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Category: Business

  • FirstBank, Fintechs Poised To Deepen $5 Trillion Dollar Global Gigital Economy

    FirstBank, Fintechs Poised To Deepen $5 Trillion Dollar Global Gigital Economy

    By Edu Abade

    In a bid to deepen fiscal literacy and penetration of digital financial services in Nigeria, Africa and the global marketplace, FirstBank of Nigeria Limited and Financial Technology Firms (Fintechs) have vowed to continue to raise the bar with a view to reaching the under-banked and underserved with innovative digital banking solutions irrespective of their social class and financial status.

    This follows projections that the Fintech ecosystem has the capacity to generate over 82 million Fintech firms and digital players by 2028 and that the over 600 Fintech firms worldwide as of 2024 have spent over $5 trillion to expand the market with Africa and Nigeria contending with about $3 billion of global spend and earnings in the fast growing digital financial industry.

    Industry experts who gathered at the maiden edition of the Nigerian Fintech Festival, which held on Thursday, September 26, 2024 in Lagos with the theme: Celebrating Nigeria’s Digital Payments Ecosystem said while the Nigerian Fintech industry has achieved several milestones worth celebrating, a lot still remains to be accomplished in the financial technology sub-sector.

    In his keynote address titled: Digital Transformation in Nigeria: The Journey So Far and the Next Steps, Co-Founder and Chief Executive Officer (CEO) of Optimus AI Labs, Lanre Adelanwa, argued that the sector has made significant strides since the days of teller and crowded banking halls, but there is still enough room for improvements.

    He stressed the need for continued collaboration and partnerships to grow and develop the Fintech ecosystem to distribute greater value, unlock more opportunities and ultimately create more robust value in the system.

    “The Nigerian Fintech ecosystem, worth over $300 million as of 2023, is poised to stimulate growth to the extent that about 82 million Fintechs and digital firms will be created by the year 2028. And as such, opportunities abound in the sub-sector and as we all can testify, technologies will be readily available to serve the diverse needs of clients and the larger society,” he said.

    In her presentation titled: The Role of Innovation in Driving Ecosystem Growth and Advancement, Chief Innovations Officer of Interswitch Limited, Mrs. Adaobi Igwe-Okerekeocha, who pointed out that fintech firms hold the future of the global financial sector, stressed the need for investors in fintech companies to innovate, leverage, invest and where necessary, acquire new technologies to actualize their business projections.

    Igwe-Okerekeocha, who maintained that investors should develop the appetite to invest in startups with the right corporate collaboration, insisted that industry players must develop talents, internal innovation programmes, explore viable opportunities, utilize external expertise and technologies, as well as accelerate Research and Development (R&D) innovation cycles to drive growth in the sector.

    “Such innovation risks, R&D initiatives and an appetite for investments is what gave the likes of Amazon, Netflix, Google and OpenAI, among others, the edge in their markets and areas of operation. With an estimated global spend reaching over $5 trillion in 2024 and rising and with $3billion of that amount in Nigeria and Africa, Fintech firms hold the future of the global digital economy,” she stated.

    In his presentation on Marketing Masterclass -Product Marketing Strategies to Drive Brand Equity and Growth, Managing Director of Total Scope Marketing Solutions and convener of the festival, Ikechuckwu Ugwu, explained that today’s businesses face five critical challenges including Foreign Exchange (Forex ) fluctuations, human capital losses, lack of access to capital and credit, increasing inflation and shrinking consumers income.

    He said to successfully navigate the modern complex business environment, business owners need to make strategic decisions by increasing their marketing efforts, focus on business development, optimize sales operations and cut costs, with special attention to Return On Investments (ROI)-driven marketing, especially with brand and growth marketing.

    Topics examined during the panel session include Modernized Cybersecurity and Data-Protection Measures to Adopt in the Age of Artificial Intelligence and Machine Learning; Expanding Growth and Influence of Women in Tech; The Role of Credit and Lending in Growing Nigeria’s Economy; Building the Next Cross-Border Rails for African Trade and Commerce; and Digital Transformation: The Role of B2B Partnerships in Accelerating Nigeria’s Fintech Growth.

