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  • FG to Borrow $3bn via Eurobonds in October

    FG to Borrow $3bn via Eurobonds in October

    The Federal Government has disclosed plans to raise $3bn from Eurobond sales in the second week of October.

     

    The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this during an interview on Bloomberg TV on Thursday said that the $3bn constituted half of the amount needed from external borrowings to fund the 2021 budget deficit.

     

    Ahmed said, “We should be going to the market in the second week of October. The government has approved to raise $6.1bn from overseas. So we are looking at doing half of that in the Eurobond market and the other half from bilateral and multilateral sources. Depending on how the market goes, maybe we can do a little bit more.’’

     

    The minister noted that the Federal Government was targeting single-digit inflation by 2023.

     

    She also said the $3.3bn Special Drawing Rights from the International Monetary Fund had helped to boost the country’s external reserves and will help stabilise the naira.

     

    She said, “We certainly feel we have passed the worst of it. Our projection is that inflation will continue to go down throughout 2021 and 2022. Our target is to get to single-digit inflation by 2023.”

     

    “The central bank is doing everything within limited constraints to stabilise the currency. The SDR of $3.35bn just received from the International Monetary Fund have helped shore up the reserves and will help stabilise the currency.

     

    “Also, the withdrawal by the central bank of funding to unauthorised dealers will increase supply to the formal market to meet demand.”

     

    On the country’s debt, she said, ‘’The government is now working to reduce its debt-service burden by increasing revenue, restructuring its debt portfolio through the conversion of expensive short-term notes into longer tenors, and also reducing its overall borrowing.

     

    “Our target is to triple revenues from about eight per cent of the Gross Domestic Product to 15 per cent, and also grow the economy by seven per cent.”

     

  • Nigerians Can Now Travel Across 160 Countries Without VISA – Agency

    Nigerians Can Now Travel Across 160 Countries Without VISA – Agency

    Winnington Citizens & Partners, a visa processing and citizenship acquisition agency on Friday said Nigerians “can travel to as many as 160 countries across the World without Visa requirements.”

     

    Chief Executive Officer of the firm, Mrs Winnie Okoh in an interview with newsmen, said the firms had packages that could ensure such visa-free travels for Nigerians.

     

    She said that with only a “Strong Passport” Nigerians who wish to travel to Caribbean countries and parts of Europe would be provided with the opportunity.

     

    Okoh, who unveiled the various packages available, said the firm could provide the opportunity for Nigerians to acquire second citizenship with ease.

     

    She added that other opportunities available include business opportunities, education, and healthcare services in other countries.

     

    Okoh said the firm is partnering with five countries in the Caribbean to market their citizenship through investment for those who want to acquire second citizenship.

     

    “Business opportunities abound in the Caribbean. I have heard of many people that have missed business opportunities because they were not granted visas.

     

    “But with this passport, they could access the countries. Yours is just to buy a ticket and hop into the plane and avoid all the embassies problems.

     

    “If you want to go to school abroad we can help you get admission and package you in a legal way. This citizenship will give you access to good healthcare and good education for the children.

     

    “Once you get this passport, it passes from generation to generation. It does not terminate, except you are found wanting or found to be a criminal. With that passport, you can settle in the UK also and without visa,” she said.

     

    According to the CEO, the passport can easily and automatically be renewed when it expires.

     

    She said the company “is out to impact the lives of Nigerians positively by providing access to such travel opportunities” that would hitherto been hampered or delayed by visa requirement.

     

  • How E-commerce Promotes Local Restaurants, African Cuisines

    How E-commerce Promotes Local Restaurants, African Cuisines

     

    Since Covid-19 entered the global equation in the early part of 2020, business operations and other human activities have been reshaped to embrace digitalization.

     

    The online community has thus continued to expand, as the majority of businesses strive for an online presence and customer reach.

     

    Online food delivery market witnessed a boom in the heat of lockdown and social restrictions, a trend which appears to be gaining more traction by the day. 

     

    This growing popularity of fast food, coupled with the growing trend for convenience and value for money have opened up opportunities in the Nigeria food market.

     

    Local producers and restaurants have indeed embraced this evolution and reached new customers. Online food delivery players like Jumia have also played a key role in shaping the supply chain and opening up the market to new entrants.

