A Joint Committee of the ECOWAS Parliament has issued some recommendations asking Member States to develop legislation to fight cybercrimes in their jurisdictions as well as implement effectively, the elimination of roaming charges in the region. These were part of recommendations contained in the draft report of the delocalised meeting of the Joint Committee on Political Affairs, Peace, Security and African Peer Review Mechanism/Legal Affairs and Human Rights/Telecommunications and Information Technology (TIT), held at Winneba, Ghana from 27 – 31 July, 2021. According to the Speaker of the ECOWAS Parliament, Dr. Sidie Mohamed Tunis, the draft report may be considered…
Author: Temitope N.
The Central Bank of Nigeria (CBN) has unveiled guidelines for licensing and regulation of payments system holding companies (PSHC), stressing that companies must exist as non-operating entities in the ecosystem. The guideline is a follow-up to an earlier template on new license categorisation, which required companies with an interest in switching/processing and mobile money service to set up holding structures. In an accompanying circular issued yesterday and signed by the Director, Payments System Management Department, Musa Jimoh, the CBN insisted that PSHC must maintain a minimum of two subsidiaries with a focus on switching and mobile money services. The guideline…
The Department of Petroleum Resources (DPR) has said it is formulating a Maximum Economic Recovery (MER) strategy for Nigeria to attain maximum value from its oil and gas resources. The Director, DPR, Sarki Auwalu, during a keynote address at the 2021 Society of Petroleum Engineers (SPE) Nigeria yearly International Conference and Exhibition (NAICE) yesterday, in Lagos, said the decision was taken to ensure an in-depth assessment of the status of the industry. Auwalu said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos inaugurated in January by President…
With profit before deferred tax (PBT) of $62.1million, representing an increase of 142.7 per cent in the first half of 2021 as against H1’20, Seplat Energy Plc, is proposing to pay shareholders an interim dividend per share of 2.5 cents to holders of its shares listed on the Nigerian Exchange and the London Stock Exchange. Highlights of the company’s financial further showed that revenue went up 32 per cent to $308.8 million in H1’21, from $233.5million in H1’20; earnings before interest, taxes, depreciation, and amortization (EBITDA) of $178.9 million; cash generated from operations ($125.8 million); cash at bank ($298.8 million)…
As the strike embarked upon by the National Association of Resident Doctors enters its second day, medical activities have been paralysed in government-owned hospitals. A visit to the Lagos State University Teaching Hospital, Ikeja on Tuesday by our correspondent revealed that there was full compliance with the strike directive by the NARD as resident doctors stayed away from work. Findings also revealed that resident doctors at the Lagos University Teaching Hospital, Idi-Araba complied with the strike as they handed over patients’ care to senior physicians. Recall that NARD had on Saturday issued a communiqué after its Annual General Meeting of…
Stakeholders that gathered at a workshop organised by the development Research and projects Centre (dRPC), under the Partnership For Advancing Women Economic Development (PAWED) in Lagos, have stressed the need for government to make the National Collateral Registry (NCR) more functional to enable women to have more access to funds and loans for business expansion. Besides, they urged the government at all levels to identify credible associations and ensure that intervention funds targeted at women in business are disbursed through these associations to achieve the required result. Specifically, the Chairman of Export Group, Lagos Chambers of Commerce and Industry, Bosun…
Anticipation of improved half-year (H1) earnings and accompanied dividend declarations triggered bargain-hunting on the equities sector of the Nigerian Exchange Limited (NGX) last month, causing investors’ fortune to soar by N327 billion in one month. Specifically, the market capitalisation, which reopened for the month of July at N19.756 trillion, rose by N327 billion to close on Friday, July 30, 2021, at N20.083 trillion. Similarly, the All-share index, which measures the performance of, listed equities increased by 648.52 points or 1.7 per cent from 37,898.56 to 38,547.08. Analysts linked the performance to bargain hunters’ positioning as profit-taking slow down amidst rekindled…
Minister of State for Petroleum Resources, Timipre Sylva, yesterday in Abuja, insisted that the continent must not continue to wait for Europe, the U.S., and other developed countries for the development of the region’s rich hydrocarbon resources. As of 2017, Africa’s proven gas reserves Africa stood at about 487.7 tcf, while proven reserves of oil are in the region of 125 billion barrels. While African governments are faced with persistent pressure to move into more sustainable energy options and avoid the environmental dangers that cloud fossil fuel, Sylva sees collaboration across the continent as a critical option. Speaking yesterday during…
With an estimated profit of $150billion yearly from about a 25million people exploited by human traffickers, the Lagos Chamber of Commerce and Industry (LCCI) has asked the government to address factors that drive irregular migrants on dangerous journeys through the creation of jobs and infrastructure that support entrepreneurship, adequate security and vocational skill training opportunities. Indeed, the chamber noted that human trafficking is a challenge of extraordinary proportions which causes a major humanitarian crisis, if not urgently and adequately addressed. This, the LCCI said, reinforces the need for critical reforms in the establishment of effective mechanisms that would minimise the…
Ahead of the African Continental Free Trade Agreement (AfCFTA) implementation in Nigeria, the Nigerian Institute of Chartered Arbitrators and other stakeholders are seeking dispute resolution mechanisms that will address concerns of non-state entities. According to the stakeholders, the Dispute Settlement Mechanism (DSM) of the AfCFTA leans more towards a state-to-state dispute settlement system, while neglecting non-state entities that are involved in actual trading under the pact. Speaking during a roundtable discussion held in collaboration with the Nigerian Chambers of Commerce Dispute Resolution Centre and the National Action Committee for African Continental Free Trade Agreement, Professor Jonathan Aremu, a Professor of…
