NEPZA boss describes Princess Anifalaje’s appointment as offshoot of ingenuity, commitment, hard-work

By Favour Nnabugwu

 

 

 

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA),  Prof. Adesoji Adesugba has said that the appointment of Princess Abiodun Anifalaje as the new Deputy National Coordinator of the Gemstones Miners and Marketers Association of Nigeria (GMMAN) hinged on ingenuity, commitment and hard-work towards value-addition.

NEPZA in a statement release by the
Head, Corporate Communications, Martins Odeh, Adesugba stated this in his congratulatory message to the Lagos-based business woman on Sunday in Abuja.

The NEPZA boss, himself, a member of the association said that Anifalaje took the business of solid minerals by storm in view of the success she had made of it.

According to him, the association through her professional ingenuity, hard-work and commitment has significantly improved in the overall coordination of members in the mining and processing of precious stones

“It is widely acknowledged in the sector that Princess remains an arrow head in pushing national consciousness toward competitive solid mineral exploration for national growth.

“This is also part of our focus in NEPZA; to galvanise investments in solid mineral by partnering with investors who are willing to key into the country’s free zones scheme with arguably the best incentives in the world’’, he said.

Adesugba also said that the authority was taking inventory of business women like Anifalaje with strong capital base in order to encourage them to establish an `Amazon Free Trade Zone’ for the production of women and children’s items for export.

“The business of Solid Minerals (Gemstones and Metals) such as Gold, Aquamarine, Sapphire, Emerald, Amethyst and Charcoal among others is a good way to start for interested business women and we are committed to ensuring that the processes are made easy for them,’’ the NEPZA boss said.

Adesugba, therefore, said that Anifalaje had indeed distinguished herself within a short period in the sector, adding that her new appointment was well deserved.

CBN sets up Cash Swap Centres in 774 LGAs

By Favour Nnabugwu

 

The Central Bank of Nigeria ( CBN) has established Cash Swap Centres across the 774 Local Government Ares of the federation.

This was contained in a circular issued by the apex bank at the weekend. signedby Haruna Mustafa an Musa Jimoh, Directors of Banking Supervision and Payments Systems , respectively and dated January 20, 2023, the circular indicated that the Cash Centres would commence operations tomorrow..

Addressed to Deposit Money Banks (DMBs), Mobile Money Operators , Super Agents and Agents, the circular said that the exercise would enable rural dwellers to seamlessly change their old Naira Notes for the redesigned ones.

It reads in part::I “n furtherance of its Naira Redesign policy, the Central Bank of Nigeria (CBN) has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.

“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Bank is launching a cash swap programme in partnership with Super Agents & DMBs. The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.

“The initiative takes effect from Monday, January 23, 2023 as follows: “The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.

*The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.

*To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

*Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions.

*Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cash- out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.

*Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render same to the CBN on a weekly basis.

*Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.

*Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas.

*The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.

273 bag First Class out of 35, 758 graduands as ABU holds 42nd Convocation

By Favour Nnabugwu

 

 

 

A total 273 bagged first at he Ahmadu Bello Universit, y(ABU) Zaria  out of will present a total of 35,758 graduands for the 2018/2019 and 2019/2020 coming up on Saturday, 28th January, 2023.

A statement on Friday by Auwalu Umar of the institution”s Directorate of Public Affairs, said  the number, released along with other activities lined up for the convocation by the institution’s Registrar, Malam Rabiu Samaila, comprised

8,842 higher degrees ,869 Ph.D; 60 M.Phil; 6,179 Masters; and 1,734 Postgraduate Diplomas.

“26,916 Bachelors Degrees out of which 273 have First Class, 5,647 Second Class Upper Division, 17,567 Second Class Lower Division, 2,899 Third Class Honours, 45 Pass degrees, and 485 unclassified degrees.”

The statement said four outstanding personalities will be conferred with the institution’s honorary doctorate degrees for their immeasurable contribution to humanity, which included former military governor of old Kano State Col. Sani Bello (Rtd) and Deputy Secretary-General of the United Nations Ms. Amina Jane Mohammed.Others are former Bursar of Ahmadu Bello University Alhaji Muhammadu Inuwa Jibo and Katsina-based philanthropist Hajiya Fatima Lami Usman Kurfi.

“The Visitor to Ahmadu Bello University, His Excellency, Muhammadu Buhari, GCFR, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, will be the Special Guest of Honour at the occasion. His Excellency, Malam Nasir Ahmed El-Rufai, OFR, the Executive Governor of Kaduna State, will be the Chief Host, while His Highness, Malam Ahmed Nuhu Bamalli, CFR, the Emir of Zazzau, will be the Royal Father of the day.”

