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Category: Business

  • Nigeria’s Equity Market Gains N6bn

    The local equity market, on Thursday advanced by N6 billion as gains recorded in the shares of Nigerian Breweries, C&I Leasing, Northern Nigeria Flour Mills among others lifted market activities.

    Market capitalisation of listed equities increased by N6 billion or 0.02 per cent to N39.059 trillion from N39.053 trillion reported the previous day.

    The NGX All Share Index also appreciated by ç basis points to 71025.16 points from 71014.34 points reported the previous day.

    Volume of transactions increased by 186.494 million, representing 63.72 per cent as investors traded 483.847 million shares valued at N4.378 billion in 6545 deals against 297.353 million shares valued at N6.161 billion in 6172 deals.

    A review of investment showed that Deep Capital and NSLTech  led gainers table,gaining  10 per cent each to close at N0.44 and N0.33 per unit, C&I Leasing followed with a gain of 9.95 per cent to close at N4.53 per share, Northern Nigeria Flour Mills gained 9.85 per cent to close at N22.75 per unit while SCOA Plc added 9.82 per cent to close at N1.23 per share.

    On the contrary, ABC Transport recorded the highest loss in percentage terms, dropping by 10 per cent to close at N0.90 per unit, ETranzact trailed with a loss of 9.93 per cent to close at N6.80 per unit, Thomas Way fell by 8.95 per cent to close at N3.46 per share. Guinea Insurance dipped by 8.33 per cent to close at N0.22 per unit, Ellah Lakes fell by 7.89 per cent to close at N3.50 per share.

    Transactions in the shares of Regal insurance led market activities with 104.341 million shares valued at N36.490 million, Oando Plc followed with account of 55.280 million shares worth N676.637 million, Universal insurance traded 53.351 million shares cost N12.338 million, Japaul Gold exchanged 24.949 million shares cost N46.772 million while United Bank for Africa sold a total of 21.492 million shares cost N445.446 million.

  • NGO, Stakeholders Accuse FG, Others Of ‘Exploiting’ Mining Communities

    A Non-Governmental Organization, Global Rights, has accused the federal government and critical stakeholders of exploiting mining communities, including taking decisions without carrying host communities along.

    Addressing participants at the Third West African Mining Host Community “Indaba” in Abuja on Wednesday, the Executive Director, Global Rights, Abiodun Baiyewu, said, due to faulty governance systems, the extraction and trade of the resources found in mining communities often fuel conflicts, corruption and violence, hence the need to find solutions to the menace. 

    She said: “Annually, across several platforms across the world, governments and mining companies gather to decide our fate. The fate of our ancestral lands and of our children yet unborn. At these confabs, the people most impacted – extractive host communities are excluded. How do you decide for us without us? Afterall, we are the ones who know where the shoe pinches. We are the ones whose lands are desecrated, whose resilience are weakened. We are the ones.

    “So, we chose to represent ourselves, to give ourselves agency to decide our own future as the African Mining Vision and African Charter on Human and Peoples Rights has accorded us in Sections 20-22. This annual gathering unites us as a people to deliberate and find solutions to the common challenges that we are confronted with as West Africans. It is a platform for open and inclusive dialogue where ideas, experiences, and solutions are shared collectively.

    “We have also chosen to invite governments and mining companies. Perhaps, if they listen to us and dialogue with us, they might finally understand the powers that we have so generously bestowed on them are to protect our rights. Perhaps, they might understand afresh that the security of states start with the security of the people within the state, and adopt a human security paradigm to address the challenges around the efficient exploitation of our resources.

    “It is our collective responsibility to ensure that the wealth of West Africa’s minerals benefits the many, rather than the few and that it becomes a catalyst for peace, development and progress.”

    Speaking earlier, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, said there is need for the creation of a unique tax force for the mining sector to combat insecurity and other issues affecting it.

  • Multiple Taxations Affecting Network Expansion – Telcos

    The Association of Telecommunications Companies of Nigeria says funding required for network expansion is now being redirected to the payment of illegal taxes.

    The operators revealed that the telecom industry was faced with multiple regulations that had led to multiple taxes, ensuring that operators paid taxes to federal, state, and local governments.

    They lamented that the taxes were impacting their members negatively.

