Michael OSUNNUYI, Author at Business Bells — Page 5 of 7

Business Bells

Author: Michael OSUNNUYI

  • Zedcrest Group Appoints Olumide Odewole As New Chief Financial Officer

    Zedcrest Group Appoints Olumide Odewole As New Chief Financial Officer

    Africa’s foremost new-age financial solutions powerhouse, Zedcrest Group has announced the appointment of Olumide Odewole as its new Chief Financial Officer (CFO) and member of the executive management.

     

    In a statement issued by Zedcrest, the GMD of the company, Adedayo Amzat stated that Olumide will play a key role in the scaling of the Group’s operations; driving cultural change and strong sustainable performance.

     

    “I am pleased to welcome Olumide to Zedcrest Group and our leadership team. His deep and extensive experience in leading financial operations and value integration, as well as driving performance, operations, control and shared services results, will make a strong contribution to the leadership of Zedcrest.

     

    “We have achieved a whole lot since inception in 2013, being lucky to have scored the most amazing senior leadership team to steer the ship. However, with an ambitious roadmap to execute, we clearly need a lot more management competence to drive our growth initiatives.

     

    “Olumide is bringing on-board a competence and culture we have struggled with in-house, that of ordered and methodical execution”, he said.

     

    Prior to joining Zedcrest Group, Olumide was the Chief Operating Officer with Monument Group, a diversified company with interest in key sectors of the Nigerian Economy, from November 2017 to December 2020. He has over 15 years’ experience covering Global business leadership, Corporate Finance, Deal Structuring and Fund Raising, Risk Management and Control, Financial and Treasury Management, P&L and Budget Management and Direction, Performance Management, Strategic Planning and Execution, Financial Analysis and Reporting, Product and Venture Development, Operational problem solving, Business Process Development and Improvement, Project Management, amongst others.

     

    Over the last decade, Olumide has worked as Corporate Finance and Governance Consultant for Phillips Consulting Limited (a leading business and management Consulting firm in Nigeria); Finance and Strategy Manager for a leading downstream oil and gas company in Nigeria; Core Planning Manager for a telecommunications consulting firm in Nigeria, and Accounts Manager and Tax Accountant for a leading FMCG company in Nigeria.

     

    Olumide is a CFA Charter holder, a Qualified Accountant (Nigeria and the United Kingdom), and holds a Bachelor of Science Degree in Accounting from the Oxford Brookes University (UK).

  • Banks’ Credit To Economy Hit N25tn In 2020

    Banks’ Credit To Economy Hit N25tn In 2020

    Banks’ total credit to the economy rose to N25.02tn as of the end of 2020, the Central Bank of Nigeria has said.

     

    This was disclosed during the Monetary Policy Committee meeting in Abuja on Tuesday.

     

    Delivering the committee’s submissions, the CBN Governor, Mr Godwin Emefiele, said the figure rose by 13.4 per cent between November and December.

     

    He said, “Aggregate domestic credit, also moved further up by 13.40 per cent in December 2020, compared with 9.48 per cent in the previous month.

     

    “This was largely attributed to the bank’s policy on Loan-to-Deposit Ratio, complemented by its interventions in various sectors of the economy.

     

    “Consequently, banking sector gross credit as at end-December 2020 stood at N25.02tn compared with N24.25tn at the end of November 2020, representing an increase of N774.28bn.”

     

    The committee urged the bank to sustain its current drive to improve access to credit to the private sector while exploring other complementary initiatives, in collaboration with the Federal Government, to improve funding to critical sectors of the economy.

     

  • Agric Productivity Declining, Food Security Threatened – FG

    Agric Productivity Declining, Food Security Threatened – FG

    The level of agricultural productivity in Nigeria is declining due to the effects of the COVID-19 pandemic and this is threatening the country’s food security, the Federal Government said on Tuesday.

     

    Secretary to the Government of the Federation, Boss Mustapha, said this at the public lecture and investiture ceremony of the 6th Chairman of the Abuja Chapter of the Nigerian Institution of Environmental Engineers, Lynda Elesa.