    During the panel session moderated by Gbenga Aborowa, Chief Data Officer of FirstBank, Steve Asemota and Chief Technology Officer of FirstBank, Rachel Adesina along with Head of Banking Technologies at Interswitch, Chijoke Eze and Chief Solutions Officer of Cybervergent, Gbolabo Awelewa, explored ways of minimizing threats of fraud and cyber insecurity, while making efforts to deepen the Fintech space in the age of Artificial Intelligence (AI) and learning machines.

    Other facilitators in the panel sessions are Head of Retail Payments, Interswitch Limited, Suzan Fasipe; Chief Executive Officer, Ash Nelson Partners Limited, Sheila Ash Nelson; Commercial Manager, PayU GPO, Ibifaa Maclayton; Founder and CEO OF P2Vest Technology Limited, Austine Abolusoro; Co-Founder of Crendly, Damilare Oduero; Country Director, Onafriq Nigeria, Oladimeji Akano; Director of Sales, Comviva Anglophone West Africa, Samuel Chukwu; Co-Founder, PaddyCover, Mayowa Owolabi; Chief Revenue Officer, BlinqPay, David Nwosu; and Managing Director and CEO of Shago Payments, Sabastine Enechi.

    A highlight of the festival was an evening of cocktail After-Party in which the participants were treated to comedy, solo music and live performances, as well as unwinding and networking among partners, sponsors and invited guests.

     

  • FG Commences Sale of Crude Oil, Refined Petroleum Products in Naira

    FG Commences Sale of Crude Oil, Refined Petroleum Products in Naira

    The Federal Government has announced that the sale of crude oil and refined petroleum products in Naira has officially commenced on October 1st, 2024.

    The Ministry of Finance disclosed on its X handle that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said this is in line with the Federal Executive Council (FEC) directive.

    According to the post, the commencement of this strategic initiative was affirmed by key stakeholders following a meeting of the Implementation Committee, chaired by the Hon. Minister of Finance and Coordinating Minister of the Economy on October 3rd, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative.

    “The meeting included the Hon. Minister of State, Petroleum (Oil), Heineken Lokpobiri, the Special Adviser to the President on Revenue, Zacch Adedeji, the Special Adviser to the President on Energy, Olu Verheijen, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, Olakunle Alake and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Mele Kyari, Chief Financial Officer (CFO), Umar Ajiya and Executive Vice President (Downstream) Adedapo Segun” the post read.
    It can be recalled that on the 15th of September, 2024, at the Dangote Refinery, when Wale Edun announced the commencement of Premium Motor Spirit (PMS) supply to the Nigerian National Petroleum Corporation Limited (NNPCL) from the Dangote Refinery, he emphasized that this initiative aligns with President Tinubu’s vision that no raw materials should leave Nigeria’s shores without adding value.

    He added that this bold initiative represents a key milestone in the federal government’s commitment to reducing pressure on the Naira and enhancing the availability of petroleum products in the domestic mark

    Edun commended Alhaji Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery, noting its role in transforming Nigeria’s oil sector.

    He also acknowledged the work of the technical sub-committee responsible for the implementation of crude sales to local refineries in Naira, chaired by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji.

    The Minister called on other domestic refiners to join this endeavor, not only to meet the country’s needs but also to facilitate legal exports to neighboring countries, thereby enhancing foreign exchange revenue and supporting the nation’s economic well-being.

     

     

     

     

     

     

     

  • ingqi Auto Machinery Unveils Factory To Revive Vehicle Engines

    ingqi Auto Machinery Unveils Factory To Revive Vehicle Engines

    Yingqi Auto Machinery Co., Ltd., an auto company specializing in car engine refurbishment, has been established in Lagos to help motorists maximise the service life of their vehicles.

    In addition, the company provides automotive new energy technology support to companies in the automotive industry, including natural gas engines, electric vehicles and other technologies.
    Based in the Ojodu Berger of Lagos state, the company opened its doors to corporate as well as individual customers at a an impressive event attended by stakeholders in the industry including the Rector of Yaba College of Technology, Dr. Ibraheem Abdul, among others.