“There will be a pre-convocation lecture scheduled to hold at ABU’s CBN Centre for Economics and Finance Auditorium at 4pm on Friday, 27th January, 2023.

The lecture, entitled “The Impact of Man-Made and Natural Disasters on Food Security and Agricultural Development in Nigeria”, will be delivered by Mr. Boss G. Mustapha, CFR, the Secretary to the Government of the Federation.

Mr. Hubert Wigwe, CON, the Managing Director, Access Bank PLC, will chair the lecture presentation.”

“Other activities lined up for the convocation include a public lecture scheduled to take place on Tuesday, 24th January, 2023.The lecture, which is to be presented by an alumnus of Ahmadu Bello University, Prof. Adebayo Olukoshi, will hold at the institution’s CBN Centre for Economics and Finance Auditorium.”

“Prof. Olukoshi, a distinguished researcher and scholar at Wits School of Governance, University of Witwatersrand, Johannesburg, South Africa, will speak on “Nigeria: Character Builds a Nation, Dignity Transforms It,” the statement added.

AfDB President calls for adequate funding of education in Africa

By Favour Nnabugwu

 

 

The President of African Development Bank (AfDB), Akinwunmi Adesina has called for adequate funding of education sector in Africa in order to reduce youth unemployment in the continent

Adesina on Thursday in Abeokuta warned that, the high unemployment rate in Africa if not checked could worsen the social and political fragility of countries in the continent.

The AfDB President gave the warning in a lecture delivered at a Colloquium on “The Role of Education in 21st Century Nigeria Development: BBHS Adventure” as part of activities marking the 100 years anniversary of Baptist Boys High School (BBHS), Abeokuta, Ogun State.

The event which was attended by the former Speaker of the House of Representatives, Dimeji Bankole and other alumni of the school was organized by the Old Boys Association of the school.

Adesina while delivering his lecture virtually said, for the United Nations (UN) goal for inclusive and quality education for all to be achieved, the global spending on education must rise from $1.2 trillion to $3 trillion per year by 2030.

He said, Nigeria as a nation with rapidly growing population must do more to ensure that the younger generation receive access to the education they deserve.

He said, “As a nation, the demands of a dynamic, fast-changing and integrated labour market globally require that we must significantly invest in building first grade and competitive human capital”.

“We must also improve educational system to be more resilient and able to adapt to the rapidly changing environment.

“We must transform African’s educational systems to prepare students for this new digital world.

“The investment that any nation makes in education reflects hopes and aspirations for accelerated development.

“We cannot underfund education. A nation can only go as far as its quality of its human capital, so if you underfund quality education, get ready for underdevelopment.

“The greatest discouragement to education is lack of jobs. The unemployment rate in Africa is extremely high and it reduce the return on education. Furthermore, it leads to frustration among the youths and spurs social discontent which could worsen social and political fragility of countries.”

Adesina said, AfDB has equipped no fewer than 50 million young Africans with skills, particularly in science, technology, engineering and mathematics.

According to him, the AfDB has invested more than $171 million in education in Nigeria, adding that, the various interventions have produced more than 464 Masters degree holders and 83 PhD holders.

He said, the AfDB would soon establish a Youth Enterprise Investment Bank in Africa to address high unemployment rate in the continent.

In his address, the National President of Old Boys Association of BBHS, Prof. Kayode Oyesiku said there was need for Nigeria to de-emphasis certification and focus more on technical and vocational education.

“This country place too emphasis on paper certificate. The issue of unemployment may not be resolved if we continue to place too much emphasis on paper certificate.

“Without vocational and technical education we are going nowhere. We are only deceiving ourselves, we must emphasis on vocational and technical in our schools starting from secondary up to the tertiary level”, Oyesiku said.