     

    The theme of the lecture was ‘Environmental sustainability and resilience for food security in Nigeria: The post COVID-19 era.’

     

    Reacting to the theme in his remarks, Mustapha said the restrictions on movement following the outbreak of the pandemic had led to a decline in agricultural productivity.

     

    He said, “As it is becoming more obvious that, especially with restrictions placed on movement, our levels of agricultural production are declining and this translates to threats to food security in the country.

     

    “The latest statistics from the National Bureau of Statistics indicate this declining levels which have also translated into inflation in food items.

     

    “That the Abuja Chapter of the Nigerian Institution of Environmental Engineers is, therefore, looking ahead on how to handle this situation after the pandemic is highly commendable.”

     

    Mustapha, who was represented by an official from his office, Andrew Adeja, said the globe had changed so rapidly in the last decade and particularly in 2020 with the onset of COVID-19 as Nigeria was already witnessing a second wave.

     

    “However, we are also comforted with the fact that there is good news with adherence to laid down protocols and guidelines as well as the production of vaccines,” he said.

     

    On her part, Elesa said her team would strive to maintain a balance of the ecosystem in order to effectively support agriculture and enhance Nigeria’s food productivity, among other tasks before the current NIEE executives.

     

    This came as the Minister of Agriculture and Rural Development, Sabo Nanono, in a statement from his ministry on Tuesday, said the Federal Government was set to commence a livestock pilot scheme in Nasarawa State to improve the sub-sector.

     

    He said Nigeria’s livestock sub-sector was a national asset worth over N33tn that should be encouraged and exploited by Nigerians.

     

    Nanono said the livestock pilot scheme in Nasarawa was worth €400,000 for a start, adding that Bauchi and Gombe states were also part of the programme.

     

    He further stated that the agriculture mechanisation programme of the Federal Government would soon commence in 632 Local Government Areas across the country.

  • Buhari Appoints Auditor-General, FRC Boss

    Buhari Appoints Auditor-General, FRC Boss

    President Muhammadu Buhari has nominated Mr Aghughu Adolphus for appointment as the auditor-general for the Federation.

     

    The appointment according to a statement on Tuesday by the Senior Special Assistant to the President on National Assembly Matters (Senate), Babajide Omoworare, is in pursuant to Section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended).

     

    Aghughu has been acting as the auditor-general since the retirement of Mr Anthony Ayine from service upon attainment of the mandatory retirement age of 60 years on 25th October 2020.

     

    The auditor-general designate hails from Edo State and holds a master’s degree in economics.

     

    He is a Fellow of the Association of National Accountants of Nigeria, Member of the Nigerian Institute of Management and Associate member of Chartered Institute of Taxation.

     

    He became an auditor in the Office of the Auditor-General in 1992 and was promoted to the rank of Director of Audit in January 2016.

     

    In a related development, the President has also nominated Victor Muruako for appointment as Chairman for the Fiscal Responsibility Commission in accordance with the provision of section 5(3) of the Fiscal Responsibility Act 2007.

     

    Muruako, a legal practitioner had served as the Secretary to the Fiscal Responsibility Commission and currently acts as the chairman of the commission. He is from Imo State.

     

    Both letters of nomination have been forwarded to the Senate President, Senator Ahmad Lawan, for confirmation by the Senate.

  • PIB: Petroleum Minister Faults Communities’ 10% Trust Fund Demand

    PIB: Petroleum Minister Faults Communities’ 10% Trust Fund Demand

    The Minister of State for Petroleum Resources, Timipre Sylva, has faulted the position of host communities who are insisting on collecting 10 per cent of the operating expenditure of the oil firms to set up a trust fund.

     

    The leaders of the oil rich areas under the aegis of the Host Communities of Nigeria Producing Oil and Gas, had on Tuesday, openly rejected the 2.5 per cent proposed for them in the Petroleum Industry Bill 2020, being considered by the joint Senate Committee on Petroleum Resources, (Downstream, Upstream and Gas).

     

    They insisted that nothing short of the 10 per cent of the operating expenditure they were demanding would be acceptable to them because the proposed 2.5 per cent was grossly inadequate to provide basic social amenities and improve the standard of living of their people.

