Nigeria’s Federal Competition and Consumer Protection Commission, FCCPC, has indicted Coca-Cola Nigeria Limited and Nigerian Bottling Company for alleged misleading trade descriptions and unfair marketing tactics in their products, using ‘Original Taste, less Sugar’.

FCCPC disclosed this in a statement released on Thursday.

The commission in the statement found Coca-Cola Nigeria and NBC in violation of section 116 of the FCCPC Act as well as section 124 1(a) of the Commission’s Establishment Act.

Detailing the accusation of years of investigation, FCCPC said Coca-Cola Nigeria Ltd and NBC were guilty of deceiving the public by describing the variant of its Coca-Cola ‘Original Taste, Less Sugar’ as the same as its ‘Original Taste’ variant in terms of formulation.

The Commission stressed that the issue of Abuse of Dominance and the appropriate penalty under the FCCPA and Administrative Penalties Regulation 2020 (APR) have been reserved for further regulatory action, with penalties to be imposed in due course.

“Accordingly, and considering that the conduct continues and remains, the Commission has entered, issued and served its Final Order on Coca-Cola and NBC on July 29, 2024. The Final Order contains the Commission’s findings:

“Misleading trade descriptions under Section 116 FCCPA by continuing to mislead consumers to believe Coca-Cola Original Taste is not materially different from Coca-Cola Original Taste ‘Less Sugar’.

“Unfair marketing tactics: Contrary to Section 124(1)(a) of the FCCPA, Coca-Cola Nigeria markets Coca-Cola Original Taste Less Sugar in packaging first, indistinguishable, and now not sufficiently distinguishable from Coca-Cola Original Taste, contrary to Sections 123(1)(a), (b), and (c) of the FCCPA”, the commission stated.

Coca-Cola has yet to react to the accusation as of the time of filing this report.

The Naira recorded its first appreciation against the dollar at the official foreign exchange market on July 23, 2024.

FMDQ data showed that the Naira appreciated to N1608.73 per dollar on Thursday from N1621.12 on Wednesday.

This represents an N12.39 gain against the dollar at the foreign exchange market compared to the N1621.12 traded on Wednesday.

It means the Naira ended July on a positive note at the forex market.

Meanwhile, in the black market, the Naira depreciated between N1610 and 1605 per dollar on Thursday from N1600 the previous day.

The last time Naira gained at the official FX market was on July 23, 2024, when it exchanged at N1500.

The Socio-Economic Rights and Accountability Project, SERAP, says it has dragged the Central Bank of Nigeria to court over allegedly missing N100 billion dirty Naira notes.

SERAP disclosed this in a statement on Sunday by its deputy director, Kolawole Oluwadare.

According to the group, the case was filed last week in suit number FHC/L/MSC/441/2024 at the Federal High Court, Lagos.

It stated that the suit is to direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.

“Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition”, the suit by SERAP’s lawyers, Kolawole Oluwadare and Mrs Adelanke Aremo reads in part.

Meanwhile, the apex bank has yet to officially react to the claim by SERAP as of the time of filing this report.

Earlier, in June, SERAP had issued a 7-day ultimatum to CBN to account for the alleged missing N100 billion dirty notes.

The Nigerian Senate has fixed September for the public hearing to resolve the rift between Dangote Group and Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company Limited and other regulators.

The Chairman of the Senate 15-member Adhoc committee, Bamidele Opeyemi disclosed this on Thursday.

Recall that the Senate President, Godswill Akpabio recently inaugurated the Committee to address all issues relating to disputes between Dangote Group and Nigerian oil and gas sector regulators.

To this end, the Senate vowed to name and expose alleged saboteurs in the sector, which it notes is the lifeblood of Nigeria’s economy, upon conclusion of its probe.

Opeyemi assured that the Ad-hoc committee will not operate like the previous Senate Committee investigating activities in the oil sector over the years without any outcome.

“The ongoing accusations and counter accusations between Dangote and regulators are among the issues that we have been mandated to look into”, he stated.

