Ambusinessng

03/09/2024

Binance CEO Richard Teng Condemns Inhumane Treatment of Executive Tigran During Nigerian
Court Trial

03/09/2024

Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of the last week.

This spike follows the CBN’s recent adjustment of the Standing Deposit Facility (SDF) asymmetric corridor, raising it to +500/-100 basis points from +100/-300 basis points around the monetary policy rate, according to The Punch.

In a recent policy shift, the CBN increased the SDF rate to 25.75%, while the Standing Lending Facility rate was adjusted to 31.75%.

Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of the last week. This spike follows the CBN’s recent adjustment of the Standing…

03/09/2024

The Nigeria Civil Aviation Authority has explained that the United States Federal Aviation Administration delisted Nigeria from Category One Status of the International Aviation Safety Assessment programme due to the lack of Nigerian airlines that directly ply the United States routes for two years.

This means that Nigerian carriers will not be able to operate directly to any city or airport in the US until the country is re-audited and re-certificated by the USFAA and returned to its former status.

Nigeria gained the USFAA CAT One Status in August 2010 after a rigorous exercise that spanned about five years.

However, due to the combined factors of a drop in standards and the failure of any Nigerian airline to operate directly to the US for seven years, some stakeholders said the country lost the rating.

An investigation earlier published on Monday by a national newspaper unravelled the development.

In a swift reaction through a statement personally signed by the acting Director-General of NCAA, Chris Najomo, the agency explained that to operate in the United States of America, Nigeria like most countries, must satisfactorily pass the International Aviation Safety Assessment Programme and attain Category One Status.

“Upon attaining this status, Nigerian airlines would be permitted to operate Nigerian registered aircraft and dry-leased foreign registered aircraft into the United States, in line with the existing Bilateral Air Services Agreement.

03/09/2024

The Dangote Petroleum Refinery has said that its Premium Motor Spirit, popularly called petrol, will be exported if the marketers and other petroleum dealers in the country refuse to patronise it.

The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, stated this on Monday while featuring on Brekete Family live show.

Edwin, who confirmed a report by The PUNCH that the refinery has started the production of petrol, said local oil traders have resorted to importing diesel and aviation fuel, blocking local sales of Dangote fuel.

“We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of PMS. So, that was the last stage. The only thing now left out is petrochemicals.

“So, the good news for the country is we have started producing PMS from our refinery since yesterday (Sunday),” he confirmed.

Asked if the petrol would be sold locally, Edwin replied, “Well, I explained how there has been a kind of a blockade from lifting our products within the country. The traders have been trying to block (it), and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country.

“But if the traders or NNPC are not buying the product, obviously, we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared.

02/09/2024

South Korean authorities have initiated an investigation into Telegram, examining whether the encrypted messaging app has played a role in the distribution of sexually explicit deepfake content, Yonhap News Agency reported on Monday.

The probe follows significant public and political backlash regarding the proliferation of such content, which has been frequently reported in Telegram chatrooms.

Yonhap quoted the head of the National Office of Investigation, though the office’s cyber investigation bureau declined to provide further details. This investigation expands on earlier statements from Cho Ji-ho, commissioner of the National Policy Agency, who noted that his agency was considering whether to charge secure messaging apps with aiding and abetting criminal activities.

South Korean authorities have initiated an investigation into Telegram, examining whether the encrypted messaging app has played a role in the distribution of sexually explicit deepfake content, Yo…

02/09/2024

The founder of Telegram, Pavel Durov, who was recently arrested in France, was criticized by Russian Foreign Minister Sergei Lavrov on Monday for being “too free” in his management of the social media platform.

Lavrov suggested that Durov’s unrestrained approach led to his current predicament.

Last week, a French judge placed Durov, a Russian-born entrepreneur, under formal investigation for his alleged involvement in managing a platform linked to illegal activities, including drug trafficking, child exploitation, and fraud.

