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  Between the first and second month of this year, Nigeria’s pension fund asset rises from N14.99 to N15.44Trillio in two months .  Speaking to the record shown by the National Pension Commission (PenCom)  the fund increased by N266 billion in January this month, the total at the end of January was N15.26 trillion. Speaking on the report  February, the fund increase by another N183 billion to make the pension Fund Assets N15.44 trillion at the end of February 2023, making a cumulative N449 billion growth recorded on the assets within the first two months of the year. According to the unaudited report on the other pension funds industry for February, the sum of N9.92 million is the number of Retirement Savings Account (RSA) holders. As it is known that investment income was an instrument of the continuous growth in pension funds.  Similarly, the huge increase, according to findings, was attributed to new pension contributions received, interest from fixed-income securities, and net real

  Through the Diamond Extra Digital campaign, Access Bank has announced to reward customers who open their DiamondXtra Digital accounts with cash prizes, to go a long way over retail banks in Nigeria.  This was made known by Acess Bank that the Digital campaign runs from the 3rd of this month to the 30th of the month. According to Njideka Esomeju, the Group Head of Consumer Banking, said, “At Access Bank, we are all about providing customer-focused solutions to serve the needs of our customers in real-time, encouraging our customers to imbibe the savings culture to be able to achieve their dreams while putting away something for the future. We have also continued to evolve and offer various digital services and propositions that our customers would need and find most useful at this time; hence the DiamondXtra Digital." The campaign is meant for new and existing account holders and it takes only two minutes to open. Customers should open our account with a minimum of N2000 or more

  Some financial experts have opined that the Federal Government’s proposal to the incoming government to increase the Value Added Tax (VAT) from 7.5 per cent to 10 per cent will enhance the nation’s revenues if properly chanelled. The experts said this in separate interviews with the News Agency of Nigeria (NAN) on Friday in Lagos. Prof. Bright Eregha, Department of Economics, Pan Atlantic University, said raising VAT to 10 per cent would have positive impacts on the economy. “This will enhance the revenues and reduce borrowing from international developmental partners. “Smaller countries around us are having more VAT collections and why not ours, that has the largest economy in the continent,” he said. According to him, the incoming government can boost its fiscal revenues by ensuring more eligible payers into tax net. “Incorporating more people in the informal sector will enhance Government’s fiscal revenue projections, especially now that there is decline in our country’s reven

  Due to the Re-arrangement of Sterling Bank. Sterling Financial Holdings has reported 28.8 billion shares on the Nigerian Exchange (NGX). This was made known by Sterling Bank, that it has accomplished a notable discovery in its occurring transformation into a financial holdings company.  According to the bank, “Under the Scheme of Arrangement, Sterling Bank’s issued and paid-up share capital, valued at 28.8 billion outstanding shares, will be passed to the holding company in exchange for the allotment of the same units to shareholders. “This move, as ratified by the NGX, follows an approval-in-principle for  Sterling to convert to a non-operating financial holding company as granted by the Central Bank of Nigeria and is expected to enable Sterling to continue to diversify its investment portfolio and expand its presence in the financial markets. “The relisting also represents a strategic move for Sterling as it continues to build momentum and position itself for long-term success. Upo

  By the fourth quarter of 2023, Nigeria is planning to raise its domestic gas supply infrastructure network from the current 6.9 billion Standard Cubic Feet (BCF) per day to 9.1bcf with the completion of the Ajaokuta-Kaduna-Kano (AKK) pipeline. This was made known by Mele Kyari the Group chief executive officer of the Nigeria National Petroleum Company Limited (NNPC). According to him, the country is targeting a 16.6Bcf domestic gas infrastructure network by 2030 through future expansion plan to cover new markets across the country. infrastructure network by 2030 through a future expansion plan to cover new markets across the country. Speaking at the Oloibiri Lecture Series and Energy Forum 2023 organized by the Society of Petroleum Engineers (SPE) themed Effective Had a Resources Utilisation: A Lever for Enhancing Energy Security and Achieving Net-Zero Emission Goals in Nigeria, Kyari said Nigeria’s domestic gas infrastructure network has an existing capacity to transport about 6.9bc

