The Naira tumbled massively, falling to a historic low of N1,348.63 against the US Dollar in the foreign exchange market on Monday.

Data from FMDQ showed that the Naira climbed to a record-time low of N1,348.63 per US Dollar on Monday from N891.90 on Friday.

This represents 33.87 per cent or N456.73 weaker than N891.90 recorded at the close of trading on Friday.

On December 8th and 28th last year, the Naira surpassed the N1,000 per US dollar threshold, quoting at N1,099.05 and N1,043.09 per dollar, respectively.

Similarly, the Naira still did not do well in the parallel forex market as the exchange rate depreciated by 2.76 per cent, quoting at N1,450 per US dollar.

The depreciation comes despite the forex turnover at the close of the trading, which was $64.29 million, representing a 36.33 per cent increase compared to the previous day.

The Central Bank of Nigeria released another N500 million to the forex market to clear verified forex backlog.

The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

The Central Bank of Nigeria, CBN, has announced that it is injecting another $500 million to clear the foreign exchange backlog.

Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday, January 29.

She reiterated the bank’s commitment to settling all legitimate forex backlogs quickly.

She noted: “The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”

Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the country’s foreign exchange markets in the short, medium, and long term.

According to the CBN spokesperson, this strategy focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

She added: “As the governor said, the CBN focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”

The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

In December last year, the International Air Transport Association, IATA, threatened to expel Nigeria over the $790 million trapped fund.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has reiterated that the Federal Government is on the verge of digitising its processes to harness the benefits of the digital economy.

Mr Tijani said this at the news conference to mark the Global Data Privacy Day in Abuja Sunday, which has its theme as “Take Control of your data.’’

Data Privacy Day was initiated to raise awareness, promote privacy and data protection best practices, which is currently observed in the US, Canada, Israel, Nigeria, Qatar and 47 European countries.

Celebrated in Nigeria from January 28 to February 4, the event is designed to join the globe to create awareness and ensure that data subjects know their rights.

Mr Tijani said, “A lot of gadgets we use today are interconnected which means the data we are producing daily must be protected and the people producing it too being enlightened. President Bola Tinubu has given us the mandate to transform public services with technology. It means a lot more of the things we do in public service will be digitalised. A lot of the services that citizens consume in the coming months, years will also be digitalised. There may be dangers as we collect and share data, so there is a need for us as government agencies to protect the data appropriately. We need to invest in innovative ways to protect data.’’

According to him, NDPC will be able to provide that role while Galaxy BackBone will help manage the data exchange system and ensure it follows laid down regulations.

The minister also said that companies that produce digital gadgets have a role in ensuring that the data of people they collect is not compromised.

He added that the week would focus on enlightenment because there is a huge gap in the knowledge about data protection.

He said, “The knowledge is lacking because there is no capacity and it is a new way of doing things and we need to consider behavioural change.’’

The Chairman, House of Representatives Committee on ICT and Cybersecurity, Stanley Adedeji, said that the National Assembly would ensure compliance in its mode of data collection.

“In performing our constitutional duties as legislators, we collect a lot of data. We have to make sure the mode in which we collect data is in compliance with the Data Privacy law. This means that we must automate the process of our interaction with MDAs and other organisations,’’ he said.

Mr Adedeji further urged organisations to be compliant and not choose the part of litigation when found culpable.

According to him, the data protection ecosystem is still at the primary stage of development in which every institution should be part of the process.

He added that capacity building is needed for people to get acquainted with the law of Data protection, as well having attitudinal change on data privacy.

He pledged the National Assembly’s support in terms of legislation and collaboration by amending laws that will make NDPC to be more effective and transparent.

The National Commissioner of NDPC, Dr Vincent Olatunji, said they developed a five-year Strategic Roadmap and Action Plan with five pillars in 2023.

Mr Olatunji said that within one year, they had been able to achieve two of the three most challenging targets of the road map but for the awareness part, which requires intensive capacity building.

