EGYPT Tops Most AFCON Final Appearances By Countries

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February 10, 2024

On Sunday, the 34^th final match of the Africa Cup of Nations will hold in Abidjan. Here are the statistical synopsis of the past 33 final matches.

Egypt: 10(Won seven in 1957, 1959, 1986, 1998, 2006, 2008 & 2010; Lost three in 1962, 2017 & 2021)

Ghana: 9 (Won in four 1963, 1965, 1978 & 1982; Lost five in 1968, 1970, 1992, 2010 & 2015)

Cameroon: 7(Won five in 1984, 1988, 2000, 2002 & 2017; Lost two in 1986 & 2008)

Nigeria: 7(Won three in 1980, 1994 & 2013; Lost four in 1984, 1988, 1990 & 2000)

Playing 8^th Final on Sunday

Cote d’Ivoire: 4 (Won twice in 1992 & 2015; Lost twice in 2006 & 2012)

. Playing 5^th Final on Sunday

Algeria: 3 (Won twice in 1990 & 2019; Lost once in 1980)

Zambia: 3 (Won once in 2012; Lost twice in 1974 & 1994)

Tunisia: 3(Won once in 2004; Lost twice in 1965 & 1996)

Senegal: 3 (Won once in 2021; Lost in twice in 2002 & 2019)

CAF Unveils Special Poster For Nigeria – Cote d’Ivoire AFCON Final Match

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Emenike Agu

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February 10, 2024

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CAF has launched the official poster for the Africa Cup of Nations Cote d’Ivoire 2023 Final.

The final between host Cote d’Ivoire and Nigeria will take place on Sunday, 11 February 2024, at Alassane Ouattara Stadium, Ebimpe, at 20HOO local time.

Les Elephants of Cote d’Ivoire are two-time winners of the competition – 1992 and 2015, whilst Nigeria’s Super Falcons have three titles to their name – 1980, 1994 and 2013.

Nigeria’s D’Tigress Qualify For Paris Olympics

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Emenike Agu

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February 10, 2024

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D’Tigress will be in Paris as they punched their ticket to the 2024 Olympic Games despite their defeat to the USA on Friday.

Despite suffering a heavy 100-48 defeat to the USA on Friday, Nigeria’s national women’s basketball team, D’Tigress, have secured qualification for the 2024 Olympic Games in Paris.

This achievement came as a result of Senegal’s loss to hosts Belgium later that same evening, coupled with Nigeria’s victory over Senegal on Thursday.

With the USA already securing their Olympic berth as reigning world champions, the Antwerp qualification series aimed to allocate two additional spots from the four participating teams. According to the FIBA website, “The tournaments in Antwerp, Belgium and Xi’an, China, will determine the qualification of the two highest-ranked teams, excluding USA and France.”

D’Tigress’ critical comeback victory against Senegal proved pivotal, particularly after Senegal’s subsequent defeat to Belgium. The team’s official X (formerly Twitter) page announced, “Nigeria have clinched qualification for the Paris 2024 Olympics and secured back-to-back appearances at the showpiece event, having also featured last time at Tokyo 2020.”

Coach Rena Wakama and Elizabeth Balogun addressed the team’s slow start against the USA, which led to the significant loss. “I challenge my girls every day to play with urgency and fire; I think we lacked that from the start, and this is the wrong opponent to lack that,” Wakama explained.

Despite attempts to rectify the situation in the second half, Wakama admitted that “at that point, it was too late.”

Meanwhile, the FIBA Olympics Women qualifiers continue in Sopron, Hungary, where Canada, Japan, Hungary, and Spain are vying for three slots; in Belem, Brazil, where Australia, Brazil, Germany, and Serbia compete for three tickets; and in Xi’an, China, where China, New Zealand, and Puerto Rico are battling for two spots.

With France (hosts), the USA (world champions), Belgium, and now Nigeria already qualified, D’Tigress aim to improve on their 11th place finish at the 2020 Olympic Games under Coach Wakama’s leadership in France.

EFCC Declares Emefiele’s Wife, Three Others Wanted

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Rhoda Onuzulike

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February 9, 2024

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The Economic and Financial Crimes Commission has declared Margaret Emefiele, wife of a former Governor of the Central Bank of Nigeria, Godwin Emefiele, and three others, wanted for money laundering.

Mrs Emefiele, Eric Odoh, Anita Omoile and her husband, Jonathan Omoile, were declared wanted Friday night for allegedly conspiring with the former CBN Governor “to convert huge sums of money belonging to the Federal Government of Nigeria and committed felony to wit, obtaining money by false pretences, and stealing, contrary to and punishable under Sections 411, 287, and 314 of the Criminal Law of Lagos State.”

