Airtel Nigeria, one of the country’s largest telecommunications companies, is turning to solar energy as a cost-effective solution to power its telecom infrastructure, as rising diesel prices have pushed the company’s fuel costs to a staggering ₦28 billion.
The telecom giant’s move towards renewable energy is part of a broader strategy to reduce operational expenses and enhance sustainability amidst Nigeria’s persistent energy challenges.
The Director of Corporate Communications and Corporate Social Responsibility revealed this during a media roundtable in Lagos on Tuesday, citing the company’s records as of May.
Airtel Nigeria’s Chief Technical Officer, Harmanpreet Dhillon, said the company was exploring alternative energy options such as solar power.
This shift is aimed at addressing the challenges posed by Nigeria’s unreliable power supply, which currently forces telecom operators to rely heavily on diesel generators.
More details to follow…
[Punch]
’40 years of service’ – Tinubu rejects bill seeking to raise retirement age of National Assembly Staff
Admin
PRESIDENT Bola Tinubu has rejected a bill seeking to raise the retirement age of civil servants working in the national assembly.
In a letter on Tuesday to the President of the Senate, Tinubu stated why he did not sign the bill.
Recall that in February, the Senate threw out the bill after a protracted debate, but the same Senate however made a U-turn and concurred to a similar bill passed by the House of Representatives.
The bill is seeking to increase the retirement age to 65 years or 40 years of service, whichever comes first.
The existing law prescribes 60 years of age or 35 years of service for retirement.
Tinubu while rejecting it, commended the Senate for the “diligent work” it put in drafting and passing the bill.
Tinubu’s letter read, “I write in respect of the harmonised retirement age for legislative officers of the national assembly of the Federal Republic of Nigeria bill passed by the national assembly and forwarded to me for assent,” he said.
“Upon thorough examination and careful consultation, I have decided to withhold my assent to the bill.
“This decision is made by the powers vested in me by the constitution of the Federal Republic of Nigeria.
“However, I trust that this decision would be received with understanding and acceptance.”
[TheCable]
Mike Bamiloye, the founder of Mount Zion Faith Ministries International, has revealed that he and Gloria, his wife, obtained their court marriage certificate six years ago.
The couple tied the knot on October 8, 1988, and have three children and grandchildren.
In a Facebook post on Monday, Bamiloye, 64, recalled how he and his wife could not afford a honeymoon, wedding attire, or a court marriage.
He said it was not until an embassy required it that they finally secured their government-issued marriage certificate six years ago.
Bamiloye said, “we went to the wedding without the registry”. He said the money received on their wedding day was used to pay off debts.
He also expressed gratitude for his wife’s understanding and God’s grace which has sustained their marriage.
“When I got married, I didn’t have any money to take my wife to honeymoon. It was my Sister-in-Law that graciously bought the shoes and socks that I wore on my Wedding Day,” he wrote.
“I took my wife to the Registry to ask about Court Marriage and they told us the money to pay for the event, it was a very small amount of money. It was around N170.00 (One Hundred and Seventy NAIRA). But we could not get the Money so we collected their forms and never returned with it because I could not get the money required.
“So we went to the Wedding without the Registry. So we never had Government Marriage Certificate until about Six years ago when and Embassy demanded for it, because we didn’t have the money for Court Marraige.
“All the Money we got on our Wedding day was used to settle the debts. But here we are sponsored by GRACE, I thank God I didn’t marry a lady who would put me on unwarranted pressures and unnecessary constraints. Glory be to God for GLORIA!”
In 2022, the cleric acknowledged her support in building their drama ministry.
[TheCable]
Loan apps: Approved digital lenders in Nigeria swell to 320 in September as demands for credits surge
Admin
The number of companies approved to provide loans to Nigerians through digital platforms popularly known as loan apps has jumped to 320 this September from 284 in May.
This came as the lenders continued to see surge in demands for loans as the economic hardship in the country bites harder.
According to the lenders, applications for loans by Nigerians have quadrupled this year.
The 320 companies now serving the digital loan market are those that have secured approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria to provide the service.
