Category: Money

By Collins Nweze

Remita has set out a week-long programme to celebrate its support executives in the ongoing Customer Service Week.

The events lined up, which started on Monday,  would end on Friday, October 8.

This year’s event would feature various thrilling challenges, amazing prizes and an interaction with customers.

The Week, which holds every first week in October, is an international celebration of people who serve and support customers. Remita is giving customers special access to some behind-the-scene moments of its customer support team, also known as the Remita Dream Team.

Themed ‘The power of service’, Remita would celebrate its Dream Team with exciting events, which include a #DrawYourTeammate challenge, a special dancing competition to the popular #Breakfastchallenge, and lots more.

Customers have been enjoined to follow the activities across Remita’s social media accounts where content for the Week would be posted Customers and the public would be able to select the top three winners in each of the challenge categories.

Head, Remita Dream Team, Kemi Ogunleye,  said the Week serves as an avenue to appreciate the relentless effort of the company’s customer experience staff towards satisfying both individual and corporate customers.

“It is true that when your staff are happy and feel appreciated, they will perform better and become even more dedicated to adding value. It is on this premise that we ensure that we maintain an open-based family relationship at work and provide a system that provides our employees the right work environment in which they can thrive and be inspired to provide world-class service.

“While this year’s theme reiterates the importance of every member of staff, particularly the Customer Service Team that interfaces with our customers, we must restate our commitment to ensuring the consistent satisfaction of all members of the Dream Team. This, I know, is true for SystemSpecs’ staff  as well,” she added.

By Collins Nweze

As part of the Stanbic IBTC 2021 Sustainability Week, Stanbic IBTC Holdings Plc organised a sustainability webinar tagged “Working towards net zero emissions”.

The objective of the virtual event, which held via the group’s #Bluetalks platform, was to promote awareness on the impact of climate change and provide methods towards reducing carbon footprints and achieving net zero emissions.

Chief Executive, Stanbic IBTC Holdings PLC, Dr. Demola Sogunle, said: “We all cannot continue to ignore our responsibility in the  changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the Stanbic IBTC Sustainability Week is an opportunity to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”

The event featured seasoned experts, who included Temesoye Jack, the  Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Prof. Kenneth Amaeshi, the Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, the Group Chief Executive Officer, THLD Group.

Jack stated that renewable energy sources like solar energy could help countries attain net zero emissions. She said: “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”

She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country

Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.

According to him, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”

On autogas, Olajuwan added: “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”

By Collins Nweze

THE private sector concluded the third quarter with a modest expansion in business conditions, Purchasing Managers’ Index (PMI) has shown.

The report said there were uplifts  in new orders, employment and stocks of purchases. However, output growth moderated for the second month running while optimism improved to a seven-month high.

Material scarcity and unfavourable exchange rate movements exerted upward pressures on costs, however, leading to a record rate of purchase price inflation. Subsequently, this fed through to a steep rise in selling prices.

The headline figure derived from the survey in the PMI, showed that readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show a deterioration.

The headline PMI registered at 52.3 last month, little- changed from 52.2 in August, and indicative of a 15th consecutive monthly expansion.

Central to the improvement was a solid and accelerated rise in new orders, which panelists mostly linked to the securing of new clients. Contrary to the improvement in domestic sales, exports fell, and at the quickest rate since last December amid persisting international COVID-19 restrictions.

Nevertheless, to meet demand firms increased their output levels, but the pace of expansion was only modest, and much softer than the rate of new order growth. Cash and material shortages reportedly hindered some firms’ ability to raise output. All four of the sub-sectors recorded expansions, with manufacturers seeing the strongest uplift, followed by wholesale and retail, services and agriculture.

Firms raised their buying sharply in September. Evidence suggested efforts to mitigate against future supply and price shocks led to stockpiling. As a result, stocks of purchases rose at the fastest rate since last October.

Meanwhile, vendor performance benefited from quieter road conditions and advance payments. Furthermore, suppliers’ delivery times improved to the greatest extent since last December.

Higher raw material and commodity costs as well as unfavourable naira-dollar exchange rate movements led to a substantial increase in input expenses. In fact, purchase costs rose at the quickest rate in nearly eight years of data collection. Firms were able to pass on part of the increase to clients however, with charge inflation the second-strongest in the series to date.

After moderating in August, sentiment improved to a seven-month high amid plans to increase marketing, open more stores and broaden product offerings.