    They disclosed this during a meeting with the House of Representatives Committee on Telecommunications to seek legislation to create an enabling environment for the sector.

    During discussion with the committee, ATCON President Tony Emoekpere, clamoured for a special funding vehicle for telecom operators in the country to help them bridge the infrastructure funding gap in the country.

    He said, “Telecom is a capital-intensive sector, requiring significant CAPEX investment to facilitate efficient communications service provision.

    “We would like this committee to drive strategic engagement with the Central Bank of Nigeria on behalf of the telecom sector to bridge the infrastructure funding gap by providing accessible low-cost intervention funds for the rapid deployment of broadband infrastructure nationwide, including in rural areas.

    “In particular, special funding concessions should be provided to the telecommunications industry similar to those provided to the manufacturing sector, and the development of a special infrastructure funding scheme for operators in concert with Infrastructure Corporation of Nigeria (a special purpose infrastructure funding vehicle establishment by the Central Bank of Nigeria will also help harness opportunity for Nigeria’s telecoms infrastructure development through the origination, structuring, execution and end-to-end management of financing for infrastructure development projects to resolve the existing infrastructure deficit.”

    He noted that the country could also adopt the model practised by the Nigerian Local Content Management Board for the Local Content Fund in the oil and gas sector in the telecoms’ industry.

    Emoekpere also highlighted that operators were still operating their old tariff regime while the cost of doing business in the country had risen sharply due to a myriad of factors impacting their businesses.

    He further disclosed to the committee that Right of Way charges were still very high in different states, including Lagos State and the FCT.

    He declared that the country’s 70 per cent broadband penetration target cannot be achieved with high ROW charges, and states must adopt the uniform N145 per meter or waive ROW fees.

    He further urged the Federal and State Governments to activate the use of ICT in governance, health care, education, and agriculture, to encourage operators.

  • CBN Didn’t Liquidate New Banks, Clarifies NDIC

    CBN Didn’t Liquidate New Banks, Clarifies NDIC

    The Nigeria Deposit Insurance Corporation (NDIC) has explained its role in the 20 banks liquidated by the Central Bank of Nigeria (CBN).

    In a signed statement by the Director, Communication & Public AffairsBashir A. Nuhu, the Corporation stated that the report in various social media platforms was misleading.

    The statement reads: “The Nigeria Deposit Insurance Corporation (NDIC) wishes to address the recent misleading news reports circulating on various social media platforms under the headline “CBN Liquidates 20 Banks – NDIC (Names).”

    “Contrary to the misleading headline, we would like to clarify that the 20 banks mentioned in those reports were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

    “The general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors. Additionally, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks.

    “In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.

    It’s important to note that the liquidation dividend represents the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank. This amount is derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank.

    The deposit insurer urge relevant stakeholders to visit any of its offices or access the claims page on our website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents. Submissions should be sent to the dedicated email: claimscomplaints@ndic.gov.ng, it said.  

    The affected banks are; Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank. Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.

  • Our Priority Is To Eradicate Youth Unemployment -Dangote

    Dangote Group’s Executive Director, Commercial Operations, Hajia Fatima Aliko-Dangote, has reiterated the company’s determination to eradicate the high youth unemployment in the country.

    She said, it is only when youths are positively engaged, that the high insecurity problems in the country will fade away.

    Fatima, who made this disclosure at the just concluded Lagos International Trade Fair during the “Dangote Day”, said since inception, the desire of the President of Dangote Group, Aliko Dangote, was to assist the three tiers of government in the country, in eradicating poverty, and the best way for Dangote Group to do this, will be to contribute to eradicating youth unemployment in the country.

    Noting that Dangote is the highest employer of labour in Nigeria, outside the Federal Government, she said, the priority of the Group is to create more employment opportunities for the teeming Nigerian youths and make them breadwinners of their respective families.

    According to her: “The desire of our President, Aliko Dangote, is to ensure that Nigerian youths are ably employed, because it is only when this happens, that they can also contribute their own quota to the growth and development of the county. And once the youths are also positively engaged, the security challenges of the country will abate.”

    Fatima, further said the Group is passionate about deepening the Nigerian economy through industrialisation, job creation, provision and rehabilitation of essential infrastructure, and the welfare of the citizens.  According to her, “It is the desire to promote industrialisation that informs our decision to become strategic partners with all the major Chambers of Commerce across the nation.” 