Details later…

1000 Retirees In Lagos To Receive N3.1bn

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Rhoda Onuzulike

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February 9, 2024

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Lagos State Governor, Babajide Sanwo-Olu, on Friday, disclosed the state is set to disburse N3.1bn to about 1,000 retirees who have served the state tirelessly under the Contributory Pension Scheme.

The governor made this known via his X handle, adding that the sacrifices of the retirees “have not gone unnoticed.”

He wrote, “I’m happy to share some news with you that I hope will put smiles on the faces of families.

“Next week, we’re set to disburse N3.1bn under the Contributory Pension Scheme to over 1,000 retirees who have served our state tirelessly.

Pensions: Nigeria Govt Releases N13.89bn for 2022 Retirees

“It is pertinent to take note of the fact that in the lifetime of our administration, we have disbursed over N60 billion as pension to over 17,000 retirees. This achievement fills us with pride.”

While thanking the retirees for their unwavering dedication, Sanwo-olu noted that their contributions form the very foundation of the vibrant state.

“Prioritising the welfare of those who’ve shaped Lagos’ history is not just a commitment; it’s our legacy. Your trust is paramount, and together, we’re constructing a Lagos that champions its own.

“There is so much more to be done, and we will continue to strive to achieve more. Let’s keep building a stronger, caring Lagos together,” he said.

The Lagos State Government had in August 2023 paid N2.017bn as retirement benefits to 644 retirees.

The payment represented the retirees’ past service benefits prior to the commencement of the Contributory Pension Scheme in 2007.

Fintech: Nigeria’s GDP Growth to Hit $6bn by 2026

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Rhoda Onuzulike

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February 9, 2024

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Nigeria has been rated as the leader in real-time digital payments, with a forecasted additional GDP growth of US$6 billion by 2026.

An expert in digital economy and financial technology and author of a book titled ‘Exploring the Prospects of Fintech in Nigeria’, Dipo Fisho gave the indication in the book scheduled to be launched on Saturday, February 10, 2024, in Abuja.

According to the organisers of the book launch, the groundbreaking book seeks to address the benefits of recent innovations in the financial industry and delve into the challenges of the digital economy in Nigeria.

“The book is a Festschrift for Dipo Fisho, with 25 chapters that have been thoroughly researched and reviewed by scholars, technocrats, and professionals in different fields.

“These chapters are tailored to provide solutions and more insight into the challenges of fintech in Nigeria.

“It highlights the transformative impact of Fintech and digital payments on Nigeria’s economy, emphasising the country’s leadership in real-time digital payments, the government’s support for the digital economy, and the potential for further growth and development in the financial technology industry.

“The rise of fintech and digital payments is revolutionising Nigeria’s economy, driving economic growth and financial inclusion.

How to get funding for fintech companies and crypto startups

“Government reforms, technological innovations, and investment in the financial sector have created fertile ground for Nigeria’s digital economy, with a growing fintech space and increasing traction in the payments industry.

“The country’s information and communications technology sector continues to play a pivotal role, with Nigeria being Africa’s largest ICT market and significant potential in the digital financial services and fintech sectors.

“Nigeria’s fast-rising tech-savvy population has embraced Fintech solutions with enthusiasm, propelling the industry towards new heights. Mobile banking and payment apps are gaining traction, contributing to a dynamic and inclusive digital ecosystem.

The book provides valuable insights into Fintech evolution, challenges, and the impact on the broader financial landscape.

“It would be of interest to entrepreneurs, investors, policymakers, and anyone keen to understand the dynamic intersection of finance and technology in Nigeria.”

According to the organisers, the book launch would be graced by eminent personalities, including Chief Host, Professor Ezekiel Asemah; Acting Vice Chancellor, Glorious University, Ogwa; Chairman of the Occasion, Executive Vice Chairman/CEO, Nigeria Communications Commission (NCC), Aminu Maida; Chief Launcher, High Chief Eniola Fayose; and the book reviewer, Omoniyi Ibietan.

Bank Of Industry Disburses N200bn To Manufacturers, SMEs

By

Rhoda Onuzulike

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February 9, 2024

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The Bank of Industry has said that it will be disbursing three categories of funding totaling N200bn to support manufacturers and businesses across the country.

The development bank, in a statement, noted that funds included the Presidential Conditional Grant Scheme, the FGN MSME Intervention Fund and the FGN Manufacturing Sector Fund.