He stated, “The commission is keen on building a globally competitive pool of data protection officers who will be able to discharge the duties required of them under Section 332 of the Nigeria Data Protection Act. We have identified at least 500,000 data controllers and data processors who need qualified DPOs to meet their obligation under the law.

“We cannot afford to subject this pool to compulsory foreign certifications as this will put pressure on our local currency and defeat the aims and objectives of the Federal Government’s Executive Orders 003 and 005. We have concluded arrangements for the licensing of an indigenous certification body with global standard and international spread to fill the gap.’’

Zenith Bank, National Information Technology Development Agency, Nigerian Communication Satellite Limited, among other agencies were part of the event.

The federal government has restated its commitment to partnering genuine investors in unlocking the full potential of the country’s natural gas resource for national growth and development.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made this known in an address at the Americas Energy Summit and Exhibition in New Orleans, Louisiana, U.S.

The minister said Thursday in a statement that Nigeria was open for business and willing to partner foreign investors and countries with requisite technologies and experience in developing the country’s hydrogen resource.

“We extend an invitation to international partners, stakeholders and investors to collaborate with us in unlocking the full potential of our natural gas resources.

“Recognising the importance of innovation and diversification in the energy sector, Nigeria actively explores opportunities in hydrogen production and deployment,” Mr Ekpo said.

He acknowledged hydrogen’s transformative potential in reducing carbon emissions and fostering a sustainable energy future.

“The Nigerian government is actively setting up the framework for a sustainable energy future. In this pursuit, we are seeking collaborations with countries that have developed expertise and capacity in hydrogen technologies.

“We believe that international partnerships are essential in fostering knowledge exchange and leveraging collective capabilities for the advancement of hydrogen as a clean and sustainable energy solution,” he added.

According to him, international collaboration has become paramount as the world confronts the challenges of climate change.

He explained that Nigeria was steadfast in its commitment to working closely with global partners to exchange knowledge, share best practices and collectively address the challenges and opportunities presented by the dynamic energy landscape.

Mr Ekpo said Nigeria had emerged as a key player in the global energy landscape, particularly in the Liquefied Natural Gas (LNG) sector.

The minister said the government declared 2021 to 2030 as the ‘Decade of Gas’ in Nigeria, an initiative that underscored a commitment to leveraging gas as a cleaner and more environmentally friendly alternative to mitigating the impact of climate change while meeting growing energy demands.

“As the fifth largest exporter of LNG, our nation plays a crucial role in meeting the energy needs of nations worldwide. The sustained growth of the LNG sector in Nigeria reflects our unwavering commitment to responsible energy production and supply,” he said.

A Senior Advocate of Nigeria, Kayode Ajulo, has urged the Economic and Financial Crimes Commission to address growing concerns about media trials of suspects of financial crimes.

Mr Ajulo made the call in a statement in Abuja on Thursday titled ‘Re-evaluation of the EFCC: Ensuring Accountability and Effectiveness’.

He said, “There is a growing apprehension that the EFCC has become overly preoccupied with media trials, theatrics, and grand gestures, rather than adhering to the standards and procedures necessary for effective investigation.”

The lawyer said this approach had led to hasty actions, inadequate evidence gathering and subsequent dismissal of cases by the courts, undermining the pursuit of justice.

According to him, a recent incident that exemplifies these concerns is the alleged prosecution of Governor Dauda Lawal by the EFCC while his case was pending before the Supreme Court.

He said, “However, following his victory in the apex court, the EFCC swiftly shifted its focus to his political rival, former Governor Bello Matawale, now Minister of State for Defence.”

Mr Ajulo recalled that the commission had also accused him of involvement in financial crimes.

He noted that the timing and circumstances surrounding this accusation raised legitimate questions about the EFCC’s impartiality and commitment to due process.

“It is essential to inquire about the EFCC’s inaction during the mandatory screening of the recently appointed minister, where his past activities were expected to undergo thorough review,” he said.

