting

Gambling has a lengthy history in Nigeria, with betting on football one of the most popular pastimes. Sites such as Sportsbet have proven to be extremely popular, which is hardly surprising given that Nigeria has an extremely youthful population which is comfortable using technology and finds itself in possession of more disposable income with each passing year. Since football is almost regarded as a way of life in Nigeria, it’s unsurprising that hundreds of millions of naira change hands through sports betting each year.

Diaspora

With more and more money being funnelled into grassroots Nigerian football, more and more young Nigerians are making the move to clubs in Europe and elsewhere. Nigeria might have the biggest economy in Africa, but the wages its clubs can pay pale in comparison to those found in the world’s top professional leagues. The diaspora are then able to send money back home to their families, thus creating indirect growth in the Nigerian economy as a whole.

Football is often seen as a unifying force which can bring people together, regardless of color or creed. In a country like Nigeria, where there are over 300 different tribes, that is all important in ensuring its economy pulls in the same direction.

9News Nigeria

9News Nigeria

A federal high court sitting in Abuja has declined an application by the Department of State Services (DSS) to arrest and detain Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), TheCable understands.

In declining the motion ex parte — filed by an applicant in the absence of the respondent — Justice JT Tsoho, the chief judge, said the secret police did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.

• Sources at the high court told TheCable that the judge said he should have been taken into confidence if there was any evidence to back the allegations.
• “The honourable judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same person as the CBN governor, a highly ranking public official who occupies an extremely sensitive position,” the source told TheCable.

The court said such an application should have been accompanied with the presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained.There are suggestions that the bid to arrest Emefiele might be political given the impact the redesign of the naira and limit on cash withdrawals might have on vote-buying in the 2023 elections.A number of politicians have complained that the naira redesign is targeted at them but President Muhammadu Buhari has given his full backing to Emefiele over the policy.

On Monday, a group of civil society organisations raised the alarm that there was a plot to frame Emefiele for terrorism and remove him from office.

9News Nigeria

9News Nigeria

A lot of successful businessmen have their grass-to-grace story Alhaji Mangal’s rise from a truck driver to a multi-billionaire is one that will inspire a lot of people from all walks of life Mangal is an astute businessman from the north like Aliko Dangote, Abdulsamad Rabiu and Aminu Dantata

Successful businesses don’t just happen. It usually takes a smart business idea being executed by a shrewd businessman for that to come into existence. Particularly for an environment such as Nigeria’s where businesses are daily confronted with challenges that threaten their survival. The likes of Aliko Dangote, Abdulsamad Rabiu and Aminu Dantata are notable businessmen from the northern part of Nigeria who have surmounted these challenges, establishing business empires that are today employing thousands of Nigerians.

Joining the league of astute businessmen from the north is Dahiru Mangal, who was recently conferred with the honor of Commander of the Order of the Niger (CON) by President Muhammadu Buhari for his contribution to the growth of the business sector in Nigeria.

Growing up in Katsina

Going into business Mangal has always had the ambition of becoming a successful businessman, hence his foray into the transportation business. He started out as a truck driver and from then on, bought his vehicles to hire out. In a few years, Mangal was able to establish himself as a reputable businessman, branching into several other businesses across different sectors in Nigeria.

One major advantage for him was his ability to strike friendships with the movers and shakers of the society in Katsina State and across Nigeria. His association with government officials, both military and civilian exposed him to legitimate businesses and benefits of contracts from the government, paving the way for a business conglomerate.

Business ventures Today,

Mangal’s business interests cut across transportation, construction, and oil and gas. In 2006, he founded Max Air (formerly known as Mangal Airlines), a leading Nigerian airline that operates domestic, regional and international flights In collaboration with a Chinese firm, Mangal Industries Limited is currently constructing a 3 million metric tons per year cement plant in Kogi State. The project which is slated to be completed in 2024 is put at a total cost of $600 million. This is what he said about the project.

The factory will rely on best available technology for cement production and in line with highest environmental standards. It is designed to be one of the most sustainable in the sector. Mangal is investing strategically in the West African Cement Industry to enable the Nigerian economy to bridge the huge infrastructure and housing deficit in the largest economy of the region.

9News Nigeria

9News Nigeria

• The House, therefore, summoned the Governor of the CBN, Godwin Emefiele, asking him to appear next Thursday and explain the policy to the Green Chamber.
• The House of Representatives has condemned the new policy introduced by the Central Bank of Nigeria limiting cash withdrawals at Deposit Money Banks and other financial institutions.
• The House, therefore, summoned the Governor of the CBN, Godwin Emefiele, asking him to appear next Thursday and explain the policy to the Green Chamber.

The apex bank on Wednesday placed limits on over-the-counter cash withdrawals, Automated Teller Machine (ATM) withdrawals, and point of sale (PoS) withdrawals.CBN’s director of banking supervision, Haruna Mustafa, in a statement directed that over-the-counter cash withdrawals by individuals and corporate entities should not exceed ₦100,000 and ₦500,000 respectively, per week.Mustafa said that withdrawals above these limits shall attract processing fees of 5% and 10% respectivelyHe added that third-party cheques above ₦50,000 would not be eligible for payment over the counter, while extant limits of ₦410,000,000 on clearing cheques still subsist.

Mustafa noted that the maximum cash withdrawal per week via ATM should be ₦100,000 subject to a maximum of ₦20,000 cash withdrawal per day adding that only denominations of ₦200 and below should be loaded into the ATM machine.According to the CBN director, the maximum cash withdrawal from PoS terminals should be ₦20,000 daily.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed ₦5,000,000.00 and ₦10,000,000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees,” Mustafa had said.Mustafa also encouraged customers to use other alternative channels like internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc. to conduct their banking transactions.He noted that the new policy will take effect from Monday, January 9, 2023, and added that anyone who does not adhere to the policy will face severe sanctions.

9News Nigeria

9News Nigeria

Sam Bankman-Fried has resigned as CEO of FTX as his crypto company declares bankruptcy A few months ago, Bankman-Fried was one of the world’s youngest billionaires and ranked among the top 100 richest men in the world Bankman-Fried’s wealth, in fact, was ranked richer than Aliko Dangote, Africa’s richest man.

From billionaire to zero balance

Bankman-Fried is no longer a billionaire or a millionaire after his cryptocurrency platform, FTX filed for bankruptcy.

His company’s bankruptcy announcement comes after Bankman-Fried left his post as CEO, and he is currently worth zero and his name removed from both Forbes and Bloomberg rich list. A few months ago, Bankman-Fried’s fortune grew to more than $26 billion, and his company, FTX’s worth up to $32 billion at the end of last year.

However, the last few weeks have seen the value of cryptocurrency plunge heavily by more than 20% whipping off billions from investors’ accounts. Bankman-Fried reacts Bankman-Fried posted an update on his Twitter feed, which reads: “This doesn’t necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.

9News Nigeria

9News Nigeria

Elon Musk on Friday kicked Kanye West off Twitter “for incitement to violence” after the rapper posted a picture that appeared to show a swastika interlaced with a Star of David.The post came hours after an interview with conspiracy theorist Alex Jones, in which West sparked outrage by declaring his “love” of Nazis and admiration for Adolf Hitler.

West had also shared a picture of a shirtless Musk getting sprayed with water, tweeting, “Let’s always remember this as my final tweet.”In response, Musk said, “Just clarifying that his account is being suspended for incitement to violence, not an unflattering pic of me.”

Musk, who previously called himself a “free speech absolutist,” has repeatedly said he believes all content permitted by law should be allowed on Twitter, and sought to remake the social media organisation after he took control in October.

In an hours-long appearance on Infowars, the show fronted by Jones, West – now known as Ye – wore a black mask completely covering his face, as he ranted about sin, pornography, and the devil.

West hid his face completely under a mask that had neither eye nor mouth slits.

However, Jones addressed him as West as they spoke, Infowars billed the interview as being with West, and at one point, Jones took West’s cellphone and posted a tweet on his account that appeared in real-time.

West, who has hinted he is running for US president in 2024, has spoken openly about his struggles with mental illness, but his erratic behavior has continued to raise concerns.

The businessman has seen his commercial relationships crumble after a series of anti-Semitic comments, as the one-time titan of fashion and music appears to have entered a disturbing spiral.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) will introduce the new 200, 500 and 1,000 Naira notes into circulation on December 15th 2022 and then phase out the existing bills as legal on January 31st 2023.

Here are a few things you should know as you prepare for this transition.

1. Can I exchange my old Naira notes for the new currency?

No. There is no currency exchange program available and you can only get the new Naira notes when you withdraw cash from your bank accounts within Nigeria. All old 200, 500 and 1,000 Naira notes must be deposited into an existing or newly opened bank account.

2. What do I do with the old 200, 500 and 1,000 Naira notes in my possession?

You must deposit all old 200, 500 and 1,000 Naira notes in your possession into your bank accounts within Nigeria on or before 31st January 2023. The old Naira notes will have no monetary value at the expiration of this date.

3. Must I deposit the old Naira notes in my local bank account of my bank?

No. You can deposit the old 200, 500 and 1,000 Naira notes at any branch of your bank within Nigeria on or before 31st January 2023.

4. Is there any limit to the amount or value of old Naira notes I can deposit?

There is no limit to the amount or value of old 200, 500 and 1,000 Naira notes you can deposit into your bank account within Nigeria so long as it’s done on or before 31st January 2023.

5. Will I have to pay any excess cash deposit charge?

No. The Central Bank of Nigeria (CBN) has implemented a waiver of the excess cash deposit charge nationalise for all old 200, 500 and 1,000 Naira note deposits on or before 31st January 2023.

6. How do I get more updates on the new Naira notes?

For more information or updates on this cash transition, subscribe to 9News Nigeria news updates or send an email to info@9newsng.com

#9NewsNigeria

#cbn #money #business #centralbank #newcurrecy #currency #nigeria #naija #buhari #2023

9News Nigeria

From Princely Onyenwe

Nigerians will be happy to witness the commencement of operations at the Lekki Deep Seaport as its operation kickstarts on Friday.

With this rapid development, the maritime infrastructure will deliver on the promised economic benefits of the first deep seaport in Nigeria.

Lekki Deep Seaport begins operations Friday, 16 September 2022, to kickstart the dry-run phase while full-scale operations start year ending, 9News Nigeria reports.

Landlocked countries such as Mali, Chad, Niger Republic have shown interest in hurling their cargoes through Nigeria ports.

China Harbour Engineering LFZ Enterprise and the project manager, Louis Berger WSP have put into ensuring that the twin objectives to complete construction and start port operations by the end of the year is realized.

Recall that on the 5-09-2022 Lekki Port again received the second batch of shipments few weeks the first shipment was delivered.

The 2nd shipment comprised of two ship-to-shore cranes with 115 packages of accessories, and five Rubber-Tyre-Gantry cranes with 270 packages of accessories from Shanghai, China on the Zhen Hua 35 vessel.

The Management of Lekki Port held a technical meeting few weeks ago to facilitate this gesture and those present are:

The Minister of Transport, Alh. Muazu Jaji Sambo, alongside Managing Director, Mohammed Bello Koko, Director-General NIMASA Bashir Jamoh and Executive Secretary Nigerian Shippers Council, Emmanuel Jime.

9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

9News Nigeria

9News Nigeria

In order to recover N22.3 billion that was inadvertently transferred to 8,000 accounts in the banks, MTN’s newly authorized Mobile Money Payment Service Bank Limited (MOMO PSB) has taken 18 Nigerian banks to court.

The error was caused by a computer glitch, according to court documents in lawsuit No. FHC/L/CS/960/2022 brought by the Mobile Money Bank against 18 Banks.

The amount is about $53.7m.

MTN’s MOMO payment Bank has requested a court declaration that the funds that were improperly transferred to it belong to it and not the banks’ clients in an originating summons dated May 30, 2022, which was filed before a Federal High Court.

The requests were a part of the reliefs requested in the lawsuit brought by Momo Payment Service Bank Limited and represented by Senior Advocate of Nigeria, Chief Lotanna Chuka Okoli (SAN).

In addition to other relief, the MTN bank is asking the court to issue an order mandating that each of the 18 banks separately account for the funds that are still in their customers’ accounts as well as the funds that have been taken out by those same customers and are no longer there.

In an affidavit in support of the originating summons, the Chief Executive Officer (CEO), MOMO PSB Ltd, Mr. Anthony Usoro Usoro claimed that MOMO PSB Ltd is the bona fide owner of the aggregate sum of N22.3B which is maintained in its MOMO settlement account.

He averred that on or about the 24th day of May, 2022, it was noticed that funds had been erroneously transferred from its settlement account to various accounts maintained by the 18 banks.

Anthony in the affidavit further claimed that a total of about 700, 000 transactions were processed with credits made into about 8,000 various accounts in the listed 18 banks.

Upon becoming aware of the incident, he further asserted that MOMO PSB Ltd management responded by immediately shutting down the service to limit the impact and triggered engagement with the banks for the commencement of recovery activities from the accounts of the various beneficiaries in the various banks.

The erroneous transfers, he claimed, were due to the fact that MOMO PSB Ltd suffered a system glitch which led to the said debits.

The MTN’s MOMO Bank’s boss in the affidavit asserted that the 18 banks requested for an order of court mandating them to reverse the credits made into their customers account before they can do so, hence, the filing of the suit.

The plaintiff therefore prayed the Federal High Court to compel the 18 commercial banks operating in the country to refund about N22. 3billion erroneously transferred into their customers’ accounts.

It also asked the court to order the banks to provide information about the customers into whose accounts the said funds were unintentionally paid.

MPSBL is contending that, under the Central Bank of Nigeria (CBN) Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to Sections 2(D), 33(1)6) and 47(2) of the CBN Act 2007, it is incumbent on the 18 banks to make refund and provide the required information.

It added that its resort to the court was informed by the insistence of the 18 banks that they needed to be ordered by the Federal High Court before they could act.

9News Nigeria

9News Nigeria

The World Bank has predicted that more people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty.

According to a report obtained via a World Bank newsletter on Friday, titled, “Global Economic Prospects,” Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have intensified the slowdown in economic growth.

The Washington-based bank further explained that the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress on emerging markets and developing economies.

The report also quoted the World Bank President, David Malpass, as saying that the world was facing the deepest global recession since World War II.

He said, “The global economy is facing high inflation and slow growth at the same time. Even if a global recession is averted, the pain of stagflation could persist for several years- unless major supply increases are set in motion.”

The report added that growth in Sub -Saharan Africa is projected to slow to 3.7 per cent this year reflecting forecast downgrades of over 60 per cent of regional economies. Price pressures, partly induced by Russia’s invasion of Ukraine, are sharply reducing food affordability and real incomes across the regions.

It read in part, “More people in SSA are expected to fall into extreme poverty, especially in countries reliant on imports of food, and fuel. Fiscal space is narrowing further as the government ramps up spending on subsidies, support to farmers, and in some countries, security. However, the impact of the war will vary across countries, as elevated commodity prices will help soften the damaging effects of high inflation in some large commodity exporters”.

Among the risks to the forecast, prolonged disruptions to food supply across the region could significantly increase poverty, hunger, and malnutrition, while persistent inflation could ignite stagflation risks and further limit policy space to support recoveries. An elevated cost of living could increase the risk of social unrest, especially in low-income countries.

World Bank ranks Lagos ports poorly amid collapse, cargo diversion
On how the global economic situation could worsen the poverty level in Nigeria, an Associate Professor of Economics at Pan Atlantic University, Dr Olalekan Aworinde, said the Russia-Ukraine war would reduce the disposable income of Nigerians, which would, in turn, affect the standard of living.

Aworinde said, “Ukraine is one of the largest producers of wheat in the world and the Russian war invasion will affect the demand and supply of wheat and once the major producers of this agricultural material cannot export the goods, that implies that demand is greater than supply and that will result in a hike in price. Once prices increase, knowing fully well the disposable income of the consumer is constant it means the purchasing power will fall. And if the purchasing power falls, it will affect the standard of living and once it affects the standard of living it means these individuals will go into absolute poverty.”

Aworinde added that in terms of the structure of the Nigerian economy as a “monocultural economy, meaning that we only produce oil and we cannot eat oil.

“So Nigeria is mainly an import-dependent country and that means when you are bringing in the goods and it’s expensive imported inflation and the implication is that general prices of goods will increase leading to a continuous inflation.”

9News Nigeria

9News Nigeria

Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one.

Facts:

• Around half of the investors expect the US to enter recession in 2023, a Bloomberg Markets Live survey shows.
• Deutsche Bank is the first major bank to forecast a US recession next year.
• The global economic outlook is uncertain because of Russia’s invasion of Ukraine and Chinese lockdowns potentially impacting supply chains.

In the wake of the first interest rate hike since 2018, Deutsche Bank became the first major bank to forecast a US recession for next year. The report co-authored by the bank’s chief economist David Folkerts-Landau and former Fed official Peter Hooper finds that “the US economy is expected to take a major hit from the extra Fed tightening by late next year and early 2024.” The economists expect the federal funds rate to be gradually raised beyond 3.5 percent by the middle of next year, which would be at the upper limit of projections given by the Federal Open Market Committee last month. The median projection given by FOMC members for 2023 was 2.8 percent, up from the current target range of 0.25 to 0.5 percent.

The next US recession

While Deutsche Bank is the first major bank to forecast an imminent economic downturn, investors, both retail and professional, share the group’s gloomy outlook. According to a Bloomberg Markets Live survey conducted between March 29 and April 1, 48 percent of investors expect the US to fall into recession next year. Another 21 percent expect the downturn to happen in 2024, while 15 percent of the 525 respondents expect the recession to come as early as this year.

With the pandemic still lingering, the Russian invasion of Ukraine putting additional pressure on already surging consumer prices and Chinese lockdowns potentially disrupting supply chains, the economic outlook is currently clouded by uncertainties. And where there is clouds, there’s often a chance of rain, or, in this case, a recession.

The Deutsche Bank’s Warning Becoming More Severe

Now, Deutsche Bank’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation.
“We will get a major recession,” Deutsche Bank economists wrote in a report to clients on Tuesday.

The problem, according to the bank, is that while inflation may be peaking, it will take a “long time” before it gets back down to the Fed’s goal of 2%. That suggests the central bank will raise interest rates so aggressively that it hurts the economy.

“We regard it…as highly likely that the Fed will have to step on the brakes even more firmly, and a deep recession will be needed to bring inflation to heel,” Deutsche Bank economists wrote in its report with the ominous title, “Why the coming recession will be worse than expected.”

Behind the curve

Consumer prices spiked by 8.5% in March, the fastest pace in 40 years. The jobs market remains on fire, with Moody’s Analytics projecting that the unemployment rate will soon fall to the lowest level since the early 1950s.

To make its case, Deutsche Bank created an index that tracks the distance between inflation and unemployment over the past 60 years and the Fed’s stated goals for those metrics.

That research, according to the bank, finds that the Fed today is “much further behind the curve” than it has been since the early 1980s, a period when extremely high inflation forced the central bank to raise interest rates to record highs, crushing the economy.

History shows the Fed has “never been able to correct” even smaller overshoots of inflation and employment “without pushing the economy into a significant recession,” Deutsche Bank said.

Given that the job market has “over-tightened” by as much as two percentage points of unemployment, the bank said, “Something stronger than a mild recession will be needed to do the job.”

The good news is that Deutsche Bank sees the economy rebounding by mid-2024 as the Fed reverses course in its inflation fight.

Goldman Sachs: Recession is not inevitable

Of course, no one knows precisely how this will play out. Although Deutsche Bank is pessimistic — it’s the most bearish among major banks on Wall Street — others contend this gloom-and-doom is overdone.

Goldman Sachs concedes it will be “very challenging” to bring down high inflation and wage growth, but stresses that a recession is “not inevitable.”

“We do not need a recession but probably do need growth to slow to a somewhat below-potential pace, a path that raises recession risk,” Goldman Sachs economists wrote in a report Friday evening.

UBS is similarly hopeful that the economic expansion will continue despite the Fed’s shift to inflation-fighting mode.