Global reinsurance capital down by $115bn at Q3 2022

By Favour Nnabugwu
Global reinsurance capital fell by $115 billion to $560 billion representing 17percent in the first nine months of 2022, according to Reinsurance broker, Aon
The $560 billion of dedicated reinsurance capital seen by Aon as of the end of September, 2022, is comprised of $467 billion of traditional capital, and $93 billion of alternative reinsurance capital.
When compared with the end of 2021, traditional capital fell by more than 19 percent or $112 billion, while alternative capital fell by a little more than 3 percent, or $3 billion.
It’s also interesting to see the change in reinsurance capital from the mid-point of 2022 to the end of September, so during the third quarter of the year.
The report said some of the world’s largest reinsurance groups reported some significant declines in the period, this was attributed to the reduction was principally a result of substantial unrealised losses in investment portfolios.
Aon reported previously that overall, global reinsurance capital stood at $600 billion as of the end of June 2022, which means the 9M 2022 total of $560 billion reflects a decline of $40 billion, or almost 7 percent in just three months.
From H1 2022 to 9M 2022, traditional capital fell by over 7 percent to the $467 billion reported by Aon today, while alternative capital declined by 2 percent, or $2 billion to the $93 billion reported by the broker in its January renewals report.
“Underwriting results were generally resilient in the period, despite the impact of Hurricane Ian, but investment portfolios were impacted by material unrealized losses, driven by rising bond yields, widening credit spreads and declining equity markets,” says Aon. “These effects undermined overall earnings and eroded reported book values.”
The broker also highlights the fact reinsurer management teams noted a mismatch in the major accounting regimes that were driving volatility in reported equity.
“Mark-to-market losses are being immediately recognized on the asset side, while there is little to no offset on the liability side to reflect the long-term benefits of higher interest rates. In addition, bonds are generally held to maturity and recover value as that date approaches,” explains Aon.
FAAC shares N990.2 bn to three tiers of government

By Favour Nnabugwu

 

 

 

The Federation Account Allocation Committee (FAAC) has shared a  whopping sum of N990.189 billion to the Federal State and local governments in the country

The figure was the highest sum shared in a single month in many years.

The Director of Information/Press of the Federal Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete said in a statement, in Abuja, yesterday, that the funds came from federation revenues which accrued in December, 2022

Gross Statutory Revenue of N1. 136 trillion was realized in the month under review.

The total revenue distributable for the current month of December was drawn from Statutory Revenue of N707.756 billion, Value Added Tax (VAT) of N233.277 billion, Exchange Gain of N24.841 billion, and N24.315 billion from Electronic Money Transfer Levies (EMTL).

The December 2022 earnings included the Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).

The breakdown of allocations showed that the federal government received N375.306 billion, the States got N299.557 billion, the Local Government Councils, N221.807 billion, while the Oil producing states received additional N93.519 billion as Derivation, (13% of Mineral Revenue).

The Gross Revenue available from the Value Added Tax (VAT) for the period under review was N250.512 billion.

The sum of N7.215 billion was allocated to North East Development Commission (NEDC) Project and the sum of N10.020 billion to Cost of Collection was given to the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).

The distributable sum of N233.277 billion was shared as follows: federal government N34.992 billion; States received, N116.639 billion; local government councils, N81.647 billion.

From the Statutory Revenue the sum of N31.531 billion was deducted as Cost of Collection and a total sum of N396.896 billion to Transfers, Savings and Refunds.

The sum of N707.756 billion was distributed as follows; Federal Government was allocated the sum of N325.105 billion, States got N165.897 billion, LGCs got N127.129 billion, while Oil Derivation (13% Mineral Revenue) was allocated N90.625 billion.

The sum of N24.315 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows; the Federal Government received N3.648 billion, States got N12.157 billion, Local Government Councils received N8.510 billion.

Out of N24.841 billion from Exchange Gain, the federal government received N11.562 billion, States got N5.864 billion, Local Government Councils received N4.521 billion and Oil Derivation (13% of Mineral Revenue) had N2.894 billion.

The director disclosed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Value Added Tax (VAT) recorded significant increases, while Import Duty decreased considerably.

The balance in the Excess Crude Account (ECA) as at January 17th, 2023 was put at $473,754.

Oil and Gas Royalties and Excise Duty increased marginally

 

Nigeria threatened by economic, political violence..As shortage of skill, energy risk rise – Allianz Risk Barometer 2023

