Chief Executive Officer of MoMo Payment Service Bank (PSB), Eli Hini, has reaffirmed the firm’s dedication to enhancing financial inclusion in Nigeria. Hini highlighted that MoMo PSB provides a platform that exposes SMEs to a broader customer base and connects them with essential services such as seamless online payments, international remittances, and the ability to accept payments from any source. “These solutions eliminate the need for cash transactions, saving time, reducing risk, and providing clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and…
Author: Temitope N.
Financial analysts have stressed that Nigeria requires a cumulative 750 basis points interest rate hike implemented over the last three Monetary Policy Committee (MPC) meetings to effectively manage inflation. With the benchmark interest rate now at 26.5%, these measures are considered crucial, necessitating collaboration between monetary and fiscal authorities to achieve the desired outcomes. In a note to investors, Bismarck Rewane, Managing Director of Financial Derivatives Limited, highlighted that Nigeria’s inflationary pressures are multifaceted and require more than just interest rate adjustments to control effectively. He pointed out that managing the inflationary impact of minimum wage increases can be achieved…
Cascador Entrepreneurial and Leadership Initiative, a renowned program dedicated to empowering Nigerian entrepreneurs, has announced the opening of applications for its 2024 cohort. Since its inception in 2019, Cascador has been instrumental in supporting local business growth by providing mentorship, education, and a strong support network to foster the next generation of business leaders in Nigeria. The 2024 Cascador program is scheduled to be held from November 4-8, 2024, at Lagos Business School. It offers African entrepreneurs a unique opportunity to grow their businesses and enhance their leadership skills through direct collaboration with successful American and Nigerian entrepreneurs. Dave DeLucia,…
First Bank of Nigeria Limited, in collaboration with Proparco, a Development Finance Institution, is undertaking significant steps to integrate climate initiatives into its business operations and strategy. This move is part of an effort to position the bank as an African Climate Bank and contribute to reducing Greenhouse Gas (GHG) emissions. The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all branches and offices. This comprehensive assessment includes data on electricity use, diesel use, water consumption, waste management, fuel consumption, and business travels. The goal is to establish the bank’s emission baseline and identify…
Access Holdings Plc has emphasized the critical need for ethical considerations in the use of Artificial Intelligence (AI) within the financial industry. This call to action came during the Smart Banking Summit 2024 held in Kenya, where Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, delivered a keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks.” Bamisebi highlighted the transformative potential of AI in revolutionizing societies and financial services, emphasizing its ability to enhance customer service, optimize risk management, and drive efficiency and innovation. However, he underscored the importance of balancing innovation with responsibility, ensuring that…
Senator George Akume, the Secretary to the Government of the Federation (SGF), has urged members of the Inter-Ministerial Task Team (IMTT) to prioritize transparency in their duties. He emphasized that the activities of the Nigerian Extractive Industries Transparency Initiative (NEITI) are closely monitored by the International Extractive Industries Transparency Initiative (EITI) and the press. The SGF, represented by Mr. Simon Tyungu, Director of the SGF Main Office, made this statement during the inauguration of the IMTT in Abuja. He stressed the importance of conducting their assignments with utmost diligence, considering the visibility of NEITI’s activities. “In the conduct of this…
Symrise, a global leader in flavors, fragrances, cosmetics, and nutritional ingredients, has inaugurated its newly upgraded application laboratories in Lagos. This move underscores Symrise’s commitment to Nigeria and its strategic growth plans in the region, aiming to deliver enhanced value to consumers. The announcement was made during a press chat and office opening event for clients at Symrise Nigeria’s new facilities in Ikeja. Lilian Regnier, President of Symrise Europe, Africa, Middle East, highlighted Symrise’s longstanding presence in Nigeria, spanning over 30 years. She emphasized the company’s investments in building and maintaining operations in the country, positioning Nigeria as a pivotal…
The Lagos State Government is gearing up to launch the Lagos Agriculture & Food Systems’ Roadmap 2.0, an initiative aimed at assessing the state’s progress on food security goals and key performance indicators (KPIs). This roadmap will also serve as a platform to support the agricultural ecosystem and encourage new entrants into the sector. The announcement was made by the State Commissioner for Agriculture, Ms. Abisola Olusanya, during the Agrinnovation Club Hangout 3.0 held at the MAD House, University of Lagos, Akoka, Lagos. The summit, she explained, provides a crucial opportunity for stakeholders in the Agrinnovation Club to directly engage…
Ebenezer Onyeagwu has been recognized as the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, marking his second consecutive win. The award, featured in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with the completion of Onyeagwu’s five-year tenure as Group Managing Director/CEO on May 31, 2024. Expressing his gratitude, Onyeagwu stated, “It is indeed an honor to be recognized as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation,…
The Federal Road Safety Corps (FRSC) manufactured a total of 3,563,759 number plates for motor vehicles and motorcycles between 2020 and 2022, according to the latest National Bureau of Statistics (NBS) 2023 Social Statistics Report. The report indicates that the FRSC produced 2,161,782 number plates for motor vehicles and 1,066,377 for motorcycles during this three-year period. Breaking down the figures by year, the FRSC produced 653,330 motor vehicle number plates in 2020, 767,927 in 2021, and 740,525 in 2022. For motorcycles, the numbers were 335,600 in 2020, 386,249 in 2021, and 344,528 in 2022. In addition to number plates, the…