A look at the database of the FCCPC shows that 264 of the digital lenders have been granted full approval by the Commission, while 42 others are operating with conditional approval. The database also includes 14 companies licensed by the CBN.
Why more firms are going into digital lending
Although the FCCPC said it is bringing digital lenders to get registered under its Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, as a way of sanitizing the space, the ease of the registration has become the catch for many to go into the business.
“Right now, the first thing that you would want to do if you’re in the financial sector, is to go into digital lending.
“If you think of microfinance, the regulation is tighter and the licence is costly. This is why many companies are coming into the space,” the Chairman of the Money Lenders Association, the umbrella body of the registered loan app companies in Nigeria, Mr. Gbemi Adelekan told Nairametrics.
“More people are coming because the entry barrier is not as high as CBN-regulated financial institutions,” he added.
Demands for credit surge
Beyond the ease of entry, people coming into the digital lending space are also seeing huge opportunities with the rise in demand for quick loans by Nigerians, though fraught with high risks of non-payment.
- According to Adelekan, many Nigerians are now relying on credit to survive and the loan apps come in handy as they offer instant loans.
- He noted that demands for loans have now quadrupled what was being recorded during the COVID-19 pandemic when there was a surge.
“Let me use our own company, KwikPay Credit as an example. During the COVID period, when everybody was sitting at home, give and take, weekly, we would get applications of like 1,000.
“But now, we are receiving between 5,000 and 6,000 applications weekly. A lot of people want loans,” he said.
- He, however, noted that most of the loan applicants are not qualified for the loans because they lack a good credit history.
- According to him, 90% of the applicants, after passing BVN verification usually in the credit history aspect.
“One of the first things we do is to check whether an applicant has a financial footprint. Unfortunately, out of 5,000 applications, the system will reject 4,500 of them instantly.
“Once you have an outstanding loan that you haven’t paid, the system filters you out. People don’t realize that their credit history matters,” Adelekan said.
He added that some lenders lower their risk analysis because they want to acquire customers by doing only BVN verification.
This set of lenders, he said, give out nano loans of N3,000 to N5,000 and comes with high interest rates to cover for the risks.
Tackling the menace of unregistered loan apps continue
Despite the rise in the number of digital leaders that have registered with the FCCPC and secured approval to operate, hundreds of other unregistered lenders are still playing in the market and getting patronage from desperate borrowers.
- As a result of their continuous atrocities which include defaming and harassing their customers through their contacts, the FCCPC said it has now placed 88 loan apps under its watchlist as it continues to work out modalities to sanitize the digital lending space, while 47 have been delisted from the Google Play Store.
- According to the Executive Commissioner of Operations, at the FCCPC, Dr. Adamu Abdulahi, the main aim of the registration and approval of digital lenders in the country is to identify the companies behind the apps through its Interim Regulation to be able to hold them responsible for any infraction.
- He noted that before the regulation, there was no way to trace any of the companies operating the loan apps.
- Abdullahi said the Commission is also trying to strike a balance between the continuous operations of the loan apps and the customers’ defaulting in repaying their loans, adding that despite the challenges, loan apps are playing important roles in the economy.
What you should know
The FCCPC under the leadership of its former boss, Babatunde Irukera had come up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
The registration was also necessitated by the disturbing activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.
As of May this year, Nairametrics reported that the number of registered loan apps in the country had increased to 284. Between then and now, 36 more companies have been approved, bringing the number to 320.
[Nairametrics]
The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has reacted to the ruling by the Federal High Court in Abuja on a suit seeking his removal from office.
Recall that in a ruling on Monday, Justice Inyang Ekwo struck out the suit seeking to remove Ganduje as the national chairman of the ruling party.
The suit, marked FHC/ABJ/CS/599/2024, was filed by the North Central APC Forum led by Saleh Zazzaga.
Listed as defendants were Ganduje, the APC and the Independent National Electoral Commission (INEC).
The plaintiff challenged the propriety of Ganduje’s appointment as the APC National Chairman when he is not from the North Central geo-political zone.
