Unified Payments unveils “It Starts Here” Campaign to Reaffirm Its Leadership in Nigeria’s Financial Technology Space

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December 9, 2024

Unified Payment Services Limited (Unified Payments ®), Nigeria’s premier Payments & Financial Technology company, has unveiled a new campaign, “It Starts Here”. The campaign reinforces its leadership position and the ease of making transactions which starts with the push of a button.

As the pioneer financial technology company in Nigeria, Unified Payments remains at the forefront of enabling businesses and individuals to leverage its shared technology infrastructure, emphasizing enterprise alliances. The “It Starts Here” campaign embodies the company’s vision of fostering innovation and progress, inspiring stakeholders, including customers, shareholders, and employees, to embrace opportunities driven by cutting-edge technology.

The campaign is built on the philosophy that every significant achievement begins with a small yet pivotal action – be it a decision, a spark, or a moment of readiness. For Unified Payments, this transformative moment is the seamless connection it provides for businesses, fintechs, and consumers, empowering them to achieve more.

Speaking on the campaign launch, Dr. Agada Apochi, Group Managing Director/CEO, Unified Payments said, “At Unified Payments, we are proud to unlock possibilities through pioneering payment solutions. Whether it is the first phase of building a business or scaling to new heights, we offer the infrastructure, processing power, secure transactions, and speedy resolutions that businesses need to succeed. Our focus is on innovation and trust, ensuring that every transaction propels our customers closer to their goals.”

He added, “Every milestone, whether in business or life, starts with a single step, and Unified Payments is the partner powering that step with efficiency and reliability.”

Unified Payments has consistently demonstrated its ability to accelerate fintech innovation, revolutionizing financial technology and ensuring seamless payment solutions. The company’s offerings cater to businesses and individuals who rely on advanced payment infrastructure, secure transaction handling, and swift payment resolutions to drive success.

The “It Starts Here” campaign is being rolled out across multiple platforms, including television, radio, print, and digital media, employing bold graphics, interactive elements, and engaging narratives to reach diverse audiences. Through this campaign, Unified Payments aims to cement its role as a trusted partner in delivering payment solutions that enable businesses to grow, innovate, and thrive.

MultiChoice Talent Factory West Africa Celebrates the Next Generation of Storytellers at the 2024 Graduation Ceremony

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December 8, 2024

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MultiChoice Talent Factory (MTF) West Africa, the pioneering initiative established to nurture emerging African filmmakers and storytellers celebrated the achievements of its 2024 cohort at its graduation ceremony on December 6 in Lagos. This is the fifth graduation ceremony by the MTF.

The occasion signposts another successful year of empowering young filmmakers in Africa. Each year, the MTF programme trains 60 young filmmakers across its various academies through a comprehensive, fully funded cinematography course. The programme equips participants with the technical and creative skills necessary to craft compelling stories that highlight Africa’s cultural wealth to worldwide audiences.

During her congratulatory message, Executive Head of Content and Channels, West Africa, MultiChoice, Dr Busola Tejumola stated that the graduation ceremony is a time of celebrate creativity, dedication and the exceptional achievements of the grandaunts.

“This ceremony is more than just an acknowledgment of academic journey; it is a physical mark of the graduation into an elite class of the MTF Alumni Network, a family whose contributions continue to shape the narrative of African storytelling globally.”

Dr Tejumola also stated that in just one year, the students have made great strides including the selection of Non Cras by Elma Baisie at the Life-Off Global Network and Get Out of Your head by Oluwayanmife Arogundade and Winner Achimugu at the Afropolis Lagos 2024.

Atinuke Babatunde, Academy Director of MultiChoice Talent Factory (MTF) West Africa, noted that the sub-region is crucial to the continent’s film and television industry.

“West Africa is a hub of cultural richness and vibrant storytelling, which has been the foundation of its thriving film and TV industry. Through the MultiChoice Talent Factory, we have consistently supported the development of exceptional talents, who are capable of elevating this heritage to global standards. The 2024 cohort has been phenomenal, and we are excited to celebrate their achievements as they graduate,” Babatunde said.

During the event, the three best graduating students won one-year scholarships to international film schools. Winner Achimugu and Anjoluwa Aluko won scholarships to the New York Film Academy and Zee World, India respectively while Adejo Edebo Emmanuel won a scholarship to learn at MNET Production in South Africa

This year, MTF West Africa collaborated with the Earthshot Prize initiative, producing projects focused on environmental sustainability. Among these are “Revive the Ocean,” which explores innovative solutions for ocean preservation; “Racing Against Time,” a mini documentary addressing the dangers of plastic waste; and “2070,” a thought-provoking short film envisioning future environmental challenges.

Students of the Academy fully conceptualised, shot, and produced these projects, demonstrating their ability to create compelling stories. Additionally, Rekiya, a short film by the class of 2023 has been selected at AFRIFF 2024 and Poached, directed Adeola Andrea Peregrino, earned accolades including 1st Prize in the LEAP Africa USAID Film Contest, 2nd Prize at the IOM Film Contest and was an official selection at AFRIFF 2024 and at Edo State Festival. Love from Bayelsa, written by alumnus Gabrie Odigiri won Best Short Film of the Year at the Imo International Film Festival.

The graduation of the 2024 cohort represents yet another milestone in MTF’s ongoing commitment to upskilling exceptional storytellers, who continue to redefine the African narrative on a global stage.

PTD Takes A Swipe At Otunba Oladiti For Attacking Osesua, Calls Him ‘Sit-Tight Despot’

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December 8, 2024

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The leadership crisis in the Petroleum Tanker Drivers (PTD) Branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) deepened Wednesday when the drivers took a swipe at the former Chairman of PTD, Otunba Salimon Akanni Oladiti for making ‘inflammatory’ and ‘incendiary” comments against its National Chairman, Comrade Lucky Osesua.

