Binnabook Magazine: Business News


Showing posts with label Business News. Show all posts
Showing posts with label Business News. Show all posts

Dangote oil refinery will start processing crude in the third quarter of this year 2022

 Nigeria’s giant new Dangote oil refinery will start processing crude in the third quarter of this year. 

Mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, chairman of Dangote Industries Limited, said in a briefing at the plant site in Lagos. 

The plant will start with a processing capacity of 540,000 barrels a day, Dangote said. “Full production can start maybe, by the end of the year or beginning of 2023,” he said. 

The facility, which will cost an estimated $19 billion to build, has an installed capacity of 650,000 barrels per day. Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Dangote, Africa’s richest man, addressed reporters along with Akinwumi Adesina, president of the African Development Bank, which previously provided $300 million loan in support of the project.

The AfDB head and Dangote discussed possible collaboration to expand the billionaire’s businesses to more African countries to take advantage of the free trade area agreement, according to Adesina. They also talked about setting up an industrial manufacturing corps on the continent made up of the engineers that built the refinery. This will ensure that the skills gained can be shared with other countries in Africa and outside the continent.

Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index.

Nigeria Govt to Establish 18 Modular Refineries In Oil-Producing States

 The Federal Government on Wednesday said it was working to establish three modular refineries in each of the oil producing states, particularly in the Niger Delta region.

Going by the plan, the government would have to establish about 18 refineries in the country’s six major oil producing states in the Niger Delta including Rivers, Bayelsa, Akwa Ibom, Delta, Edo and Cross River.

It said the objective was to halt the illegal artisanal refining activities going on in oil producing areas and its impact on residents in the affected locations.

The Minister of State for Environment, Chief Sharon Ikeazor, disclosed this in a statement issued by her ministry in Abuja.

She said, “In a bid to find alternative sources of livelihood for artisanal refiners and to encourage them to disengage completely from their illegal activities, the Federal Ministry of Environment in collaboration with the Office of the Senior Special Adviser to the President on Niger Delta Affairs and other critical stakeholders, are working on the establishment of three modular refineries per state in the oil producing areas as a pilot scheme to engage them (artisanal refiners).

“These modular refineries are intended to be 100 per cent designed and manufactured in Nigeria using the expertise of government institutions such as the Ministry of Petroleum Resources, Federal University of Petroleum Effurun and Ahmadu Bello University Zaria.

“Others include Ministry of Niger Delta Affairs, Niger Delta Development Commission, Petroleum Technology Development Fund, Nigerian Content Development and Management Board, National Agency for Science and Engineering Infrastructure, etc.”

She said the government would also train the artisanal refiners on environmental management, including skills required for oil spill management and remediation.

“The main objective is to enable those participating in illegal/artisanal oil refining to transit into operation of modular refineries to be run legitimately as a business under proper technical, commercial and environmental regulation,” Ikeazor stated.

She added, “It is also the intention of government that other artisanal refiners that cannot be absorbed in the pilot modular refineries will be congregated into business clusters and the Alternative Livelihood Fund in the Hydrocarbon Pollution Remediation Project be utilised to set up businesses for them, especially on the management on spent oil to engage them.

Niger Delta region.

“In fact, the much talked about Port Harcourt soot is caused by the activities of artisanal refineries due to the indiscriminate ‘cooking’ of stolen crude oil which releases very thick black smoke into the atmosphere, and later settles on surfaces as soot,” Ikeazor stated.

She noted that in order to address this issue, the National Oil Spill and Response Agency annually embarked on sensitisation campaigns to host communities in the oil producing states.

Ikeazor said the campaigns were through the agency’s disaster risk reduction programme that focused on the socio-economic implications of artisanal refining, oil theft and pipeline vandalism and the need to bring these illegal activities to an end.

“Similarly, the ministry has sought the support and collaboration of the Minister of Defence and the Minister of State for Petroleum Resources in tackling the menace,” she stated.

I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

 I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

Nigerian socialite and businessman, Obi Iyiegbu aka Obi Cubana has reacted to the allegation linking him to Asian drug barons, IGBERETV reports.

Obi Cubana, on Thursday, January 13, 2022 visited the headquarters of the National Drug Law Enforcement Agency (NDLEA) and spent about four hours. He arrived the NDLEA premises at about 9am based on invitation for clarifications over reports of suspicious payments made into his account by three convicted drug dealers from Malaysia, Nigeria and India. He allowed to go home at about 1.30pm.

In an Instagram live session with Daddy Freeze, Obi Cubana said he was Innocent of the allegation. He said the allegation made him feel so low because he had made a covenant with his God never to be involved in illicit drug trafficking.

See video below.

BUA Foods Plc Receives Approval To List On The Nigerian Exchange

 BUA Foods Plc (“BUA Foods” or the “Company”) is pleased to announce that it has received approval to list on the Main Board of The Nigerian Exchange (“NGX”).

BUA Foods has satisfied the listing requirements of The Exchange and obtained relevant regulatory approvals, as a result, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFOODS”. A total of 18,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the Company.

The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.

Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group said “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

We appreciate the continued support of our stakeholders – financial advisers, stock brokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “the listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings. The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”

For over three decades, the company has maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.

BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain. The company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.

Lebanon Becomes First Arab Country To Legalize Cannabis

 The Lebanese parliament voted to legalize the cultivation of cannabis for medical and industrial use making Lebanon the first Arab country to do so.

The law regarding the infamous plant, which has a great variety of uses such as pharmaceutical, wellness and textile products, passed last April.

The conversation toward legitimizing the farming of cannabis was growing for years in the Mediterranean country, but was pushed in the forefront recently, because of the current economic crisis.

Lebanon suffers from the worst financial and economic disaster in its history, which some officials believe cannabis can help relieve.

Alain Aoun, a senior MP in the Free Patriotic Movement told Reuters “we have moral and social reservations but today there is the need to help the economy by any means”.

According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow to $63.5 billion by 2024.

The market is witnessing an expansional growth mainly due to the legalization and decriminalization of cannabis products worldwide.

Lebanon is the third-largest supplier of cannabis resin, also known as “hashish”, after Morocco and Afghanistan, according to the UN. The plant, which is known to be farmed illegally in the country’s Bekaa Valley, represents a clear opportunity for profit by exporting the crop internationally in an attempt to revitalize the country’s already crippled economy.

Yet, despite all the benefits of economic potential the pro-cannabis law officials have boasted, many expressed their concerns, linked mainly to the lack of confidence in the state’s ability to impose the necessary measures to restrict the legislation to medical ends. There is also the issue of rampant corruption in Lebanon.

Many of the reluctant to give full endorsement to the law fear that any benefit from the legislation will be limited to a small number of people, instead of seeing a trickle down effect from the hashish revenues to the entire population.

In addition, the new law did not decriminalize consumption of the plant or reduce sentences, with all recreational production and use remaining illegal.

Between 3,000 and 4,000 people are arrested for drug crimes each year in Lebanon, the vast majority for the consumption of hashish, according to statistics from the Central Drug Enforcement Office.

Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”

 Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”.

Chukwuma, in an interview with journalists on Tuesday, said the money owed him by the bank would soon surpass their capacity.

Innoson and GTB have had a business dispute leading to a prolonged legal battle.

Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

In July, Innoson had asked a federal high court in Lagos to set aside an order permitting GTB to restructure to a holding company.

But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.

“I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.

“They started fighting about tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of tribe. I don’t know exactly what his problem is.

“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.

“He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

The CEO explained that he would no longer “disturb” the bank to pay the debt.

According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.

“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.

“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.

“I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”

Hustle and Bustle, a club owned by Obinna Iyiegbu, businessman popularly known as Obi Cubana, has been shut indefinitely.

 Hustle and Bustle, a club owned by Obinna Iyiegbu, businessman popularly known as Obi Cubana, has been shut indefinitely.

The management of the club shut down the fun spot after a clubber was electrocuted.

The incident was said to have happened on Sunday.

Confirming the tragic incident, the club said it had suspended activities “till further notice”.

“We are closed till further notice. This is due to the loss of our esteemed client. We are deeply saddened by this situation and need time to heal from it,” the statement read.

“Our prayer are with the families of the lost soul. May her soul Rest In Peace. We sympathize with the family on this unbearable loss. Kindly bear with us as we pass through this storm.”