Addressing newsmen at the party secretariat in Abuja on Monday, Ganduje described the suit as baseless and lacking in merit.
The APC National Chairman made the statement when he received a delegation of the North Central APC Elders Forum that came to congratulate him on the legal victory.
He said, “We thank you for congratulating us on the judgment on the litigation against my office and myself. There is no doubt the allegation was baseless and as such, it has been treated by the court of law.
“I appreciate the North Central elders who have been coming to see me even amidst the controversies, they still came. So those who are insecure can go to court. But we will continue to respond until we completely succeed.”
In his ruling, Justice Ekwo agreed with the contention in the APC’s preliminary objection that the plaintiff lacked the locus standi to file the suit.
He also agreed with INEC’s preliminary objection that the name the plaintiff had sued in ‘Northern Central APC forum’ was not a registered body.
[NaijaNews]
Eight listed commercial banks’ fees and commission income rose by 70 percent to N1.13 billion in the first six months (H1) of 2024 from N544.4 million in the same period of 2023.
Fees and commission income represent revenue from digital banking charges on cash or card maintenance and customer payment transactions.
BusinessDay findings show that the adoption of electronic banking and technology, coupled with an increased demand for digital banking services in H1 of 2024, resulted in higher fees and commission income for commercial banks.
The banks are: Ecobank Transnational Incorporated, Access Bank, Zenith Bank, FirstBank of Nigeria Holdings, Guarantee Trust Holding Company, Stanbic IBTC Holdings, FCMB Group, and Sterling Bank Holdings.
Further analysis shows that Ecobank Transnational Incorporated recorded the highest increase in fees and commission income by 96.3 percent to N384.1 million from N134.4 million in 2023.
Access Bank, FBN Holdings, GTCO, and Zenith Bank recorded a total fee and commission income of N604.3 million in H1 2024, a 63 percent increase from N314.4 million in H1 2023.
Stanbic IBTC Holdings reported N82.9 million, FCMB Group (N25.1 million) and Sterling Bank (N20.3 million).
Here is the breakdown of the listed banks’ fees and commission income.
Ecobank Transnational Incorporated
Ecobank recorded a 96.3 percent growth in fees and commission income to reach N384.1 million, from N134.4 million in 2023.
The source of the fee and commission income in the period were: credit-related fees and commissions, portfolio and other management fees, corporate finance fees, brokerage fees and commissions, and other fees, which contributed the sum of N100.6 million, N3.8 million, N8.2 million, N4.9 million and N14.7 million respectively.
Cash management and related fees contributed N188.2 million while card management fees recorded N63.7 million in H1 2023.
Access Holdings Plc
Access Holdings followed in second place with a 66.9 percent increase in fees and commission income to N250.9 million from N125 million.
The sources of Access’ fee and commission income include credit-related fees and commissions of N91.7 million, account maintenance charge and handling commission (N29.6 million), commission on bills and letters of credit (N7.7 million), and commissions on collections (N5.2 million).
Commission on other financial services and foreign currency-denominated transactions contributed N41.6 million, channels and other e-business income (N73.8 million), and Retail account charges (N1.4 million).
FBN Holdings Plc
FBN Holdings recorded a 39.4 percent increase in fees and commission income to N129.9 million from N87.1 million.
The sources of FBN’s fee and commission income include credit-related fees of N17.9 million, letters of credit commissions and fees (N20.6 million), income from electronic banking fees issued (N35.1 million), and Commissions on bonds and guarantees (N2.4 million).
Fund transfer and intermediation fees contributed N13 million, Account maintenance fees (N17.2 million), Brokerage and intermediation (N3 million), Custodian, fund management, and other fees (N20.6 million).
GTCO
GTCO’s fees and commission income grew by 64.4 percent to N113.9 million from N58.4 million in 2023.
The bank fee and commission income was obtained from credit-related fees and commissions, account maintenance charges, corporate finance fees, e-business income, and asset management fees with N11.2 million, N15.6 million, N2.7 million, N32.5 million, and N872,856.
