General
Nigeria’a Broad Money Supply Jumps 51% to N108.96trn
By Adedapo Adesanya
Nigeria’s Broad Money Supply (M2) increased by 51 per cent year-on-year to N108.96 trillion in November 2024, spurred by domestic borrowings by the federal government from the private sector.
According to the Central Bank of Nigeria’s Money and Credit Statistics data released on Monday, these latest figures were higher than the N72.03 trillion in the corresponding period of 2023.
Broad Money Supply (M2) represents cash and demand deposits as well as savings deposits, money market deposits, and time deposits.
According to the report, the M2 recorded a six-month increase since April 2024.
The trend, however, reversed in October 2024, declining month-on-month by 1.5 per cent to N107.7 trillion from N109.4 trillion in September 2024, before shooting up again by 1.2 per cent to N108.96 trillion in November.
The report also showed that the money supply increase followed positive component changes.
Quasi-money, including savings deposits, time deposits, and other near-money assets, also rose marginally.
The data showed that Quasi Money grew by 1.96 per cent year-on-year to N72.7 from N71.3 trillion in November 2023.
Similarly, Demand Deposits increased by 34.4 per cent year-on-year to N31.6 trillion in November 2024 from N23.2 trillion in November 2023.
Currency outside banks increased by 50.9 per cent year-on-year to N4.65 trillion in November 2024 from N3.08 trillion in November 2023.
Narrow money (M1), also grew by 38 per cent year-on-year to N36.3 trillion in November 2024 from N26.3 trillion in November 2023.
According to the CBN, credit to the government increased by 54 per cent year-on-year to N39.6 trillion in November 2024 from N25.7 trillion in November 2023.
On the other hand, credit to the private sector rose year-on-year by 27 per cent to N75.96 trillion in November 2024 from N59.7 trillion in November 2023.
This resulted in a 91 per cent year-on-year rise in net domestic credit of N115.6 trillion in November 2024 from N60.5 trillion in the corresponding period of 2023.
General
Stanbic IBTC Insurance Passes Audit Certification
By Aduragbemi Omiyale
A leading life insurance service provider in Nigeria, Stanbic IBTC Insurance Limited, has passed a comprehensive audit, resulting in the issuance of an IQNET-recognised certificate.
This rigorous audit process assessed various operational aspects, financial practices, and adherence to regulatory standards, highlighting Stanbic IBTC Insurance’s dedication to exceeding industry best practices and fostering an environment of integrity and accountability.
The underwriting firm passed this audit after implementing and maintaining a Quality Management System by DQS Holding.
This system covers the scope of Life Insurance and fulfils the requirements of the following standard: ISO 9001:2015.
DQS Holding GmbH is the holding company of the worldwide DQS Group, a Frankfurt-based group that provides assessments and certifications of management systems and processes of any type.
This milestone marks a significant advancement for the company and reaffirms its commitment to maintaining the highest standards of compliance, transparency, and operational excellence in the insurance industry.
“We are thrilled to receive this certification, which recognises our commitment to upholding the highest standards of governance and accountability.
“This accomplishment reflects our exceptional team’s hard work and dedication and reinforces our promise to our clients and stakeholders,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, said.
He further emphasised the importance of trust within the insurance industry, acknowledging that it is foundational to building long-lasting relationships with clients.
“In a sector where clients need to feel secured and valued, we understand that trust is crucial. Our team’s commitment to transparency and ethical practises has been paramount in establishing this trust,” Mr Orimolade added.
He reiterated that as part of its mission to provide quality insurance products and services, Stanbic IBTC Insurance Limited will continue to strive for excellence and uphold stringent industry standards.
The recent certification is an important milestone that further enhances the company’s profile as a leading insurer in the market. It reinforces our reputation for reliability and integrity while demonstrating our readiness to meet future challenges and opportunities in the insurance landscape.
“To that end, we are dedicated to investing in our people, processes, and technology to ensure we remain at the forefront of the insurance industry. We will continue to listen to our clients’ feedback, seek innovative solutions to their needs, and adapt our services accordingly. Our goal is to meet and exceed the expectations of those who trust us,” Mr Orimolade noted.
General
Dominion City Shares Food Items, Money to Widows, Others
By Modupe Gbadeyanka
Some food items and cash worth N100,000 have been to about 500 widows and others each by a Lagos-based religious organisation, Dominion City.
The donation was made by the church during a programme themed Smile at Christmas: a Special Widows and Single Mothers’ Outreach.
Dominion City said this and other initiatives were parts of its efforts to support vulnerable individuals, uplifting communities, and fostering economic empowerment.
In November, it also empowered about 100 widows with diverse skills through one of its empowerment schemes known as Kingdomnomics, where the 10 best-performing women were provided grants of N100, 000 each to start the business they trained in.
Only recently, in December, the Christmas Outreach Program was embarked upon across the 32 satellite zones from the Lagos headquarter church with provisions of foodstuffs and clothes to over 2500 individuals on the Lekki-Epe axis in Lagos.
Every September in the past six years, the church has continued to leverage support for out-of-school children and some students through its Back-to-School Program where almost 500 children usually get education materials and a select number get scholarships.
The beneficiaries have expressed profound gratitude to the leadership of Dominion City Church for its kindness and generosity, with many describing the initiative as a divine intervention in their lives.
“There is a need to help people whom N100,000 can help them escape their current predicaments during this period of Christmas.
“Helping others to feed and survive is what the church is all about. Not living in affluence and a wasteful life while others are suffering,” the president of the church, Pastor David Ogbueli, stated.
Beyond giving out free cash, he emphasized the need for job creation that enables people to render services for wealth creation. According to him, for lots of things we are praying about, the answers are in the church.
He further encouraged some of the wealthy members to give lift to the youths by selecting about 10 individuals to mentor for one year while supporting others financially to become entrepreneurs.
Also, the resident pastor of the Lagos headquarters church, Pastor Shola Olapade, who is following in the footsteps of the president of the ministry, explained further and disclosed that the church is positioned to create leaders who will transform society.
General
2027: Peter Obi Denies PDP, LP, NNPP Merger
By Adedapo Adesanya
The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has denied any merger talks of the party with the Peoples Democratic Party (PDP), the New Nigeria Peoples Party (NNPP) or any other party.
Mr Obi made this statement during a press conference in Abuja on Thursday morning, where he addressed the state of the nation.
The former Governor of Anambra emphasised that no agreement has been reached with any party as of now, calling on all Nigerians to unite ahead of the 2027 elections to defeat the ruling All Progressives Congress (APC).
The politician also used the event to speak to the current hardships facing the nation, calling on President Bola Tinubu to feel the pulse of the country across different spheres including education, public infrastructure, and health.
He challenged the president to use local hospitals and visit educational institutions in the country to ascertain the level of development in the nation’s educational and healthcare sectors.
He also tackled the incumbent administration on its skyrocketing cost of governance and heavy reliance on debt to support its operations.
Mr Obi said borrowings must be tied to projects that would bring development to the country as against the current template of borrowing for consumption.
He alleged that government officials willfully mismanaged public funds in 2024 through incessant foreign trips.
Mr Obi condemned the endemic poverty that has led to stampedes for palliatives in parts of the country, as the new minimum wage has not solved the hunger crisis in the land.
He also called the security situation in the country unfortunate, saying Nigerians die needlessly due to banditry, terrorism, and kidnapping.
On the controversial tax reform bills, Mr Obi emphasised that it was important that the issues raised by critics be addressed.
He advised that tax should be a function of production, and if the majority of Nigerians live in poverty, the government must first make Nigeria a productive nation before taxing the people.
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