₦airaland Forum

Customers of global software provider Civica will benefit from enhanced payroll information thanks to a new partnership with Experian.

Through Experian’s interactive digital platform, PayDashboard, Civica users will be empowered to better engage with, and understand their payslip information, helping them to take control of their finances and improve their financial wellbeing.

Alongside access to their digital monthly payslip, the solution also offers a host of additional features to help engage and educate staff, reduce payroll-related queries, and make payday easier for payroll teams.

PayDashboard offers HR teams and external payroll service providers greater access to payroll insights through interactive dashboards. The solution can integrate with existing payroll software to deliver online payslips, PAYE forms and payroll data.

Paul Speirs, Managing Director of Digital Consumer Information, Experian UK&I, said: “We are delighted Civica has chosen Experian to enhance its payroll information services – working in partnership to deliver the best outcomes for customers.

“It’s never been more important for employees to have a firm grasp on their finances and PayDashboard makes it easier than ever for people to digitally access and understand their payslips quickly and easily, as well as reducing payroll queries and questions for HR teams.”

Kirsty Fowler, Divisional Managing Director, HR and Payroll at Civica, said: “Supporting employee lifecycles and enhancing our customers’ ability to positively impact their employee’s experience is at the heart of our People & Workforce solutions: helping to make their services as efficient and effective as possible.

“Via this new partnership with Experian, we can now offer an even better platform where people can have instant access to their information and take more control over their financial wellbeing.”

Civica’s customers will also benefit from Experian’s employment and income verification service, Work Report. Employees will have the option to consent to share their payroll information with another organisation digitally, providing an instant, secure alternative for employment and income verification when applying for a range of financial services, including mortgages.

Civica helps transform how customers manage their workforce with full employee lifecycle options including HR, payroll, expenses, learning management and content creation, recruitment, occupational health and time management software and services . With full integration, processes are joined up and deliver automation and meaningful data insights.

SOURCE:https://brandspurng.com/2023/08/31/civica-partners-experian-to-transform-employee-payday-experience/

Nigeria’s Vice President Kashim Shettima has charged members of the Presidential Committee on Fiscal Policy, and Tax Reforms to develop a robust roadmap that will transform the economy of the country.

Shettima gave the advise Monday when he received in audience members of the Committee led by the Chairman, Mr. Taiwo Oyedele at the State House, Abuja.

According to him, “The task before you is enormous, I believe you have the best brains to come up with a robust roadmap that will reposition our economy addressing some of the fundamental issues underlying our fiscal and tax policies; Fiscal and tax policies are key to the realization of any nation’s economic development.

“I believe you will come up with a roadmap to salvage our nation, we are in a big mess, but I have confidence in your team. This is a great nation chained by poor governance, chained by many challenges and my principal is a man of courage and conviction, he is a progressive man in the Nigerian political space.”

Speaking on the importance of fiscal policy and tax reforms, the Vice President noted that it is a potent tool for resource mobilization and as such, he charged the Committee to make recommendations that are quick deliverables in view of the nation’s current economic realities.

While assuring them of the National Economic Council’s cooperation, he said “our focus should largely dwell on domestic resource mobilization especially with trends in the world today, even the biggest economies in the world are faced with this reality.”

Shettima opined that fiscal policy and tax reforms are critical for meeting national aspirations and this is also taking global dimensions with global realignment of forces with the emergence of BRICS and current geo-politics.

He praised the composition of the Committee stating that “I think the composition of this Committee bears testimony to the seriousness that the President attaches to your mandate. Honestly I am proud of you. I am personally conversant with some of the members of this committee who are men and women of impeccable character, high integrity, committed and patriotic.”

Earlier in his remarks, the Special Adviser to the President on Revenue, Zaccheus Adedeji, revealed that the Presidential Committee would be interested in working with the National Economic Council (NEC) which is chaired by the Vice President “to ensure effective collaboration with the sub-national governments who are critical stakeholder group in the task before the Committee.

Also speaking, the committee chairman, Nr Oyedele said members of the Committee were “excited for this opportunity to help our country to redefine, redesign a new fiscal policy framework that is fit for our nation to thrive and deliver Nigeria we want in order for our people to flourish in their endeavours.”


“We are laser-focused on our mandate as directed by Mr. President which covers fiscal governance, revenue transformation fiscal competitiveness, and economic growth facilitation.”

He assured that the Committee would engage with Nigerians both at home and abroad as well as with all segments of the society.

Oyedele also expressed the readiness of the Committee to engage with sub-national governments through NEC in achieving the mandate of the committee.

SOURCE:https://brandspurng.com/2023/08/29/vp-shettima-charges-tax-reforms-committee-to-develop-economic-roadmap/

These are indeed challenging times for parents residing in Nigeria but who have kids in foreign schools as they struggle to raise foreign exchange to fund their children’s education due to scarce foreign currencies amidst rising rates.

Some of the parents, who spoke to Sunday PUNCH on the development, expressed frustration at the falling value of the naira, which they had to use to purchase foreign currencies to pay the tuition of their children as well as other associated costs and living costs.

The naira traded at 915 against the United States dollar at the parallel market on Saturday, while the pound sterling was sold for N1,180.

At the Investors and Exporters’ forex window, the naira commenced trading at 773.29/$ on Friday and hit a high of 799.9/$ before closing at 778.42/$. The currency lost by 0.87 per cent compared to the N771.69 it exchanged for the dollar on Thursday.

The open indicative rate closed at N773.29 to the dollar on Friday. A spot exchange rate of N799.90 to the dollar was the highest rate recorded in the day’s trading before it settled at N778.42.

A total of 73.80 million dollars was traded at the Investors and Exporters’ window on Friday.

A businessman, Mr Kunle Olajide, whose son is in 200 level at a Cypriot university, lamented the stress he is facing paying the tuition and sending money to the Computer Science student.

Olajide stated, “Since the administration of President Bola Tinubu decided to allow the naira to float, it has not been easy to source forex for the purposes of paying my son’s tuition and sending upkeep allowance to him. My business is essentially naira-denominated and you know that the currency has been consistently falling and this is putting a lot of pressure on me. I am currently spending almost double what I was spending on him this time last year.

“I have filled Form A since mid-June to buy dollars at the official I&E rate, but my bank keeps complaining of not having the currency to sell to me. Even the exchange rate on that platform keeps rising. When my son mounted pressure on him about being denied access to the school portal, I had to go to the parallel market to buy $2,500 at N889. I understand that it is now over N900/$.

“Honestly, I don’t know how I will continue to fund his education going forward without crippling my business and affecting the rest of the family. I have two other younger children who are in private secondary schools here in Lagos. When they resume later in September, I will have to cough out a lot of money because the schools have increased the fees in line with the inflationary trend and the after-effects of the removal of subsidy on petrol by the Federal Government.”

A Lagos-based businesswoman, who has two of her children schooling in the United States, Mrs Adebusola Adeyinka, said before the floating of the naira, sourcing forex to pay for her children’s fees and meet other needs was nightmarish.

According to her, the older son, Tinuade, is studying at the University of San Diego, California, while the brother is rounding off his A-levels.

Adeyinka said, “Before now, I would have to apply for the purchase of dollars three months ahead. Earlier this year, when I knew I had to renew my children’s fees after summer, I applied for forex, and up until May, the bank kept pushing me around.

“I made sure I had enough naira in my account, but it was not just that. The officials in charge told me to keep checking with the bank to know when it would be my turn. They claimed that some people were in the queue before me, and the time was drawing closer for me to renew my first son’s accommodation.

“After a few weeks, the schools started harassing the children. I had the money in my account but it was in naira. The school needed dollars. My children were about to lose out on their admissions.

“I got frustrated and used a BDC (Bureau De Change) via peer-to-peer transactions, but the rate was so expensive. I had no choice but to use that option.”

With the floating of the naira, the mother-of-two said things became a bit stable.

“Apart from the ever-fluctuating rate, now, I just apply directly and get the forex within a defined time. The application is done to the CBN through my commercial bank at the official rate. Once the CBN approves, the bank sends the money to my sons’ respective schools and everybody is happy,” she added.

The father of a Medical student in the United States of America, Mr Olabode Rotimi, said he always made sure he applied for forex long before he would need to pay for his son’s fees.

“It is better the money is in the school’s account than for my son to be sent out of school. These foreign universities don’t listen to any complaint or understand the hitches we face here; they simply send your child back home if you can no longer afford to pay the fees,” he said.

On how he used to get the forex before the floating of the naira, he said, “I simply patronised Bureau De Change operators. They are more reliable. They will demand more money, but you are sure to get the forex remitted into your account in due time.

“I haven’t really used them since the floating of the naira anyway because I heard that they are also affected somewhat.”

Another parent, who is also a popular politician in Rivers State, said he used his ‘contact’ in the CBN to facilitate the remittances of forex to his daughters’ universities.

“When I used commercial banks, it used to be problematic. If the forex is not there, they’d say I would have to wait for 90 days. I could not wait. I asked some friends who told me how to apply directly to the CBN and fast-track it,” the source said.

A civil servant in Lagos State, Mrs Bola Hamzat, said her husband, who is an engineer and contractor, was getting very moody in recent times as he struggled to pay the daughter’s tuition in Canada due to the pressure of sending money abroad.

She stated, “I am now very careful with my husband as he gets unusually moody nowadays because of the pressure he is facing to raise our daughter’s tuition and accommodation fee. Our daughter is about to resume for the second year of her degree programme at a university in Alberta. Though things were tough when she started, the exchange rate was, however, not this high. Though it was taking time to get our applications approved, we were still getting forex at official rates, which were about N200 cheaper than the parallel market rate.

“However, after the floatation of the naira, it has become extremely expensive to buy foreign currencies with the naira. Even at the official I&E window now, the rates are exorbitant and the funds are not easily available, so we rely on the parallel market to get forex. At a time before May 29, 2023, we were getting the US dollar at around N460 at the I&E window, but that has almost doubled now.

“My husband had to set aside about N20m from his company’s account as proof of funds when our daughter secured admission after paying about $6,000 for tuition and accommodation. To renew these now, he has to look for almost double naira equivalent and that is driving him mad. He doesn’t want to be seen as abandoning his daughter’s education and at the same time, his firm is battling insufficient funds to execute contracts given to him by clients.

“I am trying in my own little way to support him, but my brother, how much am I earning as a grade level 14 civil servant? To compound the problem, transport fare is taking a chunk of my salary and we still have to survive at home. My daughter is trying too as she is supporting with the little she is earning by working even as a student.”

This has further led to increased patronage of the parallel market with many students seeking admission abroad reportedly purchasing forex from dealers ahead of the resumption of school activities in September after the summer break.

The COVID-19 pandemic in 2020 and the subsequent crash in global oil prices threw into chaos the economies of many foreign exchange-dependent countries like Nigeria.

While the CBN has managed the allocation of forex to banks for the payment of school fees and other invisible transactions since August in 2020 when schools started resuming from the initial global lockdown, the situation has become especially tough for foreign students.

Some Nigerians studying abroad, who spoke to our correspondents on Saturday, said they were frustrated due to the scarcity of Form A to procure foreign exchange for their transactions.

