₦airaland Forum

By Dipo Olowookere

The president of Dangote Industries Limited, Mr Aliko Dangote, has disclosed that Nigeria was now self-sufficient in cement and fertilizer, with the surplus being exported to earn foreign exchange (FX), which the country desperately needs to boost the Naira and the economy.

He said the target of his company is to make the nation self-sufficient in whatever it consumes, noting that his Lagos-based refinery is currently meeting domestic demand for Premium Motor Spirit (PMS), otherwise known as petrol.

After a meeting with the governor of Ogun State, Mr Dapo Abiodun, the industrialist, said he would continue to invest in the country.

Mr Dangote was in Ogun State to finalise plans to build a multi-billion-dollar seaport and two new lines of cement plant with a capacity of 6.0 million metric tons per annum, (Mta) at Itori.

The richest man in Africa said he was attracted to Ogun State because of the investor-friendly climate in the state and the policies of Mr Abiodun.

He recounted how his predecessor, Mr Ibikunle Amosun, frustrated his efforts to invest in Ogun State, saying, “We had earlier abandoned our vision of investing in the Olokola Free Trade Zone (OKFTZ), but because of your policies and investor-friendly environment, I want to say we are back and will work with the state government to return to Olokola, and plans are underway to construct the largest port in the country.”

“Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you visit the factory, you will be surprised at what we have done,” he stated.

In his remarks, Mr Abiodun described the day the Dangote Refinery groundbreaking was performed in Lagos as “the day of heartbreak for the sons and daughters of Ogun State as they watched helplessly on television.”

But he thanked Mr Dangote for “coming back to Ogun State” to invest after his earlier bad experience, saying, “We welcome your return to the state” to complete the cement factor at Itori.

The Governor emphasized that with the establishment of the Itori cement plant, proposed to produce six million metric tons of cement per annum, and the existing Ibeshe plant, producing 12 million metric tons, cement production in the state would total 18 million metric tons per annum, making it the largest cement producer in Nigeria and sub-Saharan Africa.

He lauded the company for not shirking its Corporate Social Responsibilities (CSRs) to the host communities, just as it is currently constructing the Inter-change-Papalato-Ilaro road, assuring that his administration is ready to work with the conglomerate for the good of the state and the nation as a whole.

https://businesspost.ng/economy/nigeria-now-self-sufficient-in-cement-fertilizer-dangote/

Oreagba to Deepen Capital Market Participation With New-Found Fame
https://businesspost.ng/economy/oreagba-to-deepen-capital-market-participation-with-new-found-fame/

Shareholders Approve Sterling Holdings Request for Fresh N200bn
https://businesspost.ng/banking/shareholders-approve-sterling-holdings-request-for-fresh-n200bn/

Ruto Withdraws Controversial Finance Bill After Deadly Protests
https://businesspost.ng/world/ruto-withdraws-controversial-finance-bill-after-deadly-protests/

Morgan Capital Closes Polaris Bank Account
https://businesspost.ng/banking/morgan-capital-closes-polaris-bank-account/

Aradel Holdings to Exit NASD, List Shares on NGX by Introduction
https://businesspost.ng/economy/aradel-holdings-to-exit-nasd-list-shares-on-ngx-by-introduction/

Tolaram Acquires Diageo’s 58% Stake in Guinness Nigeria
https://businesspost.ng/economy/tolaram-acquires-diageos-58-stake-in-guinness-nigeria/

Unity Bank Projects Post-Tax Profit of N5.2bn for Q3 2024
https://businesspost.ng/banking/unity-bank-projects-post-tax-profit-of-n5-2bn-for-q3-2024/

SEC Approves FCMB Asset Management’s Private Debt Fund
https://businesspost.ng/economy/sec-approves-fcmb-asset-managements-private-debt-fund/

Aradel Holdings Shareholders Approve N170 Final Dividend at AGM
https://businesspost.ng/economy/aradel-holdings-shareholders-approve-n170-final-dividend-at-agm/

