Cloned Nigerian Anchor

Author: Chike Ozohili

  • CBN lifts restrictions on 440 accounts nationwide

    CBN lifts restrictions on 440 accounts nationwide

    Following the Directive from the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) have lifted restrictions placed on the account of about 440 of its customers nationwide.

    A Federal High Court sitting in Abuja, had in August 2021, granted the request of the CBN to freeze accounts of some fintech companies for 180 days.

    The CBN, in a motion filed at the court, stated that “the investigation being carried out concerns what has been discovered to be serious infractions by the defendants/respondents in connection with some foreign exchange transactions and non-documentation by the defendants/respondents in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria foreign exchange manual.”

    However, in a circular to DMBs signed by the Director of Banking Supervision, A.M. Barau,, the regulator directed the banks to inform all the affected customers, comprising companies and individuals of the decision. 

    “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly,” it said.  

    No reason was given for the new directive.

    Some of the companies affected by the Apex Bank decision include:

    Bamboo, Risevest, and a sports betting company, Nairabet.

    Others are: Chaka Technologies Limited, Trove Technologies Limited, and crypto exchange, Yellow Card Financial, amongst several others.  

  • Centre harps on economic justice for FCT’s Gbagyi tribe

    Centre harps on economic justice for FCT’s Gbagyi tribe

    The Executive Director, Socio-Economic Research and Development Centre, SERDEC Mr. Tijani Abdulkareem has called on the administration of President Bola Ahmed Tinubu to close the gap of marginalization and socio-economic inequality against the indigenous people of Abuja. 

    The SERDEC Executive Director, who spoke on the sidelines of the 16th Expert Mechanism on the Rights of Indigenous Peoples held in Geneva, Switzerland, said the military contributed to the disadvantaged situation the indigenous people of the FCT now find themselves in.

    According to Tijani, the military took away indigenous peoples’ lands, territories, and resources, adding that despite that, democratic governments have refused to democratize the process with effective mechanisms for compensation and socio-economic inclusion of the people.

    He said: “SERDEC emphasizes the need for inclusion and participation of Abuja indigenous People in governance, noting that Decree 16 of 1976 which created Abuja militarized the rights of the Abuja indigenous people and displaced them from their ancestral land through a military-managed dictatorial compensation and relocation process which lack the democratic and transparent firm to infuse socio-economic justice for the FCT indigenous people.

    The subsequent democratic government has refused to democratize the process of mainstreaming the FCT indigenous people into the state, local and national framework of economic, political, and social development, this has presented glaring inequality across all fronts.

    “All over the world, indigenous peoples are recognized by their own history and values backed by international instruments like the International Convention on Indigenous Peoples, the ILO Convention 169 all of which emphasize the protection of indigenous peoples, including their intellectual and cultural property rights.”

    Tijani insisted that the indigenous people of the FCT have suffered decades of socio economic marginalization following the forceful taking over of their land engendering the people and the culture that keeps both balance.

    “SERDEC, therefore, calls on the new administration to meet her international obligations by domesticating the various international conventions that will strengthen the indigenous communities in Abuja, protect their culture, and include them in the political and economic development processes,” he said.

    Tijani urged the new administration to adopt legislative, policy, and administrative measures that will lead to the empowerment of indigenous people by providing them with access to basic livelihood, cultural rights, right to land, territories, resource, and economic opportunities enjoyed by other citizens with state status.

  • Anthrax: FG deploys 50,000 vaccines to Niger State livestock farmers

    Anthrax: FG deploys 50,000 vaccines to Niger State livestock farmers

    Federal Government has flagged off the distribution of 50,000 free doses of Anthrax vaccines to livestock farmers in Niger State in order to ensure safety of livestock as well as prevent the spread of the disease to unaffected animals and human.

    According to a statement signed Wednesday by Chief Information Officer of the Ministry of Agriculture and Rural Development, Mrs Eremah Anthonia, quoted the Permanent Secretary in the ministry, Dr. Ernest Afolabi Umakhihe, as saying the vaccines have been given to the State for the commencement of mass vaccination of all livestock within 12 kilometres radius of the farm where the disease was first diagnosed.

    The Permanent Secretary, who was presented by the Deputy Director Veterinary and Pests Control Services, Dr. Abdulkareem Durosinlorun, said the government was also planning to carry out free anthrax vaccination campaign on other states.

    According to him, “We have also placed restrictions of movement on animals within the farm where the outbreak occurred for the next 20 days from the date of the onset of the outbreak.