Form A, which is an application form designed by the CBN to pay for service transactions such as school fees, medical fees, and more, allows customers to purchase funds at the CBN or interbank rate to make payments for these services.

A student in the United Kingdom, Williams Awara, who narrated his experience said, “My experience was hell in a handbasket.

“I was hoping to pay my last deposit with the Form A. But the new forex rate made it impossible. I paid in pounds sterling since I got here.

“New students coming in this September have spent so much with this new forex rate.

“A friend of mine paid N5.5m for £5,000. This is what he would have used N2.5m or N2.8m maximum to pay with Form A.”

A Nigerian, who identified herself as Miriam and got an admission into the University of Hull, United Kingdom, said she almost missed the payment deadline due to the non-availability of forex.

Miriam said, “The naira floating is not making things easy. The banks do not have forex. The black market still overshadows everything.

“I had a payment deadline that I almost missed due to non-availability of forex.”

A student of the University Canada West, Jane Idabor, said she managed to escape the challenge, noting that some institutions did not accept forex for tuition.

Idabor noted, “It was way easier for me because back then, Form A was still in use.

“However, it is now challenging for people as some schools do not accept forex for tuition.”

Also, a student of the University of Law, UK, Oluchi Onyeama, said she gave up on getting forex from Nigeria after encountering challenges.

“It was not easy. I had to get pound sterling here rather than wait for Form A from Nigeria,” she stated.

Another UK-based student, Victor Chukwu, said that he was sponsoring himself, adding that forex challenges were affecting his rent, transportation and feeding.

Chukwu stated “I sponsor myself. Obviously, the cost of living and paying fees is very high because foreign students pay higher. Without forex, rent, transport fares and living are impacted.”

Parents too are not left out as they are feeling the brunt of the forex challenges.

An Abuja-based parent, who has his child studying in Canada, Anthony Momodu, said due to the forex challenges, parents might start having a rethink about sending their children to schools abroad or transferring them to cheaper schools, while others might consider withdrawing their children and enrolling them in schools in Nigeria.

Momodu stated “For middle-class families, the foreign exchange challenge has made most parents rethink about sending their children abroad, while for those already studying there, the parents are thinking of transferring their children to schools in other countries that may be cheaper.

“This has caused a lot of trauma for students themselves because their pocket money has been slashed. The parents used all their resources to pay their children’s school fees.”

Another parent, who spoke on condition of anonymity, said, “Last year’s stress and pain cannot be compared to this year’s.

“It is not easy to get these foreign currencies. It is very difficult and traumatic for parents. The naira has been devalued. It is very difficult to make transfers.”

A Rivers State-based parent, Mr Tamunotonye Ibulubo, said even with the recent floating of the naira and the unification of the exchange rates, getting forex to pay the fees of his son, who is in a university in the US, had been difficult.

Ibulubo said his son was in his second year and studying Social Work at a US university.

He stated, “I have even been duped before by a bank worker, who promised to help me. I gifted him N20,000 to help facilitate it. The banker later said I should pay another N15,000 so that I could join the latest batch of those waiting for dollars. Even after all these payments, I still have not had access to forex.

“Whenever I get a call from my son, I feel sad because I cannot do anything to help him. If not for a church there that he identified with, maybe, he would have been sleeping in the open.”

Ibulubo added that he tried to borrow from his cousins abroad to send directly to the school, but it had not been easy for him to get someone willing to give the sum he needed.

He also claimed to have approached the CBN in both Rivers and Bayelsa states but was told to approach his commercial bank for direction on how to access forex.

“It is frustrating to be honest. I don’t even know. They (banks) even said I would not be able to use the I & E window as, according to them, it is not meant to address my kind of need. I am really confused. I have not been abroad before, but I want my child to have a better life, which was why I sent him there. Now, this country is frustrating me; I need help,” he added.

An Ibadan-based public servant who works for a Federal Government agency, Mrs Oluwaninyo Clement, whose daughter left for Toronto, Canada, two weeks ago for a nine-month diploma course, said if not for the fact that she had a brother in Canada who had been supporting her, the dream of sending her daughter abroad for further education would not have been realised.

She said, “I started buying US dollars more than a year ago when my daughter finished her first degree here and was undergoing the National Youth Service Corps mandatory service year. Initially, my husband and I as well as our daughter were pumping all the naira we could save into buying dollars, but when the CBN made it difficult for the Bureau De Change operators to get the currency, we had to slow down.

“It was at this point that a lifeline was thrown at us by my brother, who is based in Canada, told me that he had a friend who needed naira there and was willing to sell the US dollar to us at N705, which was a very good deal. He also helped us to buy $1,400 Canadian dollars at N530/C$, which translates roughly to US$1,090, and I had to look for N742,000 to send to his naira account in a Nigerian bank.

“He was also very helpful in paying part of the C$21,700 school fees so that my daughter could get her student visa, which will also enable her to work part-time while studying. When she was applying for the visa last year, we had to raise N15m as proof of funds, but I am sure that will be more than N20m now. We also spent around N1.5m on a one-way ticket to enable her travel.

“Since I started working almost 15 years ago, I have not been able to save up to N1m at any given period, but when my daughter’s ambition to study abroad gained traction, I had to look for money from where I didn’t even imagine before. We are just praying that after study, our daughter will be able to get a work permit and permanent residency and pull her sister, who is still an undergraduate in Nigeria, to Canada.

“The stress is too much. If it is now, there is no way we would have been able to send her abroad to study.”

No fewer than 78,679 international students from Nigeria are currently studying in the UK, US, Canada, and Ukraine, according to official figures. The number excludes Nigerians who study in these countries but did not process their admissions from Nigeria.

According to the Higher Education Statistics Agency of the United Kingdom, as of December 2022, there were about 44,195 international students from Nigeria in UK institutions with average tuition fees between £11,000 and £32,000.

The President, National Parents Teachers Association, Haruna Danjuma, had in an interview with Sunday PUNCH pleaded with the Federal Government to intervene in the forex crisis.

Danjuma had said, “If you ask for my honest opinion, I will say the Federal Government should help all those involved because when you look at it, it is not their fault.

“Also, one of the reasons people even go abroad in the first place is because of the situation of things in our institutions. We need the government to work together with parents and academics to find a way in which we can solve the problems in the education sector.”

SOURCE: https://brandspurng.com/2023/08/27/forex-crisis-puts-parents-of-students-studying-abroad-under-severe-pressure/

Coca-Cola (brand value down 5% to USD33.5 billion) retains its title as the world’s most valuable non-alcoholic drinks brand, according to a new report from leading brand valuation consultancy, Brand Finance.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest non-alcoholic drinks brands are included in the annual Brand Finance Non-Alcoholic Drinks 25 2023 ranking.

Coca-Cola’s (brand value down 5% to USD33.5 billion) enduring brand value can be largely attributed to its global familiarity and reputation, bolstered by innovative product developments, large-scale marketing campaigns, and digital engagement. Ahead of the FIFA World Cup in 2022, the brand launched its ‘Believing in Magic’ campaign, aiming to celebrate the shared passion and connection experienced by football fans and foster deeper consumer relationships. The brand also launched its digital engagement platform, the Coca-Cola Fan Zone. Approximately 5 million fans connected with the hub that was activated in 41 markets, further boosting the brand’s international exposure and prestige.

Savio D’Souza, Valuation Director at Brand Finance, commented:

“With a rich history, iconic brand story, and a steadfast dedication to customer experience and satisfaction, Coca-Cola has remained a global leader. The brand continues to boost its international reputation and capture the loyalty of generations across the globe through ingenious and powerful marketing campaigns, product evolutions and innovative digital strategies.”

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Coca-Cola also maintains its position as the world’s strongest non-alcoholic drinks brand, with an AAA+ rating and a Brand Strength Index (BSI) score of 89.6/100. The giant continues to enjoy immense global recognition and popularity. Its iconic brand narrative, logo, and memorable marketing campaigns, aimed at connecting with consumers on an emotional level and evoking nostalgic sentiments, have become deeply ingrained in popular culture and have fostered customer loyalty across the globe.

Energy drink brands hold onto top 10 ranks

Red Bull (brand value up 1% to USD7 billion) Monster (brand value up 8% to USD6.8 billion) and Gatorade (brand value down 7% to USD4.9 billion) maintain their top 10 ranks this year, with Red Bull ranking as the third-most valuable non-alcoholic drinks brand. Energy drink consumption has continued to rise since the pandemic, with both adults and teens seeking energy drinks as convenient options to fuel busy and active lifestyles. Red Bull remains one of the world’s most recognisable drinks brands, with a unique brand identity, catchy slogan, and enormous global presence fuelled by its various sporting endorsements and sponsorships.

Nespresso is the fastest-growing non-alcoholic drinks brand

Nespresso’s (brand value up 208% to USD2.9 billion) brand value has increased enormously since the pandemic, when home coffee consumption surged as customers sought a premium experience at home. With its emphasis on quality and luxury, Nespresso became a popular choice. The brand has continued to boost its premium perceptions and global reputation with its innovative range of coffee machine and capsule offerings, as well as its sustainability initiatives, winning an award in 2022 for its innovation efforts in promoting fairtrade coffee.

Coca-Cola has the highest Sustainability Perceptions Value, valued at USD4.6 billion

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

Coca-Cola has the highest Sustainability Perceptions Value (SPV) at USD4.6 billion. It should be noted that the brand’s position at the top of the SPV table is not an assessment of its overall sustainability performance, but rather indicates how much brand value it has tied up in sustainability perceptions. That said, Coca-Cola promotes an ambitious sustainability agenda, aiming to make 100% of its packaging recyclable globally by 2025 and use at least 50% recycled material by 2030. The company also aims to implement sustainable solutions throughout its value chain, aiming to reduce greenhouse gas emissions by 25% by 2030 and achieve net-zero carbon emissions by 2050.

SOURCE:https://brandspurng.com/2023/08/28/coca-cola-undisputed-leader-among-brands-of-non-alcoholic-beverages/

The Managing Director & Chief Executive Office of Nigeria Sovereign Investment Authority (NSIA), Mr. Aminu Umar-Sadiq, has disclosed that the Authority has committed $500 million to domestic infrastructure, whilst also enabling third-party investments of over $1 billion.

He said this at an investigative hearing held on Tuesday, 22nd of August 2023, at the Ad hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since inception.

He explained that the NSIA belongs to the three tiers of government consisting the federal government, state government, local government, including the FCT and its Area Councils.

He further reiterated that the NSIA has a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Additionally, he disclosed that the Authority has also developed institutions and platforms to improve the financial market ecosystem within the country.

He said the Authority developed a 10 MW solar power project which was expected to facilitate the creation of over 500 direct and indirect jobs.

Furthermore, through its participation within the housing sector, over 13,000 affordable housing units were under construction in different states of the Federation.

Within the agricultural sector, the NSIA has supported over 236,000 farmers in different Agric projects. Under the Presidential Fertiliser Initiative (‘PFI’) the Authority has facilitated the production of 3.8 million Metric Tons of fertiliser to farmers nationwide, with 72 blending plants currently in operation across Nigeria, he added.

