Daily News Update
25th September 2018.
Nigeria’s economic growth slides as sovereign debt balloons
Just like in most countries, as external debt is on the rise, economic growth contracts and crumbles irrespective of the multiple actors.
Nigeria’s economic growth has nosedived since the National debt began to swell again. Since 2014, Nigeria’s national external debt has increased 127 percent from $9.7 billion in 2014 to $22.08 billion in June 2018.
CBN’s Skye Bank move will limit risk, says Moody’s
The CBN last week Friday announced the takeover of Skye Bank by a bridge bank called Polaris which has been licensed to operate as a commercial bank in Nigeria and will now manage the assets of the bank.
The rating agency, Moody’s, gave a thumbs up to the Central Bank of Nigeria (CBN) on its decision to take over Skye Bank, Nigeria’s eight largest lender, saying that the license withdrawal will be credit positive for the industry.
In a statement by a Moody’s vice president, Akintunde Majekodunmi, he stated that taking away Skye Bank Plc’s license and transferring its assets and liabilities to Polaris Bank, a newly created bridge bank, will limit the threat of contagion to Nigeria’s banking system from the failure of a systematically important Bank. He added that the shift is positive in that it will contain systemic risks for the Nigerian banking system as a whole.
FG threatens to foreclose licences of gas flaring companies by 2020
The Federal Government is looking to take tougher measures to stamp out gas flaring in the country by 2020.
Ibeh Kachikwu, the minister of state for petroleum resources, has said that the Federal Government will foreclose licences of gas companies still embarking on flaring by 2020.
Kachikwu, who gave the directive on Monday in Abuja at the Gas Aggregation Company Nigeria Limited event themed ‘highlighting the gains and future of domestic gas market’, said that the idea of companies paying for the flared gas would not suffice.
CBN may review MTN’s penalty, says Stanbic IBTC
This is coming six days after the CBN said it was working with the Deposit Money Banks (DMBs) and MTN Nigeria to arrive at an equitable solution over sanctions recently imposed on four banks.
The CBN has written to advice Stanbic IBTC that it will exam new submissions and documentations made by the bank, and where justified, will review its earlier decision on the sanctions it imposed.
APCON to push for Code review to accommodate digital Ad regulation
Advertising Practitioners Council of Nigeria, APCON, is waiting for re-constitution of its board to push for the review of APCON law, specially the code to accommodate digital Ad monitoring and regulation into it.
The council’s new planned move is on background that digital Ad is gradually gaining, accounting fo about 6 percent of Nigeria’s about N120 billion annual above the line Ad spend.
Read more at: page 13 of Business Day newspaper dated the 25th of September 2018.
Pension operators set to explore opportunities in micropensions
The executive management of Pension Fund Operators Association of Nigeria (PenoP) says its members are ready to explore opportunities in the new micro pension scheme billed to take-off in January 2019.
Members of the executive team including Chinedu Ekeocha, chief executive officer of Diamond PFC and Wale Odutola, chief executive officer for ARM Pensions said PenOp in preparation for the take off of the micropension scheme has instituted two committees – Micropension Implementation committee and Shared Services committee.
Africa’s health challenges, investment opportunities under spotlight at United Nations (UN) General Assembly
The United Nations Economic Commission for Africa (UNECA), in partnership with GBCHealth and the Aliko Dangote Foundation is bringing together African leaders and other high-profile personalities to discuss the continent’s health challenges and opportunities for investment.
The partners have organized a meeting themed ‘Africa’s Health and Financing: Pathways to Economic Growth and Prosperity’ which will be held at the United Nations headquarters in New York on 27 September on the side-lines of the UN General Assembly.
It will bring together several African leaders, CEOs and business leaders, philanthropists, as well as high level representatives of the African Union, United Nations, and the African Development Bank to discuss issues relating to health financing in Africa, and early messages from the report on “Healthcare and Economic Growth in Africa”.
Africa Fintech Summit to reflect on technologies transforming finance
Africa’s premier financial technology event, the Africa Fintech Summit which holds biannually and gathers tech experts, disruptors, stakeholders and policy makers to discuss and reflect on technologies impacting the financial industry will be held for the first time in Lagos, Nigeria, in November 2018.
This event comes on the heels of the earlier edition in Washington D.C. which featured leading policy makers, c-suite business executives, start-ups, and investors.