The founder of Telegram, Pavel Durov, who was recently arrested in France, was criticized by Russian Foreign Minister Sergei Lavrov on Monday for being “too free” in his management of t…

02/09/2024

A Nigerian fintech executive, Dozy Mmobuosi, has been fined over $250 million by a US federal court after being accused of fabricating the financial performance of his companies.

The court barred Mmobuosi from serving as a director of any public company.

The judgment follows a civil complaint filed by the US Securities and Exchange Commission last December.

A Nigerian fintech executive, Dozy Mmobuosi, has been fined over $250 million by a US federal court after being accused of fabricating the financial performance of his companies. The court barred M…

02/09/2024

Zenith Bank Plc has reported a substantial 117% increase in gross earnings, rising from N967.3 billion in H1 2023 to N2.1 trillion in H1 2024.

This growth is attributed to significant gains in both interest and non-interest income.

In its half-year financial results filed with the Nigerian Exchange Limited, Zenith Bank recorded a 108% year-on-year increase in profit before tax, climbing from N350 billion in H1 2023 to N727 billion in H1 2024.

Zenith Bank Plc has reported a substantial 117% increase in gross earnings, rising from N967.3 billion in H1 2023 to N2.1 trillion in H1 2024. This growth is attributed to significant gains in both…

02/09/2024

Uche Pedro is a social media expert, Nigerian entrepreneur, and media entrepreneur. She is the founder of Nigeria’s trending fashion and celebrity blog, BellaNaija. com, and has inspired young Nigerians into the blogging industry.

02/09/2024

There are indications that the pump price of premium motor spirit, popularly known as petrol, may rise in filling stations as the Nigerian National Petroleum Company Limited finally admitted that it was facing challenges due to a $6bn debt.

After weeks of denial, the NNPC admitted on Sunday that it owed its petrol suppliers the sum of $6bn, saying it was facing financial strains due to petrol supply costs.

In a statement by its Chief Corporate Communications Officer, Olufemi Soneye, the state-owned energy company subtly confirmed that the debt was the reason for the fuel queues in filling stations across the country, stating that it is impacting supply sustainability.

The PUNCH reported in July that Nigeria’s debt to suppliers of petrol surpassed $6bn, making the NNPC struggle to cover the gap between fixed pump prices and international fuel costs.

A Reuters report stated that the national oil company began struggling early this year when late PMS payments surpassed $3bn.

The company had still not paid for some January imports, traders said, and the debt keeps piling up. Under contract terms, NNPC is meant to pay within 90 days of delivery.

“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” one industry source said.

Since June, Nigeria’s tenders to buy PMS were smaller, traders said.

From two in July, three more traders were said to have stopped supplying PMS to the NNPC as of now, making a total of five unpaid traders.

02/09/2024

Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04 per cent to $391.91m compared to $912.35m in the same period of 2023.

This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website.

A Letter of Credit is a mode of payment used for the importation of visible goods.

It is a written undertaking given by s bank (issuing bank) at the request of its customer in which the bank promises in writing to pay the exporter a certain sum within a certain time frame in return for goods, as long as the customer provides the bank with the proper paperwork.

In the period under review, the country’s LCs payment shed about $520.44m, which some analysts have blamed on factors like the exit of multinationals, skyrocketing customs duties, and the unstable foreign exchange, which hampered Nigeria’s foreign trade in the period under review.

An analysis of the CBN data showed that the highest LC payments this year were recorded in February at $102.59m, followed by July at $79.65m and $58.33m in January.

In March, LCs payments stood at $43.53m compared to $269m in the same month in 2023, rose to $54.02m in April 2024 and dropped to $21.48m in May before rising to $32.26m in June.

Speaking on the trend, the Managing Director of Arthur Steven Asset Management Limited, Tunde Amolegbe, opined that the decline was expected given the unstable exchange rate, skyrocketing customs clearing charges and of course the exit of major international companies and the closure of other manufacturing in the country.