Umar- Sadiq also stated that the net assets of the Authority grew from N156 billion in 2013, to N1. 017 trillion at the end of 2022, and has remained profitable over the last 10 years of operation, with yearly audits performed by Independent Auditors.

He also mentioned that the net contribution has grown from the initial $1 billion to the current Net asset value of $2.27 billion as at December 2022.

Also speaking, Lateef Shittu, the representative of the Director General, of the Nigeria Governors Forum (NGF), said that local governments were notable stakeholders who were accounted for together with the State Government and represented a significant holding of the fund.
Shittu affirmed the collaboration of the Governors Forum with the NSIA, saying they were satisfied with the level of interactions and were clear about the objectives of the Authority in relation to its projects and impact on the nation.

He disclosed that in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that “we are satisfied with the presentation and what was being done”.

He reiterated that, “every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects.”

The Chairman of the Committee, Hon. Ademorin Kuye, said the objective of the investigation was to ensure that the statutory provisions of the law establishing the Authority was adhered to.

He stated that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee would visit sites of projects being handled by the Authority to ensure value for money.

The Committee commended management and staff for the detailed responses that were provided which alludes to its high level of governance and transparency.

SOURCE:https://brandspurng.com/2023/08/23/nsia-commits-500m-to-boost-infrastructure-devt/

Ghana is gearing up to welcome the 12th edition of the African Peering and Interconnection Forum (AfPIF), marking the event’s second appearance in the vibrant city of Accra. Hosted by MainOne, an Equinix Company, this year’s conference is scheduled to take place from August 22nd to 24th, 2023.

AfPIF, an annual event jointly organized by the Internet Society (ISOC) and the African IXP Association (AFIX), is dedicated to fostering interconnection between Internet service providers, content providers, and data centers throughout the African region. It serves as a unique platform for participants to exchange insights, deliberate on emerging trends, and cultivate avenues for collaboration.

AfPIF’s mission is to increase the amount of Internet content and traffic exchanged locally in Africa. This is commonly achieved via Internet exchange points (IXPs) which enable multiple networks to directly interconnect through common infrastructure. This aggregation facilitates large-scale content distribution which improves the speed, cost-effectiveness, and reliability of the Internet. It also reduces the region’s reliance on international intermediaries.

Emmanuel Kwarteng, the Country Manager of MainOne, an Equinix Company, Ghana, expressed enthusiasm about the event, stating, “Hosting the peering community in Ghana is a tremendous honour for us at MainOne, and we are excited to welcome participants across Africa and beyond to the vibrant city of Accra, the gateway to Africa as we call it. This event resonates deeply with our mission to drive digital inclusivity in our region by facilitating the localization of Africa’s internet traffic, which in turn improves the speed of content accessibility, lowers internet access costs and network latency. We look forward to facilitating meaningful discussions and partnerships that will further accelerate Africa’s digital transformation.”

Kyle Spencer, the Executive Director of the African IXP Association, added his perspective, saying, “AfPIF holds a unique position as a catalyst for enhancing interconnection and peering across Africa. As we gather in Accra, we renew our commitment to strengthening the digital fabric of our continent. By encouraging the local exchange of Internet traffic, AfPIF contributes significantly to the growth of the African digital ecosystem, driving economic progress and empowering communities. We look forward to inspiring discussions and collaborative efforts that will drive the realization of a more connected Africa.”

The forthcoming AfPIF event promises to be a dynamic and captivating event, featuring a lineup of keynote addresses, panel discussions, technical sessions, and invaluable networking opportunities. Attendees can anticipate gaining profound insights into the most recent industry trends, networking with industry experts, and uncovering opportunities for peering and interconnection within the African landscape.

SOURCE: https://brandspurng.com/2023/08/21/ghana-set-to-host-the-12th-edition-of-the-african-peering-and-interconnection-forum/

MTN Nigeria Communication (MTN Nigeria) Plc, the largest telecommunications company in Nigeria, has distributed 641.05 million ordinary shares, worth 2.0 kobo each, to shareholders who chose to convert their cash dividends into equity stakes.

MTN Nigeria distributed 641.047 million ordinary shares to shareholders as part of its most recent scrip dividend election scheme, according to a regulatory report at the Nigerian Exchange (NGX).

At an initial public offering price of N232.68 per share, or an immediate market value of N149.15 billion, the allotted shares were added to the total number of MTN Nigeria shares that are currently outstanding.

Following the supplementary listing, MTN Nigeria’s total number of issued and fully paid up shares increased from 20.35 billion to 20.996 billion 2.0 kobo ordinary shares.

According to a report in The Nation, MTN Nigeria had made the decision to investigate a plan that would let shareholders convert their cash dividends to shares.

For the 2022 fiscal year, MTN Nigeria had declared a final dividend of approximately N204 billion, or N10 per share. After the company had paid an interim dividend of N113.99 billion or N5.60 per share during the year, this brought the total dividend payout for the 2022 fiscal year to approximately N318 billion or N15.60 per share.

To shareholders listed on the company’s register as of the close of business on March 27, 2023, the final dividend was paid electronically on April 20, 2023.

The two-way optional dividend arrangement was put forth and approved by shareholders at the April 18, 2023 meeting, giving shareholders time to decide before the dividend payment date of April 20, 2023.

It was anticipated that MTN International (Mauritius) Limited, which owns a controlling equity stake of 72.83% in MTN Nigeria, would benefit the most from the dividend conversion option.

Important excerpts from MTN Nigeria’s audited report and accounts for the fiscal year that ended on December 31, 2022, revealed double-digit increases in all key performance indicators.

The total amount received increased by 21.6% to N2.01 trillion. EBITDA, which stands for earnings before interest, tax, depreciation, and amortization, increased by 22% to N1.1 trillion. Thus, EBITDA margin increased marginally by 0.2 percentage points to 53.2%. Gain before taxes of 22.3% brought in N534 billion. Net profit after taxes increased by 20.2% to N358.9 billion. Consequently, EPS increased to N17.79 kobo in 2022, up 21.3%.

Additionally, the operational report revealed significant advancements, with mobile subscribers increasing by 10.5% to 75.6 million, with 7.2 million more subscribers expected in 2022. To reach 39.5 million, the number of active data users increased by 15.3%, adding 5.2 million new users in 2022. Since the launch of PSB, there have been two million active mobile money (MoMo) wallets, increasing the number of active fintech subscribers by 57.5% to 14.9 million.\

SOURCE:https://brandspurng.com/2023/08/22/mtn-nigeria-trades-n149-billion-in-shares-for-cash-dividends/

In a significant move towards promoting tech inclusivity, the Kaduna State Government, in collaboration with Google, has announced a pioneering initiative to train 5,000 women and girls in data science, artificial intelligence, and entrepreneurial application of digital technologies.

This initiative, part of a broader skills development program supported by Google.org, aims to empower 20,000 more women and young people across Nigeria with 21st-century skills, positioning them for opportunities in the digital and creative industries.

Governor Uba Sani of Kaduna State remarked, “Inclusion in technology is not just about social equity; it’s about economic progress. By empowering our women with digital skills, we’re not only breaking gender barriers but also setting the stage for significant economic growth. This partnership with Google underscores our commitment to harnessing the vast potential of our women for the socio-economic transformation of Kaduna State and Nigeria at large.”

The Kaduna State Government has consistently emphasised the importance of leveraging technology to drive economic growth. Central to this vision is the inclusion of women in the tech space. By providing focused tech training and ensuring accessibility, the state aims to empower this demographic, recognizing their potential to be significant contributors to the digital economy and the broader socio-economic landscape.

The program will be executed by Data Science Nigeria, which will set up Arewa Tech4Ladies. This initiative is crafted to serve four key semi-urban and rural communities in Kaduna State, offering specialised women-focused learning, mentoring, and job placement support facilities.

Olumide Balogun, Google Director for West Africa, shared, “The future of tech in Nigeria hinges on tapping into the potential of every individual, irrespective of gender. Our collaboration with the Kaduna State Government is a testament to our unwavering belief in the transformative power of women in tech. Through the support of Google.org, we’re dedicated to fostering a more inclusive digital landscape, ensuring every trained woman becomes a beacon of change in the tech world.”

This collaboration is a clear indication of both parties’ commitment to driving inclusion in the tech industry, ultimately supporting improved economic livelihoods through the digital economy in Nigeria.

SOURCE:https://brandspurng.com/2023/08/16/kaduna-state-government-google-partner-to-train-5000-women-in-tech/

The National Board for Technical Education (NBTE) has unveiled an online top-up programme for Higher National Diploma holders to convert their certification to Bachelor’s Degree through online top-up for one year, with foreign accredited universities.

The board disclosed this in a statement made available to newsmen in Abuja on Monday by its Head of Media Unit, Mrs Fatima Abubakar.

Abubakar said this was also to facilitate the progression of HND holders to higher degrees.

How To Convert Your HND Certificate To BSc
1. You must own an HND certificate in one of the recognized and approved polytechnics and monotechnics.

2. Visit the admission portal https://admission.topup.nbte.gov.ng and log in if you have already created an account.

3. Supply all your details in relation to your HND which you already have.

4. After creating the account you can move ahead to submission of a new application.

5. The university’s programs chosen should align with the technical and vocational fields covered by NBTE.

6. After selecting a course of your choice, you will get the option to select which institute you want to study at and there you can see their program fees followed by a button to even view details about the institute on their institutional profile page.

7. After submitting the form you will see the application status under the ‘my applications’ tab and you can go ahead with the submission of the form fees (USD 100) to enable the university to start processing your admission.

8. You can further go to the payments tab to download your fees receipt for the application form fee payment.

9. After the university has approved your admission, then you can go to my application and download your admission letter.

SOURCE:https://brandspurng.com/2023/08/14/nbte-introduces-online-programs-for-hnd-to-bsc-conversion/

Post-Covid recovery momentum continues in June for passenger markets. This is according to the International Air Transport Association (Iata).


Total traffic in June 2023 (measured in revenue passenger kilometres or RPKs) rose 31.0% compared to June 2022. Globally, traffic is now at 94.2% of pre-Covid levels. For the first half of 2023, total traffic was up 47.2% compared to the year-ago period. Domestic traffic for June rose 27.2% compared to the same month a year ago and was 5.1% above the June 2019 results. Domestic demand was up 33.3% in the 2023 first half compared to a year ago.

International traffic climbed 33.7% versus June 2022 with all markets showing robust growth. International RPKs reached 88.2% of June 2019 levels. In the first half of 2023 international traffic was up 58.6% over the first half of 2022.

The northern summer travel season got off to a strong start in June with double-digit demand growth and average load factors topping 84%. Planes are full which is good news for airlines, local economies, and travel and tourism-dependent jobs. All benefit from the industry’s ongoing recovery,”says Willie Walsh, Iata’s director general.

(*1) % of industry RPKs in 2022 (*2) Change in load factor (*3) Load factor level
International passenger markets

Asia-Pacific airlines had a 128.1% increase in June 2023 traffic compared to June 2022, easily the largest percentage gain among the regions. Capacity climbed 115.6% and the load factor increased by 4.6 percentage points to 82.9%.

European carriers posted a 14.0% traffic rise versus June 2022. Capacity rose 12.6%, and load factor climbed 1.1 percentage points to 87.8%, which was the second highest among the regions.