The redesign of naira note has led to a 95.9 percent decrease in  Commercial banks’ deposits with the Central Bank of Nigeria (CBN), known as Standing Deposit Facility (SDF). According to the data obtain from the CBN’s website,banks’ deposit with their regulator (CBN) dropped to N4.69 billion as of April 4, 2023 from N112.24 billion in February 10, 2023.  According to CBN,deposit and lending are instrument of liquidity management. On October 26, 2022, the Central Bank of Nigeria (CBN) announced that the high Naira value of N200, N500 and N1,000 would be redesigned and introduced into the economy from December 15, 2022 while commercial banks were directed to return existing denominations to the CBN. The public had until the deadline of January 31 (extended to February 10 and 17) to return the old currency to commercial banks. The CBN also limited over-the-counter cash withdrawal to N100,000 and N500,000 per week for individual and corporate organisations, respectively. This was subseque

As a way of recovering about $122 million from the Abuja Electricity Distribution Company, the United Bank for Africa has disclosed its plan to sell the Disco. Meanwhile, the lender had in December 2021 taken over the disco following the government’s approval. The bank disclosed its plan to sell the Disco a its bank’s audited 2022 results conference call (strategic review and outlook). In December 2021, UBA took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed to the bank. Kann Consortium secured a loan from UBA to acquire AEDC in 2013, making it to hold a 60 per cent stake in the Disco. According to Bloomberg, Ugochukwu Nwaghodoh, the Executive Director, Risk Management and Finance, has revealed that discussion about the sale of the Disco is at an advanced level. Nwaghodoh was quoted as saying, “We are at advanced stage of discussion towards disposal and we believe that in the course of this year that will be totally consumm

A new International Finance Corporation-World Bank research has revealed that inspite of the numerous opportunities for success that access to the internet and technology provides for small businesses in Africa, less than seven per cent of microenterprises use technology for business. The report, which was released on Thursday, indicated that economists at the World Bank analysed data from a survey of 3,325 microenterprises in seven countries , which includes, Ghana, Kenya, Mozambique, Nigeria, Senegal, South Africa, and Tanzania.  According to the survey, microenterprises that used smartphones and computers “reported 2.8 times higher rates of productivity, six times higher sales levels, and 1.9 times the number of employees than non-users”. The survey also showed that less than seven per cent of microenterprises said they used digital technologies for business.” "71 per cent of respondents reported ‘no need’ for digital technologies. For instance, 35 per cent said these technolo

Since Africa's energy transition would require an estimated $100 billion yearly between 2022 and 2040, A call has gone to African leaders and investors to shift focus towards harnessing the continent of energy sources. This was the thrust of the African Development Bank (AfDB). According to the Group President, Dr. Akinwunmi Adesina, while addressing participants at the recently concluded Ninth Berlin Energy Transition Dialogue, hosted by the German Government. According to The African Development Bank(AFDB), helmsmen, there was an urgent need to reduce the world’s dependence on fossil fuels and harness Africa’s renewable energy sources. While underscoring Africa’s success and enormous potential to become a global leader in sustainable development, Akinwunmi did not fail to note the significant energy challenges confronting the African continent.  Akinwunmi Adeshina, Sighting a reviewed 2022 report, said at least 600 million people did not have access to electricity, while 970 mill

  The African bank, UBA plc has said that the 28.1% growth deposited by the Group in the 2022 Financial year was a   vouch for quality service and customers' confidence In banks According to Mr. Nwaghodoh, the Group Executive Director, Risk Management and Finance, recorded a 28.1% growth in deposits to N9 trillion from N7.02 billion during the comparable period of 2021. Nwaghodoh notes 31%  growth on PBT as strong double-digit growth in operating income. He also notes the elevated interest rate in the regime positively. He said that slight moderation in the cost of funds despite an uptick in the rate of environment was further supported by growth in retail deposits. while return in the Average of Equity(ROAE) improve to 19.7%on the back of the significant increase in profit. "customer deposits continue to dominate the Bank's Funding mix(83%)with a 22.9%YOY deposit growth. This demonstrates combined efforts toward depending on the wallet share of corporate, commercial, and

