The Nigeria Development and Finance Forum (NDFF) concluded its 2024 Conference in Abuja with significant recommendations aimed at bolstering the nation’s economy and social welfare. One notable resolution from the conference advocates for Nigerian leaders to opt for local airlines for their international travels, aligning with the ethos of supporting domestic industries. Emphasizing the importance of buying made-in-Nigeria products to stimulate economic growth, NDFF underscored the need for government officials to lead by example by flying Nigerian carriers for official international trips. This recommendation mirrors similar practices in other countries, such as the Fly America Act. Additionally, the conference attendees…
Author: Temitope N.
PalmPay, a leading fintech platform, has joined forces with the Lagos State Government to bolster its food initiative, ‘Ounje Eko’. This partnership aims to provide convenient payment solutions, empowering residents and businesses to participate in the Food Discount Market initiative effectively. The ‘Ounje Eko’ program, spearheaded by Governor Babajide Sanwo-Olu, is geared towards providing relief to residents amid economic challenges. Operating across 27 locations in Ikeja, six in Lagos Island, nine in Ikorodu, five in Epe, and 10 in Badagry divisions, the initiative offers food items at a 25% discount. Enakeno Umuteme, Head of Marketing Communications at PalmPay, lauded the…
The House of Reps Committee on Industry is urging increased budgetary allocations to the Bank of Industry (BoI) to empower it in fulfilling its mandate effectively. Members of the committee emphasized the necessity for policy reforms to facilitate the achievement of BoI’s objectives, particularly in providing low-interest credit facilities to pivotal sectors such as industry and energy. During a visit to the BoI office in Lagos and a tour of funded projects, Committee Chairman Enitan Dolapo-Badru highlighted the critical role of BoI in offering single-digit interest rates, especially for small and medium-sized enterprises (SMEs). Dolapo-Badru underscored the adverse impact of…
In the quest for sustainable economic growth, the governors of Lagos, Sokoto, and Borno States are championing the call for a transparent tax system. This push was highlighted at the 26th Annual Tax Conference by the Chartered Institute of Taxation of Nigeria, focusing on ‘Sustainable Tax Culture and Economic Roadmap for Nation Building’. Governor Babajide Sanwo-Olu of Lagos State, represented by Mr Abdul-Kabir Ogungbo, emphasized the pivotal role of transparent tax administration in fostering confidence and voluntary compliance among taxpayers. He stressed the necessity for a shift in taxpayer mindset, emphasizing the role taxes play in nation-building and social welfare.…
CRC Credit Bureau has introduced a new credit advisory and consulting service, aimed at equipping clients with the knowledge and tools necessary to achieve financial wellness and economic prosperity. This initiative, as detailed in a statement provided to the PUNCH on Tuesday, is tailored to offer customized credit management solutions to both individuals and organizations. As a leading organization in data and analytics, credit management, consulting services, financial education and training, and rental screening services, CRC Credit Bureau is committed to addressing diverse information needs within the financial landscape. Tunde Popoola, the Group Managing Director at CRC Credit Bureau, emphasized…
Nigeria’s newly constructed Dangote refinery in Lagos is making significant strides in its operational plans, as it seeks to purchase millions of barrels of US crude oil over the next year to support its increasing processing rates. According to a report by Bloomberg on Thursday, the refinery has issued a term tender for the acquisition of two million barrels per month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July. The plant, spearheaded by Africa’s wealthiest individual, Aliko Dangote, aims to secure a steady supply of crude oil to sustain its operations and meet…
The Centre for the Promotion of Public Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its monetary policy tightening stance in light of businesses’ ongoing struggles to recover from recent rate hikes. This call comes ahead of the CBN’s Monetary Policy Committee (MPC) meeting scheduled for this month, following the release of the latest inflation figures by the National Bureau of Statistics (NBS), showing a rise in headline inflation to 33.69% in April from 33.20% in March. Dr. Muda Yusuf, the Director-General of the CPPE, emphasized the need for a pause in monetary policy tools to…
A 57-year-old Nigerian, Uche Victor Diuno, has been sentenced to five years in prison by a United States District Court for his involvement in a fraudulent scheme targeting victims across more than 20 countries. The announcement was made in a statement released on the website of the US Justice Ministry on Wednesday, May 15, 2024, with plans for Diuno’s deportation following the completion of his prison term. According to the Ministry, Diuno played a key role in a scam where fraudsters abroad enticed victims with false promises of substantial investment funding and inheritances. The scheme involved co-conspirators posing as executives…
E-commerce giant Jumia Technologies AG is embarking on a consolidation initiative in Nigeria by merging its three warehouses into a single depot spanning 30,000 square meters in Lagos. CEO Francis Dufay revealed in an interview with Bloomberg that this move is a crucial step towards cost reduction, a key element in Jumia’s pursuit of profitability. Despite challenges in Nigeria’s macroeconomic environment, including currency fluctuations and rising living costs, Jumia remains optimistic about the country’s prospects, viewing current challenges as temporary and anticipating a positive turnaround in the medium term. With Nigeria’s vast population exceeding 200 million, Jumia sees potential for…
The African Development Bank (AfDB) has made a significant commitment of $2 billion to promote clean cooking, with a particular focus on benefiting women and children throughout Africa. AfDB President, Akinwumi Adesina, announced this pledge during an International Energy Agency conference on clean cooking in Paris, France. Adesina highlighted that this pledge represents 20% of the bank’s annual spending on energy. Adesina emphasized that clean cooking is not merely about culinary activities but encompasses broader themes such as human dignity, fairness, justice, and equity for women. He stressed that ensuring access to clean cooking methods will not only improve lives…