The Chairman said the ad-hoc committee has written to all the relevant stakeholders in the sector for submission of relevant documents before the public hearing fixed for September 10 to September 12, 2024.

“We will conduct a thorough review of current regulatory frameworks and procedures to identify deficiencies and recommend necessary reforms to prevent such occurrences in the future.

“The Committee is committed to ensuring the highest standards of fuel quality for the Nigerian market”, he added.

Outside the Senate, the House of Representatives has commenced an investigation into the dispute.

Similarly, Minister of State Petroleum Resources (Oil), Heineken Lokpobiri had summoned an emergency meeting between Dangote, the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory, Gbenga Komolafe and the Group CEO of Nigerian National Petroleum Company Limited, Mele Kyari to resolve the crisis facing the sector.

This comes as Ahmed last week stated that diesel from Dangote Refinery is substandard compared to imported ones.

The statement had long sparked mixed reactions within the oil and gas industry.

Meanwhile, Dangote had dismissed Ahmed’s statement insisting that petroleum products from his $20 billion refinery are of high quality.

On Tuesday, the federal government offered an N150,000 grant to each outstanding micro, small, and medium enterprises (MSMEs) in Jigawa.

Vice-President Kashim Shettima announced the offer while launching the 4th edition of the expanded national MSMEs clinic in Dutse.

The clinic is one of the federal government’s strategies for ease of doing business in Nigeria. This will be achieved through a series of business forums organised across the country to provide on-the-spot solutions to challenges confronting MSMEs.

The first, second, and third editions were launched in Benue, Ogun, and Ekiti, respectively earlier this year.

Mr Shettima reiterated the federal government’s support to MSMEs and noted that the N150,000 grant “is an outright grant that does not require beneficiaries to repay.

“President Bola Ahmed Tinubu has mandated that a grant of N150,000 each be awarded to outstanding exhibiting MSMEs at today’s event. Rest assured that this is an outright grant, and the beneficiaries will not need to repay it,” stated the vice-president.

Mr Shettima said that as the foundation of the nation’s economy, the MSMEs sub-sector had remained a top priority of Mr Tinubu’s administration.

He noted that the MSMEs represent 96 per cent of all businesses in Nigeria and contributed more than 45 per cent to its gross domestic product (GDP).

Mr Shettima added that MSMEs provided a crucial lifeline to 80 per cent of the nation’s workforce.

“We recognise your essence, and that’s why we are establishing MSME clinics across the nation. These clinics will act as incubators for small businesses and offer alternative financing. They will also ensure that you have the support and resources you need to compete and thrive,” he noted.

The vice-president observed that the prosperity of small businesses was the prosperity of Nigeria, and their downturn was the downturn of Nigeria.

Mr Shettima urged the business owners not to harbour any fear, assuring that the Tinubu administration would not rest until each “is in a vantage position to access the support and capital made available for them.”

Governor Umar Namadi thanked the federal government for providing democracy dividends to the people of the state through the MSME clinics and related projects scattered across the area.

Mr Namadi urged the existing and aspiring small business owners in the state to take advantage of services provided through the clinics. He described the initiative as a rare opportunity for operators in Jigawa’s sector.

He said the Jigawa government was aligning with the federal government’s ‘Renewed Hope Agenda’ through the ‘Greater Jigawa Initiative’, which provides social protection services and projects for the people.

Asian markets fell Monday as Joe Biden’s decision to drop out of the US presidential race fuelled fresh uncertainty, while traders appeared unmoved by China’s decision to cut interest rates in a bid to boost its stuttering economy.

After last weekend’s assassination attempt on Donald Trump — and the following Republican convention — boosted bets he would win November’s election, investors were trying to work out the ramifications of the latest news out of the White House.

Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Mumbai, Wellington and Manila all fell, though Hong Kong rallied thanks to healthy gains in Chinese tech firms.

London, Frankfurt and Paris all rose at the open.

Stephen Innes said in his Dark Side Of The Boom commentary: “It’s as if the political game of chess has flipped its board, and investors are left picking up the pieces.

