KPMG Professional Services Appointed as UACN External Auditor

Brand Spur
-
0
KPMG Professional Services Appointed as UACN External Auditor

The UAC of Nigeria PLC has approved KPMG Professional Services as External Auditor in place of the retiring External Auditor, Ernst & Young.

This was disclosed in the resolutions passed at the Annual General Meeting held Wednesday, June 30, 2021, at UAC House, 1 -5 Odunlami Street, Marina, Lagos.

The following resolutions were also considered and duly passed:

  1. That an ordinary dividend of 65 kobo per ordinary share and a special dividend of 55 kobo per ordinary share be paid on July 1, 2021, to all shareholders registered in the books of the Company at the close of business on June 14 2021;
UAC
UACN: Bracing For Growth Through Restructuring
  1. That Mr. Daniel Agbor, who is retiring by rotation, be re-elected as a Director of UAC of Nigeria PLC;
  2. That Mr. Bolaji Odunsi, who is retiring by rotation, be re-elected as a Director of UAC of Nigeria PLC;

The Directors were authorized to fix the remuneration of Auditors and such remuneration be fixed at N24, 725, 000 (Twenty Four Million Seven Hundred and Twenty Five Thousand Naira), VAT exclusive.

Food Availability Projected to Rise By 3.7% in low-income countries -Report

Brand Spur
-
0
Food Availability Projected to Rise By 3.7% in low-income countries -Report

In low-income countries, food availability is projected to increase by 3.7 percent, equal to 89 calories per person per day, mainly consisting of staples and sweeteners. Economic constraints will limit increasing consumption of animal products, fruits and vegetables. Due to income constraints, the per-capita consumption of animal protein is projected to decline slightly in Sub-Saharan Africa, a region whose self-sufficiency for major food commodities is, on current trends, expected to decrease by 2030.

This is according to a new report released today by the Food and Agricultural Organization of the United Nations (FAO) and the Organisation for Economic Co-operation and Development (OECD).

In high-income countries, per capita food availability is not foreseen to expand significantly from its already high levels. However, income growth and changing consumer preferences will support the shift away from staples and sweeteners to higher-value foods, including fruits and vegetables and, to a lesser extent, animal products.

Food Availability
Wheat harvesting, Krasne, Ukraine.

Globally, aggregate food availability is projected to grow by 4 percent over the next decade to reach just over 3000 calories per person per day. Per capita consumption of fats is projected to grow the fastest among major food groups, due to higher consumption of processed and convenience food and an increasing tendency to eat outside the home, both associated with ongoing urbanisation and rising women’s participation in the work force. Income shortages and food price inflation in the wake of the COVID-19 pandemic are reinforcing this trend.

With less than 10 years until the 2030 deadline for achieving the UN Sustainable Development Goals (SDGs), governments need to step up their efforts to meet global food security and environmental targets.

Although progress towards the SDGs is expected to be made in the coming decade – assuming a fast recovery from the global COVID-19 pandemic, and stable weather conditions and policy environments – the past year of disruptions from COVID-19 has moved the world further away from achieving the SDGs. This calls for urgent attention to the factors and forces driving performance in agri-food systems.

The OECD-FAO Agricultural Outlook 2021-2030 provides policy-makers with a consensus assessment of the ten-year prospects for 40 main farm and fisheries products at regional, national and global levels, analysing the drivers of performance in the agri-food markets and helping to inform forward-looking policy analysis and planning.

The Outlook baseline projections describe expected trends based on existing policies, highlighting areas where additional effort is needed to meet the SDGs.

Ensuring food security and healthy diets for a growing global population will remain a challenge. Global demand for agricultural commodities – including for use as food, feed, fuel and industrial inputs – is projected to grow at 1.2 percent per year over the coming decade, albeit at a slower annual rate than during the previous decade.

Demographic trends, the substitution of poultry for red meat in rich and many middle-income nations, and a boom in per capita dairy consumption in South Asia are expected to shape future demand.

Sustainable productivity growth is key

Productivity improvements will be key to feeding a growing global population – projected to reach 8.5 billion by 2030 – sustainably. Of the increases in global crop production expected in 2030, 87 percent are projected to come from yield growth, while 6 percent to come from expanded land use and 7 percent from increases in cropping intensity.

Similarly, a large share of the projected expansion in livestock and fish production is expected to result from productivity gains. However, herd enlargement is also expected to significantly contribute to livestock production growth in emerging economies and low-income countries.

Trade will continue to be critical for global food security, nutrition, farm incomes and tackling rural poverty. On average across the world, around 20 percent of what is consumed domestically is imported.

Looking ahead to 2030, imports are projected to account for 64 percent of total domestic consumption in the Near East and North Africa region, while Latin America and the Caribbean region is expected to export more than a third of its total agricultural production.