“Inflation should ease from current levels, and we do not expect a recession from rising interest rates,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a report on Monday.

War and Covid lockdowns pressure inflation

Deutsche Bank said the most important factor behind its more negative view is the likelihood that inflation will remain “persistently elevated for longer than generally anticipated.”

The bank said several developments will contribute to higher-than-feared inflation, including: the reversal of globalization, climate change, further supply-chain disruptions caused by the war in Ukraine and Covid lockdowns in China and coming increases to inflation expectations that will support actual inflation.

“The scourge of inflation has returned and is here to stay,” Deutsche Bank said.

If inflation does stay elevated, the Fed will be forced to consider more dramatic interest rate hikes. The Fed raised interest rates by a quarter-percentage point in March and Chairman Jerome Powell conceded last week that a half-point hike is “on the table” at next week’s meeting.

“It is sorely tempting to take a go-slow approach hoping that the US economy can be landed softly on a sustainable path. This will not happen,” Deutsche Bank said. “Our view is that the only way to minimize the economic, financial and societal damage of prolonged inflation is to err on the side of doing too much.”

9News Nigeria

9News Nigeria

On April 18, Bitcoin (BTC) fell below $40,000 for the first time this month. Short-term indicators are showing extremely oversold readings, suggesting that a significant rebound is near.

This effectively negated all the increases that Bitcoin enjoyed during the week of March 21-28 (green icon). In addition to this, it caused a decisive close below $43,600, a level that was expected to act as support. Now, it’s likely to act resistance once again.

The next closest support in the weekly time frame area is found near the January wick lows at $35,700.BTC Chart By TradingViewMixed readings

Technical indicators in the weekly time frame are mixed. 

The MACD and RSI are both falling, and their bearish trendlines (black lines) are still intact. On the other hand, there are hidden bullish divergences (green lines) that have developed in both indicators. 

Despite the price action appearing bearish, BTC is still currently trading above the 0.5 Fib retracement support level of $36,100. BTC Chart By TradingView

The outlook from the daily time frame is more decisively bearish. The RSI has broken down from an ascending support line and is now below 50. The MACD is also decreasing and is in negative territory.

In addition to this, BTC has fallen below an ascending support line that had been in place since Jan 14, but it has yet to reach a daily close below this line.BTC Chart By TradingViewFuture BTC movement

Despite the bearishness from the weekly and daily time frames, short-term signals indicate that a bottom is relatively close.

The reason for this is the bullish divergence in the oversold six-hour RSI. The previous two times this occurred (green lines), significant upward price movements followed.BTC Chart By TradingView

The wave count suggests that BTC is completing an A-B-C corrective structure (red), which could lead to a low of $37,000. This would give waves A and C a 1:1 ratio. This would also allow BTC to retest the support line of a large ascending parallel channel.BTC Chart By TradingView

The short-term wave count suggests that BTC is in the fifth and final wave and suggests a primary target of $38,200 to reach a bottom. This is found using the 1.61 external Fib retracement of wave four (black), and the length of wave one (yellow).

The long-term wave count suggests that an eventual move above $50,000 would be likely to follow.BTC Chart By TradingView

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here

9News Nigeria

9News Nigeria

First Bank of Nigeria has reduced working hours because of the increasing cost of diesel, 9news Nigeria learnt.

It is expected that other banks in Nigeria may follow suit in cutting working hours as the predicament of power failures and continuous surge in fuel prices.

Banks in Nigeria have recorded high costs in the day to day running of official banking activities as a result of the high cost of substituting electricity power supply with diesel generators.

It is therefore expected that as the First Bank has truly been the first to take the step of cutting hours of official daily banking activities, other major banks may follow suit.

9news Nigeria

9News Nigeria

9News Nigeria

…reiterates commitment to innovation and technological advancement in Nigeria

Lagos, Nigeria – Leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT. Built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria, SpaceNXT is a future-forward purpose designed co-working hub for innovators, creators and techpreneurs.

Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT was set up to provide an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and technology.

Lola Cardoso, Executive Director and Head, Retail Banking and Digital, Union Bank, spoke on the benefits of SpaceNXT to the tech ecosystem.

She said, “Globally, technology and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution. To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.”

The launch event which held on April 7th 2022 had Special Guest of Honour, Mr.Tunbosun Alake, Special Adviser on Innovation and Technology to the Governor of Lagos State, in attendance.

He officially opened the space alongside the executives of the Bank. Speaking during the ribbon cutting ceremony, he said, “This is indeed a laudable moment for Union Bank. With the launch of SpaceNXT, Union Bank has established itself as a bonafide trusted partner for the future generation. SpaceNXT is a sandbox for culture change and an enabling lever to drive innovation and technology in Nigeria.”

SpaceNXT was conceived as part of the Bank’s mission to enable success for the tech community in Nigeria by providing a space that would foster collaboration within the ecosystem.

Union Bank’s Chief Executive Officer, Emeka Okonkwo, shared the Bank’s reason for launching the Space at this time. According to him, “For us at Union Bank, we believe the best way to predict the future is to create it. This is why we are pushing beyond banking to take a strategic position as enablers of success within the tech and innovation industry. We are excited at the opportunity to enable the ecosystem and co-create a future that is brighter than we can imagine today”.

Besides being a hub for sharing and generating innovative ideas, SpaceNXT will also serve as a venue for tech and innovation events, hackathons, trainings and meetings. Union Bank remains committed to the acceleration of the technological landscape in Nigeria.

9News Nigeria

9News Nigeria

The Debt Management Office (DMO) plans to borrow an additional N6.39 trillion to finance the 2022 budget deficit which will consequently increase the total debt stock of Nigeria to N45 trillion.

9news Nigeria reported on Thursday in accordance to the statement issued by DMO Director-General Patience Oniha, that Nigeria’s external and domestic debt rises to N39.55 trillion as at December 2021.

The statement indicates a 4.1% or N1.55 trillion depth increase in 3 months compared to the N38 trillion total public debt that was recorded as at September 2021.

She further stated that new borrowings by both the Federal Government and State Governments attributed to the increased public debt.

Meanwhile in a DMO document obtained on Friday, Oniha explained that the overall deficit in the 2022 budget was N6.30trillion, representing 3.46 per cent of the country’s Gross Domestic Product (GDP).

Mrs Oniha explained that the budget deficit was to be financed mainly by borrowings from domestic and foreign sources and privatisation proceeds.

She explained, “N2.57 trillion will come from domestic sources, N2.57 trillion from foreign sources, N1.16 trillion from multilateral and bilateral loan drawdowns and N90.7 billion from privatisation proceeds.”

Speaking further on the 2022 budget, Mrs. Oniha said the 2022 aggregate federal government’s spending was projected at N17.1 trillion, 18 per cent higher than the 2021 budget.

“Recurrent (non-debt) spending, estimated to amount to N6.9 trillion, is 40 per cent of total expenditure and 20 per cent higher than the 2021 budget,” added Ms Oniha.

“Aggregate capital spending of N5.96 trillion is 35 per cent of total expenditure.”

According to the DMO official, debt service in the 2022 budget is N3.6 trillion, making it 21 per cent of total expenditure and 34 per cent of total revenue.

“Provision to retire maturing bonds of N270.7 billion to local contractors is 1.6 per cent of total expenditure.

This provision is in line with the federal government’s commitment to offset accumulated arrears of contractual obligation dating back over a decade,’’ she said.

9news Nigeria

9News Nigeria

9News Nigeria

OPERATING GUIDELINES FOR RT200 NON-OIL EXPORT PROCEED REPATRIATION REBATE SCHEME

1.0.INTRODUCTION

The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3-5years. It  is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years. A major anchor of the program is the Non-Oil Export proceeds repatriation Rebate Scheme.

The rebate scheme is designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and sale of export proceeds into the FX Market. It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.

• Objectives of the Scheme

The objectives of the Scheme are to:

• Enhance Foreign Exchange inflow.
• Diversify the sources of FX inflow.
• To increase the level of contribution of non-oil exports.
• Ensure stability and sustainability of FX inflows.
• Support export-oriented  companies to expand their export operations and capabilities.

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3.0. Management of the Scheme

The CBN (Trade & Exchange Department) shall be responsible for the day-to-day administration of the Scheme.

• Ellglblllty Criteria

• Eligible Beneficiaries

• Only exporters of finished and semi-finished goods are eligible for this incentive.
• Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors’ & Exporters’ Window (I & E).
• Eligible Transactions

Eligible transactions that qualify for incentives under the Scheme shall be:

• Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN.
• Export of goods and services (I.T and Creative Businesses) that are permissible and excluded under existing export prohibition list.
• Completion of e-Form NXP.
• Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC).
• Sale of repatriated export proceeds at the I & E Window.

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• Notwithstanding when the export process was initiated, the exporter will qualify for the rebate provided the exporter meets the criteria stipulated above

• Features of The Scheme
• Payment of Incentives
  • The Scheme shall pay
    • N65 for every US$1 repatriated and sold at the I & E Window to ADBsfor other third-party use, and
    • N35 for every US$1 repatriated andsold into l&E for own use on eligible transactions only. However, the spread should not be more than 10 Kobo
  • Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter.

• Application Procedures
• Submission of Requests
  • Submission of requests shall be made through the Authorized Dealer bank (ADB) where the e-Form NXP was established. It shall be the responsibility of the ADB to authenticate all documents submitted for rebates.
• Documentation Requirements

Each request for incentive is to be accompanied by the following documents:

• Written request from the Exporter
• Completed Application Form  (to be designed by CBN and forwarded to exporters through their ADB).

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• Documentation requirements for exports as stipulated in the FX Manual.
• Evidence of repatriation and sale of export proceeds at the I & E Window.
• Any other document(s) that may be required by the CBN.
• Processing of Request for Incentive
  • The ADB shall process all applications received to confirm the completeness of the documentation and eligibility.
  • Where complete, the ADB shall forward the application to the Director, Trade & Exchange Department, CBN within five (5) working days, after consummation of the export proceeds sale transaction at l&E Window.
• Approval Process

All processed applications shall be for consideration of the Central Bank of Nigeria, through the Office of the Director, Trade and Exchange Departm ent.

• MonitoringandEvaluation

Monitoring and evaluation of disbursements to eligible exporters.

• Routine monitoring of disbursements to eligible exporters shall be conducted by the CBN at the ADBs.
• Any observed infractions shall be sanctioned appropriately in line with CBN regulations.
• Roles and Responslbllitles of Stakeholders

The roles and responsibilities of stakeholders under the scheme shall be as follows:

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• The Central Bank of Nigeria (CBN)

The CBN shall:

• Issue the operating guidelines for the scheme

• Consider and make payments to beneficiaries (through their respective ADBs)
• Routinely monitor and reconcile the incentive payments vis a vis repatriation and sales of export proceeds at the I & E Window.
• Authorised Dealer Banks

Authorised Dealer Banks shall:

• Ensure that the conditions stated in (4.0 & 6.0.) above are met before making recommendations to the CBN.
• Authenticate all documents and ensure compliance.
• Ensure that requests are processed and forwarded to the CBN within the stipulated timeline.
• Render periodic returns on disbursements (in prescribed formats as may be specified by the CBN); and
• Recommend amendments to operating guidelines (when necessary).
• The Participating Exporters

The Exporters shall:

• Present eligible requests to their ADBs for necessary action.
• Render periodic returns in  prescribed  formats as may be specified by the CBN from time to time.
• Comply with the operating guidelines of the Scheme.

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• Infractions and Sanctions
• Penalty for Defaults
  • The CBN seizes this opportunity to seek the support of the ADBs to ensure the success of this Scheme. Banks are therefore expected to show full understanding about both the real and perceived objectives of this Circular as any attempts to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership license of the ADB for 24months.
  • Any Exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PND for the same period.

11.0·. Amendments

These Guidelines shall be subject to review from time to time as may be deemed necessary by the CBN.

All enquiries and returns should be addressed to: The Director

Trade & Exchange Department Central Bank of Nigeria Corporate Headquarters Central Business District Abuja, Nigeria.

9News Nigeria

9News Nigeria

The Russian currency ruble has continued to plunge nearly 30% against the US dollar as the West and others toughen sanctions over the Ukraine invasion.

KEY POINTS IN THIS REPORT

• The ruble was trading as low as 119 per dollar as offshore trading started on Monday morning during Asia hours, from nearly 84 per dollar the previous day, according to Factset data.
• Russian President Vladimir Putin put his country’s nuclear deterrence forces on high alert Sunday.
• Last week, President Joe Biden responded to Russia’s unprovoked attack on Ukraine by announcing several rounds of sanctions on Russian banks, on the country’s sovereign debt and Putin and Foreign Minister Sergey Lavrov.

The Russian ruble dived around 29% against the dollar on Monday morning in an all-time low as markets assessed the impact of sanctions on Russia amid a growing backlash against the Kremlin’s invasion of Ukraine.

The ruble was trading as low as 119 per dollar as offshore trading started in the morning during Asia hours, from nearly 84 per dollar the previous close, according to Factset data. It later pared some of its losses, trading at 93 per dollar by 3:30 p.m. in Moscow, still down roughly 20% against the dollar in the last year.

Russia’s stock and derivatives markets will stay shut on Monday, the central bank said.

Russia’s central bank on Monday confirmed it had barred its brokers from carrying out sell orders from foreigners as it seeks to contain the financial market fallout. It also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity.

It came as the Russia-Ukraine crisis shows no sign of abating.

On Sunday, after days of air, sea and land assault on Ukraine, Russian President Vladimir Putin put his country’s nuclear deterrence forces on high alert.

Russia’s advance into Ukraine continues but Ukraine retains control of its capital Kyiv and its second-biggest city, Kharkiv. Russian military vehicles entered Kharkiv on Sunday with reports of fighting taking place and residents being warned to stay in shelters.

Last week, President Joe Biden responded to Moscow’s unprovoked attack on Ukraine by announcing several rounds of sanctions on Russian banks, on the country’s sovereign debt and on Putin and Foreign Minister Sergey Lavrov.

Over the weekend, the U.S., European allies and Canada agreed to cut off key Russian banks from the interbank messaging system, SWIFT, which connects more than 11,000 banks and financial institutions in over 200 countries and territories.

The EU also announced Sunday it was shutting its airspace to Russian aircraft.

Scenes of Russians waiting in long lines to withdraw cash from ATMs were reported over the weekend, amid worries that the sanctions will trigger cash shortages and disrupt payments, according to Reuters.
There were concerns that banks cards may cease to function, or that cash withdrawals would be limited after Russian banks are blocked from SWIFT.

Bipan Rai, a senior macro strategist at CIBC Capital Markets, told CNBC on Monday before offshore trading started that he expects a “pretty significant, steep drop” in the Russian currency in time to come.

In a scenario where the Russian currency has “pretty much lost all value outside of the country,” Russia’s central bank would probably have to hike interest rates “very aggressively” and sell gold, he said.

“And they’re going to do it really with governments that are friendly to them. And that appears to be shrinking by the day,” he said, on the move to sell gold.

“To me, it doesn’t really feel like we’re looking at or at least we’re going to see the bottom in the ruble here. I think there still is plenty more room for weakness to come,” Rai told CNBC’s “Street Signs Asia.”

9News Nigeria

9News Nigeria

The Economic and Financial Crimes Commission (EFCC) has arrested and detained the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo, 9news Nigeria has learnt.

Details of Mr Okonkwo’s arrest remained sketchy Monday night although some sources said he was being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister. The banker was managing director of Fidelity Bank at the time.

According to our source, the banker has remained in EFCC custody for at least three days, a source said, adding that it was unclear when he would be allowed to go home.

The EFCC had on April 28, 2016 detained Mr Okonkwo over the same matter and later slammed a 14-count charge, including money laundering, on him. The status of the case is unclear as of the time of filing this report on Sunday morning.

It is also unclear if there are fresh evidences against the banker which has now necessitated a fresh round of investigation. EFCC officials contacted declined to provide details.

The board of FBN Holdings Plc had on October 28 appointed Mr Okonkwo the new GMD of the company with effect from January 1, 2022. He will succeed U.K. Eke, who will step down on December 31, according to the company’s note to the Nigerian Exchange Limited.

The board decision came five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.

It also came a day after Tunde Hassan-Odukale (FirstBank’s chairman) responded to a query from the exchange to FBN Holdings, seeking clarification on why the shareholding of Mr Hassan-Odukale and related parties were classified into two parts of 4.16 and 1.20 per cent respectively, totalling 5.36 per cent.

9News Nigeria

9News Nigeria

Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in talks with Chinese-owned banks to establish operations in Nigeria.

Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in talks with Chinese-owned banks to establish operations in Nigeria.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries,” Mr Jianchin explained. “What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that.

This, the envoy said, would boost Nigeria’s economy and expand trade relations between the two nations.

Mr Jianchin disclosed this on Tuesday in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.

He explained that establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Binational Committee meeting.

“I am working hard that in the binational meeting, I hope we can make a big decision and give a big push to let the banking industry and insurance industry because financial integration and institutions are key,” Mr Jianchin added. “If you go to China, you will find our banking industry is very powerful, not only for business but a change in the way of life.

Extolling the extant China-Nigeria trade relations, the Chinese ambassador noted that the trade volume between China and Nigeria was nearly $20 billion, increasing from 2020’s $19.2 billion.

According to Mr Jianchin, the 2021 celebration is special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations and that the countries share October 1 national day.

He disclosed that the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

News Agency of Nigeria (NAN)

9News Nigeria

9News Nigeria

Liquid, a leading Japanese cryptocurrency exchange has been hit by hackers, with almost $100m (£73m) estimated to have been stolen.

The company announced that some of its digital currency wallets have been “compromised.”

It is the second major theft of cryptocurrencies to take place in recent days.

Last week, the digital token platform Poly Network was at the centre of a $600m heist.

“We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet,” the company said on Twitter.

So-called ‘warm’ or ‘hot’ digital wallets are usually based online and designed to allow users to access their cryptocurrencies more easily, while ‘cold’ wallets are offline and harder to access and therefore usually more secure.

Blockchain analytics firm Elliptic said its analysis showed that around $97m in cryptocurrencies had been taken, with Bitcoin and Ethereum tokens amongst the haul.

Liquid has said that it was tracing the movement of the stolen cryptocurrencies and working with other exchanges to freeze and recover the assets.

Founded in 2014, Liquid operates in over 100 countries and serves millions of customers around the world.

It is one of the world’s top 20 biggest cryptocurrency exchanges by daily trading volumes, according to CoinMarketCap data.

Last week, $600m was stolen from blockchain site Poly Network after a hacker exploited a vulnerability in its system.

“The amount of money you have hacked is one of the biggest in Defi [decentralised finance] history,” Poly Network said.

Since then the hacker, who goes under the name of Mr White Hat, has returned around $427m of the assets.

Liquid is not the only Japanese cryptocurrency platform to be hit by a major heist.

In 2014, Tokyo-based exchange MtGox collapsed after almost half a billion dollars of bitcoin went missing, while Coincheck was hacked in a $530m heist in 2018.

9News Nigeria

9News Nigeria

On the News: The management of Heritage Bank PLC has issued a letter of clarification stating the reason why its staff’s protested heavily at the home of Senator Andy Ubah.

Recall that 9News Nigeria reported on June 21st 2021 that some staff of Heritage Bank has besieged the Abuja home of a Nigerian senator and Anambra State governorship aspirant, Sen Andy Uba. The staff had rallied in front of the Senator demanding for the payment of alleged loan owed to the bank by Andy Uba.

In a later signed and released on to the public by Ifie Sekobo the manging director of the group said that the protest at the senators residence was in accordance with the banks loan recovery drive.

Read the full statement from heritage bank below.

Dear colleagues,

Our attention has been drawn to a recent videos currently making the rounds online, Where some of our colleagues visited the residence of one of our debtors in Abuja in accordance with our loan recovery drive. As expected, this video has generated variety of sentiments, thoughts and opinions which at this juncture requires some context to facilitate better customer management and ourselves as a team.

Consistent with our strategic business objectives, we had prioritized the recovery of all outstanding loans owed the bank with the clear intent to bring same in conformity with agreed levels. Consequently, the recent visit of our colleagues was in line with this objectives and solely to address the indebtedness of the customer.

