Tag: lifestyle

CBN Announces New Measure To Boost Naira Liquidity

The Central Bank of Nigeria (CBN) has announced the implementation of new measures aimed at enhancing naira liquidity and increasing diaspora remittances.

In its latest circular, the apex bank announced on Tuesday that eligible International Money Transfer Operators (IMTOs) will now have access to naira liquidity through the bank’s window.

This initiative, it said, aims to improve the accessibility of local currency liquidity, resulting in smoother and more efficient settlement processes for remittances.

Transactions conducted before noon on a trading date will be settled on the same day, as stated by W. J. Kanya, the acting director of the trade and exchange department at the CBN.

Also, all participants in this sector, including IMTOs, authorized dealer banks, and the CBN, are required to submit daily regulatory returns containing comprehensive information on the sources of funds.

Naija News understands that under the new guidelines, IMTO operators will have direct access to the CBN window or can choose to go through their Authorised Dealer Banks (ADBs) to carry out foreign exchange transactions in the market.

The circular provides specific compliance measures to ensure the smooth operation of this initiative.

The Central Bank of Nigeria (CBN) has announced the implementation of new measures aimed at enhancing naira liquidity and increasing diaspora remittances.

In its latest circular, the apex bank announced on Tuesday that eligible International Money Transfer Operators (IMTOs) will now have access to naira liquidity through the bank’s window

This initiative, it said, aims to improve the accessibility of local currency liquidity, resulting in smoother and more efficient settlement processes for remittances.

Transactions conducted before noon on a trading date will be settled on the same day, as stated by W. J. Kanya, the acting director of the trade and exchange department at the CBN.

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Also, all participants in this sector, including IMTOs, authorized dealer banks, and the CBN, are required to submit daily regulatory returns containing comprehensive information on the sources of funds.

Naija News understands that under the new guidelines, IMTO operators will have direct access to the CBN window or can choose to go through their Authorised Dealer Banks (ADBs) to carry out foreign exchange transactions in the market.

The circular provides specific compliance measures to ensure the smooth operation of this initiative.

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Furthermore, it states that pricing on the CBN portal will align with the NAFEX traded rates, which are based on a market benchmark that is widely accepted.

The operation of this segment will follow the existing arrangements that are already in place for authorised dealers involved in foreign portfolio investment in primary market securities auctions.

The circular emphasizes that these measures are effective immediately, demonstrating the bank’s dedication to maintaining the efficient functioning of the foreign exchange market and enhancing formal remittance channels.

July 24, 2023
Dangote Sugar Registers N200bn Multi-instrument Issuance Programme With SEC

Dangote Sugar Refinery Plc said it has registered its N200 billion multi-instrument issuance programme with the Securities and Exchange Commission (SEC).

The company made this known through a statement signed by its company secretary/legal adviser, Temitope Hassan released on the Nigerian Exchange

The statement said the registration of the multi-instrument issuance programme represents a significant step for Dangote Sugar and reinforces the Company’s commitment to diversifying its funding sources in alignment with its corporate objectives.

“The management of the company will take decisions to proceed with issuances of any series of securities under the Multi-Instrument Issuance Programme in due course, subject to prevailing market conditions and obtaining relevant regulatory approvals.

“The specific details of such issuance will be disclosed in the appropriate transaction documents at the relevant time. This announcement does not constitute an offer to sell securities under the multi-instrument issuance programme. Investment decisions to participate in any issuance, and subscribe for securities under the programme will be made based on the investor’s review of the information contained in, and incorporated by reference into, the Shelf Prospectus and Pricing Supplement to be published upon obtaining regulatory approval; after due consultation with its Stockbroker, Solicitor, Accountant, Banker or an Independent Investment Adviser,” it added.

The company is a subsidiary of Dangote Industries Limited and is engaged in the refining, distributing, and marketing of granulated sugar to wholesalers and top players in the skin care, food and beverage, and pharmaceutical industries.

Dangote Sugar is Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum. In the medium term, the Company is targeting an additional 1.5MMT of refined sugar from locally grown sugarcane and is on track to becoming a leading global integrated sugar producer with its backward integration plan.