Commission on foreign exchange deals contributed N16.4 million, commission on touch points (N3.5 million), income from financial guarantee contracts issued (N7.3 million), account services, maintenance, and ancillary banking charges (N16.2 million) and transfers related charges (N7.7 million).
Zenith Bank Plc
Zenith Bank recorded an 85.6 percent increase in fees and commission income to N109.6 million from N43.9 million.
The sources of Zenith Bank’s fee and commission income include account maintenance fee of N32.8 million, Income from financial guarantee contracts issued (N13.9 million), fees on electronic products issued (N41.2 million), and Foreign withdrawal charges (N30.8 million).
Commission on letters of credit contributed N14.5 million, Commission on agency and collection services (N7.07 million), Asset-based management fees, foreign currency transaction fees and commission (N13.2 million), Auction fees income and Corporate finance fees (N1.6 million).
Stanbic IBTC Holdings
Stanbic IBTC recorded a 47.3 percent increase in fees and commission income to N82.9 million from N51.2 million.
The sources of Stanbic’s fee and commission income include asset management fees of N47.2 million, Brokerage and financial advisory fees issued (N11.7 million), account transaction fees issued (N3.9 million), and card-based commission (N2.4 million).
Foreign currency service fees contributed N9.8 million, documentation and administration fees (N6.9 million), and Custody transaction fees, electronic banking, other fees, and commission revenue (N6.7 million).
FCMB Group
FCMB Group recorded a 23.8 percent increase in fees and commission income to N36.2 million from N28.5 million.
The sources of FCMB’s fee and commission income include account maintenance of N5.8 million, Asset Management Fees issued (N4.05 million), Electronics fees and commissions (N10.9 million), and Service fees and commissions (N12.6 million).
Commission on off-balance sheet transactions contributed N1.4 million, Credit-related fees (N474,761), Letters of credit commission (N814,281), and administration Fees (N141,886).
Sterling Holdings Plc
Sterling recorded a 24.3 percent increase in fees and commission income to N20.3 million from N15.9 million.
The sources of Sterling’s fee and commission income include commission on letters of credit and off-balance sheet transactions of N6.4 million, e-business commission and fees (N4.7 million), facility management fees (N2.4 million), and account maintenance fee (N2.9 million).
Commissions and similar income contributed N1.5 million while Other fees and commissions recorded N2.5 million.
[Businessday]
The embattled leadership of the All Progressives Congress (APC) in Rivers State has rejected the 27 members of the Rivers State House of Assembly, who months ago openly announced their defection to the party.
The 27 lawmakers, led by Rt. Hon. Martins Amaewhule, were elected to the House on the platform of the Peoples Democratic Party (PDP) before openly announcing their defection to APC owing to a cold war between state governor, Siminalayi Fubara, and his erstwhile political godfather, Nyesom Wike.
Chairman of the caretaker committee of the party in the state, Chief Tony Okocha, who disclosed this on Monday, declared that the pro-Wike lawmakers were not members of the APC.
Okocha spoke while addressing journalists in Port Harcourt, the state capital.
He said: “At some point I don’t get it; the House of Assembly members have said over and over again that they are not members of the All Progressives Congress and I confirm to you that they are not.
“What we are doing with them is to woo them to come and join us because we discovered that they were having their own internal crisis in their party.
“I am speaking to you in all authority that they never defected to the All Progressives Congress. There is no record. At least, I am in charge; it would have been joy for me that they came over. They didn’t.”
He stated that with the outcome of the just-concluded governorship election in Edo State, the party was poised towards taking over Rivers and Delta States in 2027, adding that at the fullness of time, APC will control all the six states in the South-South geopolitical zone.
Okocha added: “I will begin by thanking God Almighty who made it possible for all our endeavours in Edo State to come to pass. We are grateful to Mr. President and every other person who made sure that our party won the Edo governorship election.
“We are sure we are going to replicate what happened in Edo I’m Rivers and Delta States in 2027. At the fullness of time, the South-South Zone will have governors from the All Progressives Congress (APC).”
The APC caretaker committee chairman described the scheduled October 5, 2024 local government election in the state as an attempt to disrespect and disregard the Courts and laws of the land, pointing out that the party was in court to stop the election.
