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Nigeria's central bank has issued a circular barring banks from using one-off foreign exchange gains to pay dividends or meet operating expenses. This move comes after several banks reported robust half-year earnings due to currency devaluation. President Bola Tinubu's reforms have allowed the currency to weaken by over a third, saving billions of dollars but exacerbating the cost of living crisis. The central bank has instructed banks to set aside the foreign currency revaluation gains as a buffer against potential adverse movements in the exchange rate. Despite this restriction, top tier lenders such as GT Bank and Zenith Bank have declared interim dividends, boosting sentiment in the stock market.
The Nigerian Exchange (NGX) closed in negative territory after equities fell by N294 billion due to the FTSE Russell downgrade of the Nigerian Stock Exchange. The downgrade prompted immediate selloffs, resulting in a plunge in equities. The All-Share Index (ASI) traded 0.80% lower, and the market capitalization of equities saw a loss of N294 billion. Several stocks experienced mixed trading sessions, with tier 1 banks recording negative sessions.
The mining industry in Congo, known for its production of minerals crucial to green technologies such as electric vehicle batteries, has been marred with human rights abuses. Amnesty International and another rights group have released a report exposing the forced evictions and physical assaults faced by those living near mining areas. As the largest producer of cobalt and Africa's top producer of copper, Congo plays a significant role in the global supply chain. However, the exploitation of these minerals raises concerns about labor conditions and violence.
The Nigerian Association of Road Transport Owners (NARTO) has called on the Federal Government to remove the 7.5% Value Added Tax (VAT) on Automotive Gas Oil (AGO), also known as diesel. NARTO warns that failure to remove the VAT would lead to disruptions in the distribution and supply of petrol (PMS). The high cost of diesel, coupled with the deplorable state of roads and skyrocketing dollar rate, has made the cost of doing business in the transport sector unbearable.
Unity Bank Plc, a retail lender in Nigeria, is determined to prioritize recapitalization and asset creation in response to the prevailing foreign exchange revaluation in the financial system. The bank's Managing Director, Tomi Somefun, acknowledged the disruptions and impact on the bank's financial positions due to the depreciation of the Naira currency. However, she expressed optimism about the positive economic outcomes of government policies in the near future. Unity Bank Plc aims to bolster its asset creation, liability generation, and business growth while focusing on process automation, cost efficiency, and value chain relationships.
The Nigerian Communication Commission (NCC) is actively conducting a sensitisation program across the country to educate individuals about the dangers of electronic fraud. The program aims to empower Nigerians with the necessary knowledge and information to protect themselves from falling victim to scams and online fraud. The NCC emphasizes the importance of safeguarding personal information and not trusting anyone with sensitive details, such as ATM card details and PIN numbers. By spreading awareness and promoting online security, the NCC hopes to prevent citizens from becoming victims of electronic fraud.
The Nigeria Electricity Regulatory Commission (NERC) has introduced a power outage reporting system to tackle customer complaints and power disruptions in the country. The system, launched by NERC Chairman Sanusi Garba, aims to ensure compliance with set tariffs and protect consumer rights. The app provides a timeline for distribution companies (DisCos) to address customer complaints. The launch began in Abuja, with plans to roll out nationwide. The app is expected to facilitate greater oversight, improve service delivery, and enable data-based decisions.
Bühler, a leading technology company, is set to present its optical sorting technology at a food security and nutrition conference in Ibadan, Nigeria. The technology, known as SORTEX A LumoVision, can directly detect aflatoxin contamination in maize, a major staple crop in Nigeria. This innovation has the potential to enhance food safety and increase the nutritional value of the food chain.
The Nigeria Electricity Regulatory Commission (NERC) has launched a new app, called the Power Outage Reporting System (PORS), to monitor the compliance of Electricity Distribution Companies (DisCos) with the tariffs set in regulations. The app allows customers to report disruptions in power supply and aims to improve transparency and accountability in the industry.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, met with the Turkish Ambassador, H.E. Hidayet Bayraktar, to explore potential collaborations in infrastructure and agriculture development in the FCT. The minister also requested a visa policy that promotes friendly relations with Nigerians.
WATT Renewable Corporation has entered into a partnership with Airtel Nigeria to install hybrid solar solutions at 600 sites, powering Airtel's telecommunications network expansion. This move will reduce carbon emissions and improve air quality while providing reliable and sustainable energy solutions to support Nigeria's growing telecom sector.
A new report from Amnesty International and another rights group reveals the human rights abuses in the mining industry in Congo, particularly in the production of minerals critical to electric vehicle batteries and other green technologies. The report highlights forced evictions, physical assault, and abusive labor conditions in the country, which is the world's largest producer of cobalt and Africa's top producer of copper.
A new report from Amnesty International and another rights group reveals the human rights abuses in Congo's mining industry, particularly in the production of minerals critical to electric vehicle batteries. The report highlights forced evictions, physical assault, and inadequate compensation faced by people affected by cobalt and copper mining. The exploitation of these minerals for green technologies has raised concerns about abusive labor and violence in the region. The report calls for stricter regulations and accountability to ensure a just transition to a greener economy.
WATT Renewable Corporation has signed a contract to deploy over 32MW of hybrid solar solutions in Nigeria. The project, in partnership with Airtel, will involve the installation of solar power and lithium-ion battery storage at 600 sites. This initiative aligns with WATT's commitment to sustainable development and supports Airtel in achieving its reliability and cost objectives while reducing emissions. The hybrid solar installations will improve power supply reliability and uptime, crucial for expanding Airtel's network coverage and introducing advanced technologies in the region.
The Apapa Command of the Nigeria Customs Service (NCS) has recorded an impressive revenue generation of N676 billion for the Federal Government within the first eight months of the year. The former Assistant Comptroller General of Customs, Auwal Mohammed, commended the officers of the command for their remarkable teamwork and diligence. He also highlighted the seizures made and the use of technology in trade facilitation. The newly deployed Customs Area Controller, Babajide Jaiyeoba, pledges to continue the successes achieved by his predecessor, while resolving trade disputes promptly.
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