Collaboration Will Strengthen Nigeria’s Payment System- NCC

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September 22, 2023

The Nigeria Communication Commission has emphasised the critical role of collaborative efforts in fortifying the nation’s payment system.

The message was conveyed by the Vice Chairman of NCC, Prof Umar Danbatta, during the 2023 annual conference of the Finance Correspondent Association of Nigeria in Lagos, where the theme was ‘Strengthening digital infrastructure for efficient innovative payment system in Nigeria’.

Represented by Anthony Ikemefuna, a Deputy Director at the NCC, Prof Danbatta stressed the long-term commitment required to enhance digital infrastructure for an innovative payment system. He underlined the significance of collaboration, investment, and adaptability in achieving this goal, leading to a robust and inclusive digital payment ecosystem that benefits citizens and drives economic growth.

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The NCC Vice Chairman emphasised the need for closer cooperation between the NCC and financial regulators, such as the Central Bank of Nigeria, to ensure effective coordination of policies and regulations related to digital payments and telecommunications. This coordinated approach is seen as essential in creating a conducive regulatory environment for innovation and growth.

Furthermore, Prof Danbatta called for increased partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions. He also advocated for leveraging the private sector’s expertise and resources to expand and enhance digital infrastructure.

The government’s role in promoting digital payments and supporting e-government initiatives to facilitate digital payment adoption was highlighted by Prof Danbatta. Additionally, he encouraged telecom operators to collaborate with banks and fintech companies to offer mobile banking and payment services, particularly targeting unbanked and under-banked populations.

Head of Digital Banking at United Bank for Africa, Olukayode Olubiyi, underscored the challenges posed by inadequate infrastructure, operational facilities, and unstable power supply to Nigeria’s electronic payment systems.

He stressed the critical role of collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, in ensuring the success of innovative payment solutions.

Cardoso Assumes Office as CBN Confirms Emefiele’s Resignation

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Rhoda Onuzulike

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September 22, 2023

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The nominee for the position of governor of the Central Bank of Nigeria, Olayemi Cardoso, officially assumed office on Friday.

According to a statement by Dr. Isa AbdulMumin, the Director, Corporate Communications at the CBN, Cardoso assumed duty as the acting CBN governor pending confirmation by the Senate, who are currently on their annual recess.

It was also noted that the deputy governor-designates have assumed office following the resignation of the previous deputies.

Meet CBN’s New Governor Dr Yemi Cardoso

The statement read, “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria, pending his confirmation by the Senate. This follows the resignation of Godwin Emefiele as Governor of the CBN.

“Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

The deputy-governors-designate are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

The statement noted that Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja on Friday, September 2023.

It added that they have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

The Senate spokesperson and Chairman, the Senate Committee on Media and Publicity, Yemi Adaramodu, earlier revealed that the Senate would screen the apex bank governor and other executives of the CBN as soon as it gets an executive communication to that effect upon its resumption from its annual recess.

FG Warns Fuel Stations Operators Against Pump Alteration

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Rhoda Onuzulike

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September 22, 2023

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations operators who alters petroleum pumps.

NMDPRA Chief Executive, Farouk Ahmed said this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday in Abuja.

Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction.

He said that the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity of the offence.

According to him, adjustment of fuel pumps by filling station operators is a major concern to the oil regulatory bodies and the Federal Government.

“What we are doing now is that we have some of our staff going round to take on-the-spot checks of some of the petrol stations.

“If you drive into a station, drive out, you will not know if you have been cheated until you do a measurement.

“Sometimes we do a physical measurement where we go to some stations and buy one litre, look at that environment to see whether that one litre is really one litre.

”Then we will know whether or not they have tampered with the pump,” he said.

The NMDPRA boss said that the authority would continue to collaborate with the RMAFC to generate more revenue for the federation.

“We have started the engagement but this is just a formal collaboration on areas where we can improve the revenue generation for the federation.

“There are two areas we have to look at which are either to generate revenue or cut costs,” he said.

He called on citizens to invest in the midstream sector of the economy.

“For example, if you want to build a gas plant, come to us, we will give you the guidelines, the policies, and you will come and invest.