    She also said: “Our investment decisions at Dangote Group, are focused on creating values for all stakeholders. We have invested in several projects which are meant to create jobs and enhance the rapid industrialisation of the Nigerian economy. Dangote Cement Plc remains the continent’s foremost cement producer, with operations in 10 African countries.

    “The activities of the cement company through its multiplier effect, provide direct and indirect employment to millions of people across Africa. Through its corporate social responsibility (CSR) interventions, Dangote Cement has touched the lives of thousands of people in host communities across Africa. The company has built schools, hospitals & clinics, roads, markets, and vocational training centres in host communities.”, she stated.

    Reacting to what Fatima Aliko Dangote said, Dr Micheal Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), said Dangote Group has created jobs more than any known private sector operators in the Country.

    He said the foremost indigenous conglomerate has contributed significantly to providing solutions to the problems of unemployment and by extension, to reducing the poverty levels among Nigerians.

    He said the decision of the company to venture into oil and gas would permanently put an end to the issue of petroleum scarcity in Nigeria and contribute substantially to the GDP and the overall economic growth and development of Nigeria.

    According to him, Dangote Group has been at the forefront of job creation even as its products and services have touched the lives of millions of people across the African continent and beyond.   He then enjoined other corporate bodies to toe the line of Dangote in assisting the Government, through the provision of infrastructure, even if it must be through a tax credit scheme, introduced by the Federal Government.

  • NCC Targets 22% Telecom Contribution To GDP By 2027

    The Nigeria Communication Commission (NCC) is set to increase the contribution of the telecommunication sector to the Gross Domestic Product (GDP) contribution to 22 per cent by the year 2027.


    The telecommunications sector contribution to the nation’s Gross Domestic Product (GDP) increased significantly to 16 per cent in the second quarter of 2023 from a 14.13 per cent contributed in the first quarter of 2023, and up from the 15 per cent recorded in the second quarter of 2022,


    Executive Vice Chairman/Chief Executive Officer of NCC, Mr Aminu Maida who disclosed this in Lagos at a conference on how to reposition the nation’s economy said the Commission planned to increase the annual net revenue of the telecommunications sector to the Federal Government by 100 per cent over the next four years, achieve at least 15 per cent year-on-year increase in investments into the telecommunications sector.


    Another target set by the Commission according to him is to have a 50 per cent  improvement in Quality of Service (QoS) by the end of next year, and reduce the access gap in rural areas to less than 20 per cent by 2027.


    He said that the reimagining of the communication sector is driven by five pillars
    which are interwoven with each other to deliver on the goal of fostering economic growth and development.


    He said that these pillars which include policy, infrastructure, innovation, entrepreneurship and capital, trade, and knowledge, are the bedrock of the Strategic Vision Plan (2023 – 2025) and form the guide to channel our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria.


    He said the vision aimed” to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent, to deepen and accelerate our position in global research in key technology areas and raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria.”


    He said the programme which has already commenced  with over one million applications by potential trainees is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 per cent by the end of 2027.


     This he said will position Nigerians to productively contribute to the economy and place the country in the top 25 percentile of research globally in the key areas of Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), IoT, Robotics, Blockchain, and Additive Manufacturing in keeping with the strategic plan unveiled by the Honourable Minister.


    Speaking further he said “We believe that attaining these targets will increase our pool of technically skilled persons to the global market. With more talents in these areas, we expect that potential employers of digital and technical skills in the international scene will begin to engage more Nigerians.”



  • Avoid Dealing With Unlicensed Brokers, Agents, NAICOM Cautions Insurers

    The National Insurance Commission (NAICOM) at the weekend warned insurance operators against dealing with unlicensed brokers and agents to facilitate insurance businesses.

    Mrs Ebelechukwu Nwachukwu, Chairman, Sub-Committee on Publicity of the Insurers Committee, said this while briefing newsmen on the outcome of the committee’s meeting in Lagos.

    Nwachukwu, also Managing Director of Royal Exchange General Insurance, stated that NAICOM observed the practice during the ongoing Risk Based Supervision (RBS) in some insurance companies.

    “The regulator spoke to us very strongly, to ensure that all the agents and brokers we deal with are licensed up-to-date or renewed, as against doing business with brokers with expired licences or unregistered agents,” she said.

