Lagos State has opened bids for the issuance of N100 billion in bonds under its hybrid instrument program of N1 trillion in debt to support the provision of infrastructure in the state. According to financial advisors to the government, the debt issuance is scheduled to close on Friday, May 12, 2023. The bond is a fixed-rate senior unsecured bond with a tenor of 10 years and a pricing range of 14.875 per cent to 15.250 per cent. The issuance proceeds are expected to finance priority projects aimed at improving the state’s infrastructure and fostering economic growth, in line with the…
Author: Elvis Eromosele
Some of the inevitabilities of life are death, taxes, and rush-hour traffic, the last two come with their own form of pressure on our health and might lead to the first one. I grew up with a strong allergic reaction to traffic pull-ups, whenever I’m in one, my temperature goes up, I have been lucky to some extent that my school or workplaces haven’t been far from where I live; that might have helped in my not having a strong immunity to it. Unless you are lucky to live not far from your work or school, you might end up spending a…
The Unstructured Supplementary Service Data (USSD) platform debt profile has hit N120 billion in the midst of the protracted crisis affecting the service. Dialogue is however ongoing between the telecommunications operators and the banks at the regulatory level to find an amicable solution. As of the first quarter of 2023, the debts were put at N100 billion. But the Association of Licensed Telecoms Operators of Nigeria (ALTON) said the banks continue to hold back remittance even as the outstanding has increased by N20 billion. ALTON Chairman, Gbenga Adebayo revealed that the debt figure has climbed up to N120 billion. Adebayo,…
Barring any unforeseen, President Muhammadu Buhari will commission the multi-billion naira Dangote Refinery in Lagos on May 22, 2023. This exactly a week to his handover date. The Special Assistant on Digital Communications to the President, Bashir Ahmad, confirmed the development in a statement on Sunday. He said: “Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery is set for inauguration on May 22nd,…
The Nigerian Communications Commission (NCC) generated N117.36 billion from Airtel Nigeria and MTN Nigeria after both firms renewed their 3G spectrum. Airtel Nigeria paid N58.70 billion to have its 2100 MHz spectrum licence renewed for the 3G network in Nigeria, while MTN Nigeria was charged N58.66 billion. According to separate statements released by the two companies, Airtel and MTN renewed their spectrum for 15 years. Both companies’ previous licenses for the 3G spectrum expired at the end of April 2022. But the renewal has extended the validity till April 2037. In its statement informing shareholders of its licence renewal, Airtel…
Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at risk of dying of poverty due to a lack of access to financial inclusion. Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is why the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal. “The banking sector just has 50 per cent of the adults in the banking circle. It is even worse in the insurance sector, which has…
Stanbic IBTC Holdings has launched a Blue Blossom community, a gathering of women from diverse backgrounds that come together to support each other while leveraging various benefits offered by the financial institution to meet their entrepreneurial needs. Recent report by World Bank revealed that women comprise 43.83 per cent of the labour force, and 43 per cent of businesses worldwide are owned by women. Despite increased financial services in Africa’s biggest economy in the last decade, 98 per cent of women still lack access to formal credit markets. Speaking at the official launching of the community in Lagos, Non-Executive Director,…
The average Middle class in Nigeria is just one major illness from penury, right now, GOFUNDME, programs on social media to fund health care emergencies aren’t just for those on the bottom of the ladder. The average motivational speaker would tell you to save first, then invest before you spend, my advice is to pay your health insurance provider first, since health is wealth that’s the best investment, just take it as another form of saving investment, like payment into a pension for your health. Health insurance is a lifesaver, For the reasons, it helps to prevent late diagnosis of…
The senate has approved the securitisation of the N22.7 trillion ways and means to the federal government for budget deficits. The approval was given by the upper chamber of the National Assembly at its plenary on Wednesday, months after President Muhammadu Buhari wrote a letter to the parliament on the issue. The N22.7 trillion loans were given to the national government by the Central Bank of Nigeria (CBN) when it could not get short-term funds to run the country. The CBN loans have caused controversies in the country because the apex bank violated the law to give such credit…
The Manufacturers Association of Nigeria (MAN) has condemned the increases in Excise tax for 2023 and 2024 as provisioned in the 2023 Fiscal policy. In a statement signed by the Director General of MAN, Segun Ajayi-Kadir, the Manufacturers’ umbrella body said the increase came as a surprise. “As a major stakeholder, MAN had actively participated in the deliberations on the proposal and presented various positions from its members across all sectors, especially those directly impacted by the proposed measures. “From the meeting held with the Honourable Minister of Finance, Budget and National Planning on the 29th March 2023, MAN representatives…