Ecobank

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THE NEWS TODAY MONDAY, OCTOBER 15 2024

Nigeria

Business

Q3 2024: Transcorp Power Reports 198% Increase in Profit to N81.1bn

Transcorp Power Plc, yesterday announced its financial results for the third quarter (Q3) of the year ending September 30, 2024, with profit before tax of N81.1 billion, about 198 per cent increase from N27.3 billion in the previous year. The company also achieved a profit after tax of N58.5 billion in Q3 2024, about 186 per cent growth from N20.4 billion reported in Q3 2023. In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153per cent growth over N88.4 billion in Q3 2023. In addition, Transcorp Power’s net finance cost reduced to N538.3 million in Q3 2024, down by by 95 per cent from N10.4 billion in Q3 2023.

Heirs Insurance Group pays N5.7bn compensation to policyholders

Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has paid out N5.7 billion as compensation to policyholders. It has credited its exceptional growth over the past three years to the retail market, which contributed over 90% of its revenue. The accomplishment flaunts the group’s strong focus on retail-driven insurance, delivering customer-centric products and services that resonate with individuals and businesses alike. In line with its growth trajectory, HIG also revealed plans to extend its operations across West Africa through a series of corporate social responsibility (CSR) initiatives aimed at deepening its footprint and fostering long-term socio-economic impact in the region.

NERC: Number of Fatalities in Electricity-related Cases Rose 47% in Q2

The number of Nigerians that died in electricity-related incidents rose to 47.8 per cent in the second quarter of 2024, hitting 34 from the 23 fatalities recorded in Q2 during the period under review. The latest report from the Nigerian Electricity Regulatory Commission (NERC) stated that during the quarter (2024/Q2), no casualty was recorded among the Generation Companies (Gencos) while NESCO and Yola were the only Distribution Companies (Discos) that did not record casualties. “Relative to 2024/Q1, the number of accidents increased by 14.55 per cent, that is, 55 to 63, while the number of fatalities increased by 47.83 per cent, that is 23 to 34, but the number of injuries decreased by 45.16 per cent, from 31 to 17,” NERC said.

Economy

FG must sustain reforms in spite of hardship on Nigerians – World Bank

The World Bank Vice President and Chief Economist, Mr. Indermit Gill said yesterday that the Federal Government should sustain ongoing reforms despite the hardship on Nigerians. While also commending the Central Bank of Nigeria, CBN for the unification of the exchange rates, Gill called on the federal government to provide cost-effective safety nets to protect the most vulnerable people from the hash impact of the reforms. He spoke at the opening session of the #NES30# in Abuja, yesterday. Mr. Gill admitted that the reforms of the present administration had brought hardship to Nigerians, especially the vulnerable poor but that it was the only way out for the economy.

African Countries Seek $5bn for New Energy Bank

A coalition of oil-producing African countries is seeking $5 billion to launch an “energy bank” that would fund projects on the continent, as frustration grows over the reluctance of western institutions to bankroll fossil fuel initiatives because of environmental concerns, FT has reported. The 18-member African Petroleum Producers’ Organisation (APPO) hopes the lender can begin operating in early 2025, according to the Executive Vice President of global trade at the African Export-Import Bank, Haytham El Maayergi, a partner in the project.

FG plans 25% tax on Nigerians earning above N100m

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a new tax bill is passed by the National Assembly. He stated that 90 per cent of the current taxpayers are people who should not be taxed while advocating for a more streamlined and equitable tax system in the country. This revelation was made during a breakout session at the ongoing 30th Nigeria Economic Summit organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.

Politics

PDP factional chairmen clash as govs fail to resolve crisis

As the crisis within the Peoples Democratic Party persists, new factional acting National Chairman Yayari Mohammed has challenged the rival National Working Committee led by Umar Damagum to act on their security threats. The acting National Publicity Secretary, Ibrahim Abdullahi of the Damagum-led NWC faction, at a press conference in Abuja on Monday warned of potential security measures against Mohammed’s faction in order to uphold the rule of law during the ongoing internal disputes. The opposition party has been embroiled in an internal crisis since 2022, which has polarised its NWC

Ghana

Business

Moody’s upgrades Ghana’s credit rating… says country’s outlook positive

Global credit ratings agency, Moody’s, has upgraded Ghana’s long-term local and foreign currency issuer ratings to ‘Caa2’ from ‘Caa3’ and ‘Ca.’ Also Moody’s shifted Ghana’s outlook from ‘stable’ to ‘positive,’ in view of the reduction in Ghana’s debt situation. In a statement issued on Friday, Moody’s said the upgrade marked a significant improvement for Ghana, driven by the country’s extensive debt restructuring. “The positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme,” Moody’s said.

Economy

Germany reaffirms ‘3G’ focus for Ghana’s development

Green energy, good governance and growth for jobs will continue to be the 3G-focal-areas of the Ghanaian-German Development Cooperation, the German ambassador to Ghana, Daniel Krull, has said. He said it was in support of this priority that Germany agreed to commit additional 150 million euros for projects in Ghana during bilateral development cooperation negotiations in Berlin in November last year. The German ambassador disclosed this at the German National Day celebrations held in Accra on Thursday to commemorate the 34th anniversary of German reunification.

Politics

NDC targets all 11 Upper West seats

The National Democratic Congress (NDC) is targeting all 11 parliamentary seats in the Upper West Region in the December 2024 poll. If achieved, it would be an addition of three seats to the eight it currently holds. The New Patriotic Party (NPP) holds the remaining three. The NDC’s presidential candidate, former President, John Dramani Mahama, made the call at a rally at Nadowli in the Nadowli-Kaleo constituency on day one of his three-day campaign tour of the Upper West Region on Saturday. Mr Mahama underscored the need for the NDC to secure overwhelming majority in the next parliament to execute the party’s reset agenda.

Kenya

Business

KRA to monitor paybills, tills in plan to expand tax bracket

The government has announced a fresh onslaught on businesses and will be looking to ride on paybills and till numbers to nab tax evaders after e-tims failed to solve the issues. A plan disclosed by senior economic adviser to the President, Moses Kuria, revealed that the state is planning to convert mobile money paybill and till numbers into electronic tax registers (ETRs) by December 25, in a bid to catch tax evaders. This is after more than three-quarters of registered companies snubbed Kenya Revenue Authority’s electronic tax invoice management system (eTIMS), in its first year of operation, dealing a blow to efforts to drive compliance and curb tax evasion.

Economy

Risk-based lending rates cut appetite for new credit - CBK

The shift to risk-based pricing by banks has led to a reduced appetite for new loans, resulting in higher non-performing loans (NPLs), a new survey by the Central Bank of Kenya has shown. This has in turn led to an overall drop in loan uptake, which is expected to continue until the end of the last quarter of 2024. CBK's latest perception survey on commercial banks indicates that credit growth is expected to slow down by the end of 2024, compared to the same period in 2023.

Politics

How fuel will retail in five major towns

The Energy and Petroleum Regulatory Authority on Monday reduced fuel prices. In the October-November price review, the fuel price for super petrol was reduced by Sh8.18 per litre, diesel at Sh3.54 per litre and Sh3.54 per litre for kerosene. The new fuel prices will take effect from October 15 to November 14, 2024. In Nairobi, the price for super petrol is Sh180.66, diesel is retailing at Sh168.06 and kerosene at Sh151.39. The difference in fuel prices in Nairobi and Kisumu is slight in that super petrol in the latter is selling at Sh180.68, diesel at Sh168.44 and kerosene at Sh151.82

15 October 2024

Infoware Platform - Daily news

THE NEWS TODAY MONDAY, OCTOBER 14 2024

Nigeria

Business

Chapel Hill advises Aradel on Nigerian exchange listing

Investment firm, Chapel Hill Denham, says it acts as an official adviser to energy company, Aradel Holdings Plc, as Aradel is set to debut on the Nigerian Exchange with a listing of 4.34 billion ordinary shares, valued at N0.50 each, on October 14, 2024. In a statement, Aradel Holdings disclosed its shares will be listed at N702.69 per share, making it the largest listing by introduction in the history of the NGX. Chapel Hill Denham said it will position Aradel among the top players in Nigeria’s capital market, qualifying the company for entry into the NGX 30 Index and the NGX Oil and Gas Index upon listing. The Managing Director and Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, described the event as a historic milestone.