He, however, added that the situation may improve even if it is slightly on the back of the tax waivers given recently for the importation of some essential food products.

01/09/2024

A new financial controversy is emerging at the National Hajj Commission over the alleged seizure of more than N2.8 billion belonging to travel agents.

This was disclosed in a letter dated August 24
sent by travel agents under the umbrella of the Association for Hajj and Umrah Operators of Nigeria to the newly appointed NAHCON Chairman, Abdullahi Usman, according to The Punch.

The letter was in response to an advertisement by NAHCON inviting licensed agents to apply for travel slots for the 2025 Hajj operations.

A new financial controversy is emerging at the National Hajj Commission over the alleged seizure of more than N2.8 billion belonging to travel agents. This was disclosed in a letter dated August 24…

01/09/2024

The National Association of Nigeria Travel Agencies is scheduled to meet with representatives of Emirates to discuss the airline’s recent decision to sell tickets in U.S. dollars to Nigerian customers.

The move by Emirates has raised concerns among travel agencies and travelers alike, prompting NANTA to seek clarification and explore potential solutions during the upcoming talks, according to The Punch.

The former President of NANTA, Susan Akpdoriaye, expressed frustration over the situation, saying, “Emirates cannot come out in the open and say they want to sell in dollars without authorisation. They will be sanctioned. Transactions in Nigeria should be done in our local currency; that is the law.”

The National Association of Nigeria Travel Agencies is scheduled to meet with representatives of Emirates to discuss the airline’s recent decision to sell tickets in U.S. dollars to Nigerian …

01/09/2024

Representatives in the House Committee on Solid Minerals have hailed Dangote Group’s industrialisation drive in the country.

Members of the House of Representatives, who visited Dangote Cement Plc in Obajana, Kogi State, recently, noted the economic impact the company had made in Nigeria’s cement sector.

The Chairman of the House Committee on Solid Minerals, Gaza Gbefwi, said the joint subcommittee visited partly to investigate why the current cement prices were high and to find solutions to them together.

Gbefwi noted that political leaders and investors need to collaborate to increase Nigeria’s industrialisation effort.

He hailed Dangote Cement’s investments, job creation and tax contributions, as he emphasised that everyone must work together to ensure economic progress in the country.

According to the Group Managing Director of Dangote Cement Plc, Arvind Pathak, except for limestone, which is mined in Nigeria, cement inputs are dollar-driven.

Pathak disclosed that some of the dollar-driven inputs included machinery, spare parts, gas for fuel and one of the raw materials, gypsum.

He stated that unstable and rising foreign exchange rates impacted the current prices of cement products.

Pathak stated that after the government, Dangote Group was Nigeria’s largest employer and had actively adjusted its operations to economic realities.

01/09/2024

The National Association of Nigeria Travel Agencies is set to meet with representatives of Emirates to deliberate on the airline’s decision to sell tickets in dollars to Nigerians.

The former President of NANTA, Susan Akpdoriaye, expressed frustration over the situation, saying, “Emirates cannot come out in the open and say they want to sell in dollars without authorisation. They will be sanctioned. Transactions in Nigeria should be done in our local currency; that is the law.”

Akpdoriaye stated that NANTA had earlier engaged with Emirates to address the airline’s ticket sales in dollars.

“When we heard Emirates was selling in dollars, the new president and his team visited Emirates and said Nigerian law does not allow you to do this. But lo and behold, the government permitted them.

“They sent emails to all their issuing agents and I got mine and when I got my mail, I called and asked why this was happening and this was the response I got.

“Part of the condition the airline gave was to sell in dollars, and we were told that the government agreed. Are we taking five steps forward and 10 steps backwards? And what they have done is put fresh demand on the dollar,” she remarked.

She emphasised the broader implications for the economy and travel agencies, stating, “We want Emirates to come back, but we don’t want them to come back and kill our economy and take us back to square one. We are not excited about the outcome. Everybody is complaining bitterly because we know what this will cost.”