By Collins Nweze

The Future of Central Bank Digital Currencies (CBDCs) has continued to generate debates across global market leaders, multilateral institutions, banks and regulators.

The global mobile-first payments infrastructure company Celo, in partnership with global media company Forbes hosted a virtual forum entitled: The Future of Central Bank Digital Currencies (CBDCs) and Cryptocurrency, where experts from central banks and the world’s leading financial institutions discussed progress, challenges and what the future looks like around this evolving technology.

The Celo ecosystem has been focused on having more meaningful conversations, collaborations, and partnerships with the public and official sector at large.

The forum featured some Celo executives alongside a lineup of speakers from the International Monetary Fund, CFTC, Central Bank of Brazil, Giesecke+Devrient, Federal Bank Reserve of New York, Bank of Canada and BIS Hong Kong who touched on topics such as Shaping the Future of Digital Currencies, The Role of Commercial Banks for CBDCs and Propelling CBDCs from Idea to Reality.

Speaking at the virtual event,  Executive Vice President, Secure Payments & FinTech, Federal Reserve Bank of Boston, Jim Cunha, said: “As countries adopt the idea of CBDCs, we should build flexible and sustainable structures that work with different countries according to the problems they are trying to solve. We must also think of “Privacy” when we talk about CBDCs.”

Celo also announced the launch of a new solution called Provo, a value-add sandbox for public and official sector experimentation that allows central banks to explore and experiment with central bank digital currencies and other digital assets. As central banks seek to test, iterate and future-proof our global financial system, Provo will enable financial and regulatory authorities to test CBDC designs and implementation mechanisms in permissionedand/or permissionless, risk-free environments on their platforms.

Aliu Musa, Ecosystem Lead, Celo  Nigeria said: “We believe institutions in the financial ecosystem should have access to the tools and resources they need to move from discussion to action and begin to explore the future of a more financially inclusive world powered by Celo. Provo brings together the key elements needed for central and commercial banks, as well as financial and regulatory authorities, to design, issue, and experiment with retail currencies on the Celo blockchain.

“The planned launch of the eNaira website by the Central Bank of Nigeria is a step in the right direction and we hope to see more Central Banks as well as other actors in the Central Banking space start testing various designs and prototypes of CBDC, be it account or token based.“

By Collins Nweze

The Central Bank of Nigeria (CBN) has postponed earlier plans to launch eNaira today.

In a statement, CBN Spokesman, Osita Nwanisobi, said the planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

Speaking with newsmen in Abuja on Thursday, Nwanisobi explained that the CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria.

While assuring that there was no cause for alarm, he said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

Read Also: CBN governor and travails of the Naira

Highlighting the benefits of the eNaira, Nwanisobi stressed that Nigerians would be able to carry out peer-to-peer transfer to another person’s eNaira wallet as well as pay for goods and services at selected merchants. He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.

On the readiness of banks and other financial institutions in the financial ecosystem for the launch of the eNaira, he reiterated that eNaira was a journey, explaining that not all banks customers were expected to commence transaction on the day of the launch. He, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).

Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs in the world. According to him, the Bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira

By Collins Nweze

The Minister of the Federal Capital Territory (FCT), Muhammad Bello has said FCT Abuja, generated N92 billion Internally Generated Revenue (IGR) in 2020.

Speaking yesterday at the 2021 Federal Capital Territory Internal Revenue Service (FCTIRS) stakeholders retreat held in Lagos, he disclosed that Lagos State remains the highest revenue earner in terms of Internally Generated Revenue  (IGR).

According to him, available statistics revealed  that Lagos State topped the 36 States and the FCT with the highest IGR in 2020, generating not less than N418.99 billion. It also got the highest per capita of N31,794.

“Our IGR in terms of per capita last year actually placed us next to Lagos, ahead of Rivers State with N24,600 per person. Judging from FCT’s population estimates of 2006 census, inclusive of the five per cent growth rate between 2016 and 2020. Rivers State places third with IGR per capita of N15,281. However, in terms of total amount of IGR, FCT generated little over N92 billion and was ranked third behind Rivers State, who realised N117.19 billion,” he said

Read Also: FIRS urges govts to add value to collected taxes

According to him, as seat of the Federal Government and Centre of Unity, Abuja boast a unique status, thus  making us host to the international community and conferences, as well as local and foreign investment destinations, among several other sources,” Bello, who was represented at the occasion by Permanent Secretary, FCTA, Olusade Adesola, said.

