Investing Port RSS Feed All the latest news from Investing Port https://www.investingport.com Another Trouble as FG Fines Binance $10 Billion for Devaluing the Naira With the suspension of the P2P feature on Binance, Nigerian cryptocurrency traders cannot convert or trade their coins on the platform. The duration of this ban is yet to be determined. The recent statement from Binance officials suggests that they could not meet the federal government's demands, leading to the government's decision to shut down the peer-to-peer feature. In a surprising turn of events, the government has issued a report demanding a $10 billion fine. This penalty is being imposed for allegedly encouraging transactions that led to the devaluation of the naira. The naira had been steadily losing value against the dollar, making it difficult for people to import goods. Related NewsBinance Shuts Down P2P in Nigeria Following Clash With Federal GovernmentBinance Announces It Has Placed a Cap on How Nigerian Traders Who Sell USDT on the PlatformNaira Wins Against the Dollar as CBN and EFCC Goes After BDC Hoarders and BinanceDespite the government's efforts to stabilise the situation, it was discovered that speculators were using Binance, the largest cryptocurrency platform, to operate. The way USDT was trading against the naira was deemed excessive, and Binance's response to the situation was seen as inadequate. Following the government's decision to implement new measures, the EFCC was dispatched to arrest unlicensed BDC operators who were involved in currency racketeering. These arrests significantly impacted their operations, leading to a slowdown in their activities.Just today, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, announced the next thing the government wants from Binance. He made this revelation in a Friday morning interview with the BBC.Onanuga stated that Binance profited substantially from its "illegal transactions" in Nigeria while the nation suffered heavy losses.He also argued that the company is neither registered in Nigeria nor has any presence in the country, adding that some users leveraged the platform to arbitrarily determine dollar-naira rates, which saw a sharp decline in the value of the naira.Giving further clarification to our correspondent, Onanuga stated, "I said compensation is being discussed, and a fine is being contemplated. I used the word 'May'. "READ ALSO: Look Out for These Interview Questions if You Would Like to Land a Product Marketing RoleThe Presidential Spokesperson affirmed that the cryptocurrency exchange platform cooperates with the Nigerian government by providing helpful information and has since suspended naira-denominated transactions.The Office of the National Security Adviser confirmed that the crypto exchange platform is under investigation by Nigerian authorities.The development came months after Binance pleaded guilty, agreeing to pay $4.3 billion to settle criminal money laundering charges levied by the U.S. Department of Justice.]]> Fri, 01 Mar 2024 09:12:47 EST https://www.investingport.com/another-trouble-as-fg-fines-binance-10-billion-for-devaluing-the-naira/ https://www.investingport.com/another-trouble-as-fg-fines-binance-10-billion-for-devaluing-the-naira/ Lafarge Africa’s Board of Directors Propose a Dividend of N1.90 per Unit The Board of Directors of Lafarge Africa recently announced that it will pay shareholders a dividend of N1.90 per unit of its shares for the year ending December 2023, which amounted to a total of N30.60bn. However, it was reported that in 2022, the total dividend payout was N32.22 bn.On Thursday, the firm filed a corporate notice with Nigeran Exchange Limited after the company's board of directors proposed the dividend for shareholders. However, shareholders will deliberate on this decision for that period at Lafarge's next Annual General Meeting (AGM).The notice that was sent to the Nigerian Exchange Limited partly reads,"A final dividend of 190 kobo per unit of 50 Kobo ordinary share, payable from the Pioneer Reserve, will be paid to shareholders whose names are in the register of members as at the close of business on Thursday, March 28, 2024."Related News:Lafarge African Plc Released Q3 Financial Reports With Positive NewsNigerian Stock Exchange Defy Bearish Run to Close February With N390 Billion GainNestle Nigeria Record N104 Billion Due to Naira DevaluationAccording to the cement manufacturing financial statement for the year ending December 2023, it was stated that the firm's revenue increased by 8.6% to N405bn