Category: Business

E-payment: Cheque transactions plunge to N5trn

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From an all-time high of N17.8 trillion recorded in 2009, value of cheque transactions has been on steady yearly decline to hit an all-time low of N5 trillion in 2018, New Telegraph has learnt. The volume of transactions also dropped to nine million from 10.8 million in 2017, according to statistics released by the Nigeria Interbank Settlement System (NIBSS). The decline is attributed to the growing preference for electronic payment channels, which are considered faster than cheque. For instance, in 2018, transactions over Point of Sales terminals, which is one…

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‘Banks’ addiction to mobile apps heightening fraud’

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Incidences of mobile-related financial frauds may be on the increase in the country as banks roll out more mobile applications and Unstructured Supplementary Service Data (USSD) services, New Telegraph has learnt. This also comes with the disclosure that the banks in rolling out the services, most times sacrifice security for ‘ease-of-use’. Industry statistics shows that mobile payment fraud in the country rose from N248.14 million in 2015 to N347.645 million in 2017 and still growing. According to the Managing Director, Digital Knowledge Associates, Mr Benedict Anyalenkeya, this is happening because…

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Forbes’ billionaires: Dangote retains spot as Africa wealthiest

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*BUA boss, Rabiu, re-emerges with $1.6bn Four Nigerians including Alhaji Aliko Dangote, Mike Adenuga, Folunsho Alakija and Abdulsamad Rabiu have been listed among top billionaire in Africa with a combined net worth of $22.2 billion. In the latest ranking by Forbes, Dangote, Africa’s prolific investor, retained his position as the wealthiest man in the continent. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20 per cent drop in the stock price of Dangote Cement, his most valuable…

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NSE moves 723.79m shares worth N12.21bn

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The Nigerian Stock Exchange (NSE) on Friday moved a total of 723.79 million shares valued at N12.21 billion in 5,752 deals. The turnover represented a growth of 65.72 per cent when compared with 436.75 million worth N5.88 billion traded in 4,047 deals on Thursday. Zenith Bank was the most active stock, exchanging 147.03 million shares worth N3.67 billion. It was trailed by United Bank for Africa with an acount of 142.37 million shares valued at N1.06 billion, while Guaranty Trust Bank traded 72.75 million shares worth N2.83 billion. Transcorp sold…

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CPS: Male contributors maintain 59% dominance

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  Latest report by the National Pension Commission (PenCom) has revealed that male workers have continued to lead in their pension contributions under the new pension scheme, New Telegraph has learnt.   According to checks, the data, compiled by the commission as at September 30, 2018, shows that the male contributions to their Retirement Savings Accounts (RSAs) is 59 per cent higher than that of females.   While the number of male contributors stands at 5,846,166, that of the female c is 2,425,782. The total makes up the current figure…

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NDE: Youth development central to economic growth

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The Director General of the National Directorate of Employment (NDE), Dr Mohammed Labaran, has said that youth empowerment remains one of the major ingredients to economic development of any nation.   He spoke in Ilorin, Kwara State during an interactive meeting on the new strategy for the implementation of the Skills for Job Training Component of the Youth Employment and Social Support operation (YESSO).   The DG he said youth empowerment was important in the development agenda of the three tiers of government.   He said the strategy being deployed…

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PENGASSAN tackles FG over urgent refinery repairs

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Oil workers under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have once again called on the Federal Government to hurry up on the repairs of the nation’s refineries.   Making the call in Abuja, the President of the association, Comrade Francis Olabode Johnson, also warned against the planned sale of the refienries under any guise.   Johnson, while speaking at the 5th NNPC Group Executive Council (GEC) Triennial Delegates Conference,  according to a statement, said: “We strongly appeal to the Federal Government to hasten…

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ANAN praised for sustaining professionalism

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  The Association of National Accountants of Nigeria (ANAN) has been lauded for sustaining professionalism in service delivery over the years.   Deputy Governor of Lagos State, Idiat Adebule, made this commendation at the opening of the 6th Session of ANAN 2018 Mandatory Continuing Professional Development (MCPD) Programme in Lagos.   Represented by the Permanent Secretary, Office of the Deputy Governor, Yetunde Odeajayi,  Adebule identified with the association for helping to instill consciousness of probity and accountability in the minds of workers in both the public and private sectors.  …

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PIGB: Stakeholders demand urgent presidential assent

Doris Anyanwu

Concerned stakeholders as well as legal professionals have again reminded the country’s leadership of the urgency in endorsing the Petroleum Industry Governance Bill (PIGB), a document, which delay has resulted in the country losing over N3 trillion annually in oil and gas sector.   Re-echoing the urgency last week during a Nigeria Bar Association Roundtable on Nigeria’s Petroleum Industry Reforms, the discussants including lawyers and oil and gas experts, said assenting to the bill would an create efficient and effective governing institutions with clear and separate roles for the petroleum…

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