In his welcome address, the Executive Chairman, FCTIRS, Abdullahi Attah added that FCT is now only behind Lagos and River States when it comes to internally generated revenue and we are optimistic that we can continue on this growth trajectory and sometime in the near future match or possibly surpass these States, given the massive potential in the FCT.

He said that FCT believes in  relationship building and stakeholder management in all its activities as demonstrated by designating this stakeholder retreat.

He said that  everyone has a role to play in driving the success of the FCTIRs and we will continue to rely on the leadership, direction and support of the Honourable Minister and the FCT administration for our activities.

“For our other stakeholders, such as the Area Councils, we wish to appeal to the Chairmen to collaborate with us towards ensuring the full harmonisation of all taxes and levies within the FCT, as this will go a long way towards enhancing our collection system in the FCT and increasing the quantum of revenue, which will be collected and distributed amongst all Area Councils,” he said.

By Collins Nweze

Procter & Gamble (P&G) is raising Nigeria’s capability to earn foreign exchange (forex) through its ongoing strengthening of manufacturing and supply chain operations the would promote export and advance inclusive growth.

In a report, the company said  it believes its Nigerian business has long term potential and is committed to winning in Nigeria leveraging Nigerian capability, Nigerian partners, and Nigerian talent to better serve its consumers.

P&G Nigeria says it has entered a manufacturing partnership with the SIL Group and Ugee Chemicals for the end-to-end manufacturing of locally produced raw materials as well as Ariel detergent and other dry laundry powders all in one site. The SIL Group is a local partner, who is also the largest producer of HLAS, a key ingredient in the production of P&G products.

“This expanded operations aims to promote a more effective business operation across its value chain in Nigeria. The winning strategy of creating local champions across the value chain, promotes technology transfer, builds Nigerian capabilities which will in turn increase operational efficiencies, enable synergies of scale, and delivers better value to all our stakeholders and partners,” it said.

“With this expanded operations, P&G continues to reaffirm its commitment to investing in Nigeria and Nigerian talents now and for the long haul, whilst increasing its economic and social footprint, in support of the diversification and localisation objectives of the Nigerian Government”.

Read Also: MAN backs CBN’s forex withdrawal from BDCs

“The creation of local champions across the value chain of production and distribution, is a key strategy to P&G’s continued success in Nigeria. This transition enables backward integration processes, as raw materials will now be produced at the site, alongside laundry detergents and other categories. This creates potential to produce and distribute on a much larger scale and advances Nigeria’s readiness to optimise the implementation of the African Continental Free Trade Area (AfCFTA)”.

Over the past three decades, P&G has been a model investor in Nigeria; investing economically and socially in partnership with local suppliers, agencies, contract manufacturers and the Government to deliver key development objectives of inclusive growth. P&G has significant investments and manufacturing footprint in Nigeria including contract manufacturing operations in Laundry Care, Fem Care, Oral Care and Beauty Soaps.

The SIL Group has been operating in Nigeria and has had a presence in the country for the past 47 years. Since SIL’s inception it has been a pioneer in technology advancement and delivering localisation of chemical manufacturing since 2002. The group has invested significantly to expand its manufacturing capacity to service the local requirements, as a key partner in the Nigerian Detergent Value Chain.

By Collins Nweze

The Institute of Chartered Accountants of Nigeria (ICAN) has rebranded with the unveiling of its new logo.

Speaking at the logo unveiling in Lagos, ICAN 57th President, Mrs. Comfort Olu Eyitayo, said the logo amplifies  the promotion of accuracy and integrity  as well as the continuous and conscious drive to act in public interest.

“We are here to witness the launch of the Institute into an era of greater dynamism and deeper inclusiveness across generations.  In 56 years, ICAN has sustained its enviable status as the most influential and prestigious Professional Accountancy Organizations (PAOs) in Africa. Our unmatched contributions to national development are the unique selling point that has accorded the Institute its enviable position. The ICAN brand is not just the toast of employers, but the products of the Institute are distinguishing themselves across all sectors – public or private,” she said.

She said that ICAN’s logo had evolved with us for 56 years and has come of age.

“The global disruption across sectors has evolved our brand. And like the ancient mythical Phoenix, we have emerged younger and more powerful, from the global disruptions,” she said.

Read Also: We cannot take an unconcerned stance, says ICAN

According to her, with the unveiling of this new logo, ICAN is pledging to its members and other stakeholders, its unwavering commitment and greater positive impact towards nation building.