“This unexpected twist has injected a hefty dose of political uncertainty into the market, leaving everyone scrambling to determine their next move.”

The developments out of Washington have overshadowed optimism that the Federal Reserve will cut interest rates as soon as September and possibly again before January.

Biden on Sunday gave in to weeks of calls for him to step aside in the wake of a poor debate performance that amplified questions about his health, and endorsed Vice President Kamala Harris to succeed him.

The news has left traders wondering who will go head to head with Trump, whose expected victory had lifted equities and the dollar on expectations for tax cuts and deregulation.

Analysts said markets would likely be volatile in the near term.

“While market instinct will be to say that the news adds a degree of uncertainty to the outcome of the 5 November election that wasn’t present last week, it will be many weeks… before anyone can reasonably determine if the race for the White House is significantly narrower than looked to be case previously,” said National Australia Bank’s Ray Attrill.

“In short, there’ll be more noise than signal on US politics for markets to contend with in the coming few weeks at least.”

Stocks in Asia fell Monday following losses on Wall Street and in Europe, where trade was dominated by a crash in global computer systems — the result of a faulty update to an antivirus program — that hit airports, airlines, trains, banks, shops and even doctors’ appointments.

There was little reaction to news that China’s central bank had cut borrowing costs as leaders look to kickstart the world’s number two economy, which has been hammered by a huge property crisis and weak consumer demand.

The Bank of China lowered the one-year and five-year loan prime rates in a bid to encourage commercial banks to grant more credit.

The decision comes after a closely watched meeting last week of leaders concluded with few major announcements, bar vows to tackle “risks” in the economy.

However, officials pledged Friday to help ease debt pressure on local governments through reforms to the tax system.

Worries about local government finances have been growing for years and have been made worse by a chronic real estate debt crisis, and in April ratings agency Fitch lowered its outlook on China’s sovereign credit.

– Key figures around 0715 GMT –

Tokyo – Nikkei 225: DOWN 1.2 per cent at 39,599.00 (close)

Hong Kong – Hang Seng Index: UP 1.3 per cent at 17,639.71

Shanghai – Composite: DOWN 0.6 per cent at 2,964.22 (close)

London – FTSE 100: UP 0.6 percent at 8,200.51

Euro/dollar: DOWN at $1.0881 from $1.0885 on Friday

Pound/dollar: UP at $1.2917 from $1.2914

Dollar/yen: UP at 156.50 yen from 157.47 yen

Euro/pound: UP at 84.23 pence at 84.27 pence

West Texas Intermediate: UP 0.5 per cent at $80.49 per barrel

Brent North Sea Crude: UP 0.4 per cent at $82.97 per barrel

New York – Dow: DOWN 0.9 per cent at 40,287.53 (close)

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s external reserve increased to $36.89 billion as of July 16 2024 amid the banks’ policy interventions.

Cardoso disclosed this on Friday in Abuja during an engagement with the Senate Committee on Banking, Insurance and Other Financial Institutions.

He noted that the CBN’s monetary policies and actions have stimulated growth and stability in Nigeria’s economy.

Cardoso added that the Naira is on a successful price discovery against the dollar and other FX as the gap between the official and Black market shrinks.

He said, “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil-related taxes and third-party receipts. In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance.”

Nigeria’s external reserve stood at $35.9 billion as of Thursday, 18, July 2024, CBN’s data showed.

The development comes as CBN resumed the Naira defense through the supply of FX to authorized dealers amid a demand spike.

President Bola Tinubu will be unveiling the Preferential Trade Initiative as part of the implementation of the African Continental Free Trade Area, AfCFTA, Guided Trade Initiative, GTI.

Olusegun Olutayo, Senior Trade Policy and Law Expert /Lead Trade Enablement, Nigeria AfCFTA Coordination Office disclosed this in a statement on Friday.

He noted that the launch of the Preferential Trade Initiative will take place on 16th July 2024 at Apapa Port, Lagos.

Commenting on the Initiative, National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, said, “Nigeria signed the AfCFTA Agreement on 7 July 2019, becoming the 34th AfCFTA State Party.

“With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point.”

He further disclosed that “Nigeria is ready to unleash an army of exporters into Africa”.

“Everything Africa needs for Africa is already in Africa,” he added.

Dignitaries expected to grace the launch are the Secretary to the Government of the Federation, the Secretary-General of the AfCFTA Secretariat, the Minister of Trade, Industry and Investment of Nigeria, the Minister of Finance and Coordinating Minister of the Economy, other Government Officials, Ministers Responsible for Trade, the Diplomatic Corps, International Development Partners and Heads of Businesses.

The Federal Government on Monday announced the suspension of duties, tariffs and taxes for the importation of some food items through land and sea borders.

The foods include maize, husked brown rice, wheat, and cowpeas.

Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a 150-Day Duty-Free Import Window for food commodities.

Speaking at a press conference in Abuja, Kyari said: “150-Day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.

“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.

“In addition to the importation by private sector, Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.”

Tracka, a subsidiary of BudgIT, has said that Nigeria allocated N732 billion on vague empowerment projects higher than the N646.5 billion allocated to health projects in the 2024 national budget.

Ayomide Ladipo, the Head of Tracka disclosed this in a statement on Sunday.

Tracka maintained that Nigeria’s empowerment projects were vague and challenging to track due to their nature.

According to Tracka, the huge allocation for empowerment projects would have been channeled to curb the gap in Nigeria’s health sector having the second-highest child mortality rate in the World.

Tracka alleged that empowerment projects were used as a funnel to siphon public resources.

It noted that the National Assembly has 7,447 projects valued at N2.24 trillion in the 2024 budget.

Further analysis of Tracka’s report also showed that over 2,558 projects worth N624 billion were allocated to agencies outside their mandate.

Accordingly, Tracka asked anti-graft agencies in Nigeria to probe these anomalies in the 2024 budget to forestall diversion, misappropriation, and embezzlement.

“Tracka maintains that empowerment projects are vague and challenging to track due to their nature. They are also used as a funnel to transfer public resources to party loyalists, resulting in the misuse of public funds.

“In the 2024 Federal Government budget, there are 4,440 empowerment projects. Previously, empowerment projects were limited to constituency projects, but over the years, they have gradually seeped into capital projects through insertions by the National Assembly. For instance, the National Assembly inserted 7,447 projects valued at N2.24 trillion in the 2024 budget.

“Tracka identifies this as a problematic trend, considering the huge infrastructure gap and budget deficits the nation is grappling with.

“Further analysis also showed that over 2,558 projects worth N624 billion were allocated to agencies outside their mandate. An example is the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) – ERGP20241489 – allocated N5 billion for the Procurement and Distribution of Official Vehicles to Selected Traditional Rulers in the Six Geo-Political Zones in Nigeria (Multiple Lots). Another is the Nigeria Institute of Oceanography and Marine Research (NiOMR) – ERGP20245718 – allocated N2.32 billion to construct a 3.5km Road from Methodist Church Ibu to the Eri River,” the organisation said.

BudgIT’s Country Director, Gabriel Okeowo commenting on Tracka’s discovery said, “The implications of assigning projects to agencies outside of their mandate are that it undermines monitoring, evaluation, and the sustainability of these projects.

“These agencies lack the expertise and personnel to ensure quality service delivery for these projects, leading to under-delivery and a colossal waste of taxpayers’ money and scarce resources.”

Recall that President Bola Ahmed Tinubu signed the N28.7 trillion 2024 budget into law in January this year.

The Chairman of Dangote Group, Aliko Dangote has said that with the right policies implementation, Nigeria’s economy will be revamped in a few months.

Dangote expressed this optimism at the inauguration of the Presidential Economic Coordination Council, PECC, by President Bola Tinubu on Thursday in Abuja.

He said the public and private sectors would work together to reposition Nigeria’s economy.

“This is where the public and private sector will work together. We will advise the government on the type of policies needed to revamp the economy.

“Our economy can be turned around in a few months. Things will soon change. We will work to make sure that things change for the better.”

His assurance comes amid his recent outburst on the Country’s high interest rate which stood at 26.25 percent and its impact on businesses.

The African richest man had also blamed cabals in the oil gas sector for frustrating the full-scale kickoff of his 650,000 barrel per day Lagos-based refinery.

Meanwhile, Dangote has insisted that his $19 billion refinery will commence supply of Premium Motor Spirit, in Mid-July, 2024.

The naira further weakened against the dollar at the foreign market on Wednesday.

FMDQ data showed that the naira slumped to N1512.61 against the dollar on Wednesday from N1509.45 on Tuesday.

This represents a N3.16 loss against the dollar compared to N1509.45 traded on Tuesday.

Similarly, at the parallel foreign exchange market, the naira depreciated to N1520 per dollar on Wednesday from N1515 the previous day.

The development comes as foreign currency transaction turnover dropped to $114.91 million on Wednesday from $213.31 million on Tuesday, according to FMDQ data.

The dollar rose Tuesday and Asia equities were mixed as investors weighed the possibility of another Donald Trump presidency after last week’s poor debate performance by incumbent Joe Biden.

Speculation about a second term for the Republican rose on the Supreme Court’s ruling that all former leaders had “absolute immunity” from criminal prosecution for “official acts” taken while in office but could still face criminal penalties for “unofficial acts”.

The decision comes as Trump faces criminal charges over his attempts to overturn his 2020 election loss to Biden, but that trial had been put on hold while judges considered his immunity claims.

Bets on a second term for the controversial tycoon rose after Thursday’s debate, in which he was widely considered to have come out on top after Biden struggled through answers and stumbled over his lines.

That led to calls for him to step down due to worries over his mental state, but Democrats have pushed back and are reportedly seeking a vote next month that would formally make him the party candidate for November’s poll.

“Those two headlines, and given the reaction to President Biden’s first debate, continue to suggest a Trump presidency is looking more likely at this stage,” Tapas Strickland at National Australia Bank said in a commentary.

Observers said the prospect of another Trump presidency fuelled talk of tax cuts and a fresh spike in inflation, pushing up yields and denting hopes for interest rate cuts.

That, in turn, boosted the dollar against its main peers, pushing back to 38-year highs against the yen, putting Japanese authorities on alert after they previously warned they were ready to intervene in forex markets to support the unit.

The euro was also a little softer, though it managed to hold most of the gains made Monday in a relief rally that came after the far-right National Rally (NR) looked unlikely to win an absolute majority in French legislative elections as had been feared.

President Emmanuel Macron and his allies are now involved in intense campaigning and horse-trading ahead of the second round of polls Sunday as they look to deny NR an absolute majority and control of government.

However, Luca Santos at ACY Securities said: “Based on current results, the two most probable outcomes are a hung parliament without an absolute majority or an RN cohabitation government.

“The high number of constituencies won by the RN, coupled with tight races between left and centre candidates, complicates strategic withdrawals and heightens the risk of an RN cohabitation government, which would be less favourable for the euro.

“Consequently, the euro’s current relief rally is unlikely to persist ahead of the second election round.”

Asian stock markets were mixed, with Hong Kong enjoying a rare surge after a recent run of losses, while Tokyo piled on more than one per cent to end above 40,000 points for the first time since April.

The Naira weakened against the dollar at the official foreign exchange market on Monday.

FMDQ data showed that the Naira closed at N1508.99 against the dollar from N1505.30 recorded last Friday.

This represents a marginal N3.69 appreciation against the dollar compared to the N1505.30 traded on Friday.

However, at the parallel market, the Naira strengthened to N1510 per dollar on Monday from N1515 traded at the close of work last week.

This represents N5 gain against the dollar at the commencement of trading on Monday.

The figure showed that the difference between both FX markets stood at N1.31.

The mixed trading sentiments at both foreign exchange markets amid an increase in Nigeria’s foreign exchange reserves which hit $34.14 billion last week Friday.

