A leading fintech company, OPay, has unveiled enhanced security features to protect the funds of customers. In a statement issued on Sunday, the mobile money platform said the innovations were in tandem with its desire to provide peace of mind for the users of their platform. OPay is a mobile money operator licensed by the Central Bank of Nigeria and it recently revealed that its users’ deposits were protected by the Nigeria Deposit Insurance Corporation, the same as the traditional banks, offering a double layer of protection for users’ hard-earned money against unforeseen circumstances. On the new security features, the…
Author: Temitope Nlewemchi
A tech-centred real estate organisation, Hybrid Landtech, has launched a direct Certificate of Occupancy Project in Epe Real Estate In a statement, the firm said that the real estate market in the Epe and Ibeju-Lekki axis had continued to shape up as one of the most in-demand on the entire continent, fuelled by major private and public investments. He stated that with recent demolitions across the state for the Lagos to Calabar Coastal Highway and waterway channels, a new development in Epe was making waves in the local real estate market. It remarked, “The Certificate of Occupancy (C-of-O) is a…
The Abuja Electricity Distribution Company has appointed Mr Chijioke Okwuokenye as its acting managing director/chief executive officer. A statement by the AEDC spokesperson, Adefisayo Akinsanya, noted that the appointment, which took immediate effect, was part of the transformation agenda of the company. He stated that it would see Okwuokenye drive the positioning of AEDC as a foremost, customer-focused electricity distribution company in the Nigerian power sector. Before his appointment, he had served as the company’s chief operating officer, overseeing strategic support units and embedded generation projects of the company. The firm stated that he had brought to the role, a…
In the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine, Zenith Bank Plc has maintained its leadership by Tier-1 capital for the fifteenth year in a row. According to the report published in the July 2024 edition of Banker Magazine, Zenith Bank Plc ranked as the 565th bank globally with a Tier-1 capital of $2.01bn. The UK-based publication stated that Zenith Bank’s ranking was on account of its continued financial strength and stability. It noted that Zenith Bank’s ranking meant ratio boosts, and investor and depositor confidence, which indicated the bank was well-capitalised and financially stable. The…
Tech giant, Google continues to find ways to put AI into everything it does as it launched a series of advanced features for its Play Store, aimed at encouraging users to explore and engage with content beyond just downloading apps. The company stated that this is an approach to enhancing user experience on the Play Store through advanced AI technology. By offering more personalized, engaging, and efficient ways to discover and interact with content, Google aims to set a new standard in app store user engagement. Announcing the new features via a statement released on Wednesday, Google said: “Our latest…
Fidelity Pension Managers recently published its 2023 audited accounts, providing a summary overview of its financial health and fund performance. This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders. Financial Highlights Total Revenue: Total revenue for the company rose 23% to N2.59 billion in 2023, up from N2.1 billion in 2022. From the reports, this increase is attributed majorly to higher fee income generated from the pension funds it has under management. Profit After Tax (PAT): PAT rose 26% to N666 million, up on the…
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, marking a 188% year-on-year improvement from the N3.6 billion posted in the corresponding period in 2023. This was disclosed in the group’s unaudited financial statements for the first half of 2024. In the first half of 2024, Transcorp Hotel posted a revenue of N29.7 billion, marking a 61% YoY growth from the N18.5 billion revenue posted in H1 2023. It also recorded a 169% YoY growth in its net profit, as it recorded a net profit of N6.6 billion, in contrast with N2.5 billion…
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43. The decline in the customs exchange rate comes on the heels of the recent appreciation of the naira on the official market. Data from FMDQ reveals that the naira closed at N1,548 to the USD yesterday after closing at N1,564/$ a day earlier representing an appreciation of N16 in one day. CBN intervention and increase in FX reserve On Monday, the naira gained around N100 to the greenback due to…
Mt. Gox, the defunct crypto exchange has moved another fresh $2.47 billion to an unknown address after heavy onchain activities yesterday. However, the price of Bitcoin was relatively stable at $66,440 experiencing only a 0.4% drop in the last 24 hours. The crypto exchange continues its redistribution of BTC assets to its creditors following a 2014 hack that saw the exchange lose billions worth of BTC belonging to their users. The transaction was picked up by Arkham a Blockchain intelligence firm who shared its findings with its X community. “MT GOX UPDATE: $2.47B BTC MOVED Mt. Gox moved a total…
The Much-awaited spot Ethereum Exchange Traded Funds (ETFs) started trading yesterday after an eight-month process of approval with the United States SEC led by Gary Gensler. The Ethereum ETF is a financial product for Ethereum, the second-largest crypto asset after Bitcoin ETFs were launched in January. Spot Ethereum ETFs performed mildly on their first day of trading pulling in a net inflow of $106.6 million despite a massive outflow on one of the spot Ethereum ETF issuers. According to Data from Farside investors UK BlackRock’s iShares Ethereum Trust ETF (ETHA) recorded the biggest inflow with $266.5 millions of inflows, followed closely by…