While we did not deliberately put out our colleagues actions on social media. I urge that we see the aftermath of the recent events in line with our resolve to realising our recovery objectives with a view of sustaining and improving our service delivery to all our stakeholders.

Lastly, I encourage us all to be bold and tenacious, fiercely engaging The market and refusing all forms of intimidation which the current phase may present.

Ifie sekibo

9News Nigeria

9News Nigeria

Several major Australian banks suffered website crashes on Thursday, according to the tracking site Downdetector.

Issues were reported with the sites of ANZ, Westpac, St George, ME bank, Macquarie Bank, Allianz, and the Commonwealth Bank.

Banking apps have also been affected.

Early on Thursday, multiple airlines in the US and Australia also suffered outages – including American Airlines, Southwest Airlines, United Airlines and Delta Air Lines, and Virgin Australia.

It’s unclear if the outages are linked.

“We understand that some of our customers are currently experiencing issues accessing our services,” Commonwealth Bank told AFP. “This issue is affecting multiple organisations, including many of the major banks.”

About an hour later, at 16:15 local time, CommBank tweeted that services were starting to return to normal and thanked customers for their patience.

Australian tech commentator Trevor Long suggested that problems with web services company Akamai could be behind the wave of issues.

Akamai provides one of the world’s largest content delivery networks (CDNs).

Earlier in June, an internal problem at another large CDN, Fastly, prompted an hour-long outage at a number of high-profile websites including Amazon, Reddit, and the UK government site.

Source: BBC

9News Nigeria

9News Nigeria

Stocks rose on Monday amid speculation that interest rates will remain low for an extended period due to the receding risk of a rapid acceleration in inflation, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.49%

Futures for Japan’s Nikkei rose 0.03%. Australian S&P/ASX 200 futures were down 0.06%. U.S. stock futures rose 0.12%.

U.S. nonfarm payrolls data on Friday showed jobs growth unexpectedly slowed in April, which gave equities a lift but put downward pressure on the dollar and U.S. Treasury yields.

Oil futures extended gains after a cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast’s fuel supply.

“It certainly pushes back the timetable for Fed tapering, perhaps to December from the prior expectations of the Jackson Hole Symposium in late August,” Chris Weston, head of research at broker Pepperstone in Melbourne, wrote in a memo.

“A softer payrolls is good for the reflation trade; the dollar weakened across the FX spectrum. We’ve also seen a solid bid in equity indices and futures are up.”

On Friday the Dow Jones Industrial Average (.DJI) and the S&P 500 (.SPX) rose to record closing highs after disappointing data on the U.S. jobs market eased concerns about a spike in consumer prices.

Source: Reuters Business

9News Nigeria

9News Nigeria

Union Bank of Nigeria, one of the foremost stable banks in Nigeria has declared 25 kobo dividend for 2020 on strong business fundamentals despite impact of Covid-19.

Union Bank publicity department made this known in a press release sent to 9News Nigeria on 19th March 2021; stating that the bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

Full PRESS RELEASE FROM UNION BANK NIGERIA PLC:

Press release

Union Bank declares 25 kobo dividend for 2020 on strong business fundamentals despite impact of Covid-19

LAGOS, NIGERIA – March 19, 2021: Union Bank has released its audited financial statements for the year ended 31st December 2020. The bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

Union Bank’s investments in technology and building a progressive work culture over the past eight years, enabled a swift response to the pandemic that allowed our workforce transition to remote working while maintaining the productivity required to deliver these strong set of results in 2020.

Commenting on the results, Emeka Emuwa, CEO said:

“The Bank has delivered a strong set of results notwithstanding the impact of COVID-19 on our operations and the wider economy, enabling the Board of Directors to continue to return value to shareholders with a proposed dividend payment for the second year in a row. This demonstrates the strong foundations we have built, as we continue to deliver against our target of becoming a leading financial institution in Nigeria.

For the full year, we grew across key income lines. Net income after impairments grew 8.3% from ₦95.5bn to ₦103.4bn and translated into 2.8% growth in Profit Before Tax to ₦25.4bn from ₦24.7bn.

The core of this performance is driven by the growth in our loan book, with 23.8% increase in gross loans, to ₦736.7bn from ₦595.3bn in 2019.

The pandemic accelerated trends in customer behaviour and we have seen rapid increase in digital adoption with a 38% YOY increase in active users on our UnionMobile channel with total active users now at 2.9 million. Our UnionOne and Union360 platforms for businesses grew by 11% from 25,000 users to 27,700 users. 94% of transactions in the Bank are now done digitally, up from 89% in 2019.

We also aggressively grew UnionDirect (our agent network) by 6x from 3,100 to 18,100 in line with our focus on our retail business. With our investments yielding positive results, we are well positioned as a strong leader in the retail and digital space.

In 2021, the Bank will focus on enhancing revenues and shareholder value by revving up customer acquisition, engagement and transactions through seamless customer journeys and an optimized service delivery platform.
As I retire following eight years of rebuilding and repositioning this storied institution, I am convinced that with the excellent management team and a clear strategy in place, Union Bank is well positioned to continue to compete and deliver value to its shareholders.

Speaking on the FY 2020 numbers, Chief Financial Officer, Joe Mbulu said:

“We are pleased with both our top and bottom-line performance in 2020, in light of the impact of the pandemic and economic challenges. Significant inflationary pressures and the translation of currency depreciation drove growth in our cost base, however we maintained strong control, limiting operating expense increase to 10% (₦77.9bn from ₦70.8bn), well below the rate of inflation. Consequently, we saw marginal increase in our cost to income ratio to 75.4% from 74.1%.

Our customer deposits hit a milestone during the year, crossing the ₦1tr mark to ₦1,131.1bn from ₦886.3bn in FY 2019, an increase of 27.1%. Low cost deposits were up by 17%, constituting 68% of total deposits helping to push cost of funds down by 1.4%.

We continued to proactively manage our growing risk asset portfolio and recorded better asset quality, with our NPL ratio improving from 5.8% to 4.0%. This achievement, combined with a solid capital adequacy at 17.5% and continued top-line growth, provides the platform for strong growth going forward.

We will continue to grow our loan portfolio in 2021, which we expect to be a significant driver of growth, combined with our value chain synergies across our business which will drive customer and transaction growth during the year and beyond.

Our UBUK subsidiary remains classified as “Available for Sale” as the sale process continues albeit delayed due to the pandemic-induced lockdowns”

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9News Nigeria

9News Nigeria

If You Have An Account With Any Of This Banks In Nigeria, Pay Attention To This Important Information

The Nigerian banking sector and the Telecommunications industry recently, have been at loggerheads over a certain debt that the Telecommunication and service providers were owing some of the Nigerian Banks. This loggerhead over the debt owed, led to a threat by the Service Providers to immediately suspend the USSD service currently being rendered to Nigerian customers.

This led to a an urgent meeting between stakeholders of the industry, including the Nigerian Communications Commission, and the Central Bank Of Nigeria. The Minister for Communications and Digital Economy, Dr. Isa Pantami was also present at the meeting, held on Monday to discuss the way forward over the lingering issue bordering on the N42 Billion debt owed by the Nigerian banks.

The disagreement was as a result of increased concerns about the appropriate pricing model for USSD transactions and pricing, ultimately leading to the accumulated debt.

In a joint statement signed by both the communications heads of the CBN and the NCC, it was announced that both industries have come to the agreement to fix the charge for Unstructured Supplementary Service Data Service at a flat rate price of N6.98 per transactions as from Tuesday, 17th of March, 2021.

They information also further clarified that the new service charge fee per transaction conducted at all CBN-licensed institutions would now replace the previously existing billing system, so as to make sure that the average cost of transaction for a customer would be cheaper, ensuring financial freedom.

Also, the two stakeholders further decided to permanently stop the attempted disconnection of DMBs connected to the USSD system. The new charge would be collected directly from the bank account of customers so as to ensure a fair and transparent medium of payment. They further admonished banks not to tender additional charges to financial transactions.

How does this affect the average Nigerian account holder? The above information entails that for any USSD transaction, or in other words, SMS banking, a flat charge of N6.98 would be charged, and that NO FURTHER AMOUNT WOULD BE DEDUCTED FROM THE CUSTOMER’S ACCOUNT.

9News Nigeria

9News Nigeria

Naira depreciates to 410/$ at official market.

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The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar.

Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” he said.

The naira exchanged for 478/$ at the parallel market on Friday.

The Vice President, Prof. Yemi Osibanjo, said the Federal Government would address the shortage of foreign exchange.

“We have accepted that we need to take more dramatic step to boost exports in order to earn foreign exchange,” he said.

Osinbajo said the government would combine limited resources to expand the supply base.

The Federal Government, he added, would ensure the expansion and promotion of export trading houses, ensure that companies in the special economic zones exported most of their productions, as well as expand the export grant scheme.

9News Nigeria

9News Nigeria

The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

It stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.

This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.

The circular was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department.

It read, “The Central Bank of Nigeria circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned the Deposit Money Banks, non-bank financial institutions, other financial institutions and members of the public on the risk associated with transactions in cryptocurrency refers.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“Please, note that breaches of this directive will attract severe regulatory sanctions. “The letter takes immediate effect.”

By Nike Popoola – Source: PUNCH

9News Nigeria

9News Nigeria

Lagos, Nigeria, November 19, 2020: Sterling Bank Plc, a full service national commercial bank, has reported a trading income of N7.1 billion for the third quarter ended September 30, 2020 compared with N1.9 billion for the corresponding period of 2019, representing an increase of 264.7 percent.

The bank made the remarkable financial performance despite the prevailing uncertainties that characterised the macro-economic environment in the wake of the outbreak of the Covid-19 pandemic and the attendant fiscal reforms by the Federal Government. 

In his remarks on the impressive performance, Mr. Abubakar Suleiman, Managing Director and Chief Executive Officer (MD/CEO) of the bank said, “With economic activity picking up in the third quarter, following the gradual ease in the nationwide lockdown, we continued to leverage on our existing remote work policy to enhance workforce productivity while ensuring uninterrupted service delivery to both existing and new customers. 

Our performance continues to reflect positive results of strategic decisions and investments in our focus areas as we continued to record significant improvement in both funding and operational costs. Overall, we delivered a 7.2 percent increase in operating income and a profit after tax of N7.37 billion despite prevailing uncertainties around the COVID-19 pandemic and recent fiscal reforms.”

The CEO said, a 26.2% dip in fee income occasioned by the downward review of electronic banking fees, and slower loan origination due to the protracted lock down was moderated by a 264.7% spike in trading income.

He said growth in balance sheet was driven by a 26.5 percent growth in low cost funds, which saw the bank’s CASA mix improve to 71 percent from 60 percent, delivering a 6.6 percent growth in customer deposits. Our cash and short-term balances increased in line with the higher regulatory reserves while interest income also declined by 6.7 percent, which was offset by a 17.0 percent decline in interest expense. This delivered a 120 bps drop in cost of funds and, consequently, a 100-bps increase in net interest margin.

Suleiman noted that in terms of asset quality, “We proactively increased our cost of risk by 100 bps to 1.9%, while recording a marginal increase in NPL ratio to 2.9%, well below our target of 5%”

He explained that the decline in OPEX was achieved by moderating administrative expenses despite growth in other operating expenses, including AMCON and insurance fees 

The CEO said the bank was able to maintain a strong capital and liquidity position of 16.1 percent and 32.5 percent respectively above regulatory benchmark, adding that overall the bank delivered a profit after tax of N7.37 billion for the 9-month period.

Sterling Bank Plc is a leading national commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N1 trillion in total assets, 160 business offices and over 800 ATMs nationwide, Sterling Bank has grown into a major financial institution. The Bank prides itself as ‘Your one-customer bank’ that celebrates each customer as a unique individual. For further information, please visit http://www.sterling.ng.

9News Nigeria

9News Nigeria

The Reserve Bank has cut interest rates to a record low of 0.1 per cent as the bank’s governor confirmed Australia was not out of recession.

Key points:

• The official cash rate is expected to remain at 0.1 per cent until 2024
• Reserve Bank Governor Philip Lowe says the unemployment rate is likely to peak at 8 per cent and drop to 6 per cent by the end of 2022
• Dr Lowe said the cash rate was very unlikely to drop below zero because it would not help stimulate spending

The cut to 0.1 per cent is down from the previous record low of 0.25 per cent, which was announced earlier this year, and is not expected to increase for at least three years.

Alongside the drop in the official cash rate, the RBA lowered its three-year bond rate target to 0.1 per cent. The new record-low rate will also apply to the bank’s term funding facility.

The central bank confirmed it would buy $100 billion worth of Australian government bonds over the next six months to lift inflation and encourage lending and investment — a measure known as quantitative easing.

Reserve Bank Governor Philip Lowe stressed the bank was not printing free money for the state and federal governments and the bonds bought by the RBA would have to be repaid by governments at maturity.

“They’ll have to be repaid in exactly the same way as if the bonds were held by others,” he said.

The bond purchases will be bought on the secondary market and split, with 80 per cent to be federal government bonds and 20 per cent state government bonds.

This is in addition to the more than $60 billion the bank has spent since March on buying three-year government bonds.

Other elements of today’s package include:

• A reduction in the target for the yield on the three-year Australian government bond to around 0.1 per cent
• A reduction in the interest rate on exchange settlement balances to zero

Dr Lowe said the measures would help address the high rate of unemployment, which he described as an “important national priority”.

The combination of the RBA’s bond purchases and lower interest rates is expected to help the country recover economically by lowering financing costs for borrowers, contributing to a lower exchange rate and supporting asset prices and balance sheets.

Dr Lowe said the bank was “committed to doing what it can to support the creation of jobs”.

“Encouragingly, the recent economic data have been a bit better than expected and the near-term outlook is better than it was three months ago,” he said.

“Even so, the recovery is still expected to be bumpy and drawn out and the outlook remains dependent on successful containment of the virus.”

Dr Lowe said the RBA would purchase bonds “in whatever quantity is required to achieve the three-year yield target”

Chief economist for BIS Oxford Economics Sarah Hunter said the RBA’s decision to cut the cash rate was as expected.

Dr Hunter said the bank outlining it did not expect to raise the cash rate over the next three years would “provide households and businesses with some certainty over their individual borrowing rates in the near term”.

“The easing that has been implemented so far has already had a significant impact on the housing market; house prices are now trending up nationally and the lending data suggests this will continue in the near term,” Dr Hunter said.

Lowe says cash rate ‘extraordinary unlikely’ to drop further

Dr Lowe said despite some media reports, Australia was not out of recession and said the Reserve Bank had more monetary “firepower” to use if necessary.

But he said dropping the cash rate below zero was “extraordinarily unlikely”.

“While a negative rate might lead to a helpful depreciation of the Australian dollar, it could impair the supply of credit to the economy and lead some people to save more, rather than spend more,” he said.

“We’ve done as much as we can on interest rates and the focus now is really on the quantitative asset purchases.”

Dr Lowe said the announcements on Tuesday were not made earlier in the pandemic because monetary easing was likely to get more traction today than “when widespread restrictions were in place”.

“In earlier months, the usual transmission mechanisms were not working as normal and the challenges facing the country were best addressed by other policy tools.

“However, as restrictions are eased and people have more opportunities to spend, our judgement is that further monetary easing now provides additional support to other policies, including the fiscal initiatives and the RBA’s earlier monetary policy package.”

Dr Lowe also said the cash rate was very unlikely to drop below zero.

Unemployment expected to peak at 8 per cent

Dr Lowe said Australia could expect positive GDP growth in the September quarter despite the restrictions in Victoria.

“In the central scenario, GDP growth is expected to be around 6 per cent over the year to June 2021 and 4 per cent in 2022,” he said.

Official estimates last month put the jobless rate at 6.9 per cent, with 937,400 people out of work.

But the pandemic and various Government support measures mean that number understates the unemployment crisis, with more than 1.5 million people on JobSeeker benefits.

Dr Lowe said the country’s unemployment rate was likely to remain high, but would peak slightly below 8 per cent, rather than the 10 per cent previously expected.

He said it was forecast to drop to 6 per cent at the end of 2022.

The period of high unemployment would result in low wage growth and prices over coming years, Dr Lowe said.

Inflation is forecast to be 1 per cent in 2021 and 1.5 per cent in 2022.

Dr Lowe warned the cash rate would not increase “until actual inflation is sustainably within the 2 to 3 per cent target range”, which will require wages growth and “significant gains in employment”.

Homeowners eager for rate cut to be passed on by banks

Adelaide homeowners Mark and Verity Riessen are eagerly waiting to see how much of the rate cut will be passed on to them by their lender.

“The last rate cut the RBA passed through, was not passed on to us by our lender,” Mr Reissen said.

The couple bought their home in 2006.

Two lots of refinancing and three children later, they still have another 25 years left on their mortgage, which they’re currently paying off with a variable home loan at an interest rate of 3.2 per cent.

The Riessen’s are preparing to look elsewhere if their lender does not pass on the cut.

“I’ll be looking either to negotiate a lower interest rate or looking to another lender,” Mr Riessen said.

“Our current lender is offering an interest rate to new loans at 0.7 per cent lower than what we’re currently paying, so if we are a loyal customer I would expect our lender to be able to look after their current customers the same way they’re looking after new customers.”

The family’s income has been cut and their expenses have increased since the COVID-19 pandemic hit.

The move to at-home learning earlier in the year meant the family needed to spend a lot more money on technology for their three children.

“We had to spend a lot more money investing in iPads and things like that, so our kids didn’t miss out.”

Ms Riessen said even the smaller than usual 15 basis point cut by the RBA would help, if it was passed on to them in full.

“Those little bits of money that could come through a lower interest rate can actually make a huge difference.”

Savings accounts take another hit

Finance professional Ankita Gangaramani is trying to save the thousands of dollars she will need for the application and legal fees required to become a permanent resident in Australia.

But with another cut to the official interest rate, she’s probably going to get some bad news from her bank about how much interest she will be able to earn on the money in her account.

Having managed to pay off the $40,000 loan she obtained for a Masters in Business Administration, Ms Gangaramani is now focusing on building her savings while working in the finance sector.

“Building up savings is a time-consuming process,” she said.

“It’s going to be a while before I can collect the amount I need for the permanent residency.”

It will cost about $6,000 in administration and legal fees for Ms Gangaramani’s permanent residency application.

She has a savings account with one of the big four banks, but her interest rate has been steadily falling with each cut introduced by the RBA.

“Earlier, it used to be about a percentage, so one per cent of my total earnings, but now the percentage has obviously fallen,” she told ABC News.

The interest rate on her savings account is now 0.05 per cent.

“It’s really impacted me in terms of the amount of interest I gain on the actual savings that I make, so my money isn’t exactly growing.”

She’s concerned today’s cut by the RBA will mean her interest rate will be slashed even closer to zero.

“Every dollar counts and it’s just not going to be the most ideal scenario for me if the developments are that the interest rate falls even further.”

9News Nigeria

9News Nigeria

Nigeria is heading for another recession in the fourth quarter of this year, the Federal Government declared on Friday.

According to the government, findings showed that the country’s Gross Domestic Product for the second and third quarters of 2020 were projected to be negative.

This, it said, implied that the country would slide into a second recession in four years.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s real GDP had been projected by the National Bureau of Statistics to contract by 4.2 per cent in 2020, as against the previous projected growth of 2.9 per cent.

“Q2 and Q3 2020 GDP growth is projected to be negative, which means that the country will lapse into a second recession in four years,” she said.

She also revealed that the Federal Government’s earnings dropped by about 65 per cent following the cuts in oil production.

Ahmed spoke during a virtual consultative public forum in Abuja where she presented the Draft 2021-2023 Medium Term Expenditure Framework/Fiscal Strategy Paper.

She noted that the economy faced serious challenges in the first half of the year as the macroeconomic environment was significantly disrupted by COVID-19.

According to her, crude price dropped from $72 per barrel in January to below $20 in April 2020, making the $57 crude oil benchmark of the 2020 budget unsustainable.

