Africa Business News
Nigeria Grudgingly Paid P&ID; Somalia Seduces Investor Into Its Petroleum Industry;Sudanese Ministry to Stop Mercury Importation; Nigeria to Rollout 5G....
P&ID paid £250,000 as running cost by the Nigerian Government; Nigeria's Minister of Aviation, says N10 billion would be required to get the Enugu airport running again; Senegal to host the World Water Forum in Dakar in March 2021; US President, Donald Trump says US-China talks are going well.
Union Bank Has An Idea About Managing Your Finance - Tech Your Finance
Tech Your Passion" Series is a knowledge-sharing program that allows entrepreneurs and professionals within a certain sector to learn about the latest technologies used by leaders within that sector and how they can use them too to boost their businesses.
This 1st edition is tagged "Tech Your Finances" - focused on the finance/fin-tech sector, and will see participants learn how they can use to grow their savings.
The event is scheduled as follows:
Date: October 18th, 2019
Time: 4:00 PM - 6:00 PM
Venue: Leadspace Yaba: 70, Olonode Street, Alagomeji, Yaba, Lagos.
South African Equities Tumble as Offshore Sell-offs Intensify; Nigerian Bakassi Deep Seaport to Cost Up-to $2 Billion; Malaysian Anti-graft War Intensifies..
Nigerian banks gave only 4.20% of their total loans to the agricultural sector in the second quarter 2019; The proposed Bakassi Deep Seaport, to be located to gulp between $1.7 billion and $2 billion; South African stocks market falls as foreigners offload stocks; Malaysian authorities impose USD 100 million fines on 80 entities for in the midst of corruption scandal.
Moroccan Tourism Group Left With Unpaid Bills By Thomas Cook's Bankruptcy
The second-largest tour operator in Morocco and Europe was left with unpaid bills with hotel operators bearing the burden, feeling the void left by Thomas Cook.
Dimmer Global Economic Growth Outlook Further Pressured Emerging Market Equities; JSE Follows Asian Equities Slipped into 1-Month Low; Oil Market Opens Trading With a Mixed Sentiment.
Investors lost billions of naira on the Nigerian stock exchange during the trading session on Wednesday 2nd Oct. 2019 as Nigerian debt stock hits 252.2% compared to about 10 years ago. Dimmer Global Economic Growth Outlook Further Pressured Emerging Market Equities; JSE Follows Asian Equities Slipped into 1-Month Low; Oil Market Opens Trading With a Mixed Sentiment.
The United States of America is gearing up for another tariff war, not with a country this time around but with a continent, as World Trade organization gives a go-ahead for Trump's Administration to Slap EU with a $7.5 billion in the tariff.
Bulgarian Economist Takes Over IMF, Poses As a Saviour for Poor Country; Kenya Gets Criticized For Buttering-up Foreign Business at the expense of locals; Spanish Investors Eye Nollywood
NCC issues warning to telecoms companies to upgrade their service, or face sanctions; Spain to invest in Nigeria's movie industry; South Africa seeks for lower electricity cost as part of a bid to rescue Eskom; New IMF boss to help countries minimize their risk of economic crises.