from the corresponding year, which finished with N373bn in 2022.Lafarge's post-tax profit declined by 4.7% to N51.14bn, which was attributed to the devaluation of the naira.Lafarge recorded a higher effective tax rate last year following the expiry of the Pioneer Status Incentive in 2022.Discussing the results experienced, Lolo Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, said,The fundamentals of our business remain strong. Despite extremely challenging macroeconomic headwinds, we grew the top line by 8.6% and improved the operating margin from 22.6% to 25.3% in FY 2023.In the face of material FX devaluation losses and a higher effective tax rate, profit after tax declined YoY by 4.7%. Spalling inflation and unprecedented naira devaluation largely impacted our performance, with the attendant pressure on energy and supply chain costs.Despite these challenges, we maintain a strong free cash flow position and a strong balance sheet, positioning us for sustainable growth over the medium to long term. We are committed to delivering sustainable value to all stakeholders in the coming years, as we have done historically. I want to thank all Lafarge Africa employees and stakeholders for their commitment.The Nigerian infrastructure and construction sector is expected to grow despite inflationary pressure and currency depreciation affecting the economy.As a result, we maintain our positive outlook, expecting increased demand in 2024 as the economy grows.We will continue to maximise volume opportunities across our markets and manage our costs. The company remains committed to its sustainability ambitions and 'Accelerating Green Growth' strategy through innovative building solutions and delivering stakeholder value.READ ALSO: You may come across these interview questions if you are applying for a content creation jobThe issued and fully paid-up Share Capital of the Company as of December 31, 2023, was 16,107,795,721 ordinary shares of 50 kobo each (December 31, 2022: 16,107,795,721 ordinary shares of 50 kobo each).Associated International Cement Limited (AIC UK) and CariCement BV held over 5% of the company's issued share capital.Holcim Limited is an international investor holding its shares in the names of its subsidiaries: AIC UK (27.77%) and CariCement BV (56.04%).The total shareholding of Holcim Limited in the company was 83.81% as of December 31, 2023. While other individuals and institutions held 16.19% of the issued shares.Lafarge Wapco's (WAPCO) share price is currently NGN 31.95. On Thursday, February 29, 2024, WAPCO closed trading at 31.95 NGN per share.]]> Fri, 01 Mar 2024 07:00:32 EST https://www.investingport.com/lafarge-africas-board-of-directors-propose-a-dividend-of-n190-per-unit/ https://www.investingport.com/lafarge-africas-board-of-directors-propose-a-dividend-of-n190-per-unit/ Nigerian Stock Exchange Defy Bearish Run to Close February With N390 Billion Gain The Nigerian Stock Exchange market witnessed an increase following days of a bearish run. Market capitalisation gained N390 billion in Thursday trading, the last day of February 2024. In total, market capitalisation closed for the month at N54.71 trillion, up from N54.32 trillion the previous day after suffering N720 billion loss on Wednesday following investors' reactions to the outcome of the MPC.Drivers for yesterday's trading session were from the banking sector, as various banks experienced increases in market valuation.The NSE experienced a modest upswing, reversing the previous bearish trend, with a gain of 714.28 points in the NGX All-Share Index (ASI), settling at 99,980.3 points, Nairametrics reports.Related News: Market Capitalisation Goes Down by N720 Billion Following Mid-Week SelloffsMarket Analysts Expects a Bearish Run This Week in the NGXBinance Shuts Down P2P in Nigeria Following Clash With Federal GovernmentThere was an improvement in trading activity as there was a total volume of 542.95 million shares traded, which showed a significant increase of 146.72 million compared to the previous session's volume of 396.23 million shares. However, it was reported that the total trading value saw an uptick, with shares worth N8.697 billion changing hands, indicating a 49.28% increase from the N5.83 billion recorded in the preceding session. Top Gainers: GTCO, NEM, JULI, and UBA topped the chart with a 10% gain each to close at N39.60, N6.60, N3.41, and N22.55, respectively, followed by CHAMPION with an increase of 9.97% to close at N3.42.Top Losers: TIP and SUNUASSUR topped the chart with a 10% loss each to close