“The massive output cut by OPEC and its allies to stabilise global oil market, with Nigeria contributing about 300,000 barrels per day of production cuts, resulted in about 65 per cent decline in projected net 2020 government revenues,” the minister said.

She said the revenue reduction was from the oil and gas sector and had adverse consequences on foreign exchange inflows into the economy.

“Unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years, with significant adverse consequences,” Ahmed said.

Ahmed also stated that the Federal Government planned to spend N11.86tn in 2021.

According to her, Nigeria’s monetary futunes would suffer a deficit of N5.16tn because of the government’s projected ability to generate only N6.98tn revenue all in 2021.

9News Nigeria

9News Nigeria

ABUJA (Reuters) – Nigeria’s central bank has collected 216 billion naira ($598 mln) from banks with excess cash holdings as part of measures to support the naira currency, banking sources said on Friday.

The naira has come under intense pressure in recent months during the coronavirus pandemic, a sharp fall in the price of oil – Nigeria’s main export – and departing foreign investors, causing a large financing gap.

The currency has been hitting new lows on the over-the-counter spot and black markets since March after the central bank adjusted its official rate, implying a 15% devaluation, to absorb the impact of an oil price crash.

The naira traded at 385 on the official market this week, weaker than a quoted rate of 361, backed by the central bank.

Banking sources told Reuters the liquidity withdrawal came before a foreign currency auction on Friday.

Results of the auction were due later in the day.

“The central bank is trying to manage the FX rate using the CRR (cash reserve ratio),” one banker said, adding that the debits had become frequent and over the 27.5% limit.

He said offshore lenders were the most affected on the levies since they don’t operate retail business and are debited from their corporate deposits or borrowings.

The bank is selling forex to importers and individuals with dollar expenses to keep its economy afloat. But it is yet to resume forex sales to investors that have sold assets and need to leave the country.

The central bank did not respond to a request for comment.

($1 = 361.00 naira)

Reporting by Chijioke Ohuocha; Editing by Catherine Evans and Andrew Cawthorne

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) yesterday assured all successful households and small and medium scale enterprises (SME) applicants that have submitted their account details for its N50 billion COVID-19 Targeted Credit Facility (TCF) that they would be credited within 48 hours.

CBN Director, Corporate Communications Department, Isaac Okorafor, in a statement yesterday, urged all successful applicants whose accounts have not been credited, to visit the website of NIRSAL Micro Finance Bank (www.nmfb.com.ng) and input their account details.

He, however, urged any successful applicant that “do not receive a credit alert within 48 hours to call mobile number: 09010026900 for resolution.”

Okorafor also said CBN had waived the requirement for the provision of guarantors by households and SMEs applying for TCF.

According to him, the bank’s move is to address the concerns of those who had fulfilled all requirements for the loan but were yet to have their accounts credited, particularly as other persons had begun to receive credit alerts.

Okorafor reiterated that funds being disbursed were loans and should not be taken as grants.

He, therefore, urged eligible households and small businesses to take advantage of the palliatives to revive their businesses and contribute to steering Nigeria away from recession.

CBN had in March unveiled guidelines for the implementation of the N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic.

Based on the CBN guidelines, those eligible beneficiaries of the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19 and existing enterprises with verifiable evidence of activities adversely affected as a result of the COVID-19 pandemic.

NIRSAL Microfinance Bank, on behalf of CBN, last month commenced the disbursement of the fund to beneficiaries.

“The facility is available for service providers in the health sector, trading and all those businesses that have been affected by the COVID-19 pandemic. The idea is to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic.

The product is intended to provide liquidity for businesses.

“This initiative is to provide liquidity and allow the economy to normalise. Businesses are hurt. People are hurt. People are no longer staying on jobs.

“By the end of today, they should be able to receive alerts. The idea is to launch the products so that people will know that we have started disbursement,” the Managing Director of NIRSAL Microfinance Bank, Mr. Abubakar Kure, had said.

CBN Governor, Mr. Godwin Emefiele, recently said so far a total of N107.45 billion out of its health sector intervention fund, the agricultural and manufacturing sectors as well as the households and SMEs funds had been disbursed.

“The committee recognised that under the N100 billion healthcare sector intervention fund, the bank has approved and disbursed N10.15 billion for some projects, for the establishment of advanced diagnostic and health centres and the expansion of some pharmaceutical plants for essential drugs and intravenous fluids.

“As part of the N1 trillion intervention targeted at the agric and manufacturing firms, the bank has further disbursed N93.2 billion under the real sector support fund to boost local manufacturing and production across critical sectors. This consists of over 44 greenfield and brownfield projects.

“The bank has also approved N10.9 billion to 14,331 beneficiaries under the N50 billion targeted credit facility for households and SMEs out of which N4.1 billion has been disbursed to 5,860 successful beneficiaries.

The committee directed management to reach out to the banks to encourage them to disburse the funds to the priority sectors of the economy, so as to stimulate aggregate demand and create more jobs in the country,” he had added.

9News Nigeria

Cynthia Morgan earlier today disclosed how she went into depression bcos of the issues she had with the CEO of her former record label Jude Okoye Northside Records.

It has been the talk of the day on Twitter as everyone have gone sympathetic for her.
Touched by her ordeal her fans have set up a GoFundMe account with the hashtag #BringBackCynthiaMorgan.

Davido have 2 hours ago reached out to Cynthia Morgan via Twitter.

He wrote: “Cynthia Morgan call me” and in another post he wrote “Tell Cynthia Morgan I got an anthem for her. I’ll record my verse now”

9News Nigeria

9News Nigeria

NAIROBI (9News Nigeria) – The World Bank has approved a $1 billion loan for Kenya to help it close a gaping budget deficit and tackle the economic shocks from the coronavirus pandemic, both sides said on Wednesday.

The loan, initiated before the health crisis started, is the second ever such direct lending for the budget from the World Bank, after the first was processed last year.

“Its approval is timely, since it will help fill the financing gap generated by the severe, ongoing shock to Kenya’s economy,” the World Bank said in a statement.

The budget deficit has swollen to 8.2% of GDP in the financial year to the end of June, from an initial forecast of under 7%, mainly due to reduced tax collection and lost revenue from VAT and income tax cuts.

Finance Minister Ukur Yatani said the approval was a vote of confidence in the government’s handling of the economy.

“The… WB (World Bank) does not provide budget support to countries with a weak macro framework,” he wrote on Twitter.

The bank said that $750 million of the loan, which will come from the International Development Association, will be repaid over a 30-year period, after a grace period of five years, with 1.35% interest.

The second component of $250 million, which will come from the International Bank for Reconstruction and Development, will have a market-based interest rate of about 2%.

“Both amounts are highly concessional,” Felipe Jaramillo, the World Bank’s Kenya head, told an online news conference.

The loan comes two weeks after the IMF approved $739 million in emergency financing, a move which has supported the shilling currency.

9News Nigeria

9News Nigeria

The Federal Government has said the Central Bank of Nigeria and the Nigerian National Petroleum Corporation have agreed to shoulder the cost of accommodation and feeding of evacuees during their 14-day compulsory quarantine.

Minister of Foreign Affairs, Geoffrey Onyeama, made this known on Monday during the briefing of the Presidential Task Force on COVID-19.

He said the gesture was made possible by the co-operation of the CBN Governor, Godwin Emefiele, and the NNPC GMD, Mele Kyari.

The minister explained that the MFA had imposed advance payment of feeding and hotel bills on evacuees because the FG had no source of funding.

He said, “After getting all the barrage from all around the world including that we were somehow conspiring with hotels to fleece Nigerians and make money for ourselves and other kinds of accusations, we continue diverse to find the way through.

“They say that two heads are better than one. The Honourable Minister of Environment, Dr Mahmoud Abubakar, called me on Friday and suggested that why not try NNPC and CBN. They have corporate social responsibility funding and I told him I will do that immediately.

“I got in touch with the governor of the CBN and he generously agreed. He said the amount I was talking about is over a billion naira because we have over 4000 Nigerians out there and if over 3000 of them comes back, the cost of feeding and accommodation is over a billion naira that we don’t have. He said he was ready to share the cost with the NNPC.

“I spoke with the GMD of NNPC and he said he was going to consult and thanks be to God today (Monday), he got back to me and he said he was going to meet with the governor of CBN and together, they will fund this portion, a very important one, the feeding and accommodation of the evacuees.”

9News Nigeria

9News Nigeria

By Chijioke Ohuocha

ABUJA, May 7 (Reuters) – Nigeria’s five-year naira futures slid past 550 to the dollar on Thursday after the central bank weakened the naira on the derivatives market, signaling more pain to come for the currency, traders said.

The bank softened the currency on average by 73 naira across tenors, traders said, with the one-year maturity revised by 27 naira. The 5-year naira futures, introduced in February, weakened to 569 per dollar, traders said, from 413 naira in the previous session.

The Naira has been hitting new lows on the black and over-the-counter spot markets since March after the central bank adjusted its official rate, implying a 15% devaluation. An oil price crash last month, triggered by a coronavirus pandemic, also worsened dollar shortages.

Dollar demand has been swelling and piling up pressure on the naira. Importers with past due obligations have been scrambling for hard currency while providers of foreign exchange such as offshore investors have exited.

The market differential between one-year naira futures and forwards narrowed to 104 naira on Thursday from 130 naira in March, showing that the bank is keen to close the currency gap after an oil price plunge put the naira under pressure.

The non-deliverable forwards (NDF) market traded in London, which gives an indication of where the currency could trade in a year’s time, quoted the naira at 525 to the U.S. dollar.

The central bank devalued the official currency rate two months ago in a move to converge a multiple exchange rates regime which it has used to manage pressure on the Naira.

But dollar shortages has caused the gap between the black market and official market to widen especially after the bank suspended dollar sales in the wake of a coronavirus lockdown.

The bank has resumed dollar sales to local clients this week, selling around $100 million per week but is yet to sell to offshore investors, traders say, estimating backlog demand at around $1.5 billion to $1.8 billion.

(eporting by Chijioke Ohuocha

Editing by Gareth Jones/Mark Heinrich

Source: The Thomson Reuters Trust Principles.

9News Nigeria

A photo have emerged on social media captured the heavy traffic that was witnessed on the popular Third Mainland Bridge in Lagos despite the lockdown order that was given by the state government.

A resident in Lagos state took to Twitter to alert the state government to the fact that the lockdown order to combat the spread of Coronavirus is not being taken seriously.

Oloruntobi Adejare shared photos showing heavy traffic on Third Mainland Bridge this morning.

Sharing the photos, he captioned ;

Traffic on 3rd mainland bridge this morning as sent in by our Correspondent Hushed face please where are these people going even after cases in Lagos rose to 70 just last night. What is the colour of our problem?

9News Nigeria

The Federal Government of Nigeria have yesterday April 15 shut down ALLEGED ‘quack’ cosmetic surgeon, Dr Anu’s Fella clinic, Med Contour, days after a botched surgery at the clinic caused social stir. the owner is reportedly on the run.

9News Nigeria gathered that, Anu took to her heels after the Federal Competition & Consumer Protection Commission (FCCPC) has shut down Med Contour plastic surgery facility

The FCCPC commenced an investigation againt Med Contour after receiving petitions against the facility’s owner, Dr Anu Fella. The plastic surgeon was accused of engaging in unprofessional, misleading and potentially injurious conducts. 

Med Contour’s facility in Lagos was sealed yesterday April 15, by the agency, in an abundance of caution & consumer safety pending further inquiry.

9News Nigeria

I’ll make ur life a living proof that OBO DEY – Nigerian singer, Davido has promised to better the life of one of his fan who named his son after the him.

The follower, who calls himself “Davido twin” and shares a little resemblance with the singer, according to Twitter users, shared a photo online and told Davido that he named his newborn baby after him because of the admiration he has for him.

“My wife just gave birth to a bouncing baby boy and I named him David cos of the love I have for @davido and I want him to be successful like @davido. King David come and bless my son ooo,” the Twitter user wrote.

Davido responded: “Show me proof !! And I’ll make ur life a living proof that OBO DEY !!!”

9News Nigeria

Nollywood actress and philanthropist, Tonto Dikeh has shared that she is set to feed no fewer than 5,000 Nigerians during this period of lockdown over the novel coronavirus.

The controversial actress shared photos of the food items to be given out via her official Instagram page on Monday, 6th April.

The items include packed 5kg rice, groundnut oil, palm oil among others. Adorable isn’t it?

Arrival of different food items to feed 5,000 Nigerians by the Tonto Dikeh Foundation.

See what she posted below:

9News Nigeria

Popular Nollywood actress, Regina Danielshas taken to her Insta story to reveal she misses travelling around the world in her husband’s private jet.

The actress expressed her disappointment over the ravaging coronavirus that has ruined her plans.

Taking to the photo-sharing app, Daniels shared some throwback videos of her trips.

In one of the videos, she could be seen walking to board her husband’s private jets and she captioned it; “I miss”

9News Nigeria

Media personality, Toke Makinwa suffered a huge knock from TV host, Shade Ladipo after her comment on people not “filming receipts of their benevolence”.  Toke Makinwa in her tweets had also told those who insist on filming, to blur the faces of those receiving the gifts because they didn’t ask to be seen on camera.  She tweeted;  Here’s an appeal not shade, not a call out either, I salute everyone who’s giving out to the less privileged this season, you are not the government and your kindness will be rewarded by God but can we stop filming the recipients of your benevolence?You can film your acts of kindness for yourselves, your archive or documentation purposes, etc. pls blur out the faces of those receiving them cos they didn’t ask to be seen on camera and you can protect their dignity. 

Shade Ladipo who took a dig on Toke Makinwa over the tweets, accused her (Toke) of filming giving her Personal Assistant a car last year. The TV host who said that documenting benevolence does more good than bad, disclosed that Toke’s act of kindness in 2019 made her buy her PA a laptop.  She wrote;  

9News Nigeria

A pastor has been caught collecting human faeces for reasons best known to him.

The cleric was nabbed by residents in the area and he was allegedly seen putting the substance into a black polythene bag.

He alleged that he wanted to use it for experiment.

Later on, the man claimed it was going to be used as fertilizer.

When asked why he didn’t use that of his children or church members, he said members are no longer coming to church at this time due to the ban and he never needed it back then.

9News Nigeria

A single mother-of-three attempted suicide by jumping into the Osun River in Osogbo, Osun State over her inability to continue providing for her children due to the lockdown Kafayat Alake jumped into the river yesterday, April 1, a few hours after the state government imposed a stay-at-home order on residents of the state as part of measures to curb the spread of the deadly coronavirus pandemic.  She would have drowned, but for the timely intervention of some residents of Aregbesola area of Osogbo. 

Alake’s strange movement on the bridge was said to have been noticed by some passersby. When she jumped, they quickly raised alarm and youths in the area trooped out, dived into the river and rescued the woman. 

 “We were somewhere around that place when the woman fell into the river. At first, we thought she slipped while walking on the bridge but we later discovered it was a suicide dive. While others were calling for help, I had to jump into the river before others joined me in rescuing her,” a resident said. 

Alake, while being questioned by reporters after her rescue, said she hails from Alapaaro, Isale Osun, Osogbo. According to her, she has three children and she could not continue to fend for them due to her financial predicament. 

She stated that her husband stays in Lagos adding that she got separated from her husband thirteen years ago.  The woman was later rushed to a nearby hospital by the O’Ambulance team of the state. 

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 Billion.

CBN Director of Corporate Communications, Isaac Okorafor, said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.

“A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.

“Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.

“Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.

” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.

“Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,” he said.

Okorafor said that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.

He called on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic.

According to him, Nigeria can overcome the scourge when all hands are on deck.
~NTA

9News Nigeria

A kidnapper who was arrested for the abduction and rape of a middle-aged woman has claimed she gave him sex voluntarily and didn’t fight him off. Saidu Iliya, 27, was paraded at the Niger State Police Command for kidnapping and raping one Rakiya Sani. According to reports, on March 5, 2020, one Mohammed Sani of the Vunu Fulani Camp Settlement in Lavun reported that some armed men attacked his home and kidnapped his wife.  The kidnappers later demanded N10m ransom but eventually settled for N600,000 after negotiations. However, Iliya was apprehended on March 8, while attempting to collect the ransom. The command’s Public Relations Officer, Wasiu Abiodun, said that after being interrogated, the suspect confessed to the crime. He admitted that he had sex with his victim but said he did not force her. Iliya said: “Since the two of us were in a hidden place, our body mechanism began to change and we had sex; probably she didn’t want to do anything that would provoke me to kill her and she obliged me at that point. “l did not force her to have sex with me; she voluntarily gave me sex, while I was waiting to collect the ransom.” When asked if he used any form of protection during intercourse with the pregnant victim, Iliya said: “I did not use any protection while making love to her.” The victim was rescued unhurt.  Wasiu Abiodun added that the suspect will be arraigned after investigation. 

9News Nigeria

Nigerian actress, Nkiru Umeh has taken to her Instagram page to lament about her loss following the fatal explosion that rocked Lagos on Sunday.“My beauty complex and my house were directly opposite Bethlehem girls college and the explosion happened right in front of the school. Everything went down. I thank God for life. Still in shock to even talk but my anger is that the media houses and the government are lying to the public. All the same. It is well. I will narrate on this more when am out of shock. For now my hands are still shaking. God just showed me how special I am. How he loves my family, yes I lost 2 houses, 2 cars, all properties, cloths, shoes, AngelNikky Cosmetics goods worth close to 10m. My beauty complex and everything inside worth close to 50m and of course my resident mansion and properties inside which only myself and whoever have been to my house can tell how beautiful it was. Should we talk about my closet? If you know AngelNikky you can imagine AngelNikky’s closet. Fire took it. All it’s well is what I can say because I have my life, my husband, my children, my PA, my husband’s boys, we are all alive. By the grace of God, material things can be replaced. No one can replace life. Gratitude to God remains my attitude.”

9News Nigeria

According to the Rivers born ex-beauty queen, she started her business under the staircase of a mall and her friends mocked her for divorcing a billionaire to sell under the stair case.

She wrote: ” 5 years ago this was all I had as a business . This little spot under/near the stair case of a mall that so many people used to mock me because to them i just left a billionaire and had nothing to show for it 😂😂 How time flies. Such a humbling period in my life. A real down time . I don’t need to go into details of where I am today so I don’t get carried away and maybe seem boastful ( you already know 😝) . A reminder that no matter how tough it gets , it can get better . Cheers to getting better and doing better. Lots of love to those who have constantly stood by me . God bless you . “

Recall that the talk-of-the-town wedding between Dabota and Prince Sunny Aku who was thirty-five years older than her, held in Lagos at the Oriental hotel in 2014 with a few dignitaries including the then governor of Anambra State, Mr Peter Obi, present. The wedding held seven months after they met.  A year and a half later, rumour mills went agog that the former beauty queen has dumped her marriage. She denied this and posted a video of herself and her husband.  But the marriage later crumbled.

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Tonto Dikeh has shared a video of a new Bentley she says is hers in a bid to shut down the claims that she’s living a fake lifestyle. The actress shared the video on Instagram and added a caption directed at her critics who say her lifestyle is “audio”. “Chai, where are those people that laughed ooo,” she wrote, adding, “My audio lifestyle, new audio Bentley, new home under construction in my son’s name. New audio Lexus for my baby boy tooo wey we never pay for finish. Who is your God?” She added:  #Awon Audio detector, how market??Las las God I’m not making mouth I’m just humbled …I AM JUST A SIMPLE FARMER OOO, imagine if I become actress??? Ehmmm#ANYWAY THESE ARE THE REASONS I HAVE BEEN PUSHING AND MIA.. e no easy I no go lie #AUDIOLOGESTYLETHATPAYS #AUDIOKING 

 “That is King Tonto’s car, all cleared and paid for,” a man with a foreign accent is heard saying in the background of the video. In an earlier post, she revealed that it’ll cost her an additional 7 million Naira to clear her Bentley. 