Middle Eastern airlines’ June traffic climbed 29.2% compared to June last year. Capacity rose 25.9% and load factor improved by 2.0 percentage points to 79.8%.

North American carriers saw traffic climb 23.3% in June 2023 versus the 2022 period. Capacity increased 19.5%, and the load factor rose 2.7 percentage points to 90.2%, which was the highest among the regions.

Latin American airlines had a 25.8% traffic increase compared to the same month in 2022. June capacity climbed 25.0% and load factor rose 0.6 percentage points to 84.8%.

African airlines’ traffic rose 34.7% in June 2023 versus a year ago, the second-highest percentage gain among the regions. June capacity was up 44.8% and the load factor fell 5.1 percentage points to 68.1%, the lowest among the regions. Africa was the only region to see a decline in the monthly international load factor compared to the year-ago period.

(*1) % of industry RPKs in 2022 (*2) Change in load factor (*3) Load factor level
Australia’s domestic traffic slipped 1.7% in June compared to a year ago. It was the only domestic market to see a year-over-year traffic decline in June, although traffic remained 3.9% above pre-pandemic levels.

Indian airlines’ domestic demand climbed 14.8% in June and was 1.3% above the June 2019 level.

(*1) % of industry RPKs in 2022 (*2) year-on-year change in load factor (*3) Load Factor Level
“As strong as travel demand has been, arguably it could be even stronger. Demand is outrunning capacity growth. Well documented problems in the aviation supply chain mean that many airlines have not taken delivery of all the new, more environmentally friendly aircraft they had expected, while numerous aircraft are parked awaiting critical spare parts. And, for the fleet that is in service, some air navigation service providers (ANSPs) are failing to deliver the requisite capacity and resilience to meet travel demand.

:Delays and trimmed schedules are frustrating for both passengers and their airlines. Governments cannot continue to ignore the accountability of ANSPs in places where passenger rights regimes place the brunt of accountability on airlines,” says Walsh.

SOURCE:https://brandspurng.com/2023/08/15/african-air-passenger-traffic-rises-by-34-7-in-june/

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent.




The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade on the African continent.


The MoU was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, during the 8th Annual Edition of the Zenith Bank International Trade Seminar on Non-Oil Export themed “Nigerian Non-Oil Export Industry: The Present, The Future”, held on Wednesday, August 8, 2023, at the Civic Centre, Victoria Island, Lagos and virtually.

Speaking on the partnership with AfCFTA for the development of the SMARTAfCFTA Portal, the Group Managing Director/CEO of Zenith Bank, Dr. Ebenezer Onyeagwu, said: “This collaboration aims to unlock the vast opportunities presented by AfCFTA not only for Nigeria’s economic prosperity but also for advancing trade across African countries”.


Dr. Onyeagwu noted the key role that the annual Zenith Bank Trade Seminar plays in deepening the conversation on promoting non-oil export in Nigeria by bringing together non-oil export practitioners and relevant government agencies to interact and explore the opportunities and proffer solutions to the challenges of non-oil export in the country, noting that previous editions’ outcomes have found expression and influenced policy initiatives. For instance, the extension of the period of repatriation of Non-Oil Export proceeds from 90 days to 180 days, and the policy mandating shippers not to carry export without a Nigeria Export Proceeds (NXP) Form Number were recommendations from previous seminars. Also, the need to incentivise exporters to repatriate their export proceeds through the official channels and the recommendation to create export terminals across various export hubs in the country were also from past seminars. Also, previous editions recommended having Export Desks in commercial banks, which has now been instituted.

In his keynote address at the Zenith Bank International Trade Seminar, the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, thanked the Founder and Chairman of Zenith Bank, Jim Ovia, CFR, for partnering with the AfCFTA for the development of the SMARTAfCFTA Portal. In his words: “Zenith Bank was the first bank to say “we want to partner with you”. We went to see the Founder and Chairman, and he said that Zenith Bank wants to make a contribution to digitise trade in Africa. And so the portal was not my idea, it was not our idea at the AfCTA Secretariat, it was Zenith Bank that stepped up and said, ‘this has to be done!’. So I want to thank you very much, GMD for this collaboration.”

In his goodwill message, Dr. Kingsley Obiora, the Deputy Governor of Economic Policy representing the Acting Governor of the Central Bank of Nigeria, Mr. Folashodun Adebisi Shonubi, commended Zenith Bank for leading Nigeria’s non-oil export promotion advocacy. He bemoaned the 1.2 per cent non-oil export to total GDP ratio and emphasised the need for concerted efforts to boost non-oil exports in Nigeria.

Zenith Bank launched the Non-Oil Export Seminar in 2016 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria. The 2023 International Trade Seminar also featured a goodwill message from the Secretary of the National Action Committee on AfCFTA, Mr. Olusegun Awolowo. There were also two-panel discussions, with the first panel discussion titled: “Nigeria Non-Oil Export Industry – Growth Opportunities”, while the second panel discussion was titled: “Harnessing the Opportunities in Service Export”.

SOURCE:https://brandspurng.com/2023/08/09/zenith-bank-signs-agreement-with-afcfta-to-develop-smartafcfta-portal/

The President Tinubu-led Federal Government (FG) partners with Wema Bank to launch a digital hub that will empower 1 million youths across the country with digital and related skills, BrandSpur Nigeria report.


The centres to be known as FGN/ALAT Digital and SkillNnovation Hub will open first in Lagos and Borno States with Katsina, Cross River, Anambra, Oyo, and Kano to follow afterwards.

The arrangement for the initiative was reached after a recent meeting between representatives of Wema Bank and Vice President Kashim Shettima in Abuja.



The strategic objectives of the programme include: empowering young entrepreneurs by providing them with tailored financial products, training and support to enable them to build sustainable businesses that will support the growth of Nigeria’s economy.


Other objectives include: supporting tech-savvy youths with keen interest in digital innovations and aspire to drive technological advancements, by providing them with financial solutions, training and access to strategic partnerships; and empowering young employees to become an integral part of the workforce in Nigeria especially those deployed through the NYSC.

FGN/ALAT Digital and SkillNnovation Hub, positioned to serve as a centralized platform to provide cutting-edge digital skills, mentorship and networking opportunities, is targeted at tech-savvy youths and young entrepreneurs in Nigeria.

The focus is on promoting entrepreneurship, skills development and the integration of young employees in the workforce, particularly getting one million youths employed in the digital economy and upskilling SMEs who can directly add value to the country’s economy.

In training, 1 million young adults will be trained in software engineering, product management, business analysis, cloud computing, product design, using a specialized curriculum designed for the FGN/ALAT Digital and SkillNnovation Hub.

In mentorship, 500,000 SMEs across Nigeria will be mentored by experts while coaches will train and upskill them for business growth and quantum leap.

Under the scheme grants will be provided under a collaborative arrangement between the Federal Government and WEMA Bank, setting aside N500 million to be given to SMEs and Techprenuers.

SOURCE:https://brandspurng.com/2023/08/07/fg-partners-wema-bank-to-set-up-micro-small-and-medium-enterprises-tech-hubs-in-7-states/

The Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has asked Google to remove 18 more digital loan apps from the Google Play store.
The commission stated that these apps are operating on the Google Play store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines).

It noted that only digital money lenders that have regulatory scrutiny and compliance evidenced by written approval from it are allowed on Playstore.
FG Asks Google To Remove 18 Loan Apps From Play Store (Full List)
Listing the deleted apps on Wednesday, the FCCPC said, “Accordingly, the Commission has entered a further order requiring Google to immediately remove, withdraw, or drawdown the following apps:

“Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcas, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, and Nairaeasy gist loan.”

The commission further stated that compliance with its guidelines is mandatory for all digital money lenders, and failure to comply is a violation of the law.

It added that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution.

Recently, the FCCPC has been clamping down on loan apps operating illegally or/and harassing Nigerians. On July 20, 2023, it delisted some registered digital money lenders for breaking its rules.

SOURCE:https://brandspurng.com/2023/08/03/fg-asks-google-to-remove-18-loan-apps-from-play-store-full-list/

The Oil and Gas Free Zones Authority (OGFZA) on Wednesday said it attracted a total investment commitment of $15.97 billion from new and existing investors in five of the oil and gas-free trade zones between 2021 and 2025.

Tijjani Kaura, the managing director/chief executive officer of the authority, disclosed this at a maiden media parley in Abuja on Wednesday.

OGFZA is the government agency responsible for promoting, securing and sustaining investments in the oil-and gas-free zones in the country.

Speaking on Wednesday, Mr Kaura said OGFZA has gained 27 years of experience in regulating the petroleum sector special economic zones and has, within this period, achieved monumental successes.

Currently, he said OGFZA regulates eight free zones, and six of them are fully operational, while processes towards the taking off of two are at various stages of completion.

“I am happy to inform you that these zones are evolving well and are making impact contributions to our country’s economy.

“Between 2021 and 2025, OGFZA attracted a total investment commitment of $15.97 billion from new and existing investors in five oil and gas-free zones,” Mr Kaura said.

He explained that the Brass oil and gas free zone proposed an investment of $3 billion; Notore oil and gas free zone proposed an investment of $5.35 billion; Liberty oil and gas free zone proposed an investment of $6.4 billion; Bestaf maritime and industry OGFZA proposed investment $485 million; and OGFZA-SBA free zone proposed investment of $738 million.

He added that the oil and gas free zones authority had recorded real quantitative achievements that have contributed significantly to the nation’s gross domestic product (GDP) in the last two decades, especially in three key indices.

“These key indices include the Foreign direct investment (FDI) of $21.6 billion between 2001 – 2021, Technical skills transferred to Nigerians 35,330 between 2001 – 2021, and the number of Nigerians who have secured various levels of direct employment are 41, 085 persons and 164,000 indirect employments within the same period,” he said.

In revenue generation to the government, Mr Kaura said OGFZA activities accounted for the following revenue to the federal government between 2018 to 2021.

“Customs duty generated N119 billion (Goods exported from the free zones to customs territory).

“Withholding tax of N10.4 billion was generated (Transactions carried out between free zones enterprises and non-free zone licenses) while value-added tax (VAT) of N9.5 billion was generated (Transactions carried out between free zone enterprises and non-free zone licenses),” he said.

As an agency of the federal government, he said the authority contributes to reducing the federal government’s personnel and overhead costs by offering to become a partially self-funding agency since January 2021, thereby saving the federal government over N2.3 billion annually.

Mr Kaura explained that one of the major challenges bedevilling the free zones activities is the deplorable state of the Port Harcourt-Onne Junction of the East-West Road.

He explained that this section of the East-West road provides access to major oil and gas free zones and other national strategic investments of national economic importance, including the Onne oil and gas free zone, Notore industrial complex, Eleme refinery, Indorama petrochemical complex, Liberty oil and gas free zone, Akwa Ibom state among others.

He added that the authority is also faced with the problem of regulatory interference due to a lack of understanding of the peculiar nature of the operations of the free trade zones.

However, he said the good news is that this challenge is being addressed.

