Month: January 2020

Tech fund: Telecoms, bank CEOs face prosecution over default

admin

  Reps move to probe N200bn debt Chief executive officers of telecommunications companies, banks, and other ICT firms in the country may soon be prosecuted for failing to pay the statutory one per cent contribution to the National Technology Development Fund (NITDEF).  This came as the House of Representatives begins to investigate the non-payment of the due. The fund, which is targeted at developing technology across the country, has suffered neglect over the years as companies expected to contribute to the fund shunned it.  The value of the default by…

Read More

MAN: Manufacturers’ production value declines by N15bn

admin

     Manufacturers Association of Nigeria (MAN) has disclosed that poor macroeconomic ambience, infrastructure issues and poor regulation by government agencies resulted to the country’s manufacturing production value declining to N4.61 trillion in first half of 2019 from N4.76 trillion recorded in the corresponding half of 2018. Consequently, the figure shows N15 billion or 3.2 per cent decline as many local manufacturers faced production headwinds in the first half of 2019. MAN, in its latest economic summary report for the first half of 2019, explained that the country’s manufacturing sector…

Read More

Contributors’ right amid rising pension assets

admin

  Since the inception of the Contributory Pension Scheme (CPS), there have been consistent efforts by the regulator and operators to enlighten contributors on the workings of the scheme and also expose them to their rights and obligations as they differ from the rested Defined Benefit Scheme. Sunday Ojeme reports   No doubt, pension assets under the Contributory Pension Scheme (CPS) remains one of the fastest investment portfolios in the country.    As at today, the assets have moved steadily without a trace of blemish from a few million naira…

Read More

Adesina commends UK over investments in AfDB

admin

President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended the United Kingdom’s Department for International Development (DFID) over its investments in the bank. He made the commendation while speaking at the at the UK-Africa Investment Summit, “Sustainable Infrastructure Forum.” Noting that the DFID is a key strategic partner of the AfDB, Adesina disclosed that since the DFID joined the bank in 1983, its “strong and consistent support for the African Development Fund has helped us to support the development of low-income states, especially the fragile states.” According…

Read More

FirstBank wins double awards 

admin

First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

Read More

Moody’s explains sub-Saharan Africa’s 2020 outlook

admin

 Moody’s Investors Service has said that the negative 2020 outlook for sovereign credit worthiness in sub-Saharan Africa (SSA) reflects the worsening external environment, weak government finances and subdued GDP growth. In a report released yesterday, the rating agency stated that countries in sub-Saharan Africa had made limited progress in reducing risks linked to elevated debt burdens and debt servicing needs, while growth won’t be strong enough to meaningfully buttress incomes or increase economic resilience. “The less predictable external environment is aggravating sub-Saharan African sovereigns’ existing challenges and make them more…

Read More

NSE records N127bn loss on profit taking

admin

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session. Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of equities depreciated by N127 billion…

Read More

Central banks, BIS partner to study digital currencies

admin

The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank and Swiss National Bank, together with the Bank for International Settlements (BIS) have created a group to share experiences as they assess the potential cases for Central Bank Digital Currency (CBDC) in their home jurisdictions. In a press release, the BIS said the group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. The group is also expected to closely coordinate with…

Read More

ATCON to telcos: Notify your customers before line deactivation

admin

  The Association of Telecommunications Companies of Nigeria (ATCON) has advised its members to ensure they notify their customers before deactivating and re-allocating their lines.  This followed recent subscriber concerns over the re-allocation of unused Subscriber Identity Module (SIM) by telecom operators. President of the association, Mr. Olusola Teniola, who gave the advice, said though the operators were not under any obligation to do this, it would be an extension of their customer care service.  “Telecom operators must improve their customer service by ensuring that the subscribers are informed before…

Read More