Last week, the Central Bank of Nigeria ordered all banks to deposit all excess FX to its branches in Lagos and Abuja.

The Central Bank of Nigeria has released new guidelines for Deposit Money Banks regarding the deposit of foreign currency notes.

This directive was detailed in a circular issued by the Director of Currency Operations, Mohammed Solaja, and posted on the bank’s website on Friday.

The CBN specified that each bank is allowed a maximum daily deposit of $10 million in USD 100 and USD 50 notes.

These deposits can only be made at the CBN branches in Abuja and Lagos.

In the circular with reference number COD/DIR/INT/CIR/001/016, the apex bank directed that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.

Additionally, for smaller denominations of $20 notes and below, the maximum daily deposit is set at $1 million.

“To deepen the foreign exchange market, boost liquidity, and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with correspondent banks”, CBN said.

Tech giant, Apple is reportedly facing a hefty $38billion fine for breaching European regulator rules over the way it runs the App Store.

According to Mail Online, European Union regulators on Monday levelled their first charges under the bloc´s new digital competition rulebook, accusing the tech giant of preventing app makers from pointing users to cheaper options outside its App Store.

The European Commission said that according to the preliminary findings of its investigation, the restrictions that the iPhone maker imposes on developers using its mobile App Store had breached the 27-nation bloc’s Digital Markets Act (DMA).

The company is now facing a fine of 10 per cent of their global revenue for 2023, which came to a staggering $383billion, due to the breach.

The DMA is a sweeping set of regulations aimed at preventing tech ‘gatekeepers’ from cornering digital markets under threat of heavy financial penalties.

The commission opened an initial round of investigations after it took effect in March, including a separate ongoing probe into whether Apple is doing enough to allow iPhone users to easily change web browsers, and other cases involving Google and Meta.

Under the DMA’s provisions, app developers must be allowed to inform customers of cheaper purchasing options and direct them to those offers.

The commission, the bloc’s executive arm, said Apple’s App Store rules ‘prevent app developers from freely steering consumers to alternative channels for offers and content.’

Apple now has a chance to respond to the findings and the commission must make a final decision on Apple´s compliance by March 2025.

The commission kept up the pressure on Apple, simultaneously opening a new investigation into contractual terms that it’s offering app developers.

Regulators zeroed in on a ‘core technology fee’ of 54 cents that Apple is now charging developers for each time their apps are downloaded and installed from outside Apple’s App Store.

The DMA’s provisions open the way for alternative app stores to give consumers more choices.

The commission said the new terms are a ‘condition to access some of the new features enabled by the DMA.

Rivals had criticized the fee, saying it would deter many existing free apps, which don’t pay any fees, from jumping ship,’ the European Commissioner for Competition, Margrethe Vestager, said on social media.

‘We are concerned Apple´s new business model makes it too hard for app developers to operate as alternative marketplaces & reach their end users on iOS,’ Vestager added.

Apple Inc. said over the past several months, it ‘has made a number of changes to comply with the DMA in response to feedback from developers and the European Commission.’

‘We are confident our plan complies with the law, and estimate more than 99% of developers would pay the same or less in fees to Apple under the new business terms we created,’ the company said in a statement.

‘All developers doing business in the EU on the App Store have the opportunity to utilize the capabilities that we have introduced, including the ability to direct app users to the web to complete purchases at a very competitive rate.’

The company said it will ‘continue to listen and engage’ with the commission.

The share market value of Fidelity Bank Plc on the Nigerian Exchange Ltd. (NGX) dropped by N14.4 billion on Thursday amid the opening of an N127.1 billion rights issue and public offer.

At the close of trading, the bank’s stock, which opened at N10.85, lost 45k or 4.15 per cent to close at N10.40 per share, following sell pressure from investors.

Fidelity Bank earlier opened its shares offer for a rights issue and public offer through a combined subscription worth N127.1 billion to meet the Central Bank of Nigeria’s (CBN) recapitalisation directive.

The acceptance and application lists for the rights issue and public offer, which opened on June 20, will close on July 29.