    Managing Director, Yingqi Auto Machinery, Mr. Vincent Ke, in his welcome address said “the birth of Yingqi Auto Machinery stems from a group of entrepreneurs with an unending passion and pursuit for automotive technology. Our team brings together elite talents from the automotive field, with rich industry experience, deep professional knowledge, and keen insights”.

    He added that “Yingqi Auto Machinery, with its unique perspective and innovative thinking, is focused on the automotive sector, dedicated to solving industry challenges through advanced technology and improving people’s quality of life”.

    Justifying the need for cross border collaboration, the MD said “as an international partner, I fully understand the importance of cross-border cooperation and exchange. In today’s globalized world, no country or enterprise can exist and develop in isolation”.
    Mr. Vincent Ke, who is a Chinese national, also explained that the company is ready to play by the rules and assist in developmental projects in Nigeria explained that “we are also keenly aware that as a new enterprise, we bear greater social responsibility.

    “We will actively respond to Nigeria’s national policies, promote green and low-carbon development, and contribute to Nigeria’s progress. We will also actively participate in public welfare and give back to society, doing our part in Nigeria’s development”.

    Some of the machines already installed at the factory include a surface grinder, which is used to grind the surface of the engine block, stopping overheating and other related problems, and the boring machine for boring holes in the engine block, thereby bringing the engine back to standard.

    There is also the benchtop grinder and honing machine to smoothen inside the engine block, as well as crankshaft grinder, lathe machine, hydraulic machine, among others.

    Also speaking, the Rector of Yaba College of Technology, Dr. Ibraheem Abdul, said “Yaba College of Technology welcomes Nigerian enterprises to participate in the college’s cooperation. We firmly believe that through the joint efforts and in-depth cooperation of both the university and enterprises, we will surely achieve even more fruitful results in talent cultivation, scientific research innovation, and social services”

    In her own submission during the event, the owner and promoter of Nike Art Gallery, Nike Davies-Okundaye, praised the decision of the company to set up a factory in Nigeria, as she noted that it will contribute to job creation and transfer of technology.

    She noted that Nigeria and China have come a long way in their developmental collaborations, and urged Yingqi Auto Machinery to keep the cooperation going.

     

     

     

     

     

  • FCCPC Clarifies Position on Price Regulation Amid Market Concerns

    FCCPC Clarifies Position on Price Regulation Amid Market Concerns

    The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it has no intention of regulating prices in the Nigerian market, Okay.ngreports.

    This assurance was provided in a statement issued on Tuesday by the commission’s spokesman, Ondaje Ijagwu, in response to concerns raised by the Organised Private Sector and other stakeholders.

    Ijagwu emphasized that the FCCPC’s recent directives, which have prompted debate, are focused solely on curbing exploitative practices and ensuring a competitive marketplace.

    The statement was made to address misunderstandings following the commission’s call for businesses to cease price gouging and price fixing.

    “We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities,” the statement read. “We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless.”

    The FCCPC made it clear that while external factors such as fluctuations in foreign exchange rates and the removal of fuel subsidies have significantly impacted pricing, these circumstances do not justify unfair practices that exploit consumers.

    Citing the cement industry as an example, the commission highlighted a recent instance where the need for its intervention became evident.

    “Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers inflated prices to as much as N7,000 to N8,000 per bag. This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing,” the statement noted.

    The FCCPC reassured the business community that its actions are not intended to stifle private enterprise but to protect consumers from harmful practices. The commission reiterated that its role is to maintain a fair market environment where consumers are not taken advantage of, rather than controlling market prices.

  • NBS Reports 69.15% Surge in Cooking Gas Prices Over the Last Year

    NBS Reports 69.15% Surge in Cooking Gas Prices Over the Last Year

    The National Bureau of Statistics (NBS)has reported a sharp increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, with a 69.15% rise in the cost of refilling a 12.5kg cylinder over the past year, Okay.ng reports.

