Economy
NIPOST Reactivates IMTO, Super Agent Licences to Offer Financial Operations
By Adedapo Adesanya
The Nigeria Postal Service (NIPOST) will deliver financial services across Nigeria and beyond, following the renewal of its International Money Transfer Operator (IMTO) and Super Agent licenses with the Central Bank of Nigeria (CBN).
This was disclosed by the Postmaster General and CEO of NIPOST, Mrs Tola Odeyemi, disclosed this during a Channels TV programme, monitored by Business Post on Monday.
According to her, the postal service is seeking to boost its revenue through the reactivation of these two services.
She also disclosed that NIPOST surpassed N10 billion last year driven by increased digital technology adoption.
According to her, the service has renewed its licenses with) and paid some fines to begin delivery of financial services after about eight years since the business was shut down.
“NIPOST has two licenses, a Super Agents license as well as an International Money Transfer Operator license. Unfortunately, something had happened with that IMTO license, and it was shut down for about seven, eight years.
“But last year, we were able to pay off all the fines, and it’s now back up,” she said.
Mrs Odetola said NIPOST has begun signing bilateral agreements with different countries to facilitate cross-border payments and remittance.
According to her, African countries are the main target because that is where most Nigerians face challenges in cross-border payments, revealing that some of Nigeria’s West African neighbours are already on board.
“Sending money from Cameroon to Nigeria is harder than sending money from the US to Nigeria. So, right now we have signed bilaterals with Togo, Benin, and I think a couple of other countries.
“There’s a particular agreement that right now is going through the justice system,” she said.
Speaking on the exceeding the N10 billion annual benchmark last year, Mrs Odetola said that the record would become insignificant with the new push into other businesses.
“We actually surpassed N10 billion last year, and that was just by digitizing some of our processes and plugging leakages.
“I think for the Nigerian Postal Service, N10 billion naira is a scratch,” she added.
According to her, the major services of NIPOST can generate much more for the nation, even as operations within the organization have been drastically optimized to ensure optimal service delivery that yields more revenue.
The Postmaster General highlighted several transformation strategies, including deeper integration with Nigeria’s fast-growing e-commerce space, expanding digital services like PostMoni, and leveraging the National Addressing System to boost financial inclusion and security.
She explained that if the Nigeria Police adopts NIPOST’s addressing framework, the Force can better combat crimes and improve emergency responses.
Recall that last week, NIPOST announced partnership with KLM Royal Dutch Airlines to improve international mail delivery services.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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