Under the rights issue, 3.2 billion ordinary shares of 50 kobo each were offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan. 5, 2024, at N9.25 per share, totalling N29.6 billion.

For the Public Offer, 10 billion ordinary shares of 50 kobo each were offered to the general investing public at N9.75 per share, totalling N97.5 billion.

However, Fidelity Bank sold 162.1 million shares worth N1.73 billion, compared to 1.1 billion shares valued at N11.3 billion traded in the previous session. Thus, its total market capitalisation on the Exchange stands at N332.93 billion.

Meanwhile, overall, the NGX stock market closed flat, as the market capitalisation, which opened at N56.478 trillion, gained 0.002 per cent or one billion Naira to close at N56.479 trillion.

The All-Share Index also advanced slightly by 0.002 per cent or two points to settle at 99,842.94, compared to 99,840.95 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return rose to 33.53 per cent.

Gains in Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Unilever Nigeria, Guinness, Julius Berger, Transnational Corporation, and other advanced equities dragged the market performance up.

Market breadth also closed positive, with 35 gainers and 17 losers.

On the gainers’ table, Champion Breweries led 34 other advanced equities with a 9.88 per cent increase to close at N3.56 per share.

Transcorp Hotel led 16 other declined equities on the losers’ table with a 10 per cent decrease to close at N90 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 53.64 per cent.

A total of 1.3 million shares valued at N25.33 billion were exchanged in 8,364 deals, compared to 1.38 billion shares valued at N16.48 billion traded in 9,899 deals posted previously.

FBN Holdings led the activity table in volume and value with 871.08 million shares worth N19.12 billion.

The Comptroller-General of Nigeria Customs Service, Adewale Adeniyi has said the service recorded a daily all-time high revenue of N58.5bn on June 13, 2024.

Adeniyi disclosed this on Wednesday in a press conference to mark his one-year in office.

Upon Adeniyi’s appointment as CGC, the service’s revenue surged to N4.49 trillion compared to 2.58 trillion recorded the previous year.

According to him, the average monthly revenue collection of the service increased by 70.13 percent to reach N343 billion,
compared to the N202 billion.

He noted that in the first quarter of 2024, the service revenue collection rose by a substantial 122.35 percent.

Adeniyi attributed the revenue increase to its N15 billion recovery through the Revenue Review Performance Recovery and N2.79 billion recovered from the 90-day window for the regularisation of the documents of uncustomed vehicles and other initiatives.

“Notably, there was a substantial 122.35 percent rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year.

“It is also worthy to note that on June 13, 2024, NCS recorded a daily AII-Time-High of N 58.5 billion in revenue collection”, he stated.

FBN Holdings Plc has confirmed the appointment of Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd; one of its flagship subsidiaries.

Acting Company Secretary of the Holdings, Adewale Arogundade, made the announcement in a statement sent to the Nigerian Exchange Limited on Wednesday in Lagos.

Mr Arogundade said that the approval of the substantive appointment of Mr Alebiosu by the bank’s Board of Directors was subject to the approval of the Central Bank of Nigeria. The board of FBN Holdings on April 21 appointed Mr Alebiosu as the acting managing director/CEO of First Bank.

His appointment followed a sudden resignation of a former Managing Director/CEO of the bank, Dr Adesola Adeduntan, effective April 20, ahead of his official retirement.

Mr Arogundade said that the bank’s board also approved the appointment of Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the CBN.

The company secretary stated that First Bank further approved the appointment of Alao Olatunde-Olaifa as non-executive director of FirstBank, subject to the approval of the CBN.

Before his appointment, Mr Alebiosu was previously Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank, from January 2022 until April 20, 2024.

He was, before then, the Group Executive/ Chief Risk Officer of the bank since 2016.

Mr Alebiosu brings to the executive management of First Bank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to credit risk management, financial planning and control.

He also has experience in credit and marketing, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation, including aviation and shipping and project financing.

Prior to joining First Bank in 2016, Mr Alebiosu served as Chief Risk Officer at Coronation Merchant Bank Ltd., Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy, and Deputy Chief Credit Risk Officer at United Bank For Africa Plc.