    “This is to ensure that if these animals are infected, they do not infect other animals around them, the farm, its equipment and surroundings will also be thoroughly disinfected while the Ministry will also mount surveillance in slaughter slabs, abattoirs and livestock market around the farm and similar locations in the country to detect the disease early before it spread”, he added.

    In his remarks, the Emir of Suleja, His Royal Highness, Mallam Muhammad Awwal commended the FG for its prompt response noting that the outbreak of the disease in his domain came to him as a shock.

    While assuring of his readiness to collaborate with the government to curtail the disease, the Emir urged the Federal Government to collaborate with the State government pointing out that without synergy among the stakeholders nothing can be achieved.

  • CBN Affirms: e-Naira to complement existing physical notes

    CBN Affirms: e-Naira to complement existing physical notes

    The Central Bank of Nigeria (CBN) on Wednesday said that its e-Naira policy was designed to complement the existing physical Naira and to provide a more efficient, secured, and accessible means of payment.

    Mr. Haludu Andaza, Branch Controller, CBN, Bauchi said this on Wednesday, when the Apex bank took its e-Naira policy campaign to the Federal Polytechnic, Bauchi.

    Andaza also said the policy would aid financial transactions in institutions, adding the e-Naira was the digital currency of Nigeria.

    According to him, it represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.

    “One of the primary advantages of the e-Naira lies in its unparalleled convenience, because with this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

    “The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios.”

    The branch controller explained that the e-Naira operated on robust blockchain technology, ensuring a high level of security.

    “This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.

    “By adopting the e-Naira, we booster the integrity and trustworthiness of our financial ecosystem,” he said.

    Andaza also said the e-Naira initiative was expected to play a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services.

    He stressed the need for the polytechnic community to embrace and migrate to the cashless system for financial security and efficiency using the E-Naira platform.

    “This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experiencing the benefits of financial empowerment.”

    In his remarks, Alhaji Sani Usman, Rector of the institution lauded the CBN initiative and campaign to educate the management and Nigerians on the e-Naira policy.

    He assured that the institution would embrace the policy and ensure its success by ensuring that both staff and students were keyed into it. 

  • Another fuel price hike looms as Goldman Sachs projects crude price at $86

    Another fuel price hike looms as Goldman Sachs projects crude price at $86

    Nigerians may be set for another Premium Motor Spirit (PMS) price increase as if the prediction by Goldman Sachs is anything to go by.

    Analysts say that because of the removal of fuel subsidy, the expected increase in the crude oil price to $86 per barrel will naturally shoot up the pump price of petrol in Nigeria.

    Anderson Okojie, a marketer, said the meaning of fuel subsidy removal is that petrol prices will increase or decrease if certain factors move in a certain direction.

    “So with the expected increase in the prices of crude oil, the same is expected to see petroleum products rise correspondingly”.

    Another set of analysts say the increase in the international price of crude oil ought not to affect the price of petrol in Nigeria since the country specifies direct sales.

    That is because the supply of petrol is to be refined for the Nigerian market, and so no increase in the market should affect petrol price since refined crude is not being sold.

    Joel Ogude, an exporter, said, there is a special arrangement for supply of crude oil for the refinery to be shipped to Nigeria. According to him, the major costs are freighting and landing costs among others.

    Goldman Sachs has predicted that oil prices are set to rise to $86 per barrel at year-end, from $80 now, as record-high oil demand and lowered supply will lead to a large market deficit.

    “We expect pretty sizable deficits in the second half with deficits of almost two million barrels per day in the third quarter as demand reaches an all-time high,” Daan Struyven, head of oil research at Goldman Sachs, told CNBC’s “Squawk Box Asia” program on Monday.

    For a record high this summer, supply is shrinking. The production and export cuts from OPEC+ and the slowdown in U.S. oil production growth will also play a part in large deficits in the third quarter this year.

    According to Goldman’s Struyven, “We expect U.S. crude supply growth to slow down pretty significantly to a sequential pace of just 200 barrels per day from here.”

    The total rig U.S. count fell to 669 last week, according to Baker Hughes data last Friday.

    So far this year, Baker Hughes has estimated a loss of more than 100 active drilling rigs. Last week’s count is also 406 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic.

    Also last week, oilfield services giants Halliburton and Baker Hughes both signaled softer demand for drilling on the North American market.

    At the same time, there is already evidence of lower supply from OPEC+.

    Russian crude oil exports have shown signs of decline for a second consecutive week and are estimated to have sunk to a six- month low in the four weeks to July 16. Russia is preparing to cut 500,000 barrels per day (bpd) off its oil exports in August, and shipping plans so far suggest that Russia could deliver on at least part of its pledge to reduce oil exports next month.