The Presidential Conditional Grant Scheme is a N50bn grant scheme to support eligible nano business owners.

Pres. Tinubu Appoints New MD For Bank Of Industry

The grant will be disbursed to a minimum of 1,000 beneficiaries (especially women and youths) across the 774 local government areas and the six council areas in the Federal Capital Territory.

The statement read in part, “The target nano businesses include: traders, food vendors, ICT businesses, transporters, artisans, creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back.

“To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.

“They must also be willing to provide proof of residential/business address in their Local Government Area, and provide relevant personal and bank account information, including but not limited to Bank Verification Number and National Identification Number for verification of identity. The beneficiary must meet the application submission deadline for the scheme.”

The FGN MSME Intervention Fund is a N75bn fund for Micro, Small and Medium Enterprises in Nigeria.

According to BoI, the fund will be used to support eligible micro, small and medium enterprises and serve as a cushion against the high cost of production, marketing and distribution of products arising mainly from infrastructure deficiencies and other ancillary factors involving MSMEs.

It stated that each beneficiary would receive a maximum of N1m, adding that the fund would be disbursed at an interest rate of nine per cent all-inclusive per annum, with a tenor of years for equipment and working capital.

The FGN Manufacturing Sector Fund is a N75bn fund that would be used to support eligible manufacturing companies and help cushion against the high and rising costs of production, marketing and distribution of products arising from infrastructural deficiencies and other ancillary factors affecting the manufacturing sector in Nigeria.

The bank remarked that beneficiaries would receive up to N1bn disbursed at an interest rate of nine per cent all-inclusive per annum, with a tenor of five years for term loans, and one year for working capital.

The disbursement of the funds follows a commitment by the Federal Government to cushion the effect that recent economic reforms have had on businesses in the country.

Following protests by organised labour demanding palliatives from the government, President Bola Tinubu, in a televised broadcast pledged that businesses across the country would be given loans and grants to help them cope with the austere business climate.

The Bank of Industry was appointed as the executing agency of the funds, vested with the responsibility for its day-to-day administra

Foreign Airlines Concern Over Naira Depreciation

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Rhoda Onuzulike

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February 9, 2024

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The International Air Transport Association, the Geneva-based trade association representing world airlines, has expressed fears that foreign airlines operating in Nigeria, may lose about $200m to exchange rate depreciation.

IATA Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi, said the issue of trapped funds was being exacerbated by the depreciation of the naira, which had dropped significantly against the dollar. He spoke in an interview with CNBC monitored by our correspondent.

The IATA VP spoke against the backdrop of the over $700m foreign airlines’ ticket revenue reportedly still trapped in Nigeria.

The Central Bank of Nigeria last week said it had paid all verified debts owed foreign airlines but IATA in a swift response said foreign carriers operating in the country still had over $700m trapped in Nigeria.

IATA Head Hits Out At Expensive PCR Tests For Travel, Questions Necessity

Meanwhile, local travel agents under the aegis of the National Association of Nigerian Travel Agencies have asked foreign airlines in the country to release lower fares in their inventory or face severe consequences.

This came on the back of the CBN report of completing payments of foreign airlines debts.

However, IATA VP had insisted the CBN needed to complete all outstanding ticket revenue trapped in the country.

“Airlines should not be unfairly penalised by the lower exchange rate,” the IATA VP warned in a statement last week.

But speaking to CNBC, AlAwadhi said, “You also have to take into consideration the blocked funds and the fair value of the blocked funds. If you have $720m blocked and then you devalue the naira by 30 per cent, you have wiped out over $200m of airlines’ money, and they have to compensate that.”

He added, “Airlines have lost a lot of money operating in and out of Nigeria and it continues to be so under the current environment.”

The President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokoma, maintained that the naira was depreciating.

“I concur with IATA’s observation regarding the diminishing value of trapped funds. The worth of the naira today is different from its value five years ago or even last year. The crucial aspect is for the government to fulfill its payment obligations.”

He proposed that the Nigerian government should consider the possibility of establishing an arrangement with the airlines, considering periodic payments, either monthly or quarterly, as a viable solution.

“We have reiterated numerous times. The reality remains that the magnitude of trapped funds in our system is substantial,” he said.

Nwokoma added that as a result, passengers were opting to book flights from Togo and Ghana due to cost considerations.

Last week, the Central Bank of Nigeria announced the completion of payments for all verified claims by foreign airlines, disbursing an additional $64.44m to the concerned parties.

