Economy
Verve Rewards Over 64000 Cardholders With N50m
By Modupe Gbadeyanka
Over 64000 cardholders of Verve were recently rewarded with more than N50 million in cash and other prizes through the Verve Good Life Promo organised in collaboration with First City Monument Bank (FCMB), Union Bank, United Bank for Africa (UBA) and Zenith Bank.
At the grand prize presentation ceremony held at Radisson Blu, Lagos, 15 lucky winners were gifted power generating sets and television sets, while the top 100 transacting cardholders during the promo were rewarded each with N10,000.
According to the leading payment cards and digital tokens brand, the winners emerged from across the six geo-political zones in the country.
The Verve Good Life Promo commenced on February 1, 2022, and came to an end on March 31, 2022. During this 8-week period, cardholders were rewarded with a 10 per cent cashback reward.
Speaking at the prize presentation ceremony, the Group Chief Marketing and Communications Officer of Interswitch Group, Ms Cherry Eromosele, congratulated all the winners and expressed her gratitude to the partner banks for supporting Verve’s effort to reward cardholders.
She reiterated Verve’s commitment to the development of an inclusive payment ecosystem across the African market that supports financial inclusion, growth and economic development.
The marketing expert explained that the objective of the Verve Good Life Promo was to create invaluable experiences for cardholders and reward them for their loyalty.
“Verve remains focused on providing secure and innovative payment solutions to cardholders. Beyond these overarching goals, we are also dedicated to creating rewarding experiences for our cardholders who have chosen us as their preferred card brand and to rewarding them for their loyalty. This was the rationale behind the introduction of Verve Good Life Promo 2.0.,” she said.
“For our cardholders across the country, it has been eight (8) gratifying and exciting weeks with over N50 million worth of rewards handed over to over 64,000 cardholders.
“We are hereby rewarding 15 lucky Verve cardholders with a power generating set or television set who were selected through a series of transparent, randomly generated draws supervised by the relevant regulatory bodies,” Ms Eromosele said.
One of the winners, Mr Udeme Akpabio, expressed joy at winning a power generating set and appreciated Verve’s effort at recognizing cardholders’ loyalty, urging other Verve cardholders to consistently use their cards to enjoy efficient payment solutions.
The grand prize presentation ceremony was done in the presence of representatives from the Federal Competition and Consumer Protection Commission (FCCPC), The National Lottery Regulatory Commission (NLRC), FCMB, Union Bank, UBA and Zenith Bank, among others.
By Adedapo Adesanya
The United States has lamented Nigeria’s import ban on 25 different products, particularly in agriculture, pharmaceuticals, beverages, and consumer goods, as it rationalised the recent decision to slap a 14 per cent retaliatory tariff.
The United States Trade Representative, in a statement on Monday posted on its X platform, said Nigeria’s restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit US market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for US businesses looking to expand in the Nigerian market,” it wrote.
Last week, the administration of President Donald Trump imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the US.
In response, the Nigerian Minister of Trade, Industry, and Investment, Mrs Jumoke Oduwole, said Nigeria would take a pragmatic approach and will boost non-oil exports to deal with the drawbacks from the US move.
She also said Nigeria will be willing to negotiate and will be speaking with the World Trade Organisation (WTO) on the way forward.
On his part, the Minister of Finance, Mr Wale Edun, said that the Economic Management Team (EMT) would meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the US.
He said the EMT will afterwards, make recommendations to cushion its impact on the nation’s economy.
The Minister also said the federal government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Mr Edun also assured that while the adverse effect on Nigeria will be through an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
By Adedapo Adesanya
Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.
Speaking on the development, Mr Edun welcomed the development, calling it a timely response to Nigeria’s youthful demography.
He said this fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.
On his part, NSIA CEO, Mr Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.
“With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative,” Mr Umar-Sadiq said.
By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.
By Adedapo Adesanya
The Minister of Finance, Mr Wale Edun, has said the country’s Economic Management Team (EMT) would meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.
Mr Edun made the disclosure while speaking at an event organised by the Ministry of Finance Incorporated (MOFI) on Monday.
The Trump administration recently imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.
He said the EMT will afterwards make recommendations to cushion its impact on the nation’s economy, noting that the federal government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Mr Edun stated that while the adverse effect on Nigeria will result in an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
The Finance Minister noted that the US, which is at the centre of the tariff war had on April 2, announced that it would exempt mineral exports, including oil.
“Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out.
“There’s global uncertainty at a huge level, so nobody knows exactly what will happen- the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.
“So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”
Mr Edun also highlighted plans to look at budget adjustment, expenditure prioritisation as well as innovative non-debt financing strategies.
According to him, Nigeria had recorded a trade surplus in the last three years (2022-2024) with the US.
“Nigeria-US Trade has been in surplus in the last 3 years (2022-2024). Nigeria’s exports to the US were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022-2024, respectively.
“Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to N5.08 trillion in value while non-oil was just N0.44 trillion.
“Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.
“The adverse effect on Nigeria will be through oil price plunge. We are intensifying efforts to ramp up crude oil production to curtail any price effect
“We are also focusing on non-oil revenue mobilisation by FIRS and Customs, budget adjustment and prioritisation where possible, and also and innovative non-debt financing strategies,” the Minister said.
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