ALTON takes stand on FG’s NIN for SIM card demand

FG lifts ban on SIM card replacement

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has reacted to the directive by the federal government that National Identity Numbers be synchronized with SIM card registration in Nigeria. In a statement signed Wednesday by Gbenga Adebayo, the national chairman of the association, ALTON promised to work with the government and other stakeholders to achieve a robust identity system that will further contribute to the country’s digital economy drive. The statement reads: “As an industry, we recognise the importance of a strong national identity system and the critical contribution…

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NIN for SIM: Reps intervene, calls for 10-month deadline extension

suspension of NIN Registration

The House of Representatives has urged the Nigerian Communications Commission (NCC) to jettison the two weeks deadline for linking SIM cards to National Identity Number (NIN) and extend the deadline. The decision followed a motion of urgent public importance moved by the Minority Leader, Ndudi Elumelu on Wednesday during plenary which made the lawmakers to conclude that the NIN for SIM exercise requires enough timeframe to be achieved. Elumelu in his motion explained that the House agrees with the policy of linking SIM cards to NIN, he explained that the…

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Op-ed: Intelligent Customer Engagement

By Murray Gardiner The customer is always mobile. This is the adage that defines customer engagement today thanks to ubiquitous smartphone penetration and ownership, particularly on the African continent. In Nigeria, one of Africa’s most populated countries, Statista predicts that smartphone users are expected to exceed 140 million in under five years. In South Africa, the volume of smartphone users is expected to grow another five million by 2023 with more than 90 million connections and 22 million smartphone users in the country today. The challenge that lies ahead for…

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Fitch Ratings revises Coronation Merchant Bank’s outlook to stable

Nigeria’s external reserves

Fitch Ratings has revised the Outlook on Nigeria-based Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-‘. Fitch has also affirmed CMB’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. A full list of ratings is below. The revision of the Outlook to Stable reflects Fitch’s view of receding near-term risks to the bank’s intrinsic creditworthiness from the economic downturn. In our view, the bank’s Long-Term IDR has sufficient headroom at the ‘B-‘ level to…

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Breaking: Buhari orders immediate reopening of four land borders

Buhari set to sign N13.58trn 2021 budget

The Federal Government has ordered the immediate reopening of four land borders to facilitate commerce with neighbouring countries, Zainab Ahmed, the Minister of Finance, Budget and National Planning, has announced. The four land borders are Seme in the South-West, Ilela in the North-west, Maitagari in the North-west and Mfun in the South-south part of the country. Speaking with journalists after approval, Ahmed said despite reopening of borders “the ban on importation of rice, poultry and other banned products still subsists and will be implemented by border patrol team.” She explained: “I am…

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More for less: Nigerians groan as inflation hits 14.89%

December inflation Border reopening

Evidently, the trend of spending more to get less by Nigerians has reached a new height following o.66 per cent spike in inflation rate in November December. According to the National Bureau of Statistics (NBS) in the latest inflation report released on Tuesday, Nigeria’s inflation rate has climbed to a 31-month high, as it rose further to 14.89 per cent in November. Inflation now stands at 14.89 per cent in November 2020 from 14.23 per cent in October 2020 on a year-on-year basis. The country’s inflation has been on the…

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Senate passes Finance Bill 2020

Senate passes Finance Bill 2020

As Bill exempts aircraft engines, spare parts, others from Custom charges Chairman of the Joint Committee, Senator Solomon Adeola (Lagos West), in his presentation, said the Finance Bill 2020 specifically seeks to amend 17 key aspects of extant laws. According to the him, they are: Capital Gains Act; Companies Income Tax Act; Industrial Development (Income Tax Relief) Act; Personal Income Tax Act; Tertiary Trust Fund Act; Customs and Excise Duties Tariff; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy. Other areas amended are: Federal Inland Revenue Service…

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SystemSpecs emerges Payment Technology Company of the Year Award

SystemSpecs emerges Payment Technology Company

SystemSpecs emerges Payment Technology Company of the Year Award SystemSpecs, Africa’s leading financial technology and human capital solutions firm, has emerged the payment technology company of the year at the 2020 edition of the Nigerian Business Leadership Awards (NBLA). Organised by BusinessDay newspaper, the annual award ceremony was held in Lagos at the weekend. The award is in recognition of the pioneering and sustained work of SystemSpecs, the provider of Remita, Paylink and HumanManager, in payment technology innovation, disruption and deep ecosystem play across many tiers and sectors within the financial and technology…

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Nigeria attracts $1.46bn foreign capital in Q3

$1.46bn foreign capital

FDI worth $414.79m UK emerges origin of highest capital inflow Lagos swallows $1.209bn capital Standard Chartered Bank leads rivals with $438.98m Nigeria economy attracted a total of $1.46bn foreign capital in the three month period of Q3 2020, the National Bureau of Statistics (NBS) has revealed. Out of the total capital imported into the country within the period under review, Foreign Direct Investment (FDI) stood at $414.79 million, according to the latest ‘Nigerian capital importation’ by the NBS. Part of the report read, “The total value of capital importation into…

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Heritage Bank earmarks N5bn support funds for creative industry

heritage bank support fund for creative industry

Heritage Bank Plc has arranged N5 billion as support funds to drive and stimulate sustainable growth in the Nigeria’s creative and entertainment industry. The lender said the focus of the funds is to give a new lease of life to the sector which has been acknowledged as one among worst hit sectors by the adverse effect of Coronavirus pandemic. Meanwhile, Heritage Bank doled out the sum of N1 million to Damilola Adeyemi, a winner of an online giveaway competition to celebrate the bank’s product, Ynspyre ambassador, Oladapo Daniel Oyebanjo, better…

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