Nigeria
Business
UBA’s Big Dividend: A significant indicator for shareholders and the market
United Bank for Africa (UBA) Plc has captured investors’ attention by declaring a record interim dividend of N2 per share for the first half of 2024, marking a 300% increase from the N0.50 per share declared in the same period of 2023. UBA’s decision to declare such a significant dividend, despite a slight decline in profit after tax (PAT) and its fourth-place ranking in PAT among the FUGAZ (FBNH, UBA, GTCO Access and Zenith Bank), is both bold and appears strategic. This move is also noteworthy, considering the Central Bank of Nigeria’s (CBN) directive that prohibits the use of foreign exchange revaluation gains; a major driver of profitability in the banking sector, for dividend payments.
N15bn debt to fuel marketers stirs fresh controversy
A fresh crisis may be brewing between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (IPMAN), over a N15 billion debt owed the former for unsupplied petroleum products. National President of IPMAN, Mr. Abubakar Garima, stated this on Thursday when he featured on Channel TV’s Sunrise Daily. Garima said its members have yet to load a single truck of Premium Motor Spirit which it has paid for close to three months. “Roughly, it is almost getting to N15 billion. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference. Either they sell to us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery.”
Banks call for calm as customers bemoan service disruptions
Bank customers are experiencing service disruptions nationwide as many banks continue to upgrade their applications for improved service quality and delivery. While the exercise continues, many customers voiced their concerns and frustrations over the impact of the disruptions on their daily lives, especially failure to complete banking transactions. Many banks have explained that the app upgrade, was to improve operational efficiency and enhance customer experience. The banks said the upgrade process remains complex and time consuming, involving the migration of customer data and integration with various channels such as Automated Teller Machines, Unstructured Supplementary Service Data (USSD) and internet banking. Many of the banks provided guidance to customers, advising them to be patience while the disruptions last.
Economy
New bill mandates tax ID for opening bank accounts
A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process. The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”
Band A customers push DisCos revenue up by 48% in 3 months
The Nigerian Electricity Distribution Company (NERC) has stated that revenue generated by the 11 electricity distribution companies (DisCos) increased by 48 per cent in the second quarter of 2024. Daily Trust reports that the increase was due to the hike in electricity tariff for Band A customers which NERC stated was necessitated due to the rising cost of electricity generation that would have pushed the federal government’s subsidy payment to over N2trn by the end of the year. The regulator in its second quarter report stated that the DisCos revenue moved from N291.62bn in the first quarter of 2024 to N431.16bn in the second quarter. The report added that the N431.16bn revenue collected represented 79.31 per cent of the N543.64bn that was billed to customers
Customs processed $937m agricultural exports Q3 – Official
The Nigeria Customs Service, Lilypond Export Command, Lagos, has stated that it processed the export of $937m of agricultural produce and manufactured goods in the third quarter of 2024. The command’s Area Controller, Ajibola Odusanya, disclosed this while addressing journalists at the command in Ijora, Lagos on Thursday. Odusanya attributed the success to the consolidation of all export seats into the command, adding that the “remarkable increase was 407 per cent high from $184m collected in the second quarter of the year, up to $937m collected at the end of the third quarter of 2024.” He explained that in September alone, the command processed 3,363 export containers with a total weight of 221,961.53 metric tonnes valued at $202m
Politics
BREAKING: PDP NWC faction suspends national chairman, Damagum, secretary
The crisis in the Peoples Democratic Party shows no signs of resolution, as a faction of the National Working Committee has suspended the acting National Chairman, Umar Damagum, and National Secretary, Samuel Anyanwu, for alleged disloyalty to the party. Earlier, a faction of the NWC aligned with Damagum announced the suspension of the National Legal Adviser, Kamaldeen Ajibade, and the National Publicity Secretary, Debo Ologunagba, for alleged disloyalty to the party. In a new twist, Ologunagba, in a statement on Friday, also announced the suspension of Damagum and Anyanwu.