“We, the excos, have decided that we are going to engage further, that even if they want to sell in dollars, they should still give the option of naira.

“Apart from that, selling in dollars will exclude 70 per cent of some of our members in business, and that is not good for us. So we will present our case to them and present some of our ideas, and some of the ideas we are presenting to them is that even if they want to restrict the naira, they should at least not close it.”

The President of NANTA, Yinka Folami, stated that the Emirates’ current practices were ambiguous.

31/08/2024

The World Food Programme and the Economic Community of West African States have provided multi-purpose cash and nutritious food worth $1m to cushion the effect of food crisis and malnutrition challenges in North-West Nigeria.

Partners in the deal said the support was part of the stabilisation fund put together to help address the food crisis in the region.

The Deputy Head of Programme, WFP Abuja, Manuela Reinfeld, while speaking at the launch of ECOWAS-FMHAPA-WFP stabilisation project phase 2 in Katsina on Friday, said the WFP supported the fund with about $600,000.

She said the sum was to cover associated costs to address malnutrition challenges, especially for pregnant lactating women and their children under age two.

Reinfeld noted that the fund was to support therapeutic supplementary feeding, such as soya-corn blend for the women, adding that WFP would support the vulnerable by providing unconditional food assistance with about 5,000 metric tonnes of wheat from Ukraine for Katsina, Sokoto and Zamfara States.

“We are also trying to help them address the root causes of malnutrition. We are helping them with resilient building activities and we are targeting women.

“Here in the North-West, we will be distributing about 5,000 metric tonnes, out of which 2,000 will come to Katsina. This intervention from ECOWAS is a donation of $1m, out of which WFP has supplemented this with about $600,000 to cover associated costs,” she stated.

31/08/2024

The Deputy Governor of Ogun State, Noimot Salako-Oyedele, has said the lack of access to finance has been discouraging farming in rural communities.

Salako-Oyedele explained that this can compel rural dwellers to abandon their agricultural activities to relocate to the urban area.

The deputy governor disclosed this recently when she hosted a delegation of the Chartered Institute of Bankers of Nigeria, led by its national president, Prof. Pius Olanrewaju, in her office in Abeokuta.

The deputy governor, who was in the company of the Commissioner for Industry, Trade and Investment, Mr Adebola Sofela, stated that the state’s giant strides in various sectors of the economy were geared towards putting in place a legacy, which would make the state the envy of others in Nigeria.

Salako-Oyedele said that Governor Dapo Abiodun-led government had in the last five years put in place policies that have made Ogun the investors preferred destination of choice.

She added that the springing up of new companies and industries in different parts of the state was a testament that the policies were working and had significantly improved the livelihood of its citizens

The deputy governor noted that the recent flag-off of harvest on 200 hectares of rice farmland near the flood plain of the Ogun River in the Magboro area and other interventions in the agricultural sector to improve food production and security.

30/08/2024

Renown economist and Managing Director of Financial Derivatives Company, Bismarck Rewane has expressed skepticism about the current administration’s goal of achieving a $1 trillion economy within the next five to six years.

Speaking on Arise TV’s morning show, Rewane discussed the recently approved windfall tax and the GDP figures for the second quarter of 2024.

Rewane pointed out that the current GDP growth rate of 3.19% is insufficient to drive significant economic progress, noting that around 75% of the country’s economic sectors contracted during the quarter.

30/08/2024

The Founder of Hyperscale, the company behind Neural AI, Dr. Oluseyi Akindeinde has highlighted the high cost of training data as a significant obstacle to AI development in Nigeria.

This was disclosed by Akindeinde at the Nigerian Information Technology Reporters Association ICT Growth Conference 4.0 in Lagos, according to Nairametrics.

Akindeinde noted that many Nigerian companies with AI innovations struggle to train their own data due to its prohibitive expense.

