The Board of Directors of the African Development Fund (ADF) has approved $8 million in funding toward the establishment of a digitally interoperable unique bank identification system and harmonised customer identification framework for The Gambia, Guinea, Liberia and Sierra Leone. Implementation of the project will commence in July 2023, led by the West African Monetary Institute (WAMI), working with central banks of the participating countries and in close collaboration with banking and non-banking financial service providers. The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.…
Author: Elvis Eromosele
By Elvis Eromosele Nigeria, the most populous country in Africa, boasts a youthful population. According to the National Population Commission, about 64 per cent of Nigeria’s population is under 25. This presents an opportunity for the country to harness the energy and creativity of its youth towards building a digital and innovative future. The world is experiencing a rapid digitalisation shift, and Nigeria cannot afford to be left behind. To move the country forward, there is a need to focus on new technologies, social media, digital marketing, agriculture, fintech, and other emerging industries. We must proactively explore ways for Nigeria…
FMDQ Securities Exchange (FMDQ Exchange) has announced the listing of the Dangote Industries Funding Plc’s N187.58 billion Series 1 (Tranche A & B) and N112.42 billion Series 2 Senior Unsecured Bonds under the firm’s N300 billion Debt Issuance Programme on its platform. The Series 1 and 2 bonds were listed on FMDQ Exchange in November 2022 and March 2023, respectively. To mark the achievement, FMDQ Exchange, in keeping with its tradition, held a listing ceremony at its offices recently. Managing Director, FMDQ Exchange, Tumi Sekoni, represented by the Senior Vice President, Business Development Division, FMDQ Exchange, Jumoke Olaniyan. congratulated the…
The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday. Last year, following an N3.35 trillion petrol subsidy budget, the federal government said it would stop under-recovery payments in June 2023. In 2022, subsidy or under-recovery cost the government the sum of N3.3 trillion in 11 months alone. Ahmed, expressing the authority’s resolve on the matter, said…
By Elvis Eromosele The world is in a struggle with plastic. It can’t seem to do without it and definitely can’t live with it. It litters the landscape, cloaks the drains and gutters and fills the canals, rivers and oceans. The UN says ‘the world is choking on plastic’ and National Geographic says ‘the world is drowning in plastic’. Plastic is in almost everything. It is nearly everywhere. It is the true definition of ubiquitous. Experts concede that plastic waste is one of the major challenges to the environment and human existence. Indeed, plastics hold the world in a vice-like…
AXA Mansard has empowered over 100 young female entrepreneurs with digital marketing skills in Lagos. AXA Mansard is a member of AXA and one of the global leaders in insurance and asset management, during a two-day digital marketing training in Lagos. It said this was part of the company’s programmes to commemorate the recently held International Women’s Day. The company added that it is empowering women who own small and medium-scale enterprises (SMEs’) with skills to improve their digital output and position them for the immense opportunities in the digital space. The Chief Customer and Marketing Officer, AXA Mansard, Jumoke…
MTN Nigeria’s Senior Manager, External Relations, and one of Africa’s most decorated media and public relations professionals, Funso Aina, has been announced “Innovator of the Year” in the brands category at the highly respected SABRE IN2 awards. Awarded since 2013, the SABRE IN2 awards recognise excellent work that highlights the expanding scope of the PR profession, from content creation to the evaluation process using data and analytics to inform, enhance and evaluate campaign successes across the globe. Aina’s recognition was announced by Provoke Media on February 15, 2023. The award was presented at the PRovoke EMEA Summit in…
The total amount of foreign airlines’ trapped funds in Nigeria has risen to $802m, according to the latest figure by the International Air Transport Association-the Switzerland-based trade association of world airlines. As a result, IATA warned the Nigerian government that the situation could hamper air connectivity, economic growth, and the development of the country’s aviation sector. The Director-General, IATA, Willie Walsh, spoke Monday while launching “Focus Africa”, a new initiative aimed at strengthening aviation’s contribution to Africa’s economic and social development. The project will also improve connectivity, safety, and reliability for passengers and shippers. “Airlines may be forced to reduce…
The Federal Competition and Consumer Protection Commission has approved 173 digital lending applications to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps. It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space. After shifting its deadline multiple times, it finally adopted March 27, 2023, as the…
The Apapa Area Command of the Nigeria Customs Service has revealed that it earned N213bn worth of revenue between January to March 2023. Auwal Mohammed, the Customs Area Controller in charge of the command who revealed this while addressing journalists at the command on Tuesday noted that the service intercepted 144m tablets of tramadol worth N22bn en route to Nigeria from India in March. He said the tablets which were 225mg each weighing 10.3 tonnes, were concealed in two 40feet containers. He said the command within the period under review also processed agricultural products like sesame seeds, ginger, hibiscus, mineral…