Sani Dangote, the vice president of the Dangote Group and brother to Aliko Dangote, is dead.

Sani Dangote, the vice president of the Dangote Group and brother to Aliko Dangote, is dead.

 Mr Dangote died in the United States Sunday after a protracted illness, Binnabook Magazine learnt.

Relatively less popular than his billionaire brother, Mr Dangote had investments in manufacturing, agriculture, banking and oil services.

He sat on the boards of several companies including Dangote Cement, Dangote Sugar, Dangote Agro Sacks, Dangote Refinery, Petrochemical and Fertiliser company.

He was better known for his role as the Chairman of Dansa Holdings, a subsidiary of the Dangote Group that produces beverages.

He also owned Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk Pack Services Limited, Dansa Agro Allied Limited, and Dangote Farms Limited.

He was a member of several Chambers of Commerce, a Fellow of the Chartered Institute of Shipping of Nigeria.


Binnaparlour Fast food to Host 2021 Red Carpet Night in Ghana

  Binnaparlour Fast Food set to host the 2021 Red Carpet Night in Manhean Accra Ghana

Last Year Christmas 25th December 2020 Manhean town suburb of Accra witnessed the first Binnaparlour Red Carpet Night; it was a night to remember ,with lot of performance from Top Artistes, Dancers, Fashion and Display of  Africa Food; Art and Culture.

The Red Carpet offered a peek of excitement and  Entertainment to our Customers.

Obinna Pascal Amajuoyi, Kelechi Amajuoyi, Prince Nedu

Sugar Vybe,Top Dancers and Prince Nedu

CEO of Binna Group During the 2020 Red Carpet

The 2020 Binnaparlour Red Carpet was successful, following the Government Covid-19 Protocols, it was a night to remember like many people said during the interview.

This Year 2021 Binnaparlour Fast Food is set to host the 2nd Red Carpet Night edition. ''A DISPLAY OF CLASSICAL GLAMOUR''.

Binnaparlour Red Carpet Night will featuring  Music displays, Art, Drama, Fashion,Dancing ,Food Displays and Expression of Passion.

Top Artiste across Accra, Kumasi,Cape coast ,with top Comedian will be live in Binnaparlour Red Carpet night to make the Occasion colorful and memorable.

The Date of the Red Carpet is schedule to be on the 25th December 2021 at Manhean Accra Ghana.

For Sponsorship you can contact the Management of Binnaparlour for further details. +233558113406


Payhippo Raises $3 Million In Seed Funding To Extend Quick Loans To SMEs

 Nigeria’s lending startup Payhippo has raised $3 million in a seed round, funding the company plans to use in sourcing the talent needed to optimize its technology as it ramps up effort to extend speedy credit to more small and medium-sized enterprises (SMEs) in the West African country.

The round was led by an array of angel investors, including Ham Serunjogi and Maijid Moujaled, the co-founders of the African cross-border payments company Chipper Cash; Olugbenga Agboola of the San-Francisco based payments firm Flutterwave; Bolaji Balogun, the CEO of investment banking firm Chapel Hill Denham; and Hakeem Belo-Osagie, the founder of Metis Capital Partners.

This is the largest amount Payhippo has raised to date after receiving $1 million in pre-seed funding earlier this year.

The company’s co-founder and chief operations officer, Chioma Okotcha, said they are looking to hire more engineers and data scientists.

“We capture our data from the loans we issue, and more talent in the team would allow us to optimize our technology to serve our customers better,” she said.

Payhippo says it disburses short-term loans in less than three hours, a record that remains unmatched by traditional banking institutions in the country, which often require borrowers to meet stringent conditions, like regular account activity and the maintenance of minimum operating balances. A bank loan application also requires a visit to physical branches and extensive paperwork.

“We really focus on keeping this under three hours, and making sure that businesses can get the money they need when they need it. Ours is also a product that works for the SMEs in terms of a flexible repayment structure,” Okotcha said.

SMEs are the force behind Nigeria’s economy accounting for 96% of businesses and 84% of employment in the country. However, a lack of access to credit continues to hinder their growth and limit their contribution to the country’s GDP, according to a study about bank loans and SMEs in Nigeria, published by the Ilorin Journal of Human Resource Management.

It is this financing gap that Payhippo was designed to bridge since it was founded in August 2019.

“We had seen that traditional banks and lenders wouldn’t loan small businesses mainly because there were no credit scores, or the collateral requirements were too high. We decided to come into the market and create an instant financing option, where we create a credit score that allows small businesses to get the liquidity they need to buy inventory for business continuity,” Okotcha told TechCrunch.

“We use data from historical records that borrowers have built with us, but we also check their banking history to see the actual performance of their businesses,” said Okotcha.

Payhippo applies its own credit scoring formula that uses different SME data to determine the value of loans to give out. The loans are disbursed through mobile phones. The average loan disbursed by Payhippo is about $1,300, with the minimum loan being about $200.

The startup, which is part of the 2021 Y Combinator summer cohort, was founded by Okotcha, Zach Bijesse, now the chief executive officer, and Uche Nnadi, the chief technical officer.

Payhippo says it is banking on its fast turnaround time for loan applications to grow its customer base within Nigeria before venturing to other countries. The company says it has so far disbursed about 5,000 loans since inception, valued at $1 million and with a repayment rate of 97%, earning them $64,000 in revenues. It added that the demand for credit is high, fueling its current 25% month-on-month growth.

Going forward, the company targets to tap the credit needs of the nearly 40 million SMEs in Nigeria to grow its business.

“We know that just 1% of the Nigerian market is about 40,000 businesses, and we want to be in a position where we disburse 40,000 loans in a day,” she said.

Payhippo is one among many digital lenders in Nigeria offering short-term loans to SMEs. Others include Carbon and FairMoney. Last year, FairMoney disbursed a total loan volume of $93 million, representing a 128 percentage point increase from 2019. Carbon also disclosed in an earlier interview that it had hit 659,000 customers last year and had disbursed $63 million in loans, an increase of 9.1 percentage points from the 2019 financial year.

COP26 summit in Glasgow- US President Biden Apologises For Trump Exit From Climate Accord

 US President Joe Biden on Monday apologised to world leaders for his predecessor Donald Trump’s withdrawal from a global climate accord and said fighting the crisis should be seen as an economic opportunity.

In a reference to Trump, who withdrew from the Paris climate deal on world action to reduce greenhouse gas emissions, Biden told the COP26 summit in Glasgow that he was sorry.

“I guess I shouldn’t apologize but I do apologize for the fact that the United States in the last administration pulled out of the Paris Accords and put us sort of behind the eight ball a little bit,” he said, noting that one of his first actions on taking office this January was to re-enter the accord.

Trump had argued that the Paris accord killed jobs.

But in his main speech to the UN COP26 summit in Glasgow, Biden said that fighting climate change will boost, not hurt economies.

“Within the growing catastrophe I believe there’s an incredible opportunity — not just for the United States, but for all of us,” he said in his speech to the summit.

He promised US leadership and “action, not words.”

“The United States is not only back at the table but hopefully leading by the power of example. I know that hasn’t been the case and that’s why my administration is working overtime,” he said.

Biden pushed back against criticism that reducing greenhouse gases and reliance on fossil fuels will hurt jobs, arguing that “it’s about jobs”.

Electrifying transport, building solar panels, and wind turbine networks “create good, paying union jobs for American workers”.

Continuing down the current path is already causing economic damage, Biden said.

“We’re standing at an inflection point in world history,” Biden said, citing the proliferation of wildfires, droughts and other climate-related disasters.

“Climate change is already ravaging the world,” he said. It’s not hypothetical. It’s destroying people’s lives and livelihoods.

“We have the ability to invest in ourselves and build an equitable, clean-energy future and in the process create millions of good paying jobs and opportunities around the world.

“We meet with the eyes of history upon us,” Biden told the summit in Glasgow, Scotland. “Every day we delay, the cost of inaction increases, so let this be the moment when we answer history’s call, here in Glasgow.

“God bless you all and may God save the planet,” he said in closing.


The Economic and Financial Crimes Commission (EFCC) has arrested a socialite Obinna Iyiegbu, better known as Obi Cubana

 The Economic and Financial Crimes Commission (EFCC) has arrested a socialite Obinna Iyiegbu, better known as Obi Cubana. 

Obi Cubana is being questioned at the commission’s headquarters in Abuja.  He arrived at the EFCC office around noon on Monday.

Although details of allegations against the Anambra-born tycoon are still sketchy, a source told Channels Television that his case borders on alleged money laundering and tax fraud.

When contacted, the spokesman of the Commission, Wilson Uwujaren said he was yet to be briefed on the development.

Earlier in the year, Obi Cubana made headlines and trended on social media following a lavish burial ceremony for his late mother in the South East state.

His meteoric rise to fame has also seen him feature in comedy skits.

Dr. Joe Okei-Odumakin, widow of the late spokesperson of Afenifere, Yinka Odumakin, was delivered of bouncing twins – A boy and a girl

Dr. Joe Okei-Odumakin, widow of the late spokesperson of Afenifere, Yinka Odumakin, was delivered of bouncing twins – a boy and a girl – at a United States of America hospital on Wednesday, October 27, 2021.

The mother and the babies are in excellent health condition.

The “miracle” birth fulfilled the wishes of the late Odumakin towards the end of his sojourn on earth to have another baby to be named after him.

The couple got married in 1997, had their first baby girl in 2000 and the second, a boy, in 2003. While the girl was named after Joe, the boy was named Abraham after the late Afenifere leader, Pa Abraham Adesanya.

The twins are coming 18 years after the last childbirth.

After he survived a three-day coma in 2020 and a few months before he succumbed to the illness that eventually but unexpectedly claimed his life, YO, as he is fondly called, developed a strong desire for him and his wife to have another baby.

Thank God Joe did not dither or procrastinate as she took in just about the time YO took ill and never recovered.

It was good news that Joe conceived but YO never got to hear the news of his wishes coming to pass as he did not make it out of the ventilator.

He had, however, prophetically left words concerning what the baby or babies should be called if his wishes materialised.

YO was so accurate in his predictions that they could be twins (and their sex) that he gave the names of the babies and told his wife how he would raise them.

While many may interpret this to mean that YO had premonition about his death, it was only a strong desire expressed by him to have babies that he would dot over and who would possibly step into his “aluta” shoes.

It’s a dream come true!

FBN Holdings Plc has confirmed that Mr Tunde Hassan-Odukale is the single-largest shareholder in the company

FBN Holdings Plc has confirmed that Mr Tunde Hassan-Odukale is the single-largest shareholder in the company.

A statement signed by the company secretary, Seye Kosoko, on Wednesday confirmed that Hassan-Odukale and Mr Femi Otedola as the only shareholders with more than five per cent shareholding in the company.

Hassan-Odukale owns 5.36 per cent while Otedola owns 5.07 per cent.

CBN Releases Guidelines For Enaira

 Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the eNaira platform.”

To ensure security of funds, the enaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.

FBN Holdings Plc has reacted to media reports that billionaire businessman, Mr Femi Otedola, has acquired a significant shareholding in the company.

 FBN Holdings Plc has reacted to media reports that billionaire businessman, Mr Femi Otedola, has acquired a significant shareholding in the company.

The holding company for First Bank of Nigeria Limited, in a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

It said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

CBN To Takeover Heritage Bank Over $32 Million Debt

 Information reaching Brand Spur Nigeria has it that there is panic among shareholders, board, and management of Heritage Bank, as the House of Representatives threatened to authorize the Central Bank of Nigeria (CBN) for the takeover of the financial institution.

The lower chamber of Nigeria’s bicameral National Assembly made this threat amidst Heritage Bank’s ineptitude to pay the federal government what it was owing.

According to the Reps’ ad hoc committee on the assessment and status of all recovered loots (movable and Immovable assets) from 2002 to 2020 by agencies of the Federal Government for effective efficient management and utilization, Heritage Bank’s about $32 million debt to the federal government, which is more than its entire share capital.

Issuing the threat, the Chairman of the committee, Adejoro Adeogun, at an investigative hearing in Abuja, maintained that the financial institution cannot be owing more than its share capital.

His words: “If Heritage Bank is owing Nigeria more than its share capital, we will not hesitate to ask the National Assembly to write to CBN to take over Heritage Bank.

“They cannot be owing more than their share capital, sit on it and feel too big to respond to invitations from the National Assembly. Clark, you have to write them, give them till Wednesday next week. That is the last time we are going to give them.”