     

    Country Manager, Jumia Services, Adetunji Lanase, explained that Jumia Food is reaching customers  across nine states of the federation.

     

    “We currently deliver meals across nine cities in Nigeria: Lagos, Abuja, Port Harcourt, Ibadan, Abeokuta, Ilorin as well as key cities in the North: Kano Kaduna, and Minna.

     

    “It is interesting to note that 95% of restaurants on Jumia Food are local brands. Nigerian meals and organic food are growing fast due to new demand for local and healthy food. But burger, pizza, chicken, African dishes and kebab are the most popular cuisines,” he said. 

     

    The most popular local food vendors on the Jumia Food platform in Nigeria are Chicken Republic, The Place, Sweet Sensation, Kilimanjaro and Drumstick. Also available on the Jumia platform is Sooya Bistro, owned by popular Nigerian pop singer, Bankole Wellington, better known as Banky W.

     

    Speaking on how e-commerce has been supportive for business growth and reach, Head of Marketing The Place Restaurant, Ufuoma Ogeleka said “Our partnership with Jumia has consistently provided us with an opportunity to expand our existing customer base, attend to the dining needs of our customers at their convenience and in an efficient manner and reward our customers for continually trusting us.”

     

    According to the year 2020 Jumia Food Index Report, customers order more from these platforms due  to their affordable meals.

     

    “Chicken Republic gives me an opportunity to use their Refuel Meal which is quite cheap when you look at the current market prices,” said Sunkanmi Emmanuel, a Software Engineer who shops for food on the Jumia platform.

     

    Online food delivery is fast becoming a lifestyle among the emerging middle class population, with many relying on having their hot meals and groceries delivered at their doorsteps, as against going out to offline retail stores to purchase.

     

    The online marketplace is no doubt an influencing factor, boosting local food sales for restaurants, as new generations of Nigerian middle-class consumers are spending more money on food and grocery products, thereby helping to fuel growth in the market.

  • FirstBank Launches LIT App, Reinforces Commitment To Putting Customers First

    FirstBank Launches LIT App, Reinforces Commitment To Putting Customers First

    In furtherance of its commitment to spearheading value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria.

     

    The state-of-the-art banking app is the first of its kind in the industry, exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world.

     

    It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.

     

    The LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the Bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world.

     

    These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.

     

    In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants.

     

    With the LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application.

     

    Expressing his excitement, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said, “the LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world. Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us. The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.”

     

  • Bitcoin, Other Cryptocurrencies Pose Huge Danger to Global Economy -EFCC Boss

    Bitcoin, Other Cryptocurrencies Pose Huge Danger to Global Economy -EFCC Boss

     

    The Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy.

     

    According to him, many criminals now play significant roles in crypto-currency markets, adding that virtual currencies had become their preferred medium of exchange.

     

    The EFCC chairman stated this  on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

     

    The event was organised by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom, a statement by the EFCC spokesman, Wilson Uwujaren, stated.

     

    Bawa was quoted as saying, “The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.

     

    “Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

     

    He lamented that the sophistication and complexity that defines the dynamics of economic crime in the 21st Century continues to evolve, spurred by technological advancement in the global economy that has become borderless and transnational.

     

    This he said had “inevitably led to the prioritisation of law enforcement action on crimes that drive Illicit Financial Flows across the globe”

     

     

     

  • Toyota Nigeria Launches New Starlet Subcompact SUV

    Toyota Nigeria Launches New Starlet Subcompact SUV

    Toyota Nigeria Limited has launched the Toyota Starlet mini subcompact sport utility vehicle, SUV.

     

    The Managing Director, TNL, Kunke Adeojo, said the vehicle launch was the brainchild of a partnership between Toyota and Suzuki in 2019.

     

    Adeojo, who was represented by the General Manager, Corporate Services, Bunmi Onafowokan, at the launch in Lagos, said, “The Starlet is our response to the yearnings of our customers that have over the years demanded an entry vehicle.

    Toyota Nigeria Launches New Starlet Subcompact SUV

    “It’s an elegant vehicle imbued with the quality, durability, reliability and style that the Toyota brand stands for.

