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  • Atiku Faults CBN Shutdown of Cryptocurrency Transactions

    Atiku Faults CBN Shutdown of Cryptocurrency Transactions

    Former Vice President Atiku Abubakar has faulted the decision of the Central Bank of Nigeria, CBN, to shutdown cryptocurrency operations.

     

    The former Vice President noted that with Nigeria’s economic crisis, the country needs all the help it can get to get out of its present economic quagmire.

     

    He said this in a statement titled, ‘We Need To Open Up Our Economy, Not Close It’, which he signed and made available to newsmen in Abuja, on Saturday.

     

    Atiku said, “The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation.

     

    “What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.

     

    “Already, the nation suffered severe economic losses from the border closure, and the effects of the COVID-19 pandemic.

  • Sanwo-Olu Set To Phase Out ‘Danfo’ Buses in Lagos

    Sanwo-Olu Set To Phase Out ‘Danfo’ Buses in Lagos

    Governor Babajide Sanwo-Olu of Lagos is planning to phase out the yellow-coloured commercial buses, otherwise known as danfo, in the state.

     

    The state Commissioner for Transportation, Dr. Frederic Oladeinde revealed this during a virtual meeting where he disclosed that the yellow buses will be replaced with blue buses.

     

    He explained that the move is in accordance with the state government’s transportation masterplan.

     

    “We are reforming the bus sector and over time, Lagos will phase out the yellow buses because the yellow buses are not conducive for a mega city like Lagos. That is why we are coming with blue buses you see around.

     

    “We are inviting the private sector to participate in the provision of public transport services. We are also deploying technology just to ensure that we can up our game in terms of efficiency.”

     

    Responding to questions raised regarding the Apapa gridlock, the commissioner said the government was committed to ending the traffic menace by committing hectares of land in Iganmu and Ogun as transit truck parks while relying on the Eto app which would be deployed on February 27.

     

    He said, “Lagos State in collaboration with the Nigerian Ports Authority invited a concessionaire and that concessionaire developed an Eto app that will be deployed February 27.

     

    “Lagos State has committed 31 hectares of land in Iganmu called the Bola Ahmed Tinubu Truck Park to complement what is at Lilypond and we are talking to the Ogun State Government to secure a land in Ogere.”

     

    Similarly, Oladeinde said, the state had come up with a parking strategy named the Lagos State Parking Strategy. He disclosed that a parking authority had been set up with the mandate to regulate parking on the roads.

  • World Bank Approves $500m To Boost Nigeria’s Electricity Sector

    World Bank Approves $500m To Boost Nigeria’s Electricity Sector

    World Bank has approved $500 million to support Nigeria to improve its electricity distribution sector.

     

    The bank, in a statement on Friday, said that the project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large scale metering program desired by Nigerians for a long time.

     

    It explained that financial support would be provided to private distribution companies only on achievement of result in terms of access connections, improved financial management and network expansion.

     

    According to the bank, 85 million Nigerians do not have access to grid electricity.

     

    “This represents 43 per cent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world,” the statement said.

     

    “The lack of reliable power is a significant constraint for citizens and businesses resulting on annual economic losses estimated at $26.2 billion (N10.1 trillion) which is equivalent to about 2 per cent of GDP.”

     

    The statement quoted Shubham Chaudhuri, World Bank Country Director for Nigeria, as saying that “Improving access and reliability of power is key to reduce poverty and unlocking economic growth in the aftermath of the global COVID-19 pandemic.”

     

    “The operation will help improve the financial viability of the DISCOs and increase revenues for the whole Nigerian power sector which is critical to save scarce fiscal resources and create jobs by increasing the productivity of private and public enterprises,” it said.

     

    The bank said the Nigeria Distribution Sector Recovery Program (DISREP) will help improve service quality as well as the financial and technical performance of distribution companies by providing financing based on performance and reduction of losses.

     

    It further explained that the project complements the support provided under the Power Sector Recovery Operation (PSRO) approved in June 2020.

     

    “Specifically it will ensure that distribution companies make necessary investments to rehabilitate networks, install electric meters for more accurate customer billing and to improve quality of service for those already connected to the grid.

     

    “It will also help strengthen the financial and technical management of DISCOs to improve the transparency and accountability of the distribution sector,” the statement said.

     

    The statement also quoted Nataliya Kulichenko, World Bank task team leader for the project, as saying “The program will only be eligible to those DISCOs that transparently declare their performance reports to public with actual flow of funds based on strict verification of achieved performance targets by an independent third party.

     

    “The program would also make meters available at affordable prices to all consumers in Nigeria a long pending demand of Nigerians,” World Bank said.

     

    The statement added that the programme will reduce the CO2 emissions of the Nigerian power sector by reducing technical losses, increasing energy efficiency, replacing diesel and biomass with grid-electricity and investing more in on and off-grid renewable energy.

     

    “DISREP supports the development of regulatory guidance on climate-resilient infrastructure and facilitates inclusion of climate risk in decision making,” the statement reads.

     

     

     

  • CBN Prohibits Cryptocurrency In Nigeria

    CBN Prohibits Cryptocurrency In Nigeria

    The Central Bank of Nigeria (CBN), on Friday, February 5, 2021, issued a stern warning to banks across the country over transactions relating to cryptocurrency.

     

    In a memo addressed to Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and members of the public, the apex bank ordered financial institutions across the country to persons and entities transacting or operating in cryptocurrency exchanges.

     

    The circular signed by Director of Banking Supervision, Bello Hassan stated: ”The CBN circular of January 12, 2017, refFPRIDIRGENT R/06/010 which DMBs, NBFIs, and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.

    “Further to another regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.

     

    “Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”

  • Stocks Shed N20bn As Insurance Firms Lead Losers

    Stocks Shed N20bn As Insurance Firms Lead Losers

    Investors lost N20bn on Wednesday as the nation’s stock market extended its decline to the third consecutive trading session amid profit-taking.

     

    Five insurance stocks were among the top six losers at the end of trading on Wednesday.

     

    The market had on Monday started the month on a negative note, ending a five-day gaining streak.

     

    The market capitalisation of equities listed on the Nigerian Stock Exchange had risen by 3.44 per cent last week as the market continued its upward trend for five consecutive trading sessions.

     

    Investors gained over N1tn in January as the market capitalisation rose to N22.19tn on Friday from N21.06tn at the start of the month.

     

    The NSE All-Share Index, however, dropped by 0.13 per cent on Monday to 42,357.90 basis points from 42,412.66bps last Friday, while the market capitalisation fell to N22.16tn from N22.19tn.

     

    The ASI fell further on Tuesday to 42,043.79bps while the market capitalisation lost N70bn to close at N21.99tn.

     

    On Wednesday, the benchmark index dipped by 0.10 per cent to 42,000.01bps while the market capitalisation declined by N20bn to N21.970tn.

     

    Twenty-seven stocks recorded price reduction on Wednesday, with Linkage Assurance Plc topping the losers’ table as its share price dipped by 9.88 per cent to N0.73.

     

    Other top losers were Champion Breweries Plc, Regency Alliance Insurance Plc, African Alliance Insurance Plc, Wapic Insurance Plc and Niger Insurance Plc.

     

    Nineteen stocks, led by NCR Nigeria Plc, recorded gains at the end of trading.

     

    It was followed by Consolidated Hallmark Insurance Plc, Prestige Assurance Plc, McNichols Plc and Eterna Plc.

     

    Analysts at Cordros Capital Limited noted that the bearish sentiments persisted in the equities market, following profit-taking on Guaranty Trust Bank Plc, Wapco Insurance Plc and Ecobank Transnational Incorporated stocks.

     

  • Capital Market, Viable Funding Source For SMEs – NSE

    Capital Market, Viable Funding Source For SMEs – NSE

    The Nigerian Stock Exchange has described the capital market as a viable source of funding for Small and Medium Enterprises, saying it continues to support the growth and development of small businesses in the country.

     

    It said in a statement that the most recent of these efforts was the webinar it hosted on Wednesday, with the theme ‘Capital raising for SMEs through the stock exchange’.

     

    The NSE said the webinar was hosted in collaboration with various trade groups/chambers of commerce in the Northern region of the country, and was headlined by the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Hajia Saratu Iya Aliyu.

     

    Speaking at the event, the Divisional Head, Listings Business, NSE, Mr Olumide Bolumole, said, “The traditional role of The Exchange as a platform for capital formation and liquidity holds good promise for businesses.

     

    “Despite the impact of COVID-19, the NSE functioned to facilitate needed financing with over N2.5tn in capital raised by governments and corporates in 2020 across various asset classes.”

     

    On her part, the NACCIMA boss commended the National Council and management of the NSE for organising the webinar.

  • Goldberg Unveils DJ Kaywise As Brand Ambassador

    Goldberg Unveils DJ Kaywise As Brand Ambassador

    Nigeria’s turntable sensation Ayorinde Kehinde Okiki, also known as DJ Kaywise, has just secured an ambassadorial deal with one of Nigerian Breweries Plc foremost beer brands, Goldberg Lager Beer.

     

    The announcement was made official after fans and followers called on the brand to sign the DJ.

     

    DJ Kaywise is joining superstars Olamide and Odunlade Adekola, as Goldberg Brand Ambassador.

     

    The talented artist, who kicked off his career professionally in 2010, gradually climbed through the rungs of the music ladder to work with top acts like Olamide, Phyno, Tiwa Savage, Naira Marley, Zlatan Ibile and Niniola.

     

    Using his style of music production, Kaywise projects African and Nigerian cultures and values through Afrobeats to the rest of the world. This quality is synonymous with the Goldberg brand, hence its choice to unveil the renowned DJ as brand ambassador comes as no surprise.

     

    Speaking on the announcement, DJ Kaywise expressed gratitude to the brand saying, “I started out in the industry in 2010, putting in my blood and sweat to ensure I produce sounds that people around me and those in the diaspora could identify and connect with. There are a couple of acts out here in the industry and Goldberg reaching out to me, shows that all of my hard work hasn’t gone unnoticed.

     

    Click to continue to read here: Goldberg Unveils DJ Kaywise As Brand Ambassador | Daily Bells Newspaper (mydailybells.com.ng)

     

  • FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    The Federal Executive Council on Wednesday approved a contract worth about N1.3bn for the design, supply, and installation of PTZ long-range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

     

    Mohammed briefed the journalists on behalf of the Minister of Aviation, Hadi Sirika.

     

    “The total sum of the contract is N1,278,594,250. This is in order to upgrade and provide security and safety for the Federal Airport Authority of Nigeria, especially to avoid incidence on the air site and runway,” he said.

     

    Mohammed added that the council approved a contract worth N783,521,275 inclusive of 7.5 percent VAT for the procurement of two hydrographic survey boats for the National Inland Waterways Authority.

     

    The minister who briefed journalists on behalf of the Minister of Transportation, Rotimi Amaechi, said the contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.

     

    Minister of Industry Trade and Investment, Niyi Adebayo, on his part, said the council approved N35bn for the building of a power station by the Nigerian Export Processing Zone Authority in Akamkpa, Cross River State.

     

    Adebayo said the contract for the power station, which to power the Calabar Export Processing Zone, was awarded to Messrs Mutual Commitment Nigeria Limited.

     

    According to him, the exact contract sum is N35,411,119,159.47 and the contractor will finance 75 percent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 percent which translate to N8,852,779,792.37.

     

    He said the council approved a payback period of 10 years of the contractor’s portion.

     

    Adebayo said on completion after 11 months, the plant will be operated by the contractor for five years during which it will build local capacity that will take over the running of the plant.

     

    He said, “The whole intention of the upgrade of the two zones is to create zones with world-class standards. The Ministry of Industry, Trade, and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the Africa Continental Free Trade Area Agreement.

     

    “So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up manufacturing concerns here in Nigeria.”

  • NIN-SIMs Linkage: Bilesanmi Blows Hot, Urges Buhari, Pantami to Stop Sacrificing Subscribers’ Lives

    NIN-SIMs Linkage: Bilesanmi Blows Hot, Urges Buhari, Pantami to Stop Sacrificing Subscribers’ Lives

    • Says NIN/SIM Deadline Extension Should Be for Six Months, Not 8 Weeks

     

    By Adejuwon OSUNNUYI

     

    With the ongoing NIN-SIMs linkage deadline extended by eight weeks, the Association of Telephone, Cable TV & Internet Subscribers (ATCIS) has again challenged Nigerian authorities for its continued indifference attitude of exposing Nigerians to the risk of losing their lives while trying to register for the National Identity Number as well linking same to their SIM cards.

     

    The concern of the association becomes imperative in the light of growing cases of Coronavirus pandemic in the country and the sad loss of lives recorded on daily basis to the dreaded disease.

     

    Speaking at a meeting in Abuja on Tuesday, the National President of ATCIS, Prince ‘Sina Bilesanmi said while the NIN-SIM harmonization could be said to be important, the lives of subscribers are more important.

     

    Bilesanmi said President Mohammadu Buhari should heed the voice of reason by suspending the NIN registration in the face of rising cases of the Covid-19.

     

    According to the ATCIS President, “It is very disheartening that at a time when people are encouraged to stay at home and stay safe; when social distance has been acknowledged as the most potent prevention of further spread of the virus, the Minister of Communications and Digital Economy has thrown caution into the wind by forcing the subscribers to fight for their SIMs from being blocked, while in the process get their lives endangered.”

     

    “Honestly, I don’t know the reason behind this call for registration at this odd period of coronavirus pandemic. Our government must put health and safety of our people into consideration because COVID-19 is real.

     

    “COVID-19 is not a glamorous disease, neither is it a hoax. Except our government is deliberately trying to endanger the lives of Nigerians, the exercise should be suspended immediately.”

     

    The Business Bells recalls that the NIMC staff had embarked on strike action over what they described as exposure to risks of COVID-19, among other demands.

     

    Before the suspension of the strike, many Nigerians had expressed frustration while trying to get enrolled for their NIN, just as some alleged that they were asked by NIMC staff for financial inducement before they could be registered.

     

    Speaking further, Bilesanmi said, “More importantly, we expect the government to do better and abolish the fear around NIN-SIM harmonization by extending the deadline as recommended to avoid losing the gains of the exercise to a possible explosion in Coronavirus cases which is more life  threatening than a SIM without a NIN.

     

    He noted that the NIN/SIM deadline extension should be for at least six months, and not the 8 weeks as announced by the Minister of Technology and Digital Economy.

     

    In the opinion of ATCIS, the insistence of the government on the new deadline, April 6, 2021 for the full linkage of NINs to the over 208 million active telephone subscribers in the country has led to human deluge at various NIN registration centres in the country.

     

    The association said since the government made the irrational decision to disconnect all telephone subscribers without NIN on the stipulated deadline, it has observed from its visitations to different state centres of the National Identity Management Commission that the centres have become a breeding ground to COVID-19.

     

    “We find it rather absurd for the government to insist on ‘NINing’ of all subscribers within such can unrealistic deadline, given that NIMC had only managed to issue about 43 million NINs even with its about 14-year hard work.  Does the Minister really want Subscribers to sacrifice their lives to retain their telephone lines? We wonder!”

