Author: Mary Osisanya-Bello

Funmi Aiyepeku, Head of Innovation, Growth, and Business Transformation at FoodCo, emphasizes the significance of brick-and-mortar retail in sustaining Nigeria’s consumer goods market and driving economic growth. Contrary to initial concerns, digitization has become a key ally in accelerating growth in the sector. Aiyepeku highlights the benefits of physical retail stores, including quality assurance, credibility, and unique customer engagement opportunities. She notes that brick-and-mortar retail stimulates macro-economic activities across various industries, such as real estate, construction, and ICT, and creates job opportunities at scale. While acknowledging the growing influence of e-commerce, Aiyepeku stresses that digitization has transformed the retail landscape.…

The Apapa Area Command of the Nigeria Customs Service has announced a remarkable revenue generation of N1.23 trillion between January and July 2024. This surpasses the total revenue collected for the entire year of 2023, which stood at N1.17 trillion. In a statement released on Wednesday, the command revealed that July’s revenue collection of N202 billion is the highest monthly collection in the service’s history. Customs Area Controller, Babatunde Olomu, attributed the success to the implementation of the time release study initiated by the Comptroller-General of Customs, Adewale Adeniyi. This initiative aimed to facilitate trade without delay, yielding outstanding results…

The Central Bank of Nigeria (CBN) has auctioned $876.26 million to end-users, marking a significant move to strengthen the ailing naira. The auction, conducted on August 6, 2024, aimed to enhance foreign exchange liquidity, alleviate demand pressure, and support price discovery. As a result, the naira appreciated against the US dollar, trading at N1,596.52/$ from N1,601/$ on Tuesday. The CBN received a total bid valued at $1.18 billion from 32 authorized dealers, with 26 banks qualifying for the auction. The bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction, and all end-user accounts will be funded with…

Heirs Insurance Group (HIG) has appointed Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance arm, Heirs General, to bolster its leadership and governance for future growth. Ibrahim Puri, a seasoned financial services leader with over 30 years of experience, and Sonny Iroche, a veteran with over four decades of experience in finance and investment promotion, bring invaluable expertise to the company. Their appointments are expected to enhance HIG’s position as an industry leader, delivering exceptional value to stakeholders. Tony Elumelu, Chairman of Heirs Holdings, welcomed the new directors, stating that their exceptional leadership and track…

The Central Bank of Nigeria (CBN) has approved Providus Bank Limited’s acquisition of Unity Bank Plc, with an 80-20 asset ownership split. The takeover is supported by a N700 billion loan from the CBN, structured as a 20-year term loan at an interest rate of MPR minus 11 percent, subject to a minimum of six percent. The loan will be repaid semi-annually, with a principal moratorium of five years. The CBN’s approval is contingent upon the financial support, which will address Unity Bank’s total obligations to the central bank and other stakeholders. The merger aims to bolster the stability of…

Nigeria’s inflation rate soared to a 28-year high of 34.19% in June, causing widespread hardship. Food inflation rose by 40.87%, attributed to insecurity in agricultural regions. As a result, many Nigerians struggle to afford essential food items. According to the UN’s 2024 report, 172 million Nigerians (78.7% of the population) couldn’t afford a healthy diet in 2022. The report stated that a Nigerian would need about $3.83 daily to afford a healthy diet. In response to the crisis, many Nigerians have turned to cheaper local food options like cocoyams, soybeans, and spinach. Cocoa yam has become a popular substitute for…

Sage Grey Technologies Limited has launched three initiatives to boost small and medium-scale businesses in Nigeria: TradePlus Marketplace, TradePlus Vendor Loan Scheme, and the Isolo Tech Facility. The launch event was held in Lagos, where the Managing Director, Temitope Runsewe, explained that the goal was to provide practical solutions through technology to create an immediate impact. He highlighted the benefits of the TradePlus platform, including increased visibility, bulk sales, and export opportunities for SMEs. The initiatives aim to bridge the gap between trading and financing, streamlining retail digital lending and inventory monitoring. Investment and Technology Promotion Associate, Hyeladzira Battah-Mhya, commended…

Data expert Gideon Abegunrin, based in the United Kingdom, stresses the importance of open data in driving sustainable development in Nigeria. At the Niger Delta Digital Summit press conference, Abegunrin highlighted the benefits of open data, including enhanced transparency, innovation, and economic growth. He emphasized that Nigeria can leverage open data to unlock its potential for sustainable development, but responsible management and accessibility to all are crucial. Abegunrin noted that open data can improve public services, decision-making, and accountability, and aid in the fight against climate change. Meanwhile, Olaniyi Adigun, Chairman of the Aviation Ground Handling Association of Nigeria, emphasized…

NNPC has launched a new crude oil blend with a current production of 28,000 barrels per day, aiming for 50,000.The Nigerian National Petroleum Company Limited (NNPC) on Monday announced the introduction of Utapate crude oil blend, a new crude grade into the international oil market.The new blend is from Oil Mining Lease (OML) 13 and is fully operated by NNPC Exploration and Production (NEPL), the national oil company’s upstream subsidiary.A statement by the Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, said that the Utapate crude oil blend commenced operations in July 2024, with its first cargo headed for…

NCC has mandated telecom operators to simplify tariffs, bundles, and promotions, ensuring clear, accurate information for subscribers.The Nigerian Communications Commission (NCC) has issued guidelines on tariff plans, bundles and promotional activities. The directive for the guidelines was issued to telecommunications operators, asking them to simplify their tariff plans, bundles, and promotional activities.The NCC, in a statement issued on Monday and signed by its Director, Public Affairs, Mr. Reuben Muoka, stated that the directives would provide clear, easy-to-understand, and accurate information about the cost of voice, short messaging service (SMS) and data services to subscribers.The directive, titled, “Guidance on the Simplification…