Nigerian Breweries extends N599b rights issue

Nigerian Breweries (NB) Plc has extended the acceptance period for its N599.1 billion rights issue to Friday, October 18, 2024. The extension followed regulatory approval by the Securities and Exchange Commission (SEC) after the initial acceptance period for the right issue closed on October 11, 2024. This was contained in a notice of extension of the acceptance period by NB signed by its Legal Director and Company Secretary, Uaboi Agbebaku. NB is offering its shareholders 22.61 billion ordinary shares of 50 kobo each at N26.50 per share. The offer is open to all existing shareholders, giving them the opportunity to increase their shares in the company by 11 new shares for every five shares held at the close of business on July 12, 2024.

Ecobank issues $400m bond at 10.125% interest rate

Ecobank Transnational Incorporated (ETI) has announced the successful issuance of its $400 million notes at a coupon rate of 10.125 per cent, due October 15, 2029. The interest on the notes will be paid semi-annually, with the first payment scheduled for April 15, 2025 and subsequent payments on April 15 and October 15 each year. The proceeds from this bond issuance will be allocated for general corporate purposes, including the refinancing of the $350 million Senior Bridge-to-Bond Loan Facility that was established in March 2024. This marks ETI’s third venture into the international bond markets and stands as the first public Eurobond issuance by a financial institution in Sub-Saharan Africa since 2021

Economy

FG introduces tax payment in instalments

The Federal Government has proposed introducing a tax payment option that enables individuals to pay their taxes in instalments. It introduced this in the Nigeria Tax Bill 2024, recently submitted to the National Assembly for consideration and approval. Our correspondent obtained a copy of the draft on Sunday. This means that each person now has the flexibility to fulfil their tax obligations either by making a single lump sum payment or by spreading the payments out over time and settling before the designated due date for filing. The government also proposed the creation of a special account by the Accountant-General of the Federation for tax refunds.

‘NASS considering raising VAT to 10% by 2025'

The National Assembly is considering a bill proposing an increase in the Value-Added Tax, VAT, from 7.5 percent to 10 percent. In the executive bill seen by TheCable, yesterday, the National Assembly intends raising the tax rate to 10 percent by 2025. The legislature also intends to increase the VAT to 12.5 percent by 2026 through 2029, according to the document. Recall that on May 8, 2024, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, had said the VAT rate needs to be increased. Meanwhile, the bill also proposes a reduction in the corporate income tax (CIT) to 27.5 percent by 2025 — down from 30 percent — and a further cut to 25 percent by 2026

Rising energy costs push manufacturers to brink of collapse

The manufacturing sector in Nigeria is facing existential threats with the escalating costs of energy, amongst other binding constraints, driving up production and logistics costs thus putting the sector on the brink of collapse. Manufacturers overtime have raised the alarm over the damaging impact of the rising cost of energy, which has seen pump price of petrol risen by about 430 percent and electricity tariff up by 212 percent for ‘Band A’ consumers over the past one year. On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification.

Politics

PDP crisis: Damagum camp, anti-Wike govs may clash today

The 13 state governors elected on the platform of the Peoples Democratic Party are headed for a possible showdown today (Monday) as they meet to discuss the party’s internal crisis, which took a deeper turn on Friday following the emergence of a factional PDP National Chairman, Alhaji Yayari Mohammed. Friday’s development marked a new twist in the clamour to remove the PDP acting National Chairman, Umar Damagum, who is an ally of the Minister of the Federal Capital Territory, Nyesom Wike. The move to remove Damagum has split the PDP governors, with the Chairman of the PDP Governors’ Forum and Bauchi State Governor, Bala Mohammed, leading six other governors pushing for Damagum’s ouster.

Ghana

Business

Chinese firm buys Newmont’s Akyem Mine for $1.0bn

Chinese firm Zijin Mining Group Co. has bought Newmont’s Akyem gold project in Ghana for a $1 billion in cash. The purchase from the US-based corporation will allow China’s largest listed metals producer to mine high-grade ore bodies from one of the world’s major gold belts, Zijin said in a filing to the Hong Kong Stock Exchange on Wednesday. Newmont said the sale is part of its ongoing programme to divest non-core assets as the company makes a strategic shift to focus on its tier-one assets

Economy

Moody’s upgrades Ghana’s rating, signals positive outlook

Global credit ratings agency Moody’s has upgraded Ghana’s long-term local and foreign currency issuer ratings, raising them to ‘Caa2’ from previous levels of ‘Caa3’ and ‘Ca.’ This marks a significant improvement for Ghana, driven by the country’s extensive debt restructuring, which has eased the government’s financial pressures. Moody’s also shifted Ghana’s outlook from ‘stable’ to ‘positive,’ reflecting the possibility of further reductions in liquidity risks. The ‘positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme,’ Moody’s said in a statement on Friday. This comes as Ghana continues its fiscal consolidation efforts, backed by a $3bn loan programme from the IMF.

Politics

NDC unveils 'comprehensive' strategy to create 1.7m jobs, calls out NPP on mounting unemployment crisis

The National Democratic Congress on Monday, October 14, 2024, announced what it calls a comprehensive employment and jobs creation strategy for a John Mahama presidency. The NDC says it will create 1.7 million jobs between 2025 and 2029. This will absorb the expected 300 thousand yearly entrants into the workforce and reduce current unemployment levels by 120,000 of each year. The party’s Employment and Jobs Creation committee announced at a briefing in Accra

Kenya

Business

Tourism board banks on foreign missions to increase visitors

The Kenya Tourism Board (KTB) is leveraging Kenyan missions abroad to anchor its diaspora tourism campaign in a bid to increase tourism arrivals into the country. Dubbed ‘Ziara Kenya: One Diaspora, One Tourist’, the campaign seeks to harness the over 3 million Kenyans in the diaspora to help market their motherland through their networks within the host countries. The initiative is expected to boost tourism arrivals currently at 1.9 million to its target of 5 million by 2027, reinforcing Kenya’s position as a preferred travel destination. In a meeting held at a Nairobi hotel bringing together key heads of departments from KTB and the Ministry of Foreign Affairs seeking to bolster Kenya’s tourism presence abroad, KTB CEO June Chepkemei said Kenyan missions abroad would play a crucial role in augmenting the campaign. “Kenya has 66 missions abroad which represent our country. This existing infrastructure provides an ideal platform to position Kenya as the most attractive destination for international travellers,” said the CEO.

Economy

Political tension, ballooning debt threat to Kenya’s growth - report

Kenya’s economy is projected to face challenges and it might be hard for people and businesses to see steady growth or stability in the near future, according to new findings by Pan-African market insights firm, Stears. The firm says that the political uncertainty in Kenya, driven by the push to impeach Vice President Rigathi Gachagua and dissatisfaction with President Ruto’s handling of police brutality during the July protests, is significantly influencing the economic landscape. The report explains that recent actions are happening because of an unfair policy situation, which is causing negative investor sentiment. Kenya’s credit rating has been downgraded to “junk,” meaning it’s seen as a risky place to invest. “Overall, Kenya’s economic landscape will remain complex in the near term, especially as we anticipate the IMF’s funding decision amid unmet loan conditions,” said Stears in its monthly update.

Politics

In courts: Application challenging DP impeachment trial at Senate to be heard

As members of the Senate prepare for the trial of Deputy President Rigathi Gachagua, the second in command has launched a fresh bid to have his impeachment trial halted. This application is to be heard today before Justice Chacha Mwita. Gachagua claims Members of Parliament were intimidated and were under undue influence prior to and during the hearing of his impeachment motion. He says the National Assembly prosecuted proceedings on the basis that he had offended the President rather than the Constitution and the law. "The object of the impeachment exercise appears to have been to please President William Ruto rather than examine fidelity to the constitution," he asserts

14 October 2024

Infoware Platform - Daily news

THE NEWS TODAY FRIDAY, OCTOBER 11 2024

Nigeria

Business

UBA’s Big Dividend: A significant indicator for shareholders and the market

United Bank for Africa (UBA) Plc has captured investors’ attention by declaring a record interim dividend of N2 per share for the first half of 2024, marking a 300% increase from the N0.50 per share declared in the same period of 2023. UBA’s decision to declare such a significant dividend, despite a slight decline in profit after tax (PAT) and its fourth-place ranking in PAT among the FUGAZ (FBNH, UBA, GTCO Access and Zenith Bank), is both bold and appears strategic. This move is also noteworthy, considering the Central Bank of Nigeria’s (CBN) directive that prohibits the use of foreign exchange revaluation gains; a major driver of profitability in the banking sector, for dividend payments.