     

    But the Minister, who spoke with journalists after the end of a two-day public hearing on the proposed bill by the Senate panel on Tuesday, faulted the argument of the oil communities’ leaders.

     

    He said, “The 2.5 per cent as proposed in the bill is fair and of course, I speak as a member of the host communities myself.

     

    “If you have to look at it properly, you will see that 10 per cent in profit is different from 10 per cent of the OPEX (operating expenditure).

     

    “Before now, you had a provision of 10 per cent of profit for the host communities but we discovered that if the oil firms do not declare it, host communities won’t have anything.

     

    “But in this case, it is 2.5 per cent of the operating expenditure. So, at the end of the year we will calculate the operating cost and take the 2.5 per cent of that cost to the budget of the next year.

     

    “Of course, I don’t like to discuss details of the bill at this point because these are just proposals before the National Assembly.

     

    “Until it is passed, we cannot discuss it but since it came up here, I thought I should just mention it.

     

    “As far as we are concerned, we have made a very fair proposal – fair to the host communities, fair to the country and fair to the oil companies.

     

    “We have put this bill before the National Assembly and they have the competence to look at it and pass it the way they see fit.

     

    “So, at this point I do not want to go into detailed aspect of the bill. The bill is before them and we are happy with the progress.

     

    “As you heard the Senate President say yesterday, we expect that this bill would be passed at the end of this quarter or early next month.”

     

    Leaders of the Host community of Oil Producing Areas also called on the Federal Government to scrap the Niger Delta Development Commission and transfer all its allocations to the them for effective management.

     

    The President of HOSTCOMS, High Chief Benjamin Tamaranebi, stated this while addressing journalists.

     

    He said with the reduction of host community development trust fund from 10 per cent in 2008 to 2.5 percent in 2020 PIB, the proposed document would deny the people of the required funds to develop their areas.

     

    Tamaranebi said the NDDC should be scrapped so that the allocation being given to the commission could be directly paid to HOSTCOMS for critical interventions especially after the revelations that followed the investigative hearing on the commission.

  • CBN Retains Lending Rate at 11.5%, says High Recurrent Expenditure Raises Debt Servicing Challenges

    CBN Retains Lending Rate at 11.5%, says High Recurrent Expenditure Raises Debt Servicing Challenges

    The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 11.5 per cent.

     

    The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja.

     

    It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

     

    The committee retained the asymmetric corridor of +100/-700 basis points around the MPR.

     

    At the meeting, the committee also expressed concerns of eminent challenges of servicing the country’s mounting debt liabilities.

     

    Ten members of the committee were in attendance.

     

    “The committee expressed concern over the rising public debt stock, as recurrent expenditure remained relatively high, compared with capital expenditure, thus, signalling future debt servicing challenges,” Emefiele said.

     

    Members of the committee reiterated the adverse impact of insecurity on food production, stressing that the current uptick in inflationary pressure could not be solely associated with monetary factors, but due mainly to legacy structural factors across the economy, including major supply bottlenecks across the country.

     

    The committee called on the government to redouble efforts at strengthening infrastructural efficiency and address the emerging security challenges in the country.

     

     

    In addition to this, the committee called on the government to explore the option of effective partnership with the private sector to improve funding sources necessary to address the huge infrastructural financing deficit.

     

    To improve government revenue sources and investment in capital, the committee called on the government to take advantage of the take-off of the African Continental Free Trade Area, which could boost domestic production and generate sizeable revenues for government, as well as improve domestic productivity and competitiveness.

     

    The committee noted that the COVID-19 pandemic and the necessary measures put in place by the government to forestall its public health impact, such as the lockdown and other associated restrictions, contributed to the Nigerian economy going into recession, much like almost every other country in the world.

     

    Members agreed that the committee’s current priority remained to quicken the pace of the recovery through sustained and targeted spending by the fiscal authority supported by the bank’s interventions.

     

    A professor of capital market at the Nasarawa State University Keffi, Uche Uwaleke, said as usual, the choices before the MPC was whether to reduce, increase or hold the rates.

