•Oshodi Market traders, tricycle riders sensitised

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to continue enlightening  the public about the usage of the eNaira and its benefits to the grassroots population and other segments of the economy.

The bank has, therefore, expanded the exercise to include Keke Napep riders and the market neighbourhood in Oshodi, Lagos.

The Keke Napep onboarding is being carried out in collaboration with Bizi Mobile Cashless Consult and will continue in the Mile 12 region of Lagos, as it has in many markets and parks across the states, including Abuja.

Dr. Khalifa Nuhu, who is representing the coordinator, technical working committee on eNaira and director of information technology, CBN, Hajia Rakiya Muhammad, said the mission at the Oshodi market is to continue the eNaira adoption drive, which is to create awareness of the use of eNaira, its benefits, and how one can join the use of eNaira.

This will be the second time the sensitisation is carried out at the Oshodi market, but it has been expanded to include not just market people but also Keke riders and others using other modes of transportation.

Nuhu stated that, since the beginning of the adoption, CBN has on-boarded a huge number of people, and the number continues to grow, and “because we do not want to leave anyone behind, we are here today to expand the number through the adoption drive to raise awareness and get people on board.”

He expressed expectation that the sensitisation exercise, which is being carried out across the states of the federation, will create greater awareness, notably in Lagos, as it is the commercial hub as well as the entire the country.

Read Also: CBN: eNaira puts Nigeria in global spotlight

One of the Keke Napep riders, who has been on-boarded, Yusuf Muhammad, said, he was happy with this entire initiative because they are now experiencing a digital transaction between customers in a simple yet free manner.

The eNaira was formally launched by the President, Muhammadu Buhari, on October 25, 2021.

Hajia Rakiya Mohammed, Director, Information Technology Department and Coordinator, CBN, said the eNaira was not a very technical application in terms of how it could be accessed.

According to her, “You can access eNaira through multiple channels. You can access it using an Android phone or a smartphone if you are good with that.

“And if you are not good with that type of technology or you don’t have that type of phone, you can also access it using USSD, which is the *997#.

“To also make it easier, that is why we are engaging agents here today to assist those who have come to onboard the application.

 “As you can see, we have different agents wearing different types of T-shirts, they will onboard you and will guide you step-by-step on how to use eNaira.”

The Central Bank of Nigeria (CBN) will be partnering with the Nigeria Inter- Bank Settlement Systems (NIBSS) Plc to inaugurate the National Domestic Card Scheme for the Nigerian market.

The move aligns with CBN’s  mandate to promote stability, inclusion and growth in the financial and payment system.

The card scheme will be launched on January 16, 2023.

 In a statement, CBN Director, Corporate Communications, Osita Nwanisobi, said the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services in Nigeria.

He said the national domestic card scheme shall be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenised cards amongst others,” he said.

“Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme,” he said.

Read Also: CIBN, NIBSS to bridge knowledge gap with e-payment certification

He said Nigeria remains  the most vibrant economy in Africa benefiting from the pace of digitisation and innovation, alongside the expansion of mobile penetration. 

“Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower cost payments services that are more accessible and affordable for Nigerians. Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange,” he said.

Nwanisobi explained that scheme can also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.

“Nigeria joins a growing list of countries – India, Turkey, China, and Brazil as leading examples – which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked,” he said.

“The CBN recognises the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which, when delivered at scale, has the potential to become the largest in Africa, and one of the largest in the world”.

The Governing Board of the World Bank has established new financial intermediary fund for pandemic Prevention, Preparedness and Response (PPR).

The fund will provide a dedicated stream of additional, long-term financing to strengthen PPR capabilities in low and middle income countries and address critical gaps through investments and technical support at the national, regional, and global levels.

The fund will draw on the strengths and comparative advantages of key institutions engaged in PPR, provide complementary support, improve coordination among partners, incentivise increased country investments, serve as a platform for advocacy, and help focus and sustain much-needed, high-level attention on strengthening health systems.