N15bn debt to fuel marketers stirs fresh controversy

A fresh crisis may be brewing between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (IPMAN), over a N15 billion debt owed the former for unsupplied petroleum products. National President of IPMAN, Mr. Abubakar Garima, stated this on Thursday when he featured on Channel TV’s Sunrise Daily. Garima said its members have yet to load a single truck of Premium Motor Spirit which it has paid for close to three months. “Roughly, it is almost getting to N15 billion. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference. Either they sell to us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery.”

Banks call for calm as customers bemoan service disruptions

Bank customers are experiencing service disruptions nationwide as many banks continue to upgrade their applications for improved service quality and delivery. While the exercise continues, many customers voiced their concerns and frustrations over the impact of the disruptions on their daily lives, especially failure to complete banking transactions. Many banks have explained that the app upgrade, was to improve operational efficiency and enhance customer experience. The banks said the upgrade process remains complex and time consuming, involving the migration of customer data and integration with various channels such as Automated Teller Machines, Unstructured Supplementary Service Data (USSD) and internet banking. Many of the banks provided guidance to customers, advising them to be patience while the disruptions last.

Economy

New bill mandates tax ID for opening bank accounts

A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process. The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

Band A customers push DisCos revenue up by 48% in 3 months

The Nigerian Electricity Distribution Company (NERC) has stated that revenue generated by the 11 electricity distribution companies (DisCos) increased by 48 per cent in the second quarter of 2024. Daily Trust reports that the increase was due to the hike in electricity tariff for Band A customers which NERC stated was necessitated due to the rising cost of electricity generation that would have pushed the federal government’s subsidy payment to over N2trn by the end of the year. The regulator in its second quarter report stated that the DisCos revenue moved from N291.62bn in the first quarter of 2024 to N431.16bn in the second quarter. The report added that the N431.16bn revenue collected represented 79.31 per cent of the N543.64bn that was billed to customers

Customs processed $937m agricultural exports Q3 – Official

The Nigeria Customs Service, Lilypond Export Command, Lagos, has stated that it processed the export of $937m of agricultural produce and manufactured goods in the third quarter of 2024. The command’s Area Controller, Ajibola Odusanya, disclosed this while addressing journalists at the command in Ijora, Lagos on Thursday. Odusanya attributed the success to the consolidation of all export seats into the command, adding that the “remarkable increase was 407 per cent high from $184m collected in the second quarter of the year, up to $937m collected at the end of the third quarter of 2024.” He explained that in September alone, the command processed 3,363 export containers with a total weight of 221,961.53 metric tonnes valued at $202m

Politics

BREAKING: PDP NWC faction suspends national chairman, Damagum, secretary

The crisis in the Peoples Democratic Party shows no signs of resolution, as a faction of the National Working Committee has suspended the acting National Chairman, Umar Damagum, and National Secretary, Samuel Anyanwu, for alleged disloyalty to the party. Earlier, a faction of the NWC aligned with Damagum announced the suspension of the National Legal Adviser, Kamaldeen Ajibade, and the National Publicity Secretary, Debo Ologunagba, for alleged disloyalty to the party. In a new twist, Ologunagba, in a statement on Friday, also announced the suspension of Damagum and Anyanwu.

Ghana

Business

Youth Entrepreneurship Takes Center Stage: GEA and Mastercard Foundation Support 100 in Oti

The Ghanian Enterprise Agency (GEA), together with the Mastercard Foundation has presented start-up kits to some 100 young persons in the Oti Region. The programme marked by a significant milestone in the agency’s efforts to promote entrepreneurship and job creation. The ceremony, held at Dambai in the Oti Region, aimed to equip beneficiaries with the essential tools and resources to kick-start their businesses. The start-up kits include sewing machines, hairdressing tools among others

Economy

'Except for maize, food prices have remained stable' – Agric Minister on dry spell planning

Food and Agriculture Minister, Bryan Acheampong, opened up about the government’s meticulous planning to cushion the agricultural sector from the impacts of the dry spell experienced this year. The dry spell, which many feared would trigger a food crisis, was anticipated and accounted for well before it struck. “We knew about the dry spell and had projected its impact as far back as February,” Bryan Acheampong revealed, underscoring the Ministry’s proactive stance in mitigating the effects of the adverse weather conditions. “We’ve been working to ensure that if it did happen, we would not feel that much of an effect on our food systems,” he said in a recent interview on Joy News’ PM Express Business Edition

Politics

Printing of Notices of Poll starts today, not Ballot Papers – EC to NDC

The Electoral Commission (EC) has responded to claims made by the National Democratic Congress (NDC) regarding the printing of ballot papers for the upcoming 2024 general elections. The EC clarified that it has not yet begun the printing process, countering the NDC's concerns. However, the Commission noted that preparations are underway. In a statement issued today, Friday, October 11, 2024, the EC confirmed that the printing of the notice of poll will commence on the same day

Kenya

Business

PREO invests £2M to power clean energy innovation in Sub-Saharan Africa

The Powering Renewable Energy Opportunities (PREO) programme has committed over £2 million in catalytic grant funding for its fourth round, supporting diverse, innovative business models across sub-Saharan Africa. Fourteen companies were selected through a competitive open call, each focused on harnessing clean energy to drive a just and inclusive energy transition across the region. This round of funding builds on a broader package of support that PREO has provided since its inception, with over £5.94 million awarded to 34 companies across 11 sub-Saharan African countries, resulting in the creation of 467 jobs. Backed by the IKEA Foundation and UK aid through the Transforming Energy Access (TEA) platform, PREO is delivered in partnership with the Carbon Trust and Mercy Corps’ Energy 4 Impact.

Economy

All Payment Service Providers Will be Linked to Tax Register - Moses Kuria Clarifies

Senior Economic Advisor Moses Kuria has come out to clarify his recent sentiments about the government’s intention to onboard all businesses using mobile money pay bills to the tax register. In his latest statement, the former Cabinet Secretary on Thursday made it clear that the government’s plan to link traders to the tax register would include all payment service providers including banks. Kuria dismissed claims by a section of media outlets claiming that the new model would only affect businesses using mobile money paybills to conduct their transactions. “My attention has been drawn to media reports that my comments on Virtual ETRs at the KRA Summit yesterday were directed at mobile money paybills only,” the senior economic advisor clarified. “This is erroneous as I meant all Payment Service Providers including Telcos and Banks. It's an industry issue,” the former CS added.

Politics

Kindiki, Ndindi Nyoro, Waiguru & Mutahi Kagwe Among Those Tipped to Replace Gachagua as DP

A source privy to the information disclosed that the position could most likely be handed to a potential candidate from the Mt Kenya region, retaining the region’s status in President William Ruto’s administration. According to the reputable source, among those linked with the top job include Interior Cabinet Secretary Kithure Kindiki. The former Tharaka Nithi Senator has been highly tipped to replace Gachagua having been the favourite to be Ruto's running mate before Gachagua was chosen. The Interior CS has also been backed by several leaders as the region's de facto kingpin. Kirinyaga Governor Anne Waiguru is among the leaders whose names have been fronted as a possible replacement for DP Gachagua. If picked, Waiguru would become the first female deputy president in Kenya's history.

11 October 2024

Infoware Platform - Daily news

THE NEWS TODAY THURSDAY, OCTOBER 10 2024

Nigeria

Business

AccessARM Pensions says it will control over N3trn AUM

Group Chief Executive of Access Corporation, Bolaji Agbede, has said that the merger of Access Pensions and ARM Pensions will position the emerging business as Nigeria’s second-largest pensions fund manager with combined Assets Under Management (AUM) of about N3 trillion and serving over two million Retirement Savings Account (RSA) Holders. The entity which will be named Access ARM Pensions Limited, represents a strategic alignment of strengths, expertise, and resources, allowing the new entity to leverage synergies and create greater efficiencies in operations. By combining the complementary capabilities of both organizations, Access ARM Pensions Limited aims to set new standards for excellence in the pension fund management industry.