Okocha, who is also the Rivers State representative in the board of the Niger Delta Development Commission (NDDC), said the atmosphere in the state does not suggest that the local government election will hold as scheduled.
He said: “The proposed local government election is another attempt to disrespect, disregard the Courts and laws of the land. The matter is before the Court and we are in Court.
“The environment in the state does not show that there will be any local government election in the state in the next one week. The governor should stop deceiving the people of the state.
“He knows that it is impossible for the local government election to hold when the matter surrounding the conduct of the election is before the Court and the Court’s ruling on the matter has not been vacated.”
[Leadership]
Oba of Benin, Oba Ewuare II, on Sunday, denied a claim by Comrade Adams Oshiomhole that the monarch advised against the candidature of the incumbent Governor, Godwin Obaseki, in 2016.
According to Tribune, the Oba made the denial when Oshiomhole led All Progressives Congress (APC) stalwarts to the palace after Saturday’s gubernatorial election victory.
Speaking while kneeling, Oshiomhole had claimed that the Benin monarch advised him against picking Obaseki as his successor in 2016 but he declined.
He said: “Your Royal Majesty, I would like to remain on my knees, first to apologise to Your Majesty for my poor judgement, when, in spite of your clear advice to the contrary, I stubbornly, and wrongly supported a man, who I thought, being a Benin man, will respect the tradition, the custom, the heritage, the brilliance and creativity and the respect for tradition by any logical man that claims a Benin man, when I presented Obaseki to you, against your advice.”
Responding, the Benin monarch said he never advised against Obaseki’s candidature.
“When you brought Obaseki to me, I did not say anything. You know I said I won’t say so much here. I told them. And I will try to restrain myself. Because anything that will bring any issue with my son Akpakomisa (Okpebholo’s appellation), I want to avoid it.
“But I have to correct it when you said ‘against my advice’. I never said anything against Obaseki when you brought him. You will recall, this one (the Oba pointed to the former chairman of the Edo State Board of Internal Revenue, Elemah, a bosom friend of Oshiomhole) is your witness when you brought him to introduce him to me. You talked about Odubu (Oshiomhole’s deputy governor) voted against my father’s choice.”
[DailyTrust]
President Bola Ahmed Tinubu-led federal government has continued to foot-drag in the implementation of zero import tariff waiver on selected food items months after the kickoff announcement, DAILY POST reports.
The food items to enjoy the zero tariff include husked brown rice, grain, sorghum, millet, maize, wheat and beans for 150 days spanning from 15th July to 31 December 2024.
The tariff waiver was first announced by the Minister of Finance, Wale Edun in June 2024 as part of President Tinubu’s administration fiscal policy measures to cut down on the prices of food.
In July 2024, the Comptroller General of NCS, Bashir Adewale Adeniyi reaffirmed the government’s commitment towards the commencement of the tariff waiver.
The policy was expected to kick off on August 14, 2024, when the Customs in a statement announced the rollout of detailed guidelines towards the implementation of the tariff waiver.
“Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0 percent) and Value Added Tax (VAT) exemption on selected basic food items.
“This measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens”, Customs stated.
However, months after the announced tariff waiver, Nigerians have lamented that the policy was yet to see the light of the day.
This is as the objective of reducing the prices of food items remained unachieved while the majority of Nigerians groan at the very rising cost of living.
DAILY POST reports that despite the National Bureau of Statistics inflation data for July and August which showed food inflation eased to 39.53 and 37.52 percent, market realities showed that the prices of food and goods remained high.
A market survey by DAILY POST on Monday showed that a 50-kilogram bag of local or foreign rice is sold between N87,000 and N106,000.
This is as a 50kg bag of beans goes for between N65,000 and N100,000. For the majority of Nigerians, access to staple food has become a nightmare, a situation that would have been reduced with the implementation of the zero-tariff waiver on selected food items.
Speaking on the development in an interview with DAILY POST on Monday, the Executive Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf said the major problem was the slow pace with which the government was implementing the zero tariff policy.