“Let me add that today’s event is one of many rebranding initiatives of our Institute. The National Secretariat at Victoria Island is presently undergoing renovations intended to depict the “primary” position that we truly occupy. Other initiatives will be unveiled by and by.”

“Bearing in mind the complementary nature of the physical and virtual worlds, we are equally rebranding and deepening our digital footprints. The Institute’s website is undergoing an overhaul to reflect the new reality and enhance its user-friendliness. Our social media handles are undergoing rebranding as well to ensure we provide up-to-date information to our numerous and diverse stakeholders,” she said.

Registrar/Chief Executive, ICAN, Prof. Ahmed Kumshe, said that  ICAN has, in 56 years, carved an enviable niche for itself as a body focused on emerging a global giant among Professional Accounting Organizations (PAOs).

We are committed to strengthening our noble Institute’s impressive pedigree through enhanced value addition as well as the boosting our distinctiveness, even as we adapt and remain flexible to the present realities.

“We are reinforcing the leadership and mentoring we provide to younger PAOs within the continent. We are also engaging with PAOs in countries where data has revealed our members migrate to, to facilitate their work as Professional Accountants in those clime”.

1. So from a modest beginning with mere national relevance, ICAN has evolved into a significant actor in Africa’s Professional Accounting landscape. It is not unexpected that the image of the Institute, conveyed through its logo, should also evolve to accommodate the transition that is imminent. These summarize the reason for our gathering this evening,” he said.

By Collins Nweze

Africa Capitalworks (ACW), a Sub-Saharan Africa-focused private equity company, has announced  significant equity investment in Dorman Long Engineering Limited (DLE) of Nigeria.

The DLE is an indigenous and market leading company, providing high value engineering services, fabrication, asset management and galvanising services to a range of high quality international and domestic customers. The DLE operates three manufacturing facilities in the Lagos area, one at its head office at Idi-Oro, the galvanising plant in Agege and the waterfront facility at Navy Dockyard. The company employs over 400 people.

DLE has successfully executed major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria, including Shell, Mobil, Addax, Agip, NLNG, Chevron, Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux. ACW’s investment will allow DLE to expand existing yards, acquire additional facilities and expand its service offering.

Managing Partner of ACW, Nana Sao, said: “We look forward to partnering with the DLE team to support its next phase of growth. DLE has built a strong reputation over 70 years of operating in Nigeria and its manufacturing facilities have internationally-recognised quality and product certifications. We are thrilled to support DLE’s accomplished management team in this dynamic sector.”

“This investment marks the start of a new journey for Dorman Long, and I am delighted in the vote of confidence executed by our partner, ACW.” said Timi Austen-Peters, DLE Chairman.

“The hard work, focus and dedication of our team during this process further showcases the depth of our capacity and our resilience to overcome economic challenges, including cyclical oil prices, the CoVID-19 pandemic and the business environment in Nigeria. We have partnered with ACW on the basis of its complementary skillset, strategic insights and differentiated value proposition as a permanent capital vehicle. We look forward to accelerating the implementation of our growth plans and expanding our rich range of capabilities and geographical presence.”

By Collins Nweze

DLM Capital Group, a developmental investment bank, has been awarded the ‘Best Development Finance Company Nigeria 2021’ by Global Banking and Finance Review magazine.

The award is in recognition of the institution’s dedication to providing leadership and excellence in Nigeria’s development finance space.

Head of Investment Banking, Emeka Ngene, expressed his delight on the recognition from Global Banking & Finance Awards and extended his appreciation to the DLM community for their continuous collaboration.

“It is indeed a honor to receive this recognition from such a prestigious body as Global Banking and Finance Awards. We are pleased to be associated with this award which speaks to our dedication and hard work in addition to the expertise and innovative solutions we have implemented over the years. This further demonstrates our commitment in designing and implementing developmental funding solutions for the development of the country. We are therefore dedicating this award to our team for their continuous support in ensuring that DLM Capital thrives in its pursuit to push the frontiers of developmental capital market solutions in the Nigerian financial ecosystem. We are delighted once again to have been identified for our accomplishments among other players across the continent’’.

Since 2011, the Global Banking & Finance Awards has honored companies that stand out in their various areas of expertise in the banking and finance industry, thereby recognizing the accomplishments and significant revolutions that emerge every year within the global finance community.