The first calls for proposals for investments to be funded by the FIF will open in November 2022.  “COVID-19 has highlighted the pressing need for action to build stronger health systems,” said World Bank Group President David Malpass. Investing now will save lives and resources for the years to come. We welcome the broad support from the international community for this new, multilateral financial intermediary fund at the World Bank to help low- and middle-income countries and regions become better prepared for global health crises and are pleased to have been able to proceed quickly in establishing the fund.”

The fund’s establishment follows approval by the World Bank’s Board of Directors. The World Bank will serve as the FIF’s trustee and host the Secretariat, which will include technical staff seconded from the World Health OrganiSation (WHO). The Governing Board will appoint a Technical Advisory Panel, chaired by WHO, and comprising leading experts to assess and make recommendations to the Governing Board on the technical merits of proposals for funding, ensuring linkages to the International Health Regulations, as part of the broader global PPR architecture.

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“The COVID-19 pandemic has been a seismic shock to the world, but we also know that the next pandemic is a matter of when, not if,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus.

“The suffering and loss we have all endured will be in vain unless we learn the painful lessons from COVID-19 and put in place the measures to fill critical gaps in the world’s defences against epidemics and pandemics. The FIF is one of those key measures, and WHO looks forward to fulfilling its technical leadership role in advising the FIF Board on where to make the most effective investments to protect health, especially in low- and middle-income countries.”

The new fund is overseen by a governing board, which will set the overall work programme and make funding decisions. The FIF’s Governing Board includes equal representation of sovereign donors and potential implementing country governments (co-investors), as well as representatives from foundations and civil society organisations (CSOs).

The Purchasing Managers’ Index (PMI) report indicates emerging signs of capacity pressures in the economy, with cost-trigged inflation elevated due to  currency weakness and declining business confidence.

The naira exchanges at N731/$ at the parallel market, and around N431/$ at the official market.

It said the headline PMI rose to 53.7 in September, up from 52.3 in August and signaling a solid strengthening in the health of the private sector at the end of the third quarter. The improvement in business conditions was the most marked since May.

The PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The report released by Stanbic IBTC, explained that in line with the headline figure, both output and new orders increased at sharper rates during the month.

“Firms often linked higher new business to rising demand, with some reporting that customer referrals had supported growth. In turn, output rose for the third month running, and at the fastest pace since April.”

Read Also; Rising inflation worrisome, says Yusuf

“Rising new orders, and some reports of difficulties securing necessary funding, resulted in a renewed increase in backlogs of work during September, the first in 28 months. Companies   also   increased   their   staffing   levels   and purchasing activity, largely in response to greater new business volumes. In both cases, however, rates of expansion eased from the previous survey period. Higher purchasing activity fed through to a further accumulation of inventories,” the report said.

“Despite the improving growth picture in September, firms reported waning confidence in the year-ahead outlook. Sentiment remained positive overall, but was the lowest since August 2021 and among the weakest on record. Those firms that expressed optimism often mentioned business expansion plans,” the report.

Also, purchase costs rose sharply, with anecdotal evidence often linking higher prices to currency depreciation while staff costs increased at the fastest pace in three months. Panelists reported that efforts to motivate staff and help them with higher living costs had been behind salary increases.

“With overall input costs again rising at one of the sharpest rates since the survey began, Nigerian companies increased their selling prices accordingly. Although marked, the rate of charge inflation slowed sharply and was the joint-weakest in 21 months. Suppliers’ delivery times continued to shorten, often as a result of strong competition among vendors. The latest shortening of lead times was marked, and the most pronounced in four months,” it said.

The Lagos Building Investment Company (LBIC) mortgage loans to civil servants are still priced at 18 per cent interest rate, without hidden charges, its Managing Director/Chief Executive Officer, Tobiloba Lawal, has said.

He spoke during the company’s 17th Annual General Meeting (AGM) and presentation of annual report for the year ended December2021.

He said the company is focused on retail mortgage for civil servants who want to have a house of their own.

“We are focused on our environment and do retail mortgage for civil servants that want to buy mortgage for N8 million, N10 million, N15 million and so on. We provide financial intermediation for those with regular income that meet our credit criteria. Our interest rate is highly competitive. Unlike what you find in other banks, it is as low as 18 per cent without hidden charges because we have Lagos State backing,” he said.