Oladiti was grossly criticized for what the Tanker Drivers described as ‘criminal defamation’ at the official commissioning ceremony of the newly built National Secretariat of NUPENG on December 4, 2024.

In a chat with some selected newsmen at Transcorp hotel in Abuja, Comrade Kolade Fadahunsi-Ojelabi an elder from Lagos Zone of the PTD Branch of NUPENG on Saturday, December 7, 2024, said it was high time Oladiti’s excesses was checked and allowed PTD to breathe and flourish. The Union leader further noted that successive Chairmen of PTD never troubled their successors after their terms lapses, adding that stakeholders across board should call Oladiti and his ilk to order in the overall interest of the Union.

Accordingto Fadahunsi-Ojelabi:

“Gentlemen of the press, thank you for honouring my call, I learned that Otunba Salimon Akanni Oladiti who has finished his 8 or 9 years in office as National Chairman of Petroleum Tanker Drivers (PTD) Branch of Nigeria Union of Petroleum Natural Gas Workers (NUPENG) was on the podium on Wednesday, December 4, 2024 during the official commissioning of our newly built national secretariat at Jibowu, otherwise known as NUPENG Tower, and was making some incendiary, derogatory and inflammatory comments that are criminally defamatory against Osesua led PTD national leadership. He also went so low by saying Comrade Lucky Osesua, Comrade Dayyabu Garga, Comrade (Chief) Peter Moudebelu (ONWA), Comrade Humble Obinna Power, Olabisi Akinlolu and others have been fighting him while also boasting that he will use his last blood to fight back.

“As far as we are concerned, Comrade Osesua, who is our national chairman is a law abiding leader and his other national executives are also known for their decorous and high moral rectitude, they have disdain for crisis and discord, but are strongly resolved to work against oppression, humiliation, intimidation lack of good welfare package for all PTD members throughout Nigeria no matter whose ox is gored.

“For the purpose of clarity, this Union belongs to everyone and PTD is not a personal business to anybody, so Oladiti and his ilk should be properly guided. This is also a wake up call to all our stakeholders in the Union to intervene and allow lasting peace to reign in PTD.

“Right from the inception of this Branch PTD, this type of crisis has never happened, then, our union was well structured and organized at its various organs at Unit, Zonal and National level. Let me take us down the memory lane, right from the time of John Osai to Tijani Suberu, Osai never trouble Suberu one day, after handing over to Tijani, Tijani finished his tenure he handed over to Timothy Ogbu, Tijani never troubled Timothy one day, when Timothy handed over to Oladiti, he never troubled him, however Oladiti who acted like a despot never allowed Timothy and Tijani assess to the PTD secretariat especially Timothy. Now Oladiti has finished his 9 years in office he never wanted to let go, he still wants to be fully in charge, such that the union money will continue to come to his personal pocket, all in the name of becoming the National President of NUPENG after Williams Akporeha. Oladiti always prefers to have a stooge as National Chairman of PTD, someone he can remotely control under his whims and caprice.

The 78 years old trade unionists continues, “It has become imperative to let the world know that Osesua and his national excos are not fighting Oladiti, Oladiti is the one fighting God’s ordained people in PTD and anyone fighting anyone ordained by God has given himself out to be destroyed by God. Oladiti said he will use his last blood to fight Osesua and others so be it, he has only started a journey of self destruction and he personally put himself under that curse with his mouth, too bad for him.

“We all wonder and keep asking the question, is Oladiti still contesting for PTD national championship post? What exactly is his problem? He served his two terms, and today he is NUPENG national Trustee, a signatory to NUPENG bank accounts, why can’t he let the hook off PTD and allow us to breathe? I have never seen this type of greed, covetousness and desperation in life. This man is shameless and has lost every honor left in him. PTD made him, yet he still wants to continue and milk the Union and destroy the union, this will never happen by the power of God Almighty.

“It’s a big shame that Oladiti will not allow PTD to run its affairs independently without any undue interference. Today all our members across the 4 zones in the country have been impoverished, non of them can boast of N10,000 in a week despite their commitment and loyalty to the PTD, the Units, Zones and the National levels have all been decimated and conquered by one sit-tight despot, this unfair and wicked treatment cannot be allowed to continue, enough is enough, we need a breather in PTD, Oladiti should allow us to be.

“Another thing that is most annoying is that he has brought in nepotism and tribalism to PTD, all he does now is to keep bringing his family members, and kinsmen from Ibadan and putting them in key positions in PTD, especially in Lagos Zone. He is known for saying PTD belongs to Yoruba people and has largely discriminated against other tribes. According to what we were told he said he will keep bringing his so-called loyalists to the PTD so that when it’s time for him to contest the NUPENG presidential election it will be an easy ride for him, see how a mere mortal is thinking, behaving as if he is God.

“This is the same man who will go to church and start telling lies on the pulpit, the truth is that he can’t deceive God, this man has consistently committed sacrilege and God will surely judge him accordingly. He has done a lot of evil things to PTD, he will be using the name of God as a buffer to hoodwink everybody this is ridiculous and distasteful. He has failed and God will disgrace and expose him. Osesua is our God-ordained National Chairman as of today and nothing can change that and we thank God for the judiciary and our law enforcement agencies for consistently playing their roles as the last of the common man .” Kolade Fadahunsi-Ojelabi stated.

