Business
Nigeria’s economy can experience turnaround in few months — Dangote
The Chairman of Dangote Group, Aliko Dangote, has promised that the private sector will “invest heavily” in job-creating initiatives.
He added that Nigeria’s economy can be turned around “within a few months” as the “issues are not that bad.”
The business mogul expressed optimism after President Bola Tinubu inaugurated a 31-member Presidential Economic Coordination Council at the Aso Rock Villa, Abuja, on Thursday.
Thursday’s inauguration comes three months after the President established the committee on March 27, 2024.
The committee comprises Tinubu, Vice President Kashima Shettima, Senate President Godswill Akpabio, the Chairman of the Nigerian Governors Forum, Governor Abdulrahman Abdulrazaq of Kwara State, and the Governor of the Central Bank of Nigeria Governor, Yemi Cardoso.
The PECC also comprises 13 persons drawn from the organised private sector, including the Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others, who would serve on the Council for one year.
Speaking, Dangote said, “The private sector and the public sector will actually work together to make sure that we better a lot of our people…we are going to sit down and advise the government on the issue kind of policies that government should roll out.
“Most of these things, we have them. They have already been discussed over and over. It is a matter of implementation. I think the choice of people who are on the PECC is good enough to advise the government on how to implement it.
“Our own from the private sector is to…invest heavily and create jobs. The government doesn’t really create jobs; what they do is to give us the right policies. I keep saying our issues are not that bad, this economy can be turned around within a few months and I, think we are on that way. I thank the President for inaugurating this Council. We will start working immediately, and I can assure you that you will see a lot of changes coming.”
Meanwhile, Tinubu said his administration is determined to, in the next few months, increase crude oil production to two million barrels per day and generate more electricity for Nigerians.
He described Nigeria’s current power generation and crude oil production as’ shameful’.
Tinubu told the private sector players, “As a nation, it is so shameful that we have about 4.5 gigawatts. We must increase our oil production too to 2 million barrels per day within the next few months. Remove all barriers hindering investments into the sector to enhance competitiveness. We’ve had a challenge thrown at us and all of us will have to be careful.
Despite being Africa’s largest oil producer, Nigeria has recently struggled to meet its OPEC production quotas.
The government has blamed challenges such as pipeline vandalism, oil theft, and operational inefficiencies for the persistent shortfalls.
For instance, in May 2024, crude oil production averaged only 1.25 million barrels per day, well below its OPEC+ quota and the government’s target of 1.7 million bpd for budgetary purposes.
Similarly, Nigeria’s power generation capacity has remained critically low—4.5 gigawatts- which is inadequate for the industrial needs of its over 200 million citizens. This has contributed to frequent power outages and stifling economic productivity.
Nonetheless, Tinubu says his administration is “determined” to partner with the private sector to overcome these hurdles.
“In the face of it, we have the change of energy security; we need to work together to include power, oil and gas to increase our own grid’s electricity. We are determined to do that with your cooperation, collaboration and recommendation,” he said.
The President also emphasised food security, describing it as “essential.” He reminisced on his policies from months ago, saying, “I have declared a state of emergency on food security and we must increase our staple crops by smallholder farmers; we are going to improve on mechanization.”
Citing the Sokoto-Badagry road announced at the last Federal Executive Council meeting on June 25, Tinubu expressed hope that part of his administration’s infrastructural development is “within reach.”
“If you look at the Sokoto-Badagry road, there are about 36 areas dams that we can tap electricity from and generate additional electricity, and help agriculture and create arable farmland.
By Matthew Denis
The Securities and Exchange Commission (“the Commission”) has launched the revamped e-Dividend Mandate Management System (e-DMMS) Portal!
Investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website (www.sec.gov.ng/non-mandated) are advised to use the new self-service portal by clicking on “NIBSS Self Service” link on the page and follow the prompts
Alternatively, investors may use the link, https://docuhub3.nibss-plc.com.ng/edmms/self-service, or approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.
Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.
The News Agency of Nigeria (NAN) reports that the EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.
The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.
Besides, the company was under suspicion of alleged terrorism financing.
Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.
“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.
“We observed in doing that that Binance provides a trading platform where users trade virtual assets.
“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.
“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.
The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”
He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.
“Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.
“The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.
Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).
“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”
Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.
“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.
“This is done by quoting rates with offers to sell or buy at the quoted rate.
“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.
“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.
“Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.
“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.
“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”
Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.
Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.
Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.
“They have on the page, the address of the website in full which is Https://www.binance.com.
“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.
“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.
The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).
“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.
Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”
The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.
He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”
“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”
He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.
“So as I explained earlier, Binance maintains accounts and it needs revenue for its services
“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”
After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.
In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.
Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.
“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.”
“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.
The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.
Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects. We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”
It would be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.
To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
JUST IN: ECOWAS heads meeting begins in Abuja
Gov. Aliyu directs LG Chairmen, Education Officers to refund diverted funds