According to him, there was a big lag between the announcement of the policy by the government and the preparation of the guidelines for its implementation.
He stressed that the tariff waiver had not been fully activated as the impact was yet to be felt in the country’s economy.
Yusuf urged the government to work on the speed of implementation of the policy.
“The customs must implement the policy. The customs need to be advised by the ministry of finance, and until that is done, implementation cannot start.
“I think it has to do with the speed of the implementation of the policy. When the Government announces a policy, the ministry ought to work on the guidelines, which are transmitted by the ministry of finance to the customs. I think there is a lag between the announcement of the policy and the production of the guidelines.
“The policy has not been fully activated which is why the impact is not felt. This is because all the processes in terms of guidelines are a bit slow. The government needs to work on the speed of implementation”, he told DAILY POST.
On his part, Olufemi Kayode, a member, Association of Nigeria Licensed Customs Agents, ANLCA, and Special Assistant to Prince Adewusi Bamigbala, the Chairman of ANLCA, Murtala Muhammed International Airport Command Chapter, faulted Customs, noting that there was yet to be a clear-cut and proper guideline for the implementation of the zero tariff policy.
He stated that there was the possibility of internal sabotage and frustration within the Customs that may be undermining the implementation of the tariff for the good of the generality of Nigerians.
“Generally speaking, from the circular available there are no clear-cut directives apart from the fact that some of the tariffs were mentioned.
“There are no proper guidelines for its implementation. The Customs must put it into proper perspective.
“There is the possibility of internal sabotage or frustration in getting the implementation right.
“Customs may be having internal challenges about the proper classification or coding of the tariff waiver into its portal”, he said.
Meanwhile reacting to the development, in an exclusive chat with DAILY POST, NCS spokesperson, Abdullahi Maiwada said it was untrue that the service was sabotaging the implementation of the zero-tariff waiver policy on selected food items.
According to him, the Service had told Nigerians the procedures for accessing the tariff waiver.
He added that the NCS was committed to all policies formulated by the government to ease the economic hardship Nigerians faced.
“Well, we have issued a statement earlier and we told Nigerians procedures of accessing the tariff waiver.
“It is malicious to say Customs is sabotaging the implementation of the policy.
“We are a responsible government agency. We are out to implement all policies formulated by the government.
[DailyPost]
The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has expressed regret for not buying Premier League Club, Arsenal FC.
He said it appears that the “time has passed” for him to buy the club stating that he wished he had bought the English side club when the team was valued at around $2 billion.
The billionaire business mogul in 2020 made known his intention to go for the North London club after his refinery project.
However, speaking in an interview with Bloomberg’s Francine Lacqua in New York, Dangote explained that he missed out on buying Arsenal by committing his resources to the refinery project.
He said, “I think that time has passed. The last time when we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.
“But you know everything has gone up and the club too is doing very well, Arsenal is doing extremely well right now. That time Arsenal wasn’t doing well.
“I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion so to speak and use it as a promotional something.
“But what I will do is to continually be the biggest fan of Arsenal. I watch their games anytime they are playing. So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal.’
When asked if he regretted not buying when Arsenal’s value was lower, he said: “Actually, I regret not buying it before but you know my money was more needed in completing my project (Dangote refinery) than buying Arsenal. I would have bought the club for $2 billion but you know I wouldn’t have been able to finish my project. So, It was either I finish my project or go and buy Arsenal.”
[TheNation]
More...
Africa’s richest man, Aliko Dangote, says January’s visit by the operatives of the Economic and Financial Crimes Commission to the Lagos Head Office of the Dangote Group was intended to embarrass his company.
Speaking in an interview with Bloomberg and monitored on Tuesday, Dangote stated, “They visited the office but didn’t talk to anybody, nor did they arrest anyone. It was just to cause embarrassment (sic).”
The visit by the anti-graft commission to the company was part of a probe into alleged preferential allocations of forex to the Dangote Group and 51 other companies under the Emefiele-led Central Bank of Nigeria.