     

    He said, “While on the one hand, a rate cut appeared justified by need for the CBN to support economic recovery efforts of the government; on the other hand, the need to stabilise exchange rate as well as tackle the rising inflation favoured tightening monetary policy.

     

    “This presented a dilemma which the MPC rightly managed by maintaining the status quo and holding the rates in a bid to strike a balance between the two seemingly diametrically opposing sides of enabling output growth and curbing rising inflation.

     

    “By doing so, the CBN will have some more time to monitor macroeconomic response to all its interventions in the wake of COVID-19 pandemic.

     

    “So, in my view, the MPC did not disappoint. Their unanimous decision is consistent with market consensus and expectations.”

     

    A professor of economics, Babcock University and past President, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, said the rates had very little impact and difference either in the money market or the economic environment as a whole.

     

    He said, “Let’s look at the MPR of 11.5 per cent, as at today, treasury bills rates and deposit rates are hovering between one and three per cent, whereas MPR is supposed to be a reference rate.

     

    “Lending rate is still in the average of over 20 per cent. So you see that the MPR is just hanging somewhere, not necessarily dictating either cost of borrowing or return on your deposit from banks, and it is supposed to be a reference rate for both sides.”

     

    “So there is that disconnect,” he added.

     

    Explaining further, he said, “When you look at the CRR, you tend to ask, if the CBN is still enforcing 65 per cent loan to deposit ratio, add 22.5 per cent to that, you will discover that at the end of the day, the banks themselves are left with little or nothing out of their deposit portfolio, not other businesses.”

  • NIMC Gives MTN, Airtel, Others Licence To Provide NIN

    NIMC Gives MTN, Airtel, Others Licence To Provide NIN

    Telecommunications companies have been licensed to register people who do not have National Identity Numbers so as to reduce the large crowds at the offices of the National Identity Management Commission, the NIMC has said.

     

    Director-General, NIMC, Aliyu Aziz, said some other private and public organisations had also been licensed by the commission to provide NINs in order to address the crowds at commission’s offices.

     

    This came as workers of the commission said on Tuesday that the Minister of Communications and Digital Economy, Isa Pantami, had constituted a committee to address the demands of NIMC employees.

     

    NIMC workers had downed tools on January 7, 2021 in protest against the poor welfare issues at the commission, but their strike was suspended after the intervention of the minister.

     

    Responding to an enquiry as regards measures taken by NIMC with respect to complains by citizens and the crowds at the commission’s offices, Aziz said mobile network operators had been empowered to also give the identity numbers.

     

    “We have licensed private and public sector organisations including telcos (telecommunications companies) so as to create more centres,” he stated in a WhatsApp message to our correspondent.

     

    On December 15, 2020, the Federal Government declared that after December 30, 2020, all SIMs that were not registered with valid NINs on the network of telecommunications companies would be blocked.

     

    It later extended the December 30, 2020 deadline following widespread opposition against the earlier announcement and gave three weeks’ extension for subscribers with NIN from December 30, 2020 to January 19, 2021.

     

    It also gave six weeks’ extension for subscribers without NIN from December 30, 2020 to February 9, 2021, but many organisations had called for further deadline extension or outright suspension of the NIN registration process due to the large crowds who had yet to have their NINs.

     

    On the meeting between NIMC workers and the communication minister, the President, Association of Senior Civil Servants of Nigeria, NIMC Unit, Asekokhai Lucky, said some resolutions were reached.

     

    He said the minister told the union that some of the demands being presented by the workers were new to him, as he only took over the supervisory role of NIMC in October 2020.

     

    “So what he (Pantami) did was to set up a seven-man committee to work on the issues and submit a report to him in two weeks’ time,” Lucky stated.

     

    Lucky said the 21-day ultimatum earlier issued the management of NIMC was still in force, although there had been calls for the union to step down the ultimatum.

  • Sahara Group To Increase Investments In Technology

    Sahara Group To Increase Investments In Technology

    The Sahara Group says it will increase its investment in technology, artificial intelligence, and human capital transformation as critical drivers of its next expansion phase.