“We have a unique opportunity to set the agri-food sector on a path of sustainability, efficiency and resilience,” OECD Secretary-General Mathias Cormann and FAO Director-General QU Dongyu said in the Foreword to the Outlook. “Without additional efforts, the Zero Hunger goal will be missed and greenhouse gas emissions from agriculture will increase further. An agri-food systems transformation is urgently needed.”

Global greenhouse gas emissions from agriculture are projected to increase by 4 percent over the next ten years, mostly due to expanding livestock production. This is despite the fact that emissions per unit of output – carbon intensity of production – are expected to decrease significantly over the period.

Over the medium term, weather, economic growth and the distribution of income, demographics and shifts in dietary patterns, technological developments and policy trends will shape food and agricultural prices. While the FAO Food Price Index has risen strongly in the past year, these increases are expected to be followed by a period of downward adjustment.

The Outlook projects that food prices will resume a gradually declining trajectory in real terms, consistent with slowing demand growth and expected productivity gains.

While the Outlook focuses on medium-term trends, a wide range of factors can generate the conditions for short-term price fluctuations in agricultural markets. For instance, developments in energy markets, which affect input prices, and the greater volatility in grain prices associated with the increasing market share of some countries, contribute to the differences between projected and observed prices.

Local Equities Market Index Gains 0.02% Amid Sustained Bargain Hunting Activity

Cowry Research
-
0
Local Equities Market Index Gains 0.02% Amid Sustained Bargain Hunting Activity

The domestic bourse resumed the week in positive territory as the index rose marginally by 0.02% to close at 38,220.01 points amid sustained bargain hunting activity; hence, the year-to-date loss of the NSE ASI fell to 5.09%.

Similarly, the Exchange printed more gainers (27) than losers (16) amid investors demand small and mid-cap stocks. Specifically, buying interest in symbols such as STANBIC, UPDCREIT, OANDO, NEM and ZENITH BANK resulted in rising in their respective share prices by 1.86%, 6.19%, 3.65%, 0.50% and 0.42%.

Of the five indices tracked, three closed in the green zone; the NSE Banking, NSE Insurance and the NSE Oil/Gas indices increased by 0.63%, 1.47% and 0.12% respectively.

On the flip side, the NSE Consumer Goods and the NSE Industrial indices fell by 0.39% and 0.06% respectively. Meanwhile, trading activity was positive as total deals and volume of stock traded rose by 47.78% and 35.10% to 4,788 deals and 0.28 billion units respectively.

Elsewhere, NIBOR fell for all tenor buckets amid financial liquidity ease; albeit, NITTY rose for most maturities tracked. In the OTC bonds market, the values of FGN bonds declined for most maturities tracked; also, the value of the FGN Eurobond fell for most maturities

WHO Pledges Extensive Commitments Towards Women’s Empowerment And Health

Brand Spur
-
0
WHO Pledges Extensive Commitments Towards Women’s Empowerment And Health

The World Health Organization (WHO) announced multiple commitments to drive change for gender equality and the empowerment of women and girls in all their diversity at the Generation Equality Forum, held last week in Paris.

The WHO commitments focused on ending gender-based violence; advancing sexual and reproductive health and rights; and supporting health workers as well as feminist movements and leadership. These commitments shape a progressive and transformative blueprint for advancing gender equality, health equity, human rights, and the empowerment of women and girls globally.

The Forum, marking the twenty-fifth anniversary of the Beijing Declaration and Platform for Action on Women, came at a critical moment, with COVID-19 having exacerbated existing gender inequalities. WHO led in two key areas of the Forum: the Action Coalition on Gender-Based Violence (co-led with UN Women and other partners) and the Gender Equal Health and Care Workforce Initiative between France, Women in Global Health and WHO.

Recognizing the health sector has an important role to play in preventing and responding to gender-based violence against women and girls, WHO committed to:

WHO will partner with Wellspring, Ford Foundation, UN Women and the Government of the United Kingdom, in the launch of the Shared Agenda Advocacy Accelerator (the Accelerator) to advocate for increasing resources for preventing violence against women and girls.

WHO Pledges Extensive Commitments Towards Women’s Empowerment And Health

WHO will support the implementation of the International Labour Organization Convention No. 190 on Eliminating Violence and Harassment in the World of Work including by providing training to staff on a new internal policy, Preventing and Addressing Abusive Conduct. 

WHO also committed to investing in the evidence base for sexual and reproductive health and rights, including delivering comprehensive sexuality education outside school settings; improving access to quality and rights-based family planning in 14 middle-income countries ; supporting 25 countries in increasing adolescents’ access to and use of contraception; disseminating updated guidelines on safe abortion; and building knowledge among adolescents of their entitlements and ability to advocate for their needs.

Together with UNFPA and UNICEF, WHO committed to work to end harmful practices like female genital mutilation and child, early and forced marriages. The health sector will be supported to end medicalization of female genital mutilation and provide quality health services to women and girls living with female genital mutilation and married girls.