While the takeover of Heritage Bank might not lead to loss of jobs and customers’ deposits, Brand Spur Nigeria highlights below how the financial institution came into being:

IEI Investments Ltd acquired Societe Generale Bank of Nigeria (SGBN), which was licensed by the CBN after meeting all its requirements. This acquisition happened after the bank failed to meet the apex bank’s new capital requirements of N25 billion or $155 million for a national bank.

IEI Investments’ acquisition led to the birth of Heritage Bank, which later returned100% of existing SGBN account holders’ money which was frozen at the bank’s closure by CBN

Femi Otedola takes over First Bank as largest shareholder with N30bn

 From having a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd which was eventually passed on to the Asset Management Company of Nigeria, billionaire businessman, Femi Otedola has today taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

What this invariably means is that being the largest shareholder, he holds the highest voting shares and can dictate the direction of the bank through his voting power.

In 2019 when he divested his 75% direct and indirect shareholding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum, many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.

They became all the more curious as to what his next move would be. He didn’t keep them guessing too long as he soon announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.

Even though he also had investments in the real estate and financial sector, Otedola singled out First Bank for the single reason that there wasn’t exactly one man calling the shots there, unlike in other new generation banks.

He wasted no time in taking advantage of the leadership crisis that rocked First Bank not too long ago that the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

Otedola made his moves and today, he is the better for it.

Nigeria: Cross River ramps up chicken processing at 24000 birds per day factory as ultramodern poultry begins evacuation of birds

 Cross River ramps up chicken processing at 24000 birds per day factory as ultramodern poultry begins evacuation of birds

Poultry production and protein intake in Cross River in particular and Nigeria in general recently received a major boost as the ultra-modern Cross River state Poultry Farm Limited began the evacuation of birds from the facility to the Cross River Chicken Processing factory.

Situated at Odukpani, an outskirt of Calabar, the Poultry farm and the chicken processing factory both have installed capacity of 24000 birds per day.

The factory and the poultry are part of agro-based industries established by the administration of Governor Ben Ayade to create an economy for the state as well as jobs for the youth.

According to the Special Adviser to the Governor on Media and Publicity, Mr Christian Ita, Calachika which has been ready since last December suffered from inadequate supply of birds prompting the governor to speed up completion of the Poultry Farm.

"We are happy and excited that we are on the verge of producing chicken for commercial consumption. 

So, these are good times. Some persons who thought that this was all a mirage can now see that it is real. The birds are available and as such Calachika will be producing daily near it’s installed capacity.”

Production Manager of Calachika Chicken processing factory, Mr. Zia Ul Haq Abbasy, said the birds are of good quality and expressed confidence that "very soon, our chicken will be all over the Nigerian market. As you can see the birds we have here are of good quality.”

"The factory has an installed capacity of 24000 birds per day and based on my experience in 20 years of poultry processing, I don't find anything lacking in this system that Governor Ayade has installed here", Ziah, a Pakistani, further said.

The factory, he disclosed, was ready to get all the certification needed for export of its products as it has the capacity to expand to 60000 birds per day.

The Central Bank of Nigeria Postpones Launch Of digital currency, eNaira.

 The Central Bank of Nigeria on Thursday announcedthe postponement of the planned unveiling of the digital currency, eNaira.

The launch was initially scheduled for October 1, but was postponed due to other activities lined up to commemorate the country’s 61st Independence Anniversary.

The apex bank’s Director of Communications, Osita Nwasinobi, explained in a statement that the CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria.

The statement was titled, “CBN defers eNaira launch to mark Independence Anniversary”

It read in part, “Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.”

While assuring that there was no cause for alarm, Nwasinobi said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

Reiterating the benefits of the eNaira, he stressed that Nigerians would be able to carry out peer-to-peer transfer to another person’s eNaira wallet as well as pay for goods and services at selected merchants.

He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.

On the readiness of banks and other financial institutions in the financial ecosystem for the launch of the eNaira, he reiterated that the digital currency was a journey.

He explained that not all banks customers were expected to commence transaction on the day of the launch.

The CBN Spokesperson, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency.

Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs in the world.

According to him, the Bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira.

China Backs Russia Against Ukraine and NATO

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