     

    This was disclosed by the Group’s Executive Director, Temitope Shonubi, in a statement on Sunday, while unveiling the group’s plan for the future.

     

    Celebrating the energy conglomerate’s growth trajectory since 1996, Shonubi noted that Sahara planned to mark its 25th anniversary with several events and activities all through 2021 with the theme, ‘Harnessing safe energy today’.

     

    He stated that emphasis would be on promoting the ‘capacity to do and achieve positive and sustainable transformation’ in the energy sector, adding that innovation would define Sahara’s brand positioning and offering in the coming years.

     

    Shonubi noted that Sahara’s focus was on continuous improvement, operational efficiency, and sustainability.

  • Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    The planned reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service said on Tuesday.

     

    Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment from now.

     

    He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.

     

    He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.

     

    “Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.

     

    “We are hoping that latest by next week, it will become operational.”

     

    On the African Continental Free Trade Agreement, Ali said all aspects that concerned the NCS had been adhered to.

     

    He, however, noted that the service would need certain inputs from the AfCFTA secretariat, such rules of origin, as this should not be left to chambers of commerce alone, adding that the NCS should part of the team.

     

     

     

  • Xiaomi Introduces Latest Entry-Level King, Redmi 9T Into Nigerian Market

    Xiaomi Introduces Latest Entry-Level King, Redmi 9T Into Nigerian Market

    The world’s third-largest smartphone brand Xiaomi on Tuesday announced the entry of the new king of entry-level, Redmi 9T into Nigeria market.

     

    Redmi 9T was designed to deliver the exceptional performance and multi-day battery life that users crave without compromising on photography capabilities and overall design.

     

    According to Mr. Somoye Habeeb, the Marketing Director Xiaomi Nigeria, Redmi 9T is a photography powerhouse with its 48MP AI quad rear-camera.

     

    The device’s 8MP ultra-wide angle camera accommodates large group photos and wide landscape shots without cropping, while its 2MP macro lens and 2MP depth sensor enable stunning close-up shots with professional-level bokeh.

     

    Redmi 9T is also equipped with a new movie frame feature that gives photos a more cinematic look and feel without editing. It also sports a new time-lapse feature which offers various speed and duration values for shooting so users can capture creative time-lapse photos without tapping a DSLR or other professional camera.

     

    Despite its lightweight design, Redmi 9T packs a punch with its 6,000mAh (typ) battery and Qualcomm® Snapdragon™ 662 chipset. Combined with its 11nm energy-efficient processor, Redmi 9T delivers higher performance with less heat production and lower power consumption than previous generations. Moreover, MIUI battery saving mode and reverse wired charging capabilities help maximize all-day, and even multi-day usage. Redmi 9T comes with 18W fast charging and an in-box 22.5W charger. Said Habeeb.

     

    Redmi 9T features a modern and minimalistic design with its rounded corners and an anti-fingerprint textured back. Its 6.53” FHD+ Dot Drop display with Corning® Gorilla® Glass 3 offers a crisp and clear viewing experience and strong protection against cracks and scratches. Redmi 9T also comes with Widevine L1 and TÜV Rheinland Low Blue Light certifications for a more enjoyable viewing experience. The device is available in four bright powerful colors variants: Carbon Gray, Twilight Blue, Sunrise Orange, and Ocean Green.

    Complete with Dual SIM and microSD expandable storage, Redmi 9T offers expandable storage of up to 512GB so users can keep their favorite apps, games, photos and videos all on one device. Infrared blaster support would come in handy on your Redmi 9T. Redmi 9T will be available in 4GB + 64GB and 4GB + 128GB at N71,200 and N76,700 respectively. Redmi 9T is available nationwide.

     

    Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

    With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

     

    Xiaomi is currently the world’s third-largest smartphone brand and has established the world’s leading consumer AIoT (AI+IoT) platform with 289.5 million smart devices connected to its platform, excluding smartphones and laptops. Xiaomi products are present in more than 90 markets around the world. In August 2020, the company made the Fortune Global 500 list for the second time, ranking 422nd, up 46 places compared to the previous year. Xiaomi also ranked 7th among internet companies on the list.