Month: July 2019

Rewane: Telco PSBs to boost FG’s financial inclusion agenda

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The Central Bank of Nigeria’s (CBN) commitment towards achieving 95 per cent  financial inclusion rate by 2024 would be enhanced if the apex bank licenses mobile network operators (telcos), as Payment Service Banks (PSBs), Chief Executive Officer, Financial Derivatives Company Limited’s (FDC), Mr. Bismarck Rewane, has said. According to the financial expert, telco PSBs have some key advantages over deposit money banks, which will make them more effective agents in promoting financial inclusion in the country. Rewane, who stated this in the FDC’ s latest Monthly Economic Update, obtained by New Telegraph…

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Labour hails Jakande at 90

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  The Trade Union Congress (TUC) of Nigeria, Lagos State Council has congratulated a former Governor of Lagos State, Alhaji Lateef Jakande, as he marks 90th birthday.   In statement signed by the State Chairman, Comrade Gbanga Ekundayo and the Secretary, Comrade Aladetan Abiodun, in Lagos, TUC eulogised Jakande in view of the fact that his 90th birthday came at a time Nigeria is in need of a servant leadership as epitomised by him.   “The leadership of TUC Lagos State is not surprise at the copious felicitation coming from…

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CBN’s decision on securities to hurt banks

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  There are indications that deposit money banks in the country may find it difficult maintaining current levels of profitability due to new measures introduced by the Central Bank of Nigeria (CBN), which aim to compel lenders to increase lending to the real sector by restricting their investment in government securities.   As part of such measures, the CBN had barred DMBs from buying Treasury bills for their own accounts at an open market auction held on July 18. According to traders, the apex bank told lenders that their bids…

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NLC seeks end embargo on employment

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    The Borno State chapter of Nigeria Labour Congress (NLC) has advised the state Governor, Babagana Zulum, to lift embargo on employment.   The Chairman of the congress, Mr Bulama Abiso, while making the call in Maiduguri, also commended the governor for releasing N1 billion for payment of 34 months pension arrears owed retired workers in the state, adding that the union was prepared to initiate sound programmes to improve workers’ welfare.   Describing the payment of pensioners as a welcome development, he said the state government had adopted…

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14 vessels lift N298.9bn liquefied gas from Onne Port

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    As the price of natural gas in Asia remains steady since last month, no fewer than 14 vessels have left Onne Port between June and July this year with 947, 000 metric tonnes of Liquefied Natural Gas (LNG). The liquefied gas is valued at N298.9billion ($830.5million) in the Asian market. In the last six months, the price of LNG in Asia has reached $877 per metric tonnes. It was learnt that the surge in the export of the product is as a result of high demand driven by…

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Nigeria’s potential labour force to rise by 350%

Alade Jones

      As Nigeria’s population and that of other African countries keeps increasing with little or no control, the continent has been projected to have a larger workforce than of Asia by the end of the 21st Century.   The continent’s working-age population will grow by two billion to 2.75-billion in the next 80 years, while Asia’s will decline by 415-million, or 13 per cent even as both continents wrestle with different demographic and economic challenges.   Specifically, Nigeria’s potential labour force is projected to rise by almost 350…

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Debts consume terminal operators’ N3trn investment

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    Despite the huge investment in the port industry, operators of bonded terminals are in bad debts.   It was learnt that some terminals have been closed down because of bad debts and poor infrastructure.   According to the Executive Secretary of the Association of Indigenous Bonded Terminal Operators of Nigeria (AIBTON), Mr Haruna Omolajomo, some members of the association had invested more than N3trillion in the Nigerian port sector.   He explained that the investments include building, equipment and other assets.   Omolajomo said in Lagos that the association…

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Royal Exchange cedes 39% stakes to German investor

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    A German firm, InsuResilience Investment Fund (IIF), has acquired 39.25 per cent stake Royal Exchange General Insurance Company, a subsidiary of Royal Exchange Plc.     IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”), is by the acquisition injecting a total of N3.6 billion into REGIC, which is expected to boost the firm’s chances of meeting National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital.     As one of…

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AFCON: How Super Eagles played without being insured

Stella Ofiko

  …as pact between NFF, Wapic Insurance crashes     As the African Cup of Nations (AFCON) finally comes to an end, reports have revealed that none of Nigerian players is among top 10 African internationals with the highest insurance value; a development that further unveils the low ranking of players from African most populous and resource endowed country.   This is coming just as New Telegraph finding also revealed that the much celebrated Memorandum of Understanding (MoU) between Nigerian Football Federation (NFF) and Wapic Insurance Plc in respect of…

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MTN Nigeria records 35% profit growth

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 Telecoms services provider, MTN Nigeria Plc, has disclosed that its unaudited second-quarter (Q2) 2019 financial performance recording 34.8 per cent increase in profit after tax.  The profit after tax, according to report from the Nigerian Stock Exchange, stood at N98.931 billion from N73.395 billion reported in 2018, accounting for a growth of 34.79 per cent.  Profit before tax stood at N141.8 billion in H1 2019 as against N108.3 billion in H1 2018.  MTN Nigeria’s revenue for the period under review stood at N566.9 billion, as against N505.6 billion during the…

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