Nigeria’s Financial Markets Surge with Reforms, Strengthened Naira, and Robust Investment Activities

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December 8, 2024

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Nigeria’s financial landscape has seen significant developments with the Central Bank of Nigeria (CBN) introducing revised guidelines to enhance transparency and governance in the foreign exchange market. These guidelines emphasize ethical practices, real-time reporting, and regulated interbank trading while mandating compliance from banks, dealers, and BDC operators. Separately, the naira has appreciated steadily, supported by increased dollar inflows and the launch of the Electronic Foreign Exchange Matching System (EFEMS), which has boosted market confidence by facilitating transparent and efficient FX transactions. Meanwhile, the Federal Government’s recent $2.2 billion Eurobond issuance aims to finance the 2024 fiscal deficit, fund critical infrastructure projects, and diversify funding sources to strengthen the nation’s economy. These combined efforts reflect a broader push to stabilize Nigeria’s currency and economic framework.

Money Market

Market liquidity opened the day at ₦632.39 billion long. The Open Buy Back (OBB) rate and the Overnight (OVN) rate closed at 27.67% and 28.17%, respectively.

We expect rates to hover around current levels.

Treasury Bills Market

The FGN Treasury Bills Market began on a calm note ahead of the PMA tomorrow where the DMO offered N583.26bn across the standard maturities. At the auction, the DMO floated N583.26bn across the standard tenors. At the auction, the DMO allotted N756.70bn out of a total subscription of N2.55 trillion. Stop rates on the 91-day and 182-day bill remained constant at 18.00% and 18.50% while the rate on the 364-day declined by 57bps to 22.93%. We saw the newly issued 364-day bill trade as low as 21.90%, representing a 103bps decline from stop rate. Today, we saw the CBN issue N772.93 billion worth of OMO bills on the long end at 23.98%, a 30bps decline from previous stop rate out of a total subscription of N2.24 trillion. Sequel to the auction, we saw the newly issued 2 Dec OMO bill quoted 22.00/21.80. Week-on-week, the average benchmark yield appreciated by 22bps to 25.57%

We expect a calm session as investors implore a cautious approach ahead of the PMA on Wednesday.

FGN Bond Market

Activities in the FGN Bonds Market remained muted throughout the week. Nonetheless, we saw the 19.00% Feb 2034 Bond bid at 20.80% and offered at 20.60% while the 19.89% 2033 maturity was quoted 20.85/20.70. Furthermore, we saw the 2031 bond bid at 21.90% and offered at 21.80%. Week-on-week, the average benchmark yield appreciated by 1bp to 19.03%

We expect activities to remain weak.

FGN Eurobond Market

The FGN Eurobonds Market commenced on a bearish note following the commencement of the 6.5yr and 10yr issuances which closed at 9.625% and 10.375% respectively, with a total of $2.2bn sold against a total subscription of $8.8bn. The newly issued Eurobonds were the highlight of the week with trades happening at 102 on the new 31s and 103.70 on the 2034 maturity. It was a data filled week from the United States. Amongst that data included the ISM Manufacturing PMI which rose to 48.4 against 47.5 forecast and 46.5 previous, the Jolts Job Openings printing at 7.74m vs 7.51 forecast and 7.44m previous. In addition, the ADP Non-farm employment change printed at 146k vs 152k forecasted and 233k previous while the ISM Services PMI came in at 52.1 vs 55.7 predicted and 56.0 previous. Finally, the NFP data today printed at 227K vs 220K forecast and 12K previous while unemployment rate rose to 4.2% from 4.1%. Week-on-week, the average benchmark yield declined by 44bps to 9.03%

We expect mild profit-taking activities.

Currency Market

The value of the Naira to the dollar closed at ₦1535.00/$ at the Nigerian Foreign Exchange Market Window (NAFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) appreciating by 10bps to close at 98,210.75. Market capitalization also increased, closing at ₦59.55 trillion. Market breadth was positive at 1.35x, with 27 stocks advancing and 20 declining. This performance was driven by gains in GOLDBREW (+9.98%), JAPAULGOLD (+9.30%) and SUNUASSUR (+9.07%), and losses in ETERNA (-4.62%), STERLING (-4.12%), and CONHALL (-3.85%).

Trading activity was robust on the day, with the volume of shares traded increasing by 43.75% to 1.04 billion units, while the total value of shares traded increased by 35.66% to ₦17.41 billion. The most actively traded stocks by volume were WEMABANK with 472.50 million units, FIDELITY with 251.53 million units, and FCMB with 45.00 million units. In terms of value, WEMABANK led with ₦4.11 billion, followed by FIDELITY at ₦4.04 billion, and MTNN ₦2.87 billion.

Reflecting the day’s performance, the NGX All-Share Index reflected a 1-week gain of 0.44% and a 4-week gain of 1.12%, with an overall year-to-date gain of 31.34%. Other notable indices are the NGX Top 30 Index (+0.10%; +0.89% 1WK; +33.01% YTD), NGX Banking Index (+0.73%; +1.98% 1WK; 15.76% YTD), and NGX Oil & Gas Index (0.17%; +2.16% 1WK; +139.35% YTD)

Nestlé Professional Champions Affordable Nutrition with Maggi Soya Chunks in Lagos

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December 8, 2024

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Nestle Professional Lagos

Nestlé Professional, the Out of Home business arm of Nestlé Nigeria and a leading provider of food solutions, recently introduced the Affordable Nutrition option, Maggi Soya Chunks, to food vendors, chefs and event planners during the Lagos edition of the Business of Food workshop.

Canteens, grillers, Maishais, and bukas play an integral role in providing daily nutrition to bustling urban areas. However, they face challenges in managing their businesses amidst rising costs, often leading to a reduced focus on providing adequate nutrition in favor of profit.

The Business of Food series, now in its nineth edition, has empowered over 2,000 food business vendors across nine states with vital skills and knowledge to enhance their business and increase their income. This year, it focused on offering attendees a cost-effective, nutritious, and flavorful protein alternative with Maggi Soya Chunks while equipping them to keep growing despite economic hardships.