Dangote meanwhile maintained that despite the challenges, their operations remain “100 per cent clean,” given their significant role in Nigeria’s economy.
He also emphasized his company’s reputation as the highest-paying organization in Nigeria, adding that Dangote Group pays more taxes than the banking sector.
The PUNCH reports that EFCC had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.
The anti-graft commission had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.
But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.
However, a Dangote official claimed the firm had honoured the EFCC’s request and wondered why the commission chose to embarrass them.
“We don’t know why they (EFCC officials) came to our office again; we had earlier been invited to the office of the EFCC. As such, the Dangote officials took along all the documents and submitted them. We don’t know why they eventually decided to visit our office again.
“The question we are asking is what did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them. The same EFCC that came to our office is the one giving information to the media that they are investigating us,’’ the official said.
Before the raid, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving a staggering $3.4bn allegedly facilitated by Emefiele.
It denied the claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping.
The company referred to past approvals granted by the CBN between 2010 to 2018, allowing it to purchase forex totalling $3.755bn for funding of its projects across Africa, of which only 47.70 per cent was utilised.
[Punch]
Ex-National Chairman of the Peoples Democratic Party, PDP, Prince Uche Secondus, has said 2027 may never come into our political lives because the ruling All Progressive Congress, APC, has murdered and buried democracy.
Secondus said this in a statement signed by his Media Adviser, Ike Abonyi, in Abuja, on Tuesday.
The former PDP Chairman was reacting to the conduct and outcome of last Saturday’s Edo State gubernatorial election.
He said the election saw to it that every rule was turned upside down to deliver the APC candidate at all cost.
According to him, there was every indication that the ruling party is on a mission to “murder and bury democracy in Nigeria.”
The former PDP boss described what took place in Edo state last weekend, as electoral fraud exhibited without any regard for the rule of law and respect for the voters.
He argued that from the results of all the off-cycle elections conducted in Imo, Kogi, and Edo states, the Prof. Mahmoud Yakubu-led Independent National Electoral Commission, INEC, is not showing any remorse for the sham of an election it conducted in 2023 which threw Nigeria under the bus.
Secondus further noted that with the “shameless boast” of the APC National Chairman Abdullahi Ganduje, that they will apply the Edo template in other forthcoming off-cycle elections in Ondo and Anambra states, it’s obvious that 2027 will not even come as the ruling party’s agenda is to create a one-party state by muzzling the opposition.
Secondus said, “The beauty of democracy is the opposing voices that help to check the ruling party but APC is set to ground Nigeria with their misrule yet won’t tolerate variance views.
“Nigeria’s democracy is sitting on the keg of gunpowder because of rigging. If the Edo Election stands it will be difficult to carry on elections in Nigeria going forward.”
He reiterated that the election manipulation in Edo state, was brazen and it started by harassing and arresting leaders of the opposition and compromising strategic players like security agencies and electoral officials.
“The world is watching the shame we bring to this beautiful form of government that other nations apply to stabilize and develop their countries.” He said.
[Vanguard]
Aliko Dangote, the founder of Dangote Petroleum Refinery, says this is the right time for the federal government to stop petrol subsidy.
Dangote spoke during an interview with Bloomberg TV on Monday.
“I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said.
He said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.
Dangote said it would lead to the government “paying what they are not supposed to be paying”.
DANGOTE TO TRACK PETROL SOLD LOCALLY
Dangote said the petrol sold locally by his refinery will be tracked to ensure the consumption rate is accounted for.
“But this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less,” the billionaire said.
“But right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.
“For example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.”
‘FG CAN’T AFFORD SUBSIDY’
Dangote said petrol subsidy is not sustainable and the government cannot afford to keep subsidising.
“Our price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he said.
Speaking further on the viability of petrol subsidy, Dangote said it is the government’s decision to either continue with or halt the payments.
“We have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,” he said.
“We built something worth $20 billion, and definitely we have to make money.
“The removal of subsidy is totally dependent on the government, not on us.
“We cannot change the price but I think the government would have to give up something for something.”
Dangote said eventually, the subsidy would have to go.
On May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over.