Chinese e-commerce leader Alibaba Group said Tuesday that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country’s tech giants was having little impact on its core business.Alibaba said its net income in the April-June quarter came in at 45.1 billion yuan ($7 billion), down five percent on-year. The Hangzhou-based company was the first of China’s tech champions to feel the wrath of a government that has become concerned over their rapid growth and data security. In April, regulators fined Alibaba a record $2.78 billion for anti-competitive practises, dragging the company to a…
FIFA has launched a campaign to raise awareness of mental health issues and encourage people to seek help. The campaign tagged ‘#ReachOut’ was launched in collaboration with the World Health Organisation and the Association of Southeast Asian Nations. The campaign, according to FIFA is aimed at underlining the importance of greater awareness around mental health. The campaign, which also has the support of leading athletes, hopes to encourage people to achieve better mental health daily. At the launch of the campaign, FIFA president, Gianni Infantino, said, “This campaign is very important in raising awareness about mental health conditions and encouraging…
Consolidated Hallmark Insurance (CHI Plc) has added a new line to its expanding insurance interests through the new operational licence granted to one of its subsidiaries, CHI MicroInsurance Limited (Life Assurance), by the National Insurance Commission (NAICOM).The Group Managing Director of CHI, who also doubles as the Chairman, CHI Micro insurance Limited, Eddie Efekoha, told The Guardian at the weekend that the addition of Micro Life Assurance company to the group was part of the long-term goals of the firm as a one-stop-shop for financial services solution. Efekoha said that the low insurance penetration rate in Nigeria will improve significantly…
Cross-border trading is set for a lift as the African Securities Exchanges Association (ASEA) has signed a contract to roll out an African Exchanges Linkage Project (AELP) link technology platform for routing orders and trade confirmations among stockbrokers on NGX and six exchanges. Seven of Africa’s leading securities exchanges are working together under the AELP to boost pan-African investment flows and bring more liquidity to African markets. Cross border deals are transactions that involve more than one financial jurisdiction or involving many stock markets and national regulatory authorities. The supplier is DirectFN, a global IT firm experienced in capital markets…
For the first half of the year, ended June 30, 2021, telecommunications service provider, MTN service revenue hit N790.3 billion, an increase of 24.1 per cent. Its profit before tax (PBT) of N215.1 billion and profit after tax (PAT) of N141.8 billion in its half-year (H1) operations. The financial report showed pre-tax profit growth of N215 billion, representing a 54.1 per cent increase, while profit for the period soared by 49.5 per cent to N141.827 billion. MTN, which disclosed this in its unaudited results for the half-year 2021, said earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 27.6…
The National Pension Commission (PenCom) has revealed plans to commence a pilot scheme of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs) in the country. The commission, at a workshop titled ‘Positioning the Pension Industry in a Post-COVID Era’ held in Lagos, said the enrolment will take off between August 2nd to 20th 202 PenCom said it could register, verify and enroll prospective retirees of treasury-funded federal government MDAs to compute their accrued pension rights and budgetary allocations.As a prelude to the formal deployment of the online enrolment application, the commission would…
Data suggest increasing perception about naira The dollar pulled back at the parallel market at the weekend on the strength of rising market optimism and ease of panic over the stoppage of foreign exchange sale to the bureau de change (BDC) operators. The dollar traded between N505/$ and N515/$ in the Lagos market at the weekend. On Wednesday, a day after the announcement of the new policy by the Central Bank of Nigeria (CBN), the naira fell to N525/$ raising the fear that it would hit N550/$ in the next few weeks. There will panic across the market after a…
The News Agency of Nigeria (NAN) recalls that the CBN had last week stopped sales of FX through Bureau de Change Operators and announced that foreign exchange would now be sold through commercial banks. A visit to some commercial banks in Abuja on Monday by NAN correspondent showed that they were in full compliance to the directive. Checks at Fidelity Bank, Keystone Bank and Zenith Bank, all in the Central Area of Abuja, showed that they all had designated teller points for FX transactions. At all the banks visited, officials said that the dollar was selling at an official rate…
The Nigeria Customs Service says 30 out of 65 private airplanes verified so far are liable to pay required duties to the Federal Government. The Customs Public Relations Officer, Mr Joseph Attah, made this known while speaking with newsmen in Abuja on Sunday. Attah explained that some of these airplanes came into the country by Temporary Importation agreement which allows them to bring the jets without payment because it was secured by bond. He said thereafter many of them failed to turn up to pay on the expiration of the agreement which necessitated the verification. He stated that with this…
The Independent Petroleum Marketers Association of Nigeria on Saturday threatened to suspend the supply and distribution of products within its designated Eastern Zone effective Monday. IPMAN’s strike notice, which was contained in a circular signed by the association’s National President, Sanusi Fari, is coming against the backdrop of alleged harassment of its members by the police. Depots to which IPMAN supplies products in its designated Eastern Zone include Aba, Calabar, Enugu, Makurdi, and Port Harcourt. “Following the series of unwarranted attacks by the police against IPMAN, Eastern Zone comprising the National Executive Committee of IPMAN resolved that members withdraw their…