at N1.80 and N1.71, respectively, followed by ETERNA with 9.81% to close at N14.25. CWG lost 9.76% to close at N5.55, while MORISON declined by 9.58% to close at N1.51.Concerning trading activity, UBA led the pack with a volume of 93.71 million units exchanged, closely followed by TRANSCORP with 54.08 million units, JAPAULGOLD with 34.34 million units, STERLING with 28.49 million units, and FIDELITYBK with 27.09 million units. UBA topped the charts regarding transaction value, recording transactions worth N2.07 billion. NESTLE secured the second position with N1.07 billion, followed by Zenith Bank with N768.15 million, TRANSCORP with N692.19 million, and ACCESSCORP with N489.37 million. UBA and GTCO saw significant 10% market value increase among top-tier banking segments. Access Holding, Zenith Bank, and FBN Holdings recorded 9.74%, 7.86%, and 1.27%, respectively, in their market worth. READ ALSO: 2024 UNESCO Internship Program. Apply Now!Back StoryInvestors at the Nigerian Stok Exchange closed on Wednesday in a red zone after investors engaged in sell-off activities, which led to a market capitalisation loss of N720 billion.This is the third consecutive day the bearish trend lasted in the exchange, a loss of N1.54 trillion combined.The All-Share Index and market capitalisation declined by 1.31% to 99,302.37 points, while market capitalisation closed on Wednesday with N54.32 trillion after closing at N55.038 trillion the previous day. The NGX year-to-date returns declined to 32.80%.]]> Fri, 01 Mar 2024 05:53:58 EST https://www.investingport.com/nigerian-stock-exchange-defy-bearish-run-to-close-february-with-n390-billion-gain/ https://www.investingport.com/nigerian-stock-exchange-defy-bearish-run-to-close-february-with-n390-billion-gain/ House of Representatives Moves to Probe MultiChoice Tax Debt The House of Representatives, in a bid to address the MultiChoice tax issue, has initiated an investigation into MultiChoice Nigeria's alleged failure to pay about N1.8 trillion and $342 million in tax revenue to the federal government of Nigeria.The House of Representatives also warns any potential buyer of MultiChoice Nigeria, Multichoice Africa, or any other subsidiary of the Multichoice Group operating in Nigeria to be aware of the company's alleged outstanding debt.This was announced on Wednesday at the plenary after a motion was moved by Hon. Saidu Abdullahi, representing the good people of the Gbako/Bida/Katcha constituency under the All Progressives Congress (APC) platform.Related News:MultiChoice Nigeria Finally Settles With FG as It Offset $37.3 Million Total TaxMultiChoice Rejects a $2.5 Billion Offer From Canal+ to Buy CompanyMultiChoice Blames $72.4 Million Loss to Naira Devaluation and South Africa BlackoutsMoving the motion, Abdullahi stated that MultiChoice, a prominent multinational corporation operating in Nigeria, has been accused of non-remittance of tax revenues due to the Federation, as evidenced by the suppression of information discovered from the submissions in their home country.He added that the Federal Inland Revenue Service (FIR) had engaged a consultant in 2021 under a whistleblowing contract to carry out an audit of the tax obligations of Multichoice Nigeria and MultiChoice Africa to ascertain the company's tax indebtedness to the country, as reported by the LEADERSHIP.The lawmaker stated that their findings led to a backward audit and investigation by the FIRS from 2011 to 2020.Mr Abdullahi said the previous attempts by FIRS to recover the unpaid taxes through legal means, including court proceedings and the subsequent resolution to settle out of court by both parties, have yet to yield the desired result.READ ALSO: 6 Valid Tactics That Can Help You Find Out the Workplace Culture of an OrganizationHe said,The systems audit and investigation have uncovered a staggering debt of over N1.8 trillion in back total taxes for MultiChoice Nigeria and $342 million in value-added tax for MultiChoice Africa. These are taxes that the companies have allegedly never paid since they started business operations in Nigeria. The FIRS levied both amounts upon the Multichoice Group, painting a grim picture of the company's financial practices. As arrangements are underway to sell Multichoice Nigeria and other Multichoice Group Subsidiaries in Nigeria to foreign investors, it's crucial to note that this tax debt remains outstanding. If urgent actions are not taken to recover these tax revenues from the Multichoice Group, Nigeria will lose a significant revenue source that could potentially inject life into the economy.]]