UBA sponsors Lagos International Trade Fair for 6th consecutive year

Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced that it will once again be sponsoring this year’s edition of the Lagos International Trade Fair(LITF). This marks the sixth consecutive year, where UBA will be the official financial partner of this all-important event. The LITF – which is the 38th edition – is organised annually by the Lagos Chamber of Commerce and Industry (LCCI), and is scheduled to take place at the Tafawa Balewa Square, Lagos, between November 1st to 10th, 2024. At a press briefing held at the Commerce House, Lagos on Wednesday, the Vice President, LCCI, Akinbo Akin Olugbade, applauded UBA for its continued support of the fair and SMEs in Africa.

FMCG losing N3tn yearly to packaging waste – Operators

Waste experts have said that Fast-Moving Consumer Goods, including food and beverage sectors, are losing N3tn annually to unrecovered packaging. They stated that Lagos State spent between N9bn and N12bn yearly on managing waste-related issues, including household disposal, street cleaning, dumpsite management, and mitigating the impacts of floods, public health risks, loss of productivity, and enforcement costs. The experts gave those figures on Tuesday at the 12th West African Clean Energy and Environment Trade Fair and Conference in Lagos. The conference, themed ‘Sustainability showcase: Stimulating green economy investments’, was organised by the Delegation of German Industry and Commerce in Nigeria.

Economy

AfDB, Arab Bank Source $300m Co-financing Facility for Phase 2 of Nigeria’s Agro-Industrial Zones

The African Development Bank (AfDB) and the Arab Bank for Economic Development in Africa (BADEA) have collaborated to source about $300 million facility for the co-financing of the phase 2 of the Special Agro-Industrial Zones (SAPZ) in Nigeria. This was disclosed by Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the President of the AfDB, Akinwunmi Adesina, on the second day of the SAPZ-1 High-level Implementation Acceleration Dialogue and States Steering/ Technical Committee Workshop in Abuja. Oyelaran-Oyeyinka, who handles the bank’s industrialisation agenda and also the special industrial processing zones across Africa, however lamented that despite all the efforts to ensure prompt disbursement of the phase 1 of the programme, some of the states were still largely not responding.

Net foreign exchange inflow rises 67% to $27.6bn

The net foreign exchange inflows to Nigeria’s economy rose by 67.8 percent to $27.6 billion in the first half of 2024 (H1’24) from $16.44 billion in the corresponding period of 2023. This development was driven by 34.6 percent, Year-on-Year, YoY, increase in net forex inflow through autonomous sources and 170 per cent YoY increase in net forex inflow through the Central Bank of Nigeria, CBN. Data from the CBN’s quarterly Economic Statistics for the review period showed forex inflow to the economy rose YoY by 41.6 percent to $47.73 billion in H1’24 from $33.7 billion in H1’23. Similarly, forex outflows from the economy rose by 16.3 percent YoY to $20.12 billion in H1’24 from N17.3 billion in H1’23.

FG develops application portal for fuel-to-CNG conversion

The Federal Government has launched an application portal for Nigerians willing to convert their vehicles from the use of Premium Motor Spirit otherwise known as petrol to Compressed Natural Gas. This was contained in a statement on Wednesday by the National Orientation Agency titled, “Payment plan to make it easier to switch to CNG.” According to the statement, Nigerians who wished to make the switch to CNG could apply on the portal and spread payments in monthly installments. The statement also highlighted flexible payment plans, noting that applicants will receive support through the process to ensure it is hassle-free.

Politics

Nigeria, Japan strengthen ties to boost trade, others

Vice President Kashim Shettima has assured the Japanese government of Nigeria’s commitment to strengthening bilateral relations and deepening trade ties in areas of infrastructural development, food security, and health, among others. This, Vice President Kashim Shettima stated today while assuring the Japanese government of enhanced cooperation with the Federal Government of Nigeria, as well as resolving all the grey areas involving bilateral relations between the two nations. Senator Shettima gave the assurance when a delegation of the Japanese government led by the outgoing- Ambassador of Japan to Nigeria, Mr. Matsunaga Kazuyoshi, and President of Japan International Cooperation Agency (JICA), Dr. Tanaka Akihiko paid him a visit at the Presidential Villa, Abuja. Vice President Shettima’s consultation with the Japanese team was captured in a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha.

Ghana

Business

Ghana’s FMCG sector showing signs of recovery – Maverick Research

Ghana’s Fast Moving Consumer Goods sector is showing signs of recovery amidst easing inflation pressures, Maverick Research has pointed out in its latest Maverick FMCG Index. This is coming after a difficult two-year period of economic turbulence. For the first half of 2024, FMCG volumes rose by 4.0% and value increased by 2.0%, indicating that inflationary pressures are beginning to ease compared to the previous year. This rebound, it said, marks a potential turning point for the sector, which had been weighed down by high inflation and a struggling cedi in 2022 and 2023.

Economy

T-bills auction: Government borrowed GH¢23.6bn in September 2024

The government borrowed GH¢23.6 billion across the 91-day to 364-day treasury bills in September 2024. This represented a 24.7% increase over that of August 2024. Although the Treasury accepted all bids tendered, the total uptake fell short of the target by 19.6% (or GH¢5.8 billion). This was due to the rise in treasury offers by GH¢8.2 billion (+38.7% month-on-month) which outpaced the GH¢4.7 billion increase in total bids. Meanwhile, yields increased as the market priced in mounting refinancing risk while the Treasury seemingly suspended its early-year yield compression strategy.

Politics

UTAG declares indefinite strike, demands nationwide ban on mining in forest reserves

The University Teachers Association of Ghana (UTAG) has declared an indefinite strike, effective October 10, 2024, following overwhelming support for a nationwide ban on mining in ecologically sensitive areas, including forest reserves and water bodies. This decision was supported by 77.95% of UTAG members during a vote held across the country’s public universities in September 2024. UTAG is demanding the immediate suspension of all mining activities in forest reserves, describing the destruction of these reserves as an existential threat to Ghana’s environmental sustainability.

Kenya

Business

Inkomoko partners with TED’s The Audacious Project to invest in 335,000 displaced entrepreneurs in Africa

Inkomoko, a leading African firm focused on providing entrepreneurial support to refugees, has been selected as part of the 2024 cohort of TED’s The Audacious Project. With the partnership, Inkomoko will receive funding and technical assistance to invest in the growth of over 335,000 refugee entrepreneurs across Africa. This bold initiative is designed to strengthen entrepreneurial ecosystems in Africa and provide access to finance, resources, and networks to displaced populations.

Economy

Kenya Railways Suspends All Commuter Train Services Except One

Kenya Railways announced the suspension of all commuter train services in Nairobi on Friday in honor of the Mazingira Day celebrations. Only one train service – linking Nairobi Central Station and Nairobi Terminus – will remain in operation during this period. This suspension, according to Kenya Railways, is in line with efforts to encourage environmental conservation and reduce the city’s carbon footprint by promoting the use of alternative transportation on Mazingira Day, celebrated every October 13th. Normal operations are expected to resume after the holiday weekend.

Politics

Wetang’ula calls for stronger human rights in western immigration laws

National Assembly Speaker, Dr. Moses Wetang’ula, has urged Western nations to overhaul their immigration laws to ensure stronger human rights protections for immigrants. He made the call at the annual Immigration Law Conference in Nairobi, where he highlighted the need for fair treatment, particularly for African immigrants seeking better opportunities abroad. Dr. Wetang’ula pointed out the systemic injustices faced by African migrants and called for more robust frameworks to protect them from exploitation and discrimination.

10 October 2024

Infoware Platform - Daily news

THE NEWS TODAY FRIDAY, MARCH 22 2024

Nigeria

Business

BUA Cement nets N460bn revenue

BUA Cement plc, yesterday, released its 2023 audited financial statements and accounts showing a total revenue of N460billion in the year under review. Despite taking a huge $70 billion haircut due to devaluation of the local currency and the nation’s challenging economic conditions triggered by the naira redesign policy, the company posted a strong revenue growth of 27.4% to N460 billion as against N361 billion in 2022, resulting to an increasing market share. However, with the devaluation of the Naira last June and its continued depreciation, as well as rising inflation, the Company faced increasing price pressures which impacted production costs, which increased by 39.5 per cent to N276 billion (2022: N197.9 billion).