9News Nigeria

The Edo State Police command has arrested a 35-year-old man identified as Monday Clement Shola for reportedly impersonating Edo State Commissioner of Police, Jimeta Lawan to dupe rich residents of the state.  Upon being arrested, Shola claimed to be a former Senior Special Assistant to the Edo State Government during the administration of former Governor Adams Oshiomhole.  He disclosed that when he calls rich individuals in the state, he introduces himself as Edo Commissioner of Police and also tells them to give attention to one Clement (himself).  He said;  “Eventually the person called and invited me to his office. I explained to the person how I was arrested and stuff like that. I met with the person one on one. He asked me to drop my account number and I will hear from him.“Four days later. the account was credited with N2.5m. 40 minutes later I saw another alert of N10m making it N12.5m. I didn’t know the money was meant for two seperate account but mistakenly paid all into my account. He called me to asked if I had seen the money. He also called the other line I used to first call him.“Two days later I went to the bank and was told the account was blocked. They told me money was mistakenly credited to the account. I had to return the N10m.” The suspect who disclosed that he bought a Toyota Camry with the N2.5m, said he told the bank that Adams Oshiomhole sent him the money when pressed.  Edo Police Commissioner, Jimeta Lawan confirmed the arrest and further disclosed that an investigation was launched following several complaints from many victims who he defrauded. 

9News Nigeria

Some beggars took to the streets of Lagos today February 25, to protest against continous arrest by officials of the state government. The beggars who stormed Governor Babajide Sanwo-Olu’s office in 10 buses and seven tricycles, also barricaded the entrance to the State House of Assembly as they demanded for audience with the Lagos State Governor.  

They held up placards which read  “Enough is enough, stop the persecution of people with disabilities,” “Save the waterfront, enforced conviction, we demand justice,”If you don’t want to see us begging on the streets, give us skills and empowerment,” “Seeing beggars all over our streets and roads is the failure of the system” and “We are tired of running without legs or eyes, give us skills and empowerment.” Mohammed Zanna, Spokesperson of the beggars and Coordinator of Physically Challenged Empowerment Initiatives (PCEI), recounted how some of them were arrested during a similar protest in 2017 and taken to Majidun, which he described as a prison. He alleged that they were ill-treated and manhandled by government officials, leading to death of some of their members.  

He further stated that the recent ban on commercial motorocycle and tricycle which some of them have been able to purchase, has made business difficult for them as they now have to trek from bus stops to their destinations.  Zanna said;  “We cannot enter buses now because we cannot fight and struggle. We are seeking audience with the governor. Let them come and tell us what they want to do with us. We need skills and empowerment. We are tired of sitting at home. We are demanding to be skilled. “We do not want to beg on the streets. We have used our own ingenuity and resources to provide alternative livelihoods for ourselves that are more dignified, safer and productive to society. Yet, in the blink of an eye, this government is willing to destroy all we have built for ourselves and push us back into poverty and life without basic human dignity.“We are ready to work with government to find workable alternatives through appropriate regulation of keke, special permits for People Living With Disabilities to use our keke for transportation of our members or real and immediate support for alternative livelihoods through skills training and support for PLWDs to start new businesses.”    

9News Nigeria

9News Nigeria

The World Bank has approved six projects worth about $ 2 .2 billion to support Nigerian human capital and economic development in 2020.

“ Nigeria is central to the World Bank Group’ s mission of tackling extreme poverty ,” said David Malpass, World Bank Group President , in a statement.

“ The World Bank is carefully targeting its support on high impact projects as the country works to tackle corruption and lift 100 million of its people out of poverty , ” he added .

According to the lending bank , the funds will be spent on immunization , the expansion of the digital economy, job creation , and public and private sector governance.

“ These projects focus squarely on delivering better services for Nigerians : ensuring that children are immunized and sleep under mosquito nets , building better roads especially in rural areas, and providing Nigeria ’ s poorest citizens with a unique identification that will make social safety nets and services more effective,” Shubham Chaudhuri, World Bank Country Director for Nigeria , said.

World Bank listed Immunization Plus & Malaria Progress by Accelerating Coverage and Transforming Services , Ogun State Economic Transformation Project and Nigeria Rural Access and Agricultural Marketing Project as parts of the six approved program of support in 2020 fiscal year.

Others are Innovation Development and Effectiveness in the Acquisition of Skills Project , Sustainable Procurement , Environmental and Social Standards Enhancement Project and Nigeria Digital Identification for Development Project .

According to World Bank , the Innovation Development and Effectiveness in the Acquisition of Skills Project “ will strengthen the skills of 50,000 Nigerian students and enhance the capacity of technical teachers to better equip them for jobs in the formal and informal sectors . ”

“ The project aims to increase the female enrollment rate from 13% to 23% in technical colleges and provide recognized skills and certification to 3 ,000 youth after they complete an informal apprenticeship .”

9News Nigeria

9News Nigeria

The North accounted for 87 per cent of all the poor people in Nigeria in 2016, the World Bank has disclosed in a new report.

The report titled ‘Advancing social protection in a dynamic Nigeria’, released on January 28, 2020, was described as a ‘detailed analysis of the social protection sector’ in the country.

The report noted that social protection measures implemented by the government in Nigeria had not been able to address the high level of poverty, as well as the negative impact of conflicts and natural disasters.

In the comprehensive report, obtained by one of our correspondents, the World Bank observed that although Nigeria was a richly endowed country, it had a larger proportion of the world’s extreme poor than any other nation.

The report further noted that most of the poor in Nigeria were found in the Northern part of the country.

The North-West, specifically, was described as home to almost half of all the poor in the country.

Nigeria’s President, Major General Muhammadu Buhari, (retd.), is from Katsina, a state in the North-West, which like other parts of the North, has produced a larger proportion of Nigerian leaders.

Looking at inequality in the country, the report said, “Nigeria experiences high inequality along geographic lines, with poverty mostly concentrated in the North and in rural areas.

“Poverty in the northern regions of the country has been increasing, especially in the North-West zone.

“Almost half of all the poor lived in the North-West and the North accounts for 87 per cent of all the poor in the country in 2016.”

“Poverty rates in the southern zones were around 12 per cent with little variation across zones. The South-South zone saw the most significant drop in poverty from 2011-2016.

“Poverty was significantly higher in rural areas of the country in 2016. An estimated 64 per cent of all poor lived in rural areas and 52 per cent of the rural population lived below the poverty line in 2016. In contrast, the poverty rate in urban areas remained stable at 16 per cent between 2011 and 2016.”

Painting the picture of a relatively prosperous South and an impoverished North, the report stated, “Regionally, the North lags far behind the South in every human capital outcome. People in the Northern regions are also more vulnerable to falling into poverty.

The report established a link between poverty in the North and the Boko Haram insurgency. According to the World Bank, most of the youth recruited by Boko Haram are jobless, a development which made them more prone to radicalisation.

It noted that the activities of the Boko Haram insurgents in the North-East since 2014 had created a sense of ‘failed political promise’.

It added, “Disasters and conflict have displaced many Nigerians, especially in the North-East. According to estimates provided by the International Displacement Monitoring Centre, there were more than two million internally displaced persons in Nigeria as of 31 December 2018.

“In 2018 alone, more than 600,000 Nigerians were displaced due to natural disasters and more than 540,000 were displaced due to conflict and violence.

“In the North-East, the emergence of the militant Islamist group Boko Haram since 2014 has not only caused large scaled displacement, but also several incidences of kidnapping, death, and injuries, and the erosion of social contract due to widespread perception of a failed political promise. Poverty and deprivation have played a central role in fostering a social divide.

“The youth used by Boko Haram to partake in the conflict are jobless, without skills, or trades, and are easily susceptible to radicalisation,” the report said.

The World Bank added that besides conflict, climate related factors had caused additional displacement in the North and the Middle Belt regions of the country.

In 2018, flooding affected 80 per cent of the country and triggered more than 600,000 new displacements.

The report said, “Social protection measures in the country are neither well-suited to respond to conflict, nor well-placed to anticipate and mitigate the risks of natural disasters caused by climate change.”

Weak governance, lack of basic infrastructure, poor quality of education, and poor social service delivery, were identified as some of the reasons for the high level of poverty in Nigeria.

According to the report, “Poverty remains high in Nigeria due to its dire social service delivery outcomes and lack of basic infrastructure.

“Nigeria has the highest number of out-of-school children of primary school age in the world with nine million children out of school.

“There has been little change in vaccination rates over the last 25 years and Nigeria is set to overtake India as the country with most under-five deaths in the world.”

The First Lady, Aisha Buhari, recently raised the alarm over the large number of out-of-school children in the North.

The World Bank added that 71 million Nigerians lack access to improved water, while 130 million people do not meet the Millennium Development Goal standards for sanitation.

However, the situation is worse in the North-East and North-West, where only around 25 to 28 per cent of households have access to basic services such as electricity, water, and sanitation.

The World Bank further observed that number of Nigerians living in extreme poverty went up from 2011 to 2016.

The poor in Nigeria lag far behind the rich in every human capital outcome, according to the World Bank Human Capital Index, where Nigeria ranked among the worst seven performers.

It noted that the rate of poverty in Nigeria increased from 35.0 to 38.8 per cent of the total population from 2011 to 2016.

In the same vein, the report pointed out that, despite Nigeria’s middle-income status, almost four out of 10 citizens lived below the national poverty line in 2016.

Between 2011 and 2016, the total number of people living in poverty increased from 57 million to 74 million, the World Bank added.

Commenting on the report, prominent northerners, including ex-Vice-President Atiku Abubakar; Alhaji Balarabe Musa and Junaid Mohammed, called for emphasis on education and a change in some cultural practices.

We should change culture that militates against poverty alleviation – Junaid

In separate telephone interviews with one of our correspondents in Abuja, on Monday, Mohammed and Musa said successive administrations had failed to reduce poverty largely because they failed to ensure that funds meant for the poor reach the masses.

Mohammed said, “I have no doubt in my mind that while it is important to concentrate on the economics of fighting poverty, it is important also for people to be sincere and confront those aspects of their culture which are counterproductive in the fight against poverty.What needs to be done is for government to be sincere in tackling poverty.

“Sadly, even the pittance that is allocated to poverty alleviation in this country is being stolen by those in power because they know nothing will happen.

“Unless we have the political will to deal with this issue nothing will change. We must have leaders with sincerity of purpose. One of the tragedies of poverty in this part of the country is sadly the reality of some of our cultural practices which today’s reality cannot support.”

Balarabe Musa links poverty in North to low education level

Musa said the level of poverty was more in the North because of the poor level of western education.

He stated, “The level of education here is certainly lower that what you have in the South. So, definitely, the level of poverty in the North is higher than that of the South. But if we really decide what is poverty, we will find out the difference between the north and the south is relative in terms of poverty.

“When you are talking of the bourgeois sense of poverty which is restricted to the level of empowerment at the higher level, yes you can say there are poorer people in the north than in the south but if you take Nigeria as a whole, the country as a whole is suffering from poverty that of the north is certainly higher.

“Poverty alleviation programmes by successive administrations have failed because they are bourgeois based.”

Atiku attributes North’s poverty to insecurity, lack of education

On his part, Atiku said insecurity, unemployment, lack of skills and lack of education were responsible for the high poverty rate in the North, especially in the North-East and North-West.

Atiku, who spoke through his Media Adviser, Mr Paul Ibe, said businesses would not thrive in an environment that was plagued by insecurity, lack of skills and lack of education.

Atiku said, “It is very clear that the North-East and North-West have a lot of shortcomings when you look at the index of education. So, education is key. It is the fastest vehicle for upward mobility.

“Education is a game-changer. The North -East and North-West are not doing well in that particular sector. That has impacted on the poverty aspect. To move from the threshold where they are now to the next level, there is the need for re-prioritisation of education as the most important sector.

9News Nigeria

A 33-year-old landlord, Stanley Ejike Awam, has been arrested for allegedly harbouring suspected internet fraudsters. Stanley and 10 other suspected ‘Yahoo Boys’ were arrested by EFCC operatives today at different locations of the Ibadan metropolis following actionable intelligence on their alleged illegal activities. A statement released by EFCC spokesperson, Tony Orilade reads in part “For men of the commission who carried out the arrest, it was a daunting task locating Stanley’s six-flat property tucked inside an isolated environment around Ologuneru area of the Oyo State capital.” He revealed that nine suspects, including Stanley, were arrested at the premises in Ibadan. Others are Henry Echefu, Usman Mustapha, Adeleke David, Olafuyi Josiah, Shorefire Ayokunmi, Riliwan Ajao, Abulsalam Abubakar and Lukman Salam. Orilade said investigations is still ongoing and that the suspects will be charged to court in due time.   

9News Nigeria

Shuaibu Ibrahim, the director-general of the National Youth Service Corps (NYSC) says the monthly allowance of corp members has been increased to N33,000. The NYSC boss gave the cheering news during a working visit to the NYSC secretariat in Bauchi. According to a statement released on the scheme’s official Facebook page, Ibrahim said the increase is in line with the new minimum wage approved by the federal government. He said provisions for the new allowance have been made in the 2020 budget and payment would commence as soon as funds are released by the appropriate authorities. President Buhari in April 2019 signed the new minimum wage bill into law. 

9News Nigeria

A video of two-middle aged men fighting inside a gutter over N100 has since gone viral. Twitter user @omotayo_b who shared the video online, did not state where exactly it happened.”Lmao, what if I told you N100 caused this fight” he wrote Watch the video below  

9News Nigeria

9News Nigeria

The National Bureau of Statistics on Monday revealed that Nigeria earned a total of N275.12 billion from Value Added Tax in the third quarter of this year.

The NBS in its VAT report which was released on Monday said the N275.12 billion earnings represents a decline of N36.82 billion when compared with the N311.94 billion generated in the second quarter.

The report stated that during the period, professional services generated the highest amount of VAT with N32.09 billion.

This is closely followed by other manufacturing which generated N30.27 billion; while commercial and trading activities generated N14.47 billion.

It added that mining generated the least and it was closely  followed by textile and garment industry, pharmaceutical, soaps and toiletries with N44.30 million, N253.83 million and N291.06 million generated respectively

The report stated that out of the total amount generated in 2019,  N150.74 billion was generated as Non-Import VAT locally while N63 billion was generated as Non-Import VAT for foreign. The balance of N61.37 billion was generated as NCS-Import VAT.

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The United Nations and European Union have set aside $ 40 million to carry out a massive campaign to eliminate all forms of violence against women and girls in Nigeria .

Experts at the Media Engagement Meeting organised by Spotlight Initiative through collaboration of the United Nations , European Union and UNICEF said this campaign has become necessary giving the need for the urgent elimination of violence and other forms of harmful practices against women and girls and the need for the domestication of the Convention on the Elimination of all Forms of Discrimination Against Women (CEDAW).

Giving an overview of EU – Un Spotlight Initiatives , the UNICEF Child Protection Specialist , Sunbo Odebode said the EU and UN are focusing on Africa and the focus is “ is to eliminate sexual and gender based violence (SGBV ), reproductive health (RHs ) and address related aspect of sexual and reproductive health and rights (SR – Rs)” .

She said the priority countries are Nigeria , Niger , Liberia, Malawi , Mozambique , Uganda, Zimbabwe and Mali but the “ the total amount for Nigeria is $40million ” and will focus on Adamawa , Ebonyi , Cross River, Lagos , Sokoto and Abuja .
To achieve this , she said through the Spotlight Initiatives , a comprehensive six pillar approach is adopted to ensure that all women and girls live a life free of violence, institutions are strengthened rather than human beings , prevention by using fair comments and norms, services are available for victims to access , global data on violence and rape; and the need for public awareness and stiff penalty for anyone adding and abating rape and violence against women and girls.

Human Rights Activist of Basic Rights Counsel Initiative, James Ibor said the issue of discrimination against women is common and this has to change by creating strong awareness . Ibor who is a Calabar- based activist , said Nigeria ratified the Convention for the Elimination Against Women (CEDAW) in 1985 but international treaties can only go into effect when parliament has put in a corresponding domesticated law , thereby limiting the international treaties to disuse.

Executive Director , Gender Perspective in Development, Tammie Kamonke in her presentation “ Prevention and Social norms Safeguarding the dignity of Women and Girls through Awareness of Women Rights including Sexual and Reproductive Rights” said “ rights circle of gender based violence starts with the girl child in the womb” .

9News Nigeria

9News Nigeria

The Debt Management Office (DMO) says that Nigerian’s total debt profile is N25.7 trillion.

The Director-General of the office, Ms Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja.

“As at June 2019, our debt profile is at N25.7 trillion; this includes the federal, states governments and the Federal Capital Territory (FCT).

“We call it the total public debt, out of this total, the Federal Government is responsible for 80 per cent of the debt,” she said.

Oniha said that external borrowing accounted for about 32 per cent of the total debt while the 68 per cent was domestic.

She explained that the DMO was an agency of government which began operations in 2000 following the country debt management problems of the country which led to the debt relief.

Oniha said that the agency was responsible for the management of public debts and its mandate includes contracting debts on behalf of the Federal Government.

According to the director-general, this is clear under the Fiscal Responsibility Act and provisions in the DMO Act.

“If you look back several years, over 85 per cent of budget deficits are funded by borrowing which the DMO undertakes as approved by the Federal Executive Council and the National Assembly.

“We borrow from various sources, the multilaterals, the World Bank, Islamic Development Bank, the African Development Bank, China Exim and we also issue products in the international market.

“Locally, we are also very active in domestic borrowing, we issue treasury bills, Federal Government treasure bonds,” she said.

Oniha said that DMO also serves as an advisory body for the Federal Government on debt management and to put debt at 25 per cent ratio to the Gross Domestic Product (GDP).

She explained that the agency did not receive any amount borrowed, saying that it was paid directly to the Central Bank of Nigeria (CBN) which ensured that the money was used for what was borrowed for.

The chairman of the committee, Rep. Wole Oke (PDP-Osun), said that it was important for parliament to have all the relevant information documented.

He said that the parliament needed additional facts and figures following the Minister of Finance revelations during 2020 budget defence that revenue generation was a challenge in the country.

The lawmaker said that the committee was determined to check Ministries, Departments and Agencies (MDAs) and to avert abuse of the law in the area of remittances of revenues generated.

Oke said that even when the MDAs had powers to spend revenue generated, the committee was determined to ensure transparency and accountability.

“This country belongs to all of us, irrespective of the three arms the Constitution recognises, those in the Executives, Legislature and Judiciary are all Nigerians.

“We have to synergise to ensure this country progresses,” Oke said.

Source: News Agency of Nigeria

By EricJames Ochigbo

9News Nigeria

9News Nigeria

KPMG report says we’re at a ‘turning point’ for the big four banks in Australia

It is called corporate “confession” season for a reason: financial reports lay bare sometimes painful truths about a company’s operations.

Key points

• All big four banks have announced a decline in earnings for this year
• The banks have re-allocated spending towards compliance, regulatory and customer remediation costs
• A reports says the “competitive landscape is set to benefit Australian consumers”

This morning, the National Australia Bank was the last cab off the rank to report full year earnings.

With its full-year profit of $4.8 billion, down 13.6 per cent, it joined ANZ, Commonwealth and Westpac in announcing a big decline in earnings.

KPMG’s Major Australian Banks Year End Analysis Report finds the big four banks reported a combined cash profit after tax from continuing operations of $26.9 billion, down 7.8 per cent on FY2018.

The words used by the bank bosses to describe the year just gone include “disappointing” and “messy”.

PHOTO: NAB interim chief executive Philip Chronican presided over a 13.6 per cent drop in full-year profit, down to $4.8 billion. (ABC News: Ross Nerdal)

That’s a fair assessment.

Following the global financial crisis, the banks faced years of both international and domestic pressure to shore themselves up — mainly with tighter lending standards and capital buffers (more cash on their books).

But here at home, the banking royal commission really lit the fuse for what major global consulting firm KPMG is calling a “turning point for the majors”.

Very simply, revenue is falling and costs are rising, according to KPMG strategy partner Hessel Verbeek.

“The majors’ profits are down significantly as a result of shrinking margins in a low-interest-rate environment and higher costs, including refunds to customers, in the aftermath of the royal commission,” he said.