30/08/2024

The Enugu State Governor, Peter Mbah, has inaugurated a new asphalt production plant in Emene on Thursday.

The state-owned facility boasts a production capacity of 160 tons per hour and is set to cut road construction costs significantly.

This was disclosed in a statement by the governor’s Special Assistant on Media, Dan Nwomeh via his official X account.

Governor Mbah underscored that the plant, developed under his administration, is a crucial move toward achieving self-sufficiency in asphalt production.

30/08/2024

The Chartered Institute of Project Managers of Nigeria has affirmed its commitment to ensuring that only certified professionals are authorized to manage projects across the country.

The Registrar of the Chartered Institute of Project Managers of Nigeria, Henry Mbadiwe made this announcement during a three-day training and induction event titled “The Digital Project Manager,” according to The Punch.

The institute aims to uphold professional standards in project management by enforcing certification requirements, thereby enhancing the quality and efficiency of project ex*****on in Nigeria.

30/08/2024

Sterling Bank Limited has emerged multiple award winner at the fourth Development Bank of Nigeria Service Ambassadors Award Ceremony and Dinner recently held in Lagos.

A statement from the bank on Wednesday indicated that the bank won in three categories; DMB with the Highest Impact on Youth; DMB with the Highest Impact on Women MSMEs; and the DBN Platinum Service Award.

DBN Platinum Service Award was the highest honour of the evening and came with an N5m technical assistance grant.

The DBN Service Ambassadors Award Ceremony serves as a platform to acknowledge and encourage financial institutions that have made significant strides in channelling funds to MSMEs, thereby contributing to job creation and economic diversification.

Speaking on the achievement, the Divisional Head of Retail & Consumer Banking at Sterling Bank, Edward Ogunmekan, said, “These awards are a testament to Sterling Bank’s unwavering commitment to empowering Nigerian entrepreneurs, particularly youth and women.

“We believe that by supporting MSMEs, we are not just growing businesses, but building the foundation for a more robust and inclusive economy. This recognition from DBN further motivates us to intensify our efforts in driving sustainable economic growth through strategic financing initiatives.”

29/08/2024

The amount of currency outside the Nigerian banking system fell to N3.66 trillion in July 2024, marking a 3.32% decrease from the previous month’s figure of N3.79 trillion.

This decline, the second this year, reflects the Central Bank of Nigeria’s continued efforts to tighten liquidity and encourage the deposit of funds into the formal banking sector.

The July decrease is notably larger than the 0.62% drop observed between March and April, when the amount fell from N3.63 trillion to N3.61 trillion, according to Nairametrics.

The amount of currency outside the Nigerian banking system fell to N3.66 trillion in July 2024, marking a 3.32% decrease from the previous month’s figure of N3.79 trillion. This decline, the second…

29/08/2024

Alphabet’s Google is reportedly considering a significant investment to establish a hyperscale data center in Vietnam, marking the first major venture of its kind by a leading U.S. tech company in the country.

According to a source familiar with the matter, Google is exploring the development of the data center near Ho Chi Minh City, leveraging the strategic advantages of Vietnam’s southern economic hub.

While the exact scale of the investment remains undisclosed, it is expected to provide a substantial boost to Vietnam’s technology sector, according to WMedia.

Alphabet’s Google is reportedly considering a significant investment to establish a hyperscale data center in Vietnam, marking the first major venture of its kind by a leading U.S. tech company in …

29/08/2024

The National Oil and Gas Suppliers Association of Nigeria has urged the Federal Government to tackle the issue of multiple taxation, which it views as a significant barrier to business operations.

This was disclosed by the National President of NOGASA, Benneth Korieduring a press briefing in Abuja on Wednesday, according to The Punch.

Korie emphasized the detrimental effects of excessive and double taxation on businesses.