With one pack providing adequate protein and nutrition for eight people, Maggi Soya Chunks, a soya-based texturized protein, is an affordable alternative protein that ensures food vendors remain profitable while continuing to provide adequate nutrition to their customers.

Mrs. Funmi Osineye, Business Manager for Nestlé Professional in Nigeria, stated: “At Nestlé Professional, we are committed to empowering local food vendors with the tools and knowledge they need to thrive. By introducing Maggi Soya Chunks, we aim to provide an affordable and nutritious alternative that supports their businesses and promotes healthier eating habits in our communities.”

To further empower the participants to navigate the evolving economic terrain, Mrs. Osaretin Okao, Managing Director of Food Bizz Support Services, trained the food vendors on managing food business profitability in challenging periods. She charged the food vendors with being innovative and open to trying new things, including using new affordable ingredients like Soya Chunks.

Mrs. Osaretin Okao said: “Managing a successful food business requires adaptability and a willingness to embrace new opportunities. By incorporating affordable and nutritious ingredients like Maggi Soya Chunks, food vendors can not only enhance their offerings but also ensure they remain profitable and sustainable.”

One of the highlights from the half-day training session was a masterclass by Chef Ehis Oseniga on the preparation of the classic Ofada rice sauce, using Maggi Soya Chunks. The event also featured an exciting cooking competition where teams of caterers, catering school students and restaurant owners created delicious meals such as Chunky Jollof Rice, Soya Spaghetti Jollof, and Soyarito Fried Rice, all using Maggi Soya Chunks.

Mrs. Osineye assured participants that Nestlé Professional remains committed to supporting the growth and success of food vendors in Nigeria. “We aim to make more possible by uplifting the local food industry, promoting entrepreneurship, and creating a positive impact in communities.”

I Just Do a Little Prayer and Listen To Some Gospel Music Before The Game- Trevor Chalobah

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December 7, 2024

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Ahead of the clash this weekend, Showmax caught up with Sierra Leone-born Crystal Palace centre-back Trevor Chalobah to chat about life off the football field.

Chalobah, currently on loan from Chelsea, opens up about his favourite pre-game meals, his favourite music genre, skincare routine, and much more during a chat with Showmax.

What’s your go-to-meal before you prepare for any game?
I would say chicken pesto pasta. That has always been my pre-match meal a day before the game. On match day, however, I’ll have salmon and rice.

What kind of music would you play in the change rooms?
I’m not in charge of playing the music in our change rooms, but if I was in charge I would play gospel music. I love gospel music. It’s my go to, I love Naomi Raine, she’s very good, and has a great voice.

South London (Crystal Palace) versus West London (Chelsea). Which fans do you think cheer louder and better?
South London fans can cheer the whole game. You can feel the energy and they really help the team. They sing the entire game, which is very good.

What do you miss most about West London?
They have a lot of passionate fans. When a goal is scored, the fans are very up for it, especially in a derby or emphatic games. When we played against Manchester United last year, we were 2-0 down and then won 4-3. It was probably the best atmosphere I had ever experienced at Stamford Bridge. I felt the love from Chelsea fans. They even had some songs for me, which was great.

Any hidden gems in West London that you loved visiting?
There is a nail and beauty bar in Putney where I love to do a manicure and pedicure. I would say that is my favourite place. I tend to do a mani and pedi every three weeks, get a foot massage, just chill. It’s nice.

With the frequency of games you play, I am sure manicures and pedicures are very important?
We definitely need to look after our feet. We getting kicked all the time.

Which of Crystal Palace’s three kits do you love the most, and would wear on a date?
I think the home kit is very nice. The style and patterns on it are very nice. There’s also a nice contrast with the red and blue, fits in very well.

Have you tried wearing any of the kits on a date?
Not yet, but I think I could do it. On holiday I definitely would.

How important is a skincare routine for you?
For me, skincare is super important. It is important to look after yourself, keep fresh, smell good, and look good on and off the pitch.

Do you have a match day ritual?
I just pray and listen to some gospel music before the game. I speak to the Lord and ask him to guide me and protect me during the game. And he always does well, through the good and the bad.

What are your hopes and ambitions for the season?
I want to try and get as many games as I can. I am established in the Premier League now, and so I am ready to bring that experience to the field. I just want to go out and enjoy my football and play as many games as possible.

How can fans get Showmax Premier League on their phones?
Sign up for the Showmax Premier League mobile plan for N3,200 at www.showmax.com for all the Premier League action.

Consumer Credit: CREDICORP and NADDC Kick off Initial ₦20 Billion Consumer Credit Fund for Purchase of Locally-Assembled Automobiles

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December 7, 2024

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The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have kicked off the first phase of a consumer credit fund enabling Nigerians to purchase locally assembled automobiles. This was announced at the signing event featuring Nigeria’s leading local automobile manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), DAG. This targeted initiative empowers Nigerians with credit to own new automobiles (cars, tricycles, motorbikes) while growing Nigeria’s automotive industry.

The Automotive industry is one of five thematic areas of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) which channels the Corporation’s credit-backed consumers to purchase goods and services of local vendors and manufacturers. The kickoff of this Fund targeting local automobiles marks a significant step in the realization of this objective.

At the event, the Managing Director/CEO of CREDICORP, Engr. Uzoma Nwagba, expressed optimism about the initiative. “At CREDICORP, we are removing structural barriers to credit access, and accelerating consumer credit with capital and guarantees to financial institutions. They say Automobiles is a mother of all industries due to several adjacent industries that emanate from it. The partnership with local automobile manufacturers is an exciting development that catalyzes the sector by aggregating credit-backed demand, while bringing us closer to our goal of enabling millions more Nigerians to obtain a higher quality of life.”

Standards for eligible manufacturers under the Fund have been set by the NADDC, the Federal Government agency responsible for Nigeria’s automotive sector. Speaking on the partnership, the Director General of the NADDC, Mr Joseph Osanipin stated that “this partnership with CREDICORP is a significant step towards realizing the full potential of Nigeria’s automotive industry, as the government is supporting Nigerians with purchasing power and channeling them to buy made-in-Nigeria cars, tricycles, and motorcycles. The NADDC is proud to be part of an initiative that drives the automotive sector and create sustainable economic growth for Nigeria.”

How to Access:
Interested buyers of the listed brands can seek consumer credit directly at the sales point of any participating local automobile assemblers. At these locations, customers will receive assistance with the application process, including the necessary documentation for credit assessment and approval.

Pension funds’ investments in government securities hit N13.6trn

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December 7, 2024

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Pension Fund Administrators (PFAs) have channeled N13.6 trillion into government securities, marking a 16 percent year-on-year surge, according to the latest data from the National Pension Commission (PenCom) for October 2024.

The milestone reinforces the dominance of government securities in Nigeria’s pension industry, accounting for a significant portion of the total Assets Under Management (AuM).

The report revealed that the value of the total AuM increased by 3 percent month-on-month (m/m) and 22 percent y/y to N21.9 trillion as at end-Oct 2024. In terms of asset composition, the dynamics of the asset mix for pension AUM remained relatively unchanged, with the majority of pension holdings concentrated in government securities.

Within FGN securities, FGN bonds were dominant, making up 87 percent of this category. Their value increased by 5 percent y/y (approximately N510 billion) to N11.8 trillion.

The growth aligns with the high-interest rate environment driven by the Central Bank of Nigeria’s (CBN) contractionary monetary policies.

Furthermore, pension holdings in corporate debt grew by 20 percent y/y to N2.3 trillion. However, corporate debt issuance has been restrained due to elevated interest rates.

The value of pension AuM in domestic equities increased by 42 percent y/y and 3 percent m/m to N2.1 trillion, raising its share to 9.6 percent from 8.3 percent in October 2023.

Despite macroeconomic challenges, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) delivered a robust 30.7 percent year-to-date return,outperforming Sub-Saharan peers like Egypt (+24.1 percent), Kenya (+21.7 percent), and South Africa (+11.6 percent).

The CBN’s recent monetary tightening, highlighted by the 27.50 per cent monetary policy rate (MPR) after six consecutive rate hikes this year, continues to influence investment behaviour.

Higher interest rates have supported bond investments but constrained corporate debt issuance.

However, the growth trajectory in pension AUM reflects resilience in the Nigerian pension system, supported by strategic asset allocation favouring government securities and equities amidst a challenging macroeconomic environment.

CBN to crack down on banks as cash scarcity worsens

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December 6, 2024

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Despite persistent warnings of the Central Bank of Nigeria (CBN) for commercial banks to free up cash to depositors, the scarcity horror has worsened in various parts of the country.

The development may force the apex bank to hit the banks with peppery penalties as recently disclosed by the Governor, Mr Yemi Cardoso.

In Abuja, many residents are struggling to meet their financial needs as banks across the country ration withdrawals and Automated Teller Machines (ATMs) remain dry.

As frustration mounts, Point of Sale (POS) operators have become the primary source of cash for millions of Nigerians, but their services now come at a significantly higher cost.

Daily Sun’s investigation reveals that several banks in the Federal Capital Territory (FCT) have failed to load their ATMs, while over-the-counter (OTC) cash withdrawals are limited to paltry sums. Reports from other states mirror this situation, with residents lamenting a worsening cash crunch.

POS operators have hiked their service charges by 50 to 100 percent, citing exorbitant costs of sourcing cash.

“I have at least 11 accounts in different banks, yet it’s almost impossible to raise N200,000 right now.

“Some banks pay just N5,000 or N10,000 as their withdrawal limit. I can only give a maximum of N2,000 per customer,” APOS operator at Police Signpost, Lugbe, lamented.

Another operator shared similar frustrations, revealing that he now sources cash from fuel station attendants after long waits at the bank yield insufficient amounts. “After spending hours at the bank, you barely get N50,000. You do not expect me to still charge the same amount after such stress.”

A resident who simply gave her name as Ogechi said she is now more cautious of how she spends cash to avoid being stranded: “ I started noticing the scarcity about three weeks ago. I am now very careful of how I spend my cash. I do not want to be caught unawares and suffer the same fate as the last Naira scarcity.

A staff of a leading bank in Nigeria at its Lugbe branch confirmed the situation, stating: “We only dispense N5,000 over the counter now because we placed an order for cash but we are yet to receive it. I can not guarantee that there will be more cash tomorrow or even next.”

Another banker added that ATM withdrawals are capped at N10,000, and OTC withdrawals at N20,000 for account holders. “Cash circulation is very low. It’s from the Central Bank of Nigeria (CBN),” the staffer explained.

In a bid to tackle the worsening scarcity, the CBN has introduced dedicated phone numbers and email addresses for Nigerians to report difficulties in accessing cash.

A circular dated November 29, jointly signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), outlines measures aimed at improving cash availability.

The CBN directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement through both ATMs and OTC channels, warning of penalties for non-compliance.

Customers experiencing challenges are urged to report incidents with details such as the account name, bank name, transaction amount, and date.

The announcement follows earlier warnings from the apex bank, requiring banks to prioritise cash disbursements through ATMs and warning of penalties for non-compliance.

“Please refer to the various engagements and interventions from the Central Bank of Nigeria (CBN) on the above subject aimed at addressing efficient and optimal currency circulation in the economy,” CBN said.

“As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:

“Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.

“General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below.

“This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.”

“To make a report of a bank branch or ATM not dispensing cash, the CBN said affected customers are to provide the relevant details which include, “account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels”.

“Phone Call: Designated phone number(s) of the CBN branch in the state where the incident(s) occurred,” the apex bank said.

“Email: or send an email of the incident to the designated email address for the state in which the incident(s) occurred.”

BRILA FM Denounces Criminal Activities and Vilification Campaign

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December 6, 2024

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Brila Media, Nigeria’s premier sports radio network, has noted with concern a recent campaign of falsehood and defamation orchestrated by a small group of individuals previously associated with the organization. These actions appear to be a calculated effort to distort facts and undermine the integrity of the company and its founder, Dr. Larry Izamoje.

The individuals in question have been implicated in criminal activities, including the diversion of funds, falsification of invoices, unauthorized receipt of payments, and manipulation of internal systems. These actions, spanning several years, have resulted in a financial loss exceeding N150,000,000 (One Hundred and Fifty Million Naira). Upon discovering these fraudulent acts, Brila Media promptly referred the matter to the appropriate law enforcement authorities. Investigations are ongoing, and key suspects have been interrogated, with some confessing to the allegations.

In an apparent attempt to deflect accountability and escape justice, certain individuals involved in these activities have resorted to digital defamation and orchestrated attacks on social media. These efforts aim to discredit Brila Media and its founder by portraying the organization as insensitive and hostile towards its employees. Such tactics are clearly a diversionary measure to mitigate their criminal exposure.

As a law-abiding organization, Brila Media has exercised restraint in responding to these baseless accusations, allowing due process to take its course. The company remains aligned with the principles of justice and the rule of law, ensuring that investigations are thorough and that only the guilty are held accountable.

At the appropriate time, the identities of those implicated in this criminal conspiracy will be disclosed. Brila Media reaffirms its unwavering commitment to professionalism, corporate governance, and the welfare of its stakeholders, including employees. However, the company will not tolerate criminality or attempts to tarnish its reputation through false narratives.

We urge our business partners, listeners, and fans to disregard the malicious misinformation being circulated online. Brila Media remains steadfast in its mission to deliver unparalleled sports content and maintain its position as Nigeria’s most trusted and beloved sports radio network.

Breaking Barriers: Pan-African Women’s Sustainability Conference Set to Transform Green Economy Landscape

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December 6, 2024

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In a groundbreaking initiative to accelerate Africa’s green economy, government leaders from African countries, representing over 20% of the continent’s countries, will convene at the African Women Sustainability Conference 2024. This landmark event, organized by ImpactHER in partnership with the African Union and the United States Department of Commerce, will take place on December 11-12, 2024, in Abuja, Nigeria. The event is hosted by the Federal Capital Territory (FCT).

Under the theme, “Igniting Africa’s Green Revolution: Empowering Women Entrepreneurs as Catalysts for Sustainable Growth and Unlocking Access to Eco-Financing,” the conference aims to bridge the green financing gap, recognizing the pivotal role of women-led businesses in Africa’s economies and addressing the significant barriers they face in accessing eco-financing opportunities.

“This is more than a conference—it’s a turning point for Africa’s women entrepreneurs,” said Efe Ukala, Founder of ImpactHER. “By uniting government leaders, global financiers, and visionary women entrepreneurs, we aim to unlock millions of dollars in eco-financing by 2026 and position women as the driving force of Africa’s sustainable future.”

Ministers from Chad, Liberia, Malawi, Benin, Zambia, Uganda, Cameroon, The Gambia, Nigeria, and Kenya will join representatives from leading financial institutions and the U.S. Department of Commerce to share insights on eco-financing and sustainability.

The two-day event will feature:

o Executive roundtables with government ministers and global investors

o Intensive workshops on green business certification and eco-financing

o A pitch competition for green business

o Interactive exhibitions showcasing successful sustainable business models

Strategic partners including ToolUP Foundation (an Emmanuel C. Ukala Foundation) and ARUWA Capital.

Africa Investment Forum 2024: Turning Continent’s Potential into Bankable Opportunities

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December 6, 2024

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…Private capital in Africa will be more attractive than other emerging markets in five years’ time

The Africa Investment Forum kicked off its 2024 Market Days in Rabat, Morocco, with leaders highlighting the continent’s bankability and readiness for investment.

In her welcoming remarks, Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, told more than 1,000 delegates that this year’s Forum was a critical moment for creating a prosperous Africa: “The long-awaited rise of our continent rests on securing financing and we must act collectively to achieve this”.

She further emphasized: “I’m deeply convinced that the Africa Investment Forum 2024 will be a privileged opportunity to enrich our common reflection, explore innovative solutions to persistent challenges, while strengthening the strong partnerships to make our aspirations a reality.”

The president of the African Development Bank Group, Dr. Akinwumi Adesina, chairman of the Africa Investment Forum, said capital must be deployed to meet opportunities. “I am fully convinced that the accelerated development of Africa requires greater mobilization of private capital.”

Under the theme “Leveraging innovative partnerships to scale up,” this year’s Market Days event brings together over 500 business leaders and SMEs to discuss why Africa, with 39% of the world’s population under the age of 20 and a market of 2.5 billion consumers by 2050, is the place to invest today and in the future.

Adesina announced that $15 billion in deals have already been originated this year, with 41 boardrooms ready for follow-up discussions on diverse African investment opportunities spanning mining, water and sanitation, food and agriculture, renewable energy and transportation and seaports.

“The theme of this Africa Investment Forum is leveraging at scale. It’s about how to make things happen at scale for Africa,” Adesina said. “Africa doesn’t have time for Mickey Mouse investments, we need investment at scale. We must make room for capital to be deployed to meet opportunities in Africa. At the Africa Investment Forum, this is the driving principle that brought us together as founding members.”

The forum is an initiative of nine development finance institutions—the African Development Bank, Africa50, Afreximbank, the Development Bank of Southern Africa, the Islamic Development Bank, the European Investment Bank, Trade and Development Bank the Africa Finance Corporation, and the Arab Bank for Economic Development in Africa.

A prime example of the collaborative partnership by the Forum’s founding partners is the Lobito Corridor in Angola, a $10 billion infrastructure project featuring rail, road, bridges, telecommunications, energy, and agribusiness developments. Key project partners include the African Development Bank which committed about $500 million, Africa Finance Corporation, serving as overall Project Developer and the Development Bank of Southern Africa which leads the first project phase. The corridor will create thousands of jobs and facilitate regional integration across Angola, Democratic Republic of Congo, and Zambia. The United States and the European Commission are among global partners who signed a Memorandum of Understanding in October 2023 to mobilise resources for the Lobito Corridor.

Highlighting Africa’s mineral potential, he noted that the continent possesses 90% of the world’s platinum, 95% of its chromium, and two-thirds of global cobalt.

“With 30% of the world’s lithium Africa is a key part of the Electric Vehicle market. This $7 trillion market will grow to $59 trillion by 2050. With strategic investment, Africa can become a great energy hub for the world,” he added.

Citing an Asset Managers’ survey, Adesina revealed that 85% of managers expect to increase private capital allocation to Africa, while 52% anticipate Africa’s private capital becoming more attractive in the next five years.

“Our focus is on a triple mandate, to advance high-impact projects to bankability, raise capital and accelerate the closure of deals. By focusing on investment facilitation for Africa, the Africa Investment Forum has become the premier investment platform for Africa,” Adesina said.

Since its inception in 2018, the Africa Investment Forum has generated $180 billion of investor interests and closed transactions worth $30 billion.

During a panel discussion, representatives of the founding partners shared practical cases of projects their respective institutions have engaged in through partnership with private entities and governments.

With three days of market days now underway in Rabat, Adesina’s rallying cry resonates:

“Africa is bankable – let the deals begin!”

Dr. Adesina’s speech (http://apo-opa.co/4ikQF2d)

We Hold a Hand and TinyThoughts Unite to Release Empowering Mental Health Anthem, ‘End of the Tunnel’

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December 6, 2024

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We Hold a Hand, a mental health advocacy organization, and emerging artist TinyThoughts have joined forces to release a powerful new single, ‘End of the Tunnel’. This evocative track is a poignant exploration of many’s emotional and mental struggles while serving as a beacon of hope for those battling despair. ‘End of the Tunnel’ delves into the feelings of being trapped in darkness, whether from emotional pain, mental health challenges, or life’s relentless battles. The song encapsulates the journey toward hope, healing, and light with heartfelt lyrics and a soul-stirring melody.

According to Kelvin Voen, the Founder of We Hold A Hand, “Our mission at We Hold A Hand is to emphasize the importance of perseverance and to instill the belief that no matter how overwhelming life’s battles may seem, there is light at the end of the tunnel. Through this song, we want to inspire listeners to seek help, hold onto hope, and recognize that they are not alone.”

This collaboration extends beyond music; it is a call to action. ‘End of the Tunnel’ aims to ignite a movement to shift societal perceptions of mental health. By addressing the links between poor mental health and societal challenges such as crime, addiction, depression, and unemployment, We Hold A Hand seeks to promote early intervention and the adoption of effective treatments.

“Music has a unique power to connect and heal,” shared TinyThoughts. “I’m honored to collaborate on this track, knowing it will touch hearts and inspire change.”

‘End of the Tunnel’ is now available on all major streaming platforms. Fans and advocates alike are encouraged to share the song to amplify its message and spark conversations about mental health. Together, let’s break the stigma surrounding mental health and show the world that there is always hope at the end of the tunnel.

Africa Investment Forum 2024: Africa, the most urbanised continent by 2050, needs more investment to prevent a surge in shanty towns (experts warn)

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December 6, 2024

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…Diversification of investment needs to go hand in hand with appropriate measures and provisions put in place by national governments and urban authorities

Africa’s urban population will triple in the next 25 years and African countries will need to invest up to 5.5 percent of their gross domestic product (GDP) in urban development if they are to avoid rapid growth of shanty towns.

Experts reached this conclusion at a round-table discussion, “Mobilising finance for urban development and planning,” held at the Africa Investment Forum from 4 to 6 December in Rabat, Morocco.

Hastings Chikoko, Senior Director for Cities at Big Win Philanthropy, a charitable foundation focused on development projects in Africa, drew attention to the phenomenon of galloping and poorly controlled urbanisation: “Unfortunately, people will continue to move to cities. What needs to be done?” he asked.

“The problem is a failure of planning, which leads to a lack of housing infrastructure and the emergence of shanty towns,” said Eric Gumbo, Associate Director of law firm G&A Advocates LLP in Kenya. “Our countries have no margin for financing and this impacts our cities. African countries have a debt/GDP ratio of around 65 percent,” Mr Gumbo added.

Abimbola Akinajo, Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA) in Nigeria, confirmed that many big African cities are experiencing the same reality: an acute lack of funding.

The panellists agreed that the key challenge is to multiply sources of investment by greater use of the private sector, development finance institutions, investment funds and pension funds, in addition to state and municipal resources.

Diversification of investment needs to go hand in hand with appropriate measures and provisions put in place by national governments and urban authorities: better governance of cities, better planning, capacity-building to enable the design of bankable projects, better planning of municipal investments, and modernisation of revenue collection. Payment by users for various services (motorway tolls, etc.) could help to finance these provisions.

Ednick Muswell, head of the water and sanitation department in eThekwini, an urban municipality in Kwazulu with population of four million and a budget of $3.9 billion, showcased eThekwini as an example of successful urban management in Africa: “We have no debt to ESKOM (the public electricity company) and our budget discipline is a result of good management. The municipality has a good credit rating and investors believe in us.” Muswell added that American pension funds and banks are ready to invest in eThekwini, which is also capable of raising funds on capital markets.

However, other cities on the continent are the victims of poor and biased perception of risk by investors in Africa which has cost implications, according to Chikoko.

“It is expensive to borrow in Africa and unless we find a way of addressing this problem, cities will not have the resources to develop,” he warned.

Mohan Vivekanandan, Executive Director of the Development Bank of Southern Africa (DBSA), a founding partner of the Africa Investment Forum, said that cities must have a well-thought-out plan in order to attract investors: “Major projects must be led by cities, and they must be designed so that the private sector will find it profitable to invest in your city,” he said.

Investor appetite

Abdouraman Diallo, Managing Director of the African Solidarity Fund, believes that the enormous needs of African cities for roads, housing, water and sanitation, cannot be met without strong support from financing institutions.

Capital markets are also adapting to the new norms associated with the development of cities.

“We need to think ahead,” said Nezha Hayat, President of the Moroccan Capital Market Authority, which has adopted a regulatory framework tailored to the needs of the local market, developing green bonds (2016) and municipal bonds that have been helping the city of Agadir to attract investment from capital markets since 2020.

Thierno Habib-Hann, Managing Director of Shelter Afrique Development Bank (ShafDB), pointed out that Africa needs 53 million more homes and that $1000 billion are required in order to create them. His institution, which covers 44 African countries, works in the urban housing value chain and Mr Habib-Hann emphasised that low-cost houses (up to $10,000) are a viable solution thanks to appropriate construction technologies. He called on investors to come to Africa, where the housing market alone is worth $700 to 800 billion.

Solomon Quaynor, Vice President of the African Development Bank Group with responsibility for the Private Sector, Infrastructure and Industrialisation, closed the session by reminding the Forum that the Bank is working to connect urban entities with competitively priced financing and is supporting municipalities in the development of public-private partnerships. He noted that six projects worth more than $4 billion in total had attracted investor interest during boardroom meetings at the Africa Investment Forum.

NETSCOUT Highlights Financial Services Sector as an Enduring Target for DDoS Attacks in Africa

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December 6, 2024

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Financial services organisations in Africa are continuing to fall victim to Distributed Denial of Service (DDoS) attacks, according to NETSCOUT’s 1H2024 DDoS Threat Intelligence Report (TIR). The report highlights Kenya, Nigeria and South Africa in particular as being hotspots for these attacks within the financial sector.

The report provides an in-depth analysis of the DDoS threat landscape, revealing that attackers are targeting financial institutions with increasing frequency and sophistication, often leveraging these attacks to disrupt critical services and extort ransoms.

Bryan Hamman, regional director for Africa at NETSCOUT, comments: “The financial services sector -which encompasses organisations such as banks, insurance companies, investment houses, real estate companies and lenders – remains a lucrative target for cybercriminals due to the critical nature of its operations and the value of its data. Understandably, service availability in industries such as banking is of paramount importance, and disruptions of any type can have far-reaching consequences.

“Over the past year or so, we have seen an intensification in the activities of geopolitically motivated hacktivists and their coordinated DDoS attack efforts aimed at banking and financial services. One particular threat actor known as NoName057(16), which has garnered notoriety for developing and distributing custom malware as well as for its innovative use of gamification in cyberwarfare, has claimed 222 attacks against the global banking and financial services sector for the first six months of the year. And, in fact, this industry has generally been the most targeted by all noted hacktivist groups for the first half of 2024.”

NETSCOUT also noted that DDoS attacks against the insurance market in particular were still of concern across the Europe, Middle East and African (EMEA) region, showing 10,840 attacks against this type of organisation over the six-month period – with the bulk of these taking place in South Africa.

How Cybercriminals Are Targeting African Financial Services

Within Africa, the financial services sectors in Kenya, Nigeria, and South Africa have been notably affected.

South African insurance agencies and brokerages bore the brunt of incidents EMEA-wide for the industry, having been subjected to 10,720 attacks over the six-month period. The largest of these incidents reached a peak of 183.84 Gbps, causing disruptions at a maximum impact of 40.74 Mpps and an average attack duration of 15 minutes.

The NETSCOUT report also indicates that Kenyan portfolio management and investment advice businesses, as well as certified public accountants, fell within the country’s top five most targeted industries. Furthermore, commercial banking in Kenya was listed as the seventh sector under fire, while in Nigeria, local title abstract and settlement offices faced DDoS activity.

The Growing Need for Vigilance

“DDoS attacks are becoming more sophisticated and harder to mitigate,” Hamman continues. “Cybercriminals are now leveraging advanced techniques to overwhelm financial institutions, often targeting infrastructure components like Domain Name System (DNS) servers that are critical for digital services.

“As African economies continue their digital transformation, it is clear that financial institutions must adopt robust cybersecurity measures to mitigate the rising DDoS threat. A critical step in this process is to adopt adaptive DDoS protection strategies, including real-time traffic monitoring, automated response systems and comprehensive incident response plans,” he concludes.

For more insights into how NETSCOUT is helping financial institutions mitigate cyber threats, explore the full DDoS Threat Intelligence Report, or visit the NETSCOUT Cyber Threat Horizon.for real-time attack statistics.

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