Lawal said affordable housing is very important to the state government’s vision for its workers.

“Whatever we are doing, we ensure that the cost is affordable. The Lagos State administration has delivered over 20,000 housing schemes. These housing units require mortgage, and that is a lot of income for us,” he said.

Read Also: PenOp: new mortgage policy will catalyse pension, boost economy

LBIC’s mortgage loans increased by 25 per cent from N511 million in December 2020 to N638 million in 2021, while customer’s deposits rose by 37 per cent to N4.27 billion in December 31, 2021.

LBIC’s Chairman, Hakeem Ogunniran, said the bank continued on a path of growth, despite the challenging operating environment and the impact of COVID-19.

He said: “In 2021, the gross earnings increased by 58 per cent to N961 million, from N581 million.The operating profit before tax grew significantly by 252 per cent to N254 million from N72 million in 2020.

“There was a noticeable improvement with respect to fund mobilisation, as customer deposits grew by 37 per cent and stood at N4.27 billion as at December 31, 2021.

“The bank continued to create quality mortgage loans in line with the underwriting standards of the Nigerian Mortgage Refinance Company, resulting in an increase in the value of mortgage loan portfolio by 25 per cent by December, 2021.”

Ogunniran noted that the company closed the 2021 financial year with a shareholders’ fund of N3.07 billion and a total asset of N8.26 billion.

He said the company’s capital adequacy ratio stood at 65 per cent, a performance above the regulatory requirement of 10 per cent.

He added: “The bank is not relenting in its efforts to make mortgage loans very accessible to private individuals. The organisation’s commitment to reducing housing deficit has been seen as facilitating Lagos State Government’s delivery of various low-cost housing estates.

“At LBIC, we took strategic steps towards creating channels which contributed enormous value without losing sight of our long term objectives. We ended 2021 on the high, giving us hope that our potential to be pace-setter in the industry is near actualisation.’’

Baobab Group has expressed optimism on lending at least $1 billion annually to African businesses.

Expressing its confidence on the  economy, the Group Chief Executive Officer, Baobab Group, Philip Sigwart at a briefing, said the company is earmarking over 60 per cent of its loans to Micro Small and Medium Enterprise (MSME) development.

According to him, MSMEs are vital to reflating the economy, especially at a time the country is experiencing high inflation rate.

“I am very optimistic about Nigeria and, of course, we know that there has been some challenges recently, especially on the economy and inflation and the exchange rate, but fundamentally. I am very optimistic about Nigeria. It is a great country and we believe development happens step by step and this is why we also continue to open new branches. We have 28 branches and we are opening three additional branches before the end of this year,” he said.

He stated that yearly, the bank disburses about $1 billion micro loans on the continent, adding that with operations in seven countries in Africa, Nigeria remains one of its flagship operations on the continent.

Read Also: CBN sets temporary loan access rules for banks

“So, we are really by far one of the biggest players in this segment. We are extremely proud of the development of Baobab Nigeria and we think that we can achieve a lot more. The country is huge and a lot of entrepreneurs still require financial services. A lot of entrepreneurs would like to take loans to develop their business activities and we are here to serve these entrepreneurs. There is a very strong demand and we are one of the few players which really focuses on serving very small entrepreneurs,” he added.

The Baobab boss added that the total asset of the Group is about $750 million serving over 500,000 customers in Africa.

“Every year, we disburse about $1 billion in micro loans on the African continent. Nigeria is the biggest in terms of population on the African continent. So, that is why we wanted to be here because of the huge potential of the country,” he said.

Also, the Managing Director, Baobab Nigeria, Olanrewaju Kazeem, said the idea behind the expansion of the bank’s operations is to touch as many states as possible.

“Already we have the Baobab app, which is doing a lot of wonders in the market enabling customers to do transactions seamlessly without actually coming to the bank. We also partner some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead,” he said.

He pointed out that in terms of credit, the bank disburses over N5 billion monthly to over 5000 customers.

The Association of Bureaux De Change of Nigeria (ABCON) has said the Bureaux De Change (BDCs) are at the centre of Central Bank of Nigeria (CBN’s) exchange rate policies, ABCON has said.

