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  • Naira Sinks to N530 Against Dollar, As Pound Hits N720

    Naira Sinks to N530 Against Dollar, As Pound Hits N720

    The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.

     

    The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.

     

    The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.

     

    The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.

     

    At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.

     

    No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.

     

    “It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.

     

    The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

     

    The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

     

    The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

     

    In a related development, the country’s external reserves have risen above $34bn for the first time in more than two and a half months, according to the CBN.

     

    The reserves, which had been wobbling in recent weeks, jumped from $33.40bn at the end of July to $34.02bn on August 31, the highest since June 9.

     

    The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.

     

  • FG Distributes Debit Cards For Payment of Stipends To Vulnerable People in Osun

    FG Distributes Debit Cards For Payment of Stipends To Vulnerable People in Osun

     

    The Federal Government, through the Ministry of Humanitarian Affairs, Disaster Management and Social Development, has embarked on the disbursement of monthly stipends, using debit cards, to 15,562 poor and vulnerable persons in Osun.

     

    According to the News Agency of Nigeria, at the Boripe Local Government Secretariat, on Tuesday, 187 vulnerable persons were issued Debit Cards for the payment of their monthly stipends.

     

    Osun Coordinator of Household Uplifting Programme-Conditional Cash Transfer, Iyabo Ayofe, explained that the FG has now digitalised the payment system.

     

    Ayofe told the beneficiaries that their stipends would be paid/loaded on the debit cards henceforth, stating that they can always withdraw their money on any Point of Sales machine or Automated Teller Machines at any time.

     

    She said that the debit card has now erased the “cash by hand” mode of payment, and that anytime the beneficiaries are notified of payment, they can go to the ATM or use the POS closer to them to collect their money.

     

    “The cards being issued to beneficiaries today are preloaded with N30,000 for the payment of the backlog of 2020 stipends.

     

    “About 4,000 of the beneficiaries, however, would have more than N30,000 loaded on their cards because these categories of beneficiaries have additional health expenses and dependants like pregnant women, breastfeeding mothers and those with children from zero to five years.

     

    “This digitalisation mode of payment makes payment easy, eliminates attack on beneficiaries by criminals and makes it easier for beneficiaries to withdraw their money wherever they are, at any point in time,” she said.

     

    She, however, said the distribution of the debit cards to beneficiaries would only cover eight local government areas (as the pilot phase), but would be extended to the remaining 22 local government areas and area offices subsequently.

    (NAN)

  • Book on Danbatta’s Speeches, Two Other Strategic Projects for Unveiling

    Book on Danbatta’s Speeches, Two Other Strategic Projects for Unveiling

     

    All is now set for the historic launch of the compendium of landmark speeches and presentations of the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta.

     

    In a statement signed by Dr. Ikechukwu Adinde, Director, Public Affairs, NCC, the epoch-making launch of the book scheduled to hold at the Communications & Digital Economy Complex, Mbora, Abuja, on September 7, 2021 by 10:00 a.m. prompt, will also feature the unveiling of two other strategic initiatives of the Commission.

     

    Titled: “Catalysing Nigeria’s Socio-Economic Transformation through Broadband Infrastructure,” the book is a compilation of carefully-selected, seminal speeches and presentations of Prof. Danbatta, touching on all strategic areas of the nation’s telecoms industry development and the entire digital economy ecosystem, since his assumption of office as the EVC/CEO of NCC in August, 2015.

     

    Danbatta, a Professor of telecommunications engineering, accomplished academic, and seasoned administrator has made extensive speeches and presentations on a wide-range of subjects in telecoms and ICT at important national, regional and international events  since leaving the ivory tower to become the EVC of NCC in 2015.

     

    His landmark speeches and presentations from 2015 till date have, thus, been codified in a concise collection, as a compendium, providing useful information that will significantly add value to the existing body of knowledge in the telecoms sector, and by extension, the entire Information and Communication Technology (ICT) industry.

     

    The foreword to the book has been painstakingly written by the late former Chairman, Board of Commissioners of NCC, Alh. Ahmed Joda of blessed memory.