“As recently, OGFZA, along with our sister agency, Nigeria Export Processing Zones Authority (NEPZA), held a meeting with the Nigeria Customs Service (NCS) leadership, and a committee has now been set up to work out clear operational procedures that will streamline the activities of all participating agencies of government. We are also taking steps to update the laws setting up the authority to meet with present-day realities,” he said.

SOURCE:https://brandspurng.com/2023/08/02/ogfza-attracts-15-97b-investment-commitment/

The Managing Director, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

Kuru, said this in London, United Kingdom, in the company of Federal High Court Judges from Nigeria attending the annual training for the class of top judicial officers. The training was declared open on Monday, by Sarafa Tunji Isola, Nigeria’s High Commissioner in the United Kingdom.

Accoding to a statement, Kuru, in his submission described the opportunity extended to AMCON as a participant as golden because it gives the corporation the platform to once again present its case, refresh memories, highlight the institution’s challenges, emphasis the nature of its national assignment and the challenges of its sunset date.

Most importantly, “Kuru stated that AMCON though forums such as this helps the corporation to get feedbacks that helps AMCON to perform better.


“My Lords, distinguished ladies, and gentlemen, with the help of the Judiciary AMCON has been able to make notable progress especially in enforcement. Granting of Exparte Orders as well as Orders to attach traced assets have compelled most recalcitrant obligors of AMCON to come to the negotiation table. To date the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

“As Nigeria struggles with huge debt burden, so is AMCON struggling with very recalcitrant obligors who have mastered the act of clinging to the technicalities, rather than settle their established obligations.

“We have noticed from experience however that some recalcitrant obligors have found new tricks of colluding with a third party who would present himself as the owner of the traced assets and file for the Order of Court to be set aside. We urge Your Lordships to kindly be wary of these characters.

“We cannot over-flog the important role the Judiciary play in National Development and as such Your Lordships remain vital to the success of AMCON. We still have many cases pending with the various divisions of the Courts. “These matters are very vital to the success of the Corporation and particularly as we know that if we are unable to resolve them, it becomes a burden on our country’s debt profile and taxpayer’s money.

“Despite the achievements made, with the tremendous support of Your Lordships, we are still strongly battling with our debt recovery activities. It is very difficult, particularly given our peculiar situation.”

In continuation, Kuru added, “Out of total of N4.664 trillion we have so far recovered about N1.6 trillion in the more than 10 years of our existence. We still have a long way to go! About 350 obligors account for N3.957 trillion, which is above 84 per cent of total outstanding amount.

“Our debt is in the balance sheet of the Central Bank of Nigeria (CBN), and therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation. Accordingly, we would not get tired of appealing to Your Lordships for more understanding and collaboration towards the achievement of this National assignment,” Kuru submitted.”

A statement signed by Mr Jude Nwauzor, Head of Corporate Communications Department at AMCON said the Group Head, Enforcement of AMCON, Mr Joshua Ikioda, as well as AMCON Consultant, Mr. Muyiwa Balogun of Olaniwun Ajayi Legal Practitioners in two separate presentations brought to the fore the need for continuous collaboration between AMCON, the judiciary and indeed all sister agencies of the federal government at this time of Nigeria’s history.

Also, Hon. Justice John T. Tsoho, the Chief Judge of the Federal High Court, said the corporation and the Nigerian Financial Intelligence Unit (NFIU) have again been described as some of the two most important and indispensable agencies of the federal government of Nigeria especially as it relates to the stability of the financial system and the economy pursuant to the catalytic role they play.

He said, while AMCON had offloaded toxic assets of banks, the NFIU, led by Mr. Modibbo R. Hamman Tukur on the other hand has continued to ensure that all funds and assets as well as securities circulating within our system are clean.

Justice Tsoho in his welcome address added: “An effective judicial system is the bedrock of any civilised society. Thus, it is necessary to equip ourselves with the inherent skills for effectual macro and micro economic adjudication in the virtual era. Increased online transactions with accompanying economic value will trigger diverse legal issues.

“Therefore, the court must be prepared for this nascent technology. I am committed to the sustenance of trainings that will make the Judges of the Federal High Court withstand this contemporary legal challenge.

“This training must be considered as an integral component of our judicial duties. The Executive must ensure that the welfare of judges, which includes training, is paramount in its policies, while notwithstanding the autonomy of the Judiciary as an Arm of Government. In our 2019 International Training in Dubai and the United States of America, our Court accommodated AMCON and the FCCPC. In 2021, we integrated AMCON to our Programme in Cairo. This year, we extended a window of participation to AMCON and the Nigerian Financial Intelligence Unit (‘NFIU’).

SOURCE:https://brandspurng.com/2023/08/02/amcon-recovers-n1-6tn-in-10-years-md/

The Nigerian Communications Commission (NCC) has proposed that the time taken to block the Subscriber’s Identity Module (SIM) of a reported stolen phone should be reduced from 30 minutes to five minutes.

This was disclosed during the three-day public inquiries of six regulatory instruments at the commission in Abuja.

While presenting the Draft Quality of Service Business Rules, the Deputy Director, Technical Standards and Networks Integrity Department, Edoyemi Ogoh, noted that this amendment was being made.

He said according to the proposed amendment, once a phone was reported and confirmed stolen, the service provider would be required to block such a line within five minutes.

He said, “For Section1.3H, this subsection basically, we are talking about the request for blocking of reported stolen phones. We are looking at once it is reported and confirmed stolen to basically reduce the timeline from 30 minutes to five minutes.”

He said the reason for the amendment of the entire regulation was to catch up with the changes in the technological space, and stay up to date with that was happening in the industry.

According to him, the essence was to ensure that subscribers got value for their money.

Stolen SIMs To Be Blocked In Five Minutes — NCC
In his opening remark, the NCC’s Executive Vice Chairman, Prof Umar Danbatta, noted that the communications sector was critical for innovation and advancement in technology.

He added that the regulatory instruments reviewed during the public inquiry were essential to ensuring that the communications sector met the demands of the dynamic digital age.

Danbatta said, “The communications sector is at the forefront of innovation and advancements in technology geared towards driving economic growth and societal development. It affords seamless communication, fosters connectivity and thereby creates an enabling environment to thrive in an increasingly interconnected world.

“However, with the laudable advancements in the sector comes great responsibility on the part of government to ensure that there exists an enabling environment for the industry to thrive, through the introduction/amendment of key regulatory instruments.

“The regulatory instruments being considered during the course of this public inquiry are vital to ensuring that the communications sector meets the demands of the ever-evolving digital age.”

Also, the NCC’s Director, Legal & Regulatory Services, Ms Helen Obi, said the amendment of the Quality of Service Regulations intended to introduce stricter performance standards, more robust monitoring mechanisms, and more transparent reporting systems that would improve the overall customer experience.

She added that the changes would also drive operators to enhance their networks and services through efficient deployment and network optimisation processes.

SOURCE:https://brandspurng.com/2023/08/01/stolen-sims-to-be-blocked-in-five-minutes-ncc/

Nigeria, one of the world’s fastest-growing economies, boasts a thriving business ecosystem characterised by its dynamism and resilience. Nigerian enterprises are widely recognised for their tenacity and relentless pursuit of global competitiveness.

A report by McKinsey reveals that responses to Covid-19 have sped up the adoption of digital technologies by several years. Companies have accelerated the digitisation of their customer and supply-chain interactions, and of their internal operations by three to four years.

In the current era of digital advancements, Nigerian businesses are acutely aware of the significance of embracing cutting-edge software solutions to optimise their operations and augment productivity. The pursuit of efficient and all-encompassing technological tools remains a paramount objective for these enterprises. Forward-thinking businesses recognise that investing in technological solutions is a strategic decision, pivotal to achieving sustained growth.


Zoho serves as a prominent example, offering a diverse array of platforms that facilitate not only the digital transformation of business processes, but also the automation of operational workflows. Here is a compilation of the five preeminent Zoho platforms that Nigerian businesses are harnessing to propel their growth.

Driving enterprise collaboration

In the pursuit of business success, effective communication and collaboration are essential. Recognising the value of collaborative efforts and the importance of internal communication, enterprises are increasingly prioritising cost-effective technological solutions. According to a survey, 75% of employees consider teamwork and collaboration highly significant.

Zoho Workplace, a unified enterprise collaboration platform, offers Nigerian businesses the means to foster strong collaboration amongst internal teams and external stakeholders through its email (that can be shared), online office suite (word processor, spreadsheet, presentation and document management), video conferencing and webinar tool, and social intranet.

The recently-revamped word processor, Zoho Writer, presents a departure from the conventional Word-style interface, opting for a formatting sidebar that not only enhances visual appeal but also facilitates the creation of sophisticated and professional documents by offering AI-driven insights such as wordy phrases to improve writing quality.

With Zoho Workplace, users get a unified view of all their work. For improving productivity, it also offers drag-and-drop functionality across apps such as the ability to drag an email attachment and drop it into a colleague’s chat to send it directly. The platform can be extended to third-party application widgets in case a company is using multiple productivity and collaboration apps.



Unify with platforms

Managing multiple software applications can pose significant challenges and high costs for Nigerian businesses. However, adopting a unified platform offers numerous advantages, including seamless contextual data flow, improved data analytics, an enhanced Management Information System (MIS), and better decision-making capabilities, all of which contribute to business growth and profitability.

Zoho One uniquely offers the most comprehensive, unified, and centralised platform for users to run their entire business in the cloud, eliminating the need for multiple, asynchronous business management applications that do not seamlessly integrate with one another. This eliminates the problem of data silos, multi-vendor contracts, and integration hassles. Zoho serves as a cohesive solution, empowering businesses to streamline their operations and maximize productivity. With approximately 45 integrated applications spanning critical domains such as CRM, project management, finance, and HR, Zoho One provides a cost-effective and customised solution tailored to meet the unique requirements of each customer.

The increasing adoption of Zoho One in Nigeria can be attributed to the growing need for enterprises to consolidate their technological infrastructure onto a unified platform. By leveraging Zoho One, businesses can transform their fragmented activities into a connected and agile organisation, establishing Zoho One as the operating system of choice for Nigerian businesses

Build the customer experience

APSIS reports that 68% of B2B companies encounter difficulties in generating leads. Effective customer relationship management (CRM) is vital for the growth of businesses, particularly in Nigeria’s highly competitive market. Zoho CRM empowers Nigerian enterprises by efficiently managing their sales, marketing, and customer support processes.

Zoho CRM offers a comprehensive range of features like lead management, sales automation, and analytics, enabling businesses to nurture leads, close deals, and enhance customer relationships. A well-considered CRM investment streamlines sales activities, improves lead conversion rates, and increases revenue. Integrating emerging technologies, like artificial intelligence, helps salespeople gain insights such as the best time to contact a lead.

Zoho CRM’s mobile app stands out with essential features, remote analytics access, AI-powered insights, and seamless collaboration for businesses on the move. It provides user-friendly contact and deal management, along with unique features like running macros and converting leads with associated accounts and deals.

Customer support

Successful businesses comprehend the strategic significance of delivering exemplary customer service, as it plays a pivotal role in fostering repeat purchases, retaining customers, and ultimately augmenting revenue. Nigerian enterprises, cognizant of this fact, place paramount importance on providing exceptional customer support as a fundamental tenet of their approach to cultivating enduring customer loyalty.