     

    “The vehicle, in its own right, is a compact mini SUV and it comes with 150,000km or a five-year warranty, whichever comes first.”

     

    According to him, there are three variants of the 1.4-litre engine to cater to the preferences and pockets of the target segment which are the entry grade, the middle grade and the high grade.

     

    Adeojo said, “In a few months’ time, we will commission our world-class certified service centre at Isolo. This facility has a body and paint section, a workshop and a parts section among other services available.

    Toyota

    “With all sense of responsibility, I wish to note that this centre is second to none in Nigeria when compared on the pedestal of equipment, highly trained manpower and exceptional service delivery.

     

    “Toyota Limited will not only continue to invest in the Nigerian automobile industry, but also align with the aspirations of the Nigerian government to revolutionise the local industry.”

     

    Adeojo expressed gratitude to customers who he said had sustained the company, promising them unrivalled service delivery and performance.

     

  •  [BREAKING] Customers Stranded as Imo Govt Shuts Banks Over IPOB’s Sit-at-Home Order

     [BREAKING] Customers Stranded as Imo Govt Shuts Banks Over IPOB’s Sit-at-Home Order

    Hundreds of bank customers were left stranded on Tuesday as the officials of the Imo State Government shut all the banks on Bank Road in Owerri, the state capital.

     

    Many customers were seen around 9am waiting at various affected banks. 

     

    Some of the banks that were sealed by the state government were Access, Polaris, First Bank, Eco Bank, and United Bank for Africa.

     

    Our correspondent saw customised ribbons the state government officials used in sealing the various banks as early as 7 am.

     

    Some of the staff of the banks told our correspondent that the operatives of Owerri Capital Development Authority sealed the banks.

     

    The PUNCH gathered that the banks sealed were those that failed to open on Monday, a day states in South East sit-at-home in protest of Nnamdi Kanu, the leader of the Indigenous People of Biafra who is being tried at the Federal High court in Abuja by the Federal Government.

     

    However, some government officials said that the banks were sealed because of building approval plans.

     

    Both the state commissioner for Information and strategy, Declan Emelumba, and the General Manager of OCDA Innocent Ikapmezie, did not respond to multiple calls put to their telephones by our correspondent.

     

    They had neither return the calls nor reply to text messages as of the time of filing this report.

     

  • FG Opens Job Fellowship Application Portal For Graduates

    FG Opens Job Fellowship Application Portal For Graduates

     

    The federal government has opened the application portal for the Nigeria Jubilee fellow programme, a post–NYSC work placement programme for Nigerians.

     

    The portal was opened Monday to interested applicants and the process will run for six weeks, “between September 6 and October 20, 2021.”

     

    President Muhammadu Buhari launched the programme last Tuesday.

     

    The fellowship is a youth empowerment partnership initiative between the Federal Government of Nigeria and the United Nations Development Programme (UNDP).

     

    The programme seeks to connect talented graduates with local job opportunities that apply their expertise while equipping them with world-class practical knowledge and relevant skills.

     

    “The programme is expected to create new opportunities for 20,000 graduates annually while the beneficiaries will maximise the opportunities presented to them and also aims to equip Nigerians, with practical knowledge and relevant skills for 12 months, with or without job experience, thereby connecting them with local job opportunities,” Mr Buhari had said.

     

    It would also give three options for applicants upon completion of the fellowship, including retained with respective host organisations, entrepreneurship opportunities, and a platform to compete and access future jobs and employment opportunities.

     

    Criteria for application

    To be an eligible fellow, the applicant must be a Nigerian citizen and a fresh graduate (Bachelor’s Degree) from any discipline and graduate no earlier than 2017.

     

    Applicants must graduate with at least a Second Class Lower (2.2) and above and must be at most 30 years old.

     

    Applicants must not be currently engaged in any employment and would have completed the mandatory National Youth Service Corps (NYSC) or have a certificate of exemption.

     

    Other requirements are: applicants must demonstrate interest/commitment in the chosen career field and also demonstrate interest/commitment to contributing to Nigeria’s socio-economic development.

     

    They must also have excellent time management and a professional attitude and have good verbal and written communication skills.