     

    The book will serve as a useful reference material not only for existing and prospective investors in the sector but also for researchers in the academia as well as policy analysts and others interested in any aspects of the telecom industry and regulation. The book which also chronicles important milestones attained by the Commission under Danbatta’s leadership is a compelling read.

     

    Other strategic projects to be unveiled by the Commission alongside the compendium are the NCC’s new five year Strategic Vision Plan (SVP) 2021-2025 and the Commission’s new social media channel, the NCC’s Global Connect Podcast.

     

    The new SVP will enable cross-functional infrastructure, ubiquitous services and deepen consumer engagement to consolidate the growth of the telecoms sector and expand the possibilities of the digital economy.

     

    The need to develop another SVP, as a five-year implementation roadmap for the Commission, followed the expiration, in 2020, of the first SVP unveiled by Danbatta in 2016.

     

    It has been widely acknowledged that the diligent execution of the first SVP initiative, under Danbatta, has helped to consistently lift broadband penetration, increase telephone access, boost the sector’s contribution to the Gross Domestic Product (GDP), enhance healthy competition in the industry, improve quality of service (QoS), as well as put the sector’s overall investment profile on an impressive growth trajectory, among others.

     

    The ‘NCC Global Connect,” podcast is the third initiative enlisted for unveiling during the launch. The latest addition to the NCC social media spectrum will help in enhancing the Commission’s corporate communication activities within the online space. The podcast initiative was conceived in keeping with NCC’s core values of innovation and excellence;. It adds to the existing media channels, providing an inclusive medium to broaden our media platforms to educate external stakeholders on its regulatory activities irrespective of their circumstances, through audio contents.

     

    The Honourable Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, will be the Special Guest of Honour at the occasion.

     

    Senior government officials, industry leaders and stakeholders as well as dignitaries from across the country are billed to attend the landmark event.

     

  • Wharf Landing Fees Not Scrapped, LASG Insists

    Wharf Landing Fees Not Scrapped, LASG Insists

     

    The Lagos State Government has strongly debunked speculation making the rounds that it has scrapped the collection of wharf landing fees on imported vehicles at the ports operating in the state.

     

    It said all categories of vehicles including containerized cargoes are still required to continue paying the wharf landing fee.

     

    A statement by the Public Affairs Officer of the Lagos State Wharf Landing Authority (LSWLA), Mr Michael Oputeh, said the news making the round that the state government has scrapped the wharf landing fees is false.

     

    He urged all ports operators particularly freight forwarders, and clearing agents not to be misled by what was clearly a false report, that was a figment of the imaginations of those who concocted it.

     

    According to the statement: “The attention of the Lagos State Wharf Landing Collection Authority has been drawn to misleading news that has gone viral on social media that the state government had scrapped the wharf landing fee. This is not true and must be a figment of imagination of its authors.”

     

    Oputeh urged all operators to disregard the misleading information which claimed the fees was scrapped following series of complaints from importers and clearing agents about multiple taxation on imported vehicles.

     

    He said the letter purported by the government was merely mandating the streamlining of fees between the LSWLA and the Lagos State Motor Vehicle Administration Agency (MVAA) on imported cars.

     

    “This to the best of our knowledge does not represent a scrapping of the landing fees as being erroneously speculated, We urge all operators not to run afoul of the law of the state, but do well to pay appropriate fees as there was no truth in the unfounded reports that hinted otherwise.”

     

    He urged anyone who is still in doubt to get across to officials of the wharf landing agency for the true position of things and have all their grievances or complaints sorted out.

     

    The news report falsely claiming the landing fees have been scrapped quoted a letter purportedly signed by one Ogunlenu Muslim A. on behalf of the Lagos State Government, which was said to have been conveyed to the ANLCA National Secretariat that both agencies are now collaborating for seamless operation.

     

    “I am directed to inform you that Lagos State Wharf Landing Fees Collecting Authority and Motor Vehicle Administration Agency have decided to collaborate to enable us have a seamless operation in the joint sales of Wharf Landing tickets and Temporary Vehicle Tag (TVT) at various points prescribed by Government”

     

    “This Agreement was reached for government to have a singular point of payment for the fees,” the letter reads in part.