“The area you want to invest in will determine the cost of investment; the investment opportunities are there,” he said.

RMAFC Chairman, Mr Bello Shehu, said that the engagement between both organisations was to strengthen their partnership.

“We are here in order for them to enlighten us on what they do and what we can do as a commission to assist them to better boost revenue generation for Nigeria.

“We are interested in what the authority does to enable us monitor better and know the right questions to ask which will enable us give appropriate information,” he said.

Minister Calls For Partnership With Advertising Industry

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Rhoda Onuzulike

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September 22, 2023

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Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has called for collaboration with the country’s advertising industry as part of efforts to achieve the Renewed Hope Agenda of President Bola Ahmed Tinubu

He made the call at the 50th Annual General Meeting of the Association of Advertising Agencies of Nigeria, AAAN, held at the International Conference Centre in the Nigerian capital, Abuja.

The Minister, who was represented by the Director of Public Communication and National Orientation, Sunday Baba, called on the AAAN to leverage their creative resources in building a better Nigeria.

“We are soliciting for the cooperation of the AAAN in keying into the Renewed Hope Agenda of this administration and supporting the government’s commitment to the value orientation of citizens,” the Minister told the gathering in Abuja, which included dignitaries and major players from Nigeria’s advertising industry.

“We are forthright in our determination to set this nation on a path of growth,” he noted, adding the “50th Anniversary Conference presents an opportunity for all of us to reflect on the past, celebrate our achievements and chart a course for a brighter future in the advertising industry vis-à-vis Nigeria.”

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The Minister, acknowledged the immeasurable contributions of the AAAN to national development, noting that in the past five decades, the association has demonstrated a commitment to excellence, professionalism and ethical standards in the field of advertising.

With the theme, 50 Years Young Ready for More, the President of the Association of Advertising Agencies of Nigeria, Steve Babaeko, says the association has come a long way as it positions itself for the future in the country’s marketing communications industry.

Steve highlighted the increasing role of the advertising industry in youth employment and the creative industry as major milestones for AAAN in the last 50 years.

“We are a very substantial part of the nation’s GDP when you look at the creative industry,” he told Voice of Nigeria on the sidelines of the event at the International Conference Centre in Abuja.

From film to music, arts and fashion, Nigeria’s creative sector has become a thriving industry driven by young and talented individuals, with many employed across various value chains.

“So that makes advertising a very major player within the macro-economy of Nigeria,” Babaeko said.

“So I think there’s been a lot of achievement recorded because of that, and with the influx of young talent coming into the industry, we are braced for even way more achievement going into the future.”

Minister Advocates Diversification Of Nigerian Economy

By

Rhoda Onuzulike

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September 22, 2023

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Minister of Communications, Innovation and Digital Economy, Bosun Tijani says the application of technology and innovation can aid Nigeria in diversifying from its heavy reliance on a single sector like the oil industry.

The minister stated this during a tech event in New York themed; Invest in Africa’s Future- Let’s talk about exits.

Tijani, who said Nigeria had been grappling with its over-dependence on oil in the last few years, noted that reducing the over-dependence on oil would require increasing productivity in other sectors.

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He reiterated the commitment of President Bola Tinubu to innovation and technology, stating that there are intentions to collaborate with Nigerian Exchange Limited to stimulate startup listings with the newly created NGX Technology Board.

Set goals by the Minister

The Minister of Communications, Innovation and Digital Economy listed some of his goals and ambitions for Nigeria as follows;

● creation of a regulatory environment for fintech,

● access to funding especially from angel investors,

● improve digital infrastructure,

● facilitate the export of tech products and services and

● collaborate with NGX on tailored listing options for startups via its Technology Board.

Tijani however said “We cannot do all of this as a country if we do not prioritise innovation and encourage entrepreneurs to build. Nigeria is now open to investments. We want to prioritise the ability of our technology companies to export products and we are targeting Africa first and then eventually start selling to the rest of the world”.

At the same event, the Chief Executive Officer of the Nigerian Exchange, NGX, Temi Popoola, stated that the Exchange would work assiduously to support the agenda of the Minister and the mandate of President Bola Tinubu.

