Sep 30, 2020 - Business Metrics

FEC Okays N13.08trn For 2021 Budget

Sep 30, 2020Sep 30, 2020 Banjo Olaniran

The Federal Executive Council (FEC) chaired by President Muhammadu Buhari has approved N13.08 trillion as budget proposal for 2021. Zainab Ahmed, the minister of finance, budget, and national planning, announced this on Wednesday while briefing State House reporters on the outcome of the FEC meeting held at the Council Chamber of the Presidential Villa, Abuja. Ahmed briefed in company of the Minister of Information and Culture, Lai Mohammed; the Minister of State, Budget and National Planning, Clement Agba; and the Director General of the Budget Office of the Federation, Ben…

COVID-19: World Bank earmarks $12bn to buy vaccine for poor countries

Sep 30, 2020Sep 30, 2020 Banjo Olaniran

The World Bank has announced plans for a $12 billion coronavirus financing initiative that will help poor and developing countries purchase enough Covid-19 vaccine doses to treat up to 2 billion people as soon as they become available in the coming months. David Malpass, the World Bank president, disclosed this on Tuesday, adding that he was seeking board approval for the funds, in an attempt to ensure that low-income countries were not frozen out by wealthier nations. According to Reuters, Malpass in an exclusive interview disclosed that this financing initiative,…

Our mission is to deepen broadband penetration, other telecoms services across Africa – Wole Abu, CEO, Pan African Towers

Sep 30, 2020Sep 30, 2020 Omobayo Azeez

Wole Abu is the Chief Executive Officer of Pan African Towers Limited, an indigenous infrastructure company in the African telecoms market. In this interview with BUSINESS METRICS team, Abu discloses the circumstances that gave birth to his company two years ago and the impetus behind its fast-pervading footprints in Nigeria and Ghana as well as the aspirations of the company to disrupt more African telecoms markets in the coming years. As he fielded questions from BUSINESS METRICS at his Lekki Lagos office, Abu also dissects some government policies, their opportunities…

Access Bank gets CBN’s nod to become a HoldCo

Sep 30, 2020 Banjo Olaniran

Extends footprint to South African market Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company (“HoldCo”). The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. The bank said in a disclosure notice to the Nigerian Stock Exchange that further details regarding the HoldCo structure will be communicated to the market in due course. A holding company is a…

N700bn recovered through whistleblowers in four years, says FG

Sep 30, 2020Sep 30, 2020 Business Metrics

Minister: FG waives N1.3trn in import duty, VAT

Assets and cash worth more than N700bn have been recovered through the whistleblower policy of the Federal Government, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Tuesday. In 2016 the Federal Government commenced the implementation of the whistleblower policy in its drive to stem corruption in Nigeria. On the side-lines of the National Conference on Whistleblower Policy in Abuja, Ahmed told journalists that since the implementation of the policy four years ago, the government had been making recoveries. said, “The whistleblower policy has been implemented since…

NSE index rise, as window-dressing continues ahead of earnings season

Sep 30, 2020 Business Metrics

By Investdata Analysts The bull rampage on the Nigerian Stock Exchange (NSE) continued on Tuesday as positive sentiment boosted highly capitalized stocks causing a rally that pushed the benchmark All-Share index northward on improved buying interest. This reflected in the high traded volume, extending the eighth successive session of bull-run ahead of Wednesday, the last trading day for the third quarter and month of September. Despite, the slowdown in gaining momentum as traders booked profit and reposition for the final quarter of this year, there is need for a review…

Senators protest Buhari’s nomination of Umar as PenCom DG

Sep 30, 2020 Banjo Olaniran

President Muhammadu Buhari’s nomination of Aisha Umar as the new director general of the National Pension Commission (PenCom) as some senators at the upper legislative chamber on Tuesday vehemently protested the nomination. The lawmakers divided as soon as the Senate President, Ahmad Lawan, read Buhari’s letter, seeking Umar’s confirmation as the substantive DG of the agency. The letter also named Oyindasola Oni as Chairman on the agency. Six nominees for appointment as chairman, Director General and Executive Commissioners of National Pension Commission. Others nominated as commissioners are Hannatu Musa (North-West);…

Buhari to lay N12.65trn 2021 budget before NASS next week

Sep 30, 2020 Banjo Olaniran

President of the Senate, Ahmad Lawan, on Tuesday, announced that President Muhammadu Buhari would present the 2021 budget estimates to a joint sitting of the National Assembly next week. Welcoming lawmakers back from the Senate’s annual recess, Lawan commended the Joint Committee on Finance and National Planning for the comprehensive legislative work on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper. Recall that the Federal Government had last month announced plans to spend a record N12.65tr in 2021, despite the severe revenue constraints characterized by low crude oil…

Nigeria’s FX reserves receives $200m boost from P&ID Case

Sep 30, 2020Sep 30, 2020 Omobayo Azeez

nigeria FX reserves get boost as country gets $200m from P&ID case

The foreign reserves of Nigeria received a boost of $200 million on Tuesday following a ruling in favour of the country by a Commercial Court in England in respect of the lingering court case with Process and Industrial Developments (P&ID). The court ordered the release of the $200 million guarantee put in place as security regarding the execution of the much-discredited $10 billion arbitral claims between the country and P&ID. The Central Bank of Nigeria (CBN), in an announcement Tuesday, said the country has received the money, which is expected…

Nokia inks 5G deal as BT’s largest infrastructure partner

Sep 30, 2020 Omobayo Azeez

Nokia has announced that it has extended its long-term strategic relationship with BT into the 5G arena. It said this came on the back of its selection as a 5G RAN vendor for the UK operator. As part of the deal which will make Nokia BT’s largest equipment provider, Nokia will provide equipment and services at BT radio sites across the UK, helping to evolve BT’s radio access network to 5G and supporting its goal of maintaining the UK’s best network. BT’s Nokia-powered network, which currently includes Greater London, the…