Greek-Nigerian basketball sensation Giannis Antetokounmpo has garnered significant recognition as one of the world’s highest-earning athletes according to Forbes’ 2024 rankings. Securing the fifth position on this prestigious list, Giannis, representing the Milwaukee Bucks in the National Basketball Association (NBA), boasts an impressive combined annual income of $111 million, stemming from both his on-court prowess and off-court ventures. Forbes’ assessment delineates Giannis’ estimated on-field earnings at $46 million, bolstered by an off-field income amounting to $65 million. This places him behind basketball luminary LeBron James, who clinched the fourth spot with earnings totaling $128.2 million. In esteemed company, Giannis joins…
Two brothers, Anton Peraire-Bueno hailing from Boston and James Peraire-Bueno from New York, found themselves in handcuffs yesterday, implicated in a significant heist on the Ethereum blockchain resulting in the disappearance of crypto assets valued at $25 million. Both siblings face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. The US Department of Justice’s Office of Public Affairs revealed that Anton, aged 24, and James, aged 28, were apprehended on Wednesday in their respective cities and are set to appear this afternoon before U.S. Magistrate Judge Paul G. Levenson for the District of Massachusetts and…
Senate President Godswill Akpabio has referred President Bola Tinubu’s request for the confirmation of Emomotimi Agama as the Director General of the Securities and Exchange Commission (SEC) to the committee on the capital market for scrutiny. This decision came after Akpabio read Tinubu’s correspondence to the Senate during Wednesday’s plenary. Tinubu’s letter to the Senate outlined the appointments of four nominees for confirmation: Emomotimi Agama as Director General, Frana Chiwogo as Executive Commissioner Legal and Enforcement, Bola Ajomale as Executive Commissioner Operations, and Samia Hassan Usman as Executive Commissioner Corporate Services. Tinubu expressed hope that the Senate would consider and…
More than 1000 Chief Executive Officers (CEOs), 75 Presidents, Ministers, a multitude of investors, and approximately 200 journalists from 73 countries are gearing up for the 2024 African CEO Forum set to commence in Kigali, Rwanda, starting Thursday. Themed “At the Table or On the Menu? A Critical Moment to Shape a New Future for Africa,” the two-day event, commencing on May 15, promises to convene Africa’s most influential leaders, innovators, and policymakers for its 11th edition. Co-hosted by the International Finance Corporation (IFC) and Jeune Afrique, this year’s forum marks over a decade of impactful gatherings dedicated to Africa’s…
Former Vice President of Nigeria, Atiku Abubakar, has voiced strong opposition to the federal government’s proposed utilization of N20 trillion from pension funds for infrastructure projects, denouncing it as unlawful. In a statement shared on his official X account, Abubakar highlighted that the law stipulates only 5% of the fund’s allocation for infrastructural ventures. Expressing apprehensions over Wale Edun, the Minister of Finance’s proposal to “unlock” pension funds for national projects, Abubakar cautioned against potential adverse effects on the country’s workforce. He underscored the gravity of diverting these funds, comprising the hard-earned savings of diligent workers, which could severely impact…
The Federal Executive Council (FEC) has given its nod to the equalisation of the Okpella section of the Lokoja-Benin road and other critical routes, amounting to N120 billion, to be financed by BUA Cement Plc under the tax credit scheme. Bayo Onanuga, the Special Adviser to the President on information and strategy, shared this update via his official X handle following the FEC meeting. He elaborated, “During the second day of the FEC meeting, approval was granted for the contract award for the equalisation of the Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road, and Lokoja-Benin Road,…
Russian crypto developer Alexey Pertsev, the mind behind the now-sanctioned Tornado Cash Crypto Mixer, has been found guilty of laundering more than $1.2 billion in illicit funds through his platform. Living in the Netherlands, Pertsev, aged 31, has been sentenced to 64 months in prison by a Dutch court, with the option for his lawyers to appeal within 14 days. The saga began in 2022 when Tornado Cash faced sanctions from the US, leading to Pertsev’s initial imprisonment in the Netherlands. The US Treasury accused Tornado Cash of aiding the notorious North Korean hacking group, Lazarus, in their illicit activities.…
The Cross River State Government has successfully obtained $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project, as announced by Governor Bassey Edet Otu through his official X (formerly Twitter) account on Tuesday. Governor Otu emphasized that this partnership between the state government and Afreximbank will significantly contribute to economic growth and development within the state. The Bakassi Deep Seaport project, initiated in 2014, has reached several milestones, including the development of terms of reference for the project’s Environmental and Social Impact Assessment (ESIA) by March 2015, obtaining presidential clearance, and the approval of the…
Nigeria’s recent approval from the United Nations to extend its continental shelf by 16,300 square kilometers marks a significant achievement for the nation’s maritime boundaries and economic potential. This territory, five times the size of Lagos State, grants Nigeria sovereignty over additional maritime territory, expanding its jurisdiction beyond the existing 200 nautical miles. Initiated in 2009, the Extended Continental Shelf Project has culminated in this milestone after years of dedicated scientific and diplomatic efforts. Professor Larry Awosika, a marine scientist, and Surveyor Aliyu Omar, Secretary of the High Powered Presidential Committee (HPPC), presented the details of the extensive research and…
The Economic Financial Crimes Commission (EFCC) recently intensified its crackdown on Bureau De Change (BDC) operators across several states in Nigeria, including Abuja, Lagos, Kano, and Port Harcourt. These raids occurred amidst a further weakening of the naira against the United States dollar in both the official and parallel foreign exchange markets. The Nigerian government has been making renewed efforts to address the recent decline of the naira against the US dollar. Currency speculators in the forex markets and the digital cryptocurrency space have been cited as contributing to the pressure on the naira, with the government accusing crypto traders…