The lawyer said the petition’s origin and the accusers’ credibility must be scrutinised to ensure that ulterior motives or baseless claims did not drive EFCC’s actions.

According to him, stringent procedures should be in place for submitting petitions, saying comprehensive forensic investigative patterns should be employed when dealing with such cases.

He added that this would safeguard the EFCC from embarking on fruitless pursuits and ensure its efforts focused on genuine and substantive cases.

Mr Ajulo said the EFCC played a pivotal role in combating corruption and financial crimes, adding that it was equally crucial to evaluate its operations to address shortcomings critically.

According to the erudite lawyer, such a process necessitated collaboration between the EFCC’s leadership, relevant government bodies, civil society organisations, legal experts and the media.

He added that through open dialogue and collective efforts, the EFCC would restore public trust, enhance transparency, and strengthen its capacity to effectively tackle economic and financial crimes.

The former chief operating officer of Meta, Sheryl Sandberg, is leaving the company’s board of directors.

Ms Sandberg, one of the most high-profile women in the tech industry, said that “this feels like the right time to step away” as Meta is “well-positioned for the future”.

She will serve as an informal advisor to the company going forward.

Meta CEO Mark Zuckerberg thanked her for the “extraordinary contributions” to the company.

Ms Sandberg, 54, joined the firm when it was a small start-up named Facebook. A veteran of Google, she helped turn its advertising business into a profit powerhouse, as the company grew to include Instagram, WhatsApp and Messenger.

Her books, including Lean In: Women, Work, and the Will to Lead – which she described as a “sort of feminist manifesto” – made her a global celebrity.

The company also faced massive criticism under her watch, including misinformation during the 2016 election, the Cambridge Analytica privacy scandal in 2018, and the Capitol riot in 2021.

She posted about her departure in a Facebook post on Wednesday, saying she has a “heart filled with gratitude and a mind filled with memories”.

She said that serving as Facebook and Meta’s COO for over 14 years and a board member for 12 years was “the opportunity of a lifetime”.

Shortly after Ms Sandberg’s announcement, Mr Zuckerberg responded with a short reply.

“Thank you Sheryl for the extraordinary contributions you have made to our company and community over the years,” he commented on her post.

“Your dedication and guidance have been instrumental in driving our success and I am grateful for your unwavering commitment to me and Meta over the years.

“Meta is facing new challenges as countries tighten social media regulations and iPhone maker Apple changes its privacy rules, hitting the social media firm’s targeted ad business.

Growth in the number of Facebook users in key markets, such as the US, has been stalled, and it has lost younger users to rivals such as TikTok.

Arnold Schwarzenegger was detained at a German airport for allegedly failing to declare a luxury watch he was planning to auction for charity.

The Hollywood actor was held for three hours at Munich airport on Wednesday.

An investigation for alleged tax evasion was launched as the watch was intended to be sold within the European Union (EU).

According to EU rules, anyone arriving with “cash or certain valuable items” over €10,000 (£8,580) must declare it.

However, a source told CBS News, the BBC’s US partner, that Schwarzenegger was not asked to fill out a declaration form.

The actor, politician and climate change campaigner was eventually able to pay the tax, but only after overcoming a number of problems.

After an initial card machine did not work, it was discovered that the nearest bank was closed and ATM withdrawal limits were too low, meaning the 76-year-old had to wait for a new card machine to be brought by customs officials, the source said.

The actor’s spokesman told German tabloid Bild that the airport incident was “a total comedy full of errors, but which would make a very funny police film”.

Bild said he “took the incident calmly” and an image it published showed a smiling Schwarzenegger posing for a photo and holding a box for the watch with a note saying “For Austria”.

According to local media, the watch was custom-made for the Terminator star by luxury watchmaker Audemars Piguet, which makes timepieces that can sell for hundreds of thousands of dollars.

The watch was said to be up for auction at a fundraising dinner for The Schwarzenegger Climate Initiative in Kitzbuhel, Austria, about 89 km (55 miles) from Munich, later on Thursday.