> Thu, 29 Feb 2024 10:14:59 EST https://www.investingport.com/house-of-representatives-moves-to-probe-multichoice-tax-debt/ https://www.investingport.com/house-of-representatives-moves-to-probe-multichoice-tax-debt/ Nestle Nigeria Record N104 Billion Due to Naira Devaluation Nestle Nigeria recently announced that its liabilities exceeded its past assets by N78.1 billion in 2023 following the naira's free fall, which affected operations.The company recorded a loss following its recently released audited accounts, published on Wednesday.Nestle Nigeria's total liabilities for 2023 accelerated to N659.8 billion from the corresponding year, which settled at N384.8 billion in 2022 following an increase in foreign exchange loss.Last week, PZ Cussons reported the same losses experienced by the company following a surge in foreign exchange losses following the free fall of the naira. The company's negative net asset was N23.2 billion.Related News:Nestle Nigeria Lose N127.46 Billion in Foreign ExchangePZ Cussons Record £88.2 Million Foreign Exchange Loss Due to Naira DevaluationPZ Cussons Nigeria Plc Fixes EGM Following the Company’s N73.8 Billion LossIt was reported that loans denominated in US dollars constituted more than 60% of Nestle Nigeria's total liabilities. Meanwhile, Nestle's debts increased to N402.3 billion from N155.3 billion within a year when converted into local currency.Nestle Nigeria's net exchange loss after translating foreign currency into naira was N195.1 billion, twenty-two times more than the loss posted a year earlier.Nestle Nigeria reported a loss before tax to N104 billion. Still, a tax credit in the sum of N24.6 billion from fiscal authorities helped cushion the impact of that expense on the bottom line, cutting the loss after tax to N79.5 billion.Nestle Nigeria, the local subsidiary of the Swiss-based world's biggest food company, Nestle S.A., found its way into the country one year after independence in 1961 and has been a powerhouse in the consumer goods space with formidable brands such as Milo, Nescafe, Golden Morn, and Maggi among others.READ ALSO: Likely interview questions and answers for a Graphic Designer in 2024According to the company's website, brands manufactured and traded internationally total more than 2,000.Discussing the report released, Mr Wassim Elhusseni, the Chief Executive Office of Nestlé Nigeria, said, I thank every member of our team for their unwavering commitment and dedication, which resulted in strong revenue growth and operating profit vs 2022 despite the challenging economic environment.The devaluation of the Nigerian naira in 2023, which led to a revaluation of our foreign currency obligations, undoubtedly impacted our financing costs and consequently our profit after tax. However, we remain optimistic about our capacity to overcome the current economic difficulties and emerge stronger.We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment.However, Nestle Nigeria did not declare dividends for the 2023 financial year.The current share price of Nestle Nigeria is NGN 990.00. At the close of Wednesday, trading was at 990.00 NGN per share on the Nigerian Stock Exchange (NGX).]]> Thu, 29 Feb 2024 09:01:14 EST https://www.investingport.com/nestle-nigeria-record-n104-billion-due-to-naira-devaluation/ https://www.investingport.com/nestle-nigeria-record-n104-billion-due-to-naira-devaluation/ Market Capitalisation Goes Down by N720 Billion Following Mid-Week Selloffs Investors at the Nigerian Stok Exchange finished the mid-week in a red zone after investors engaged in sell-off activities, which led to a market capitalisation loss of N720 billion.This is the third consecutive day the bearish trend lasted in the exchange, a loss of N1.54 trillion combined.The All-Share Index and market capitalisation declined by 1.31% to 99,302.37 points, while market capitalisation closed on Wednesday with N54.32 trillion after closing at N55.038 trillion the previous day. The NGX year-to-date returns declined to 32.80%.Related News:Bearish Season Hits NGX as Investors Lose N773 Billion in Tuesday Trading SessionMarket Analysts Expects a Bearish Run This Week in the NGXCBN Resumes $20,000 Daily Forex Sale to 785 BDCs After 3 Years of SuspensionMarket breadth was negative, resulting in only five (5) stocks gaining while 52 declined. Top Gainers: PZ Cussons led the chart with a gain of 10% to close at N29.15, followed by Juli Plc, which gained 9.93% to close trading at N3.10 and Axa Mansard’s stock appreciated by 1.53% to close at