July 24, 2023
SAD: High Operating Cost Forces 146 Internet Service Providers Out Of Business – Report

Only 106 Internet Service Providers (ISPs) are currently active, out of the 252 companies licensed as ISPs as of fourth quarter (Q4), 2023, the Nigerian Communications Commission, NCC’s data revealed.

NCC data showed the 106 ISPs had a total of 262,206 active customers, during the period under review.

However, when compared to the four mobile network operators in the nation’s internet customer base, this number is still relatively low. Recall that 163.8 million internet subscribers were in use as of December 2023 across MTN, Airtel, Globacom, and 9mobile.

A number of factors, including the high cost of operating in Nigeria, difficulties with right of way (RoW), low internet access in the country’s northern region due to security concerns, the completion of standardisation with state governments, and various taxes, were cited by stakeholders as reasons for the ISPs’ inactiveness.

For instance, ISPs made a total revenue of N92,079,251,596.26, spent N5,243,381,710.22, to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment, with operating cost engulfing N71,200,884,440.55, according to the 2022 year end performance report.

WTES Projects Limited’s chief operating officer, Chidi Ajuzie, responded to this by saying that Nigerian ISPs are facing a significant survival challenge, even as he urged them to broaden their operations and search for additional opportunities for growth and profitability in addition to sustainability.

Highlighting some critical challenges faced by ISPs such as vandalisation, competition, tariffs, taxes and duties, power availability and cost, Ajuzie said this sub-sector needs regulatory support in terms of licensing issues, spectrum availability and price, inter-sector policies framework, Right of Way intervention, human security and safety at the plants.

“The past two years have been very challenging for the ISPs, with lots of damages done to infrastructures, particularly in Lagos state. Federal government needs to put out laws to enforce the protection of critical telecoms infrastructure. ISP’s business in Nigeria is viable but we need to watch out and look out for governmental support at the federal, state and local levels for enabling business environment”, he stressed.

July 24, 2023
Six companies get licences to distribute power

The Federal Government has issued six licences to different firms for the independent distribution of electricity in Nigeria, data obtained from the Nigerian Electricity Regulatory Commission showed.

An analysis of the recent licensing and permits’ sections of the commission showed that the regulator issued the Independent Electricity Distribution Network licences to the six companies in 2023.

The commission explained that the networks were designed to be independent of the main transmission system and operate on a smaller scale, providing electricity to specific areas or communities.

It said the development of independent electricity distribution networks is seen as a viable solution for improving electricity access and reliability in Nigeria.

The commission stated that it authorised the issuance of two new Independent Electricity Distribution Network licences and amendment of an existing IEDN licence in the first quarter of last year.

In the second quarter of 2023, the commission did not issue licences for power distribution networks, but stated that it “issued two new trading licences in 2023/Q2.”

The commission also stated that out of the 36 licences, permits and certifications issued in 2023/Q3, one was for the establishment of a new Independent Electricity Distribution Network, while one was a licence renewal for an IEDN.

The other licences, according to NERC, include a trading licence and certifications for Meter Service Providers and Meter Assets Providers.

The commission also issued 36 licences, permits and certifications in 2023/Q4. Three of the licences were for new Independent Electricity Distribution Network, while the others were trading licences, and certifications for Meter Service Providers and Meter Asset Providers.

July 24, 2023
Super Eagles Star Awoniyi Prays For Twin Sister On Wedding Day Amid Tears

Super Eagles striker Taiwo Awoniyi and his twin sister Kehinde shared an emotional moment during her traditional marriage in Ilorin, Kwara State at the weekend.

In a video that was posted on Instagram by the Master of Ceremony (MC) for the day, @ogetoyinbo_alaga, Taiwo was called out to pray for his twin sister, Kehinde.

The Super Eagles striker walked out with a big smile on his face and shook his twin sister’s hand before they shared a tight hug.

The moment became an emotional one after Kehinde started to cry hard, while her brother hugged her.

Taiwo who also got emotional joined his twin sister in shedding tears while praying for her.

Guests at the wedding party soon gathered around the twins to spray money on them while the bride continued crying.