A press release for the event, due to take place at the five-star Stanglwirt hotel, said “artworks, signed exhibits, and experiences from the worlds of sports and film” will be up for sale.

An auction listing for the watch, obtained by Bild, said it was one of only 20 in existence, and would include “an image of Arnold in his iconic pose with the words ‘Arnold Classic’. The stated starting price for bids was €50,000

President Bola Tinubu has approved the appointment of a Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to be domiciled in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Among the appointees are MDGIF Governing Council Chairman — Minister of State, Petroleum Resources (Gas), MDGIF Executive Director — Mr Oluwole Adama and MDGIF Governing Council Secretary — Mr Joseph Tolorunshe.

Others are NMDPRA Chief Executive — Engr Farouk Ahmed, representative of the Central Bank of Nigeria (CBN), representative of the Federal Ministry of Finance, MDGIF Independent Member — Ms Amina Maina (North-East), MDGIF Independent Member — Mr Edet David Ubong (South-South) and MDGIF Independent Member — Mr Tajudeen Bolaji Musa (South-West).

A statement by Presidential spokesman, Ajuri Ngelale quoted the President as mandating the appointees to discharge their duties by upholding the highest standards of transparency, discipline, and patriotism in line with his administration’s drive to enhance the role of the gas sector in achieving robust and inclusive economic growth for Nigeria.

Chevron Nigeria Limited has appointed a new Chairman and Managing Director, Jim Swartz.

This was contained in statement made available to The PUNCH on Wednesday by the firm’s General Manager, Policy, Government and Public Affairs Esimaje Brikinn

.According to the statement, Swartz was appointed “as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024.”

Until his appointment, Swartz was the Vice President, Capital Projects based in Houston, USA.

“He brings a wealth of experience in the upstream business and a proven ability to build effective partnerships with stakeholders,” the statement said.

A graduate of the University of Nebraska-Lincoln where he received a Bachelor of Science in Geology, Swartz also obtained a Master of Science in Geology from the University of Oklahoma.

He was said to have joined Chevron in 1990 as a Geologist in Louisiana and has since held positions of increasing responsibility in Angola and the United States.

Swartz replaces Richard (Rick) Kennedy, “who has elected to retire after almost 40 years of service to the company.”

President Bola Tinubu on Sunday directed a thorough and comprehensive inquiry into the alleged misappropriation of N585 million in the Ministry of Humanitarian Affairs and Poverty Alleviation, led by Betta Edu.

“In light of recent events, the President has directed that a thorough and comprehensive investigation be conducted to ascertain the accuracy and validity of the reported details,” a statement signed by the Minister of Information and National Orientation, Mohammed Idris, on Sunday.

The statement is titled ‘Minister of Information and National Orientation addresses circulating narratives on payments made by Ministry of Humanitarian Affairs.’

Edu came under harsh criticism after a leaked memo on December 20, revealed that she directed the Accountant-General of the Federation, Oluwatoyin Madein, to transfer N585m to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups.

The FG said, “The Ministry of Information and National Orientation acknowledges the concerns raised by the public regarding the alleged payment of funds into a private account by the Ministry of Humanitarian Affairs and Poverty Alleviation.

“We are aware of the narratives circulating widely and wish to assure Nigerians that the Government takes these issues most seriously.

“The Federal Government, under the leadership of President Bola Ahmed Tinubu, is transparent and accountable to the people, and committed to ensuring that public funds are allocated and utilized effectively and efficiently to address the needs of Nigerians.”

The Dangote Group has expressed readiness to assist the Economic and Financial Crimes Commission (EFCC) in its investigations, following the commission’s visit to the company’s head office in Lagos.

EFCC operatives, on Jan. 4, embarked on a search mission to the head office of Dangote Group in Lagos.

The search followed the probe of 52 companies by the anti-graft agency over forex transactions in the last 10 years.

The commission is investigating forex allocations to these companies during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).