N5.30 per unit.Top Losers: FCMB Group, Lafarge Africa, and Nigerian Breweries led the chart with 10% each, decreasing their share prices to N7.20, N31.95, and N30.60.Bearish sentiments were seen across various sectors, particularly in Banking, Insurance, and Consumer Goods, which witnessed declines of 6.90%, 3.72%, and 1.20%, respectively. Sell-sentiments in stocks such as Sterling Financial Holdings, Wema Bank, AccessCorp, United Bank for Africa, NEM Insurance, AIICO, NB, Dangote Sugar, and Honeywell Flour Mill pushed these declines.Also, the Industrial Goods index declined by 0.41% due to adverse price movements in Lafarge Africa and CUTIX, while the Oil & Gas index remained flat.On a positive note, trading activities on the local bourse were in the green zone, with improvements seen in total deals and traded volume rising by 15.40% and 41.28% to 10,549 deals and 396.23 million units, respectively.However, the total traded value mirrored the bearish sentiment, declining by 4.80% to N5.83bn.Transcorp Plc took the lead as the most traded security by volume, with 52.57 million units exchanged in 507 deals, while Zenith Bank topped the charts in traded value at N1 billion.READ ALSO: How to Effectively Use Cold Mail to Land Your Next JobBack StoryOn Tuesday, investors at the Nigerian Stock Exchange closed in a red zone as stocks lost N773 billion following investors' role in sell-offs. On Monday, the NGX lost N50.64 billion after market analysts predicted before the start of the week that bearish sentiment would rule this week.It was reported that the negative performance noticed in the market yesterday was driven by price depreciation in large and medium-capitalised stocks, which are MTN Nigeria Communications (MTNN), NASCON Allied Industries, FBN Holdings (FBNH), Nigerian Aviation Handling Company (NAHCO) and Multiverse Mining and Exploration.The NGX All-Share Index declined by 1,412.64%, representing a loss of 1.39%, to close at 100,582.89 points. The market's year-to-date return declined to 34.52%. However, the market capitalisation value shed N773 billion to close at N55.038 trillion. ]]> Thu, 29 Feb 2024 05:55:04 EST https://www.investingport.com/market-capitalisation-goes-down-by-n720-billion-following-mid-week-selloffs/ https://www.investingport.com/market-capitalisation-goes-down-by-n720-billion-following-mid-week-selloffs/ Binance Shuts Down P2P in Nigeria Following Clash With Federal Government It was reported yesterday that the Nigerian government detained two Binance crypto exchange platform executives. The arrest was made after the two officials of the largest crypto exchange platform arrived in Nigeria to negotiate reforms to stabilise the naira with the government. According to sources, it was known that the two executives arrived in Nigeria on Sunday to discuss the crackdown on the Binance platform with the government.However, on Monday afternoon, it was reported that the executives met with top cyber security officials and other investigators from the National Security Adviser office to discuss ways to address the recent issues. Still, the meeting ended deadlocked as Binance officials declined some of the demands put forward by the Nigerian government.Related News:Binance Announces It Has Placed a Cap on How Nigerian Traders Who Sell USDT on the PlatformNaira Wins Against the Dollar as CBN and EFCC Goes After BDC Hoarders and BinanceCBN Pegs the Payment of Cash Dollar Purchases to a Customer at $500The platform was also accused of operating a business worth billions with a full licence and documentation.Sources stated that the government requested that Binance executives provide data on transactions involving the Nigerian naira (NGN) on the Binance platform in the last seven years. They were also requested to delete some of the Nigerian data to be deleted from the Binance platform.Although it was reported, the Binance executives insisted they should be taken to their respective countries' embassies before they could comply.However, the identities of the detained Binance officials still need to be confirmed. Still, according to some research, it was reported that one was an American, and the other was a British-Pakistani.The Nigerian government also obtained a court warrant to detain the officials for at least twelve days in the first instance.It was reported that the investigation was taken over by the Economic and Financial Crimes Commission (EFCC). At the same time, the two executives were detained at a guest house near the Office of the National Security Adviser.Meanwhile, indications