Investors Sell-Off Wema Bank Shares Amid Recent Reports, Others
https://businesspost.ng/banking/investors-sell-off-wema-bank-shares-amid-recent-reports-others/

Fidelity Bank Shareholders to Get 70% Rise in FY 2023 Dividend Payout
https://businesspost.ng/economy/fidelity-bank-shareholders-to-get-70-rise-in-fy-2023-dividend-payout/

Flour Mills Sells N48bn Commercial Paper to Capital Market Investors
https://businesspost.ng/economy/flour-mills-sells-n48bn-commercial-paper-to-capital-market-investors/

NASD OTC Exchange Plunges 2.90% on Aradel Holdings Sell-Off
https://businesspost.ng/economy/nasd-otc-exchange-plunges-2-90-on-aradel-holdings-sell-off/

Naira Appreciates to N1,230/$1 at NAFEM, N1,220 at Black Market
https://businesspost.ng/economy/naira-appreciates-to-n1230-1-at-nafem-n1220-at-black-market/

GTCO Grows Net Profit by 218.9% in FY23, Declares N2.70 Final Dividend
https://businesspost.ng/banking/gtco-grows-net-profit-by-218-9-in-fy23-declares-n2-70-final-dividend/

GSK Begins Payment of N17.42 Per Share to Minority Investors
https://businesspost.ng/economy/gsk-begins-payment-of-n17-42-per-share-to-minority-investors/

NGX Group CEO Temi Popoola Emerges New CSCS Chairman
https://businesspost.ng/jobs/ngx-group-ceo-temi-popoola-emerges-new-cscs-chairman/

Unlisted Securities Market Grows 0.39% in Week 14
https://businesspost.ng/economy/unlisted-securities-market-grows-0-39-in-week-14/

Popoola Joins Ethiopian Securities Exchange Board After NGX Group Investment
https://businesspost.ng/economy/popoola-joins-ethiopian-securities-exchange-board-after-ngx-group-investment/

NNPC Owes Oil Marketers $3bn Fuel Subsidy Payments
https://businesspost.ng/economy/nnpc-owes-oil-marketers-3bn-fuel-subsidy-payments/

Eterna Chooses Former Oando Chief Strategy Officer as MD/CEO
https://businesspost.ng/jobs/eterna-chooses-former-oando-chief-strategy-officer-as-md-ceo/

Court Adjourns Arraignment of Binance, Representatives Till April 8
https://businesspost.ng/economy/court-adjourns-arraignment-of-binance-representatives-till-april-8/

Weathering the Storm: Why Insurance is Your Shield Against Inflation
https://businesspost.ng/economy/weathering-the-storm-why-insurance-is-your-shield-against-inflation/

Nigeria Smiles to Bank as Brent Hits $90 on Mounting Geopolitical Friction
https://businesspost.ng/economy/nigeria-smiles-to-bank-as-brent-hits-90-on-mounting-geopolitical-friction/

From Uncertainty to Confidence: A Personal Journey with Annuities
https://businesspost.ng/economy/from-uncertainty-to-confidence-a-personal-journey-with-annuities/

Naira Official Rate Now N1,225/$1, Street Value at N1,240/$1
https://businesspost.ng/economy/naira-official-rate-now-n1225-1-street-value-at-n1240-1/#google_vignette

Dangote Sugar in Market to Sell N50bn Commercial Paper
https://businesspost.ng/economy/dangote-sugar-in-market-to-sell-n50bn-commercial-paper/

By Aduragbemi Omiyale

A moment ago, Business Post reported the appointment of Ms Adaora Umeoji as the new Group Managing Director/Chief Executive of Zenith Bank Plc.

She will succeed the current occupier of the seat, Mr Ebenezer Onyeagwu, who will exit the position on May 31, 2024, after five years, for his successor to take over from June 1, 2024.

