Connect with us


LCCI Solicits Support for Nigeria’s Paper, Pulp Industry



paper and pulp

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the government at all levels to put in place measures to revamp the paper and pulp sector in the country.

The call was made by the president of the chamber, Mrs Toki Mabogunje, at the ongoing Lagos International Trade Fair, where FAE Limited, Nigeria’s leading paper packaging manufacturer, unveiled a new product.

She said that the government needed to ensure that the operating environment was conducive for the industry players to enable the sector to perform at optimal capacity.

“The industry has not been performing at optimal capacity over the years due to several structural challenges, including abysmally weak domestic milling capacity, tough operating environment, policy flip-flop and poor infrastructure.

ALSO READ  Oranto to Invest $500m in South Sudan Oil & Gas Sector

“These challenges have made it increasingly difficult to attract and sustain private investment.

“The sector has for long depended on importation and this is a downside risk to the sustainability of the paperwork industry.

“Government at all levels need to show commitment by engaging measures that would revamp the sector and at the same time create a conducive operating environment for businesses,” she said.

FAE Limited, at the event, unveiled its Radio-Frequency Identification (RFID)-Blocking Automated Teller Machine (ATM) card cover as a solution to electronic pickpocketing.

Also speaking at the event, Mrs Funlayo Bakare-Okeowo, Chief Executive Officer, FAE Envelopes, said the RFID was in line with evolving technology of making contactless payments.

ALSO READ  Ambode Pays N801m to 179 Retirees

Contactless credit cards are cards that use RFID for making transactions.

Mrs Bakare-Okeowo said the RFID-blocking ATM card cover was manufactured with shielded sleeves that block RFID energy required to power the chip on the contactless card.

The industrialist said that the card cover ensured perfect protection of data and guaranteed users of monetary safety.

She said that the system allowed the cardholder to wave the RFID card in front of a contactless payment terminal to complete a transaction.

“All you need to guarantee the safety of your contactless card is FAE’s stylish security encrypted card cover.

“As good as the features of the contactless card are, not many users are aware that their cards can be read with powerful RFID readers from a distance of 100-meters by malicious hackers on the quest to steal the financial data of unsuspecting users.

ALSO READ  NSE Index Rises 2.40% as Market Capitalisation Reaches N20.281trn

“The contactless card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions.

“Payments through this card are made by tapping the card on the POS machine with contactless functions for low-value transactions; the card can also be used in a regular POS as a normal MasterCard.

“To prove your card is a contactless card, you could check for a radio wave or Wi-Fi symbol on your ATM card.

“The card covers can be customised according to colours, preferences and companies needs,” she said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply


SEC Introduces Regulatory Incubation Program for Fintechs




By Modupe Gbadeyanka

A regulatory incubation (RI) program for financial technology (fintech) companies operating or seeking to operate in Nigeria has been introduced by the Securities and Exchange Commission (SEC).

A circular issued by SEC disclosed that this framework would be officially launched in the third quarter of 2021 and will operate by admitting identified Fintech business models and processes in cohorts for a one-year period.

ALSO READ  NSE Changes Equity Price of BUA Cement to N38.55

Participation in the RI program will encompass an Initial Assessment Phase and the Regulatory Incubation Phase.

The categories to be admitted into each cohort will be determined based on submissions received through the Fintech Assessment Form and communicated ahead of each take-off date.

SEC explained that the scheme was designed to address the needs of new business models and processes that require regulatory authorisation to continue carrying out full or ancillary technology-driven capital market activities.

ALSO READ  CBN Considers e-Payment Pricing System

The RI Program has thus been conceived as an interim measure to aid the evolution of effective regulation which accommodates the innovation by fintechs without compromising market integrity and within limits that ensure investor protection.

It was disclosed that review of completed Fintech Assessment Forms will continue on an ongoing basis and those who consider that there is no specific regulation governing their business models or who require clarity on the appropriate regulatory regime for seeking the authorisation of the commission, are encouraged to complete the Fintech Assessment Form.

Continue Reading


NGX Suspends Trading on GTBank Shares Ahead of Delisting



GTBank Branch

By Dipo Olowookere

In preparation for the eventual delisting of shares of Guaranty Trust Bank (GTBank) Plc from its trading platform, the Nigerian Exchange (NGX) Limited on Friday, June 18, 2021, placed the banking stock on a full suspension.

GTBank, a tier-one lender trading its equities on the exchange, intends to transform into a financial holding company (Holdco) so as to offer a wide range of services it is restricted to do.

Some years ago, the Central Bank of Nigeria (CBN) directed banks in the country to offload their subsidiaries not performing core lending services.

This was after many deposit money banks (DMBs) were delving into different business ventures, including insurance, stockbroking, asset management, amongst others.

ALSO READ  CBN Considers e-Payment Pricing System

For the CBN, which regulates the banking industry in Nigeria, most of these banks were losing focus and were not supporting businesses that need funds to grow and then stimulate the economy in the process.

To address this issue, the apex bank asked banks to sell off their non-banking assets and this forced many of them to offload their companies not offering core banking services.

However, there was an opening for banks to still delve into other sectors within the financial and capital markets and this was by operating as a Holdco.

ALSO READ  Treasury Bills Market Trades Flat as Yields Drop to 11.70%

A few of them towed this path, including FBN Holdings, Stanbic IBTC Holdings and FCMB Group.

Not wanting to be left out, GTBank is joining the party and to achieve this, it is delisting its banking arm, which is the popular GTBank from the stock exchange.

GTBank will now operate as a private company, while the new Holdco, Guaranty Trust Holding Company Plc, will now be a public company. The shares of this new firm will be listed on the NGX after the delisting of GTBank.

ALSO READ  BREAKING: CBN Retains MPR at 14%, Liquidity Ratio at 30%

Last Friday, the stock exchange informed the investing community of the latest development, announcing the suspension of trading on GTBank shares.

In the circular sighted by Business Post, the NGX explained that the rationale behind placing GTBank stocks on full suspension is to “prevent trading in the shares of the bank” in preparation of its “eventual delisting”

Before trading on its stocks was suspended on Friday, GTBank closed at N28.55 on Thursday after appreciating by 50 kobo or 1.78 per cent.

Continue Reading


DLM Capital Remains Best Structured Finance & Securitization Team in West Africa



DLM Capital

A prominent developmental investment bank, DLM Capital Group, has emerged winner at the Capital Finance International (CFI) 2021 awards as the best-structured finance and securitization team in West Africa.

This award has been won consecutively in three years and affirms the group’s strong performance as a leading investment institution and asset manager.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

ALSO READ  BREAKING: CBN Retains MPR at 14%, Liquidity Ratio at 30%

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth.

The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans while mobilizing resources for the continent’s economic and social development.

“In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Ms Chinwendu Ohakpougwu.

ALSO READ  NSE Index Rises 2.40% as Market Capitalisation Reaches N20.281trn

“We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers.

“DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients to make a difference, and we are honoured to be recognized once again as a reflection of the quality of support offered to our clients,” she added.

ALSO READ  NSE Changes Equity Price of BUA Cement to N38.55

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 per cent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

Continue Reading

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: