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Category: Business

  • Elon Musk trashes Trump’s $500 billion AI plan

    Elon Musk trashes Trump’s $500 billion AI plan

    Elon Musk, the billionaire tech CEO turned government adviser for President Donald Trump, openly questioned a new artificial intelligence initiative hours after the president announced it.

    Musk claimed on Tuesday that the new AI initiative, called Stargate, did not have the funding necessary to fulfil its goal of investing $500 billion in building AI infrastructure in the United States over the next four years.

    “They don’t actually have the money,” Musk said in response to the announcement on X.

    The quick rebuke from Musk was noteworthy given his presence in the Trump world. Musk has been a vocal backer of the president and made his presence known throughout Trump’s inauguration.

    The initiative is a collaboration between OpenAI, an AI research company that Musk co-founded before a falling out with Sam Altman, SoftBank and Oracle.

  • Baobab Nigeria supports small businesses with over ₦323bn loans

    Baobab Nigeria supports small businesses with over ₦323bn loans

    Baobab Microfinance, a leading provider of financial services to small and medium enterprises (SMEs) and micro-entrepreneurs has further showcased its commitment to empowering businesses across Nigeria reaching over 407,000 customers.

    With a total loan volume exceeding N323 billion, Baobab has played a pivotal role in supporting the growth and development of countless businesses, contributing significantly to economic development and job creation in Nigeria. This is a statement of the company’s mission to empower small businesses in Nigeria.

    “At Baobab, we place our customers at the heart of our strategy and enhance more ways to build a sustainable financially inclusive society,” said Eric Ntumba, AG CEO, Baobab Nigeria. “These numbers reflect not just loans but opportunities for growth, innovation, and resilience for not only our customers but the society at large. Every loan we disburse shows our dedication to empowering individuals and businesses”

    He further commented, “In a time like this, seeing business ideas come alive is what we look forward to achieving at Baobab. Granting credit facilities to small businesses across Nigeria sets the country on a path for advancement and development and this is one key role we desire to fill in the financial services sector.”

    The impact of these loans has been felt across diverse sectors, from agriculture to commerce, trading, and transportation, helping individuals in the various sectors advance in their endeavors as well as impacting the Nigerian economy.

    Speaking on this significant impact, Dapo Ikupolati, Chief Business Officer, Baobab Nigeria said, “We remain committed to building a financially inclusive Nigeria, one loan at a time.  It is one of our goals to continue to expand our offerings to reach thousands of Nigerians seeking a better tomorrow. Last year 2024, we had a volume of over N92 billion loans disbursed and this shows how far we are willing to go to impact small businesses across Nigeria.”

    Baobab Nigeria has consistently demonstrated its dedication to financial inclusion by providing tailored financial products and services that cater to the unique needs of MSMEs. The bank’s focus on customer satisfaction, combined with its innovative approach to lending, has enabled it to build strong relationships with its clients and establish itself as a trusted partner in their growth journeys.

  • Saudi crown prince promises Trump $600bn trade, investment boost

    Saudi crown prince promises Trump $600bn trade, investment boost

    Saudi Crown Prince Mohammed bin Salman promised on Thursday to pile $600 billion into US trade and investments as he congratulated Donald Trump on his return to the White House.

    Prince Mohammed, de facto leader of the world’s biggest oil exporter, made the pledge in a phone call following Trump’s inauguration on Monday, state media said.

    Trump forged close relations with Riyadh in his first term and is now expected to push Saudi Arabia, home of Islam’s holiest sites, towards normalising ties with Israel as a major foreign policy objective.

    “The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,” the Saudi Press Agency reported.

    It did not give details of the source of the funds, which represent more than half of Saudi GDP, or how they are expected to be used.

    Prince Mohammed, 39, also passed on congratulations from his father, King Salman, during the call with Trump.

    Trump’s first visit as president in 2017 was to Saudi Arabia, and this week he joked that a major financial commitment could persuade him to do the same again.

    “I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product,” he said.

    Trump quipped he would repeat the visit “if Saudi Arabia wanted to buy another 450 or 500 (billion dollars) — we’ll up it for all the inflation”.

    During Trump’s first term, the United Arab Emirates, Bahrain and Morocco broke with longstanding Arab policy to recognise Israel under the Abraham Accords.

    The new Trump administration is expected to try to repeat the process with Saudi Arabia, following similar efforts under president Joe Biden.

    – Iran threats –

    Saudi Arabia broke off talks with US officials about ties with Israel early in the Gaza war, and has repeatedly insisted it will not recognise Israel without the existence of a Palestinian state.

    However, a long-awaited ceasefire in Gaza and a possible easing in regional tensions could pave the way for a resumption of dialogue.

    In exchange for recognising Israel, the Arab world’s richest country hopes to secure a US defence pact and Washington’s help with a civil nuclear programme.

    In his own call with the crown prince on Thursday, new US Secretary of State Marco Rubio discussed Syria, Lebanon, Gaza and “the threats posed by Iran and its proxies”, according to a statement.

    “They also discussed the benefits of the US-Saudi economic partnership and the opportunities to grow their economies in a variety of fields including AI,” a spokesperson for Rubio said.

    Trump actively courted Saudi Arabia, long an important energy and security partner for Washington, during his first term.

    When he arrived in Riyadh in 2017, he was treated to an elaborate welcome involving a sword dance and a fly-past of air force jets.

    Relations later cooled with Prince Mohammed faulting Trump for failing to respond more aggressively after a 2019 attack widely blamed on Iran halved the Gulf kingdom’s crude output.

    Relations later cooled with Prince Mohammed faulting Trump for failing to respond more aggressively after a 2019 attack widely blamed on Iran halved the Gulf kingdom’s crude output.

    Riyadh and Trump’s team nevertheless sought to boost ties after his departure from the White House, in particular through investments and construction deals for his privately owned conglomerate the Trump Organization.

    Trump’s son-in-law, Jared Kushner, has defended receiving a Saudi investment in his private equity firm that reports put at $2 billion.

    AFP

  • CBN to Launch FX Code, Emphasising Ethical Conduct in Nigeria’s Foreign Exchange Market

    CBN to Launch FX Code, Emphasising Ethical Conduct in Nigeria’s Foreign Exchange Market

    The Central Bank of Nigeria (CBN) announced the imminent launch of the Nigerian Foreign Exchange (FX) Code. This landmark development, slated for January 28th, 2025, will serve as a crucial guide for authorised dealers, promoting ethical conduct and ensuring compliance within the Nigerian Foreign Exchange Market (NFEM). This move is significantly poised to enhance the integrity and transparency of Nigeria’s foreign exchange market

    “The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN stated in a notice published on its official website. This launch signifies a pivotal moment in the CBN’s ongoing efforts to strengthen the governance and transparency of the FX market.

    Recall that the CBN, in a proactive step towards bolstering market integrity, introduced revised guidelines for the NFEM in November 2024. A key pillar of these guidelines mandates that bank boards, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, annually attest to the Nigeria FX Code of Ethics and Conduct. This crucial attestation underscores a firm commitment to upholding market integrity and ensuring strict adherence to all CBN-issued circulars and guidelines.

    These revised guidelines, as emphasised by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersede earlier directives, including operational changes announced in June 2023 and prior circulars dating back to 2017. The overarching objective is to deepen the foreign exchange market, building upon the successful consolidation of all official FX market windows.

    Under the new framework, authorised dealers are entrusted with the critical responsibility of facilitating FX transactions for both individuals and businesses while ensuring unwavering compliance with all applicable regulations. This encompasses diligent due diligence procedures, transparent pricing mechanisms, and the provision of accessible market access through innovative digital solutions. Furthermore, the guidelines unequivocally state that all legitimate FX transactions must exclusively transpire through authorised dealers. Dealing with unlicensed intermediaries is strictly prohibited.

    The revised guidelines also encompass Bureaux de Change (BDC) operators, granting licensed BDCs the authority to purchase FX from authorised dealers to fulfil customer demands, albeit within specific limits established by the CBN. Importantly, all FX transactions undertaken by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the stringent terms of their respective licenses and the overarching principles outlined in the Nigeria FX Code.

    This significant development marks a crucial juncture in the evolution of Nigeria’s foreign exchange market. By emphasising ethical conduct and promoting transparency, the CBN aims to foster a more robust and resilient FX market that serves the best interests of the Nigerian economy and its citizens.

  • Enugu State Partners with Landmark Africa Group to Revamp Nike Lake Resort

    Enugu State Partners with Landmark Africa Group to Revamp Nike Lake Resort

    The Enugu State Government has signed a landmark deal with the Landmark Africa Group to transform the iconic Nike Lake Resort into a premier destination for tourism, business, and hospitality.

    The agreement, a Public-Private Partnership (PPP), grants Landmark the management and operational responsibilities for the resort. As part of the deal, the state government is contributing to the resort as an asset, while Landmark will invest ₦10 billion in the first phase of the project to restore the facility to its former glory.

    Governor Peter Mbah described the partnership as a significant step towards achieving his administration’s goal of growing Enugu’s economy to $30 billion within six years.

    “Landmark Group is a known name in the hospitality sub-sector. Your reputation and experience precede you. So, I was glad when I became aware that you indicated interest to come and manage and run the Nike Lake Resort,” Mbah said during the signing ceremony at the Government House in Enugu.

    He emphasized the importance of the Nike Lake Resort to the state’s tourism and economic development, describing it as “iconic” and integral to the administration’s vision of making Enugu a premier destination for investment and tourism.

    Governor Mbah reiterated his administration’s commitment to providing the necessary infrastructure to support the partnership.

    “This year alone, we have earmarked ₦800 billion to provide various forms of infrastructure – physical, social, and digital. We are spending hugely to ensure that this place becomes the premier destination for investment, business, tourism, and living,” he said.

    He highlighted the ongoing dualisation of the Enugu-Opi-Nsukka Road, a project aimed at boosting ease of doing business and attracting more investors to the state.

    Paul Onwuanibe, Founder and CEO of Landmark Africa Group, expressed excitement about the partnership, praising the governor’s efforts in improving infrastructure and security in Enugu.

    “I know this is one of the states that not only has the position as a good governance state but also one that has made great progress in a short period under this administration. We want to be greatly part of it and part of that transition that takes Nike Lake to its past glory,” Onwuanibe said.

    He assured that the company’s investment would bring significant economic benefits to the state, including job creation, increased tax revenue, and a boost in tourism, with a target of bringing two million visitors annually to Enugu.

    “We intend to invest over ₦10 billion in the first phase of the partnership. From the employment perspective, supply chain and value chain improvements, tax contributions, and increased international visitors, this will be a big win for Enugu State,” Onwuanibe added.

  • CBN Imposes N100,000 per Customer Daily Withdrawal LiS Terminals

    CBN Imposes N100,000 per Customer Daily Withdrawal LiS Terminals

    The Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 per customer on Point-of-Sale (PoS) terminals as part of its efforts to promote a cashless economy and curb financial fraud.

    In a circular titled “Cash-out Limits for Agent Banking Transactions” and addressed to Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators, and Super-Agents, the CBN outlined new regulations aimed at standardizing operations within the agent banking industry.

    The apex bank said the measures are intended to address challenges, combat fraudulent activities, and ensure uniform practices across the financial sector.

    The circular specified that:

    1. Cash withdrawals (cash-out) per customer are limited to N500,000 per week, regardless of the transaction channel.
    2. Agent banking terminals must enforce a daily maximum transaction cash-out limit of N100,000 per customer.
    3. Each agent’s total daily cumulative cash-out limit must not exceed N1,200,000.
    4. Agent banking services must be distinctly separated from merchant activities, in which agents are required to apply the approved Agent Code 6010 for agent banking transactions.
    5. Agents must operate float accounts exclusively maintained with their principals for agency banking services.
    6. Principals are to monitor all agent accounts linked to the Bank Verification Number (BVN) to detect any of an unauthorized banking activities outside the designated float account.
    7. All agent terminals must be connected to a PTSA (Payment Terminal Service Aggregator).
    8. Daily transaction records, including cash-out activities, cumulative balances, and limits, must be electronically sent to the Nigeria Interbank Settlement System (NIBSS) as a report to the CBN.

    The CBN emphasized that principals would be fully responsible and liable for any breaches of agent banking guidelines, as stated in the Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria.

    To ensure compliance, the apex bank said it would conduct impromptu back-end configuration checks and oversight activities.

    It also warned that failure to adhere to the directives would attract monetary fines and administrative sanctions.

     

  • Shina Peller Clarifies TikToker’s Connection to the Peller Family

    Shina Peller Clarifies TikToker’s Connection to the Peller Family

    Nigerian entrepreneur and politician Shina Peller has addressed widespread speculation surrounding a viral TikToker known as “Peller,” setting the record straight about the entertainer’s connection to his family.

    In an interview with Channels Television on Monday, Shina Peller, who is also a prominent industrialist, confirmed that the TikToker is not related to the Peller family, renowned for its magical legacy and its connection to the legendary magician Professor Peller.