The Dangote Group gave the assurance in a statement signed by Anthony Chiejina, its group chief, branding and communication on Sunday in Lagos.

According to the statement, the company’s management also doused the concerns of stakeholders and called for their patience and understanding while promising to inform them of any further developments.

The company disclosed that it received a letter from the EFCC on Dec. 6, 2023, requesting for details of every foreign exchange allocated to it by the Central Bank of Nigeria (CBN) from 2014 till date.

It described the request from the commission as not peculiar to Dangote Group, noting that similar letters were sent to 51 other groups of companies requesting for same information spanning same period.

According to the statement, Dangote Group responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the group that they require information on.

It stated that the company also requested for additional time to compile and properly present the extensive documentation spanning 10 years.

“However, the EFCC did not provide the clarification sought and also did not honour the request for an extension and insisted on receiving the complete set of documents within the limited timeframe.

“In spite of this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.

“On Jan. 4, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.

“Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand for the same documents in a manner that appeared designed to cause us unwarranted embarrassment,” it said.

The company emphasised that to its knowledge, no accusations of wrongdoing had been made against any company within its group.

It stated that as a law-abiding and ethical corporate citizen, Dangote Group remained committed to providing the EFCC with all necessary information and cooperation, while it continued to play its key role in stimulating the domestic economy.

“We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents in good time, to aid their investigation.

“Our Group is a key contributor to the national Gross Domestic Product (GDP) the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange and one of the highest taxpayers in the country.

“We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive for investment and value creation for both local and foreign investors,” it said.

The Federal Government has commenced discussions with a Chinese firm, Luan Steel Holding Group, to build a new steel plant in Nigeria and commence the construction of military hardware at the Ajaokuta Steel Plant.

The plan is coming as part of the FG’s efforts to industrialise Nigeria through the steel industry.

This formed the crux of the visit by a delegation of the Minister of Steel Development, Shuaibu Audu; the Minister of Defence, Mohammed Badaru, and the Permanent Secretary of the Ministry of Steel Development, Mary Ogbe, during a tour of Luan Steel Holding Group in Hefei and Guangzhou Regions of China.

PUNCH Online reports that the Mines ministry recently requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company.

It said the collaboration with financial institutions was to seek the best financing options to re-start the light Steel Mill in Ajaokuta and kick-start iron rod production.

Audu, in a statement signed by the ministry’s Head of Press and Public Relations, Salamatu Jibaniya, stated that the trip to China was one of the steps being taken to realise the goals of reviving the steel industry in Nigeria in line with the vision of the current administration.

According to him, work has commenced to create an operational steel industry that would attract billions of dollars of foreign direct investments into the country, open up the nation’s economy, and create hundreds of thousands of job opportunities.

He further noted that the plan to construct military hardware in the Ajaokuta steel plant would help in the fight against insecurity and terrorism.

He said, “We had very meaningful discussions with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing, the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior Executives of the Luan Steel Holding Group.

“Like several other international and local investors, Luan Steel Holding Group has indicated interest in setting up a new Steel Plant in Nigeria, as well as handling a component of the Ajaokuta Steel Plant for building military hardwares in Nigeria.

“The Minister of Defence and I led this delegation, which includes the Permanent Secretary of the Ministry of Steel Development, Dr Mary Ogbe, Sole Administrator/Managing Director of Ajaokuta Steel Company, Mr Sumaila Abdul-Akaba, to enable us to have a first-hand look at the Luan steel plants before arriving at a decision.”

The Minister added, “With all the commitments on the ground, we are optimistic that before the end of President Tinubu’s administration, we will commence commercial steel production in some of the government-owned entities in Nigeria.”

The Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions.

The apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers.

According to the guidelines, cryptocurrency accounts shall be used for only virtual/digital assets and not for any other purpose.

Accordingly, CBN barred cash withdrawals from cryptocurrency and noted that no third-party cheques should be cleared.