The Manufacturers Association of Nigeria (MAN) has called on federal government regulatory agencies especially those in the oil and gas sector to desist from making statements capable of demarketing local investments in the country. MAN disclosed this in a statement by its Director-General, Mr. Segun Ajayi-Kadir. The statement comes in light of the recent allegation by the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), Engr. Farouk Ahmed over the quality of products from the Dangote refinery. According to the group, government regulatory agencies should be seen as promoting an environment where local businesses would thrive…
Nigerians spent $38.17 million on foreign education expenses between January and March 2024. This is according to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024. The amount spent has crashed by 83% from $218.87 million recorded in the same period of last year. However, on a quarter-by-quarter basis, there was an increase of 54% from $24.82 million spent in Q4 2023. The year-on-year decrease in FX spending for foreign education occurs amid a crash in international student enrolment at UK universities earlier this year. A survey conducted by Universities UK (UUK)…
Experts said Artificial Intelligence development relies crucially on data management, highlighting the need for efficient storage solutions. A release noted that the Western Digital Sales Director, Ghassan Azzi, stated in a presentation titled “The AI Data Cycle: Understanding the Optimal Storage Mix for AI Workloads at Scale”. According to Azzi, the AI industry is building a massive infrastructure to train AI models and offer AI services, which has significant implications for data storage. “This infrastructure has significant implications for data storage, emphasizing that storage technology plays a crucial role in the cost and power efficiency of various stages,” he stated.…
Detergent brand, Good Mama, has rewarded customers with over N10m worth of prizes at its ‘Naija Queen Open Market Fashion Show’ across markets in Nigeria. According to the organisers, the Good Mama fashion show is to showcase the brand’s commitment to both cleanliness and style. The event was held from July 8 -19, 2024, in markets across Nigeria, including Lagos State markets: Igando, Oke-Arin, Sabo Ikorodu, Tradefair, Mushin, and Ikotun Markets; Kwara State’s Baboko Market; Oyo State’s Bodija and Agebeni Markets, and Ogun State’s Sagamu Market. Good Mama Brand manager, Ramat Haruna in a statement, said the brand aimed to…
To overcome persisting challenges in the housing sector, the Managing Director/Chief Executive Officer, of Afriland Properties Plc, Uzo Oshogwe, has encouraged estate professionals to diversify their investment portfolios, products, and management’s framework. She tasked practitioners with considering a mix of facilities management, property rentals, property management and brokerage to get balanced. She also stressed the need to change the building construction model from the usual ‘bricks and mortar’ and ensure their business continued to be liquid. She gave this charge at the International Real Estate Federation Nigeria 2024 annual general meeting and the induction of 25 new members in Lagos…
Nigeria earns about $1.2bn annually through the export of hides and skin from the livestock sector, the Miyetti Allah Cattle Breeders Association of Nigeria declared on Sunday. MACBAN, an advocacy group centred on promoting the welfare of pastoralists in Nigeria, said the country’s livestock sector is currently valued at over N33tn, adding that with the envisaged new investments, it is estimated to grow to over N75tn in a few years. The association’s President, Othman Ngelzarma, who disclosed this at a press briefing in Abuja, welcomed the creation of a new Ministry of Livestock Development and refuted claims that the initiative…
Inflation poses a major challenge to businesses globally, hitting small businesses harder due to thinner margins and less flexibility to absorb cost increases, JOSEPHINE OGUNDEJI writes Each year, numerous small and medium-sized enterprises introduce new product solutions to the market, especially in developing economies like Nigeria. This economic phenomenon, characterised by rising prices and decreased purchasing power, can significantly affect a small business’s operations. According to Moniepoint, in Nigeria, small and medium enterprises contribute 48 per cent to the national gross domestic product. SMEs account for 96 per cent of businesses and 84 per cent of employment. Despite the glaring…
The Centre for the Promotion of Private Enterprise (CPPE) has asked the Central Bank of Nigeria (CBN) to put a break on interest rate hike as the apex bank’s Monetary Policy Committee (MPC) meets today. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the importance of this approach during an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. Yusuf highlighted that the committee should aim to keep the increase minimal, acknowledging the Central Bank of Nigeria’s (CBN) efforts to stabilize the economy. He stated, “Knowing the disposition of…
The Central Bank of Nigeria (CBN) has reported a 39% increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This is according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. Recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs seemed to have triggered the increase. What the data is saying In January 2024, inflows stood at $383.04 million, a significant rise of 30% from $295.21 million in January 2023. This upward trend continued in…
The average spot price of Nigeria reference crude oil (bonny light) stood at $85.68 in the first quarter of 2024- $7.72 above the benchmark price in the 2024 appropriation act which is $77.96. This is according to data gleaned from the Central Bank of Nigeria (CBN) statistical bulletin in the first quarter of 2024. According to the report, the average spot price of Nigerian reference crude in January 2024 stood at $82.18. In February, the spot price was $86.08 while in March it was $88.80. When compared to the preceding quarter of Q4, the average spot price of Nigeria reference…