Mr Alebiosu is an alumnus of Harvard Business School and Harvard School of Government.

He holds a Bachelor’s degree in Industrial Relations and Personnel Management, and also a Master’s degree in International Law and Diplomacy from the University of Lagos.

Mr Alebiosu also obtained a master’s degree in Development Studies from the London School of Economics and Political Science, and completed the Advanced Management Programme at Harvard Business School.

He is a member of various professional bodies namely: Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.

On his part, Mr Ebong, prior to his appointment, was the Executive Director, Treasury and International Banking of First Bank, from January 2022.

He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s treasurer from 2011 to 2016.

Mr Ebong brings to FirstBank over 20 years’ extensive banking experience, working through a wide variety of trading roles across most treasury products, asset and liability management, treasury sales and marketing, as well as treasury risk management.

Before joining FirstBank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited; the Nigerian registered subsidiary of Renaissance Capital.

He also worked with Citigroup for 14 years as Country Treasurer and Sales and Business Head, and has passion for market development.

Also, Mr Alao-Olaifa has extensive experience cutting across the corporate finance spectrum, including capital raising, deal structuring, debt restructuring, acquisition planning, project financing and asset management.

He is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings with responsibilities covering strategy, corporate finance and principal investment across the group and geographies.

He also sits on the Boards of C&I Leasing Plc and Leadway Pensure PFA.

Mr Alao-Olaifa had previously worked with Lionstone Group as an Associate, Investment Banking and Fidelity Bank Plc as an Assistant Manager in the Corporate Banking division, where he managed blue chip clients.

Justice Inyang Ekwo of the Federal High Court in Abuja has dismissed the fundamental rights enforcement suit filed by the Africa regional manager of Binance Holdings Limited, Nadeem Anjarwalla, against the federal government.

In a short ruling on Wednesday, the judge dismissed the suit against the National Security Adviser, Nuhu Ribadu, and the Economic and Financial Crimes Commission for lack of diligent prosecution.

Justice Ekwo stated that on March 28, which was the date of the previous sitting in the matter, Anjarwalla’s counsel, Tonye Krukrubo, (SAN), had sought leave to withdraw his appearance in the matter, and the application was granted.

He said the matter was adjourned until Wednesday for mention but no lawyer appeared for the applicant (Anjarwalla).

Anjarwalla and his colleague, Tigran Gambaryan, had filed separate human rights enforcement suits, against the NSA and EFCC, seeking an order to release them from detention.

The two Crypto-exchange executives, in the suits marked: FHC/ABJ/CS/355/24 and FHC/ABJ/CS/356/24, sued the ONSA and EFCC as 1st and 2nd respondents.

Kukrubo, whose appearance on Wednesday was solely for Gambaryan, moved a motion seeking to amend his client-originating process.

EFCC’s lawyer, Olarewanju Adeola, however, opposed the motion.

Justice Ekwo granted Krukrubo’s request to amend his application. He held that parties, by law, are entitled to amend their processes before judgment.

“I am minded to grant this amendment,” he said.

The court, however, fined Gambaryan, the sum of N50,000, to be paid to the EFCC, for joining issues in the matter.

Justice Ekwo held that the fine must be paid before the next adjourned date.

He fixed July 9, for the hearing of Gambaryan’s suit, following the hearing of the preliminary objection and the substantive matter.

The duo, in their fundamental rights enforcement suits in separate applications, sought a declaration that their detention and the seizure of their international travel passport contravened Section 35 (1) and (4) of the 1999 Constitution (As Amended).

They claimed the act amounted to a violation of their fundamental right to personal liberty as guaranteed by the constitution, among others.

Anjarwalla and Gambaryan, are both US citizens working for Binance, a crypto exchange platform.

The duo and their company are facing charges bordering on money laundering with the EFCC and tax evasion with the Federal Inland Revenue.

When they were first arrested, they were kept in the custody of the NSA, however, Anjarwalla, absconded from lawful custody on March 22, 2024, to Kenya.