Almost three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates soared.
However, Ajuri Ngelale, former presidential spokesperson, said there was no reintroduction of subsidy.
Also, on January 3, the Nigerian National Petroleum Company (NNPC) Limited denied the return of the petrol subsidy, saying it had been removed entirely.
However, on April 15, Nasir el-Rufai, former governor of Kaduna state, said the federal government is spending more on petrol subsidy than before.
TheCable also reported on August 19 that Tinubu approved a request by NNPC to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy — but NNPC denied the existence of petrol subsidy, only to admit hours later that the federal government owes it N7.8 trillion for subsidising petrol.
Almost a month later, Tinubu said Nigeria’s daily consumption of petrol reduced to about 30 million litres after subsidy removal.
[TheCable]
Kenyan exec. Peter Ndegwa's Safaricom partners with Mastercard to accelerate cross-border remittance
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Key Points
- Safaricom and Mastercard formed a strategic alliance to enhance digital payment acceptance and cross-border remittances in Kenya.
- Over 636,000 M-PESA merchants will benefit from Mastercard's global payment infrastructure, expanding their reach to international markets.
- Ndegwa bolstered his influence by increasing his personal stake in Safaricom, demonstrating confidence in the company's future.
Safaricom, East Africa's telecom giant led by Kenyan tycoon Peter Ndegwa, has secured a strategic alliance with Mastercard to enhance payment acceptance and improve cross-border remittances in Kenya. The collaboration is set to accelerate the growth of digital payments, reinforcing Safaricom’s leadership in financial innovation across the region.
The partnership is poised to benefit more than 636,000 merchants using Safaricom’s M-PESA mobile money platform, as Kenya’s digital payments landscape continues its rapid expansion. Mobile wallet payments, driven largely by M-PESA, are projected to grow at an annual rate of 12.7 percent from 2020 to 2024, further cementing M-PESA’s dominant market presence.
The initial phase of the partnership is set to roll out in the coming months, with Safaricom planning to acquire a license that will further enhance its digital payment capabilities. Both companies have committed to promoting financial inclusion and fostering innovation within Kenya’s rapidly evolving digital economy.
Driving global payment solutions
By integrating M-PESA’s extensive merchant network with Mastercard’s global payment infrastructure, the partnership aims to deliver secure, seamless, and scalable payment solutions.
This will enable Kenyan merchants to expand their reach to international markets, while also improving remittance services for cross-border transactions.
Mastercard's omnichannel payment solutions will further accelerate the adoption of digital payments, facilitating faster and more reliable money transfers.
"We are thrilled to partner with Safaricom in building an inclusive digital economy that benefits everyone," said Amnah Ajmal, Executive Vice President for Eastern Europe, Middle East, and Africa at Mastercard. "This partnership empowers merchants to grow and significantly contribute to the Kenyan economy."
Esther Waititu, Chief Financial Services Officer at Safaricom, added: "Our collaboration with Mastercard unlocks new opportunities for M-PESA merchants, in line with our mission to deliver innovative, customer-centric solutions. With Mastercard’s global network, businesses can now offer more efficient and seamless payment options domestically and internationally."
Innovative solutions shape Safaricom's future
Safaricom, founded in 1993 and headquartered in Nairobi, is a leading provider of telecom services in Kenya, offering a wide range of products including mobile, fixed-line, M-PESA payments, voice services, and cloud hosting.
Under Ndegwa’s leadership, the company has solidified its dominance in the Kenyan market and made strategic expansions across Africa.
Earlier this year, Ndegwa increased his personal stake in Safaricom by acquiring 8.64 million shares, further consolidating his influence in the telecom sector. Additionally, the company launched a micro-payment feature allowing customers to purchase airtime for as little as Sh1.00 ($0.0068) via M-PESA, underscoring its commitment to financial inclusivity.
Safaricom's recent foray into Ethiopia has also expanded its footprint in the region. The company has partnered with Huawei to explore innovative solutions like "Scan & Order" for restaurant menus, signaling its focus on advancing digital technology across its markets.
[billionaires.africa]