Official FX rate exceeds parallel marketas Naira appreciates to N1,595/$

The naira yesterday appreciated to N1,595.11 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Meanwhile the NAFEM exchange rate rose above the parallel market exchange rate which closed at N1,490 per dollar yesterday. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,595.11 per dollar from N1,609.51 per dollar on Wednesday, indicating N14.4 appreciation for the naira. Similarly, the naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,610 per dollar on Wednesday. As a result, the gap between the official and parallel market exchange rates narrowed to N135.11 per dollar yesterday from 49 kobo per dollar on Wednesday.

Seplat Energy declares N696.9bn revenue in 2023 …Makes fresh appointments

Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its audited results for the twelve months ended 31 December 2023, recording a growth 12 per cent in revenue from N403.9bn to N696.9bn. This is as the company announced the appointment of Mr. Udoma Udo Udoma as the Company’s new. Independent Non-Executive Chairman to succeed Mr. Basil Omiyi who will retire on March 31, 2024. Mr. Udoma’s appointment was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024.

Economy

FG pays $120m from gas debts as blackout spreads

The Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Nigeria is currently suffering from low power supply because many gas suppliers have reduced, while others stopped supplying the commodity to power-generating companies due to the indebtedness of the Gencos to gas-producing firms. The Minister of Power, Chief Adebayo Adelabu, recently revealed that the crash in power generation and attendant poor supply since January was because gas suppliers stopped supplying gas for the generation of electricity due to the indebtedness of the sector to gas producers.

CBN to increase surveillance on BDC operations

The Central Bank of Nigeria (CBN) has stated that it will increase surveillance of Bureau De Change Operators (BDCs) operations to ensure compliance with regulations and to detect any potential abuses or irregularities in the Nigerian FX market. The CBN Governor, Olayemi Cardoso, stated this at the recently concluded Monetary Policy Committee (MPC) which held in Abuja. Speaking on the proposed guidelines for the operation of BDC businesses in Nigeria, Cardoso said that the CBN is concerned with the rising proliferation of BDCs, with thousands of them operating, each with varying interests. He noted that some individuals may have obtained BDC licenses with the intention of exploiting loopholes in the foreign exchange market.

FG set to tap into $350bn global outsource market

The Federal Government has expressed the willingness to key into the thriving global outsourcing market, which has grossed almost $350 billion for seven top countries that engaged in it, with a view to tapping into its huge job opportunities for the nation’s teeming youths. In its efforts to benefit from it, the Vice President, Senator Kashim Shettima, will on Monday, March 4, 2024, in Gombe State, launch the Outsource to Nigeria Initiative, OTNI, a private sector-led, government-enabled programme anchored by the Office of the Vice President. It is designed to create jobs in the business process and technology-enabled outsourcing sector. The Initiative is part of efforts and determination to actualize the agenda of President Tinubu’s administration on job creation.

Politics

Obi flays CBN’s interest rate, CRR hikes …Warns of more economic hardship, job losses

Labour Party presidential candidate, Mr. Peter Obi, has warned that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5 per cent and the Cash Reserve Ratio, CRR, to 45 per cent will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector. In a series of posts made on his verified X handle, the former governor of Anambra State said that this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply. He said the most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

Ghana

Business

EAIS celebrates 22nd Founder’s Day

The East Airport International School (EAIS) in Accra, over the weekend celebrated its 22nd Founders’ Day on the theme “Acquiring the habit of discipline for life and academic success”. The event saw both pupils and students in several performances in arts, science, and sports. In an address to mark the day, Wing Commander Hilda Akuoko Adjei of the Ghana Air Force, said that it was important to make discipline a habit in all spheres of life as it is the bedrock of success. “It is often said that being successful is not about just talent and intelligence, but about consistent effort and focused dedication and discipline is the tool that enables us to remain consistent in our efforts and stay dedicated so that we can harness our potential and turn it into tangible achievements,” she said.

Economy

Allocate 1% GDP to research – Dr Agyenim

The Director of the Institute of Industrial Research (IIR), one of the 13 institutes under the Council for Scientific and Industrial Research (CSIR), Dr Francis Boateng Agyenim, has advocated the allocation of one per cent of Ghana’s Gross Domestic Product (GDP) to research by the government. Such a move, he indicated would help the CSIR to fully undertake various research which would be beneficial to the citizenry as most of its activities were mostly donor funded or driven. Dr Agyenim made this known at the maiden edition of the CSIR-IIR annual research and industry meeting held in Accra earlier this month. The purpose of the meeting was to engage with industry players and other stakeholders to deliberate on ways to bridge the gap between research and industry.

Politics

President appoints Dr Dacosta Aboagye as NHIA CEO

The President, Nana Addo Dankwa Akufo-Addo, has appointed the Director of Health Promotion, Ghana Health Service, Dr Dacosta Aboagye, as the new Chief Executive of the National Health Insurance Authority (NHIA). The Secretary to the President in a letter explained that the appointment is pursuant to Section 14 (1) of the National Health Insurance Act, 2012 (Act 852). According to the letter, Dr Aboagye takes over from Dr Bernard Okoe Boye, Minister of Health-designate and the appointment is “pending receipt of the constitutionally required advice of the governing board of the Authority given in consultation with the Public Services Commission.”

Kenya

Business

Coffee trade hits Sh1.3bn as reforms pick up

Coffee trade at the weekly auction recorded a strong performance this week, as the value of volumes sold hit a new high of $9 million (Sh1.3 billion). This comes as the latest government-led reforms in the sector enter their second year, with good prices signalling better earnings for farmers this year compared to previous years. Nairobi Coffee Exchange data shows the weekly trade recorded an increase in the volumes traded, which jumped 35 per cent to 30,272 bags compared to last week, with a value of Sh1.3 billion. This was a 35 per cent rise compared to the $6.68 million (Sh976.9 million) traded last week.

Economy

EU Parliament clears trade deal with Kenya

Members of the European Parliament have approved the EU’s Economic Partnership Agreement with Kenya, bringing it closer to fruition. On Thursday, the MPs voted by 366 in favour, 86 against and 56 abstentions, to give their consent to the EU-Kenya Economic Partnership Agreement (EPA) that aims to strengthen trade and economic ties with Kenya. It is the first agreement with a developing country in which the EU's new approach to trade and sustainable development is reflected. The agreement includes binding and enforceable provisions on international standards and agreements on labour, gender equality, climate and the environment, and prevents both parties from lowering labour and environmental standards.

Politics

Raila heads to Rwanda as his AU campaign gains momentum

Opposition Chief Raila Odinga will next week fly out of the country to Rwanda as his campaign for the top AU job gains momentum. Raila will be meeting Rwandan President Paul Kagame to seek his vote in the coming Africa Union Commission chairmanship elections early next year. The former Prime Minister has been criss-crossing the continent since he publicly declared his interest in the seat on February 15. The ODM boss, who spoke in Kisii county on Thursday, said Tanzanian President Suluhu Hassan has agreed to support his bid. There have been speculations that Tanzania could rally behind former President Jakaya Kikwete to challenge Raila for the seat.

22 March 2024

Infoware Platform - Daily news

THE NEWS TODAY FRIDAY, MARCH 01 2024

Nigeria

Business

BUA Cement nets N460bn revenue

BUA Cement plc, yesterday, released its 2023 audited financial statements and accounts showing a total revenue of N460billion in the year under review. Despite taking a huge $70 billion haircut due to devaluation of the local currency and the nation’s challenging economic conditions triggered by the naira redesign policy, the company posted a strong revenue growth of 27.4% to N460 billion as against N361 billion in 2022, resulting to an increasing market share. However, with the devaluation of the Naira last June and its continued depreciation, as well as rising inflation, the Company faced increasing price pressures which impacted production costs, which increased by 39.5 per cent to N276 billion (2022: N197.9 billion).

Official FX rate exceeds parallel marketas Naira appreciates to N1,595/$

The naira yesterday appreciated to N1,595.11 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Meanwhile the NAFEM exchange rate rose above the parallel market exchange rate which closed at N1,490 per dollar yesterday. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,595.11 per dollar from N1,609.51 per dollar on Wednesday, indicating N14.4 appreciation for the naira. Similarly, the naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,610 per dollar on Wednesday. As a result, the gap between the official and parallel market exchange rates narrowed to N135.11 per dollar yesterday from 49 kobo per dollar on Wednesday.