 Nigerian  National Petroleum Company Limited (NNPCL) was quarried by the Nigerian Senate over its failure to account for N102.6 billion worth of crude oil delivered to Warri and Kaduna Refineries. On Wednesday during the plenary Sanate queried NNPCL following a 2016 Auditor General Report submitted and presented by the Senate Committee on Public Accounts. The Sanates accused the Nigerian National Petroleum Limited of lifting crude oil and petrochemical company worth N102.6 billion to warri and Madonna refineries without having and keeping a record of the deliveries. Mele Kyari, the Managing Director of NNPC was directed by the upper chamber to provide detail of the crude oil delivered to warri Refinery and Petrochemical Company (WRPC) and Kaduna Refinery and petrochemical company for audit. The query reads" From the review and examination of domestic crude oil lifting sales profile presented for audit  verification, it was noted that several deliveries were stated to be jointly l

  One of the major telecommunication, Airtel Africa Investors quoted on the Nigerian Exchange Group plc(NGX), recorded a loss of about N556 billion at the end of Wednesday selling's trading session as the domestics bourse remained under sell pressure. Airtel African Investor extended period its loss for the fourth consecutive session as the benchmark index closed the trading day at 53,018.97 points. According to Airtel Investor, the telecom stock dropped by a maximum of 10% to close at N1, 331.10 percent shares from N1,479.00 which was the opening figure recorded in the previous day's trading. Further revealed that Airtel Africa closed the trading at N5.002 trillion in market capitalization on the Nigerian Exchange(NGX), as against N5.558 trillion when the day's trading activities began, still has earned a loss of N556 billion. The decline in share price can be attributed to Investors' low sentiment. Trading activities on the floor of the Nigerian Exchange Limited close

  Mutual Benefits Assurance Plc has announced the appointment of four new members to its board of directors. According to a statement by the firm, the new members of the board are Lateef Bakare and Wunmi Eniola-Jegede, who joined as independent non-executive directors, and Messrs. Joseph Oladokun and Adebiyi Ashiru-Mobolaji, who were appointed as executive directors. The underwriting firm revealed that Bakare is a chartered accountant with over 45 years of post-qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. It gurther disclosed that Eniola-Jegede is currently the executive director, business development, strategic planning & human resources at SIFAX Group. According to the statement,  Eniola-Jegede's competencies include business development, strategic planning, project management, business strategy, and organisational development. Prior to Oladokun's appointment, he was the general manager technical of Mutual Benefits Assurance.

The World Bank has loaned the Federal Government about $800 million to make provision for post-petroleum subsidy palliative for over 50 million Nigerians ahead of June 2023. This was made known by Zainab Ahmed, the Minister of Finance, Budget and National Planning, Zainab Ahmed, while speaking wih State House correspondents on Wednesday.  Ahmed stated that the $800 million forms the first tranche of palliatives ready to be disbursed to 10 million households in form of cash. She said, “There’s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 months takes us to June 2023. "Also, when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act, we made that provision to enable us exit fuel subsidy by June 2023. “We’re on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of

  The Capital Investment in Nigeria reduced sharply by over 20 percent to $ 5.32 billion in 2022 from $ 6.70 billion recorded in 2021 . The National Bureau of Statistics Report shows that the total capital Importation in the first quarter was $ 1.57 billion, which reduce to $ 1.53 billion in the second quarter. The value reduces by 24 percent to $ 1.159 billion in the third and by 8.53 percent t 1.06 billion in the fourth quarter. The loan represented the highest form of capital during the period at $ 2.311 billion. Foreign direct investment for the year was valued at $468 million, this comprised equity and other capital at $ 462.91 million and $ 5.16 million. Another investment was valued at $2.418 billion in 2022, which comprised of the total credit ($ 3.01 million), loan($ 2.311 billion), and currency deposit$(9.32 million). According to Ishaya Isa, Abuja, a based economic analyst declined the record in capital investment, and the current level of foreign investment should be a conc

