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Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has expressed dissatisfaction with the N85 billion contract for the provision of infrastructure for the Wasa Affordable Housing project in Wasa District, Abuja. Wike voiced his concerns over the arrangement made by the FCT, which involves the government providing the land and infrastructure while private developers sell the houses. He emphasized the need for government participation to ensure affordable housing prices for the masses.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has expressed dissatisfaction with the N85 billion contract for the provision of infrastructure for the Wasa Affordable Housing project in Wasa District, Abuja. The project, which has been in the making for nine years, has faced delays and an unfavorable arrangement with private developers. Wike emphasized the need for the government to participate and benefit from such projects, while ensuring the affordability of housing for the masses.
The Economic and Financial Crimes Commission (EFCC) has revealed that the reason behind featuring fraud suspect, Adedamola Adewale (aka Ade Herself), at the National Youth Service Corps (NYSC) Orientation lecture was to utilize her talent as an actress, skit maker, and social media influencer to dissuade other youths from engaging in cybercrimes. The EFCC clarified that the fraud charges against Ade Herself had been resolved, and comments and reactions simply displayed a lack of information.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has expressed dissatisfaction with the N85 billion contract for the provision of infrastructure for the Wasa Affordable Housing project in Wasa District, Abuja. Wike believes that the government should not spend such a large sum of money without reaping significant benefits. He suggests a revised partnership model that would involve the government holding a stake in the project and influencing the price of the houses.
As primary and secondary schools across Nigeria reopen, parents are facing increased educational costs due to the removal of petrol subsidies by President Bola Ahmed Tinubu. This decision has resulted in higher fuel prices, impacting the finances of families already struggling to make ends meet. The rising fees are leading to concerns about an increase in school drop-outs and widening educational inequality. Parents are urging the government to provide affordable and accessible education options to alleviate the burden on families.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed investment. Led by Goat Capital, the funding round saw participation from FoundersX, Rebel Fund, Y Combinator, and Byld Ventures. Anchor offers APIs, dashboards, and tools for developers to embed and build banking solutions, and it aims to provide personalised services and flexibility at a lower cost.
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.
Nigerian fintech, Anchor, has secured $2.4 million in seed funding from investors including Goat Capital, FoundersX, and Rebel Fund. The banking-as-a-service provider offers APIs, dashboards, and tools to facilitate the development of banking solutions for businesses. With over 270 clients and $550 million in annualized total transaction volume (TTV), Anchor aims to enhance its compliance system, invest in value-added products, and expand its customer base. The startup is serving a $7 billion addressable market in Nigeria and is looking to explore pan-African expansion.
The National Bureau of Statistics (NBS) has reported a remarkable 226.4% quarter-on-quarter growth in Nigeria's Company Income Tax (CIT) during the second quarter of 2023. The CIT collections amounted to N1.53 trillion, surpassing the previous quarter's N469.01 billion. The report also highlights the sectoral contributions and the importance of press freedom in upholding balanced journalism.
Niger State Government has announced plans to revive bursary allowances for indigent students in tertiary institutions. The move aims to alleviate the financial burden on parents caused by the fuel subsidy removal. Governor Mohammed Umaru Bago also revealed the intentions of the state government to provide free transportation for pupils, students, and civil servants using a fleet of newly acquired buses. These measures reflect the government's commitment to supporting its citizens during these challenging times.
The Nigerian Exchange Limited (NGX) has announced a remarkable gain of N16.388 trillion from June to August 31. Despite challenges such as soaring inflation rates, rising interest rates, and a foreign exchange rate crisis, NGX emerged as the second-best-performing exchange market in Africa. This article explores the market's performance and highlights the factors contributing to its resilience and investor optimism.
The Nigerian Exchange Limited (NGX) has emerged as the second-best performing exchange market in Africa, recording impressive gains of N16.388 trillion from June to August 31. Despite challenges such as soaring inflation and a foreign exchange rate crisis, the NGX's market capitalization rose from N20.034 trillion to N36.422 trillion during this period. This performance reflects heightened investor optimism for domestic growth and the promulgation of long-needed policies by the new administration. The article explores the factors contributing to NGX's success and highlights the investment opportunities it offers.
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.
Nigerian Exchange Limited (NGX) believes that a combination of financial literacy and awareness can be key in reducing the growing number of unclaimed dividends in the Nigerian capital market. Despite efforts by the Securities and Exchange Commission (SEC) to address this issue, unclaimed dividends have risen to N190 billion. NGX recently held a retail investors webinar to educate shareholders on how to process outstanding dividends and reclaim their unclaimed dividends. The Exchange is dedicated to using technology to increase retail participation and make the market more accessible. SEC and other stakeholders are also committed to reducing unclaimed dividends to the barest minimum.
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