“Current trends globally have shown a need to regulate the activities of virtual asset service providers, which include cryptocurrencies and crypto assets.

“An account opened by these Guidelines shall only be used for transactions on virtual/digital assets and not for any other purpose.

“No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared.

“Except for the settlement of a virtual/digital assets transaction, which shall be done through a transfer to another designated account, the withdrawal shall be only through a manager’s cheque or transfer to an account,” it stated.

The developments come after the CBN lifted the ban on cryptocurrency in December 2023.

To this end, Nigeria has joined the rest of African countries like South Africa, Botswana and others to regulate the cryptocurrency market amid its susceptibility to fraud.

The Nigeria Railway Corporation, NRC, has concluded plans to kickstart night operations before the second quarter of 2024.

The Managing Director of NRC, Fidet Okhiria, disclosed this during a recent interview with NAN.

However, he said insecurity is the major hindrance to the commencement of night operations.

He stated that, “what is limiting us is the night operations, and that is not the way trains should operate. The train is meant to operate at all times. People may like to travel in the evening, but because of the security situation in the country, we limit ourselves to the daytime.

“We intend to bring back passenger and freight trains from Port-Harcourt to Aba, Lagos to Kano, and Kaduna because of the dry ports.

“We are going to increase the number of train trips to six on Lagos-Ibadan, Warri-Itakpe, and Abuja-Kaduna, which means the trips will be three times to and three times from, making six trips in a day.”

“The trips will commence before the second quarter of 2024 Right now, they are running four trips—two up and two down across the board”, Okhiria said.

Nigerian billionaire and businessman, Abdulsamad Rabiu, has suffered a significant blow in 2023 with his net worth dropping by $2.5 billion in 2023.

Rabiu remained the second richest man in Nigeria and ranked fourth on Forbes’ list of African billionaires, his net worth decreased to $5.7 billion from $8.3 billion at the start of the year on the Forbes Billionaires rankings.

The free float policy of the Central Bank of Nigeria is principally to blame for this decrease.

In addition, Rabiu, the BUA conglomerate’s founder, lost his position on Bloomberg’s billionaire index as a result of the devaluation of the naira.

In 2023, three months after the naira devaluation strategy went into effect, Rabiu lost one-third of his wealth.

Simultaneously, BUA Cement—a significant source of Rabiu’s wealth—saw a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion.

Zenith Bank Plc has been named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023, underscoring the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions.

Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Dr Ebenezer Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria.

This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector.

Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”

Dr Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary approach to integrating technology into banking, establishing an exemplary model for service delivery at a time when the potential of technology in banking was yet to be fully realised. Dr Onyeagwu remarked, “Technology now stands as the cornerstone of the financial services sector.”

He extended heartfelt thanks to the bank’s clientele for their loyal patronage, to the board for their guidance, and to the staff for their unwavering dedication to building a formidable financial institution.

Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to the banks and bankers who matter.

Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has earned the brand numerous awards, including being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

The National Agency for Food and Drug Administration and Control, NAFDAC, has put in place additional measures to curtail the incidence of unbranded cereals and other food items of industrial sizes.

The director general, Prof. Mojisola Adeyeye, who made the statement at the end of an open dialogue and feedback session with food manufacturing companies, said that the unbranded milk and cereals have their attendant health hazards for the undiscerning consumers because of the mode of dispensing them in unsanitary conditions.

Adeyeye, represented by the director of Food Safety and Applied Nutrition, FSAN, Mrs. Eva Edwards, registered the concerns of the Agency over the perennial problem of ubiquity of bulk food items that are found in the markets, possibly from the manufacturing plants or their suppliers, describing it as unacceptable.

She noted that the items entered the country because companies have applied to use them in the manufacture of their NAFDAC-registered products.

“We are concerned that we find these items being sold in measures, scoops in the open markets. So we are looking at that process of issuing permits for bulk food raw materials very critically,” she said.

According to her, the Agency has put in place additional measures for assessing and verifying the utilisation records of each company that applies for import permits to import bulk food raw materials.