     

  • Help Tell Lagos story, Sanwo-Olu Charges IMC Practitioners

    Help Tell Lagos story, Sanwo-Olu Charges IMC Practitioners

     

    The Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, has urged marketing communications practitioners in the country to help in telling the story of Lagos through the brands they manage.

     

    Sanwo-Olu made this plea at the Marketing Edge Brands and Advertising  Awards of Excellence held recently in Ikeja, Lagos, where he proclaimed the “Outstanding Political Brand Icon of the Year”.

     

    The elated Governor, who described himself as the Chief Marketing Officer of Lagos State while giving a resounding keynote address, expressed special gratitude to the veterans of the marketing profession whom he acknowledged have toiled to build and give relevance to reputable trade.

     

    In his words: “Today is for celebrating ourselves, our craft and achievements as marketing communications professionals. Over the last 5 decades, the marketing communications profession has evolved remarkably to become a window for the world to see the creativity that resides within us.

     

    “Our readiness to support marketing-related initiatives is not limited to the Advertising sub-sector of the industry. It is open to various specialist areas that make up marketing. At the centre of what we do as marketing professionals is creativity. And that is what our government is committed to promoting and encouraging.”

     

    Speaking further, he said: “I am not unaware that there was a time many of you needed to fly to Cape Town, Durban and Johannesburg before you could shoot a good TV commercial for your clients. Today, the story has changed. Let me assure you, it can only get better from here. The infrastructure we are creating are gradually giving you the scenic settings you require for great television commercials that can earn more prestigious laurels from across the world.”

     

    After receiving the award, Mr. Sanwo-Olu said: “It was with deep sense of humility that I receive the “Outstanding Political Brand Icon of the Year” this prestigious MARKETING EDGE Brands and Advertising Awards of Excellence.

     

    “Let me remind you that every year, at the annual Cannes Festival, the winning campaigns are not the ones who tell the stories of the commercial brands. Rather the winners are the ones who tell stories of people, places, and the triumph of the human will and spirit above adversity.”

     

    Recall that the 2-in1 event which began with the Annual Summit themed: “Rethinking the Blue ocean Strategy In Uncertain Times”, had the global industry summit a day before the awards night.

     

  • Dangote Trains Journalists, Charges On Professionalism

    Dangote Trains Journalists, Charges On Professionalism

    President of the Dangote Group, Aliko Dangote has charged media practitioners on professionalism and high ethical standard in the discharge of the duties as the watchdog of the society.

     

    Dangote gave the charge in Abeokuta during a three-day training sponsored by the Pan-African conglomerate, for journalists from across the South-West geo-political zone in the country.

     

    Speaking, the senior general manager, Branding and Communication, Dangote Industries Limited, Mr Sunday Esan said the role of the journalists is very critical in the society as both the governed and the government rely solely on the media for information to better the society.

     

    Therefore, he said media practitioners could not afford to be less professional and ethical to meet the yearnings of the society pointing out that was the reason for sponsoring the training which aimed at fine tuning the journalists for modern day expectation in view of the evolution of the social media.

     

    Speaking one after another during the training themed ‘The Convergence Journalism” organised by Folio Media & Creative Academy, the resource persons stated that though the ethics of the profession of journalism remain sacrosanct, the practitioners must not lose sight of the marketing side of their job.

     

    A communication and brand management expert, Dr. Victor Ogwezzy, said marketing in the media is everybody’s business without which no media organisation would survive.

     

    According to him, media practitioners should be mindful of their own personal survival and that of the organisations in which they are working and take marketing seriously.

     

    He mentioned some newspapers which bothered less about marketing side of the business, but which today are now off news stand and thus throwing their workers into the unemployment market.

     

    Besides,. Ogwezzy, who is the chief responsibility officer of B2B Matrix Limited said journalists also have the responsibility to ensure contents in their newspapers, radio and television are good enough to attract quality readership and audience which will translate to income through advertisement.

     

    He explained that gone were the days were the business of marketing was left purely for the business development executives in the media organisations and that journalists equally has roles to play in marketing.