Ms Umeoji, with her appointment, will become the first female GMD of Zenith Bank since its inception, and it is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Before this appointment, she had been the Deputy Managing Director of the lender since October 28, 2016, though she resigned in March 2023 after a policy of the Central Bank of Nigeria (CBN), and returned about five months later. She has close to 30 years of cognate banking experience of which 26 years have been with Zenith Bank.

The financial institution, in a statement made available to Business Post on Tuesday, confirmed the appointment of the banker.

Her Profile

Ms Umeoji is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program.

She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

The GMD-designate holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.

She also attended the executive program in Strategic Management and has a Certificate in Leading Global Business all from Harvard Business School, USA.

Ms Umeoji is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.

In 2022, the Federal Government of Nigeria honoured her with Officer of the Order of the Niger, as a recognition of her contributions to nation-building. She is a Peace Advocate of the United Nations (UN-POLAC).

She has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation which educates and caters for Cancer patients and indigent children education, especially the Girl-Child.

Her contribution to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.

As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Ms Umeoji founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International (KSJI), and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

https://businesspost.ng/jobs/profile-of-zenith-banks-first-female-group-managing-director-adaora-umeoji/

Airtel Africa Mulls IPO for $4bn Mobile Money Subsidiary
https://businesspost.ng/economy/airtel-africa-mulls-ipo-for-4bn-mobile-money-subsidiary/

Cement Manufacturers Subjecting Nigerians to Untold Hardship—Reps
https://businesspost.ng/economy/cement-manufacturers-subjecting-nigerians-to-untold-hardship-reps/

Food Concepts, Aradel Holdings Weaken Unlisted Securities by 2.23%
https://businesspost.ng/economy/food-concepts-aradel-holdings-weaken-unlisted-securities-by-2-23/

Naira Falls to N1,615.94/$1 at NAFEM, N1,607/$1 at Parallel Market
https://businesspost.ng/economy/naira-falls-to-n1615-94-1-at-nafem-n1607-1-at-parallel-market/

Central Bank Trims Treasury Bills Rate by 0.37% as Investors Offer N1.5trn
https://businesspost.ng/economy/central-bank-trims-treasury-bills-rate-by-0-37-as-investors-offer-n1-5trn/

NASCON Shareholders to Get N1 Dividend, Bonus Shares
https://businesspost.ng/economy/nascon-shareholders-to-get-n1-dividend-bonus-shares/

Nigerian Exchange Surges 0.99% as Investor Sentiment Improves
https://businesspost.ng/economy/nigerian-exchange-surges-0-99-as-investor-sentiment-improves/

CBN Sells Treasury Bills at 21.49% in Quest for Hot Money to Firm Naira
https://businesspost.ng/economy/cbn-sells-treasury-bills-at-21-49-in-quest-for-hot-money-to-firm-naira/

By Dipo Olowookere

The value of the Naira to the US Dollar significantly strengthened in the parallel market on Monday, trading at N1,520/$1 compared with the N1,700/$1 it was traded on Sunday.

This development followed steps taken by the Central Bank of Nigeria (CBN) last week to stabilise the currency market and take control of the ecosystem.

Recall that over the weekend, the central bank announced plans to increase the minimum capital base of Bureaux De Change (BDC) operators to N2 billion for national operations and N500 million for regional.

It was also speculated that the bank may resume the weekly sale of foreign exchange (FX) to BDCs in a bid to boost liquidity and give the Naira more weight.

In 2021, the central bank under the former Governor, Mr Godwin Emefiele, stopped the sale of forex to BDCs, claiming they were aiding financial terrorism.

He transferred this function to the banks, and since then, the local currency has been battered because customers are unable to get access to FX when needed.

There are indications that the BDC operators may begin to sell FX to customers, though at the retail end, especially for transactions not more than $1,000.

Since last week, the Economic and Financial Crimes Commission (EFCC) and other security agencies have been going after BDCs across the country.