Banking challenges could be boon for consumers

The kicker is KPMG sees no end in sight to this profit squeeze.

“The ongoing effects of the majors’ customer remediation programs continue to negatively impact financial results, which are routinely called out as ‘notable items’ within their cash profits,” the consultancy firm reported.

The most brutal conclusion, however, was a recognition that the banks’ poor past behaviour and the need for processes to fix that will set them back years in terms of their overall evolution.

“There is a continued trend of re-allocating investment spend towards compliance, regulatory and customer remediation costs, forcing investment and resources away from enhancing technology and digitalisation priorities,” KPMG said.

Fellow accounting firm EY paints an equally sobering outlook for the banks in their new report on the sector, said the firm’s Oceania banking and capital markets leader Tim Dring.

“There’s no doubt that 2019 has been a tough year for Australia’s major banks and the storm clouds show no signs of abating,” he said.

“Declining profits and margins have seen the banks cut dividends and preserve capital as they batten down the hatches and brace for further challenging conditions ahead.”

The upside, the report suggests, will fall to banking customers.

With the introduction of an open banking regime, as well as the continued growth of international banks and non-bank players, banking competition for the consumer dollar is set to heat up.

EY’s analysis is that the entire financial community is struggling its way through much-needed change.

“With the rapidly approaching introduction of open banking, the next few years will usher in changes that will fundamentally shift the Australian financial services landscape,” Mr Dring said.

Practically speaking, it should mean lower fees and reduced costs of mortgages for Australians, or as KPMG puts it: “The competitive landscape is set to benefit Australian consumers.”

Source: ABC News Australia

9News Nigeria

9News Nigeria

Following the recent plan by MTN Nigeria to charge customers for USSD transactions, commercial banks in Nigeria on Monday denied instructing Telecom companies, particularly MTN, to deduct charges for USSD from customers.

In an advertorial, the commercial banks, acting under the aegis of Body of Bank CEOs, said its attention had been drawn to a text message sent by MTN concerning the issue.

“Our attention has been drawn to SMS sent on Saturday, 19th October by MTN Nigeria Communications PLC to customers of banks in Nigeria in respect of the above.

The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also ask customers to contact their banks for more information. We wish to state as follows:

“That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether and what amount to charge a customer for accessing USSD is entirely that of the telco in the same way a customer is billed for calls SMS and data.

“MTN is the only telco that is yet to implement end-user billing which is the standard practice for customer initiated transactions. This is despite the fact that the banks working with the Central Bank of Nigeria (CBN) have engaged MTN over a period of more than one year to try and bring down the cost of USSD to aid financial inclusion.

“That the banks are determined to pursue the Nigerian National Financial Inclusion Strategy of the Federal Government of Nigeria and we continue to advocate that telcos identify whole-heartedly with this laudable initiative and implement transparent and low pricing model in the USSD access code.

“We wish to reiterate that financial transaction charges are regulated by the CBN as stipulated in the Banks Tariff and that the charges for financial transactions carried out with banks remain unchanged.”

9News Nigeria

9News Nigeria

Organised Labour and the Nigerian government on Thursday night, reached an agreement on the consequential adjustments of the implementation of the new minimum wage of N30,000, after 3 days of negotiations.

Both parties agreed that Consolidated Public Service Salary Structure (CONPSS) adjustment will be GL 7 – 23.2%, GL 8 – 20%, GL 9 – 19%, GL 10 to 14 – 16%, while GL 15 to 17 – 14%.

For the Consolidated Health Salary Structure (CONHESS), Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS), Consolidated University Academic Salary Structure II (CONUASS II), Consolidated Polytechnics and Colleges of Education Academic Salary Structure (CONPCASS), and Consolidated Research and Allied Institutions Salary Structure (CONRAISS) grade 7 and its equivalent – 23.2%, GL 8 to 14 and its equivalent – 16%, and GL 15 to 17 its equivalent – 10.5%.

The Trade Union Congress said, in a statement signed by its Secretary-General, Musa-Lawal Ozigi, that conclusion was a win-win situation for Nigerian workers, the Federal Government, and organised labour.

“Though they argued that government cannot afford to meet our earlier demand of N30,000 minimum wage across board, because of the economic situation in the country, we made them understand that some people cannot be more Nigerian than others, If we are tightening our belts, the government should also do so.

“We shifted grounds and that is why we were able to resolve things without major injuries. It is a win-win situation.”

The statement confirms that the adjustment addresses some salary discrepancies and overlaps that workers have been concerned with.According to Ripples

9News Nigeria

9News Nigeria

A road accident involving a Bank of Ghana (BoG) bullion van and a fuel tanker has left one dead.

One of the victims of the accident who has been identified as the driver of the tanker, Osman Zongo died shortly after the head-on collision which occurred at Techiman-Kumasi road on Friday October 4.

Two other persons; the driver of the central bank of Ghana bullion van identified as William Asare and an assistant of the Driver of the fuel tanker identified only as Yussif, are also said to be in critical conditions. They have been airlifted from the Techiman Holy Family hospital to the Komfo Anokye Teaching Hospital, Kumasi.

It was learnt that fuel tanker had begun its journey from Tema and was expected to offload in neighbouring Burkina Faso. Money retrieved from the crash site is currently being kept at the Police Divisional Headquarters and reportedly guarded by soldiers, Police and Bank of Ghana security officers.

“The contents (money) of the armoured van scattered all over the accident scene. The amount on board the van was GHS60,500,000,” JoyNews Bono East Region correspondent, Anas Sabbit reported.

Here is a video and images from the scene of the incident below;

9News Nigeria

9News Nigeria

Babajide Sanwo-Olu, governor of Lagos state, has urged more residents to pay their taxes to enable the state government to carry out its developmental projects.

Sanwo-Olu gave the advice on Tuesday while answering questions on ‘The Platform Nigeria’, an event organised by The Covenant Christian Church Place, Iganmu, Lagos.

According to the governor, less than 700,000 out of 4.5 million taxable adults in Lagos are currently paying tax.

“We are not saying that we should increase tax, but we encourage people to be on the tax net,” he said.

“We are also appealing to our tax agency to be more proactive and reach out to people who are not paying tax.”

Sanwo-Olu appealed to Lagosians to be patient over the bad state of roads in the state, saying that continuous rainfall was slowing down rehabilitation and palliative work on the roads.

He assured that there would be extensive and massive rehabilitation of roads after the rainy season.

The governor said that state government was working on a multi-modal transportation system comprising rail, water transportation and bus transit system to remedy the traffic problem in the state.

”On water transportation, we are encouraging the building of a lot of jetties and we have just acquired six to seven new passenger boats that can take 60 to 70 passengers at a time,” he said.

On commercial motor-cycle operators, the governor said since his administration wanted to give everybody a chance to be part of the state development plan, he was trying to harmonise and come up with a regulation system.

“This is designed to know who they are, their activities and how to manage them to ensure that they don’t add to the problem of traffic flow in the state; we don’t want to disenfranchise anybody,” Sanwo-Olu said.

He said that through the ongoing Metropolitan Fibre Initiative of his administration, public institutions in the state, such as schools and hospitals, would have access to high-speed internet service.

Sanwo-Olu said that the initiative, which was technology enabler, would help to manage traffic and other security issues in the state.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) thursday reassured Nigerians that the resumed implementation of the cashless policy of the bank is aimed at encouraging and deepening financial inclusion through the use of alternative channels in line with global best practice.

Speaking at the CBN special day at the ongoing 2019 Abuja International Trade Fair, CBN Director, Corporate Communications Department, Mr. Isaac Okoroafor, said contrary to insinuations, the policy was not designed to impoverish Nigerians.

According to him, the apex bank under the leadership of Mr. Godwin Emefiele, would continue to deliver on its mandate of ensuring monetary and price stability as well as developmental interventions in SMEs financing for sustainable economic growth and development.

He said the theme of the trade fair, “Remodeling SMEs Financial: Options and Solutions”, captured the focus and deliberate efforts by the bank towards stimulating economic growth through backward integration and expansion of small enterprises, which he described as engine of growth, particularly in emerging economies.

Okoroafor said the apex bank currently has 29 intervention programmes targeted at various stakeholder groups including farmers, women, youth and SMEs, agriculture, health, power, aviation and creative industry to kick start economic growth and development.

He added that a total of 255 private and 14 state government anchors had participated in the Anchor Borrowers’ Programme (ABP) of the CBN as at June 2019, adding that the scheme has benefited 1,140,854 million farmers in 17 different agricultural commodities.

The CBN director said a total of 1,132,260 million jobs had also been created along the various agricultural value chains under the Commercial Agricultural Credit Scheme (CACS).
Meanwhile, President of the Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode, has commended the genuine efforts of CBN to the regulation, preservation and stabilisation of the integrity of the naira.

“In the area of development finance, he has ensured the supply of finance to various sectors of the economy which has stimulated its growth.

“Similarly, the Nigerian payment system has witnessed remarkable achievements in the recent past, with the introduction of a number of initiatives under the payments system vision,” he stated.

Kayode, represented by ACCI Director General, Mrs. Tonia Shoyele, added that “The Monetary Policy Committee (MPC) of the bank, which has the responsibility of formulating monetary and credit policy, has also done remarkably well in either adjusting or retaining key indicators.

“We also appreciate the swift response by the CBN which have succeeded in ridding our economy of sharp practices by some financial institutions or houses.”

9News Nigeria

9News Nigeria

The Central Bank of Nigeria, CBN, has said customers making cash deposits or withdrawals will pay charges beginning from September 17, 2019, in line with its new policy.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for deposits above N500,000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for deposits above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.

Okojere said the implementation of the cash-less policy nationwide would take effect from March 31, 2020.

Also, to further promote the cashless economy and to enhance the collection of applicable government revenues, the CBN announced a review of the process for merchant settlement.

The regulator has, effective today, approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

Okojere announced a downward review of the Merchant Service Charge (MSC) from 0.75 per cent capped at N1,200 to 0.50 per cent capped at N1,000.

“The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.

“The cashless payment is catching on to the extent that even the lowly members of the society now do transactions online.

“Without this policy, Nigeria cannot be integrated into the world’s financial system,” the statement read.

Pushing for the full use of the online payment system, the apex bank said for Nigeria to actively play at the world stage, “our payment system must be successfully benchmarked against the global best practices, as in most developed nations of the world.”

9News Nigeria

9News Nigeria

The Federal Inland Revenue Service (FIRS) has set an N8 trillion revenue target this year, its Executive Chairman Tunde Fowler said yesterday.

Fowler, who spoke in Lagos at the opening of the 2019 FIRS Management and Stakeholders Retreat tagged: “Parliamentary support for effective taxation of the digital economy”, said the Service generated N5.320 trillion for the government last year.

Prior to 2018, the highest revenue figure ever attained by the FIRS was N5.07 trillion, which it generated in 2012. He described the N5.320 trillion generated by the FIRS as remarkable, given that it was achieved at a period when oil prices averaged $70 per barrel compared to the period between 2010 and 2013 when oil price was at an average of $100 to $120 per barrel.

The non-oil component of the N5.320 trillion was N2.467 trillion (53.62 per cent), while oil contributed N2.852 trillion (46.38 per cent). The FIRS collected N212, 792 billion exclusively from audit, a figure that arose from 2,278 cases, and with a huge reduction in audit circle.

Fowler said: “While we have been steadily increasing revenue collection over the years, our cost of collection has actually been going down. In 2016, we collected N3, 307 trillion; in 2017, we collected N4, 027 trillion and in 2018, we collected N5, 320 trillion.

“Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing. In 2016, it was 2.6 per cent. In 2017, it was 2.49 per cent, while in 2018 it was 2.14 per cent.”

He added that the Service has been working hard to ensure an increase in the amount of non-oil revenue it collects. Non-oil collection, he disclosed, contributed 64.99 per cent in 2016, 62.25 per cent in 2017 and 53.62 per cent last year.

This, he stated, is indicative of the government’s increasing focus on non-oil revenue sources and diversification of the country’s economy.

He attributed the steady rise in the collection figures to a series of initiatives adopted and implemented by the Service to enhance tax administration and ease tax payment.

Among these is the deployment of ICT initiatives, which enable taxpayers to pay taxes from anywhere in the world and at any time.

The FIRS boss said: “With the e-payment channel, one can pay taxes with the click of a button and one can also download their receipts.

“Other e-Services are the e-Registration, e-Filing, e-Stamp Duty and e-Tax Clearance Certificate. Taxpayers can now also choose the tax office where they would like to conduct their tax transactions.”

Fowler noted that taxpayers are fast embracing modern tax collection methods introduced by the FIRS via the six e-Solutions.

He equally stated that the Service is automating Value Added Tax (VAT) collection to ensure compliance cost reduction.

Fowler said: “We are doing system-to-system integration between banks and the FIRS. And I am happy to announce to you that we had a 31 per cent increase year on year in VAT collection in the banks that have gone live between Jan 2017- Dec 2018 and collected N25 billion so far.

“We are also automating the payment of VAT by states through the State Offices of Accountant General Platform (SAG). This will ensure that we automate and deduct at source and remittance of VAT and withholding tax from state government contract payments directly to FIRS’s account and so far, collected N13 billion.”

He noted that the number of taxpayers that requested for and processed their Tax Clearance Certificate (TCC) grew from 9,574 to 59,350 within a year of introducing the platform.

“Auto VAT collection in key sectors has also facilitated reduction in the cost of compliance. Between January, 2017 and December, 2018 VAT collection increased by 31 per cent, which translates to a collection of N25 billion.

Overall, in 2018, VAT crossed the N1 trillion mark. Indeed, VAT is the fastest growing tax type in the world and even rich countries that did not depend on taxation have now introduced VAT, like the United Arab Emirates.”

9News Nigeria

9News Nigeria

National Bureau of Statistics, NBS, has said the revenue generated from Value Added Tax, VAT, from sectoral distribution from first to third quarters of 2018 was N808 billion.

VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

Sectoral Distribution of VAT for Q2 and Q3, 2018 posted on the bureau’s website, showed an increase in the revenue generated from VAT during the year under review.

The report showed that N273.50 billion was generated as VAT in the third quarter, N266.73 billion in the second quarter and N269.79 billion in first quarter of the year respectively.

The figures represented an increase of 2.54 per cent quarter-on-quarter, and 9.16 per cent increase year-on-year.

The report showed that the manufacturing sector generated the highest amount of VAT with N31.48 billion.

This, it said, was closely followed by Professional Services and Commercial and Trading, both generating N25.57 billion and N15.99 billion respectively.

It further stated that the mining sector generated the least, and was closely followed by Pharmaceutical, Soaps and Toiletries and Textile and Automobiles and Assemblies with N52.70 million, N177.34 million and N265.35 million respectively.

In addition, it stated that of the total amount generated in the third quarter of the year under review, N128.62 billion was generated as Non-Import VAT locally, while N58.84 billion was generated as Non-Import VAT for foreign.

The report, however, noted that the balance of N86.04 billion was generated as Nigeria-Customs import VAT in the year.

9News Nigeria

The Central Bank of Nigeria (CBN) says the migration of the Federal Government Ministries, Departments and Agencies (MDAs) to the Treasury Single Account (TSA) led to positive growth in the value and volume of transactions recorded in end to end payments in 2017.

The bank made the assertion in the 2017 Annual Activity Report released by its Banking and Payments System Department on its Website.

It also attributed the growth to the rise in the number of MDAs accounts migrated to the TSA.

The CBN said that the value of transactions recorded at the period reviewed stood at N13.53 trillion from the N10.65 trillion in 2016, representing an increase of 27.01 percent.

The apex bank also said that volume of transactions grew with an increase of 3.84 percent to record 39.7 million in 2017 as against the 38.24 million recorded in 2016.

According to the CBN, the payment instructions comprise recurrent, overhead and capital expenditure.

On the TSA implementation, the bank added that during the year, stakeholders’ engagements took place to improve the operations and address some of the challenges facing it.

“In order to engender healthy competition and ensure effective service delivery, the Federal Government’s TSA payment gateway model was modified to accommodate other service providers.

“The aggregator model was developed to bring in more players into the e-collection process, thereby providing a level playing ground for all the Payments Service Providers (PSPs), with NIBSS as the aggregator.

“The initiative was driven by the Federal Ministry of Finance (FMF) with the Office of the Accountant General of the Federation (OAGF) as the implementing agency, in collaboration with the Central Bank of Nigeria,” it said.

(NAN)

9News Nigeria

9News Nigeria

The Federal Government yesterday filed a $1 . 1 billion lawsuit against Royal Dutch Shell and Eni at a commercial court in London , United Kingdom in connection with a 2011 oilfield deal .

The OPL 245 facility is also at the heart of an ongoing corruption trial in Milan , Italy where officials of the two companies are on the bench .

Milan prosecutors are alleging that bribes amounting to $ 1 .1 billion were paid to win the licence to explore the field, which , because of disputes, has never entered into production .

The fresh suit also relates to payments made by the firms in relation to the oil well , according to Reuters.

Consequently, United States’ bank JPMorgan is facing action for its role in transferring over $800 million of government funds to former Minister of Petroleum, Dan Etete , who has been convicted of money laundering .

In another separate trial, a Milan court in September found a middleman guilty of graft after prosecutors alleged he had received a mandate from Etete, who has denied any wrongdoing, to find a buyer for the contentious oil well , collecting $114 million for his services .

In a related development , President Muhammadu Buhari and the Minister of State for Petroleum Resources , Dr . Ibe Kachikwu said the nation must woo investors into the oil and gas sector as well as find a lasting solution to the challenge of subsidy payment .

At an event yesterday in Abuja to celebrate three years of achievements and award to staff of the Ministry of Petroleum Resources and its agencies , Buhari stated that his administration ’s policies had stabilised the sector.
Represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha , the president insisted that the “ oil and gas sector remains strategic and will remain relevant in a long time. ”

Saying the industry sector currently requires $ 30 billion to address infrastructure gap, Kachikwu noted that a liberalised downstream sector would save the country of oil subsidy payment and make petroleum products readily available.

He submitted that the industry had tremendously improved in the last three years, especially in production, owing to the peace in the Niger Delta region.

According to him , the country has been able to discover many new fields and grow rig activity , adding that the nation is averaging a production level of two million barrel.

Also yesterday , the House of Representatives summoned Kachikwu and his Finance counterpart , Zainab Ahmed , on the alleged payment of ‘unbudgeted’ fuel subsidy.

Its joint committee on finance and petroleum (downstream ) also summoned the Group Managing Director (GMD ) of the Nigerian National Petroleum Corporation (NNPC ), Maikanti Kachalla Baru , over the issue .

Also invited are heads of the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA ) and the Petroleum Equalisation Fund (PEF).

The resolution by the committees , chaired by Babangida Ibrahim (APC, Katsina) and Joseph Akinlaja (PDP , Ondo ), was necessitated by their failure to appear before them to explain their roles in the matter .

9News Nigeria

9News Nigeria

COST of funds is expected to fall this week in the interbank money market in response to inflow of N1.05 trillion from maturing treasury bills (TBs).

Last week, cost of funds rose sharply above 20 percent following aggressive liquidity mop up by the Central Bank of Nigeria (CBN) in response to liquidity inflow of N1.47 trillion.

The liquidity inflow comprised statutory allocation funds of N788.14 billion and N684.84 billion from matured TBs.

To mop up the huge liquidity injection, the CBN conducted Open Market Operations (OMO) from Monday to Thursday where it offered N1.6 trillion OMO TBs. The offers were however undersubscribed with total public subscription at N935.3 billion while the CBN sold N932.7 billion.

As a result short term interest rate rose sharply by over 800 basis points (bpts). Data from the FMDQ showed that interest rate on Collateralised (Open Buy Back, OBB) lending rose by 776 btpts to 24.33 percent on Friday from 16.57 percent the previous week. Similarly, interest rate on Overnight lending rose by 872 bpts to 26.08 percent last week Friday from 17.36 percent the previous week.

Analysts at Lagos based Cowry Assets Management Limited and Afrinvest Limited projected that the expected inflow of N1.05 trillion billion will lead to downward moderation in cost of funds this week.

