News Agency of Nigeria
Equity market records N824trn gain

Equity market records N824trn gain

4 total views today

By Taiye Olayemi

The Nigerian stock market closed the week on a positive note on Friday as investors gained N824 billion.

This was the fourth positive market performance in the week, after a week uptrend in the previous week.

Market capitalisation surged by 1.00 per cent to reach N83.241 trillion, up from N82.417 trillion recorded on Thursday.

Similarly, the All-Share Index (ASI) rose by 1,301.79 points, or 1.00 per cent, settling at 131,585.66 from its previous close of 130,283.87.

This uptrend was fueled by strong buying interest in medium and large-capitalised stocks including Learn Africa, NCR Nigeria, UPDC, Ellah Lakes, BUA Cement and 41 other stocks.

Also, the market breadth closed positive, with 46 gainers and 25 losers.

NCR Nigeria led the gainers’ chart leading by 10 per cent, ending the session at N6.60 while Learn Africa also increased by 10 per cent, closing at N6.27 per share.

UPDC soared by 10 per cent, settling at N4.84 and Ellah Lakes rose by 9.98 per cent, finishing at N10.80 per share.

Also, BUA Cement gained by 9.98 per cent, closing at N123.40 per share.

On the flip side, Red Star Express declined by 9.97 per cent, settling at N12.92 while Union Dicon Salt dropped by 9.62 per cent, ending the session at N10.80 per share.

Academy shed by 6.67 per cent, finishing at N7.00 and Sterling Nigeria lost by 4.34 per cent, closing at N6.17 per share.

Similarly, First Bank Holding Company fell by 4.10 per cent, settling at N33.95 per share.

3.35 billion shares worth N62.39 billion shares were traded across 28,593 transactions.

This is compared to 1.19 billion shares worth N42.76 billion that was exchanged across 37,418 transactions earlier on Thursday.

Transactions in the shares of First City Monument Bank topped the activity chart with 1.31 billion shares worth N12.63 billion.

Fidelity Bank followed with 1.15 billion shares valued at N23.04 billion while Access Corporation transacted 113.8 million shares worth N3.07 billion.

CHAMS sold 92.62 million shares valued at N293.87 million and Zenith Bank traded 50.7 million shares worth N3.66 billion. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo

London seeks to bridge cross-border transaction gaps for Nigerian tech startups

London seeks to bridge cross-border transaction gaps for Nigerian tech startups

79 total views today

By Funmilola Gboteku

The Deputy Mayor of London, Howard Dawber, has identified the ease of opening accounts in London banks as a major hurdle for Nigerian businesses in facilitating seamless cross-border financial transactions.

Dawber, who was part of the London trade mission delegation to Nigeria, disclosed this to newsmen during the delegation’s visit to Lagos.

The deputy mayor acknowledged that while Nigerian tech startups were innovating and creating valuable solutions, this significant hurdle remained a challenge in facilitating seamless cross-border financial transactions.

He underscored London’s commitment to fostering stronger economic partnership with Nigeria and focusing on addressing the challenges faced by Nigerian tech startups in cross-border transactions.

“We know there are some country-specific regulatory hurdles that need to get sorted out, because they are holding people and businesses back.

“A few people have said to me, it has been really difficult to get a bank account. And these are businesses earning millions of dollars, with real good track record that are working in other countries,” Dawber said.

The deputy mayor said he would take the matter up with UK regulators and was optimistic that a technical solution could be found to better assess the risk posed by businesses seeking London bank accounts.

“There’s a real synergy here, with London seeking to learn from Lagos’s rapidly growing tech sector,” Dawber said.

He revealed that London and Partners, the Mayor’s official promotional agency, was actively exploring opportunities to bring successful Nigerian businesses to London and to facilitate British businesses expansion into Nigeria.

“We are aware that Africa faces some challenges in relation to trade, such as cross-border transactions, infrastructure and internal connections, which include physical connections.

“The cross-border payment issue within Africa, as it relates to UK, is something we can work on with the UK government, to ease payment transaction between Nigeria and UK, and therefore, Lagos and London.

“We are very good at rules in London. We like rules, and we stick to them. And that’s great in terms of dependability, but sometimes, when there’s a global rule, we stick to it a little bit more firmly than everybody else,” Dawber noted.

He added that UK regulators might have been implementing an international system too rigidly, noting that there were better ways to do it.

He added that making it easier for businesses to set up in London and conduct cross-border transactions would have opened up many opportunities for Nigerian businesses and benefited both countries’ economies. (NAN)(www.nannews.ng)

Edited by Christiana Fadare

Expo to boost tech-driven manufacturing growth

Expo to boost tech-driven manufacturing growth

83 total views today

 

 

 

 

 

 

 

By Rukayat Moisemhe

 

The Manufacturers Association of Nigeria (MAN) has said the 2025 Nigeria Manufacturing and Equipment (NME) and Nigerian Raw Materials (NIRAM) Expo will promote technology for sustainable industrial development.

 

 

 

President of MAN, Mr Francis Meshioye, said this on Wednesday during a news conference held in Lagos.

 

 

 

Meshioye said the NME/NIRAM Expo will act as a key platform for adopting home-grown technology to boost local production and reduce reliance on foreign goods.

 

 

 

He said the event will bring together players across the manufacturing value chain to showcase technologies and solutions that support the government’s “Nigeria First” policy.

 

 

 

The joint expo, organised with the Raw Materials Research and Development Council (RMRDC), is with the theme: ‘Accelerating Sustainable Manufacturing through Cutting-edge Technology Solutions’.

 

 

 

“By adopting advanced technologies, we move toward innovation, resilience, and long-term value for all stakeholders,” Meshioye said.

 

 

 

He added that discussions would focus on energy-efficient production, smart factory technologies, and automation using Internet of Things (IoT) and Artificial Intelligence (AI).

 

 

 

According to him, the expo will promote resource optimisation, waste reduction via closed-loop systems, and advanced recycling techniques.

 

 

 

“It will also encourage partnerships with green tech innovators to co-create sustainable, scalable solutions,” he stated.

 

 

 

Meshioye revealed the event, set for Aug. 5 to Aug. 7, will gather equipment manufacturers, processors, fabricators, and stakeholders under one roof.

 

 

 

The event will also allow them to display innovations, machinery, and new technology developed for the local market.

 

 

 

He emphasised the importance of using locally sourced raw materials and support services like domestic funding and logistics.

 

 

 

This, he said, will drive Nigeria’s manufacturing efforts and support a prosperous, sustainable industrial future.

 

 

 

Speaking also, RMRDC Director General, Prof. Martin Muonso, called for better use of Nigeria’s abundant raw materials.

 

 

 

Muonso, represented by Dr Edith Obi, said the partnership with MAN and other stakeholders promotes raw material use and national self-sufficiency.

 

 

 

“We are building a future where Nigerian-made products are celebrated globally,” he said.

 

 

 

He added the expo would unite fabricators, manufacturers, and users to appreciate local innovation and production efforts.

 

 

 

Mrs Kofo Akinkugbe, CEO of Secure ID, said strong investment in research and development is key to building a full production value chain.

 

 

 

She stated that greater investment in research would help produce more local raw materials and ease dependence on imports.

 

 

 

“We imagine a future where essential materials are made locally,” Akinkugbe said.

 

 

 

She noted that this would increase exports, inspire innovation, and open new opportunities for Nigerian manufacturers. (NAN) (www.nannews.ng)

 

Edited by Modupe Adeloye / Kamal Tayo Oropo

Nigeria’s inflation rate further eases to 22.22% in June-  NBS

Nigeria’s inflation rate further eases to 22.22% in June- NBS

95 total views today

By Okeoghene Akubuike

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased further to 22.22 per cent in June 2025.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for June 2025, which was released in Abuja on Wednesday.

According to the report, the headline inflation showed a decrease of 0.76 per cent compared to the 22.97 per cent recorded in May 2025.

Furthermore, the report said ‘on a month-on-month’, the headline inflation rate in June 2025 was 1.68 per cent, which was 0.15 per cent higher than the rate recorded in May 2025 at 1.53 per cent.

“This means that in June 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in May 2025.”

The report said the increase in the headline index for May 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said the three major contributors to the headline inflation on a year-on-year basis were Food and non-alcoholic Beverages at 8.89 per cent, Restaurants and  Accommodation Services at 2.87 per cent, and Transport at 2.37per cent.

The report showed the least contributors were Recreation, Sport, and Culture at 0.07 per cent, Alcoholic Beverages, Tobacco, and Narcotics at 0.08 per cent, and Insurance and Financial Services at 0.10 per cent.

The report said the food inflation rate in June 2025 was 21.97 per cent on a year-on-year basis, which was 18.90 per cent points lower compared to the rate recorded in June 2024 at 40.87 per cent.

“The significant decline in the annual food inflation figure is technically due to the change in the base year.”

It said on a month-on-month basis, the food inflation rate in June was 3.25 per cent, which increased by 1.07 per cent compared to the 2.19 per cent recorded in May 2025.

The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc.

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.76 per cent in June 2025, on a year-on-year basis.

“On a month-on-month basis, the Core Inflation rate was 2.46 per cent in June, which increased by 1.36 per cent compared to the 1.10 per cent recorded in May 2025.”

The NBS said for the newly introduced sub-indices, on a month-on-month basis, Farm Produce and Goods stood at -13.3 per cent and 0.93 per cent compared to May 2025, which were 22.38 per cent and 9.39 per cent, respectively.

“Conversely, Services and Energy stood at 3.26 per cent and -11.0 per cent compared to 1.79 per cent and -0.43 per cent recorded in May, respectively.

The report said that on a year-on-year basis in June 2025, the urban inflation rate was 22.72 per cent.

“On a month-on-month basis, the urban inflation rate was 2.11 per cent in June 2025, which increased by 0.71 per cent compared to May at 1.40 per cent.”

The report said in June, the rural inflation rate was 20.85 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 0.63 per cent in June, which decreased by 1.2 per cent compared to May at 1.83 per cent.”

On states’ profile analysis, the report showed that in June, all items index inflation rate on a year-on-year basis was highest in Borno at 31.63 per cent, followed by Abuja at 26.79 per cent and Benue at 25.91 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Zamfara at 9.90 per cent, followed by Yobe at 13.51 per cent, and Sokoto at 15.78 per cent.

The report, however, said in June 2025, the inflation rate on a month-on-month basis was highest in Ekiti at 5.39 per cent, followed by Delta at 5.15 per cent, and Lagos at 5.13 per cent.

“Zamfara -6.89 per cent, followed by Niger at -5.53 per cent and Plateau at -4.01 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Borno at 47.40 per cent, followed by Ebonyi at 30.62 per cent, and Bayelsa at 28.64 per cent.

“Katsina at 6.21 per cent, followed by Adamawa at 10.90 per cent and Sokoto at 15.25 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Enugu at 11.90 per cent, followed by Kwara at 9.97 per cent, and Rivers at 9.88 per cent.

“Borno at -7.63 per cent, followed by Sokoto at -6.43 per cent and Bayelsa -6.34 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The NBS said based on the recent rebasing of the CPI, hence, the CPI rose to 123.4 in June 2025, which reflected a 2.0 point increase from June 2025.

The News Agency of Nigeria (NAN) recalls that the NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy.

According to him, this is done by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods. (NAN)(www.nannews.ng)

Edited by Ekemini Ladejobi

Africa must rewrite its history powered by its minerals – Alake

Africa must rewrite its history powered by its minerals – Alake

95 total views today

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, says Africa must rewrite its history powered by its minerals for its local development.

Alake, also the Chairman of the Africa Minerals Strategy Group (AMSG), said this at the opening of the fourth edition of the Africans Natural Resources and Energy Investment Summit (AFNIS) on Wednesday in Abuja.