    To register on NJFP, visit the official NJFP portal here.>>

  • Motorists Driving With Earphones Risk Six Months In Jail –FRSC

    Motorists Driving With Earphones Risk Six Months In Jail –FRSC

    The Federal Road Safety Corps, FRSC, says it is illegal to receive or make telephone calls while driving, regardless of any wireless gadget used for such communication.

     

    The FRSC also said drivers who make or receive calls behind the wheels with AirPods, EarPods or any form wired or wireless earphones and handsfree mode risk six months in jail.

     

    FRSC Corps Public Education Officer, Bisi Kazeem, in an interview with Saturday PUNCH, said driving requires total concentration and road users should not take any risk on their lives.

     

    He said it is illegal to make calls or receive same while driving, according to the National Road Traffic Regulations, 2012.

     

    Kazeem said, “It is illegal. Driving entails 100 per cent concentration so you cannot be distracted. It is there in the regulation.

     

     “It is clear from the provisions of Reg 166 (1) that it is illegal to make phone call using EarPods earphone or whatever means.

     

    “It is also clear that phone call is not restricted to telephone conversation between two or more people.

     

    “Anything that will distract you while driving must be avoided. When we do public enlightenment, we even discourage drivers talking to passengers which could cause distraction.

     

    “The law may not make it an offence but at the same time, it can distract you, even changing your cassette (while driving) can distract you and result to accident.”

     

  • Motomedia Makes History, Launches First Interactive LED Billboard in West Africa

    Motomedia Makes History, Launches First Interactive LED Billboard in West Africa

    In its quest to change the face of Advertising in West Africa, Nigeria’s innovative and award winning Out-Of-Home (OOH) advertising company, Motomedia has made history by launching ‘The AI Screen’, globally recognized as the first-of-its-kind interactive outdoor- LED Screen in West Africa.

     

    According to a statement by the company, which also started operations in Nairobi recently, the AI Screen is an outdoor advertising screen that would provide brands a platform to engage, interact and personalize campaign messages directly to their target audience in real time.

     

    The release adds that the newly deployed interactive digital billboard also provides insights into audience profiling and behaviors to deliver targeted and effective campaign results.

     

    The AI Screen is at the heart of Lagos mainland, strategically located at the Maryland T- Junction facing heavy vehicular and human traffic, with a massive reach for brands wishing to utilize the platform to showcase their products or services in an experiential way.

     

    The record-breaking billboard interacts with traffic facing three (3) different directions. First with one of the most popular bus stops on the mainland, second with the famous Mobolaji Bank Anthony Way, and thirdly with Ikorodu and Kosofe road connecting major parts of Lagos State. In addition, one of noteworthy landmarks in view is the foremost Nigeria’s independent tunnel.

     

    Speaking excitedly about the monumental and historical achievement, the Chief Executive Officer of Motomedia, Mr. Henry Orajiaka said the AI Screen with its interactive features gives advertisers the ability to spend campaign budgets more effectively and target audiences based on behaviors.

     

    Orajiaka adds that the screen also provides location-based consumer insights and data analytics which was an innovation from the OOH ads, which until now were primarily sold based on media type and location.

     

    He said, “This innovative solution from Motomedia has the potential to exponentially increase campaign effectiveness for advertisers by deploying personalized content and targeting OOH spend based on consumer behavior. Furthermore, the AI Screen provides brands with the flexibility to pay per exposure.

     

    ‘’We are providing brands the opportunity to personalize, engage and interact with their consumers one-onone. It is the first time this is happening in the OOH space in West Africa. What we have done is scaling the most effective form of advertising which is word-of- mouth, just like your friend would tell you to buy a certain product over another and you would.

     

    “This billboard can speak to individuals like, ’Hey! You in a white benz, go grab a cup of Nescafe cause it’s about to rain’ or ‘Hey! Its lunch time, don’t forget to order your meal from Jumia.’

     

    “Motomedia continues to deliver on its commitment to continuously innovate, create value and foster growth by bringing this first-ever capability to the market for its esteemed customers, business partners and all industry stakeholders. It has definitely been exciting, and gratifying and we believe this initiative will bring true business value to Brands.”