    Saudi Arabia’s crude oil exports have also started to decline, to below 7 million barrels a day in May, for the first time in many months.

    Crude shipments out of the world’s top exporter could further decline as Saudi Arabia is now cutting its production by 1 million bpd in July and August.

  • AMAC seeks Petroleum Agency’s support to tackle unemployment, others

    AMAC seeks Petroleum Agency’s support to tackle unemployment, others

    The Chairman of Abuja Municipal Area Council (AMAC), Hon. Christopher Zakka Maikalangu, has solicited the support of the Nigerian Petroleum Regulatory Commission (NUPRC) in tackling erosion and other ecological issues affecting the council. 

    Speaking Tuesday during a courtesy visit on the management of NUPRC, Maikalangu urged the Commission to always consider AMAC in its Corporate Social Responsibility programmes and to consider qualified unemployed youths for employment and sponsorship in its training.

    He said: “We are here basically to discuss issues of partnership and interest and above all, forge an alliance for the good of our individual organizations and the country at large. Although we are fully conversant with the statutory mandate of the Commission as it relates to oil and gas administration, we believe in your ability to be responsive to the yearnings of your immediate host community by impacting on relevant public policies.

     “Your commission is within our soil in AMAC, which qualifies for every description of a host community. As your host, we call for greater collaboration. We are therefore here to seek areas of collaboration with NUPRC, especially in sensitizing our youths against restiveness and vandalism of public property such as those belonging to the NNPC and NUPRC.

    “We are therefore constrained to ask your management to always consider AMAC in your Corporate Social Responsibility programmes and use your good office to consider employing our qualified unemployed youths for employment and sponsorship in your training. 

    “We would also appreciate it if you could find some of our ecological and environmental issues, especially those that border on climate change. I also implore you to kindly consider the sponsorship of skills acquisition empowerment schemes, especially construction and equipping of existing centres as well as sponsorship of local and international training opportunities for the teeming, qualified, unemployed youths.”

    Responding, NUPRC Chief Executive, Engr. Gbenga Komolafe, represented by the Head of General Administration, Dr Aminu Zaria, said that the management will look into the training of AMAC youths as the training will pave the way for self-employment. 

  • FBNH announces Otedola as Non-Executive Director

    FBNH announces Otedola as Non-Executive Director

    First Bank Holding Plc has announced the appointment of billionaire investor, Mr Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.

    In a notice of the meeting sent to shareholders, Otedola was listed as a substantial shareholder with 5.57 per cent of the total shareholdings, translating to 10,000,000 units of shares directly held and 1,989,342,376 units of shares held indirectly under Calvados Global Limited as of June 30, 2023.

    Similarly the group is seeking shareholders’ approval to raise additional capital at the group’s Annual General Meeting (AGM) scheduled for August 15, 2023.

    The capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.

    “That the Rights Issue referred to in Resolution may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities. That the shareholders, under Resolution, will waive their preemptive rights to any unsubscribed shares under the Rights Issue in the event of an under-subscription.

    “That the Directors be authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.

    “That Clause 6 of the Memorandum of Association of the Company is amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.

    “That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.

    FBN Holdings Plc reported N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year ended June 30, 2023. 

  • Planned Charges Hike: FCCPC to sanction PoS operators

    Planned Charges Hike: FCCPC to sanction PoS operators

    The Federal Competition & Consumer Protection Commission (FCCPC), has warned the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) not to engage in illegal increase in Point of Sale (PoS) charges.

    The Executive Vice Chairman/Chief Executive Officer of FCCPC, Babatunde Irukera, in a statement on Monday, said the action comes as a reminder to the operators that its earlier advisory to them still stood.

    According to Irukera, “On Wednesday, July 5, 2023, the Federal Competition & Consumer Protection Commission issued a Release/Advisory informing and discouraging the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) its members, and Point of Sale (PoS) Operators from engaging in coordinated or concerted efforts (otherwise known as price-fixing or cartel), and or acting in furtherance of any such coordinated or concerted efforts to uniformly determine, announce or implement changes in price[s] of services they render. 

    “The Commission from monitoring news channels, and continuing surveillance regarding subjects of regulatory concern has become aware of what appears to be an adamance of AMMBAN and their insistence on a membership-wide implementation of illegal conduct.

    “Specifically, certain news coverage and reportage suggest that a supposed national publicity secretary of the purported AMMBAN has dismissed regulatory statements while confirming a resolve to execute what has been declared illegal, which is a concerted and coordinated approach to uniformly fixing and implementing prices or modifications thereto.