    “The name ‘Peller’ was given to our father as a magician, and it’s a name that the family has adopted since the time of my father,” Peller explained.

    While acknowledging the entertainer’s popularity, Peller clarified, “So, Peller, the comedian, is not a member of the Peller family. It’s a successful name. He’s just being smart. He’s been able to pop with the name. You can’t blame him, but I can tell you categorically that he’s not a member of the Peller family.”

  • CBN Introduces Non-Resident Nigerian Accounts for Diaspora Investments

    CBN Introduces Non-Resident Nigerian Accounts for Diaspora Investments

    The Central Bank of Nigeria (CBN) has launched two new account options—the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—to provide Nigerians in the diaspora with more opportunities to engage in the Nigerian economy.

    Contents
    Benefits for DiasporansEligibility and Implementation

    The initiative, announced on Friday via a circular signed by W.J. Kanya, Acting Director of the CBN Trade and Exchange Department, aims to enhance the financial participation of non-resident Nigerians (NRNs) in the country’s socio-economic development.

    The NRNOA allows NRNs to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. On the other hand, the NRNIA facilitates investments in Nigerian assets, offering options to transact in foreign currency (FCY) or Naira.

    “Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities,” the circular stated.

    Benefits for Diasporans

    The CBN highlighted several advantages of the new accounts:

    1. Access to Nigerian Investment Opportunities: The NRNIA enables diasporans to invest in Nigeria’s Diaspora Bond and other locally issued debt instruments targeting the Nigerian diaspora or the general investing public.
    2. Direct Fund Management: Account holders can manage their funds directly in a safe and secure environment, reducing the need to rely on third parties to meet local commitments.
    3. Economic Contributions: The accounts are expected to increase the diaspora community’s contribution to Nigeria’s socio-economic development.

    Eligibility and Implementation

    Effective January 1, 2025, eligible NRNs can open either of the non-resident accounts by fulfilling Know Your Customer (KYC) requirements. Detailed FAQs are expected to be released soon to guide prospective account holders.

    “This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018),” the CBN added.

  • CBN Halts Extension Requests for Export Proceeds Repatriation

    CBN Halts Extension Requests for Export Proceeds Repatriation

    The Central Bank of Nigeria (CBN) has announced that it will no longer approve requests from authorized foreign exchange (FX) dealers for extensions on the repatriation of export proceeds.

    The policy, outlined in a circular dated January 8, was signed by W.J. Kanya, the acting director of the trade and exchange department, and addressed to FX dealers. The decision takes immediate effect.

    The circular cited provisions of the Foreign Exchange Manual Revised Edition (March 2018), which mandates the repatriation of proceeds from oil and non-oil exports within stipulated timelines.

    “With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for extension of repatriation of export proceeds by Authorized Dealers on behalf of their customers,” the document stated.

    “For the avoidance of doubt, proceeds of oil and non-oil exports are to be repatriated and credited into the exporters’ export proceeds domiciliary accounts within 180 days and 90 days from the bill of lading date for Non-Oil and Oil & Gas exports respectively.

    “Accordingly, all Authorized Dealer Banks are required to draw the attention of their customers to the provision of extant regulation and ensure compliance.”

  • CBN Governor: 1,000 Ex-Staff Voluntarily Exited with Full Benefits

    CBN Governor: 1,000 Ex-Staff Voluntarily Exited with Full Benefits

    The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has clarified that the 1,000 former employees who left the apex bank in December last year did so voluntarily and were paid their full benefits.

    Cardoso made this known during an investigative hearing organized by the House of Representatives on Friday.

    The hearing was convened to probe the disengagement of the former staff and the ₦50 billion paid as terminal benefits.

    Representing the CBN governor at the session, Mr. Bala Bello, Deputy Director of Corporate Services, emphasized that the affected staff were neither forced nor disengaged arbitrarily.

    He explained that the bank’s early exit program was entirely voluntary and part of a broader effort to reorganize the institution for improved service delivery.

    “These are ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in round holes,” Bello said.

    “The manpower requirement of the bank is met, balancing human resource, capital, skill, and IT requirements.”

    Bello assured the committee that the program was designed to be fully voluntary and in line with global best practices.

    “You are very much aware, chairman, that the entire world is going through a process of digitizing its operations. And then once that is done, a lot of opportunities are created, just like a lot of redundancies are also equally created,” he said.

    He added, “I’m very happy to mention, Mr. Chairman and members of the committee, that the early exit program of the Central Bank is 100 percent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary program that has been put in place.”