    According to her, NAICOM also recommended self regulation to underwriters, regarding RBS.

    The sub-committee chairman disclosed that NAICOM directed that boards of the various underwriting firms should approve and implement whistle blowing policy in their respective companies.

    Nwachukwu said the committee also agreed on the need for the insurance industry to increase awareness on annuity and continue to build trust to ensure that the product line grows significantly.

    “With the amount of fund in the pension industry, we should expect a lot of that to be downloaded into the insurance industry through annuity,” she said.

    The sub-committee chairman revealed that NAICOM also expressed concern over the backlog of unpaid claims and charged the defaulting insurers to settle all outstanding claims as soon as possible.

    She said that the committee resolved that the unpaid claims should be publicised on the platform of the Nigeria Insurers Association (NIA) for first three months to encourage those with lodged claims to come for it.

    “After the three months and we see that the impact is still outstanding, companies may be mandated to do own publicity.

    “A lot of unpaid claims have been reported, but supporting documents were not provided, and as such they remain as outstanding claims for so many years,” she said.

    According to her, the insurance operators further discussed the need for NAICOM to continue to engage the National Assembly to ensure the passage of Consolidated Insurance Bill.

    Nwachukwu noted that insurers had also begun the process of harmonising the ECOWAS Brown Card to ensure that the same certificate is issued across all countries using the brown card.

    She said the insurers also took a presentation from KPMG, as part of its planning for the insurance industry’s 10 years Transformation Roadmap.

    According to the managing director, eight pillars were proposed to the insurance industry as part of the roadmap, which include: continuous improvement of the regulatory environment.

    Nwachukwu said as part of the proposal, Risk Based pricing and Risk Based capital would become paramount.

    She stated that increased awareness and improvement in market conduct and ethics was proposed as part of the transformational roadmap to the future that the industry desires.

    The sub-committee chairman said that the presentation also suggested more partnership with non-insurers players, just as it is done in the banking industry.

    She stated that the insurers were charged on digitalization and improvement of talents pool of the insurance sector and supporting national economic growth plan.

  • Entrepreneurship: DBN, OEAHD, Empower 200 Vulnerable Women In North East

    As part of its Corporate Social Responsibility (CSR) initiatives, the Development Bank of Nigeria Plc (DBN) has empowered over 200 vulnerable women with entrepreneurial development skills in Gombe and Yobe States.

    The programme which is a partnership with the Organisation for Environmental, Agricultural and Health Development (OEAHD) is aimed at providing soft skill acquisition for selected women, including physically challenged women in the North-Eastern part of the country.

    Addressing participants at the Entrepreneurial Skills Acquisition Training and Capacity Building event, the National Coordinator, OEAHD, Hon. Tabitha Iliya Sallah re-emphasized the significant roles women play in the socio-economic development of the nation.

    According to her, “The importance of women’s participation in entrepreneurship cannot be overstated. It is not just about fostering gender equality, but also about tapping into the full potential of our nation’s human resources. As entrepreneurs, women have the power to innovate, create jobs, and drive economic growth, because when women are economically empowered, their communities and the nation at large benefit.”

    “The fact that this program has been made possible through the collaboration of OEAHD and DBN is a testament to our collaborative commitment and dedication to women’s economic empowerment across regions; especially displaced women.” She stated.

    Commending DBN for sustaining its long-term vision of alleviating financing constraints faced by MSMEs and Small Corporations in Nigeria, Hon. Sallah noted that by providing training, mentorship, and access to finance, the bank is creating a nurturing environment for women to thrive in the business world, hereby bridging the gender gap and promoting sustainable economic development.

    “DBN as we all know has been at the forefront of empowering women in business with unlimited access to finance and knowledge to prosper and build viable enterprises that will enable them to improve their livelihoods and contribute to the socio-economic development of their immediate families and communities” She posited.

    The Organization for Agriculture and Health Development (OEAHD) is an NGO that is passionate about assisting the less privileged and vulnerable, particularly women and children and internally displaced persons etc regardless of race, colour, gender, social status, political affiliations in Nigeria. While the OEAHD have carried out several humanitarian services in the Northeastern part of the country, their operation is Nationwide with regional offices in Abuja and Gombe. The organization’s major service areas cover – Agriculture, Health and, Education.

