Author: Oladi Samuel

The Nigerian Vice President, Kashim Shettima, has said that the federal government is committed to bringing over 30 million unbanked Nigerians into the formal financial system.  According to a statement issued on Thursday by the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, the VP stated this during a high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital. In line with the commitment, the VP said there is an urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. The initiative, which brought together government officials,…

Read More

The Lagos Chamber of Commerce and Industry (LCCI) has called on subnational governments across the country to replicate the federal government’s initiative of creating a livestock ministry.LCCI President, Mr. Gabriel Idahosa, made this appeal during the chamber’s quarterly state-of-the-economy news conference held on Thursday in Lagos.Regarding the establishment of the Ministry of Livestock Development, Idahosa highlighted that the initiative represents a significant shift in Nigeria’s agricultural policy landscape.He emphasized the importance of considering the broader economic and business community implications. Idahosa urged the government to involve all relevant stakeholders in policy formulation and implementation and to establish clear communication channels…

Read More

PalmPay, a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology.More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut.Six other African firms made the list: Flutterwave…

Read More

United Capital Plc recorded a pre-tax profit of N9.06 billion in the first half of 2024, marking a 63% year-on-year growth from the N5.54 billion posted in the corresponding period in 2023.The group posted a gross earning of N15.15 billion in H1 2024, marking a 38% YoY growth from the N11.01 billion recorded in H1 2023. Unlike in 2023, bulk of the group’s income in the 2024 half year were from the group’s N6.3 billion fees and commission income.In the first half of 2024, United Capital’s assets grew by 27% to N1.19 trillion from N931.9 billion as at FYE 2023.Key…

Read More

The Postmaster-General of the Federation, Ms Tola Odeyemi, has said that the Nigeria Postal Service (NIPOST) is going through a reform that would see 50% of its 1,400 offices modernized by 2027. Odeyemi disclosed this at the Nigerian-British Chamber of Commerce (NBCC) event, “NBCC meets Postmaster General” on Thursday in Lagos. According to her, Nigeria is currently pushing to revamp and upgrade logistics and courier processes to world-class standards for improved international mail exchange. “There is work ongoing on the Postal Reform Bill to separate the regulatory arm from the operation arm as many stakeholders are clamouring. By 2027, NIPOST is modernising…

Read More

The United Nations Children’s Fund (UNICEF) has partnered with the National Population Commission (NPC) to incorporate the National Identification Number (NIN) into the country’s digital birth registration system in an initiative aimed at enhancing child identity and citizenship in Nigeria. This move, according to UNICEF, will not only grant children an official identity but also streamline the process of obtaining Nigerian citizenship. The announcement was made by Mr. Denis Onoise, a UNICEF Child Protection Specialist, during an interview with newsmen in Lagos. The interview took place on the sidelines of a two-day media dialogue focused on promoting e-birth registration in the…

Read More

President Bola Tinubu has committed to providing 36 Compressed Natural Gas (CNG) buses to the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC). This initiative is part of the Federal Government’s efforts to mitigate the high cost of living for workers across the country. The President made this pledge on Thursday during a meeting with leaders of the NLC and TUC in Abuja, where they discussed various issues, including the minimum wage. During the meeting, the President also approved a minimum wage of N70,000 for Nigerian workers. This announcement was made by Bayo Onanuga, Special Adviser to President Tinubu on Information…

Read More

The Members of the House of Representatives have unanimously decided to reduce their salaries by half for a period of six months as a demonstration of solidarity and shared sacrifice with the Nigerian people who are currently experiencing economic challenges and food insecurity. This decision was reached during a plenary session on Thursday, where lawmakers unanimously agreed to the salary reduction to support the government’s efforts in tackling the rising cost of food and mitigating hunger across the country. Speaker Tajudeen Abbas presided over the session, during which Deputy Speaker Benjamin Kalu proposed an amendment to the initial motion. Kalu’s amendment recommended…

Read More

Bitcoin, the primary crypto asset has surpassed Mastercard and Visa in terms of daily transaction volume with a staggering $46.4 billion in unfiltered on-chain transactions.  The Primary crypto asset now has a higher daily transaction volume than global payment giants Mastercard and Visa according to Glassnode and CME group research.  The unfiltered On-Chain daily transaction volume of Bitcoin stands at $46.4 billion while the filtered economic transfer volume stands at $6.5 billion.  The increase in daily transaction volume for Bitcoin is as a result of the market resurging from a massive drop last week following the selling pressure heaped on Bitcoin by the…

Read More

President Bola Tinubu has approved a N70,000 minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years. A statement by Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, confirmed the approval on Thursday.  The statement reads:  “President Bola Tinubu has approved  N70,000 minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years. “President Tinubu also promised to find ways to assist the private sector and the sub-nationals to pay the minimum wage.  President Tinubu announced the decisions at the meeting held with leaders of…

Read More