“In the coming week, OMO of N498.7 billion and T-bills of N551.4 billion maturities are expected to hit the system and as a result, we believe the CBN will sustain the bout of mop ups. Nevertheless, we expect subscription rates to continue to lag as investors take advantage of more attractive rates at the secondary market. We also anticipate that money market rates will remain within a single digit band”, said Afrinvest analysts.

Meanwhile the naira depreciated to its lowest level this year in the Investors and Exporters (I&E) window due to increased foreign exchange demand by foreign investors.

Data from FMDQ showed that the indicative exchange rate for the window rose to N365.33 per dollar on Friday, the highest level this year, from N364.1 per dollar the previous week.

Furthermore, the volume of dollars traded in the window (turnover) dropped by 15 percent to $1.3 billion last week from $1.4 billion the previous week.

Meanwhile the I&E window recorded inflow of $1.98 billion in November, the lowest since August 2017. This according to analysts at FSDH Merchant Bank indicates foreign investors’ careful approach to investing in Nigeria.

However, the naira appreciated by N6 in the parallel market where the exchange rate dropped to N363 per dollar on Friday from N369 per dollar the previous week, reflecting the impact of the $15,000 additional weekly sale to each bureaux de change (BDC) by the CBN, which commenced last week.

In another development, the CBN revealed that banks current account deposits (demand deposits) rose by 4.94 percent to N9.2 trillion in November.
The apex bank disclosed this in its Depository Corporation survey released last week.

The report showed that Broad Money rose by 1.73 percent m-o-m to N25.71 trillion in October 2018. This resulted from a 6.10 percent m-o-m increase in Net Domestic Assets (NDA) to N16.38 trillion which offset a 0.43 percent m-o-m decrease in Net Foreign Assets (NFA) to N18.74 trillion.

On domestic asset creation, the increase in NDA resulted from an increase of 2.55 percent in Net Domestic Credit (NDC) to N26.63 trillion which was accompanied by 2.67 percent m-o-m fall in Other Liabilities (net) to N10.25 trillion.

Further breakdown of the NDC showed a 14.60 percent m-o-m rise in credit to the government to N3.90 trillion as well as an increase of 0.70 percent in credit to the private sector to N22.72 trillion.

On the liabilities side, 1.73 percent m-o-m rise in Broad Money supply was driven by 4.20 percent m-o-m growth in Narrow Money to N11.13 trillion as Demand Deposits which rose by 4.94 percent to N9.52 trillion was accompanied by a 0.01 percent rise in currency outside banks to N1.61 trillion.
However, Quasi Money (near maturing short term financial instruments) fell by 0.08 percent m-o-m to N14.58 trillion.

Reserve Money (Base Money) increased m-o-m by 7.74 percent to N7.33 trillion as bank reserves and Currency in circulation rose m-o-m by 10.97 percent and 1.54 percent to N5.02 trillion and N1.96 trillion respectively.

Analysts at Afrinvest has projected Gross Domestic Product (GDP) growth rate of 2.1 percent for the third quarter of the year (Q3’18). Their projection is coming ahead of the release of the GDP figures for Q3’18 by the National Bureau of Statistics (NBS) this week.

They said: “We estimate real GDP growth for Q3:2018 at 2.1 percent Y-o-Y, an improvement over the growth rates of 2.0 percent and 1.5 percent recorded in Q1 and Q2:2018 respectively. We attribute the expected faster expansion in real GDP to improvement in the oil sector as well as steady growth in the non-oil sector.

“After a contraction in Q2:2018 in the oil sector, we predict a return to growth due to a recovery in oil production and higher oil prices. According to the Ministry of Petroleum Resources, oil production increased to an average of 2.1mb/d in Q3:2018, 6.1 percent growth over 1.98mb/d in the corresponding quarter of 2017 and 14.1 percent higher than in the previous quarter. Oil price was also 45.9 percent stronger at an average of $75.50b/d in Q3:2018 compared with the same period of 2017.

“In the non-oil sector, we expect a more broad-based expansion. This will be driven by a slight recovery in agriculture growth which had slumped to the lowest quarterly growth on record in Q2:2018.”

9News Nigeria

9News Nigeria

Investors ’ in the Nigerian stock market recorded a N50bn increase in their wealth on Wednesday as the market extended its bullish run into the second consecutive day after the rebound on Tuesday .

The market capitalisation of equities listed on the Nigerian Stock Exchange , which stood at N 11.320 tn on Tuesday , increased to N11. 372tn amid weak investor sentiments .

The All Share Index increased by 0. 47 per cent to settle at 31,151 .68 basis points , moderating the year- to – date loss to – 18. 5 per cent .

At the end of trading on the floor of the Exchange on Tuesday , 19 gainers emerged against 18 losers recorded, while investor sentiment weakened to 1. 1 x from 1. 8 x recorded on Tuesday .

Analysts at Afrinvest Securities Limited said bargain hunting in Dangote Cement Plc towards the final seconds of trading on Wednesday drove the market higher as the domestic equity market closed bullish .

They said price appreciation in Dangote Cement and Stanbic IBTC Holdings Plc drove the All Share Index and market capitalisation higher , thereby improving investors ’ wealth.

“ Weak investors sentiment in Wednesday’ s session shows that buying momentum is tapering ; thus , we anticipate a negative performance in subsequent trading session , ” they added .

Activity level, however , strengthened as volume and value traded increased by 0 .1 per cent and 9. 2 per cent , respectively, to close at 198. 637 million units and N2 . 309bn , respectively.

The top traded stocks by volume were FBN Holdings Plc (90. 4 million units ), Access Bank Plc (17.9 million units ) and Diamond Bank Plc (15. 1 million units ), while the top traded stocks by value were FBN Holdings (N 689 .8 m ), Stanbic IBTC Holdings (N 334. 1 m ), and Nestlé Nigeria Plc (N316 .0 m ).

Performance across sectors was largely bearish as three of five sectors closed in the red .

Bargain hunting drove the Industrial Goods index higher by 0 .85 per cent as price upticks in Dangote Cement pushed the index higher .

Dangote Cement had a N 5 gain , the highest gain in value on the gainers table .
The Insurance index trailed as price appreciation in Wapic Insurance Plc and Linkage Assurance Plc propelled the index higher by 0 .58 per cent .

On the flip side, the banking index lost the most , down by 1 .02 per cent , while the oil & gas index followed , losing 0 .61 per cent .

Similarly , the consumer goods index closed southwards for the third consecutive session as sell pressures in its stocks dragged the index 0 . 18 per cent lower .

The top five gainers were Veritas Kapital Assurance Plc , Diamond Bank Plc , Linkage Assurance , Wapic Insurance and Lasaco Assurance Plc , which saw their respective share prices gain 10 per cent , 8 .97 per cent , 8 .93 per cent , 8 .11 per cent and 7 .41 per cent .

The top five losers were Cement Company of Northern Nigeria Plc , Trans- Nationwide Express Plc , Prestige Assurance Plc , First Aluminium Nigeria Plc and Mutual Benefits Assurance Plc , whose share prices depreciated by 9 . 72 per cent , 9. 23 per cent , 9 .09 per cent , 9 .09 per cent and 8 . 70 per cent , respectively.

9News Nigeria

9News Nigeria

Against the backdrop of federal government’s sanctions on MTN Communications Nigeria, over tax audit, payments and revenue repatriation, the Minister of Finance, Mrs. Zainab Ahmed, said yesterday that telecommunications giant, MTN, took the Nigerian government for granted.
She stated this while responding to a question on investor confidence, at the Nigerian Economic Summit (NES24#) in Abuja.

According to her, “the MTN incident was a very damaging for us. The big businesses took government for granted.”

She said that in as much as the federal government was taking steps to provide enabling environment to make the Nigerian economy attractive to investors, businesses must play by the rules.

She said that MTN ignored several request to respond to audit queries by the Central Bank of Nigeria.

According to her the process was more than two years but that after the decision was taken against the company, it promptly responded.

Mrs. Ahmed assured that the government was not after any business in the country and that she expected that there would not be a similar case, adding, “to those who are saying ‘which company next,’ there is no company next. We can’t afford another MTN incident.”

Speaking on the same issue, the Chairman of the NESG Committee on research, Dr. Doyin Salami said that it was appropriate for regulators to avoid actions that could create uncertainties in the system.

He however, insisted that illegalities must not be condoned. His words, “We need regulatory philosophy that understand the need for urgent growth. That is not to say that must condone illegalities.

“We need a regulatory environment where it is not first and foremost about revenue raising. But one that must understand and where possible you can understand and where possible you can predict what will happen next.

“Revenue raising is important but if you raise revenue must not be at the expense of output because if you do that then revenue raising will be at the expense of jobs. If you do you will be raising revenue at the expense and bad enough future capacity to raise revenue.”

Prof. Peter Lewis of the John Hopkins University who was a co-panelist at yesterday’s plenary, painted a picture that foreign investors were concerned about Nigeria’s sanctions against the MTN and that it had created fears among them (investors) concerning investing further in Nigeria.

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9News Nigeria

CBN bans spraying of money In parties across Nigeria, says those caught are liable to be jailed of pay 50k fine.

A new directive from CBN says mobile courts are now to summarily try those bastardising the national currency, the naira. The committee said those who “spray” naira notes at parties risk going to jail for six months or earning a fine of N50,000 after trial by mobile courts that would be deployed nationwide.

Central Bank of Nigeria (CBN) spokesman Isaac Okorafor said the police and the Ministry of Justice would be involved in the operation, adding:

“If a celebrant is dancing and you spray him/her, you may go to jail from the party venue because the law enforcement agents will be there, waiting to arrest you.

It is the duty of law enforcement agencies to catch offenders and take them to court. Our collaboration with the police will intensify as we move to implement the mobile court for offenders.”

Admonishing Nigerians on how to use cash as gift, Okorafor said: “If you want to give, put the money in an envelop, and give it the celebrant. Let’s know that anybody hawking and writing on the naira will face six months in jail or N50,000 or both.”

Managing Director of First Securities Discount House (FSDH) Merchant Bank Mrs. Handa Ambah said people selling naira notes would be punished.

She said: “We need to let them know that this is money. The fact that you cannot spray money at parties does not mean that you cannot put money in an envelope and pass it to the celebrants.”

9News Nigeria

9News Nigeria

A total of 400 women from Katsina State have so far benefited from cash transfer initiated by the Aisha Buhari Foundation sponsored by the wife of President Muhammadu Buhari, Aisha.

The Director of Information to the wife of the President, Suleiman Haruna, disclosed this in a statement made available to journalists on Friday.

Haruna said 200 women from the President’s hometown, Daura, benefited from the scheme on Wednesday while 200 others drawn from all parts of the state benefited on Friday.

He said, “Another 200 women benefitted from the Aisha Buhari Foundation’s Community-Based Cash Transfer Intervention in Katsina.

“This was a continuation to a similar event in Daura in which 200 women were assisted with cash to grow their business last Wednesday.

“The event held at the Katsina Multipurpose Hall on Friday, August 24, 2018.

“The Katsina event witnessed a large turnout of women who are into various small businesses like agricultural products processing and marketing, catering (including akara and masa sellers), cosmetics, tailoring and beading.”

Haruna quoted the foundation’s coordinator, Dr. Kamal Muhammad, who represented Wife of the President at the event as saying that the cash transfer initiative is in line with the vision of Future Assured Programme on improving the health and well-being of women and children.

He further quoted Muhammad as saying that the transfer would lead to an improvement in household income, which will in-turn improve feeding and nutritional status, school attendance and quality of education as well as improved health status of the family, among other benefits.

9News Nigeria

9News Nigeria

First Bank of Nigeria Limited and the National Union of Road Transport Workers have entered into a partnership for the establishment of agent banking services at bus parks across the country.

According to FirstBank, the move will bring banking services closer to operators of commercial vehicles at various parks in the country.

Speaking at the official commencement of the First Bank Agent Banking NURTW Partnership programme at Jabi Park, Abuja, the Deputy Managing Director, First Bank, Gbenga Shobo, said a lot of business activities took place in motor parks.

This, he explained, was one of the reasons why FirstBank decided to bring banking services to the parks, adding that the initiative would enable operators in the parks to save more money.

Shobo, who was represented by the bank’s Regional Head, Shehu Aliyu, said, “Commercial motor parks in Nigeria are a beehive of activities, both economically and socially. So, we are bringing banking services to operators in these commercial bus parks, which will enable drivers to save more money.

“As a result, we are introducing the Driver Savings Account, which comes with a lot of benefits that will, of course, encourage drivers to save and earn more. So, we urge drivers to take advantage of this opportunity.”

Shobo said the bank was pleased to partner with the NURTW and that the agent banking services was being inaugurated simultaneously in six parks across the country.

He added, “We are commencing agent banking business in motor parks in partnership with the NURTW, and this will take place in six locations simultaneously. With this initiative, a commuter or user of any of these parks will be able to open an account instantly at the parks.

“People can now make cash deposits instantly at parks and drivers too can deposit the money they collect from passengers immediately at the parks instead of travelling long distances with it. This initiative will also protect people from the risk of carrying money around.”

He said the bank was starting with about six agent pilot schemes and that the plan was to cover all the motor parks nationwide.

In his address, the President, NURTW, Usman Yasin, said the union had been planning the programme since two years ago, calling on members of the group to key into it.

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9News Nigeria

Shareholders of Zenith Bank Plc have reasons to smile as the bank announced an interim dividend of N9. 4 billion for the half year ended June 30, 2018.

The dividend, which translates to 30 kobo per share , was declared following a profit after tax ( PAT ) of N81. 737 billion reported for the period.

The audited half year results of Zenith Bank released to the investing public on the Nigerian Stock Exchange ( NSE ) yesterday showed that the bank’ s profit after tax grew by 8. 5 per cent to N81. 737 billion from N 75. 317 billion achieved in half year 2017 , while earnings per share stood at N 2. 60 from N2. 40.

However , the bank recorded gross earnings of N322 . 201 billion , down by 15. 3 per cent from N380 . 201 billion posted in the corresponding period of 2017 . Net interest income stood at N228 . 670 billion , as against N 262. 257 billion in 2017. Interest expense decreased by 39. 4 per cent from N123 . 295 billion to N 74. 709 billion .

Cash and cash equivalents declined by 11 . 9 per cent to N843 . 674 billion as against N 957. 663 billion in full year 2017, loans and advances was down by 10. 9 per cent to N2. 314 trillion compared to N 2. 596 trillion, while deposits were down by 7 . 9 per cent to N 3. 166 trillion from N 3. 438 trillion in full year 2017

Total assets stood at N 5. 256 trillion lower than N5 . 595 trillion achieved in 2017 , while total liabilities went down to N4. 537 trillion as against N 4. 774 trillion in full year 2017 .

Recently, speaking at the bank ’s Annual General Meeting, the group managing director , Mr. Peter Amangbo , said the management of the bank had made progress in its vision to entrench sustainability in its operations .

He noted that as technology has become the focus of financial service delivery , the bank would continue to offer outstanding financial solutions that would be “ anchored on a superb combination of technology and human touch for easy, fast and secure banking . ”

On the outlook for the 2018 financial year , he said , “ The succeeding year will be challenging from the perspective of competition, which traditionally evokes the best in us . ”

“The year will come with its challenges and opportunities considering the highly competitive nature of the Nigerian market, the dynamics of contemporary service provision and variable customer expectations. ”

As a strategy towards mitigating the impact of the challenging environment , the Zenith Bank GMD said the management of the bank would increase the quality of its engagement and be more proactive by anticipating fluctuations in the economy and markets .

©Leadership

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN), yesterday sustained foreign exchange  supply in the inter-bank Foreign Exchange market with the sum of $210 million.

The bank offered $100 million to authorised dealers in the wholesale segment of the market while interests in the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Also, the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

Confirming the figures, the CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor, said the Bank’s continued intervention forex market is to ensure the availability of foreign exchange to genuine customers.

He urged the Deposit Money Banks (DMBs) to continue to comply with the Bank’s directive to sell forex over the counter to customers with legitimate needs so as to sustain the confidence in the foreign exchange market.

It will be recalled that the CBN had recently ordered banks not to deny genuine travelers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet the demand. This was followed by the CBN Governor, Godwin Emefiele leading Bank Examiners to conduct on-the-spot assessment of forex sales in the DMBs on Monday, May 28.

Meanwhile, the naira yesterday, exchanged at an average of N363/$1 in the BDC segment of the market.

9News Nigeria

9News Nigeria

Kylian Mbappe admitted he would hide secret notes in N’Golo Kante’s pockets urging him to join Paris Saint-German this summer.

The Chelsea star has been linked with a transfer switch to Paris after helping France lift the World cup in Russia.

Mbappe and Kante played crucial roles in France’s success, and the teenager revealed he wants his international team-mate to join him at his club.

Chelsea would be reluctant to sell Kante, but Mbappe confirmed PSG bosses had already approached him to ask about Kante.

‘It is true that he (PSG President Al Khelaifi) has consulted me,’ Mbappe told France Football .

‘And I said to him once again that Kante would be good for our team.
‘I spoke to N’Golo during the World Cup, but not extensive because I know that when you bombard the brain with transfer stuff.

‘At the end, I left a few words in his pockets, that he would have discovered once he got home (from the World Cup) to properly send a message.’

Kante’s reputation has soared in his three years in the Premier League, as he won back-to-back Premier League titles at different clubs.

9News Nigeria

9News Nigeria

The federal government will fund part of the 2018 budget through green bond issuance.

This followed the successful issuance of the debut N10.69billion, 5-year, Federal Government Sovereign Green Bond at coupon rate of 13.48 per cent by the country last year.

The Minister of State for Environment, Ibrahim Usman Jubril stated this while speaking in Lagos, during the listing of the bond on the Nigerian Stock Exchange (NSE).

Green bonds are fixed income, liquid financial instruments used to raise funds dedicated to climate mitigation, adaptation and other environment-friendly projects.

This provides investors with an attractive investment proposition and an opportunity to support environmentally and socially sound projects.

Nigeria in 2017 became the first nation to issue a climate bonds certified sovereign green bond, the first African nation to issue a sovereign green bond and the fourth nation in the world to issue after Poland, France and Fiji.
Speaking at the listing on the debt instrument, Jubril said it was in fulfilment of a key goal of Programme 47 of the Economic Recovery and Growth Plan (ERGP).

“The federal government through the Ministry of Environment and the Ministry of Finance is proud to be a champion of this initiative. The NSE reached out to the Ministry of Environment in 2016 with a proposal for the issuance of a green bond.

“The consultation which emerged created a platform for mutual learning for the ministry and capital market community. Our collective effort has created a product that is not just novel but premier. There is plenty to celebrate even as we work towards another issuance on the back of the recently signed 2018 budget,” the minister said.

Also speaking, the Chief Executive Officer of the NSE Mr. Oscar Onyema hailed the Debt Management Bond (DMO) for its commitment to deepening and developing the Nigerian capital market.

“I thank Her Excellency, the Deputy Secretary General of the United Nations, Ms. Amina Mohammed, who was central and immensely instrumental to the success of this landmark initiative, as well as all members of the Green Bond Advisory Group who worked earnestly to actualise this issuance,” Onyema added.

In her comments, the Director General of DMO, Mrs. Patience Oniha, said the green bond listing was an opportunity to enable Nigeria tap into the growing global market for green bonds, which as of end of 2016 comprised of $576 billion of unlabelled climate-aligned bonds and $118billion of labelled green bonds according to Climate Bonds Initiative in London.

©All africa

9News Nigeria

9News Nigeria

The Senate has approved the payment of N348 billion as outstanding subsidy claims to 74 petroleum marketers.

Some of the Oil Marketing Companies (OMC) are, Oando, Total, Honey Well, Capital Oil, Conoil, A.A. Rano, Folawiyo and Eternal oil.

Others are, Aiteo, Forte Oil, Bovas, Mobil, MRS Oil and Gas among others.
The Senate said the payment is to enable them update all outstanding liabilities and clear all debts, interest accrued and forex differential once and for all.

The approval was sequel to the adoption of the interim report of the Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers.