Stating that technology was a big enabler of the capital market, Popoola said that NGX was keen on fostering innovation in the capital market, potentially attracting a larger pool of investors and mature tech companies to list on its platform.

Explaining the challenges around listings, he stated that the demand for private capital currently outweighs public capital while revealing that the NGX is in discussions with the Securities and Exchange Commission on private markets to enable the exchange to do business with non-listed companies like startups.

“We will continue to do a lot of work that makes us able to attract local capital and the day tech start-ups come to the exchange, we are confident that there would be a very good audience of investors that would want to own a bit of their shares. This is what we at NGX are doing by removing all barriers for that to happen,” he stated.

Also speaking at the event was the CEO, of Flutterwave, Olugbenga Agboola who noted that his company was focused on the Nigeria project as most of its investable capital had been deployed to Nigeria since inception.

Agboola added that the company would be looking at tapping opportunities created by the markets to scale and further deliver value to its customers and investors.

The Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun expressed optimism that the Nigerian investment community would get the opportunity to participate in the capital formation going on in the tech sector, rather than all the intellectual property that will emanate from it being controlled by foreign markets.

The event was a joint initiative by the Nigerian Ministry of Communications, Innovation and Digital Economy, the Nigerian Exchange and Future Africa, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham.

Nigeria To Commence MoU Implementation With Cuba

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Rhoda Onuzulike

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September 22, 2023

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Nigeria’s Minister of Innovation, Science and Technology, Uche Geoffrey Nnaji has said that Nigeria will ensure the implementation of the bilateral agreement with Cuba commence in earnest.

This was contained in a statement signed by the Deputy Director of Press and Public Relations of the Ministry Atuora Obed, which added that the Minister stated this during the summit held in the Republic of Cuba, recently.

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The statement said that during the summit, Nnaji met with the Minister of Science, Technology and Environment, of the Republic of Cuba Elba Risa Perez on the need for the two countries to consolidate their bilateral relationship.

The two Ministers signed a Memorandum of Understanding on strengthening the agricultural, scientific and technological development on behalf of the Nigerian and Cuban Governments, respectively.

Nnaji was in the national delegation led by the Vice President, Kashim Shettima to the G77+China Leadership Summit, hosted by the President of Cuba, Miguel Diaz-Canel.

The delegation paid a courtesy visit to the Vice president of the Republic of Cuba during the summit.

Investors At NGX End Week On Bearish Sentiment

By

Rhoda Onuzulike

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September 22, 2023

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Investors at Nigeria’s stock market end week on bearish sentiment as equity sustained a downward trend for a third consecutive day as key index dipped further by 1.39 percent at close of business on Friday.

Consequently, the NGX All-Share Index and Market Capitalization for the entire week depreciated by 0.11% to close at 67,324.59 and N36.847 trillion.

All other indices finished higher with the exception of NGX 30, NGX Premium, NGX AFR Div Yield, NGX Lotus ll, NGX Industrial Goods, NGX Growth and NGX Pension Broad which dropped by 0.13%, 3.45%, 1.72%, 0.12%, 4.80%, 0.36% and 0.14% respectively while the NGX ASeM index closed flat

Under Tinubu’s leadership, investors are losing faith in Nigeria’s economy – PDP

A total turnover of 3.911 billion shares worth N30.379 billion in 38,536 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.933 billion shares valued at N47.449 billion that exchanged hands last week in 44,654 deals.

Sectoral Performance

The Financial Services Industry when measured by volume led the activity chart with 2.774 billion shares valued at N15.241 billion traded in 16,379 deals; thus contributing 70.92% and 50.17% to the total equity turnover volume and value.

The Oil and Gas Industry followed with 438.508 million shares worth N5.203 billion in 6,258 deals.

The third place was the ICT Industry, with a turnover of 294.470 million shares worth N4.447 billion in 3,078 deals.

Trade Volume

Trading in the top three equities namely Universal Insurance Plc, Oando Plc and United Bank for Africa Plc when measured by volume accounted for 2.212 billion shares worth N8.907 billion in 7,593 deals, contributing 56.56% and 29.32% to the total equity turnover volume and value respectively.

ETP

In the ETP segment of the market a total of 51,116 units valued at N4.485 million were traded this week in 112 deals compared with a total of 16,562 units valued at N2.658 million transacted last week in 73 deals.