Ghana
Business
Youth Entrepreneurship Takes Center Stage: GEA and Mastercard Foundation Support 100 in Oti
The Ghanian Enterprise Agency (GEA), together with the Mastercard Foundation has presented start-up kits to some 100 young persons in the Oti Region. The programme marked by a significant milestone in the agency’s efforts to promote entrepreneurship and job creation. The ceremony, held at Dambai in the Oti Region, aimed to equip beneficiaries with the essential tools and resources to kick-start their businesses. The start-up kits include sewing machines, hairdressing tools among others
Economy
'Except for maize, food prices have remained stable' – Agric Minister on dry spell planning
Food and Agriculture Minister, Bryan Acheampong, opened up about the government’s meticulous planning to cushion the agricultural sector from the impacts of the dry spell experienced this year. The dry spell, which many feared would trigger a food crisis, was anticipated and accounted for well before it struck. “We knew about the dry spell and had projected its impact as far back as February,” Bryan Acheampong revealed, underscoring the Ministry’s proactive stance in mitigating the effects of the adverse weather conditions. “We’ve been working to ensure that if it did happen, we would not feel that much of an effect on our food systems,” he said in a recent interview on Joy News’ PM Express Business Edition
Politics
Printing of Notices of Poll starts today, not Ballot Papers – EC to NDC
The Electoral Commission (EC) has responded to claims made by the National Democratic Congress (NDC) regarding the printing of ballot papers for the upcoming 2024 general elections. The EC clarified that it has not yet begun the printing process, countering the NDC's concerns. However, the Commission noted that preparations are underway. In a statement issued today, Friday, October 11, 2024, the EC confirmed that the printing of the notice of poll will commence on the same day
Kenya
Business
PREO invests £2M to power clean energy innovation in Sub-Saharan Africa
The Powering Renewable Energy Opportunities (PREO) programme has committed over £2 million in catalytic grant funding for its fourth round, supporting diverse, innovative business models across sub-Saharan Africa. Fourteen companies were selected through a competitive open call, each focused on harnessing clean energy to drive a just and inclusive energy transition across the region. This round of funding builds on a broader package of support that PREO has provided since its inception, with over £5.94 million awarded to 34 companies across 11 sub-Saharan African countries, resulting in the creation of 467 jobs. Backed by the IKEA Foundation and UK aid through the Transforming Energy Access (TEA) platform, PREO is delivered in partnership with the Carbon Trust and Mercy Corps’ Energy 4 Impact.
Economy
All Payment Service Providers Will be Linked to Tax Register - Moses Kuria Clarifies
Senior Economic Advisor Moses Kuria has come out to clarify his recent sentiments about the government’s intention to onboard all businesses using mobile money pay bills to the tax register. In his latest statement, the former Cabinet Secretary on Thursday made it clear that the government’s plan to link traders to the tax register would include all payment service providers including banks. Kuria dismissed claims by a section of media outlets claiming that the new model would only affect businesses using mobile money paybills to conduct their transactions. “My attention has been drawn to media reports that my comments on Virtual ETRs at the KRA Summit yesterday were directed at mobile money paybills only,” the senior economic advisor clarified. “This is erroneous as I meant all Payment Service Providers including Telcos and Banks. It's an industry issue,” the former CS added.
Politics
Kindiki, Ndindi Nyoro, Waiguru & Mutahi Kagwe Among Those Tipped to Replace Gachagua as DP
A source privy to the information disclosed that the position could most likely be handed to a potential candidate from the Mt Kenya region, retaining the region’s status in President William Ruto’s administration. According to the reputable source, among those linked with the top job include Interior Cabinet Secretary Kithure Kindiki. The former Tharaka Nithi Senator has been highly tipped to replace Gachagua having been the favourite to be Ruto's running mate before Gachagua was chosen. The Interior CS has also been backed by several leaders as the region's de facto kingpin. Kirinyaga Governor Anne Waiguru is among the leaders whose names have been fronted as a possible replacement for DP Gachagua. If picked, Waiguru would become the first female deputy president in Kenya's history.