A promissory note is a debt instrument which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.

President Muhammadu Buhari had in March written to the National Assembly, seeking its approval for the issuance of promissory notes to offset inherited local debts.

The Senate eventually resolved to set up an ad-hoc committee to look into the promissory note and bond issuance programme and advice the Senate appropriately.

Presenting the report, the chairman of the committee, Kabiru Marafa (APC, Zamfara Central), noted that continuous delay of the approval of the promissory note request will affect the liquidity of the oil companies and undermine their crucial role in the development of the economy.
In the report, the committee recommended that the 55 oil marketers be paid 100 per cent of their claims. It said of the said amount, 55 oil marketers are to receive N276 billion (N275,750,415,108) while 19 others will get N73 billion (N73,452,639,866).

The committee also called for the payment of 65 per cent claims to some marketers due to contentions in their figures.

Mr Marafa explained that the marketers made claims to the tune of N670 billion (N670,497,543,15), as of June 30, 2017, but the Petroleum Products Pricing Regulatory Agency (PPPRA) verified and approved the sum of N429 billion (N429,054,203,228) to the Federal Ministry of Finance.

He said while the verified figure was approved by the Federal Executive Council, further verification by the Presidential Initiative on Continuous Audit (PICA) reduced the amount to N407 billion (N407,255,263,288).
The chairman further explained that the controversies including the determination of the terminal date of the subsidy programme, amount to be paid to the OMCs and the interest accrued from June 30, 2017 to date will be taken up and resolved in the final report.

He said the committee will submit the final report in due course and the “submission should be able to reconcile and bring to the conclusion all issues in respect of petroleum subsidy programme implementation and payments.”

He added that further verification needs to be made to ascertain the discrepancies between the OMCs and the recommendations for payment made by the ministry of finance (PICA).

“In this respect, The Committee is of the opinion that interim payments should be effected to the OMCs pending full verification of PICA recommendations and updating on the full implication of interest accruals from 30th June 2017 to date.

“The government’s inability to pay the OMCs as at 30th June, 2017 has further increased its liability since the interest continued running till date, hence, the need for further work by the committee to compile and update the level of indebtedness and its interest accruals;

“However, in view of the fact that the service of the OMCs is very important to the economic development of the country and closely tied to National security, paying the marketers would stem the threat of fuel scarcity, increase economic activities and promote a more harmonious working relationship between the Government and OMCs,” he said.
The Senate also directed the committee to continue its engagement with the Ministry of Finance, oil marketing companies, (PPPRA) and other stakeholders.

Some of the oil marketers and the amount approved for them include:Aiteo N4,988,199,360; Conoil N5,588,285,132; Forte Oil N15,480,445,907; Bovas N5,953,684,258; Capital Oil N8,339,052,402; Mobil N8,282,363,478; MRS Oil and Gas N20,948,270,002; Oando N14,972,585,600; Total N21,569,996,843, among others.

The non-payment of the claims is one of the reasons the private oil firms have stopped importation of petrol, leaving the state oil firm, NNPC, as the sole importer.

©Premium times

9News Nigeria

9News Nigeria

The Securities and Exchange Commission (SEC) has again warned Nigerians against investing in schemes that offer unreasonable returns and not approved by the commission .The Acting Director -General of SEC, Ms . Mary Uduk while speaking on current initiatives to move the market forward during a Town Hall meeting held in Port Harcourt , Rivers State , on Wednesday , said the investing public must be wary of any investment that is proposing return levels that are unreasonably high .

Ponzi scheme (also a Ponzi game or a Ponzi ) is a fraudulent investment operation where the operator, an individual or organization , pays returns to its investors from new capital paid to the operators by new investors , rather than from profit earned through legitimate sources.

According to her, such ventures have no tangible business model as returns would be paid from other peoples ’ invested funds making it a fraudulent investing scam.Uduk added that even if the commission had approved the company ’s activities , investors must ensure that the fund managers and the products they are offering are registered with the SEC.

The SEC boss restated the commission ’ s resolve to make the capital market more user- friendly to boost investors ’ participation in the market .“ These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment , they are the ill – wind that blows no good and at whose sight you must flee ; they are to be avoided . This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard –earned money” she stated.
Uduk also used the occasion to inform investors that SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e –Dividend regime .

According to her, the essence of the e – Dividend mandate management system is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend .“ Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors /shareholders the gains of participating in the capital market . It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“ It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency , change in investors ’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others” , she added . She added that the e- Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after declaration by the paying company and within a stipulated payment period through simple interbank transfer .

Vanguards

9News Nigeria

9News Nigeria

China National Offshore Oil Corporation (CNOOC) will increase its venture in the Nigerian oil and gas sector, especially its offshore investments, to about $17 billion.Chief Executive Officer (CEO) of the Beijing-based Corporation, Yuan Guangyu, disclosed this during a visit to the Nigerian National Petroleum Corporation (NNPC) in Abuja at the weekend, saying Nigeria was a key destination for the national oil firm.

CNOOC, one of the three big Chinese national oil entities, originally focuses on offshore upstream exploration and production, while the China National Petroleum Corporation (CNPC) favours onshore upstream exploration and production. China Petrochemical Corporation Group, SINOPEC, the third of the tripod, focuses on refining and marketing.

Apart from over $14 billion, which Guangyu said the country has already invested in oil and gas sector in Nigeria, he disclosed that the group would stake additional $3 billion in its existing portfolio in the country’s offshore oil and gas operations.

Leading a team of CNOOC top executives to NNPC’s corporate headquarters, Guangyu called for common grounds of beneficial interest that could boost productivity of both countries’ oil firms.

Group Managing Director of the NNPC, Maikanti Baru, said the corporation was open to new investments and opportunities.Baru, who was represented by Chief Operating Officer (COO), Ventures Autonomous Business Unit of the NNPC, Victor Babatunde Adeniran, said the corporation would foster meaningful and mutually beneficial relations with credible entities like the CNOOC.

©All Africa

9News Nigeria

There appears to be no end in sight in the tussle between Oando Plc and Ansbury Investments Incorporated as the London Court of International Arbitration (LCIA) has issued an award against two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, and his deputy, Mr. Mofe Boyo, to pay a total debt of US$680 million (N244.8 billion) to Ansbury Investments, owned by Mr. Gabriele Volpi.

In its ruling on July 6, 2018, the LCIA held that Ocean and Oil Development Partners (OODP), British Virgin Islands, which owns 55.96 per cent of Oando Plc through a holding company named Ocean and Oil Development Partners (OODP) Nigeria Limited, is indebted to Ansbury Investments Incorporated to the tune of US$600 million (equivalent of N216 billion).

An international lawyer and counsel to Ansbury Investment, Mr. Andrea Moja, confirmed the LCIA award in a statement yesterday.

According to Moja, the Arbitration Court also held that a company known as Whitmore Asset Management Limited, whose ultimate beneficial owners are Tinubu and Boyo, were also indebted to Ansbury Investment to the tune of another US$80 million (N28.8 billion).

This made the total debt owed by the Oando chief executives to Ansbury Investment US$680 million.

Documents obtained from the LCIA, which is reputed to be one of the world’s leading international institutions for commercial dispute resolution, identified the family of Volpi, a Nigerian-Italian, as the ultimate beneficial owner of Ansbury, while Tinubu and Boyo were identified as the ultimate beneficial owners of Whitmore Assets Management Limited.

The London Arbitration Court held that an existing “Third Shareholders Agreement” between the parties is fully and legally binding on the parties as claimed by Ansbury Investment.

The documents indicated that a Final Award in which the court would pronounce on accrued interests on the debts owed and legal expenses incurred by Ansbury would follow in the next few days.

The LCIA award was communicated to the parties concerned on July 9, 2018.
The statement added, “The award has been communicated to the parties on July 9th, 2018 and the key terms are as follows:

“The claim of Whitmore Asset Management Limited that the parties agreed to a binding Fourth Shareholders Agreement was rejected. The court upheld the position that the third shareholders’ aagreement is fully and legally binding between the parties as stated by Ansbury Investments Inc.

“The alleged agreement by which Whitmore Asset Management Limited was to hold 60% of Ocean and Oil Development Partners (BVI) Ltd is not binding on the parties.

“Ocean and Oil Development Partners (Bvi) Ltd owes a debt to Ansbury Investments Inc for an amount of US$ 600 million.

“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of US$ 80 million.

“This Partial Award will be followed by a Final Award in which the London Court of International Arbitration (LCIA) will pronounce on interests on the amounts owed and legal expenses.

“Given the above, Ansbury Investments Inc will immediately submit an application to London Court of International Arbitration (LCIA) in which it will be asked to charge Whitmore Asset Management Limited for all the due interests and legal expenses as well.”

In 2012, Ansbury reportedly invested about $700 million in Ocean and Oil Development Partners Limited (OODP BVI), a special purpose vehicle registered in the British Virgin Islands by acquiring a 61.9 per cent stake in the firm, while a company owned by Tinubu, Withmore Limited, held 38.10 per cent of the stake in OODP BVI.

Tinubu had approached Volpi to invest in the British Virgin Islands-registered firm when Oando Plc was seeking to acquire ConocoPhillips’ upstream oil and gas assets in Nigeria for $1.5 billion.

OODP BVI, in turn, owns 99.99 per cent of the shares of Ocean and Oil Development Partners Nigeria Limited (OODP Nigeria), which holds 55.96 per cent of the shares in Oando.

When the disagreement broke in 2017, Ansbury had also petitioned the Securities and Exchange Commission (SEC) in May over allegation of financial mismanagement, huge indebtedness as well as falsification of financial statement.

The petition then was titled “Serious Concern to Corporate Governance Existence, Gross Abuse of Corporate Governance and Financial Management in Oando Plc – Request for Urgent Regulatory Intervention.”

In the petition, Ansbury had also cited page eight of the company’s annual report of 2016, alleging that a “strong uncertainty regarding the going concern status of the group had already arisen in 2015 and strengthened in 2016 as clearly pointed out by the auditors in their report”.

The petitioners had also alleged that “operational management closed with a consistent loss of over N7.68 billion, significantly worse than 2015”, arguing further that “the net loss for the year from continuing operations in 2016 amounted to N25.8 billion, adding to the net loss of N34.9 billion of the previous year (2015)”.

In addition, Ansbury had also informed SEC that Oando’s “current liabilities as at December 31, 2016, far exceeds the current assets by N263.7 billion, confirming serious financial imbalance from the previous financial year”.

The petition had culminated in the suspension of Oando’s shares on the floors of the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE) in October 2017. The suspension was however lifted on April 11, 2018.
SEC has since ordered a forensic audit of Oando’s financial records.

©Thisday news

9News Nigeria

9News Nigeria

ABUJA, July 14 (Reuters) – Africa’s richest man, Aliko Dangote, has signed a $650 million (₦250 billion) loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.

The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Reuters witnessed the signing of both loans on Saturday.

Dangote Group Executive Director Devakumar Edwin told Reuters last week that the oil refinery would cost around $10 billion and should be completed by December 2019.

He said the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.

Dangote built his fortune on cement and now has interests in flour milling, agriculture and real estate. He is building the world’s largest single oil refinery and also expanding into fertiliser, aiming to address long-standing problems in Nigeria’s energy markets.

The refinery and petrochemical complex is located on 25,000 hectares of swampy land with a jetty to ferry products by sea within Nigeria and abroad including an undersea pipeline to transport gas. It would account for half of Dangote’s sprawling assets when it is finished next year.

Dangote intends to process different grades of crude to meet local demand for refined petroleum products and also target export markets abroad.

Afreximbank, celebrating its 25 years of operation this year, aims to foster intra-African trade through the creation of a payment platform to ease settlement and currency risks. (Reporting by Chijioke Ohuocha; Editing by Mark Potter and Stephen Powell)

Source: Reuters /CNBC

9News Nigeria

9News Nigeria

The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt.

The order given by Hon. Justice B.F.M. Nyako said the Sigma Apartment is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria. The order came on the application of AMCON after the corporation exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.

According to AMCON, information on the website Sigma Apartments described the apartment as an epitome of refined living featuring 48 fully furnished service luxury apartments designed for those accustomed to the finer things in life. The apartment is conveniently located in the heart of Abuja metropolis midway between the northern and southern retail hub of the vibrant Abuja, downtown of Wuse ll. The site further describes it as a hospitality brand that provides extended stay accommodation for sojourners in Abuja.

The promoter of Sigma Apartments and his directors have had running battles with AMCON over their inability to settle the huge debt of over N1 billion. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters have remained recalcitrant, thus pushing AMCON to seek legal solution to the issue.

Accordingly the Corporation appointed Babatunde Alabi as the Receiver Manager to take immediate possession of the expansive property situate at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.

In compliance with the court order, and with the support of the Inspector General of Police, and his deputies as well as the court Bailiffs, AMCON through its Receiver, Babatunde Alabi took possession of the assets of Sigma Apartments, its right and in compliance with lawful authority.

AMCON under its Managing Director/Chief Executive Officer, Ahmed Kuru has maintained that there will be no sacred cows in its bid to recover the huge debts obligation of N4.8 trillion in the hands of a few Nigerians.

To deal with the situation however, AMCON has in recent times increased the tempo of its recovery activities using firmer resolution strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.

~The Nation

9News Nigeria

9News Nigeria

The World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.

A statement issued in Abuja on Thursday said the loans were approved in Washington on Wednesday and are for seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.

World Bank Country Director for Nigeria, Rachid Benmessaoud, was quoted to have said, “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.

The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.

Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, bottomed out. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.

However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.

The government expects growth to rise to a pre-recession level of 7 percent by 2020.

The World Bank said more than half of the loans would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.

Nigeria privatised most of its power sector in 2013 but retained control of its dilapidated monopoly transmission grid, often blamed for hobbling growth.

The country intends to raise $2.8 billion of debt offshore to help part-finance its 2018 budget and plans to explore all options to lower costs, the debt office head told Reuters.

The debt office said it could tap capital markets or concessionary loans from the World Bank after the 2018 budget had been approved.

9News Nigeria

9News Nigeria

The excruciating recession has come and gone, but the ill effects are still biting hard on the citizenry and businesses across the country. One of the businesses that felt the bad side of the recession were the deposit money banks. At the onset of the recession the economy contracted, many businesses and individuals were badly affected as many of them who took loans from their banks prior and during the
recession were unable to service such loans as at when due despite repeated demands for them to pay back.
Following the huge toxic assets they are carrying in their books, many commercial banks in the country are said to be increasingly finding it very challenging to cope with the difficult operating environment. Consequently, many of the banks are now carrying high non-performing loans which they must provide for in their books, thus limiting the quantum of loans they can grant to new customers and reducing their performance in the operating year.
Newspaper reports also indicate that the deposit money banks accumulated as much as N230.6 billion non performing loans in the first six month of this year alone. Such non performing assets may increase to a point that would make the banks unsalvageable if urgent efforts are not made by the government and the
regulatory authority to safe the banks from going under. More than 50% of the Deposit Money Banks are said to be in serious financial problems and if the problems persist, the spectre of failure would confront the banks. The failure of banks also affects the health of the economy as many businesses will go down with it, while the economy may relapse into recession again.
Now that the country is out of recession, a salvaging effort should be put in place to safe the banking institutions from imminent danger of going under. In doing this the Central Bank of Nigeria (CBN) would need to first reassure the nation of the safety and soundness of deposit money banks. Then, the CBN and the NDIC should carry out a proper audit of the banks to establish their level of healthiness and determine the appropriate measures needed to take them out of the problem.
Some of them may want to increase their capitalisation by going to the capital market to raise money; unfortunately a time like this may not be an appropriate time to raise such money as most investors and their businesses are yet to shake off the shackles of recession. In the alternative, the banks would need some accommodation from the CBN to keep their books in good shape and be able to perform optimally. Such accommodation should be for about twelve to eighteen months after which they must pay back such money to the CBN. Such a rescue effort should also be keyed in to the economic recovery and growth plan of the government so that the country can achieve increased growth and development once again.

9News Nigeria

9News Nigeria

• Bitcoin fell 9 percent following news that Google, the world’s largest ad provider, is cracking down on cryptocurrency.
• Facebook, the second largest online ad provider, took similar action in January by banning ads on “binary options, initial coin offerings and cryptocurrency.”
• Some analysts say the bans could be a good thing for the industry over the long term and blame price moves on continuing regulatory uncertainty.
  

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9News Nigeria

9News Nigeria

By Jennifer Ovat.

On several occasions, the Federal Government, through the Bureau of Public Procurement has awarded numerous contracts for the constructions of roads, bridges, hospitals and public amenities in general. Notably, a report by the abandoned Projects Audit Commission, shows that an estimate of 11, 886 federal government projects were abandoned in the past 40 years across the country.

In my opinion, i feel the progress of the Nigerian government under the administration of President Muhammadu Buhari in achieving a “bribery and corruption” free Nigeria has been stunt. For instance, the Infrastructural sector has been clogged by human inefficiencies that conceive nepotism, bribery, corruption, and undue favoritism. Some Contracts are awarded to contractors without critical merit appraisals. At the end of the day, barely 10 projects out of a 100 projects see a 100% completion state. Unstable governments and fragile policies are also contributory factors to mention but a few.

Research has shown that over 60% causes of infrastructural growth impediments and public contracts failures in Nigeria are products of human inefficiencies. The first step is actually admitting to the fact that these human efficiencies are capable of curbing an entire system of growth. The next step should be seeking ways to reduce human inefficiencies to the barest minimum in order to catalyze growth.

The Dubai government has pioneered a research for the possible implementation of smart government services in the nearest future. To countries that have severe issues with policy implementation and consistency like Nigeria, i personally think Dubai’s decision should be an evolutionary indicator in public governance. It’s more like reminding the Nigerian government that it’s time to evolve technologically in rendering public infrastructural services. Since human inefficiencies have made the implementation of projects for infrastructural development putrid, i think the Nigerian government should try enforcing public service contracts by experimenting with the potentials of smart contracts.

What’s this Smart Contract and how can it improve public procurement services in Nigeria?

In simple logic, let’s say the Bureau for Public Procurement advertises and calls for the bid of a contract to construct a public hospital. Contractors submit their proposals together with other requisite documents for competitive bidding. The formal procedure often involves a deliberation and selection of the most qualified contractor by the Tenders board. The contract is being awarded and percentages are paid out for execution of projects according to stipulations of the public procurement act of 2007 as amended and the contractual terms of agreement.

On the other hand, if the Smart Contract is adopted, the contractual process would take a different approach. What’s a Smart Contract? A smart contract is an agreement in digital form that is simply self-executing and self-enforcing. Sergey Grybniak, founder of Opporty.com described smart contracts in his article on business.com as coded agreements that guarantee to deliver outcomes provided all predetermined conditions are met. By translating contracts into sophisticated translated code, this software provides a revolutionary and risk-free way for procurement contracts and services to transact business and regulate relationships digitally between the bureau of public procurement and its contractors.

Now, imagine a contract where both sides will be automatically executed digitally by an automated system without interference of government, the contractors nor a third party – a lawyer for instance – as long as both parties meet the full conditions of the contract. Hence, eliminating common human inefficiencies in form of bias, bribery, corruption, nepotism and their likes.

Consequently, if implemented, government will have a chance to gain the trust of the people on a system that actually works because the Smart Contract; a product of blockchain technology makes trust, transparency and immutability a reality. Lester Coleman notes that Smart contracts can automate many different kinds of processes and operations, the most obvious being payment and actions conditional on payment. However it is imperative to note that risks of adopting this system should be understood, analysed and managed effectively.

Ultimately, the tide of change would swing in the direction of new, innovative ideas. If we eliminate fixed frontiers and embrace the possibility of growth, we could be on our way to changing the unhealthy procurement system in Nigeria.

Jennifer Ovat is a 1st class graduate of Accounting with an overwhelming passion for the cryptocurrency space and the use of blockchain technology. She is an energetic finance and disruptive technology enthusiast seeking opportunities to learn new and innovative ways to contribute to the success of a goal oriented entity.

You can reach her on linkedin.com/in/jennifer-obem/

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