    According to the NBS’s August 2024 report, Nigerians paid an average of ₦15,552.56 for a 12.5kg cylinder, compared to ₦9,194.41 in August 2023. This marks a significant year-on-year increase as the country faces rising inflation and energy costs.

    In July 2024, the average price was ₦14,261.57, reflecting a 9.05% increase month-on-month to ₦15,552.56 in August.

    “On a year-on-year basis, this marks a 69.15% rise from ₦9,194.41 in August 2023,”the NBS report noted.

    State and Regional Analysis

    The report also highlighted regional price differences across Nigeria. Rivers Staterecorded the highest average price for refilling a 12.5kg LPG cylinder at ₦17,086.36, followed closely by Cross River at ₦17,050, and Abia at ₦17,012.52. On the other hand, Bauchi had the lowest average price at ₦13,425.00, followed by Nassarawa at ₦13,640.94 and Adamawaat ₦13,725.00.

    At the regional level, the South-South zonehad the highest average retail price for refilling a 12.5kg cylinder at ₦16,524.00, followed by the South-East at ₦16,495.78. The North-Central zone recorded the lowest average price at ₦14,767.41.

    Price Hike for 5kg Cylinders

    The NBS also reported an increase in the price of 5kg LPG cylinders, which rose by 7.62% month-on-month, from ₦5,974.55 in July to ₦6,430.02 in August 2024. Year-on-year, the price surged by 56.25%, up from ₦4,115.32 in August 2023.

    For 5kg cylinders, Benue and Sokotorecorded the highest prices at ₦7,000.00, followed by Rivers at ₦6,954.55 and Bornoat ₦6,914.29. Meanwhile, Taraba recorded the lowest price at ₦5,600.67, with Abujaand Kogi trailing at ₦5,825.00 and ₦5,857.56, respectively.

    In terms of regional averages for 5kg cylinders, the South-East had the highest price at ₦6,585.18, while the South-Southand North-Central zones followed with ₦6,451.34 and ₦6,344.29, respectively

  • BUA Foods Expands Production Capacity with Italian Partnerships Amid Food Security Challenges

    BUA Foods Expands Production Capacity with Italian Partnerships Amid Food Security Challenges

    BUA Foods, a subsidiary of the BUA Groupfounded by Abdul Samad Rabiu, has taken a major step to boost its production capacity in response to Nigeria’s ongoing food security challenges, Okay.ng reports.

    The company has signed agreements with Italian firms FAVA and Martini to introduce nine new long-cut pasta lines and advanced packaging equipment. This expansion will increase BUA Foods’ annual pasta production by 400,000 tonnes, bringing its total production capacity to 900,000 metric tonnes per year.

    The agreements were formalized on Tuesday, September 24, 2024, with the deal signed by Luigi Fava, Chairman of Fava; Michela Martini, Chairman of Martini; and Abdul Samad Rabiu, Chairman of BUA Group.

    This expansion follows a strategic agreement with Cukurova Silo from Turkey to increase BUA Foods’ grain storage capacity by 100,000 tonnes, further enhancing the company’s food processing capabilities.

    These developments align with BUA’s broader objectives of strengthening food security, addressing supply shortages, and cementing its position as a leader in the food processing industry. The increased production capacity is also expected to contribute significantly to Nigeria’s economy by creating jobs, improving food supply, and enhancing industrial infrastructure.

    In addition to these efforts, BUA’s ongoing collaborations with Turkish manufacturers for flour milling and new facility developments further demonstrate its commitment to supporting Nigeria’s agricultural and food production sectors.

    By expanding its operations, BUA Foodscontinues to play a vital role in addressing food challenges while supporting economic growth and development in Nigeria and the wider region.

  • CBN Approves Forex Sale to BDCs at ₦1,590 per Dollar

    CBN Approves Forex Sale to BDCs at ₦1,590 per Dollar

    The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau De Change (BDC)operators at a rate of ₦1,590 per dollar to meet demand for invisible transactions, Okay.ng reports.

