Reps Approve $5.8bn Loan Request, $10m Grant from Islamic Bank

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere Nigeria has been ranked sixth on the Africa Financial Markets Index released recently think tank Official Monetary and Financial Institute Forum (OMFIF) and sponsored by Barclays Africa Group Limited (BAGL). According to the report posted on the website of OMFIF, the index ranked the maturity, openness, and accessibility of 17 financial markets in Africa based on both qualitative and quantitative criteria. Also, development of local investor capacity and ability to attract foreign capital were key points of focus of the indexing. The 17 markets surveyed were Botswana, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia,

By Adedapo Adesanya Swiss-based group, Seedstars, has launched the application for its $24,000 hackathon which seeks to leverage technology and entrepreneurship to further its mission of impacting the lives of people in emerging markets. Themed Digital Democracy Challenge, the programme seeks innovative, low-cost and viable digital solutions to support and establish resilience in civic and democratic public spaces where the rights to freedom of expression and association are restricted. The goal is to develop innovative solutions and contribute to furthering Goal 16 of the global Sustainable Development Goals (SDGs). Ultimately, unique solutions to promote digital democracy, ensure the continued existence

By Omoshola Deji The novel Coronavirus (Covid-19) is ravaging the earth as economic and social restriction continues with no end in sight. As of April 14, Covid-19 has infected over 1.9 million persons and killed over 100,000 globally. In Nigeria, the confirmed cases are still fairly low – but on the rise. 323 cases and 10 deaths have been reported as of the aforementioned date. For one thing, Covid-19 has proven to us that the world is a global village and we are one single family. When Nigerians heard about a virus outbreak in China late last year, many never

By Dipo Olowookere Kwara State Governor, Mr Abdulfatah Ahmed, has restated his willingness to assist local government councils in the state to meet their obligations such as the payment of salaries and pensions. Governor Ahmed, who spoke through a statement issued on Thursday by his Senior Special Assistant on Media and Communications, Dr Muideen Akorede, in response to a press conference by the state chapter of the Local Government Pensioners Association of Nigeria blaming the state government for the salary and pension arrears at the LG, however stressed that such assistance is subject to resources at the state government’s disposal.

By Modupe Gbadeyanka A revolutionary email-based billing, payment and banking software system called ‘EmailMoni’ has been launched by UBA and MEC Inc. Business Post gathered that EmailMoni is expected to transform the payments, invoicing/billing and remittances landscape in Africa because it represents the world’s latest fin-tech for cloud banking and social payment system. “We are proud to open any frontier for e-payments in Africa with EmailMoni. This conforms with our desire to continuously deliver innovative and convenient payment options to our customers. Our innovations in the digital banking space have been possible because of our huge investments in building efficient,

By Dipo Olowookere The stock market closed in the green territory on Tuesday after Okomu Oil, Dangote Cement and 13 others lifted the Nigerian Exchange (NGX) Limited by 0.50 per cent. Business Post reports that renewed interest in the shares of Okomu Oil caused its value to rise by 10.00 per cent yesterday to close the session at N106.15. Learn Africa appreciated by 9.00 per cent to sell for N1.09, Champion Breweries rose by 4.71 per cent to trade at N2.00, Unilever Nigeria appreciated by 3.86 per cent to N12.10, while Cornerstone Insurance gained 3.57 per cent to quote at

By Modupe Gbadeyanka A total of N51.3 billion was remitted to the federal government’s Consolidated Revenue Fund (CRF) by the Nigerian Communications Commission (NCC) in the first quarter of 2019. A statement signed on Monday by the agency’s Director of Public Affairs, Mr Henry Nkemadu, disclosed that the remittance was in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007). According to the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the payment represents “Payment on Account” in respect of operating surplus of N44 billion and N7.3 billion spectrum assignment fee collected, both of which are due to

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has given banks a two-week ultimatum, starting from June 8, 2020, to resolve all errors or complaints involving failed Automated Teller Machines (ATM), Point of Sale (POS) terminals and other electronic banking transactions. The apex bank also gave timelines for reversals and resolution of refund complaints on electronic channels. The Director of Corporate Communication at the CBN, Mr Isaac Okorafor, in a statement seen dated June 1, 2020, noted that the review was to further enhance service quality, particularly quick refunds when customers experience failed transactions, and dispense errors or disputes.