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We’ve paid N3.5trn taxes, levies to govt. since inception — MTN

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MTN Nigeria, on Wednesday, said that it has paid N3.5 trillion as levies and taxes to government since its inception.

The Chief Executive Officer (CEO) of MTN, Mr Karl Toriola, who said this in his address at the ‘Brunch with Karl’ at Lagos Business School, also said that the organisation had committed over N3.4 trillion on capital investment.

Toriola said that MTN had enabled broad socio-economic development by creating values for shareholders, with over N2.5 trillion dividends paid since inception.

The CEO, who assured that shareholders would be smiling to the bank, said that more than 30 million Nigerians had benefited from N28 billion investments through MTN Foundation.

According to him, MTN is a community that connects to the society and is truly committed to showcasing and developing the boundless talents of the people.

“MTN has been enabling broad socio-economic development by supporting financial infrastructure through over 174,500 ATMs and POS for electronic payments, while it has also created alternative payment channels to 9.4 million active customers.

“It has equally provided high-capacity internet for over 160 public and private universities, polytechnics and colleges,” he said.

According to Toriola, MTN has committed N28 billion, through Yello Jppe Initiative, to support broad base of stakeholders.

He expressed the organisation’s commitment to carrying out its corporate social responsibility, stressing that it had provided jobs in every local government across Lagos.

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FMDQ Exchange records 6.75% MoM decrease in secondary market turnover

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By Sodiq Adelakun

In October, FMDQ Exchange reported a total secondary market turnover of N21.70 trillion, a decrease of 6.75 percent (N1.57 trillion) from the previous month and an increase of 60.27 percent (N8.16 trillion) from the same period last year.

The Spot and Derivatives Market contributed N20.48 trillion and N1.22 trillion respectively to the total turnover.

 The Spot FX Market turnover was $4.66 billion (N3.66 trillion), a decrease of 14.96 percent ($0.82 billion) from September 2023.

Further, the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/N) increasing by 5.34percent ($/N40.41) to close at an average of $/N797.43 in October 2023 from $/N757.02 recorded in September 2023, trading within a range of $/N741.85 – $/N993.82.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was $1.55billion (N1.22trillion), representing a MoM decrease of 39.27percent ($1billion) from September 2023 figures.

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Naira’s floating exchange rate brings uncertainty for investment banking in Nigeria — Ex-AIHN president

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The former President of the Association of Issuing Houses of Nigeria, Ike Chioke, has stated that the currency reforms implemented by the Central Bank of Nigeria have brought about both challenges and opportunities for the investment banking industry.

Chioke made this statement at the Investment Banking Awards Night held in Lagos.

He further mentioned that the floating exchange rate of the naira and the elimination of fuel subsidies have had a significant impact on various sectors of the economy.

“Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies. These policies had also introduced pain and hardship with the free-floating of the naira and removal of fuel subsidy forcing their weaknesses on various sectors of the economy,” he said.

Chioke added that despite the hiccups in the implementation of these reforms, they have thrown up major opportunities for investment banking.

He urged members to apply their best skills and expertise to make the best of the opportunities.

“As you know, the investment banking industry is a critical one for the Nigerian economy and we represent the best brains and the best expertise in that space,” he said.

Meanwhile, in the Debt Capital Market Category of the award, Chapel Hill Denham Advisory Limited won the Private Company Bond House 2022 Award; Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award while the Best Commercial Paper House 2022 Award went to StanbicIBTC Capital Limited.

In the Equity Capital Markets Category, the Equity Deal of 2022 Award was won by three companies- namely Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank.

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SMEs contribute 46.31% to Nigeria’s GDP — SMEDAN CEO

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The Director General/CEO of SMEDAN, Charles Odili, has highlighted the significant contributions of small and medium enterprises (SMEs) to the Nigerian economy.

According to Odili, SMEs make up 46.31 percent of the national GDP and contribute 6.21 percent to exports. These findings were revealed in the recent nMaSMEs survey, which estimated that there are approximately 39.6 million nMSMEs in Nigeria, employing 62.5 million individuals.

This accounts for a substantial 80.2 percent of the country’s labor force. In another development, 50 rural enterprises in Gombe State are participating in a three-day training program organized by SMEDAN and the Gombe State government.

Speaking at the opening ceremony of the training, in Gombe on Wednesday, the Director General and Chief Executive of SMEDAN, Charles Odili said that the programme was designed to provide an end-to-end business development service to the rural entrepreneurs.

Charlie Odili, who was represented by the Ag. Director of Partnership and Coordination, Prof Adeyinka Fusha, also said that the training was targeted at business owners who were at the bottom of the pyramids as a supportive mechanism to enhance rural entrepreneurship, competitiveness, job creation and financial inclusion.

According to him, “As you may be aware, the Nano, Micro, Small, and Medium Enterprises (nMaSMEs) sub-sector has played an important role in contributing to the economic development of many countries around the world.

“The sub sector accounts for the majority of the enterprises in Nigeria and also accounts for the highest number of jobs created in Nigeria’s economy.”

The DG also said that the training has three components, namely; sensitisation, capacity building and empowerment grant.

While declaring the training open, Gombe State Governor, Muhammadu Inuwa Yahaya, said that the programme was timely, following the economic hardship in the country.

“The programme would contribute to the economic development of the state and the country at large,” the Governor said.

Inuwa Yahaya, who was represented by the Permanent Secretary, General Services, office of the SSG, Alhaji Abdulkadir Adamu, appreciated SMEDAN and reiterated the government’s commitment to work with it for more opportunities for rural businesses.

He also said that the state government had organised an investment summit which attracted many investors into the state, saying, “This may not be unconnected with the business friendly environment of the state.”

In his remarks, Commissioner of Trade, Industry and Tourism, Alhaji Nasiru Mohammed, said that the training would enable the rural enterprise to acquire the needed business techniques as well as empower them with knowledge and skills.

He further said that Governor Inuwa Yahaya had empowered over 2,000 Small and Medium Enterprises in the state and also established 1,000 hectares of land Industrial park to serve as an export processing zone.

He said, “This is a platform that will attract domestic and foreign investors to come and invest.”

He commended SMEDAN for organising the training and also encouraged the participant to be attentive, learn the techniques that will improve their businesses.

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