    In a circular titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand For Eligible Invisible Transactions’, released on Wednesday and signed by W.J Kanya, Acting Director of the Trade and Exchange Department, the apex bank announced that $20,000 will be sold to each eligible BDC at this rate.

    “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market,” the circular read.

    “To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.

    “All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN

    “Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.”

    The CBN also stated that all necessary documentation and payment confirmation for disbursement should be submitted at its branches in Abuja, Awka, Kano, and Lagos.

  • Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink, the satellite internet provider, has announced a hike in its monthly subscription rates for both new and existing customers in Nigeria, Okay.ng reports.

    In a message sent to its customers on Tuesday, Starlink revealed that the new pricing structure will see the standard residential package rise to ₦75,000, while the mobile regional (roam unlimited) plan will now cost ₦167,000, and the mobile global (global roam) package will increase to ₦717,000.

    The new rates are effective immediately for new customers and will take effect for existing users on October 31, 2024.

    “Due to excessive levels of inflation, the Starlink monthly service price will increase,”the company explained in an email obtained by Okay.ng.

    The standard residential plan, which includes a 1 TB fair usage policy, will now cost ₦75,000 ($48), a significant increase from its previous rate of ₦38,000 ($24).

  • Emirates Resumes Operations in Nigeria, Lands in Lagos After Two-Year Suspension

    Emirates Resumes Operations in Nigeria, Lands in Lagos After Two-Year Suspension

    Emirates Airlines has officially resumed flight operations in Nigeria after a two-year suspension, with the airline’s flight EK 783landing at Murtala Muhammad International Airport (MMIA) in Lagos on Tuesday at 3:32 pm, Okay.ng reports.

    The flight’s arrival at the old terminal of the MMIA marks the Middle East airline’s return to Nigeria, following a suspension of services in November 2022 due to the airline’s inability to repatriate $85 million in revenue trapped in the country.

    This was the second time Emirates halted operations in Nigeria, with the first suspension occurring in August 2022.

    Prior to the flight, Moha Madugu, a Senior First Officer at Emirates, took to X (formerly Twitter) to express his excitement at operating the airline’s inaugural return flight to Nigeria.

    “A very special day for me today, I have the honour of operating our inaugural return flight to Lagos, Nigeria. Today I will be flying both the Emirates and Nigerian flag very high. Thank you, Emirates. A flight time of slightly over eight hours today. #EkoOniBaje,” Madugu posted.

  • Stanbic IBTC Appoints Kunle Adedeji as Acting CEO

    Stanbic IBTC Appoints Kunle Adedeji as Acting CEO

    Stanbic IBTC Holdings Plc has appointed Kunle Adedeji as the acting Chief Executive Officer (CEO) following the retirement of Demola Sogunle, the company announced on Wednesday. Sogunle, who has served Stanbic IBTC for nearly 35 years, will retire on October 31, 2024.

    The announcement, signed by Chidi Okezie, the company secretary, praised Sogunle for his remarkable contributions to the growth of Stanbic IBTC Group.

    “After almost 35 years of dedicated service, Dr. Sogunle has made significant impact on Stanbic IBTC as a Group, guiding the organisation through numerous challenges and achievements,” the statement read.

    “The Board of Directors extends its profound gratitude for his unwavering commitment, visionary leadership, and significant contributions to the success of Stanbic IBTC Group over the years.”

    Sogunle has held various positions within the group, including CEO of Stanbic IBTC Pension Managers Limited from 2011 to 2015, and deputy CEO of Stanbic IBTC Bank Limited in 2015. He became the CEO of Stanbic IBTC Holdings in 2020.

    Adedeji, who is currently the Chief Financial and Value Management Officer, will assume the acting CEO role from November 1, 2024. Stanbic IBTC noted that Adedeji’s over 25 years of experience in the banking sector and his strong leadership within the organisation make him well-suited for the role.

    “Dr. Adedeji brings a wealth of experience and a strong track record of leadership within our organisation,” the company said.

    Adedeji holds an MBA in Finance from the University of Lagos and a Doctor of Business Administration (DBA) from the SBS Swiss Business School in Switzerland.