emerged Wednesday that Binance disabled its platform's peer-to-peer function for Nigerian users.Binance P2P allows users, buyers, and sellers to trade without third-party interference, and it became even more popular among Nigerians when the previous administration of former President Muhammadu Buhari banned cryptocurrency in 2021.By disabling the P2P platform for Nigerian users, it's still unclear if Nigerians could still trade on the Binance platform.READ ALSO: You may come across these interview questions if you are applying for a content creation jobBack StoryOn Tuesday, the Central Bank of Nigeria stated that based on their investigations, $26 billion flowed through Binance Nigeria over the past year from "unidentified sources.""In the case of Binance, in the last year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify," Olayemi Cardoso, the CBN governor, said.The apex bank governor also hinted that there is a collaboration among government agencies such as the Securities and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC), the Police, and the Office of the National Security Adviser (NSA) to address such illicit financial activities.Also, last week, it was reported how the Nigerian government blocked the online platforms of Binance and other crypto firms to halt what it described as continuous manipulation of the forex market and illicit movement of funds.Apart from Binance, other cryptocurrency platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others, were equally blocked.In September 2023, Nigeria's Securities and Exchange Commission (SEC) disclaimed Binance Nigeria Limited, saying the platform was "neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal."]]> Thu, 29 Feb 2024 03:59:12 EST https://www.investingport.com/binance-shuts-down-p2p-in-nigeria-following-clash-with-federal-government/ https://www.investingport.com/binance-shuts-down-p2p-in-nigeria-following-clash-with-federal-government/ NCC Instructs Telecom Providers to Block SIMs Not Connected With NIN The Nigerian Communications Commission (NCC) has instructed telecom operators to block subscribers on platforms not linked to the National Identification Number (NIN) on or before February 28, 2024.Dr Aminu Maida, the Executive Vice Chairman of the National Communication Commission, announced this on Wednesday, making a speech at the NCC's Special Day at the ongoing 45th Kaduna International Trade Fair.However, he was represented by the NCC's Director of Public Affairs, Mr Reuben Mouka, who stated that the issue was critical regarding national security, which is mandatory for telecom consumers to link their SIM to their NIN.Related News:Federal High Court Restrains Telecommunication Providers From Disconnecting SIMS Not Linked With NINNigeria GDP Growth Increases by 2.74% Following Reoccuring HardshipCBN Resumes $20,000 Daily Forex Sale to 785 BDCs After 3 Years of SuspensionHe reaffirmed the February 28 deadline given to telecom operators to bar subscribers who failed to link their NIN to their SIM stands.The Executive Vice Chairman of the National Communication Commission, Dr Aminu Maida, spoke at the NCC's Special Day during Wednesday's ongoing 45th Kaduna International Trade Fair.Maida, who was represented by Mr Reuben Mouka, NCC's Director of Public Affairs, insisted that telecom consumers link their NIN to their SIM as a critical national security matter.He reaffirmed that February 28 is the deadline that is given to telecom operators to block subscribers who fail to link their NIN to their SIM."To this end, the National Communication Commission has directed all telecommunication operators to bar phone lines of subscribers whose lines are not linked to their NINs on or before February 28, 2024," he said.Maida also said the NCC was committed to protecting consumers' rights while ensuring their satisfaction. It noted that the commission has created a universally acceptable environment to access affordable and equitable service and supports the nation's economic growth.He added, As a regulator of the telecommunications sector in the country, the Commission carries out its functions to ensure service availability, affordability, and sustainability for all categories of consumers, leveraging ICT/Telecoms to drive personal and business activities.He explained, "By working together, we can create a more vibrant telecommunications industry that contributes significantly to economic recovery and growth."According to him, as of 2023, the telecoms industry's contribution to the nation's GDP stood at 13.5% (Source – Nigerian Gross Domestic Product Report November 2023- A publication of the National Bureau of Statistics).