The summit, holding from Wednesday to Friday, is themed “Harnessing Local Content for Sustainable Development”.

He said that the summit was not just for exchanging ideas but to explore opportunities where Africa can benefit from sustained wealth.

According to him, Africa seeks to build a future where its natural wealth is no longer a statistic in someone else’s report.

“We aspire to a continent where its natural wealth serves as a driving force for industrial growth, equity, and sustainable development.

“In line with the aspirations of Agenda 2063, this gathering marks a decisive step towards a development model anchored on our priorities.”

The minister noted that Africa natural resources held immense potential for meeting sustainable development goals, but must adopt policies such as value addition of its minerals to achieve the feat.

“Local content requires Africa to shift away from exporting raw materials and instead build factories, refine minerals, generate power locally, and create jobs.

“We should be building green industrial zones where gas becomes fertiliser, limestone becomes cement, and lithium becomes battery storage.

“The Dangote industrial complexes in Nigeria already demonstrated what is possible when we prioritise local content and integrate value chains. Let us establish more of such investments across Africa, not just in one city or country, but in every region,” he said.

Alake emphasised that for Africa to achieve sustainable development, it must rely on its own capital and ownership, hence Nigeria’s establishment of the Solid Minerals Development Fund.

According to him, the fund will support small-scale miners, build critical infrastructure, and mitigate investment risk in exploration and processing.

He added that one of the major highlights of 2025 AFNIS would be the formal unveiling of the ‘Africans for Africa Fund’, a bold initiative designed to mobilise African capital for African priorities.

“The launch of the Africans for Africa Fund under AFNIS further reinforces this agenda. We want to see our pension funds, banks, and sovereign funds investing in our extractive future.

“When Africans own the value chain, the benefits multiply. Let this summit be the place where bold commitments are made, and where value addition becomes a shared continental goal,” he further said.

Earlier in his remarks, Hassan Joho, Kenya’s Minister for Mining, Blue Economy, Shipping and Maritime Affairs, said that Africa must take decisive steps to add value to its minerals.

Joho said this would be achieved by engaging in meaningful conversations about Africa’s future using the summit’s platform, adding that Kenya remained committed to implementing value chain extraction.

Similarly, the Minister of Power, Adebayo Adelabu, said that as global trends shift toward decentralisation, digitisation, and decarbonisation, Nigeria was working to ensure that local content was beyond a policy slogan.

Adelabu added that the Federal Government was determined to ensure that local content becomes a measurable lever for economic growth, industrial capacity, and energy security.

The News Agency of Nigeria (NAN) reports that ministers of mining from Rwanda, Liberia, Kenya and international delegates from Germany, Australia and UK, among others also presented goodwill messages. (NAN)(www.nannews.ng)

Edited by Deborah Coker

Heirs Insurance Group grows revenue to N31.4bn   

Heirs Insurance Group grows revenue to N31.4bn  

87 total views today

 

 

 

 

 

By Taiye Olayemi

 

 

 

Heirs Insurance Group (HIG) says its revenue increased from N20.5 billion in 2023 to N31.4 billion in 2024.

 

 

 

The group, in its audited financial results for the year ended Dec. 31, 2024, said the figure represented a 53 per cent increase.

 

 

 

It reported a combined Gross Written Premium (GWP) of N61 billion in 2024, reflecting a 70 per cent increase from the N35.8 billion recorded in 2023.

 

 

 

The group’s Profit Before Tax(PBT) rose from N4.8 billion in 2023 to N11.2 billion, representing a 133 per cent year-on-year growth.

 

 

 

It recorded a total of N10.4 billion was paid in claims during the year, compared to N4.18 billion in 2023, marking a 149 per cent growth.

 

 

 

Its total assets also grew by 66 per cent, rising from N55.8 billion in 2023 to N92.9 billion in 2024.

 

 

 

Meanwhile, Heirs life Assurance reported N44.22 billion in gross written premium in 2024 from N23.87 billion in 2023, representing 85 per cent increase.