Seplat Energy declares N696.9bn revenue in 2023 …Makes fresh appointments

Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its audited results for the twelve months ended 31 December 2023, recording a growth 12 per cent in revenue from N403.9bn to N696.9bn. This is as the company announced the appointment of Mr. Udoma Udo Udoma as the Company’s new. Independent Non-Executive Chairman to succeed Mr. Basil Omiyi who will retire on March 31, 2024. Mr. Udoma’s appointment was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024.

Economy

FG pays $120m from gas debts as blackout spreads

The Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Nigeria is currently suffering from low power supply because many gas suppliers have reduced, while others stopped supplying the commodity to power-generating companies due to the indebtedness of the Gencos to gas-producing firms. The Minister of Power, Chief Adebayo Adelabu, recently revealed that the crash in power generation and attendant poor supply since January was because gas suppliers stopped supplying gas for the generation of electricity due to the indebtedness of the sector to gas producers.

CBN to increase surveillance on BDC operations

The Central Bank of Nigeria (CBN) has stated that it will increase surveillance of Bureau De Change Operators (BDCs) operations to ensure compliance with regulations and to detect any potential abuses or irregularities in the Nigerian FX market. The CBN Governor, Olayemi Cardoso, stated this at the recently concluded Monetary Policy Committee (MPC) which held in Abuja. Speaking on the proposed guidelines for the operation of BDC businesses in Nigeria, Cardoso said that the CBN is concerned with the rising proliferation of BDCs, with thousands of them operating, each with varying interests. He noted that some individuals may have obtained BDC licenses with the intention of exploiting loopholes in the foreign exchange market.

FG set to tap into $350bn global outsource market

The Federal Government has expressed the willingness to key into the thriving global outsourcing market, which has grossed almost $350 billion for seven top countries that engaged in it, with a view to tapping into its huge job opportunities for the nation’s teeming youths. In its efforts to benefit from it, the Vice President, Senator Kashim Shettima, will on Monday, March 4, 2024, in Gombe State, launch the Outsource to Nigeria Initiative, OTNI, a private sector-led, government-enabled programme anchored by the Office of the Vice President. It is designed to create jobs in the business process and technology-enabled outsourcing sector. The Initiative is part of efforts and determination to actualize the agenda of President Tinubu’s administration on job creation.

Politics

Obi flays CBN’s interest rate, CRR hikes …Warns of more economic hardship, job losses

Labour Party presidential candidate, Mr. Peter Obi, has warned that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5 per cent and the Cash Reserve Ratio, CRR, to 45 per cent will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector. In a series of posts made on his verified X handle, the former governor of Anambra State said that this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply. He said the most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

Ghana

Business

EAIS celebrates 22nd Founder’s Day

The East Airport International School (EAIS) in Accra, over the weekend celebrated its 22nd Founders’ Day on the theme “Acquiring the habit of discipline for life and academic success”. The event saw both pupils and students in several performances in arts, science, and sports. In an address to mark the day, Wing Commander Hilda Akuoko Adjei of the Ghana Air Force, said that it was important to make discipline a habit in all spheres of life as it is the bedrock of success. “It is often said that being successful is not about just talent and intelligence, but about consistent effort and focused dedication and discipline is the tool that enables us to remain consistent in our efforts and stay dedicated so that we can harness our potential and turn it into tangible achievements,” she said.

Economy

Allocate 1% GDP to research – Dr Agyenim

The Director of the Institute of Industrial Research (IIR), one of the 13 institutes under the Council for Scientific and Industrial Research (CSIR), Dr Francis Boateng Agyenim, has advocated the allocation of one per cent of Ghana’s Gross Domestic Product (GDP) to research by the government. Such a move, he indicated would help the CSIR to fully undertake various research which would be beneficial to the citizenry as most of its activities were mostly donor funded or driven. Dr Agyenim made this known at the maiden edition of the CSIR-IIR annual research and industry meeting held in Accra earlier this month. The purpose of the meeting was to engage with industry players and other stakeholders to deliberate on ways to bridge the gap between research and industry.

Politics

President appoints Dr Dacosta Aboagye as NHIA CEO

The President, Nana Addo Dankwa Akufo-Addo, has appointed the Director of Health Promotion, Ghana Health Service, Dr Dacosta Aboagye, as the new Chief Executive of the National Health Insurance Authority (NHIA). The Secretary to the President in a letter explained that the appointment is pursuant to Section 14 (1) of the National Health Insurance Act, 2012 (Act 852). According to the letter, Dr Aboagye takes over from Dr Bernard Okoe Boye, Minister of Health-designate and the appointment is “pending receipt of the constitutionally required advice of the governing board of the Authority given in consultation with the Public Services Commission.”

Kenya

Business

Coffee trade hits Sh1.3bn as reforms pick up

Coffee trade at the weekly auction recorded a strong performance this week, as the value of volumes sold hit a new high of $9 million (Sh1.3 billion). This comes as the latest government-led reforms in the sector enter their second year, with good prices signalling better earnings for farmers this year compared to previous years. Nairobi Coffee Exchange data shows the weekly trade recorded an increase in the volumes traded, which jumped 35 per cent to 30,272 bags compared to last week, with a value of Sh1.3 billion. This was a 35 per cent rise compared to the $6.68 million (Sh976.9 million) traded last week.

Economy

EU Parliament clears trade deal with Kenya

Members of the European Parliament have approved the EU’s Economic Partnership Agreement with Kenya, bringing it closer to fruition. On Thursday, the MPs voted by 366 in favour, 86 against and 56 abstentions, to give their consent to the EU-Kenya Economic Partnership Agreement (EPA) that aims to strengthen trade and economic ties with Kenya. It is the first agreement with a developing country in which the EU's new approach to trade and sustainable development is reflected. The agreement includes binding and enforceable provisions on international standards and agreements on labour, gender equality, climate and the environment, and prevents both parties from lowering labour and environmental standards.

Politics

Raila heads to Rwanda as his AU campaign gains momentum

Opposition Chief Raila Odinga will next week fly out of the country to Rwanda as his campaign for the top AU job gains momentum. Raila will be meeting Rwandan President Paul Kagame to seek his vote in the coming Africa Union Commission chairmanship elections early next year. The former Prime Minister has been criss-crossing the continent since he publicly declared his interest in the seat on February 15. The ODM boss, who spoke in Kisii county on Thursday, said Tanzanian President Suluhu Hassan has agreed to support his bid. There have been speculations that Tanzania could rally behind former President Jakaya Kikwete to challenge Raila for the seat.

01 March 2024

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THE NEWS TODAY WEDNESDAY, FEBRUARY 27 2024

Nigeria

Business

Inflation erodes N8.4tn telecom sector gain

Inflation eroded the N8.44 trillion gain the telecommunication sector made in 2023 despite its improving contribution to economic growth. In 2023, the telecoms sector contributed N25.22 trillion to the country’s Gross Domestic Product (GDP) in nominal terms (at current prices). This was an N8.44 trillion increase from the N16.78 trillion the sector recorded in 2022. At current prices, the telecom sector grew by 50.28 percent in 2023. However, when adjusted for inflation (GDP at 2010 constant basic prices), telecoms contributed N11.03 trillion, a N901.52 billion increase from the N10.13 trillion it recorded in 2022. When adjusted for inflation, the telecom sector grew by 8.90 percent in 2023.

Marketers await Dangote fuel, four weeks after production take-off

Oil marketers, on Monday, declared that they were still awaiting the supply of refined petroleum products from the $20bn Dangote Petroleum Refinery, four weeks after the launch of production at the multi-billion dollar plant. On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1. The President, Dangote Group, Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project. Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.

MAN fears fresh factory shutdowns as FX crisis worsens

The Manufacturers Association of Nigeria has said that the protracted foreign exchange crisis in the economy may trigger factory shutdowns if the situation continues to worsen.The Director-General of the Association, Segun Ajayi-Kadir stated this in a recent interview with AIT. According to him, manufacturers are unable to source up to 20 per cent of their forex needs at the official market, leaving them at the mercy of the parallel market. With the rapid depreciation of the naira in recent weeks, the MAN D-G said manufacturers have continued to grapple with high production costs which has led to decreased capacity utilisation. He said, “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year.