July 24, 2023
Team Nigeria’s Olympic-bound Wrestlers Begin Camping In Germany On Monday

Nigeria Wrestling Federation (NWF) has said that the oversea camping stage for its wrestlers’ preparations for the 2024 Paris Olympics will begin on Monday in Saarbrucken, Germany.

NWF President Daniel Igali revealed this to the News Agency of Nigeria (NAN) yesterday in Ibadan, saying the oversea’s training would follow the ongoing local camping in Yenagoa which will end on Sunday.“Preparations for the Olympics are in top gear. We’ve been in camp in Yenagoa for over two weeks, and training so far is going well.

“We have five Olympics-bound athletes and three training partners each in camp.

“The lone male among the Olympics-bound wrestlers is not in camp yet, and that is Ashton Mutuwa who is based in the U.S.

“Already, Adekuoroye who is also based in the U.S. has now joined us. Mutuwa will join the overseas camp because of his peculiar situation.

“He has very good training partners in the US, and we want that to continue because we’re quite happy with his training situation there, which we are monitoring very closely,” he said.

Igali assured that Mutuwa was being monitored closely and so far the NWF was impressed with what he was doing.

He also said Adekuoroye has done a lot of training in respect of pace and strengthening.

“We believe that she has good training partners here in Nigeria that will really get her fortified for the Olympics, because we have a lot of hope for her at this Olympics,” the NWF President said.

He disclosed that while the wrestlers were expected to camp in Germany for three weeks, the federation was hopeful that they would be there till July ending.

”This is because we won’t start competing until August 5, and we will like to go to the Games Village for four days to our events,” Igali said.

Speaking also, Purity Akuh, the head coach of the female wrestling team, said the athletes and their training partners were in their preparation phase and working so hard.

He said his expectations as the coach was for every one of the qualified athletes to win medals at the Paris Games.

July 24, 2023
PICTORIAL: Davido, Chioma Proceed On Honeymoon On New Private Jet

Nigerian Afrobeat sensation, David Adeleke, popularly known as Davido, is jetting off to Atlanta, United States, with his newly wedded wife, Chioma, on their newly purchased $150m Bombardier Global 7500 jet.

The singer took to his X (formerly Twitter) handle on Thursday to share pictures of his new metallic bird, raising fans’ speculations that there could be a second part of #Chivido2024 in Atlanta.

Davido wrote, “Make we first launch this one.”

Videos and photos making the rounds online have shown Davido and Chioma boarding the jet with his logistics aide, Isreal DMW, and other crew members speculated to be accompanying the couple for their honeymoon in the United States.

LEADERSHIP reports that Davido wedded his long-time fiancée, Chioma Rowland, in a star-studded ceremony in Lagos on Tuesday.

The couple received two brand new SUV wedding gifts from GAC Motors. The cars were decorated with the viral wedding ‘#CHIVIDO2024’.

July 24, 2023
Kenyan President Bows To Pressure, Withdraws Finance Bill Amid Death Of Protesters

Following the death of over twenty (20) people protesting a bill containing tax hikes, Kenyan President William Ruto on Wednesday has conceded to withdraw his assent to the bill.

Protesters had while protesting the bill stormed the parliament in opposition to the legislation.

President Ruto however warned that the withdrawal of the finance bill would mean a significant shortfall in funding for development programmes targeted at helping farmers and schoolteachers, among others.

The East African nation is currently struggling to lower its foreign debt burden.

“I concede and therefore I will not sign the 2024 finance bill and it shall subsequently be withdrawn,” Ruto told a press briefing, adding, “The people have spoken.”

The administration has been taken by surprise by the intensity of opposition to its tax hikes, with protests breaking out across the country last week.

Protesters were largely conducting themselves peacefully until Tuesday when the rallies turned violent after lawmakers passed the legislation and police fired live rounds into crowds that ransacked the parliament complex.

Kenya National Commission on Human Rights said it had recorded 22 deaths and 300 injured victims, while vowing to investigate the incident.

Citizens frustration over the rising cost of living rose as lawmakers began debating the bill containing the tax hikes last week.

Government had explained that the increases were crucial to service the country’s massive debt of some 10 trillion shillings ($78 billion), equal to roughly 70 percent of Kenya’s GDP

July 24, 2023