 

 

 

Its insurance revenue stood at N15.1 billion from N7.3 billion in 2023, indicating 109 per cent growth.

 

 

 

The company’s PBT grew to N5.5 billion, up from N1.88 billion, indicating a remarkable 193 per cent increase.

 

 

 

Total claims paid rose significantly to N5.67 billion, a 120 per cent increase from N2.5 billion paid to customers in 2023.

 

 

 

Investment income rose from N2.8 billion in 2023 to N4.6 billion, marking a 65 per cent increase.

 

 

 

Also, total assets of N66.2 billion when compared to 37.8 billion in the previous year, showing 75 per cent growth.

 

 

 

It gross written premium rose by 42 per cent from N11.9 billion in 2023 to N16.9 billion in 2024.

 

 

 

Insurance revenue stood at N14.3 billion as against N12 billion recorded in 2023, showing 19 per cent growth.

 

 

 

Also, PBT grew by 104 per cent, rising from N2.4 billion in 2023 to N4.9 billion in 2024 while a total of 4.7 billion was paid as claims to policyholders from N3.7 billion the previous year, showing 25 per cent increase.

 

 

 

Heirs Insurance Brokers’ revenue grew by 54 per cent from N1.28 billion in 2023 financial year to N1.97 billion in 2024.

 

 

 

Its PBT appreciated by 53 per cent from N528.59 million in the prior year to N805.91 million in 2024. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

Firm empowers 250 youths in hospitality

Firm empowers 250 youths in hospitality

139 total views today

By Rukayat Moisemhe

Diageo Nigeria, in partnership with Celebr-8 Lyfe and Lagos State Government, has launched a youth empowerment scheme under its flagship Learning for Life (L4L) programme.

The initiative targets 250 Nigerian youths, with special focus on women and People with Disability (PwD), to promote inclusion and economic empowerment.

Mr Adebayo Alli, Diageo Nigeria’s General Manager, confirmed this during the programme’s official launch and Memorandum of Understanding (MoU) signing in Lagos on Monday.

The News Agency of Nigeria (NAN) reports that the MoU was signed with Lagos State Employment Trust Fund (LSETF) and other stakeholders to support the programme.

The agreement underscores a joint commitment to workforce development, gender inclusion, and sustainable employment in the hospitality industry.

Alli said the initiative would benefit 250 unemployed youths from disadvantaged backgrounds across Lagos State.

He explained that 60 per cent of participants would be female, while 10 per cent would be PwD.

He noted that the L4L 2025 edition marked the first rollout of the transformative initiative in Nigeria.

The programme aims to equip participants with practical skills, real-world experience, and job prospects in hospitality and tourism sectors.

According to Alli, this effort aligns with Diageo’s broader commitment to empowerment and sustainable development across Africa.

“We believe economic empowerment starts with opportunity.

“Through Learning for Life, we’re not just building hospitality careers, we’re sparking change that reaches families, communities, and Nigeria’s economy,” Alli said.

Lagos Governor, Mr Babajide Sanwo-Olu, hailed the partnership as a model of effective public-private collaboration for social impact.

Sanwo-Olu was represented by Mr Akinyemi Ajigbotafe, Commissioner for Wealth Creation and Employment.

The governor said the programme specifically addressed unemployment and the need for relevant skills among young people.

He affirmed that women and PwD remain key priorities in the state’s developmental agenda and skills programmes.

Sanwo-Olu pledged to sponsor 250 additional beneficiaries in furtherance of the state’s youth development objectives.

“With youth forming over 60 per cent of our population, we must equip them with tools for global competitiveness,” he said.

He added that the initiative would enable them to contribute meaningfully to Lagos’ economic growth.

“The Learning for Life programme, covering hospitality, bartending, entrepreneurship and retail, is a vital milestone in that journey,” the governor stated.

He commended Diageo Nigeria for identifying the hospitality industry as a driver of inclusive economic empowerment.

Mr Shobhit Jindal, General Manager of Celebr-8 Lyfe, said empowerment should be practical, inclusive, and sustainable.