The apex bank clarified that this recent payment brought the total verified amount disbursed to the air transport sector to $136.73m, adding that all verified claims from airlines had been settled.

NNPCL Board Approves Dollar Revenue Transfer to CBN

By

Rhoda Onuzulike

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February 9, 2024

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The Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday.

Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant portions of the company’s revenues to the apex bank.

This came as the national oil major declared that there was no imminent hike in the pump price of Premium Motor Spirit, popularly called petrol. NNPCL is the sole importer of petrol into Nigeria, a role it has shouldered for several years.

Increase in fuel price informed by market realities – NNPCL

In January, it was reported that President Bola Tinubu had directed the CBN to assume the responsibility for crude oil sales proceeds from the NNPCL. Consequently, NNPCL is expected to submit the receipts for crude oil sales to CBN for vetting and documentation.

In a video made available to journalists in Abuja on the meeting between CBN delegation, led by the bank’s Governor, Olayemi Cardoso, and the management of NNPCL at the latter’s headquarters, Kyari welcomed the decision to move the oil firm’s transactions to CBN.

He said, “We welcome the governor of the CBN and his senior management team to NNPC Ltd. We understand very clearly that this review of our decision to move significant portions of our revenues to the CBN is very timely.

“We made that decision in line with the directives of our Board of Directors to maintain safe obligor limits with commercial banks. And for us to do this, we do need additional support, particularly from the CBN to achieve this.

“We are a very huge company, our transaction and liquidity levels are very high, and perhaps we are the largest business in this country. We are also happy that the CBN has created a robust digital platform for our transactions.”

“It has created a department that will deal with NNPC issues and will create no hindrance to our operations. We will continue to collaborate with the CBN to ensure that further improvements are received so that this relationship serves the best interest of our company and, of course, our country.”

On his part, Cardoso said the CBN had restructured its internal processes to be capable of taking on the enormous responsibility that would be placed on the bank by the national oil company.

He said, “We have come to this particular stage where the NNPC has made the decision to move a respectable part of its business to the CBN.

“I also want to say that we have restructured and strengthened our internal processes such that we will be very capable of taking on this enormous responsibility that will be placed in the central bank.

“We are looking forward to further collaboration with NNPC and I have absolutely no doubt in my mind that this effective collaboration will work in the best interest of NNPC and Nigeria in general.”

The decision to move NNPCL’s oil sales transactions to CBN elicited diverse reactions last week, as some persons commended the move, while others kicked against it.

The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, for instance, said the Federal Government’s directive to CBN to take over the responsibility for crude oil sales proceeds from NNPCL was illegal.

According to him, Tinubu’s directive undermined the operational independence of the national oil company.

“Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the CBN take over the responsibility for crude oil sales proceeds from NNPCL, it must be clearly stated that the action is not legal in its application,” Atiku had stated in a statement.

The former Vice President, who noted that little had been communicated to the public about explaining details of the decision, declared that “whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.”

Atiku stated, “It is an arbitrary order capable of undermining the operational independence of the NNPCL. By this order, Mr President has wrested control of the finances of NNPCL and donated the same to the Federal Ministry of Finance and CBN.

“This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration. State-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.”

Meanwhile, NNPCL assured the public on Thursday that there was no imminent increase in the cost of petrol.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, stated in a statement.

Headies Awards Returns To Nigeria After Two Editions In U.S.

By

Koko Lawrence

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February 9, 2024

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The Headies Awards is one of Nigeria’s most prestigious prizes in music which has contributed to the advancement of the Nigerian music industry.

In new developments, the Headies Academy has announced that the prestigious award is set to return to Nigeria in 2024 after two consecutive editions in Atlanta USA.

The announcement was made in a press release issued by the Headies Academy on February 7, 2024.

“over the past few years, afrobeats-as music and as a movement-has exploded beyond our shores and beyond our dreams. our songs have recorded billions of streams and sat comfortably on some of the world’s biggest charts.

The Headies followed the music in honor of this explosion. As the event that recognized the arrival of our major music talents way before they conquered the world, we understand the importance of taking the good news of great music to new frontiers. So, the 2022 and 2023 editions of The Headies held in the US.. The world got a chance to see our global stars and our future stars like.

This year-2024 (The 17th Headies)-we are bringing the world back home!:

To the place that birthed the sound that has led everybody to the dancefloor, that has launched viral videos, that has put our continent right at the center of global pop culture. Ladies and gentlemen, The Headies is coming back home.”

The Headies Academy is yet to fix a date for the 17th Headies Awards which will celebrate the feats achieved in the Nigerian music industry in 2023.