During a press briefing in Abuja, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, revealed that the Federal Government has successfully attracted $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector within one year. Uzoka-Anite emphasized that this investment is part of the ministry’s initiative to revive the long-dormant textile industry, encompassing the entire clothing value chain in Nigeria. “The Ministry is working on a resurgence plan for the Nigerian cotton, textile, and apparel industry in collaboration with development partners and private sector stakeholders. We have secured $3.5 billion to unlock the textile, cotton, and apparel…
In the first year of President Bola Tinubu’s administration, bold healthcare reforms have not only sent a clear signal to investors but have also attracted over $4.8 billion in potential investments. These reforms demonstrate the administration’s commitment to revitalizing the sector with a well-defined roadmap. However, Nigerians are eager to see tangible impacts in curbing rising medication and treatment costs, reducing hospital waiting times, addressing shortages of healthcare workers, and expanding health coverage to vulnerable Nigerians increasingly affected by worsening economic conditions. Under the leadership of Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, the administration has…
Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, announced at a Ministerial Sectoral briefing in Abuja that the Federal Government has secured a significant commitment of $12 million from the United States. This funding is intended to enhance transparency in public finance management and support civil society efforts to promote government transparency. Tuggar also disclosed that the US has agreed to repatriate stolen Nigerian funds, which will be reinvested in Nigeria’s public sector through the African Development Bank (AFDB). Under President Bola Tinubu’s administration, several accomplishments have been highlighted within its first year: Establishment of a Joint Business Council with Qatar…
The Senate Committee on Banking, Insurance, and Financial Institutions is set to convene a Public Hearing on Thursday to discuss proposed amendments to the Central Bank of Nigeria (CBN) Act and the Nigeria Deposit Insurance Corporation (NDIC) Act. According to an announcement by Ogunrinde Tinuke, the Committee’s clerk, the hearing aims to gather input on the proposed Bills. Recently, the Senate passed a Bill for the amendment of the CBN Act and another for the amendment of the NDIC Act. Both bills were referred to the Committee for further legislative action. Sponsored by Mukhail Abiru, the Chairman of the Committee,…
Nigerians are increasingly turning to locally-used vehicles as soaring prices make imported cars unaffordable in a country facing its worst cost-of-living crisis in decades. According to multiple car dealers who spoke with BusinessDay, the demand for locally-used cars has surged due to the devaluation of the naira, which has significantly increased the cost of importation. Since 2015, the naira has weakened by as much as 639%, causing the prices of imported cars to triple. For instance, in 2015, a foreign-used 2005 Toyota Corolla listed on Jiji cost around N1.9 million. Today, the same car is priced at N6.5 million, marking…
The Economic and Financial Crimes Commission (EFCC) has brought forth fresh legal proceedings against Bature Umar Masari on 22 new charges related to alleged money laundering. Masari, the former Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stands accused of laundering N119 million and receiving illegal gratifications, as detailed in the amended charges presented before Justice O.A. Egwuatu at the Federal High Court in Maitama, Abuja. During the court session, Masari pleaded “not guilty” to all counts after the charges were read to him by prosecution counsel Ekele Iheanacho. Notably, Count 19 alleges that Masari…
The National Union of Air Transport Employees (NUATE) has vehemently opposed Turkish Airlines’ accusations against seven Nigerian staff members allegedly involved in a $600,000 ticket racketeering scheme. In a statement released on Monday and signed by Ochene Aba, NUATE’s General Secretary, the union rebuked these claims as baseless fabrications. Turkish Airlines had previously announced the dismissal of seven Nigerian employees, citing their purported violation of ticketing reservation regulations, which reportedly resulted in substantial financial losses for the airline. However, NUATE refuted these allegations, labeling them as “blatant and poorly formulated lies.” The union clarified that the airline’s assertion of a…
In the realm of Nigeria’s foreign exchange landscape, President Bola Tinubu’s ambitious reforms have sparked both anticipation and skepticism. Despite the high hopes pinned on these measures, their implementation has come under intense scrutiny, yielding mixed results. The Nigerian naira’s journey against the US dollar tells a tale of volatility and depreciation. Within a span of just one year under Tinubu’s administration, the naira has weakened significantly, marking a 65% depreciation against the greenback at the official market. This downward trajectory, underscored by two de facto devaluations orchestrated by the Central Bank, paints a picture far from the desired outcome.…
A recent report by Brand Finance, a London-based brand valuation consultancy, has highlighted the dominance of banking brands in Nigeria’s brand landscape, even amidst currency devaluation and rising inflation. According to the analysis spanning from March 2023 to March of the current year, banking brands accounted for half of the total brand value of the nation’s top 25 brands, with five banks securing positions among the top seven. The report emphasized the resilience and growth of Nigeria’s top banking brands, noting their ability to maintain brand strength despite the declining value of the naira. This resilience was reflected in improved…
Nigeria, once the coveted darling of many oil investment ventures, finds itself facing formidable competition from Namibia and Ivory Coast, emerging as the premier destinations for oil majors in 2024, as per BusinessDay’s insights. These countries have garnered significant attention due to recent oil discoveries, diverting interest away from Nigeria, traditionally considered Africa’s oil industry hub. Reports from upstreamonline, a global intelligence publication, indicate that Shell is in negotiations to acquire three promising deepwater blocks in Ivory Coast, reflecting the escalating interest in a country that is rapidly becoming Africa’s most sought-after upstream prospect. Ivory Coast’s oil exploration and production…