This has affected the market, though the Naira has gradually gained against the Dollar, which was almost hitting N2,000.

At the Olugbede Model Market in Egbeda under Alimosho Local Government Area of Lagos State, the American currency was exchanged with the Naira at N1,520/$1 on Monday afternoon.

In the same vein, at the Alade Market in Ikeja, where trading activities have slowed because of the actions of security operatives, the Dollar was exchanged with the Naira between N1,515/$1 and N1,550/$1.

Also, in the peer-to-peer (P2P) segment of the forex market, the Naira appreciated against the greenback today by N108 to trade at N1,597/$1 at the time of filing this report compared with N1,705/$1 it was transacted over the weekend. At midday on Monday, it traded at about N1,638/$1.

https://businesspost.ng/economy/dollar-crashes-to-n1520-1-at-parallel-market/

Nigeria Sells Treasury Bills to Investors at 19% After Spike in Demand
https://businesspost.ng/economy/nigeria-sells-treasury-bills-to-investors-at-19-after-spike-in-demand/

Dangote Cement Hits N10trn Valuation on Nigerian Exchange
https://businesspost.ng/economy/dangote-cement-hits-n10trn-valuation-on-nigerian-exchange/

S&P Highlights Key Risks For Nigerian Banks in 2024
https://businesspost.ng/banking/sp-highlights-key-risks-for-nigerian-banks-in-2024/

African Startups Funding Drops 21% to $4.1bn in 2023
https://businesspost.ng/economy/african-startups-funding-drops-21-to-4-1bn-in-2023/

Nigeria’s Exchange Rate Will Further Depreciate in 2024—S&P
https://businesspost.ng/economy/nigerias-exchange-rate-will-further-depreciate-in-2024-sp/

NASD Investors Grin With N64bn Weekly Gain
https://businesspost.ng/economy/nasd-investors-grin-with-n64bn-weekly-gain/

Inflation: ACCI Urges FG to Streamline Tax Procedures, Implement New Minimum Wage
https://businesspost.ng/economy/inflation-acci-urges-fg-to-streamline-tax-procedures-implement-new-minimum-wage/

Dangote Refinery Will Accelerate Nigeria’s Economic Development—Oil Marketers
https://businesspost.ng/economy/dangote-refinery-will-accelerate-nigerias-economic-development-oil-marketers/

Meristem Lists Financial Planning Strategies to Boost Wealth in 2024
https://businesspost.ng/economy/meristem-lists-financial-planning-strategies-to-boost-wealth-in-2024/

Counterfeit Drugs: MeCure Unveils Device to Track, Trace Products
https://businesspost.ng/health/counterfeit-drugs-mecure-unveils-device-to-track-trace-products/

NASD OTC Exchange Hits N1.3trn Valuation After 1.65% Rise
https://businesspost.ng/economy/nasd-otc-exchange-hits-n1-3trn-valuation-after-1-65-rise/

FX Crisis: Cadbury Nigeria to Swap $7.7m Outstanding Loan for 402.1 million Equities
https://businesspost.ng/economy/fx-crisis-cadbury-nigeria-to-swap-7-7m-outstanding-loan-for-402-1-million-equities/

By Dipo Olowookere

A renowned economist and Partner at SPM Professional, Mr Paul Alaje, has warned that the debt profile of Nigeria may continue to rise, with the nation not making enough to service it, and resorting to borrowing to pay interests on the borrowings.

He said this when he appeared as a guest on Arise Television’s breakfast programme, The Morning Show, on Monday, January 8, 2024.

Business Post reports that in December 2023, the Debt Management Office (DMO) said Nigeria’s total public debt stock was 87.91 trillion in the third quarter of last year.

It was also reported by this newspaper that after the approval of the securitisation of the N7.5 trillion ways and means by the National Assembly, the debt profile of the country could rise to N95 trillion.