Former President Olusegun Obasanjo has said that those benefiting from the lucrative business of fuel importation are going to make efforts to frustrate the Dangote Petroleum Refinery.Obasanjo stated this in the wake of allegations by the President of the Dangote Group, Alhaji Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20bn refinery.This came as it was gathered on Monday that the multi-billion dollar refinery and other domestic refineries had yet to purchase crude oil in naira based on the directive of President Bola Tinubu to the Nigerian National Petroleum Company Limited.In an interview with Financial Times, the…

A Federal High Court in Lagos has halted the sale of Nigeria Air to Ethiopian Airlines.The court declared null and void the sale of the shares of Nigeria Air to Ethiopian Airlines after determining the issues in the suit.Justice Ambrose Lewis-Allagoa on Monday ordered that the Federal Government’s plans to establish a national carrier, Nigeria Air, should be halted.The judgment was delivered in favour of the Registered Trustees of the Airline Operators of Nigeria and five other aviation industry stakeholders.Justice Lewis-Allagoa granted all the reliefs sought by the plaintiffs except for the request for N2bn in damages.The plaintiffs in the…

Fintava, a Nigerian fintech company, and Bizipay, an agent network in Kano, have unveiled an initiative aimed at expanding financial access to over 100,000 unbanked individuals in Jigawa State.The partnership, according to a statement on Tuesday, seeks to bridge the financial inclusion gap in the state by leveraging Bizipay’s extensive agent network to provide banking services to the unbanked population.Fintava will provide a customised Point of Sale and ATM cards, enabling beneficiaries to access essential goods and services from palliative shops across the state.The fintech operator noted that the initiative aligns with the Jigawa State Government’s efforts to establish cashless…

Investment experts have advised that when it comes to transferring wealth to Generation Z, digital strategies must be at the forefront.This came to the fore at the recent Cordros Summit in Lagos, with the theme ‘Wealth Revolution’, where leading financial experts gathered to explore innovative strategies for transferring wealth to Generation Z.According to reports, Generation Zs are in line to inherit trillions of dollars from their parents and guardians in the next 10 years globally with their penchant for holding assets in digital format.Experts noted that it was important to tailor wealth transfers to fit their financial behaviours and expectations.In…

The Bank Directors Association of Nigeria have distanced itself from the views of some bank chairmen on the proposed foreign exchange windfall tax.The Chairman of the association, Mustapha Chike-Obi, who disclosed this via his X (formerly Twitter), noted that BDAN would communicate its views on the issue after its board meeting on August 12.He said, “I have read the personal views of some bank chairmen on the windfall tax issue. Those views do not represent the banking community. BDAN will communicate its views after our board meeting on the 12th(August), on this and other very important issues concerning our community.”In…

The Minister of Budget and Economic Planning, Atiku Bagudu, has expressed dissatisfaction with the inadequate support from international development partners, noting that the government had anticipated greater assistance for its reform efforts to yield results.He said the international bodies have not provided enough support to consolidate the “bold, courageous, and risky” reforms undertaken by the current administration since its inception over a year ago.He advocated enhanced international development assistance to African countries, suggesting that it should be more proportional to their populations.Bagudu said this in an interview with journalists on the sidelines of the just concluded African Caucus meeting with…

The value of customers’ deposits in banks has risen to N136tn as of the end of the first quarter of 2024, data from the Nigerian Exchange Limited and banking industry have indicated.In Q1 2024, the banking sector recorded an inflow of about N21tn in new deposits to push the sector’s total deposits to about N136tn, on course to surpass the 2023 financial year’s performance, which stood at N115tn.Total deposits in the banking sector rose by 63 per cent from about N70.5tn in 2022 to about N115tn in 2023 and hit about N136tn in March 2024, representing an increase of 18.26…

Amidst worldwide worries, Asian stock markets dropped on Monday, with Japan’s Nikkei 225 and Topix indexes plunging more than 10%.Stock markets in Asia reportedly plunged on Monday, following big falls last week by major indexes around the world.In Japan, the Nikkei 225 and Topix indexes were both down by more than 10% in afternoon trade.It comes after weak jobs data in the US on Friday sparked fears of a recession in the world’s largest economy.Meanwhile, the yen has been strengthening against the US dollar since the Bank of Japan raised interest rates last week, making stocks in Tokyo more expensive…

NACCIMA President Dele Oye says the non-payment of FX forwards by the CBN has severely crippled companies, causing bankruptcy.The National President, Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Mr. Dele Oye, on Sunday lamented that the non-payment of Foreign Exchange (FX) forwards had severely crippled affected companies, pushing many towards bankruptcy.He said businesses and banks involved are now burdened with exorbitant interest rates, averaging over 35 per cent.Speaking exclusively to THISDAY, Oye said the financial strain had damaged the companies’ reputations and strained relationships with international trading partners, who are perplexed by the Central Bank of…

Sterling Financial Holdings reported a profit after tax of N16.26bn for the first half of the year, a 52.3 per cent increase compared to N10.68bn in the same period last year.This growth was driven by higher net interest income and efficient cost management.This was disclosed in the condensed unaudited group interim financial statements for June 2024. The company’s interest income rose to N120.88bn from N76.73bn, marking a 57.5 per cent increase, on the back of improved yields on loans and advances and increased investment in high-yielding securities.Interest expenses increased by 100.3 per cent to N63.29bn from N31.61bn in the prior…