Category: Money market

The New Africa Magazine Names Onyeali-Ikpe, Banda, Taylor, Senator Olujimi, Others As Outstanding Women in Africa

JUSTINA EMMANUEL OKPARA

The New Africa Magazine, a strong believer in the culture of recognition for both men and women who have been shaping the vision and progress of the African continent, has released its list of 110 Outstanding Women in Africa for the year 2022. Some of those picked for the special recognition are the first female Managing Director, Fidelity Bank Plc, Ms. Nneka Onyeali-Ikpe; Hon. Joyce Hilda Banda, Fmr. President of Malawi, Hon. Jewel Howard Taylor, Vice President of Liberia; Jamila Sedqi, First Moroccan Female Judge at the UN Administrative Tribunal,…

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The New Africa Magazine Names Onyeali-Ikpe, Banda, Taylor, Senator Olujimi, Others As Outstanding Women in Africa

JUSTINA EMMANUEL OKPARA

The New Africa Magazine, a strong believer in the culture of recognition for both men and women who have been shaping the vision and progress of the African continent, has released its list of 110 Outstanding Women in Africa for the year 2022. Some of those picked for the special recognition are the first female Managing Director, Fidelity Bank Plc, Ms. Nneka Onyeali-Ikpe; Hon. Joyce Hilda Banda, Fmr. President of Malawi, Hon. Jewel Howard Taylor, Vice President of Liberia; Jamila Sedqi, First Moroccan Female Judge at the UN Administrative Tribunal,…

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Finance Minister Faults CBN On Planned Currency Alteration

Onyinye Obianwu

…asks Senate to probe proposal Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmad, has reportedly disowned the new Central Bank of Nigeria (CBN) policy on redesigning the Nigerian currency, the naira. The Minister made this disclaimer when she was to a question raised by Senator Opeyemi Bamidele representing Ekiti Central, during the 2023 budget defence session with the Senate Committee on Finance. Reports reaching voiceofnaija.ng have it that the Finance Minister warned the CBN of the dire consequences that may arise from its new policy. The Senator asked: “Just two…

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Report Ranks Lagos Fourth In Africa’s Dollar Millionaires

Admin

A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million. The report shows South Africa’s business hub Johannesburg has 15, 200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs. Another South African city, Cape Town,…

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eNaira: Report Casts Doubt On Prospects

Admin

While Nigerians and the Central Bank of Nigeria (CBN) are still basking in the euphoria of the successful launch of the country’s version of digital currency, eNaira, a new report has raised the alarm the lack of trust in Federal Government’s disposition to policies could negatively affect the prospect of the initiative. According to the Bitcoin.com News report, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. It noted that in addition, some analysts insist the digital currency’s already tenuous position…

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Tax Fraud: FG Reneges On Global Pact To Curb Investments In Tax Havens

Admin

Despite recent outcry over Nigerian public and private officials’ criminal investments in countries, which exempt them from paying taxes, the Federal Government has refused to join about 140 other countries to curb the fraud through a 15 per cent corporate minimum tax. According to the report released over weekend, nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax. The…

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Wema Bank commended for SMEs Business School

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Beneficiaries of the maiden Wema Bank SME Business School have commended the novel and impactful initiative, disclosing that they have gained immensely from it. The Wema SME Business School equipped Micro, Small and Medium Enterprises with the basic management knowledge required to effectively run their businesses and respond to challenges in an ever-demanding business environment. The five-day free training programme was held recently in Lagos featuring 50 participants. They were trained using a robust curriculum spanning the broad areas of finance, marketing and sales, leadership, technology, branding, strategy, innovation and…

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Digital currency: CBN picks technical partner

JUSTINA EMMANUEL OKPARA

Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank. This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. A…

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Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

Admin

The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

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FCMB, Mercy Corps to uplift farmers, vulnerable in North East

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About 500,000 farmers and vulnerable people in Nigeria’s North-East zone can now access farming friendly and demand-driven financial services.  It is the result of First City Monument Bank’s (FCMB) partnership with Mercy Corps, a frontline international aid organisation.  A bold and landmark intervention, the partnership supported by USAID-funded Feed the Future Nigeria Rural Resilience Activity, will deliver funding and capacity-building support to smallholder farmers and vulnerable people living in the conflict-affected states of Adamawa, Borno, Gombe and Yobe. The Feed the Future Nigeria Rural Resilience Activity aims to facilitate and…

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