    The Managing Director of DBN, Dr Tony Okpanachi, affirmed that the training was in line with the bank’s unwavering commitment to strengthening the capacity of MSMEs in the country so that they could continue to contribute more to the National Gross Domestic Product (GDP).

    “We believe that this partnership with OEAHD and by extension the entrepreneurial and capacity development initiative will have a significant impact on the lives of the targeted women in Gombe and Yobe State respectively, fostering their empowerment and contributing to sustainable development in the region”.

    “Up to date, about 62 percent of our lending has gone to women-owned businesses. Most of them are Micro and Small Businesses. Our goal is to continue to nurture and empower women across regions, the ultimate objective being to grow and upscalethem from micro to large businesses.” He stressed.

    He further stated that the women have received comprehensive vocational skills training that will enable them to start their businesses or enhance existing ones, thereby improving their economic wellbeing.

  • NNPCL, Foundation Targets 200,000 Corps Members For Financial Literacy Training

    NNPCL, Foundation Targets 200,000 Corps Members For Financial Literacy Training

    In its bid to build the capacity of youth towards making them employers of labour, the NNPCL Foundation, in partnership with Kudimata Nigeria Limited, have trained the Batch C members of the National Youth Service Corps (NYSC) in basic financial literacy skills.

    Kudimata is a financial education outfit. 


    In a statement signed by Chief Corporate Communications Officer NNPC Ltd, Femi Soneye, on Friday in Abuja, the company said the training, which aligned with the objectives of Skills Acquisition and Entrepreneurship Development (SAED) scheme of NYSC had its maiden edition featuring Batch B stream in the past months. So far over 118,000 youth corps members have been trained in financial literacy, while about 70,000 are being trained across the 37 NYSC orientation camps in the country.

    Speaking during the training, the Managing Director, NNPC Foundation, Emmanuella Arukwe described financial literacy as not only the bedrock of all successes in the ever-competitive labour market, but a journey towards attaining self-actualization, thereby heralding the trajectory to sustainable prosperity of the nation.

    Arukwe, who implored the corps members to leverage on the knowledge garnered from the training to avert white collar job syndrome, added that the NNPC Foundation is committed to impacting the youth corps members to become employers of labour.

    “We are partnering with both NYSC and Kudimata to bring financial literacy to the corps members, as this will help them make better-informed decisions. We are very passionate about young people and NYSC is a veritable ground as it cuts across 20 to 30 years old youth, thus, making it the right demography,” she stated.

    According to her, “This programme cuts across the 36 states of the country including the Federal Capital Territory (FCT). This is the first step towards a series of programmes that will culminate in instilling entrepreneurship in the Corps members. After this training, those who pass the examination by 70 percent will move to the next stage. The next stage will keep them better informed on how to run businesses to ensure success in their businesses. Thereafter, we will do a pitching where those who are properly trained will be selected and be given start-up kits to go ahead and be on their own,” the MD added.

    Addressing unemployment as the greatest problem of young graduates, she said, “We are aware of unemployment as a challenge plaguing young graduates and we recognize the need to empower the youths through capacity building of this magnitude for them to empower the whole nation. This training will help reduce unemployment and underemployment in Nigeria, thereby making the corps members employers of labour.”

    In her remarks, the FCT Coordinator, NYSC, Shokpeka Winifred expressed her profound gratitude to both NNPC Foundation and Kudimata Nigeria Ltd for their unwavering support to empower the corps members to enable them to become self-reliant individuals and wealth creators.

    Winifred described the training as a platform for young people to learn the best ways of managing their finances, while also grooming them to become good managers of resources.

    “Going forward, I’m confident that they will put what they have learnt to use by utilizing their funds well as they are now aware of how to earn, maintain and multiply their finances. We are striving to see them becoming business owners tomorrow through further mentorship,” the Coordinator concluded.

    One of the corps members at the NYSC orientation camp in Abuja, Prudence Enema said: “I’m thrilled that the NNPC Foundation took their time to train us on financial literacy, we are aware that financial literacy is very important, and we have learnt a lot on how to multiply our money in order not to suffer in the future.”

    Another corps member, Okeke Ugochukwu revealed that the training was worthwhile as the importance of saving and categorization of finances were taught effectively.