     

    He added that some media organisations inability to pay their workers could be partly attributed to non-recognition of seriousness and importance of marketing in the media.

     

    Another speaker, a seasoned media practitioner who is the director, Special Programmes at the Nigerian Institute of Journalism (NIJ), Dr. Jide Johnson underscored the importance of the media in the society, saying no one can do without Newspaper, radio, television, phone, data, airtime, which are examples of media.

     

    According to Johnson, journalists should be conscious of the huge responsibility put on their shoulders by the Nigerian Constitution, which is holding government accountable for its actions and serving as the voice of the people.

     

  • BUA, Turkey Firm Sign Agreement To Construct 2,000tons/d Plaster Plant

    BUA, Turkey Firm Sign Agreement To Construct 2,000tons/d Plaster Plant

    BUA Group, one of Africa’s leading industrial companies, is set to commence the construction of a 2,000tons/day Plaster of Paris (Gypsum Powder) production plant.

     

    This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the world’s leading equipment suppliers for plaster production, to supply the equipment for the plant.

     

     Upon completion in 2022, BUA’s P.O.P (gypsum powder) production plant will be Nigeria’s largest plaster (gypsum powder) production facility.

     

    Speaking at the signing ceremony, chairman of BUA, Abdul Samad Rabiu, said that the signing marked another milestone in BUA’s journey to becoming Africa’s leading manufacturing and infrastructure company.

     

    “We are pleased to sign this agreement with a world leader in Plaster manufacturing machinery, MMM Erba Makina, to build our 2,000tons per day P.O.P. gypsum powder manufacturing plant which we expect to be completed in 2022. We are confident in their expertise, quality of equipment and capacity to deliver on schedule. On completion, this plant will further deepen our involvement in the entire housing infrastructure value chain in Nigeria and the West African region.”

     

    In his comments, Chairman of MMM Erba, Melih Baran Kilic, expressed excitement at the opportunity to work in Nigeria with BUA Group.

     

    Our wealth of experience in delivering some of the world’s best plaster plants to bring this project to completion on schedule.”, he added.

     

    BUA is one of Africa’s largest manufacturing, mining, foods, and infrastructure conglomerates with its headquarters in Lagos, Nigeria.

     

    Established in 1988 by industrialist, Abdul Samad Rabiu, BUA currently has significant assets and business interests in Cement Manufacturing, Construction, Real Estate, Quarrying & Mining amongst other.

     

  • To Achieve Bigger Results, Be Focused, Expert Charges Marketers

    To Achieve Bigger Results, Be Focused, Expert Charges Marketers

    Seasoned marketing practitioner and former managing director of Guinness Nigeria Plc, Mr. Seni Adetu has charged marketing practitioners in the country to concentrate on fewer tasks in the marketing mix, to enable them achieve bigger results.

     

    Giving this counsel at this year’s Marketing Edge’s Summit and Awards, held in Lagos, over the weekend, Adetu, now the founder and group chief executive officer, First Primus, and chairman of the event, stated that the temptation of dipping a finger in every marketing pie remains very high for practitioners in the nation’s marketing space.

    He however argued that such practice would not allow for a maximum impact, since the distractions inherent in such actions are always huge.

     

    “I think my advice for practitioners is that we should focus on less for bigger impact. The tendency to want to do everything is very high, but it is better to concentrate on fewer things to achieve maximum results,” he stated.

     

     

    Adetu commended the organisers of the Award, for staying steadfast to the course of brand journalism in the country. He however harped on the need for the organization to have a very robust successor plan to enable it sustain the legacy, that would outlive it.

     

    Speaking on the awards, the chief executive officer/ publisher of the marketing publication, Mr. John Ajayi explained that the decision to organise the award was informed by the need to further deepen brand journalism in the country.

     

    “We initiated the awards as a way of inspiring, exciting and igniting passion in the industry, while stimulating positive and healthy competition amongst players and gladiators in the Nigerian marketing eco-system.”