BONDS

In the bonds market, a total of 95,921 units valued at N98.305 million were traded this week in 27 deals compared with a total of 94,257 units valued at N103.270 million transacted last week in 33 deals

Nigeria To Host West Africa Capital Market Conference

By

Rhoda Onuzulike

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September 22, 2023

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The Securities and Exchange Commission, SEC, in Nigeria is scheduled to host the 3rd biennial West Africa Capital Market Conference (WACMaC) 2023.

The conference with the theme “Infrastructural Deficit and Sustainable Financing in an Integrated West Africa Capital Market” will be held in Lagos next month.

Top on the agenda for the conference is the need to tackle the infrastructure deficit in the West African sub-region as well as embrace principles of sustainable finance in a bid to promote economic development.

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In a press statement, the Director-General of SEC, Lamido Yuguda, confirmed that the event would be held between the 25th and 26th of October 2023.

He said that this year’s conference was particularly significant as over 300 stakeholders are expected to convene in the city of Lagos to discuss the general theme.

Speaking on the theme for the upcoming event, Yuguda explained that the deficit posed a significant challenge to the region’s sustainable development.

He said “to address this gap, there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilize the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals.”

“The WACMAC 2023 provides us with a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of our capital markets, we have brought together a distinguished array of experts, regulators, policymakers, and industry leaders who will share their knowledge, experiences, and strategies to proffer solutions to the region’s infrastructure deficit” the Director-General, said.

Yuguda, who is also Chairman of the West Africa Securities Regulators Association (WASRA), said that the conference would be jointly hosted by the West Africa Securities Regulators Association, the Economic Community of West African States, the West Africa Capital Market Integration Council and the West African Monetary Institute.

Nigeria’s Solid Mineral Deposit Worth Over $700bn – Minister

By

Angel Gimalo

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September 22, 2023

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Nigeria’s Minister of solid minerals development, Mr. Dele Alake has said Nigeria’s solid mineral is valued at over $700billion and the country is well placed to meet the global demand for critical solid minerals.

Alake spoke on Wednesday on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

The minister said despite being behind other African countries in mining, Nigeria’s mineral deposit is valued at over $700 billion with huge potential for increase.

Speaking through the deputy director of Press in the Ministry of Solid Minerals, Mr Alake said, “Nigeria is endowed with a vast deposit of minerals critical to our new world,”

“Nigeria is well-positioned to play an important role in our new world. Our solid mineral sector is valued at over USD$700bn and we know there is more to be discovered.”
“Endowed with critical minerals, Nigeria should not and dare I say, cannot be ignored.”
“In our new world, mobility requires a new form of energy driven by minerals in our new electric vehicle world.”

“Technology is more mineral-dependent, our energy source will depend more on the energy converted from the sun and other sources, and energy storage is even more mineral-reliant.”

FCT Minister Revokes 167 Plots Of Land In Abuja Highbrow Districts

By

Angel Gimalo

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September 22, 2023

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Federal Capital Territory FCT Minister, Nyesom Wike has announced the revocation of 167 plots of land in some highbrow districts of the nation’s capital, Abuja.

Areas affected are Maitama, Gudu, Wuye which had the highest revocation, 41; Katampe, Katampe Extension, Wuse 2, Jabi, Utako, Idu Industrial zone, and Asokoro which had the second highest revocation, 39.

In a notice issued Thursday night in Abuja, the administration said the plots were revoked due to the refusal or failure of their allottees to develop them.

“The Federal Capital Territory Administration FCTA hereby informs the general public that the Minister of the Federal Capital Territory has, in the exercise of the powers conferred on him under Section 28(5)(a) & (b) of the Land Use Act 1978, revoked the underlisted plots with names and titles as reflected in our records for continued contravention of the terms of development of the Right of Occupancy to wit non-development”, the administration said in the notice signed by the Permanent Secretary, Mr Olusade Adesola.

Wike had on assumption of office vowed to restore the master plan of the territory and revoke plots that had not been developed or those whose ground rents have not been paid for years.

He had consequently given a two-week grace to allottees to pay their ground rents or risk revocation of their allocations.