Economy

Foreign investors hit brakes on Nigeria over volatile naira

Foreign investors are holding off on new investments into Nigeria until the naira finds some stability. A fresh inflow of around $700 million was expected to come but that has now been suspended as investors grow cold feet and fear losses piling over the naira volatility. “Foreign investors that thought the peak of the exchange rate would be N1,550/$ and came in have now picked mark-to-market losses on the currency,” a source familiar with the matter told BusinessDay. “They are touching their stop losses and are reversing their inflows. And we don’t have the liquidity to support that,” the source said. Over a billion dollars of foreign inflows greased the foreign exchange market two weeks ago after the Central Bank of Nigeria (CBN) began to push through long-awaited pending reforms in the market.

CBN sells over $300m to banks as naira gains

The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members, a copy of which was obtained by The PUNCH. The memo read in part, “We are sure you must have been following up on activities in the foreign exchange market, with rates at the official market going as high as N1850/$. “If you are not aware, kindly note that the CBN last week sold over $200m to the banks below N1,500/dollar.

Analysts foresee interest rate hike as MPC holds meeting

The Monetary Policy Committee of the Central Bank of Nigeria may raise the Monetary Policy Rate, otherwise known as the benchmark interest rate at the end of the meeting on Tuesday, according to financial analysts. The MPC began its two-day meeting on Monday, a few days after the National Assembly screened and okay new members of the MPC. MPC meeting this week became the first meeting since the new CBN Governor, Olayemi Cardoso, assumed the leadership of the apex bank. There had been concerns over the failure of the MPC to meet. With rising inflation and the naira experiencing volatility against the United States dollar, there are reports the MPC may raise the benchmark interest rate.

Politics

Tinubu reduces 263 MDAs to 161 as FEC adopts Oronsaye’s report

The Federal Executive Council (FEC), on Monday, approved the adoption of the Orosanye Report, aimed at the reduction of cost of governance, for implementation. Minister of Information and National Orientation, Mohammed Idris, disclosed this while briefing State House correspondents at the end of the FEC meeting, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja. The minister explained that with the adoption of the report, it means that some agencies, commissions and departments of government have been scrapped, some merged, some subsumed under some others and others moved under new ministries where they are supposed to perform better. “In a very bold move today, this administration, under the leadership of President Bola Ahmed Tinubu, consistent again with his courage to take very far-reaching decisions in the interest of Nigerians, has taken a decision to implement the so called Orosanye Report.

Ghana

Business

Nana Akuoko Sarpong appeals to Communications Minister, NCA to reopen Salt FM

The Omanhene of the Agogo Traditional Area in the Ashanti Region, Nana Akuoko Sarpong, has appealed to the Minister of Communications and Digitalisation, Mrs Ursula Owusu- Ekuful, to direct the National Communication Agency (NCA) to reopen Salt FM 95.9MHZ. The NCA on February 6, closed down Salt FM 95.9MHz in Agogo due to the FM station’s failure to renew their licence on time. “It is understood based on the information I received from the management of the station that the licence in question expired on Saturday, December 23, 2023. I therefore plead with your honourable office to be considerate and allow Salt FM 95.9MHz to operate while they take positive steps to renew their licence within the shortest possible time,” stated Nana Akuoko Sarpong who is also the President of the Agogo Traditional Council.

Economy

NDC to establish $50m fintech growth fund to support digital economy – Ex-President Mahama

The next National Democratic Congress (NDC) administration shall establish a fintech growth fund with an initial seed capital of US$50 million to support indigenous companies in fostering the growth of the digital economy, former President John Dramani Mahama, has announced. He said Ghanaians interested in coding will have the opportunity to participate in the ‘Coding for Employment Programme’ targeted to train one million coders with in-demand digital skills for the growing Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) ecosystems. Former President Mahama was speaking at the closing of a two-day NDC LAB Policy Dialogue themed “Towards the 2024 Manifesto: Consolidating Our Thematic Group Policy Proposals”, from Thursday to Friday here at Peduase.

Politics

Alan takes campaign to markets …as he sells GTP to traders in Accra

Leader and founder of the Movement For Change, Alan John Kwadwo Kyerematen, on Friday took his campaign to some major markets in Accra to propagate his message of the Great Transformational Plan (GTP). The markets the former Trade and Industry Minister visited include Okaishie, Makola, Tudu, TS, Kwasiadwaso, Abossey Okai, Kaneshie and Kokompe. Momentarily, business activities came to a halt as the traders left their wares to catch a glimpse of the man who has been in charge of their industry for the past seven years. Accompanied by his wife and some top echelons of the Movement, Mr Kyerematen’s first stop was the palace of the late OkaishieMantse, Nii Tetteh Kwao I, where he commiserated with the family and asked for their blessing as he seeks to lead the country in the highest office.

Kenya

Business

Gas prices up by Sh200 amidst state crackdown on illegal dealers

Cooking gas prices have risen over the past few weeks as a result of the government’s move to pursue a crackdown on gas storage and refilling depots early this month. The decision to go after the illegal operators was triggered by the Embakasi gas filling station explosion on February 2, a tragedy that left at least five people dead and more than 280 injured. It was later established that the station was operating on an illegal license. A price spot check by The Star across different estates in the country's capital established the prices of 6 and 13kg fully refilled Liquefied petroleum gas (LPG) cylinders have increased by about Sh150 and Sh200, respectively in three weeks.

Economy

KCB's contribution towards conservation efforts

In 2015, KCB embraced sustainable finance initiative guiding principles under the aegis of the Kenya Bankers Association. The initiative provides a compass for financial institutions, harmonising business objectives with economic development and socio-environmental considerations. The Star's Gilbert Koech spoke to head of corporate and regulatory affairs Judith Sidi on the strides made. We have the Linda Miti Initiative as one of the ways for the bank to contribute towards reducing carbon emissions. We are investing Sh12 million every year. KCB will have invested about Sh60 million in five years under the initiative.

Politics

I'm grateful! Raila says after Museveni's endorsement for AU Commission job

Azimio leader Raila Odinga has said that he is grateful for Ugandan President Yoweri Museveni's endorsement for the African Union Commission job. In a statement after the meeting, Raila said he is also grateful for President William Ruto's full support, as he goes for the job. The Azimio leader said the joint meeting with Museveni and President Ruto, was at the invitation of the Ugandan president. The former Prime minister said that they also discussed other issues related to the strengthening of East African integration. "Several days ago, I accepted an invitation from President Kaguta Museveni of Uganda for a joint meeting with President William Ruto today to discuss the deepening of regional integration within the East African Community.

27 February 2024

Infoware Platform - Daily news

THE NEWS TODAY MONDAY, JANUARY 08 2024

Nigeria

Business

Expansion: Fidelity Bank awaits NGX’s approval, listing of 3.2bn rights issue

To strengthen its financial position and create opportunities for existing shareholders to participate in the capital raising process, Fidelity Bank Plc, through its Stockbrokers, APT Securities & Funds Limited, has submitted an application to Nigerian Exchange Limited (NGX) for the approval and listing of a Rights Issue of 3.2 billion ordinary shares of 50 kobo each at N10 per share. According to a filing obtained from the NGX’s website at the weekend, the right issue is based on one new ordinary share for every 10 existing ordinary shares held as of the close of business on Friday, 5 January 2024. The bank said, “Trading License Holders are hereby notified that Fidelity Bank Plc (Fidelity or the Bank) has through its Stockbrokers, APT Securities & Funds Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of Three Billion, Two Hundred Million (3,200,000,000) ordinary shares of 50 kobo each at N10 per share based on one (1) new ordinary share for every ten (10) existing ordinary shares held as at the close of business on Friday, 5 January 2024. The Qualification Date for the Rights Issue is 5 January 2024.”

Independent marketers seek allocations from Dangote refinery

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has sent a letter to Dangote Petroleum Refinery, requesting for allocation of products from the plants. Its National President, Alhaji Abubakar Maigandi broke the news on phone to The Nation at the weekend. He noted that although the refinery is yet to respond to the request, the association is set to send a follow up mail to the plant. According to him, IPMAN members, who own 80 per cent of the retail outlets nationwide, want to secure direct allocation from the 650,000 barrels per day refinery for onward distribution to the consumers. He said the association is optimistic that its delegation will meet with the management of the refinery now that the Yuletide is over.