     

    Before our arrival in the market, the marketing and advertising industry was largely under-reported. As a matter of fact, there was more or less a complete lack of knowledge about this new genre of journalism as regards brands and advertising reporting,” he stated..

     

    According to him, the publication was introduced about 18 years ago to fill the yawning gap in the marketing and advertising reporting in the country, while expressing delight at the exploits of the publication in its close to two decades of opening its doors for business.

     

    One of the highlights of the event was the conferment of the ‘Political Brand Icon of The Year Award’ on the Lagos State governor, Mr. Babajide Sanwoolu.

    Commending the Awards’ organisers, the state’s number one citizen assured the marketing community of his government’s commitment at creating a conducive environment for their crafts to flourish.

     

     

  • Stanbic IBTC Deepens Investors’ Participation In Stock Market

    Stanbic IBTC Deepens Investors’ Participation In Stock Market

    In deepening investors’ participation in the Nigerian capital market, Stanbic IBTC Stockbrokers, has removed the minimum stockbroking account-opening balance for individuals to allow zero set up amount via its mobile app or electronic trading (e-Trade) platform on its website.

     

    The organisation has taken it upon itself to enlighten and empower prospective investors, especially the millennial and Gen-Z demographics by providing the tools and opportunities for wealth generation and preservation offered through capital market investments.

     

    By removing the opening balance requirement and reducing its online brokerage fees, individual investors are encouraged to take advantage of this opportunity and enjoy the aspirational services provided by Stanbic IBTC Stockbrokers.

     

    The chief executive, Stanbic IBTC Stockbrokers, Titi Ogungbesan said, “This is a great opportunity for new and existing investors to take advantage of. This development will enable interested persons to invest in the Capital Market through Stanbic IBTC Stockbrokers at their own pace.

     

    “In addition to removing the minimum opening account balance, we have also reduced the brokerage fee for transactions executed via our online platforms from one per cent of the brokerage fees to 0.7 per cent; a 30 per cent reduction in commission charged.”

     

    Titi added that potential investors can make use of its self-service options available via the Stanbic IBTC Stockbroking App on the Google Play and Apple stores, as well as its e-Trading portal available.

     

    “Leveraging on technology, we have also made it easier to open a stockbroking account with us via our mobile and web platforms,” she stated.

     

    Stanbic IBTC Stockbrokers is a subsidiary of Stanbic IBTC Holdings Plc, and Nigeria’s largest stockbroking firm with a market share of over 10 per cent of the value of shares traded on the floor of the Nigerian Exchange Limited.

     

  • House Committee on Finance Commends FRC For Blocking Revenue Leakages

    House Committee on Finance Commends FRC For Blocking Revenue Leakages

     

    The Chairman, House Committee on Finance, Rt. Hon. Abiodun Faleke has given kudos to Fiscal Responsibility Commission, FRC for providing the data which helped the Committee to determine the unremitted operating surplus of Government Owned Enterprises (GOEs) during the first phase of interactive session on 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

     

    He noted that Nigeria has no reason to borrow in order to finance deficit budget if only we do the right thing by blocking revenue leakages in the GOEs expenditure which over the years have made their management constituted themselves into “government within a government” because of their financial recklessness.

     

     Faleke assured Nigerians that his Committee is determined to sanction any government agency that refuses to present the MTEF and FSP from 2022-2024 as well as operating surplus remittance form 2018 till date saying that such agency would not be considered in the appropriation bill of 2022.

     

    He frowned at flagrant disregard for extant laws that guide public finance pointing out that most of the GOEs laws and regulations are self-serving and against the national interest of Nigeria while promising to amend those laws to be in conformity with accountability and transparency.

     

    The ranking lawmaker opined that Nigeria urgently needs meticulous budgeting process that is open and transparent which would ensure adequate funding of Federal government projects that would impact positively on the lives of Nigerians.

     

    The Committee Chairman pointed out that his Committee with the partnership with Fiscal Responsibility Commission may have save billions of naira for the Federal government by ensuring that the GOEs remit operating surplus into the Consolidated Revenue Fund account during the interactive session.

     

    The Committee will resume its final interactive session at the House of Representatives on September 17, 2021.