Zoho Desk, a comprehensive customer support software, serves as a central hub for managing customer inquiries and enables businesses to deliver prompt and efficient support. With features such as customer support tickets, a dedicated support portal, contract management, and robust report creation capabilities, Zoho Desk empowers Nigerian businesses to provide unparalleled support experiences. By leveraging these powerful tools, businesses can elevate customer satisfaction levels, foster long-term customer retention, and ultimately drive business growth.



Managing people

The post-COVID-19 landscape has witnessed significant shifts in job search and hiring practices. For Nigerian businesses striving to cultivate a productive workforce, effective human resource management has become paramount. Now, more than ever, businesses recognise the criticality of establishing an enabling work environment to mitigate employee turnover and foster long-term employee retention.

Zoho People, a cloud-based HR management platform, simplifies HR processes and improves employee management. With features, such as recruitment management, time tracking, leave management, and performance evaluations, Zoho People assists businesses, addresses HR challenges, and optimises HR operations.

In Nigeria’s dynamic business landscape, harnessing efficient software solutions is crucial for maintaining competitiveness and flourishing. Businesses require a comprehensive suite of integrated applications that offer customization and scalability, while also providing seamless access via cloud-based and mobile platforms. Affordability is a key consideration, alongside the ability to seamlessly integrate with third-party systems. Additionally, exceptional customer support plays a pivotal role in ensuring optimal utilization of these software solutions. By embracing these attributes, businesses can effectively navigate the digital era and establish a solid foundation for sustainable growth.

SOURCE:https://brandspurng.com/2023/07/25/top-5-zoho-platforms-helping-businesses-thrive-in-nigeria/

The annual Access Bank Polo and Charity event at the Guards Polo Club in Egham, Surrey was once again a remarkable gathering of royalty, diplomats, political leaders, the business community, and supporters of Access Bank.

This prestigious event not only showcases the elite sport of polo but also serves as a fundraising platform to support underprivileged children’s access to quality education.

The Access Bank Polo event is held in partnership with the Fifth Chukker Resort, with the primary objective of empowering underprivileged children through education. The proceeds from the event go towards building the much-needed infrastructure and facilities, ensuring that these deserving children have the opportunity to dream, learn, and grow.

This year’s event witnessed an incredible milestone, with an astonishing 100 classroom blocks being pledged by generous contributors. This achievement is a testament to the unwavering commitment of Access Bank, its partners, and donors to make a lasting impact in the lives of underprivileged children. With these new classroom blocks, countless more children will have access to a safe and nurturing educational environment.

Since the inception of the initiative, over 80,000 children have already benefitted from the schools built as a result of the fundraising efforts. These facilities not only provide education but also serve as a beacon of hope for the future generations, inspiring them to aspire for a brighter future.

Access Bank takes great pride in being a driving force in championing equal education opportunities. The organization firmly believes that every child, regardless of their socio-economic background, should have the chance to thrive and succeed.

With the success of the Access Bank Polo event, Access Bank remains steadfast in its commitment to creating a world where every child has the opportunity to access quality education. The ongoing support and collaboration of its partners, sponsors, and attendees will continue to play a crucial role in changing lives and uplifting communities.

The Access Bank Polo with this noble Charity event has established itself as an extraordinary corporate event in London, bringing together influential individuals and organizations for a noble cause. The commitment to providing underprivileged children with access to education is commendable, and the results speak for themselves. With each passing year, more lives are transformed, and the potential for a brighter future becomes a reality for countless children. Access Bank’s endeavors are a beacon of hope, highlighting the power of collective efforts to make a meaningful difference in society.

In attendance His Majesty, Ogiame Atuwatse Ill, the Twenty-First Olu of the Warri Kingdom; Her Majesty, the Queen Consort of Warri Kingdom, Olori Atuwatse IlI; HH, The 14th Emir of Kano, Muhammadu Sanusi; Babajide Sanwo-Olu, Governor of Lagos State; Mosun Belo-Olusoga, former Chairman, Access Bank PIc (2015-2019); Dr. Ajoritsedere Awosika, former Chairman, Access Bank PIc (2019-2023); Paul Usoro (SAN), Chairman, Access Bank Plc and Chairman, Coronation Capital, Aigboje Aig-Imoukhuede; Herbert Wigwe, Group MD/CEO, Access Holdings PIc; Roosevelt Ogbonna, Group Managing Director, Access Bank Plc and Amaechi Okobi, Chief Brand and Communications Officer, Access Holdings Plc among other dignitaries.

SOURCE:https://brandspurng.com/2023/07/18/access-bank-polo-2023-a-grand-affair-for-education-and-philanthropy/

The Central Bank of Nigeria (CBN) has announced plans to slash Cash Reserve Ratio (CRR), reducing cash for merchant banks by 22.5% from 10% to 32.5%.

This was announced in a letter by Haruna Mustafa, director of banking supervision which was addressed to all merchant banks on Jul 14, 2023.

The circular reads thus; “The Central Bank of Nigeria hereby informs all Merchant Banks that it has approved a reduction in their cash reserve requirement from 32.5 per cent to 10 per cent effective August 1, 2023.”

“The above regulatory measure is in recognition of the nuanced business model of the Merchant Banks, in particular their wholesale funding structure, regulatory restrictions from the retail market, and permissible activities vis-a-vis conventional commercial banks.”

“The CBN will continue to monitor market developments and implement measures to address unique challenges the merchant banking sector faces. Please be guided accordingly,”

Commenting on the recent announcement by the CBN, former Commissioner for Finance in Imo State, Prof. Uche Uwaleke described it as a welcomed development while adding that the new measure would help place wholesale banks in a stronger position to help them attend to finance needs in the real sector.

He said “I consider this a welcome development which will place the wholesale banks in a stronger position to attend to the financing needs of the real sector. By the same token, the CBN should consider reducing the CRR for DMBs from 32.5 per cent to, say, 25 per cent in view of the high MPR.”

“The huge evidence of non-monetary influence on inflation supports this recommendation. Furthermore, it’s a no-brainer that increased liquidity in the banking sector following a reduction in the CRR has the potential of lowering interest rates with positive pass-through to the stock market,”

A reduction in the CRR would also help merchant banks increase the amount of money they can lend which would facilitate enhanced liquidity. It would lower interest rates, thereby making available more funds for lending.

What is CRR?
Cash Reserve Ratio is a specified minimum fraction of the total deposit of customers, which banks have to hold as reserves either in cash or as deposits with the central bank.

SOURCE:https://brandspurng.com/2023/07/18/cbn-slashes-cash-reserve-ratio-of-six-banks-plans-to-push-more-money-into-economy/

The Nigerian media sector is experiencing rapid growth and facing strong competition as it continues to evolve. P+ Measurement Services, a leading media intelligence consultancy, analyzed the top media performers in the Nigerian subscription-based streaming services, telecommunications, and insurance sectors for the second quarter of 2023.

This analysis aims to provide a comprehensive overview of each industry’s media share, considering the advancements in subscription-based streaming services, the telecommunications sector’s expansion, and the insurance sector’s consistent performance. The media analysis monitors over 1.3 million online publications in the local and global media space, including blogs, news sites, forums, and digital media, as well as approximately 1,380 print publications (including daily, weekly, and monthly publications), from which various meta-data were harvested.

In the Nigerian subscription-based streaming industry, Netflix Nigeria emerged as the top performer, out of the five brands monitored, capturing a significant media share of 47%, followed by Amazon Prime Video and Showmax Nigeria with 29% and 24% respectively.


The Nigerian telecommunications industry saw a competitive landscape with several key players. The top media performers, out of the five brands monitored, in terms of media share: MTN Nigeria and Airtel tied for the top position, each capturing 30% of the media share. Globacom secured 25% and 9Mobile 15%.


Out of the ten leading insurance brands monitored, five insurance companies stood out as top media performers, with Leadway Assurance maintaining its position as the top performer in Q2, capturing 39% of the media share. Coming in second was AIICO Insurance with 19%, AXA Mansard Insurance ranked third with 18%, NEM Insurance came in fourth with 15% and Mutual Benefits Assurance with 9%.

Analysis of Top Reputational Drivers in Q2, 2023

During the second quarter, noteworthy media drivers in the subscription-based streaming services sector in Nigeria included Netflix Nigeria’s innovative approach of reimagining folktales with African filmmakers, transforming them into dark fantasy dramas. Amazon Prime Video achieved a significant milestone for the brand with Jade Osiberu’s ‘Gangs of Lagos’ setting a new record. Additionally, Showmax Nigeria collaborated with Upbeat to host a special screening party for children on Children’s Day, where they had the opportunity to hang out with Jay Jay Okocha.

The Nigerian telecommunications industry witnessed several significant PR drivers during the period. One noteworthy development was MTN Nigeria’s securing approval from the Nigerian Communications Commission to lease NTEL’s spectrum, which greatly influenced the industry. Airtel Nigeria experienced a boost in its brand recognition and reputation following the appointment of Carl Cruz as MD/CEO. Similarly, Globacom garnered attention and media coverage as Chief Executive Officer Mike Adenuga celebrated his 70th birthday. Furthermore, 9Mobile made headlines with its announcement of a substantial N70 billion investment in network modernization, driving its presence and impact in the market.

Leadway Assurance garnered significant attention by achieving a groundbreaking milestone as the first insurer to surpass N100 billion in premium income within the insurance sector. In a notable display of Corporate Social Responsibility, AIICO Insurance directed its investments toward the healthcare industry. AXA Mansard Insurance experienced remarkable growth of 13% in revenue during the first quarter, contributing to an increased level of media engagement for the brand. NEM Insurance demonstrated its commitment to policyholders by disbursing a substantial sum of N12.3 billion in claims during the 2022 financial year. Additionally, Mutual Benefits Assurance witnessed Dr. Akin Ogunbiyi, the chairman, offering valuable insights to the younger generation about the significance of making favorable first impressions during the launch of his book.

SOURCE:https://brandspurng.com/2023/07/19/media-performance-analysis-report-for-subscription-based-streaming-services/

Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria.

Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead—and perhaps to take advantage of opportunities in economic and policy transition.” Despite a difficult operating environment, the Bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc, which recorded a profit before tax of ₦214.2billion, pre-tax Return on Equity (ROAE) of 23.6%, and Cost to Income Ratio (CIR) of 48.0% for the period ended December 31, 2022.

Euromoney is the leading authority for global banking and financial markets and the annual Awards for Excellence celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate. The latest recognition underscores Guaranty Trust’s position as the leading financial institution in Nigeria.

Commenting on the award, Mrs. Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said, “We are honoured to be named the Best Bank in Nigeria by Euromoney. This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years. As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance.”

Guaranty Trust Bank is widely regarded as the best managed financial institution in Nigeria and continues to post the best metrics in the Nigerian Banking industry in terms of key financial ratios. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. ​​The Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

SOURCE:https://brandspurng.com/2023/07/18/guaranty-trust-bank-named-best-bank-in-nigeria-by-euromoney/

The Financial Technology Report, a global media authority in the fintech industry, has recognized the Interswitch Group Founder and CEO, Mitchell Elegbe, as one of the top Fintech CEOs for 2023, alongside other industry titans including Dan Schulman, CEO of PayPal, Ryan McInerney, CEO of Visa, and Michael Miebach, CEO of Mastercard.