Speaking on Arise TV today, Mr Alaje charged the government of Mr Bola Tinubu to look for innovative ways to generate more revenue for the country, especially from the solid minerals sector, tasking the federal government to slow down its appetite for borrowing and improve its revenue.

“The truth is that, by 2025, we will have to borrow to service debt. What does that mean? We will still put our revenue projection but by the end of 2025, when the 2026 budget is presented, we may need to borrow to service debt, I hope this will not be the situation because it is not a good projection.

“Unfortunately, if we don’t depart from the current situation, this may be where we find ourselves,” he said on the show monitored by Business Post.

Speaking further, he said, “You ask whether the 2024 budget inspires hope and by our training and the oath we swore, it is not for me to say yes or no but there are things we need to look at in the budget to arrive at an answer.

“Nigeria is expected to grow between 7 and 12 per cent gross domestic product (GDP) if we want to be at par with other nations. The budget has said we should grow by over 3 per cent; the inflation, according to the Central Bank of Nigeria (CBN) is expected to be 6 to 9 per cent, but this budget said 21 per cent this year perhaps because it is the first budget of President Tinubu. This budget is already telling us that things are going to be tough, that is the price of commodities you bought in 2023 will increase by an average of 21 per cent in 2024.

“Most importantly, Mr President spoke on the human development index and he said it is the key area he is focusing but let’s zoom on it a little. We are expected to invest between 20 and 25 per cent of our annual budget but when you see what went into education, we are doing less than 6 per cent instead of 15 to 25 per cent.

“Let’s look at health, which should be 15 per cent based on the Abuja Accord but the 2024 budget is doing less than that. Are these inspiring as you asked me earlier? I want to believe his next budget would be better.

“I hope the budget deficit does not increase times two because we have N8 trillion proposed deficit in 2024 but that may rise to about N12 trillion or double. Just write this down and keep it to around November or December when you will see a supplementary budget without revenue expectation as we have done in the last 12 years.

“You should start to see pressure from the end of the first quarter when the government compares its revenue expectations with the actual earnings; there will be a mismatch because fundamentally, there is a need for an adjustment that has not been done,” he stated.

https://businesspost.ng/economy/nigeria-may-begin-to-borrow-to-service-debts-by-2025-paul-alaje/#google_vignette

Nigeria May Begin to Borrow to Service Debts by 2025—Paul Alaje
https://businesspost.ng/economy/nigeria-may-begin-to-borrow-to-service-debts-by-2025-paul-alaje/

Ecobank’s EPAC Studios Invites Customers, Experts to Explore Contemporary Photography Scenes
https://businesspost.ng/banking/ecobanks-epac-studios-invites-customers-experts-to-explore-contemporary-photography-scenes/

Frustration for Glo Subscribers as NCC Okays Partial Disconnection by MTN
https://businesspost.ng/technology/frustration-for-glo-subscribers-as-ncc-okays-partial-disconnection-by-mtn/

Investors of Unlisted Securities Gain N2.07bn in First Week of 2024
https://businesspost.ng/economy/investors-of-unlisted-securities-gain-n2-07bn-in-first-week-of-2024/

Nigeria’s Stock Market Attracts N41.755bn in One Week
https://businesspost.ng/economy/nigerias-stock-market-attracts-n41-755bn-in-one-week/

Consolidated Hallmark Insurance Restructures Into Holding Company
https://businesspost.ng/economy/consolidated-hallmark-insurance-restructures-into-holding-company/

By Aduragbemi Omiyale

The chief executive of Statisense, Mr Femi Bejide, has pointed out that some Nigerian youths see betting as a form of investment and are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.

Speaking at an event organised by the Nigerian Exchange (NGX) Limited, he tasked regulatory agencies to design a framework to enable banks, and fintech firms to allow trading on their platforms.

“We need to get Ada and Adamu on the street into the capital market. There are about 50 million of them. This is one of the biggest ways to boost the market.

“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the onboarding process is easier,” he stated.