     

    “Minister, NCC and the MNO’s disclosed that so far, about 56.18 million NINs have been collected by telcos. This may be seen as an achievement on the part of the government and its agents. However, given the current precarious state of public health in the country, ATCIS’s concern goes beyond how many NIN-SIM linkages have been achieved, but at what human cost?”

     

    The National President of ATCIS however urged the 106.2 million subscriber members yet to be linked  to submit their NINs before April 6, 2021 deadline.

     

    According to him, subscribers should act responsibly by observing COVID-19 preventive protocols as they go out to enroll at various NIN registration centres across the country.

     

    While speaking on the license granted some other private and public organisations by the commission to provide NINs in order to address the crowds at commission’s offices, the ATCIS  urged the federal government / NIMC to compel the Association of Licensed Telecommunication Operators of Nigeria (ALTON) to ensure that personal data of subscribers are safe with its members ( telecom operators).

     

    “ALTON should assure ATCIS that subscribers’ NIN-data are safe with its members,” he said.

     

    Speaking on his determination to continued speaking and fighting for the rights of Nigerian telephone and cable subscribers, Bilesanmi said over the years, in its sustained effort in protecting the interest and right of telecoms subscribers in Nigeria, the association, ATCIS has spent about N367million since 2014 till 31st January, 2021which has basically been on self-sponsored by members without government agency like NCC, NBC and NIMC input.

     

    The association has made over 630 newspaper publications, both local  and international  as well as online news publication, Radio and National Television Station Interviews with about  95 landmark achievements so far.

     

  • CCECC Completes Apapa Port Link To Lagos-Ibadan Railway

    CCECC Completes Apapa Port Link To Lagos-Ibadan Railway

    The China Civil Engineering Construction Corporation (CCECC) says the Lagos-Ibadan rail line has been fully connected to the Apapa port in Lagos.

     

    The CCECC is the construction firm handling the over $1.6bn Lagos-Ibadan railway project currently on trial run and awaiting the official inauguration by President Muhammadu Buhari.

     

    The Chinese firm said in a statement on Monday that the linking of the port to the rail track was completed on Monday, January 25, 2020.

     

    It said, “On the morning of January 25, 2021, with the successful pouring of the last 25-metre monolithic track-bed superstructure of Apapa port break bulk line, the Lagos-Ibadan railway was officially connected to the Apapa port in Lagos,” the statement said.

     

    “The Apapa port spur line of Lagos-Ibadan railway starts from the Mobolaji Johnson Station, Ebute Metta and extends southward to Apapa port, with a total length of 8.72km.

     

    “As a crucial channel linking the main line of the Lagos-Ibadan railway to the port, it has become an important transportation passage for the import and export of goods and now serves as a significant guarantee with regard to the comprehensive operational efficiency of the railway.”

     

    The idea of extending the new standard gauge rail line to the Apapa port was an addendum to the project. It is meant to ease the Apapa gridlock by taking containers in and out of the port using the rail.

     

    A terminal operator, APTM had initially had issues with the contractor, CCEECC, preventing the latter from penetrating the port on the account that the work was impeding port activities.

     

    The Minister of Transportation, Rotimi Amaechi, had to lead a high-powered government delegation to the spot and ordered the terminal operator to cooperate with the Chinese contractor to enable it to deliver the project in January for the inauguration.

     

    He had said, “I have a meeting with Mr. President on Monday and it is at that meeting that we would fix any day in January for Mr. President to commission this project. That is not debatable and that is why we must ensure that this work is delivered before then.”

     

    The message was echoed by the Managing Director of the Nigerian Ports Authority, Hadiza Bala Usman, as she told the APTM, “Why the minister is here is to enforce the presidential directive to get the rail tracks into Apapa. It is you that must build your operation round the construction work plan to ensure that your operations are not hindered and hampered by the construction of the standard gauge.

     

    “The construction is of top priority to the government and all operators must ensure that we cooperate to get it done.”