Giving up Fat Wallets and Briefcases, Nigerians Doubt Cashless Policy
In Nigeria, the cashless policy was implemented in 2012 by the Central Bank of Nigeria CBN, to checkmate the circulation of excess cash in the country. It prescribed a cash handling charges of 3% on daily withdrawal above five hundred thousand Naira for individuals and 5% deduction on three million Naira for corporate bodies. The policy was first put to use on January 1, 2012, in Lagos State. The service charges were withheld until 30 March of the same year to allow for seamless migration from manual to electronic devices. The second phase commenced in Rivers, Anambra, Abia, Kano State, Ogun, and the Federal Capital Territory on 1 July
2013, while the program nationwide started a year later on 31 July 2014. The cashless policy has been widely embraced by people, but the criticisms it has received is on the deductions to be made the Central Bank on all transactions. This criticism is not only from the masses, but even government officials like the members of the house of representatives, who during a sitting, asked the apex bank to suspend the implementation of the cashless policy, which took effect from Wednesday, 18th September , 2019, till further notice, after due consultation with relevant stakeholders. Chairman of the House Committee on Media and Public Affairs, Mr. Benjamin Kalu said the House was against implementation of the policy as it would cause more hardships for Nigerians, and the house, asked the House Committee on Banking and Currency to meet with the CBN to “ ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks . ” Asides from the fact that it has made cash transactions easier, and faster, it has also made cybercrimes, and robberies easier, with the emptying of peoples' accounts after they were dispossessed of their ATMs, and also the scamming of foreigners by fraudsters commonly known as Yahoo guys. Experts have also picked holes in the CBN's cashless policy, as some experts say said that the charges were unnecessary as they added to the burden that customers already bore, which include deductions for card maintenance fee, Automated Teller Machine withdrawal charge, stamp duty, Commission on Turnover and SMS alert from their accounts. The Registrar, Chartered Institute of Finance and Control of Nigeria, Mr. Godwin Eohoi, called for a downward review of the charges to 0.5 percent for individuals and 1.5 percent for corporate organizations. It is hoped that the Central Bank of Nigeria will channel the cashless policy into its an original function of easing the lives of the populace, also put in place measures that will authenticate and formalize the transactions that are done to check the menace of Advanced Fee Fraud, which is giving Nigeria a bad reputation on the global scene. The cashless policy will also help to curb corruption, and the flow of money which results in an increase of economic growth, and reduce the expenditure incurred in printing and transportation of currency notes.
APCON Practitioners Against APCON Proposed Directive on Vetting Fees
The news about the new policy by the Advertising Practioner Council of Nigeria which require APCON to vets advertisements to conform with the standards of best practice and in accordance with the provisions of the Code of Advertising Practice, and the Laws of the Federation. This policy mandates all advertisements to be submitted for pre-exposure vetting and approval. Organizations and persons wishing to place advertisements in any media must first present the concept(s) for pre-exposure vetting and approval. This policy has attracted a lot of backlashes on social media and we spoke to someone close to the matter at APCON.
Ishaya Ibrahim works directly with Head North-Central Zone of APCON, Ishaya appears not to be sure whether to agree with this proposed directive or not. He sheld more lights on the pros and cons of the proposed directive.
Nigerian Court Convicted P&ID Fraudsters; APCON Clarifies Internet Advertising Screening Policy; Nigeria; Beijing Gets New Airport.....More on the News
Nigeria's Government borrows N767.3 billion from the World bank; APCON to begin vetting of adverts by brands in Nigeria; Consumers of alcohol and cigarettes to pay more in Kenya; New Beijing Airport set for launch.
"the prelude to investing is that you have a solid source of income" - Subomi Plumptre
Subomi joins us in the studio on Breakfast connect, she chats to Godsbaby to discuss on the understanding of what being financially literate means for working professionals. According to Subomi, the prelude to investing is that you have a solid source of income, making money becomes very very important.
Subomi Plumptre heads the Corporate Practice of Alder Consulting, Nigeria’s leading creative intelligence firm. At Alder, she consults on idea development, business strategy, social media strategy, and brand development. She is a Hootsuite Certified Professional.
With an academic background in analytical reasoning, scientific investigation and practical research, Subomi has been a team lead for Alder on a number of diverse Government and Corporate projects including the Educational Sector Transformation Plan of the Federal Ministry of Education, the Reform Programme of the Federal Ministry of Foreign Affairs and the Restructuring of the Ministry of Solid Minerals Development.
She was a strategy team lead for branding programs for the British Council, First Bank, and Guaranty Trust Bank.
Subomi has a wide range of interests. She is an avid investor and was named one of 20 African Women to Watch in Blockchain by Cryptocoin News. She is a Director at Volition Capital, a firm with significant blockchain investments. In recognition of her writings on investing, she was appointed a retail wealth representative for Stanbic IBTC and Meristem Securities.