“Conversely, as we promote economic growth through local content development, we must also address consumers' challenges. NCC is committed to protecting their rights while ensuring their satisfaction.”The NCC boss, therefore, urged telecom firms to prioritise customer satisfaction and uphold the highest standards of service delivery, noting that the commission has implemented measures to safeguard the interests of consumers and businesses alike.READ ALSO: Top 5 ways to manage your finances if you just got your jobBack StoryThe Federal High Court in Lagos stopped telecommunication operators from disconnecting sims not linked with their National Identification Number (NIN) by their subscribers. Justice Ambrose Lewis-Allagoa gave the verdict.Justice Lewis-Allagoa ruled while ruling on a suit filed by a lawyer, Olukoya Ogungbeje, seeking to stop the move that infringed on his fundamental rights.Ogungbeje, in a suit numbered FHC/L/CS/667/23, joined the Federal Government of Nigeria, the Attorney General of the Federation and Minister of Justice, MTN Nigeria Communications Plc, and Airtel Networks Nigeria Limited as respondents.]]> Wed, 28 Feb 2024 10:53:58 EST https://www.investingport.com/ncc-instructs-telecom-providers-to-block-sims-not-connected-with-nin/ https://www.investingport.com/ncc-instructs-telecom-providers-to-block-sims-not-connected-with-nin/ CBN Resumes $20,000 Daily Forex Sale to 785 BDCs After 3 Years of Suspension The CBN has announced the resumption of the $20,000 daily forex sale to Bureaux De Change (BDCs) after three years of suspension from the official forex window.According to the approved CBN’s records, 785 BDCs are eligible for the transactions and are expected to access $20,000 each, bringing the daily sales to $15.7 million.This reform was announced by Dr Hassan Mahmud, the Director of the Trade & Exchange Department, and this policy is expected to reduce the distortions in the retail segment of the foreign exchange market by deepening dollar liquidity.Related News:CBN Sells $300 Million to Deposit Money Banks to Stabilise the NairaCBN Pegs the Payment of Cash Dollar Purchases to a Customer at $500Bearish Season Hits NGX as Investors Lose N773 Billion in Tuesday Trading SessionEligible BDCs must deposit their Naira payments into designated CBN Foreign Currency Deposit Naira Accounts. They must also confirm payment and other necessary documentation to facilitate disbursement at the appropriate CBN branches in Abuja, Awka, Lagos, and Kano.However, the number of eligible BDCs dropped from over 4,500 to the current number following the apex bank audit of members, assessment of operational digitisation and rendition of returns.This initiative is part of the efforts to achieve a market-driven exchange rate for the naira and alleviate the pressures feeding into the parallel market.This allocation will be sold at N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of the previous trading day, dated February 27, 2024.This strategy is anticipated to inject much-needed liquidity into the market and stabilise the naira’s value.Also, the circular outlines specific guidelines for the BDC operators, stipulating that all BDCs are permitted to sell foreign exchange to end-users at a margin not exceeding 1% above their purchase rate from the CBN.This measure is intended to prevent excessive markups and protect consumers from price exploitation.The circular reads: “The CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 will be sold to each BDC at N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, February 27, 2024).According to the circular, all BDCs are allowed to sell to end-users at a margin not more than 1% above the purchase rate from CBN.READ ALSO: Possible Interview Questions and Answers for a Product Owner in NigeriaBack StoryIn the recent happenings in stabilising the Naira, the Central Bank of Nigeria has reportedly sold over $300 million to Deposit Money Banks in the last two weeks as ongoing measures to strengthen the naira versus dollar exchange rate tussle that has continued to plummet the prices of things in the country.However, this announcement was disclosed by the Association of Corporate Treasures of Nigeria in an advisory memo distributed to its members and some news outlets nationwide. ]]> Wed, 28 Feb 2024 09:46:40 EST https://www.investingport.com/cbn-resumes-20000-daily-forex-sale-to-785-bdcs-after-3-years-of-suspension/ https://www.investingport.com/cbn-resumes-20000-daily-forex-sale-to-785-bdcs-after-3-years-of-suspension/ Apapa Command of Nigerian Customs Service Generates N16.02 Billion in One Day On Tuesday, the Apapa Command of Nigeria Customs Service (NCS) announced that it generated N16.02 billion on February 23, 2024. Usman Abubakar, the command's public relations officer, said that the amount disclosed is the highest daily revenue that has ever been generated in the history of the command. He said that the remarkable figure generated by the customs at the unit this month surpassed N11.3 billion, which was collected on November 22, 2023, and N10 billion on August 3, 2023. In the release, the Command's Public Relations Officer said that the Command's Customs Area Controller (CAC), Comptroller Babajide Jaiyeoba, described the achievement as one of the expected fallouts of the many strategies put in place.Related NewsNigeria Custom Get N83.14m From Importers At Tin-Can Island, Apapa PortsSenate Approves Nigerian Customs Service N5.079 Budget for 2024CBN Readjust Exchange Rate Following Rejection From StakeholdersIt partly reads, We urge officers and men of the Apapa command to keep up the tempo of zero tolerance for infractions and non-compromise for violating the Nigeria Customs Service Act (NCSA) 2023.The laudable revenue collection in the face of the declining volume of trade was achieved due to weekly strategy meetings between the CAC and sectional heads to continually review and evaluate success and challenges to improve the command's achievements.There has also been more regular stakeholder engagement between the command, sister government agencies, importers, exporters, terminal operators, and all others involved in the cargo clearance and supply chain.Abubakar also disclosed that, under the leadership of Comptroller Jaiyeoba, there has been a remarkable improvement in the number of containers being scanned to save time and operate in line with the expectations of modern customs administration.He added,While commending the officers of the command for their dedication to duty exemplified through punctuality and integrity, the Area Controller urged importers, licensed Customs agents, and freight forwarders to embrace scanning more as the NCS under CGC Bashir Adewale Adeniyi is committed to maximum deployment of ICT for trade facilitation.He described the sincere declaration as a mark of integrity that saves time and money, resulting in a win-win situation for everyone. According to him, not making a sincere declaration is a poor business decision capable of causing delays, leading to the issuance of demand notices and denying the declarants the benefits of enjoying fast track and possible migration to Authorised Economic Operator (AEO) status.READ ALSO: Stanbic IBTC digital trainee program is now open. See how to applyBack StoryThe Nigerian Senate recently approved the 2024 Nigerian Customs Service (NCS) budget, valued at N5.079 trillion. The legislative chamber made this announcement on Wednesday.The passage of the budget into law follows the Senate's approval of the report of the Committee on Customs, Excise, and Tariffs 2024 Budget of the Nigeria Customs Service, which was submitted by Senator Isah Jibrin (Kogi East).The budget includes revenue collection of N5.079 trillion, and the expenditure of N706,434 billion is outlined below based on the approved revenue target for the 2024 fiscal year.The proposed budget expenditure of N706.434 billion for the 2024 financial year will be utilised as follows:Personnel Cost is N225.99 billion, the overhead cost is N111.76 billion, the capital cost of ongoing capital projects is N148.42 billion, and the cost of new capital projects is N220.26 Billion. The report showed that Nigerian Customs adopted some strategies to raise more revenue for the government.Also, The Federal Operations Unit (FOU), Zone A, of the Nigerian Customs Service some weeks back reported that it had recovered N83.14 million from importers who paid lower Customs Duty to the federal government at the Apapa and Tin-Can Island Ports.Compt. Hussein Ejibunu revealed this to journalists in Lagos in a press briefing. He said all the revenue generated was through documentary checks and the issuance of demand notices on consignments that exceeded the two seaports.]]> Wed, 28 Feb 2024 05:53:38 EST https://www.investingport.com/apapa-command-of-nigerian-customs-service-generates-n1602-billion-in-one-day/ https://www.investingport.com/apapa-command-of-nigerian-customs-service-generates-n1602-billion-in-one-day/