He noted that the programme goes beyond training, preparing young people to lead and innovate within the hospitality sector.

The L4L curriculum includes key modules such as business essentials, bar skills, teamwork, budgeting, and confidence building.

It also features training on social issues like gender and disability inclusion, sexual harassment prevention, and responsible drinking.

After a one-week classroom and online training phase, participants will enter an 11-week internship in top Lagos hospitality businesses.

These businesses include hotels, bars, restaurants, lounges, and airports, offering hands-on industry experience.

High-performing participants will be offered full-time roles upon completion of the programme.

All trainees will receive transport stipends and post-programme support via the Diageo Bar Academy platform.

Jindal said applications for the first cohort open on July 14 and close on July 28.

In-person training begins on Aug. 11, while internships run from 1 September to Nov. 17.

Successful candidates may receive job offers from mid-November onwards.

Interested applicants can apply via http://bit.ly/3G6557V and visit www.diageobaracademy.com for more details. (NAN)

Edited by Kamal Tayo Oropo

ECOWAS small business coalition hails Commission’s support for women traders

ECOWAS small business coalition hails Commission’s support for women traders

147 total views today

By Lucy Ogalue

The ECOWAS Small Business Coalition (ESBC) has lauded the ECOWAS Commission’s Private Sector Directorate, for supporting women traders across the West African sub-region.

Dr Abdulrashid Yerima, President of ESBC, also lauded the ECOWAS’s strong support and strategic backing that contributed to the success of the recently concluded ECOWAS Caravan 2025.

Yerima praised the synergy among regional actors, partners and delegates who took part in the caravan, saying it turned shared challenges into opportunities.

“To the ECOWAS Commission, particularly the Private Sector Directorate, your leadership continues to steer our region toward inclusive and sustainable growth,” he said.

He described the caravan as a transformational milestone in the advancement of women’s cross-border trade across the West African sub-region.

“The ECOWAS Caravan 2025 was more than a series of events, it was a regional movement that highlighted key barriers facing women traders and brought renewed energy to efforts aimed at dismantling them.

“The bridges we build today become the trade routes of tomorrow’s prosperity,” Yerima said.

He emphasised the caravan’s role in galvanising action toward inclusive trade policies and stronger support for small businesses, especially women-led enterprises.

According to Yerima, the Private Sector Directorate’s role in coordinating resources, facilitating partnerships, and amplifying advocacy is crucial to the success of the caravan.

“Your proactive collaboration and unwavering commitment ensured that the voice and mission of the coalition were not only heard but felt across the region,” he said.

The coalition boss said that the caravan helped to forge new alliances, strengthen regional policy dialogue, and inspire collective resolve.

He said this also helped to improve the enabling environment for small businesses and informal cross-border traders.

Yerima said the caravan was a symphony of ideas that must be transformed into long-term regional initiatives and policy reforms to support trade facilitation, remove bottlenecks, and unlock prosperity for women entrepreneurs.

The ECOWAS Caravan 2025 is part of ongoing regional efforts to accelerate the goals of the ECOWAS Vision 2050, which prioritises economic integration, private sector development, and gender inclusion across West Africa. (NAN)(www.nannews.ng)

Edited by Mark Longyen

Negative credit history limits MSMEs’ access to funding – Expert

Negative credit history limits MSMEs’ access to funding – Expert

127 total views today

By Rukayat Moisemhe

Credit expert, Mr Gbemi Adelekan, has warned that a negative credit profile could hinder Micro, Small, and Medium Enterprises (MSMEs) from accessing vital financial opportunities.

Adelekan, also President, Money Lenders Association (MLA), made this known on Sunday in Lagos during an interview with the News Agency of Nigeria (NAN) in Lagos.

NAN reports that a healthy credit profile is a critical part of building financial wellbeing and not just a financial record but a powerful business asset.

It relates to various aspects of being financially literate, understanding finance including budgeting, responsible borrowing, and maintaining a good credit history and track record.