New listing: Mecure Industries’ share price gains 265% in two months

Mecure Industries Plc’s share price has risen by 264.9 per cent in two months of listing at the stock market, as continuous trading unlocked the potential value in the healthcare management group. Market value of Mecure Industries, which was listed on November 8, 2023 with initial valuation of N11.84 billion, opens today at N43.2 billion, representing net capital gain of N31.36 billion over the two-month period. Trading analysis indicated that the three major Indian investors in Mecure Industries have netted about N30.4 billion in net capital gains since the listing of the healthcare management group at the Nigerian stock market.

Economy

Nigeria’s FX liquidity conditions to remain tight amid reserve level of $33bn

Despite Nigeria’s FX reserves starting the year on a positive note, economic analysts have said they expect FX liquidity conditions to remain tight pending receipt of expected FX inflows. According to data obtained from the Central Bank of Nigeria (CBN)’s website, the country’s gross level increased by $129.82 million week-on-week (w/w) to $33.04 billion. Similarly, the Naira appreciated by 3 per cent to N869.39/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), with total turnover in the market declining by 56 per cent week-to-date (WTD) to $169.64 million, with trades consummated within the N700-N1,268/$ band. However, the naira at the parallel forex market where forex is sold un-officially, declined by 1.99 per cent to close at N1,255/$1.

Nigeria gains as OPEC pumps 28.05m barrels

Nigeria gained from the oil production output cut by the United Arab Emirates (UAE) and Angola last December, offsetting the shortfall in the Organisation of Petroleum Exporting Countries (OPEC) quota for the market. This is just as OPEC announced it pumped 28.05 million barrels per day (mbpd) last month, as it persevered with supply restraints agreed earlier in the year. With supplies declining from UAE and Angola, a 50, 000 barrels per day (bpd) increase in Nigeria’s crude oil supply which brought her output to 1.49mmbpd last month, bolstered supplies by OPEC into the market. The 50,000 bpd increase is also in line with a revised quota that the country successfully negotiated for this year. The UAE made last month’s biggest supply reduction, cutting by 70,000 bpd to 3.08 MMbpd. But in spite of this reduction, the 3.08MMbpd production still places the UAE’s output above its quota for last month and also higher than a new, increased target that takes effect this month

Money supply rises 36% to N67trn

Broad Money supply (M3) increased Year-on-Year (YoY) by 36 percent to N67 trillion as at September 2023 (9M’23) from N49.3 trillion as at September 2022, 9M’22. The Central Bank of Nigeria, CBN, disclosed this in its third quarter 2023, Q3’23, Economic Report. The currency-in-circulation moved by 64.3 % to as at September 2023 from N1.68 trillion in March 2023 following the Supreme Court order that the old N200, N500 and N1,000 old notes to remain legal tender, slowing down the Godwin Emefiele’ led CBN’s administration aim of redesigning the naira which include, among other things, to mop up excess cash in the country’s economy. An increase in the supply of money typically lowers interest rates, which in turn, generates more investments and puts more money in the hands of consumers, thereby stimulating spending.

Politics

FG wrecking Nigeria’s economy with huge debt –Obi

Presidential candidate of the Labour Party (LP), Mr. Peter Obi, has raised the alarm over the increasing indebtedness of Nigeria, saying the Federal Government is wrecking the economy of the country through massive borrowings. In a statement, he said that in seven years, the Central Bank of Nigeria’s lending to the administration of former President Muhammadu Buhari had climbed to 2700% in ‘flagrant violation’ of the CBN Act and that indifferent to the ‘illegality’ of the excessive ways and means borrowing, the National Assembly still approved President Bola Tinubu administration’s request for an N7.3 trillion securitization of the existing ways and means facility just before considering the 2024 budget proposals.

Ghana

Business

GSE ends 2023 Composite Index with 28.08% gain - Report

Despite facing challenges in the capital market throughout the year, the Ghana Stock Exchange (GSE), closed 2023 with the Composite Index showing a remarkable gain of 28.08%. This marks a significant turnaround compared to the 12.38% loss recorded in 2022, according to a graphic.com. gh report However, the Financial Stock Index experienced a year-to-date loss of 7.36%, contrasting with the 4.61% loss in the previous year of 2022. Despite this, volumes, value, and the number of trades all showed a decrease compared to the figures recorded in 2022. Key market indicators such as volumes, value, and the number of trades exhibited a decline in 2023 when compared to the figures recorded in the previous year. The cumulative volume traded, valued at GH¢818.1 million, amounted to 579,675,315, reflecting a 56.59% decrease, and a 50.11% decrease, respectively, in comparison to the same period in 2022.

Economy

Cedi sells at GH¢12.30 to $1, GH¢11.89 on BoG interbank as of January 9

Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Acora. The Interbank forex rates from the Bank of Ghana today, January 9, 2024, have shown that the Ghana Cedi is trading against the dollar at a buying price of 11.8787 and a selling price of 11.8905. At a Forex bureau in Accra, the dollar is being bought at a rate of 12.00 and sold at 12.30 Against the Pound Sterling, the Cedi is trading at a buying price of 15.1560 and a selling price of 15.1723 At a Forex Bureau in Accra, the pound sterling is being bought at a rate of 15.10 and sold at a rate of 15.50. The Euro is trading at a buying price of 13.0497 and a selling price of 13.0616. At a Forex Bureau in Accra, the Euro is being bought at a rate of 12.90 and sold at a rate of 13.40.

Politics

Ghanaian president urges citizens to embrace democratic values

Ghanaian President Nana Addo Dankwa Akufo-Addo has called on citizens to embrace the values of democracy to engender progress and prosperity in the West African country late Saturday. In his televised speech to mark the country’s Constitution Day, which falls on Sunday this year, the president said Ghana has recorded remarkable progress since returning to multiparty democracy, assuring that he would do everything within his power to ensure the gains were not thwarted. “I swore an oath in 2017 and again four years later to be faithful and true to the Republic of Ghana and preserve and defend the constitution. It will not be under my watch that any adventurer will torpedo the democratic path on which we have embarked,” said Akufo-Addo.

Kenya

Business

Harnessing insurance as a climate resilience tool

As the recently concluded 28th Conference of the Parties to the UN Framework Convention on Climate Change unfolded in Dubai, the global community continued to grapple with the urgency of addressing climate change. The impact of climate change is increasingly visible, with extreme weather events such as floods becoming more frequent and severe. In Kenya, where climate change effects are acutely felt, a critical aspect of climate resilience emerges—the role of insurance in mitigating the aftermath of climate-induced disasters. Kenya, like many African nations, bears the brunt of climate change, with increased occurrences of floods wreaking havoc on communities, agriculture, and infrastructure. Last July was the second hottest month on record globally, with scientists marking 2023 as the hottest on record, which ushered in the eventual return of the El Nino weather phenomenon.

Economy

Kenya eyes part of Sh300tr Africa-US tourist market

Kenya is targeting to tap the potential of the Sh300 trillion African-American tourism market through a new plan that was recently launched in Nairobi. The initiative dubbed “call to action” by Traverze Culture founder and chief executive Ms Kea Wakesho Simmons from Charleston, US, seeks to reconnect African Americans with their African cultural heritage through various activities such as naming ceremonies and cultural adoption. The initiative targets to bring between 3,000 to 5,000 visitors to Kenya this year to invest, and settle in a new city dubbed the Gitu Freedom Estate in Thika, Kiambu County, under the auspices of The Journey Back to Eden.

Politics

Ruto revokes appointment of four Kenya Railways board members

President William Ruto has revoked the appointment of four board members of the Kenya Railways Corporation. In a special gazette notice seen by the Star, the four who are former President Uhuru Kenyatta's appointees will cease to be members of the board immediately. "I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, revoke the appointment of Mohammed Alawi Hussun, Dennis Aroka, Catherine Musakali, and Sumaiya Salim Mohamed as members of the Board of Directors of the Kenya Railways Corporation, with effect from January 8, 2024," the notice reads.

09 January 2024

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