    The FCCPC helmsman warned that the Commission will not fail to invoke the full weight of the law on the Association should they decide to go ahead with their plan to increase PoS charges.  

    The Commission expressed concern about such statements, noting that the impunity associated with defiance or persisting in a course of action prohibited by law, and clearly forbidden by regulators usually constitutes aggravating factors in determining penalties for illegal conduct where applicable.

    The FCCPA provides the Commission with statutory tools to ensure compliance and penalise violations of the law. As previously noted, some of these penalties are stiff.

    Accordingly, the Commission in escalating this in accordance with the FCCPA and ancillary instruments, has entered an Order & Notice (ONC) of the Commission to AMMBAN, persons identified as executives, members and non-member PoS operators to Cease and Desist from conduct that constitute an infringement of the law.

    “The Commission therefore advised PoS operators that violation of an order of the Commission attracts additional consequences apart from the underlying illegal conduct that is the subject of the order such as up to N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of up to three months for individuals.   

    “In addition to stipulated statutory consequences, although the Commission prefers not to disrupt the business and operations of small enterprises, it will, (if it becomes necessary) prohibit merchant services and privileges to PoS operators or AMMBAN members who persist in conduct that is inconsistent with law and economic efficiency,” the Commission said.

  • Innoson plans to establish car fuel conversion centres nationwide

    Innoson plans to establish car fuel conversion centres nationwide

    Innoson Vehicle Manufacturing (IVM), has said it would establish car fuel conversion in all its service centres before the end of 2023.

    Currently, the vehicle manufacturer is converting only vehicles produced by the company from fuel to Compressed Natural Gas (CNG) to suit the current economic situation occasioned by the removal of the fuel subsidy.

    The pronouncement by President Bola Tinubu during his swearing in speech that ‘fuel subsidy was gone’ had led to a hike in the pump price of fuel from N197 to over N500 before it was further increased to N617 per litre by the NNPC Limited.  

    Speaking on Monday in Onitsha, Head of Corporate Communications at Innoson Group, Mr Cornel Osigwe, said CNG vehicles are more durable, easier to maintain than petrol vehicles and the gas is cheaper than petrol.

    Osigwe added that the challenges associated with cars or vehicles converted to CNG was that they were easier to maintain and more environmentally friendly.

     “It is more environmentally friendly than petrol vehicles; Nigeria has a large abundance of gas.

    “We just want other industry players to come in and take advantage of this opportunity and it will be better for Nigeria’s economy as we have it now”, he said.

    When asked about the cost of converting a car or vehicle from fuel or diesel to a CNG, he noted that when there was huge demand for conversion, the price would automatically go down.

    “But I believe that it is what an average vehicle user can afford,” he said.

  • Nigeria’s equity market records impressive N145bn gain

    Nigeria’s equity market records impressive N145bn gain

    The Nigerian Exchange witnessed a positive trading session on Monday, resulting in a substantial gain of N145 billion.

    Notably, companies such as Dangote Sugar, FBNHoldings, Stanbic IBTC, and Northern Nigeria Flour Mills contributed significantly to this surge.

    The market capitalization of listed equities experienced a 0.41% increase, rising to N35.539 trillion from N35.394 trillion recorded on the previous Friday.

    Furthermore, the NGX All Share Index showed remarkable growth, surging by 264.89 basis points to reach 65268.28 points, compared to the previous close at 65003.39 points.

    Among the notable companies that performed remarkably well, FTNCocoa, Gloxosmith, Lasaco, and Nascon achieved a 10% growth at the end of the trading session. Stanbic IBTC closely followed with a gain of 9.97% to close at N68.95 per share.

    On the flip side, Ikeja Hotel experienced the most significant loss, dropping by 10% to close at N2.70 per unit.

    Multiverse trailed with a loss of 9.97%, while EllahLakes dipped by 9.86%. However, Abbay Building Society and Thomas WY managed to gain 9.82% and 9.55% respectively.

    The volume of transactions also saw a notable increase, with investors trading 831.50 million shares valued at N12.94 billion in 9768 deals, representing a 7.88% rise in volume compared to the previous day.

    FBNHoldings led market activities during the day with 346.996 million shares valued at N7.436 billion, followed by United Bank for Africa with 62.786 million shares worth N925.937 million, and FCMB Group with 45.744 million shares worth N312.107 million.

    Overall, the Nigerian equity market showcased resilience and positive momentum, attracting investor interest and contributing to the overall economic outlook.