The National Oil and Gas Suppliers Association of Nigeria has urged the Federal Government to tackle the issue of multiple taxation, which it views as a significant barrier to business operations. …

29/08/2024

The President of the Natural Oil and Gas Suppliers Association of Nigeria, Mr Benneth Korie, has identified inadequate road infrastructure as a key factor contributing to delays in petroleum product distribution.

Korie made this disclosure at a press briefing in Abuja on Wednesday, according to The Punch.

Korie highlighted the pressing need for improvements in the nation’s road network to boost the efficiency of petroleum deliveries.

The President of the Natural Oil and Gas Suppliers Association of Nigeria, Mr Benneth Korie, has identified inadequate road infrastructure as a key factor contributing to delays in petroleum produc…

29/08/2024

No fewer than 72 illegal crude oil refining sites were uncovered in the past week, the Nigerian National Petroleum Company Limited disclosed in a video report.

The 72 illegal refineries were reportedly discovered and destroyed in Rivers, Delta and Abia states.

On August 18, a vessel was said to have been arrested by men of Operation Delta Safe with 12 suspects on board in the Southern Ijaw area of Bayelsa State.

“The tugboat was caught loaded with stolen Shell Petroleum Development Company flow lines, which shows that not only did the thieves break the pipelines in order to connect their pipes, but they also harvested oil pipelines as well,” the NNPC said.

It revealed that the 12 arrested suspects were in custody for further investigation.

It was added that 46 vessel automatic identification system infractions were recorded at sea, while 24 wooden boats conveying stolen crude were apprehended in Rivers and Bayelsa States.

The state-owned energy firm stated that on land, several vehicles loaded with stolen crude were apprehended in Delta, Rivers and Bayelsa States.

29/08/2024

The Minister of Power, Adebayo Adelabu, has clarified that electricity consumers who get free prepaid meters will have up to 10 years to repay the cost.

Adelabu’s statement contradicts claims that customers who pay for meters would be refunded through energy credit.

Speaking recently in Ibadan, the minister, who acknowledged that the cost of meters had been on the increase, said funding was a major challenge.

According to Adelabu, the Federal Government would fund the meter procurement through different initiatives while the customers pay back over time.

“We can get funding for this meter and allow the customers to pay over time.

“When the government starts procuring meters, we’ll give it to the customers, and we’ll deduct the money over 10 years. In which case, you will not even feel it at all,” he stated.

He explained further that a customer who bought an energy credit of N5,000 might have N100 deducted for the ‘free’ meter he got from the government.

“Probably, if you buy a credit of N5,000, maybe N100 will go into the meter that we have given you. So, that’s what we are trying to do. We bring these meters in and reduce the gap that we have in the meters,” he posited.

Adelabu maintained that the Federal Government and the states had raised N100bn for the procurement of prepaid electricity meters.

28/08/2024

Nigeria’s daily oil production decreased by 160,000 barrels per day in the second quarter of 2024.

This was disclosed in the recent National Bureau of Statistics report.

The report revealed that during this period, the country averaged a daily production of 1.41 million barrels per day (mbpd), down from 1.57 mbpd in the first quarter.

However, it is higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 190,000 barrels.

Nigeria’s daily oil production decreased by 160,000 barrels per day in the second quarter of 2024. This was disclosed in the recent National Bureau of Statistics report. The report revealed t…

28/08/2024

The Nigerian Shippers’ Council has directed Inland Container Nigeria Limited to bear 70% of a $72,777 liability following a dispute over a damaged shipment of black-eye beans.

The council issued this directive as part of its resolution on a complaint filed by USBAB MultiChoice Limited, which exported two containers of black-eye beans from the Kaduna Inland Dry Port to Jebel Ali Port, Dubai, United Arab Emirates, according to The Punch.

The exporter, USBAB, attributed the damage to delays allegedly caused by ICNL and the shipping line, Maersk Nigeria Limited.

The Nigerian Shippers’ Council has directed Inland Container Nigeria Limited to bear 70% of a $72,777 liability following a dispute over a damaged shipment of black-eye beans. The council issued th…