“We need to open up the market because there are a lot of platforms and those things are already happening with no regulations. The USSD launched a few weeks ago is important and we need to take the market to them. The market is big but it can be bigger,” Mr Bejide added.

Also, speaking, the founder of AI In Nigeria, Mr Dotun Adeoye, warned that Artificial Intelligence was not a magic bullet to solve all problems as it needed to be localised for better results.

“AI is not a magic bullet. The NGX is not going to be the first at AI adoption, so there are lessons to be learnt. We will need to localise AI for use in Nigeria,” he posited.

On his part, the Chief Digital Officer of the NGX, Mr Olufemi Oyenuga, agreed that stakeholders across the technology sector and capital market should collaborate on how to foster growth in the market with the use of AI and analytics tools.

He said the bourse was exploring the applications of AI and the Big Data landscape to “reposition the capital market as a driver of sustainable economic growth for Nigeria.”

On her part, the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, stated that, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward.

“We are catalysing the big data and AI revolution, adapting to the fast-changing landscape, and ensuring that technology is not just a tool but a catalyst for progress.”

In his presentation the chief executive of Intelligent Interactive Limited, Mr Temilouwa Sobowale, emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.

“If your brand does well on Mondays, you need to find out what led to the increase in share price, so you can recreate it,” he said.

https://businesspost.ng/economy/some-nigerian-youths-see-betting-as-a-form-of-investment-statisence-ceo/

CBN Cuts One-Year Treasury Bills Rate After Getting Nearly N1trn Bids
https://businesspost.ng/economy/cbn-cuts-one-year-treasury-bills-rate-after-getting-nearly-n1trn-bids/

Some NGX Companies Want to Pay Dividends in Dollars But…—Popoola
https://businesspost.ng/economy/some-ngx-companies-want-to-pay-dividends-in-dollars-but-popoola/

TTB/Union Bank: A Call for Transparency By Investigators
https://businesspost.ng/banking/ttb-union-bank-a-call-for-transparency-by-investigators/

Technology Has Made Capital Market Easily Accessible—CSCS Chief
https://businesspost.ng/economy/technology-has-made-capital-market-easily-accessible-cscs-chief/

Some Nigerian Youths See Betting As a Form of Investment—Statisence CEO
https://businesspost.ng/economy/some-nigerian-youths-see-betting-as-a-form-of-investment-statisence-ceo/

Shareholders Push for Flour Mills, Honeywell Flour Merger at AGM
https://businesspost.ng/economy/shareholders-push-for-flour-mills-honeywell-flour-merger-at-agm/

SEC Charges Tingo CEO Dozy Mmobuosi With Insider Trading, Falsehood
https://businesspost.ng/economy/sec-charges-tingo-ceo-dozy-mmobuosi-with-insider-trading-falsehood/

Over-the-Counter Securities Exchange Gains 2.00% in Week 50
https://businesspost.ng/economy/over-the-counter-securities-exchange-gains-2-00-in-week-50/

EXCLUSIVE: Tingo Blames Short Seller for NASDAQ Suspension
https://businesspost.ng/economy/exclusive-tingo-blames-short-seller-for-nasdaq-suspension/

GTBank Adds FX Sales Feature to GTWorld App
https://businesspost.ng/banking/gtbank-adds-fx-sales-feature-to-gtworld-app/

NGX to Charge Stockbrokers for Soft VPN Services from January 2024
https://businesspost.ng/economy/ngx-to-charge-stockbrokers-for-soft-vpn-services-from-january-2024/

Meristem Launches Dollar Fund for Capital Preservation Investors
https://businesspost.ng/economy/meristem-launches-dollar-fund-for-capital-preservation-investors/

CBN Says Nigerian Banks Remain Resilient Amid Rumours of Failing CAR
https://businesspost.ng/banking/cbn-says-nigerian-banks-remain-resilient-amid-rumours-of-failing-car/

Access Bank Secures Licence in Hong Kong, to Begin Operations in 2024
https://businesspost.ng/banking/access-bank-secures-licence-in-hong-kong-to-begin-operations-in-2024/

CBN Suspends Processing Fees on Cash Deposits
https://businesspost.ng/banking/cbn-suspends-processing-fees-on-cash-deposits/

By Dipo Olowookere

Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds.