Adelekan, however, said digital money lenders in Nigeria had noticed a trend, especially with micro-loans where individuals moved from one lender to another for funding in spite of having bad debts with other lenders.

He stated that for MSMEs that often operate with limited capital and tight cash flows, maintaining good credit could be the difference between growth and stagnation.

The expert revealed that money lenders, inclusive of banks, financial technology firms and cooperatives now employed the use of technology to assess risks worthiness of borrowers.

According to him, healthy credit history makes it easier to get approval for funding, negotiate better interest rates and gain access to larger loan amounts when needed.

Adelekan noted that many digital lenders in Nigeria and across Africa relied heavily on data and credit scores to approve loans.

He said that MSMEs with multiple unpaid loans, frequent defaults and poor repayment records often got blacklisted or disqualified from future opportunities.

“Do you realise that most licensed lenders in the country will first check your credit reports with the Central Bank of Nigeria (CBN) approved credit bureaus when you apply for a loan?

“With a negative credit profile, a person is more likely to miss out on major opportunities, like getting loans for unexpected expenses or to support their business endeavours, now and in future.

“That is because the more loans are left unserviced, the lower the chance of qualifying for any other loans or accessing credit with good terms and conditions which in turn saves money on interest,” he said.

Adelekan, also, Chief Executive Officer, Trafalgar Associates, owners of Kwikpay Credit, revealed that out of the over 1,000 personal and business loan applicants received daily nationwide, almost 40 per cent of them have bad credit history.

This figure, he stressed, must be reduced to the barest minimum to restore access to financing, protect business credibility and reputation, prevent over indebtedness and debt traps and open doors to growth opportunities.

He said that the company had plans to assist customers with its soon coming loan product service linked to financial education and financial wellbeing for customers.

Adelekan added the product would encourage customers to consider the repayment of defaults with other lenders when repaying monthly.

He said it would consider additional factors such as educational background, employment, and income to assess loan eligibility.

“Reducing negative credit value is about restoring trust, unlocking opportunities, and positioning businesses or personal finances for long-term success.

“A healthy credit profile will be the passport that would take MSMEs to a better financial future,” he said.(NAN)

Edited by Olawunmi Ashafa

Delay in June salary payment being addressed- OAGF

Delay in June salary payment being addressed- OAGF

341 total views today

By Kadiri Abdulrahman

The Office of the Accountant-General of the Federation (OAGF), says it is addressing recent complaints regarding the non-receipt of June salaries by some civil servants.

According to a statement issued by Bawa Mokwa, the Director, Press and Public Relations of the OAGF, the salary delay was particularly experienced by those whose accounts are domiciled with Zenith Bank Plc.

“Upon investigation, it was discovered that the salary payments for employees across various Ministries, Departments, and Agencies (MDAs) were affected due to a technical network glitch in the bank.

“The OAGF understands the anxiety and frustration this situation has caused, particularly given the importance of timely salary payments to the livelihoods and responsibilities of our valued public servants.

“We deeply regret the inconvenience this unfortunate incident has caused and wish to assure all affected employees that immediate steps have been taken to resolve the issue.” Mokwa said.

He said that the OAGF was currently working closely with the relevant service providers and stakeholders to ensure that the failed payments were reprocessed without further delay.

“We appeal to all affected staff of the federal public service to remain calm and rest assured that no effort will be spared in ensuring everyone receives their rightful salaries.

“Concrete steps have already been taken to isolate the problem and arrangements are underway to reprocess the failed payments in the shortest possible time.

“The welfare of Federal Government employees remains a top priority of the OAGF,” he said.

Mokwa said that the office was also working to continue payment of the outstanding four months arrears of N35,000 wage award to all affected government workers after resolving the June salary delay.

He said that the OAGF remained fully committed to transparency, accountability, and efficiency in all payroll operations.

“We are open to continuous engagement with stakeholders to ensure sustained improvements in our service delivery.

“Your patience and understanding during this difficult time are highly appreciated,” he said. (NAN)

Edited by Ese E. Eniola Williams

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email