By Favour Nnabugwu
The country may suffer from economic and political risk if the violence threatening around refused to subside according to report from Allianz Risk Barometer 2023
In Nigeria, the top three risks are Macroeconomic developments from  Political risks and violence maintains second position and Cyber incidents .
For Nigeria, the report put forward that political risks and violence is another new entry in the top 10 global risks while Shortage of skilled workforce rises  Changes in legislation and regulation remains a key risk while Fire/explosion drops two positions
It ranks as a top three risk in Nigeria which ranked No 1 on the list, is followed by Burundi, Ghana, Ivory Coast, Madagascar, Mauritius, Morocco, Namibia, and Tanzania.
Macroeconomic developments such as inflation or economic and financial market volatility rank as the third top risk for companies globally in 2023
The Allianz Risk Barometer is an annual business risk ranking compiled by Allianz Group’s corporate insurer Allianz Global Corporate & Specialty (AGCS), together with other Allianz entities, which incorporates the view of 2,712 risk management experts in 94 countries and territories including CEOs, risk managers, brokers and insurance experts.
The Chief Executive Officer of Allianz Global Corporate & Specialty, AGCS, Mr, Joachim Mueller comments on the findings: “For the second year in a row the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption.
Mueller further stated, ‘At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business. Companies in Europe and in the US in particular worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact from ongoing war in Ukraine. It’s a stress test for every company’s resilience.
“The positive news is that as an insurer we see continuous improvement in this area among many of our clients, particularly around making supply chains more failure-proof, improving business continuity planning and strengthening cyber controls. Taking action to build resilience and de-risk is now front and center for companies, given the events of recent years.”
Further to the report, In 2023, the top four risks in the Allianz Risk Barometer are broadly consistent across all company sizes globally  large, medium and small as well as across core European economies and the US (energy crisis excepted).
“Risk concerns for businesses in Asia Pacific and African countries show some deviation, reflecting the different impact of the ongoing war in Ukraine and its economic and political repercussions.
Digital and disruption dangers”
The Chief Economist at Allianz, Ludovic Subran assures that there is reason to despair,  “2023 will be a challenging year; in purely economic terms, it is likely to be a year to forget for many households and companies.
“For one thing, the turnaround in interest rates is helping, not least for millions of savers. The medium-term outlook is also much brighter, despite or rather because of the energy crisis.
Subran also stated, “The consequences, beyond the expected recession in 2023, are already becoming clear: a forced transformation of the economy in the direction of decarbonization as well as increased risk awareness in all parts of society, strengthening social and economic resilience.”
The AGCS Board Member and Chief Underwriting Officer Corporate, Shanil Williams noted that for many companies the threat in cyber space is still higher than ever and cyber insurance claims remain at a high level.
‘Large companies are now used to being targeted and able to repel most attacks. Increasingly, we see more small- and mid-size businesses impacted who often tend to underestimate their exposure. They all need to continuously invest in strengthening their cyber controls,/.” .
AfDB to launch macro-economic performance, outlook January 19

By Favour Nnabugwu

 

The African Development Bank Group will launch the inaugural edition of Africa’s Macroeconomic Performance and Outlook (MEO) report on 19 January 2023 at its Abidjan Headquarters.

The publication will offer policymakers, global investors, researchers, and other development partners an up-to-date evidence-based assessment of the continent’s recent macroeconomic performance and short-to-medium-term outlook amid dynamic global economic developments.

The new report, to be released in the first and third quarters of each year, will complement the Bank’s flagship African Economic Outlook report which focuses on key emerging issues relevant to Africa’s development.

The following speakers will feature at the launch event: Dr. Akinwumi Adesina, President, African Development Bank Group; Ms. Niale Kaba, Minister of Planning and Development of Côte d’Ivoire;  Kevin Chika Urama, Acting Chief Economist and Vice President, African Development Bank Group
Professor Jeffrey D. Sachs, Economist, Director of the Center for Sustainable Development at Columbia University. Sachs is also United Nations Secretary-General Antonio Guterres’ Advocate for the Sustainable Development Goals

FG orders closure of 2nd Niger Bridge from January 15 as construction work resumes

By Favour Nnabugwu

 

 

 

The Minister of Works and Housing, Babatunde Fashola has ordered the closure of the Second Niger Bridge and sections of other major roads earlier opened to ease traffic for the 2022 Christmas celebrations.

The Second Niger Bridge will, however, remain closed for public use with effect from Sunday, January 15, 2023 for continuation of work on the completion of the access roads to the bridge

He gave the directive in Abuja, on Wednesday. This, he said is to enable contractors return to site to complete work on the various projects.

This was contained in a statement signed by Engr. Folorunso Esan, on behalf of the Permanent Secretary of the Ministry.

The statement read in part, “Recall that barricades were removed at all construction sites on December 15,2022 for ease of movement to reduce travel time during the yuletide season.

“Contractors are now set to resume work on major highways especially the Lagos-Ibadan Expressway( from OPIC to the old toll gate ) and the Abuja-Kaduna-Kano Expressway (around Kawo on the Kaduna-Zaria Section).

“To this end the Honourable Minister of Works and Housing, Babatunde Raji Fashola, SAN has directed that construction barricades be returned at construction sites for safety purposes with effect from Tuesday, January 10,2023.