This distinctive achievement underscores Elegbe’s exceptional leadership and Interswitch Group’s ever-evolving and groundbreaking contributions to the revolutionisation of the financial technology landscape in Nigeria and Africa.

The report recognises esteemed leaders whose roles in the financial technology space, both regionally and globally, continue to redefine and revolutionize traditional payment systems. Furthermore, it highlights the remarkable feats achieved owing to their relentless pursuit of innovation.

Elegbe, the inspirational leader behind Interswitch Group, expressed his gratitude for the prestigious recognition, stating, “It is an honour to be recognised among the top Fintech CEOs for 2023. This recognition is a testament to the dedication and unwavering commitment of the entire Interswitch team in driving transformative solutions that empower individuals, communities and businesses across Africa and beyond.”

Recently, in Monaco, Mitchell Elegbe was inducted into the esteemed Ernst and Young (EY) World Entrepreneur of the Year (WEOY) 2023 Hall of Fame as the sole African delegate, solidifying his position as a leader extraordinaire. This prestigious recognition highlights Elegbe’s outstanding and visionary leadership and buttresses his remarkable contribution to the business world through technology.

Prior to this remarkable achievement, Elegbe had earned notable acclaim as a recipient of the esteemed EY Entrepreneur of the Year (Emerging Entrepreneur category) 11 years ago, in 2012 and his emergence, in March 2023, as the West African Entrepreneur of the Year in the Master category, further cemented his significant strides in the industry.

Under Elegbe’s visionary leadership, Interswitch Group, in its two decades of existence, has been at the forefront of reshaping payments and driving financial inclusion across the African continent. With a focus on payments innovation, Interswitch Group has consistently delivered cutting-edge solutions, enabling seamless digital payments, and transforming the way people transact.

The Financial Technology Report’s recognition of Mitchell Elegbe highlights his pioneering role in Africa’s fintech industry. Elegbe’s recognition as one of only two Africans on the list and the only Nigerian Fintech CEO, along with Interswitch’s inclusion as the only Nigerian-founded company, highlights the remarkable progress it has made in the financial technology industry, both locally and internationally.

By providing advanced payment solutions and creating a robust digital ecosystem, Interswitch Group continues to play a pivotal role in accelerating Africa’s economic growth and pushing the frontiers in digital payments.

SOURCE:https://brandspurng.com/2023/07/14/interswitch-group-mastercard-visa-paypal-ceos-recognised-among-2023-top-fintech-ceos/

In a bid to mitigate the shortage of dollars which is currently affecting most African countries, the central banks of Ethiopia and Nigeria have swapped $100M in blocked funds.

This deal involved the swapping of revenues of Ethiopian Airlines from Nigeria and earnings of Dangote Cement in Ethiopia, which has been struggling to repatriate profits due to forex shortages in both countries.

This swap deal would enable Ethiopia to access funds that they have been struggling to gain from Nigerian banks, likewise, Nigeria would get access to money which have been stuck in Ethiopia.

Nigerians have benefited hugely from Ethiopian Airlines due to its extensive flight networks which cut across major cities like Lagos, Abuja, and Kano as well as foreign countries While the airline has benefitted from strong patronage from Nigerian travelers going abroad but has resulted in much of its revenue being stuck in Nigeria.

Meanwhile, Dangote Cement which is a major player in the Ethiopian construction industry for over 10 years has also struggled to repatriate profits in Ethiopian currency where it produces up to 2.5 million tons of Cement yearly.

This situation was what caused the CBN to offer Dangote Cement the option of a currency swap proposal which would allow the exchange of its excess Ethiopian birr for USD held by overseas firms which are operating in Ethiopia.

According to sources at the Central Bank of Ethiopia, it has been confirmed that it had reached an agreement with the Central Bank in Nigeria to conduct a “temporary swap of foreign currencies.”

While Aviation sources also claim that Ethiopian Airlines exchanged USD 100M of the USD 180M in blocked funds in Nigeria for birr from Dangote Cement.

Airline CEO Mesfin Tassew told The Reporter saying “The National Bank will pay us the equivalent swapped amount in birr,”. It also added that there are no plans to swap the remaining amount. Other sources also claim Dangote still has over $200M stuck in Ethiopia.

Nigeria and Ethiopia have suffered greatly due to foreign currency shortages, with CBN resorting to rationing dollars to reduce the effect of the shortages on its reserves while the National Bank of Ethiopia had to introduce reforms which is aimed at easing the burden of investors in their country.

The central bank has also begun to provide assurance to investors who are willing to invest in key sectors through public-private partnerships with the Ethiopian government for easy access to repatriating their profits.


SOURCE:https://brandspurng.com/2023/07/14/ethiopia-and-nigeria-swap-100m-for-local-currency/

Super Eagles and Arsenal Football Club legend, Kanu Nwankwo, former Chelsea midfielder, Mikel Obi and former Bolton Wanderers and Super Eagles captain, Jay Jay Okocha, have been included in the Premier League greatest Africa XI.
The list was announced by SuperSport, the official broadcast rights owner of the Premier League in Africa, at a Gala Night in Lagos on Thursday.
Premier League Africa XI was voted by football fans across Africa, as part of activities marking the 30th anniversary celebration of the Premier League.
Other African Premier League legends on the list are former Arsenal defender, Kolo Toure; former Chelsea goalkeeper, Edouard Mendy; Manchester City winger, Ryad Mahrez; Chelsea legend, Michael Essien; former Liverpool striker, Sadio Mane; Liverpool winger, Mohamed Salah; Chelsea legend, Didier Drogba and Manchester City legend, Yaya Toure.
Speaking on the essence of Premier League Africa XI project, CEO Designate, SuperSport, Rendani Ramovha said: “It has been an amazing journey. To have a partnership of 30 years with the Premier League and bringing the trophy to Lagos is special. It has been twelve months of consistency. Our core objective is to be obsessed with the fans. Our objective at SuperSport is to impact people’s lives through sports. This is about giving the fans a voice and the fans have made their choice. All I feel about this is gratitude.”
Between March 24 and June 30, a 30-man list was presented to football fans across Africa to vote for their best African footballers to have graced the EPL, on SuperSport website. Players with the highest number of votes were announced as Premier League’s greatest Africa XI.


SOURCE:https://brandspurng.com/2023/07/08/kanu-okocha-mikel-make-premier-league-best-africa-xi/

According to a recent Juniper Research study, the total value of transactions using digital wallets will increase from $9 trillion in 2023 to $16 trillion in 2028, a 77% increase.

Growth in both developed and developing markets is fueling this trend, and end-user engagement is being boosted by the rising use of cutting-edge services like BNPL (Buy Now Pay Later) and microloans. According to the study, it is crucial for wallet manufacturers to broaden their user base in an extremely competitive wallet market.

A software-based system called a “digital wallet” can be used to store a user’s payment, identity, loyalty, or ticketing information.

The report named advanced services as a major driver of digital wallet revenue growth. Digital wallet service providers are able to diversify their sources of income thanks to cutting-edge services like BNPL or microloans. The popularity of BNPL will attract more users and bring in more money, especially among younger consumers. This strategy is evident in Apple’s introduction of supplemental services, such as Apple Pay Later.

“Advanced services give digital wallet providers an opportunity to differentiate themselves in a crowded market and generate additional revenue,” said study author Michael Greenwood. Many digital wallets are pursuing super app strategies, which will depend on the successful implementation of advanced services at scale.

SOURCE:https://brandspurng.com/2023/07/12/digital-wallets-transaction-value-to-surpass-16tn-by-2028/

As one of the largest and most recognizable brands on the planet, Nike holds the biggest share of the global sportswear market, generating more revenue than any of its competitors. The sportswear titan also has much higher brand value than any other name in the market.

According to data presented by SportsLens.com, Nike is the world’s most powerful sportswear brand with a media Impact value™ (MIV®) of $2.6bn, $450 million more than its biggest rival, Adidas.

Nike`S Media Impact Value Worth More Than Those Of Adidas And New Balance Combined
No brand stands close to Nike in the sportswear industry. The sportswear titan has acquired several footwear and apparel companies over the years, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International. The company also sponsors many high-profile professional athletes like Cristiano Ronaldo, Rafael Nadal, Lebron James, and Tiger Woods and provides uniforms for many top sports teams, including Manchester United, Barcelona, Chelsea, and Paris Saint-Germain.

These deals have helped Nike’s apparel sales revenue to grow by a massive 50% in the past six years, rising from roughly $9bn in 2016 to $13.5bn in 2022. The company`s media impact value also outpaced all other competitors in the market.

According to Statista and Launchmetrics, Nike’s media impact value™ (MIV®), which values the impact of all media placements and mentions in the fashion, lifestyle, and beauty industries, hit an impressive $2.6bn last year, more than MIV® of Adidas and New Balance Combined. Adidas ranked second with a media impact value of $2.15bn, or 17% less than Nike. New Balance Puma and ANTA Sports make the top five names, with media impact values of $435 million, $417 million, and $319 million, respectively.

Nike Makes One-Third Of Global Media Impact Value™ (MIV®) In The Sportswear Market
The Statista and Launchmetrics data also revealed that Nike made one-third of global media impact value in the sports market, worth $7bn last year.

The sportswear titan ranked as the top brand in the Americas, which accounted for $2.7bn in global MIV® and ranked as the highest regional contributor. In EMEA, which accounted for another $2.1bn in global MIV®, German Adidas remained the top sportswear brand.

However, in China and APAC, which witnessed a significant surge in MIV®, Nike was also the number-one sportswear brand. China’s MIV® skyrocketed by 52% year-over-year to $$1.8bn, while APAC saw a 27% growth, bringing the MIV® to $1.1bn.

SOURCE:https://brandspurng.com/2023/07/12/nike-knocks-adidas-as-worlds-most-powerful-sportswear-brand-with-media-impact-value-of-2-6b/

The CEO of Junior Achievement (JA) Africa, Simi Nwogugu of Nigeria, has been named the recipient of the 2018 Africa Education Medal, which was established last year by T4 Education, HP, and Microsoft.

The Africa Education Medal was established to honor the pioneers who are reshaping African education for the better. According to Unesco data, sub-Saharan Africa has the highest rates of educational exclusion worldwide. Between the ages of 6 and 11, more than one-fifth of children are not in school, with girls experiencing particular disadvantage.


However, in the decades prior to the pandemic, Africa made significant advancements in increasing enrollment thanks to tireless international efforts. The Africa Education Medal aims to encourage others to follow in their footsteps and bring about long-lasting change in African education by honoring the stories of those who work tirelessly to build on these essential advancements.


Simi Nwogugu is the CEO of JA Africa, a branch of the nominated for the Nobel Peace Prize JA Worldwide, one of the biggest youth-serving NGOs in the world that helps young people get ready for the future of work. While employed by Goldman Sachs in New York City, she first met JA. She left her lucrative job at the age of 24 to bring JA to Nigeria, where it now reaches more than 100,000 young people yearly, after being inspired by the organization. She later went on to oversee JA’s operations throughout the continent.