The ABCON President Aminu Gwadabe, who disclosed this in Lagos, said  apex bank has maintained the suspension of forex sales to the BDCs does not lead to revocation of licenses as the operators are still under the purview of CBN regulations.

Gwadabe, said the small retail exchange institutions – BDCs- remain at the centre of CBN’s exchange rate policies implementation, hence the need for the regulator and public to continuously support BDCs’ roles in exchange rate stability.

This, he added can be achieved through increased automation of their processes and providing more channels of transactions for sustainable price equilibrium while eradicating rent seeking, currency substitution and speculation.

Read Also; ABCON cautions govt against anti-people policies

“I am very confident that Nigeria will in not too distant future appreciate a stable exchange rate and availability of forex in the local economy as the right people for government policies’ implementation get such responsibility,” he stated.

According to him,  the CBN Governor, Godwin Emefiele had tried to introduce many policies beyond conventional money supply that are not in line with market realities.

Gwadabe cited the Naira-4-Dollar scheme of N5 bonus for every $1 diaspora remittances as well as the N65 rebate for every dollar of non-oil export proceeds and other incentives as commendable, but require total overhaul with stakeholders’ engagement.

“I am not a prophet of doom and student of continuing naira depreciation but except fundamental goodwill and courage is demonstrated, the naira will continue to suffer loss in exchange for the greenbacks,” Gwadabe maintained. The question on the lips of everyone is that are the banks not having the allocation for invisible transactions?”

Kalabash has explained who its payment platfor, Pay Small Small, would allow air travellers to enjoy great travel deals and prices.

Passengers can now pay as little as 25 per ent of the total cost as a down payment to lock in travel fares and splitting the rest into convenient installments.

Kalabash’s Pay Small Small allows passengers access to  more affordable ticket prices and pay the remainder installments.

Read Also; Aviation Round Table lauds Lagos on Lekki Airport

Kalabash’s Chief Executive Officer, Ladi Ojuri stated that “Kalabash is positioned to transform businesses across Africa and drive growth within the travel sector by making customer acquisition faster, more affordable, and more efficient.” It will be supported by best practices for security and compliance, making transactions less vulnerable to fraud, errors, and other risks.

According to Ojuri, “With the current economy, we believe that our Pay Small Small for Travel product will add value to Air Peace and Nigerians in general.” We have a track record of assisting customers in meeting their travel obligations without breaking the bank.

“Targeted at travelers and intending travelers, Pay Small Small is a flexible travel payment plan that allows customers to lock down great travel deals. Its installment options allow customers to plan their travel from 24 hours to six months in advance.”

“Customers who book ahead of time can take advantage of lower fares. Checkout is simple, and no credit checks are required because all customers have access to the payment plan”.

Country Director of New Faces New Voices (NFNV), Nigeria, Aishatu Debola Aminu, has said 35 per cent women inclusion in economy remains the measure of success of the gender balancing advocacy.

She spoke ahead of the second series of Women Leadership and Financial Inclusion Workshop scheduled to hold in Lagos tomorrow.

The workshop, which is being organised by NFNV, in conjunction with Women in Finance and the Graca Machel Trust Network, will focus on women inclusion. But it will also seek to draw opinion leaders’ attention to relevant issues while following up by lobbying critical policymakers to advance the cause through policy review.

She said the workshop, which is will be hybrid, has drawn more attention from women across sectors, suggesting that they are becoming aware of the need to join the mainstream.

The first workshop was held in Kano State in August. The Lagos edition, according to the conveners, is a follow-up to the success recorded in Kano.

While a lot of “women do not have the right information” on how they could be included in the mainstream economy, she Aminu said, they eagerly look forward to what they can do to become key partners in economic growth.

Read Also; How Buhari can salvage economy, by NECA chief

She lamented that while only women inclusiveness is at 15 per cent, the female gender are key in driving the growth and development of the country.

The NFNV Country Director said Nigeria could leverage the success in women leadership in finance, a campaign championed by the organisation and others since 2010, to raise the bar of women inclusiveness.