Access Holdings has injected $300 million into Access Banks for capital investment of its flagship subsidiary to boost the bank expansion across Africa.  According to Access Holdings in the regulatory filing at Nigerian Exchange(NGX), the new capital investment will supplement the capital needs of the bank’s African expansion strategy The company noted that over the years, Access Bank has made significant strides towards attaining a strong market presence in the key trade and payments corridors across the African continent. The Group Chief Executive of Access Holdings, Dr. Herbert Wigwe said as a leading financial institution in the continent, the group remains foresighted in its approach to its growth and capitalisation needs. “This investment is a capstone initiative following the $500 million Additional Tier 1 capital raised by the bank in 2021 and advances its vision to be the world’s most respected African bank. “Access Holdings benefits from this non-dilutive approach to raisi

  Despite the increase in the economic challenge and stiff competition in the industry, premium pension limited one of the leading Pension Administrator in the country has grown its Assets under management(AUM) to over N1 trillion at the end of the 2022 financial report, said Mr. Ibrahim Alhassan Babayo.  This was known at the company Annual General Meeting(AGM) held at the corporate head office in Abuja  According to Babayo, the growth represents N120.93 billion and 12.08 percent over the 2021 year-end's N879.48 billion. He also said, the total number of Retirement Savings Account Holders (RSA), registered in the organization of the public and private sector as of last December 31, stood at 774,235 representing 7.85 percent of the industry.  Babayo said PPl's revenue rose by 18.34 percent to N10.039 billion from N8.484 billion recorded in 2021, resulting in a profit. Before Tax Profit of N3.988billon, increase by 32.99 percent yearly while profit After Tax(PAT) stood at N2.654

An online digital hub has gotten the African Development Bank (AfDB)'s approval $525,000 grant to serve as a repository of knowledge for fintech entities in Africa. This was made known during the signing ceremony for the Letter of Agreement between the AfDB Group and the Africa Fintech Network based on the grant to support the Africa Fintech Hub Project. Lamin Barrow, the Director-General, AfDB Nigeria Country Department, who spoke during the signing ceremony in Abuja said that the project would be executed by the Africa Fintech Network and Cenfri. Cenfri is a non-profit think tank that supports financial sector development and financial inclusion in Africa. He said, “This grant, in the amount of $525,000, will support the operationalisation of an online digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally. The Digital Hub, which is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri, wi

A report by Stanbic IBTC has revealed that t he cash crisis in Nigeria had a severe impact on business conditions in the private sector in March. The bank made this known  in its Purchasing Managers’ Index report for March titled ‘Downturn deepens in March’. It stated that “In fact, output and new orders fell more quickly than in February, while staffing levels and purchasing activity were scaled back again. “While input costs and output prices continued to rise sharply, rates of inflation softened. Output prices increased at the softest pace in almost three years. “Meanwhile, suppliers’ delivery times shortened after having lengthened in February.” The report noted that PMI readings above 50.0 signalled an improvement in business conditions in the previous month, while readings below 50.0 showed a deterioration. It stated that “The headline PMI posted 42.3 in March from 44.7 in February, moving further below the 50.0 no-change mark and signalling a sharper deterioration in business co

  Capital Importation in Quarter 4 of 2022 is attracted with a total of $168.3 million by the Nigeria'telecommunications Industry . This is the highest inflow into the sector in the last 8 Quarters, the figure is more than $107.46 million recorded by the sector in the full year of 2021. The capital Importation data released by the National Bureau of Statistics (NBS), says that the Quater4 figure is also 117.7% growth compared with $77.3 million attracted by the sector in the first quarter of 2022. At the end of the year 2022, foreign investment in the telecom sector stood at $456.82 million. The total breakdown in capital attracted for 4 quarters of the year is $57.8 million was recorded in Quater 1, $ 153.5 million in Quarters 2, $77.3 million in Quater 3, and $ 168.3 million in Quater 4.