The fact that 37% of the workforce and 60% of the population of sub-Saharan Africa are under the age of 25 emphasizes the critical importance of Nwogugu’s work. 25% of the world’s youth will reside in Africa by 2025. Her organization helps young people develop their entrepreneurial ideas, improve their work readiness skills, manage their money, and secure better lives for themselves, their families, and their communities by providing hands-on, blended learning in financial literacy, work readiness, and entrepreneurship.

Nwogugu has been overseeing JA’s initiatives in a variety of capacities for the past 25 years as it set out on a mission to assist young people in developing and managing their wealth, creating jobs for their communities, and applying entrepreneurial thinking to the workplace and developing the skills that will secure their financial future. Her love of innovation and strategy inspired the creation of a number of significant initiatives that guarantee young Africans have the aptitude and outlook for success.

She is an ardent supporter of girls’ education, and one of her innovative projects is the Leadership, Empowerment Achievement & Development (LEAD) Camp for Girls, which has motivated and inspired more than 1,200 young girls to become high-achieving women leaders in society.

Another project she has supported is the Venture in Management Programme (ViMP), which aims to empower young people by teaching them how to manage various aspects of a business, how to make critical business decisions, and how to develop general management and social responsibility skills.

Graduates of the program have gone on to found some of Nigeria’s top companies and to lead some of the continent’s most significant non-profit organizations. In addition, she developed digital and after-school youth programs that allowed her organization to reach underserved communities in Nigeria’s north, even during the Boko Haram crisis and the Covid-19 pandemic.

She led JA Nigeria, which had an impact on the lives of over one million Nigerians in 5,000 schools, before she was named CEO of JA Africa in 2020. Iyin Aboyeji, the creator of the unicorns Andela and Flutterwave, is one of the many JA graduates who have gone on to create jobs and work in social entrepreneurship. She said, “JA gave me my first taste of entrepreneurship when I participated in the company program in secondary school. Simi deserves my gratitude for bringing this program to Nigeria.

Nwogugu also holds the position of President of the Harvard Business School Alumni Association of Nigeria (HBSAN)’s governing board. He has received numerous honors from the university, including the Bert King Award for Social Impact from the Harvard Business School African-American Association.

SOURCE:https://brandspurng.com/2023/07/12/simi-nwogugu-wins-2023-africa-education-medal/

Africa’s leading integrated payments and digital commerce company, Interswitch, has successfully concluded the second edition of its Technovation competition, a hackathon aimed at nurturing innovation and creativity among its employees.

The initiative showcases Interswitch’s commitment to fostering innovation and creating impactful solutions that address diverse challenges across the African continent.

The competition, which spanned several weeks, provided a unique platform for Interswitch employees to explore their problem-solving capabilities and devise innovative solutions to real-world problems. With a strong focus on technology-driven advancements, this program provided participants with the necessary tools, mentorship, and a platform to develop groundbreaking ideas and transform them into viable prototypes.

Following a review of numerous entries, five teams were shortlisted to compete at the grand finale. The chosen teams include Paystars, The Innovators, Team Spark, Team Flash, and The Pioneers who pitched solutions focused on healthcare, food and financial technology.

At the end of the keenly contested pitch session which took place on Friday, July 7, 2023, at the Radisson Blu Anchorage Hotel, Victoria Island, Lagos, Team Flash emerged winner of Technovation 2.0, receiving N1,000,000. Team Spark followed closely behind in second place, wining N750,000 and Team Paystars emerged in third place, winning the sum of N500,000.

Interswitch recognizes the immense potential within its workforce and is dedicated to unlocking the creative genius of its employees. By providing a conducive environment for innovation, the company continues to harness the collective brilliance and expertise of its staff members to drive positive change in various sectors, including finance, e-commerce, healthcare, oil and gas and transportation, among others.

Speaking on the successful completion of the Technovation 2.0, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay) emphasized the significance of empowering employees to design solutions that address Africa’s unique challenges.

He said, “At Interswitch, we firmly believe that the key to driving meaningful change in Africa lies in nurturing and empowering our talented people. The Technovation 2.0 competition is a testament to our commitment to innovation and our unwavering belief in the transformative power of technology. By supporting our staff members in their pursuit of groundbreaking solutions, we aim to create a brighter future for Africa.”

Throughout the competition, participants were encouraged to avidly explore novel approaches to tackle complex problems. Leveraging Interswitch’s extensive industry expertise and cutting-edge technologies, the developers devised ingenious solutions that hold the potential to revolutionize various sectors and improve the lives of millions of people across Africa.

The grand finale ended on a high note as participants and other Interswitch employees were treated to an exciting after-party.

As an organization deeply rooted in Africa, Interswitch understands the unique challenges facing the continent and is dedicated to playing a pivotal role in developing solutions to these challenges and driving the growth and development of the continent. The Technovation competition serves as a testament to Interswitch’s unwavering commitment to creating innovative solutions that address Africa’s most pressing needs, ultimately contributing to the continent’s overall advancement.

SOURCE:https://brandspurng.com/2023/07/11/https-brandspurng-com-interswitch-technovation-competition/

Nigeria’s music sensation, Tiwa Savage commemorates a significant milestone in her career as she celebrates the 10th anniversary of her groundbreaking album, Once Upon a Time.

The debut album did not only mark the beginning of her successful career but also showcased her exceptional talent, paving the way for her ascent to becoming one of Africa’s most influential artists.

In a tribute to mark the anniversary of the album, rising Nigerian musician and Spotify RADAR Africa artist for 2023, Ria Sean has released a special Spotify Singles version of one of the iconic tracks, Kele Kele. The Spotify Singles, available exclusively on Spotify, is an alternative-inspired take on the classic decade-old Afro-pop banger by Tiwa.

Kele Kele is one of 21-tracks on Once Upon a Time that captures the essence of Tiwa Savage’s artistry and introduces her unique sound to the world. The song is familiar to just about every Afrobeats fan and it’s still a staple at Afrobeats raves and club nights across Africa.

Speaking about the importance of the song, Ria Sean says, “Kele Kele love was the first time I discovered Tiwa. She is a big inspiration to me. When I saw that video on TV, the song, everything just spoke to me like Yooo! The original version was more Afro-pop but I tried to switch it up to be very alternative. The track is for everytime, for everywhere and for everybody.”

Spotify’s Artist and Label Partnerships Manager for West Africa, Victor Okpala says of the Spotify Single: “With Ria Sean’s distinct talent and style, fans can expect a fresh and captivating rendition of the song, which breathes new life into the timeless classic.”

To celebrate Tiwa Savage’s decade-long career and her debut album, Spotify data gives a glimpse into just how popular Once Upon a Time has been since release.

Among the tracks featured on the album, the standout hit that continues to captivate listeners is Eminado featuring the legendary Don Jazzy. The song is the first song by Tiwa Savage to surpass 1 million streams on Spotify.

Tiwa Savage’s music transcends borders as evidenced by its presence on user-generated playlists with her tracks having found their way onto over 4 million user playlists. Ma Lo, a chart-topping collaboration with Wizkid, topped the list of most playlisted tracks and also became the first track in her discography to reach an impressive 10 million streams.

Stamina tops the list as her most exported song among listeners in the 18-35 age group, followed by Loaded, her collaboration with Asake, and her track Koroba rounds out the top three.

Several countries stand out as major hubs for streaming Once Upon a Time in 2023. Nigeria, Tiwa Savage’s home country, demonstrates a strong connection to her music, with a significant portion of her global fan base located there, accounting for 23% of the streams. This is followed by the United States at 20%, the United Kingdom at 15%, Canada at 6%, and France also at 6%.

“Once Upon a Time marked a significant turning point in the African music landscape and it showcased Tiwa’s undeniable talent. Over the past ten years, Tiwa Savage has played a significant role in expanding the global reach of African music,” says Okpala.

According to data shared as part of Spotify’s Afrobeats: Journey to a Billion Streams project, Tiwa Savage ranks among the top ten most streamed Afrobeats artists on the platform.

SOURCE:https://brandspurng.com/2023/07/05/tiwa-savages-groundbreaking-debut-album-turns-10/

Commercial banks’ customers deposited N8.9 trillion new cash in banks’ vaults in the last one year, members of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) have said.

MPC member, Prof. Festus Adenikinju, said the deposit base represents 21.4 per cent increase to about N44 trillion total industry deposits between April 2022 and April 2023.

Likewise, industry credit increased by N4.54 trillion or 17.40 per cent while gross credit has been on an upward trajectory within same periods.

The stress tests conducted on the industry show that it can weather the major risks and vulnerabilities in the system.

Adenikinju said the gross external reserves stood at US$35.19 billion within in April 2023, and could provide 6.46 months cover of import of goods and services or 8.88 months cover of import of goods.

He said the financial soundness indicators f remain positive and showed that the banking system remains strong, sound, and resilient.

“The capital adequacy ratio (CAR) stood at 12.8 per cent in April 2023, still within the prudential requirement of between 10 per cent – 15 per cent. Non-performing loans (NPLs) ratio declined from 4.5 per cent in March 2023 to 4.4 per cent in April 2023. Liquidity ratio (LR) rose to 45.3 per cent in April 2023, from 43.8 per cent in March 2023. This is above the minimum 30 per cent recommended by the prudential requirement,” he stated.

Adenikinju, said both the Return on Equity (ROE) and Returns on Asset (ROA) increased between March 2023 and April 2023. ”ROE rose from 21.6 per cent to 22.6 per cent; while ROA increased from 1.6 per cent to 1.7 per cent between March 2023 and April 2023, respectively,” he said.

CBN Deputy Governor, Mrs. Aisha Ahmad, said sustaining banking sector lending to critical sectors of the economy as monetary policy tightens to contain inflation, therefore, remains paramount.

She said that given the positive correlation of market lending rates to the Monetary Policy Rate, borrowing costs have risen, while growth in credit has slowed.

She added: “Stress test results showed that industry solvency and liquidity positions could withstand mild to moderate shocks in the short to medium term. Nonetheless, the sector must continue to build adequate capital buffers – ongoing implementation of the Basel III capital standards (which prescribes additional capital buffers) are relevant in this regard.”

Also, CBN Deputy Governor, Edward Adamu, said the short-term outlook for inflation and its major drivers remains unfriendly.

“Although the pace of increase has subsided, year-on-year inflation could continue to rise according to in-house estimates. To ensure that flattening is quickly achieved to pave the way for deceleration, the stance of monetary policy needs to be firmer”.

This, he said is against the backdrop of an uncertain outlook for fiscal policy, energy prices and wages in the rest of the year.

Adamu said although much of the impact of the initial shocks to inflation may have dissipated, inflation expectation has remained significantly elevated.

“This needs to change, and quickly so. I believe communication is key in this regard, but equally important is what the market can see the Bank doing. I am persuaded that policy must strive to rein in inflation expectation as a deserving complement to effective liquidity management,” he said.

SOURCE:https://brandspurng.com/2023/07/04/bank-customers-deposited-n8-9tr-new-cash-in-12-months-mpc-report/