The Nigerian telecommunications sector has remained, perhaps, the most dynamic section of the economy for over two decades. It is a major newsmaker. One day it is news for new milestones, new technologies and new vistas and the next day regulatory restrictions, multiple taxations by the government and its agents or else disruption of service by the same. It is a real roller-coaster ride. Yet, the sector has proven resilient, even before resilience was a thing. To get to where it is today, the players have invested heavily, struggled with and overcame myriads of obstacles and continue to stretch to…
Author: Elvis Eromosele
PRESIDENT, Nigerian Medical Association (NMA), Dr Uche Ojin- mah, has lamented that Nigeria is going through one of the worst situations of brain drain in its history with 10,296 doctors who obtained their degrees in Nigeria currently practising in the United Kingdom (UK). He said between January and September 2022, over 1,300 doctors trained in Nigeria moved to the UK, with the country licensing at least 200 Nigerian-trained doctors between August 31, 2022, and September 30, 2022. Dr Ojinmah, in a media briefing to flag off the 2022 physician’s week in Ibadan on Monday, said the progressive depletion of medical…
As a part of its activities for Customer Service Week, Nigeria’s leading internet service provider, Spectranet launched another innovative offer SpectraLife – a free accidental life insurance cover worth N1 million for its new 4G LTE internet modem customers. The insurance policy is in partnership with Mutual Benefits Assurance PLC and Purebond Insurance Brokers Limited, SpectraLife. The policy covers the ‘assured’ in case of death or disability. The launch event, which took place at the company’s head office in Ikeja, Lagos, was graced by its authorised dealers, and representatives from Mutual Benefits Assurance PLC and Purebond Insurance Brokers Limited. The…
CBN Has Lost Track Of N2.7 Trillion Out Of N3.2 Trillion Banknotes In Circulation, Godwin Emefiele, the CBN Governor has stated. Making this disclosure in a statement on Wednesday, the apex bank boss detailed that about 80 per cent of the country’s currency in circulation is outside the vaults of commercial banks across the country. He lamented that Nigerians were hoarding bank notes, refusing to take them to banks. “To be more specific, as of the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the…
Ahead of the 2023 general elections, analysis of the preliminary register reveals that six States of Lagos, Kano, Kaduna, Rivers, Katsina and Oyo have the highest registered voters. Checks by DAILY POST indicate that Lagos leads with 7,075,192 registered voters, followed by Kano, which has 5,927,565 registered voters, while Kaduna, Rivers, Katsina and Oyo have 4,345,469; 3,532,990; 3,519,260 and 3,275,045 registered voters, respectively. The revelation is coming on the heels of the disclosure by the Independent National Electoral Commission (INEC) Chairman, Prof. Mahmood Yakubu, that the voter register had gone up to 93.5m. Yakubu announced this on Wednesday during the…
Leading pan-African financial institution, United Bank for Africa (UBA) Plc., has released its third-quarter results, showing double-digit growths across key performance indicators. Extracts of the interim report and accounts for the nine-month period ended September 30, 2022, released at the Nigerian Exchange (NGX) showed that top-line earnings rose by 20.3 per cent while pre and post-tax profits grew by 12.3 per cent and 10.9 per cent respectively. Gross earnings rose to N608 billion, up from N493 billion recorded in September 2021. Operating income also grew by 27.3 per cent to N414.1 billion in September 2022, up from N334.8 billion recorded…
Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria. As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are…
…reveals plans to open up its malls in Benin, Kaduna, and Port Harcourt within six months. Retail Supermarket Nigeria Ltd (RSNL), owners of Shoprite in Nigeria, has announced the resumption of commercial activities at its store in Circle Mall, Jakande, Lekki area, after a 24-month-long closure. The Chief Executive Officer, RSNL, Hubertus Rick, made the disclosure at the Circle Mall reopening ceremony in Lagos, Friday. The economic activities at the mall were brought to a halt following a series of looting which occurred following the disruptions of the otherwise peaceful #EndSARS protests in 2020. The Circle Mall store, one of 24…
The Central Bank of Nigeria has announced the sale of Polaris Bank to a new owner, four years after the government took over the distressed Skye Bank, renamed and injecting over N1 trillion of public funds to recapitalise the bank. Strategic Capital Investment Limited emerged as the preferred bidder for the lender, the CBN said in a statement late Thursday. The sale decision was jointly taken with the Asset Management Corporation of Nigeria (AMCON), the government’s bad debt buyer, which took over Skye Bank after the CBN withdrew its licence in 2018 before setting up Polaris as a bridge bank.…
Nigeria’s Flamingos have qualified for the semifinal of the 2022 FIFA U-17 Women’s World Cup in India after beating the USA on Friday, October 21, 2022. The Flamingos won 4-3 on penalties after a 1-1 draw in 90 minutes of regulation time. Onamuzo Edafe gave Nigeria the lead just after 25 minutes. A VAR review had confirmed a foul on Amina Bello with the referee wasting no time in pointing to the spot. The Americans pilled pressure on the Nigerians and were rewarded just before half-time. They equalised in the 40th minute through Amalia Martina Villarreal’s strike. Both teams started…