The workshop will address alternative financing for women, pulling women out of poverty with dignity and capacity building for the female gender with resources persons drawn from finance, regulatory environment and others fields.

The convener said Nigeria and skilled enough to compete globally but lamented that cultural biases have held back. Those barriers, which she said, are more entrenched in the north, would need to be broken to help the women explore their potentials fully.

Religion, she said, is a support and not a burden but misapplied in some circles in Nigeria to suite stereotypes. “The women are not asking for 50 per cent; they are saying hold our hands to support us to achieve our potentials,” she noted.

She insisted: “NFNV is not a talk show” but follow up its suggestions and recommendations up to the implementation stage leveraging advocacy and lobbying.

“But we realised the issue of barriers, so we started using traditional institutions, especially in the north. That is the reason, we always have the traditional leaders in our workshops. For policy, we continue with advocacy. And we are making progress. As at 2010, there are no many women in top positions in banks. But that story has changed.’’

Petralon 54, the sole operator of the Dawes Island marginal field, plans to bring the Dawes Island field on stream before the end of the year 2022.

The company has highlighted and started the implementation of some strategic initiatives that will enable seamless operation and contribution to national output.

At the weekend, three communities in Rivers State, namely; Ogoloma, Okochiri and Koniju communities in Okrika local government of Rivers state are optimistic that the operation of Petralon 54 Limited will create job opportunities and enhance economic development in the concerned communities.

Petralon 54 Limited is an indigenous oil production and exploration firm, who had earlier been awarded Petroleum Prospecting License No. 259 (PPL 259) by the federal government in accordance with the Petroleum Industry Act, 2021, thus, becomes the sole operatorship of the Dawes Island Marginal Field.

The firm has been actively engaging the community since the award, with the motive of discovering the needs and pain points of the community. To this end, the management of the company visited and engaged the communities over the weekend.

The event tagged ‘Community Launch’ held at the Ogoloma Town Square had the rich culture of the Okrika people on display and attracted dignitaries from the three communities, including the youths, community elders, members of the Council of Chiefs, top government functionaries and traditional rulers.

Read Also; IMF urges govt to save more from oil money

Notable amongst those present at the Petralon 54 Community Engagement Programme were: His Royal Majesty, King Emmanuel Tamunoigbeindebia Ibiagolika Obudibo, JP, Ikwo V, the Amanyanabo of Ancient Ogoloma Kingdom, His Royal Majesty, King Michael Ateke Tom, the Amanyanabo of Okochiri Kingdom, Hon. Linda Stewart Koroma, Member, Rivers State House of Assembly and Spokesperson for the Amanyanabo of Ogoloma Kingdom, Dr. Chris Biriowu, Spokesperson for the Amanyanabo of Okochiri Kingdom, Chief Martins Ateli Kunumgbe, Chairman, Ogoloma Council of Chiefs and Engr. Alhassan Abubarka, a representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Leading the Petralon team are; the executive director, Adeola Akinrinmade; Community & Government Relations manager,  Gboyega Aiyemomi and founder, Petralon 54, Ahonsi Unuigbe, who formally presented the company’s license to the traditional rulers and people of the communities, conveyed appreciation for the warm reception accorded him and his management team.

Unuigbe, while presenting the PPL license, told the communities that “Petralon 54 is a socially responsible organisation that is committed to human and environmental wellbeing and urged the Okrika people to see the company as a partner in progress.

“We are not just here to take without giving back. With the right atmosphere created by the people of Okrika communities for our company’s operations, mutual prosperity is assured.”

Similarly, the spokespersons for both Ogoloma and Okochiri communities, Hon. Linda Koroma and Dr. Chris Biriowu, said:

“we are peace loving people but we do not want to be taken for granted. In getting wealth out of our land, our people’s means of livelihood are destroyed. We therefore expect that we should be a part of the prosperity for which we sacrifice our livelihoods, ecosystem and land.”

Koroma added, however, that “with the way you – Petralon 54 have come to us, we are persuaded that you are keen on a long-term and mutually beneficial relationship with our communities, and for that, you have our full support and cooperation.”