“We don’t want to just see your stock cards, we want to know what you imported in the previous year. We want to know what you used because there are some calculations that we need to make,” she explained.

Egoras Technology, a sustainable transportation solutions firm, has launched a gas-powered tricycle, Egoras Dual-Fuel Tricycle.

The Chief Executive Officer of Egoras Technology, Ugoji Harry, said in a statement that the tricycle was designed to address the challenges posed by the recent subsidy removal.

He noted that the tricycle offered a cost-effective solution for both urban and rural areas, while also contributing to a greener environment.

According to Harry, the dual-fuel tricycle runs seamlessly on both petrol and liquid purified gas, presenting a versatile and eco-friendly alternative for commuters.

He added that in addition to its dual-fuel capabilities, the Egoras Dual-Fuel Tricycle boasts a user-friendly design, facilitating easy maintenance for operators.

According to the CEO of Egoras Technology, the tricycle, which is currently used in some states in the North, South, and South stands out as a reliable and powerful vehicle, boasting impressive technical specifications.

“Constructed with high-quality materials such as aluminium, steel, and carbon fibre, the tricycle ensures durability and reliability in various terrains.

“With a robust 10 horsepower engine, it delivers a combination of strength and efficiency. The tricycle’s top speed of 60kmph further underscores its capability, offering users a swift and dependable mode of transportation,” he stated.

He noted that tricycles had undergone rigourous testing to ensure safety and compliance with industry standards, assuring riders and pedestrians of a secure and efficient mode of transportation.

Harry reiterated that the firm remained dedicated to driving positive change in Nigeria’s transportation landscape, and the launch of the dual-fuel tricycle marked a significant step towards achieving this goal.

“We encourage communities to embrace this sustainable and cost-effective solution, contributing to a brighter, more eco-friendly future.”

He added that the company offered fleet management to help owners manage their tricycles.

“To avail themselves of this service, customers simply need to sign an agreement with the company, ensuring a hassle-free and comprehensive support system for their tricycle ownership.

“We have drivers in our fleet, who can use the tricycle to operate, the agreed funds will be remitted to owners until a certain period before ownership is transferred,” he concluded.

The Central Bank of Nigeria has affirmed the safety of funds in Nigerian banks, emphasising the stability of the country’s banking sector.

The apex bank therefore advised the public to continue with their regular banking activities without succumbing to the alarm caused by unverified reports not originating from the CBN concerning the health status of Nigerian banks.

The CBN stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

In a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, the apex bank said, “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.

“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.

“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”

The clarification comes after the report by the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.

The report fuelled speculations that the CBN may take over Titan Trust Bank (former Union Bank) and Keystone Bank.Obazee, appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.

The Federal Government has announced that it will implement a new regulatory framework for digital money lenders, DMLs, known as loan apps.

The Chief Executive Officer of the Federal Competition and Consumer Protection Commission, FCCPC, Mr Babatunde Irukera, disclosed this in an interview with TVC on Monday.

He said the new regulations would address Nigerians’ rising indebtedness to DMLs.

Irukera noted that the sector’s big problem is that DMLs resort to abuse on loan recovery.

He added that implementing the Commission’s interim framework has led to an 80 per cent reduction in harassment and defamatory messages from loan apps.

“One of the big issues that we’re seeing is that there’s now a significant level of loan default because people are not able to use these unethical and inappropriate loan recovery mechanisms, and I’m insistent that you cannot say to me that the only language Nigerians understand is to abuse them. No, I disagree.

“We must necessarily do the work no matter how hard it is to find a more sensible way to recover loans because I also agree that if these digital money lenders are unable to recover their loans and drop out of the market, it’s a consumer protection problem because of those who need those types of short-term unsecured lending.

“So, we have to find the balance, and some of the regulations that will come out in 2024 will be a broader approach to responsible borrowing and lending by individuals and corporations”, he said.

According to the Commission, it has approved 211 digital money lenders.