The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive.

In the disclosure sighted by this newspaper, the NIBSS specifically said those not licensed to accept deposits are Super Agents, Switching Companies, and Payment Solution Service Providers (PSSPs).

A look at the website of the Central Bank of Nigeria (CBN) showed that 47 companies were issued licences by the CBN to operate as Super Agents, 75 firms were authorised by the apex bank to function as PSSPs, and 16 fintechs have the Switching and Processing licence.

Below is the full list, as obtained from the CBN, of the three categories of fintechs affected by the NIBSS directive;

https://businesspost.ng/banking/full-list-of-pssps-others-nibss-ordered-banks-to-remove-from-transfer-list/

Delistings: NGX Tasks Government on Business-Friendly Policies
https://businesspost.ng/economy/delistings-ngx-tasks-government-on-business-friendly-policies/

Fidson, Chinese Firm to Produce Drugs for HIV-Infected Nigerians
https://businesspost.ng/health/fidson-chinese-firm-to-produce-drugs-for-hiv-infected-nigerians/

Shareholders Authorise Flour Mills to Make BAGCO Wholly-Owned Subsidiary
https://businesspost.ng/economy/shareholders-authorise-flour-mills-to-make-bagco-wholly-owned-subsidiary/

Stanbic IBTC Bank Honoured for Supporting Women-Owned Businesses
https://businesspost.ng/banking/stanbic-ibtc-bank-honoured-for-supporting-women-owned-businesses/

MTN Nigeria Breaks Record With N125bn Commercial Paper Sales
https://businesspost.ng/economy/mtn-nigeria-breaks-record-with-n125bn-commercial-paper-sales/

NGX Group Shareholders Jubilate Over Interim Dividend Payment Alerts
https://businesspost.ng/economy/ngx-group-shareholders-jubilate-over-interim-dividend-payment-alerts/

Dangote Sugar, NASCON, Dangote Rice Agree Merger Terms
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By Dipo Olowookere

One of the news anchors of a local broadcasting company, TVC, Mr Mike Okwoche, has exited the organisation after 11 years.

The broadcaster announced his resignation from the Lagos-based firm last week, though he did not disclose his future direction.

Also, the television platform announced the departure of his top employee, who has won several awards, from the company.

“On TVC Breakfast today, TVC News award-winning Senior anchor, Mike Okwoche, officially announces his departure from TVC after 11 years of stewardship,” the broadcast station stated.

Mr Okwoche, during last Friday’s TVC Breakfast Today, said, “I must say this is going to be my last day on TVC after 11 years. I must thank TVC for giving me these 11 years of opportunity on air. Today, being the last day on air at TVC, is really amazing.”

He later announced his exit from the organisation in a post on X, saying, “After 11 years, it was time to bow out from TVC. I can’t describe the outpouring of love for me at my exit; one send forth after the other. This is a family! I will miss my colleagues, but you know, the journey continues.”

Mr Okwoche, apart from being a broadcast journalist, also lectures at the prestigious Nigeria Institute of Journalism (NIJ), Ogba, Lagos. His wife, Mrs Emem Ime Okwoche, is also a pen pusher and the producer of the award-winning Your View on TVC. Mr Okwoche is the latest top employee to leave TVC.

The station has recently seen the exit of https://businesspost.ng/general/bukola-samuel-wemimo-leaves-tvc-for-channels-tv/, Ms Ngozi Alaegbu to Arise TV, Mr Ovieteme George to Arise TV, and Azeezat Olaoluwa, among others.

https://businesspost.ng/jobs/tvc-news-anchor-mike-okwoche-quits-after-11-years/

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