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Latest news summary in Nigeria
Lafarge Africa Plc has reaffirmed its commitment to environmentally sustainable operations by investing in state-of-the-art technology. The company has installed a new bag filter technology at its Ewekoro plant, complying with Nigerian regulatory standards. Lafarge Africa aims to conduct its business with zero harm to people and minimize its environmental footprint. The company has also implemented measures to reduce fugitive emissions and conducted a social impact assessment to mitigate the environmental impact on local communities.
The Nigeria Sovereign Investment Authority (NSIA) recently hosted members of the House of Representatives who came to Lagos to assess the impact of various projects undertaken by the Authority on the country's economy. The visit primarily focused on healthcare, infrastructure, and agriculture. The lawmakers praised the NSIA's interventions in the healthcare sector, particularly at the NSIA-LUTH Cancer Centre. The NSIA has made significant investments in the healthcare industry, including the establishment of modern medical diagnostic centers and plans for expanding the oncology and diagnostic facilities across Nigeria. Additionally, the lawmakers inspected the Golden Fertilizer Company Limited, revived under the Presidential Fertilizer Initiative, and the Lagos-Ibadan Expressway.
Generative artificial intelligence (AI) has the potential to revolutionize industries but also presents a menacing threat as a weapon in the wrong hands. Microsoft Vice-Chairman Brad Smith recently highlighted the concerns of generative AI being used by cyber organizations and nation-states for cyber-influence operations. However, Smith also emphasized its value in combating cyber threats and bolstering digital defense capacities.
The Nigerian Solid Minerals Development Fund (SMDF) has vehemently denied allegations that it was involved in funding the 2015 elections and the African Cup of Nations. The Executive Secretary of SMDF, Hajiya Fatima Shinkafi, categorically stated that the reports were unfounded, clarifying that the fund had only been capitalized a year ago and did not possess the resources to support such ventures. The SMDF emphasized its commitment to its mandate and called for stakeholders in the sector to work together to achieve the goals set forth.
The CEO of First Bank Group, Dr. Adesola Adeduntan, emphasized the convenience of banking transactions for customers during a recent event. He highlighted how technology has made it easy for customers to make payments, withdrawals, and other transactions, giving them more time for personal activities. Adeduntan also spoke on the future of banking, emphasizing the importance of technology in driving access, convenience, and development.
The Edo State Governor, Mr. Godwin Obaseki, has charged the newly sworn-in Permanent Secretaries in the State's public and civil service to be beacons of light and effectively contribute their quota in reshaping the State and placing it on the path of sustainable economic growth and prosperity.
Nigeria's aggregate Company Income Tax (CIT) has more than doubled in the second quarter of 2023 as reported by the Nigerian Bureau of Statistics. The CIT collections for Q2 2023 reached N1.53 trillion, representing a growth rate of 226.40 percent compared to the previous quarter. This significant increase in tax revenue reflects the positive momentum in Nigeria's economy and highlights the contributions of various sectors to the overall tax collection.
Nigeria's quest to upturn the European Union (EU) ban on selected agro commodities from export faces a major hurdle as the food items still contain excessive pesticides. The Federal Ministry of Agriculture and Rural Development (FMARD) is working with regulatory agencies to address this issue and ensure Nigeria's food exports meet global safety standards. Additionally, efforts are underway to tackle mycotoxin contamination and implement genetically modified crops resistant to insects.
Nigeria's President Bola Tinubu has left for India to attend this year's G20 summit. As Nigeria considers joining the G20, the government is engaging in consultations to assess the benefits and risks of membership. If Nigeria joins the bloc, it will become the second African country after South Africa to be part of this league. With the highest GDP in Africa, Nigeria aims to attract more foreign direct investment to build infrastructure without taking on additional debt.
Nigerian Exchange Limited (NGX) has highlighted the importance of financial literacy and awareness in addressing the issue of unclaimed dividends in the capital market. With unclaimed dividends in the Nigerian capital market reaching N190 billion, efforts to tackle this issue have been challenging. However, through initiatives like webinars and increased access to the market, the NGX aims to educate and empower retail investors to process outstanding dividends and retrieve their unclaimed funds.
The Nigerian election tribunal is set to deliver its ruling on the presidential election petitions challenging Bola Tinubu's victory as Nigeria's president. The two main opponents, Atiku Abubakar and Peter Obi, have based their challenge on fraud claims. While observers expect Tinubu's win to be upheld, the outcome of the election has been labeled as fraudulent due to a malfunctioning technology and low voter turnout.
Nigerian Exchange Limited (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) have announced their collaboration to advance advocacy efforts, encourage listings, and enhance capacity development in the Nigerian capital market. This partnership aims to promote the advantages of listing for non-listed corporates and increase retail investor participation through digital transformation and strategic alliances with Fintech companies. NGX's commitment to building a thriving market and LCCI's dedication to the sustainable development of the Nigerian capital market will drive this collaborative effort.
Nigerian Exchange Limited (NGX) has emphasized the importance of financial literacy and awareness in reducing the growing number of unclaimed dividends in the capital market. With efforts to tackle this issue facing obstacles, the NGX highlighted the need for retail investors to be informed about the unclaimed dividends they may have, especially those with legacy investments. In a recent webinar, the Divisional Head, Capital Markets, NGX, shared the procedures for processing outstanding dividends and retrieving unclaimed dividends, stressing the role of financial literacy in addressing this issue.
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