“The Second Niger Bridge will, however, remain closed for public use with effect from Sunday, January 15, 2023 for continuation of work on the completion of the access roads to the bridg.

“The Honourable Minister seeks the patience and understanding of motorists and members of the public on this action aimed at completing the on-going projects.“

MultiChoice calls for nominations for the prestigious Earthshot Prize with a chance of winning US$1.2 mn/ R 20 mnn (£1 mn) prize

By Favour Nnabugwu

 

 

The Earthshot Prize, a global environmental prize to discover, accelerate, and scale ground-breaking solutions to repair and regenerate the planet, has begun its 2023 search for breakthrough solutions to solve the globe’s biggest environmental challenges.

MultiChoice (www.MultiChoice.com), the official African broadcast partner and member of The Earthshot Prize Global Alliance, is issuing a call for entries from African organizations, businesses, governments, and individuals who are doing scalable and impactful work in this capacity.

Potential nominees can enter into any of the five categories of the Earthshot Prize, including: Protect and Restore Nature, Clean our Air, Revive our Oceans, Build a Waste-Free World and Fix our Climate. The Prize is awarded annually to five winners, each receiving a US$1.2 million/ R 20 million (£1 million) prize grant to scale their projects.

Each year, The Earthshot Prize launches a global search for breakthrough solutions, with a worldwide network of more than 350 nominating individuals and organizations from 66 countries tasked with ushering the process through.

As an official nominator, MultiChoice has established an official entry portal (https://bit.ly/3X3Rr8Q) and asks that all submissions be submitted by 27 January 2023. Representatives from MultiChoice will then review these entries and officially nominate selections directly to The Earthshot Prize.

“By entering this prestigious prize, African innovators will be afforded the platform to pitch their solutions, inspire other corporates to join the fight against climate change and motivate governments to prioritize climate change as part of their national agendas,’’ said Imtiaz Patel, Chairman, MultiChoice Group. “If you have a worthy intervention whose solution makes significant progress towards achieving any of the five Earthshots, we urge you to send in your nomination and be part of the solution.’’

When The Earthshot Prize was first launched in 2021, three African organizations were selected as finalists namely, Sanergy (from Kenya), Reeddi Capsules (from Nigeria) and Pole Pole Foundation (from the Democratic Republic of Congo).

On December 2, 2022, Prince William and The Earthshot Prize revealed the 2022 winners. African based Mukuru Clean Stoves, a start-up providing cleaner-burning stoves to women in Kenya to reduce unhealthy indoor pollution and provide a safer way to cook, won the coveted environmental prize during the inspirational awards ceremony hosted in Boston.

In addition to the US$1.2 million/ R 20 million (£1 million) prize, Mukuru Clean Stoves will benefit from a global network of professional and technical support to scale their work.

This includes access to resources across numerous professions and sectors including manufacturing, retail, supply chains, legal advice, digital technology, business strategy and government relations via The Earthshot Prize Global Alliance.

The Prize will allow Mukuru Clean Stoves to create an even cleaner stove that burns ethanol, and within three years, they hope to reach one million customers. Within the decade, they hope to expand their impact to ten million people all over Africa.
The final five winners were selected from a group of 15 finalists from 10 different countries

by The Earthshot Prize Council – a global team of influential individuals committed to championing positive action in the environmental space.

The five Earthshot Prize Winners for 2022 are:

•Protect and Restore Nature: Kheyti, India: A pioneering solution for local smallholder farmers to reduce costs, increase yields and protect livelihoods in a country on the frontlines of climate change.

•Clean our Air: Mukuru Clean Stoves, Kenya: A start-up providing cleaner-burning stoves to women in Kenya to reduce unhealthy indoor pollution and provide a safer way to cook.

•Revive our Oceans: Indigenous Women of the Great Barrier Reef, Australia: An inspiring women-led programme that combines 60,000 years of indigenous knowledge with digital technologies to protect land and sea.

•Build a Waste-free World: Notpla, United Kingdom: A circular solution creating an alternative to plastic packaging from seaweed.

•Fix our Climate: 44.01, Oman: Childhood friends who have developed an innovative technique to turn CO2 into rock, and permanently store it underground.

At MultiChoice, we are driven by our Purpose to Enrich Lives, therefore the future of the African continent, its natural resources, and our communities require that we work together with our partners to create a world where everyone thrives for generations to come.

It is for this reason that we are not only urging African innovators to enter the environmental prize, but we have also partnered with The Earthshot Prize to help accelerate and spotlight the ingenuity and ambition of innovators, activists and scientists across Africa who are working to address the climate crisis on the African continent and around the world.