At a high-level event focusing on the Gender Equal Health and Care Workforce Initiative, WHO Director-General Dr Tedros Adhanom Ghebreyesus reiterated WHO’s commitment to advocating for decent and safe work conditions for all health and care workers, especially women.

Several countries and organizations announced commitments towards the four pillars of the Initiative: gender-equal leadership; equal pay; protection against sexual harassment and violence; decent and safe working conditions. The Gender Equal Health and Care Workforce Initiative will convene again during the United Nations General Assembly in September 2021.

WHO along with other UN agencies declared solidarity with and support to feminist movements and women human rights defenders, committing to expand an open, safe and inclusive civic space for their work. This commitment is closely linked to the UN Secretary-General’s Call to Action for Human Rights and the recently published UN Guidance on Promoting and Protecting Civic Space. WHO will:

  • Update its gender policy, strategy and roadmap;
  • Open specific internship opportunities for individuals with feminist leadership experience;
  • Promote civil society participation in health systems, COVID-19 response and recovery activities;
  • Promote and encourage gender parity in World Health Assembly delegations, WHO panels and advisory groups; and
  • Facilitate menstrual hygiene and promote awareness.

WHO, as part of the Global Polio Eradication Initiative, also committed to supporting countries to address gender-related barriers to polio vaccination, collect and analyse sex-disaggregated data to ensure girls and boys are reached equally, and to increase women’s meaningful participation and decision-making across all levels of the programme.

WHO has committed to accelerating and scaling up its efforts to prevent and respond to sexual exploitation, abuse and harassment. An organization-wide task team, headed by a Director reporting to the Director-General, will bring together WHO’s accountability functions that deal with these issues within WHO programmes and operations the field. The aim is to increase policy coherence, address gaps, and ensure that the implementation of policy and procedures has sufficient impact to protect women, their families and communities.

There will be a priority focus on how allegations and cases are managed, and practical measures on how emergency and programmatic operations can safeguard people more effectively from sexual exploitation, abuse and harassment.

The Task Team will work with partners on the ground to empower communities to prevent and respond to sexual exploitation, abuse and harassment. They will also prioritize engagement with the UN systems, international partners, and external experts to move this important work forward.

Some of the activities currently being scaled up to include awareness raising in communities; engaging female and male community focal points to empower women to be alert to and use community-based complaint mechanisms safely; and measures to strengthen survivor-based services for women through the health system and in the community.

Nigerian Idol: Heated Campaign As Francis, Kingdom, Akunna Fight For Finale

Brand Spur
-
0
Nigerian Idol: Heated Campaign As Francis, Kingdom, Akunna Fight For Finale

Last night’s show was as special as it was emotional for fans and viewers of the Nigerian Idol Season 6 show.

The show kicked off with a lively performance of Bruno Mars’ “24K Magic” by the top 8 contestants – Beyonce, Comfort, Clinton, Daniel, Dotun, Emmanuel, Faith Jason, and Faith Mac – who were eliminated at different stages in the competition.

All eight of them displayed great chemistry as they performed to the delight of viewers and the judges who gave them a standing ovation.

And then it was time for the business of the day. The viewing public clearly put in the work this past week with over 11 million votes recorded. The first person confirmed as part of the Top Two was Kingdom, who struggled to contain his emotions. The fans had also chosen to save Francis Atela, who heaved a huge sigh of relief. It was, sadly, the end of the road for Akunna, the 23-year-old entertainment lawyer who was the last girl standing in the competition.

Akunna was described by the veteran music producer Cobhams Asuquo as “a powerful singer”. Kingdom praised her work rate and performance ability, while DJ Sose noted that she had awesome stage presence. For her farewell performance, she covered Adele’s hit single “Set Fire To The Rain”, with vocal assistance from the live band.

The top two contestants were each mandated to perform three songs. Kingdom’s first performance of the night was a soulful cover of A Great Big World’s “Say Something”. Seyi Shay described it as “perfect”, and Obi Asika lauded the confidence on display.

Francis Atela, whose voice was described by Obi Asika as a “lethal weapon”, opted for John Legend’s “So High” as his first song for the night. DJ Sose described it as “emotive”.

For the second round of performances, Kingdom went with “The Lion Sleeps Tonight”, which he described as the song which he enjoyed covering the most during the course of the season. Obi Asika appeared overly delighted, and DJ Sose seemed pretty pleased with what he heard.

Francis Atela was more than happy to hand in another performance of Bryan Adams’ classic “Please Forgive Me.” DJ Sose noted that he didn’t walk the stage enough, but Obi Asika commented on how he “owned the song”.

Kingdom’s final performance of the night was a cover of Bruno Mars’ 2010 hit “Just The Way You Are.” Seyi Shay found it difficult to contain her excitement, and Obi Asika acknowledged the growth in his performance and stage presence.

Francis Atela closed out proceedings with a high-pitched rendition of Marvin Gaye’s “Sexual Healing”. Obi Asika commended him for his unique spin on the classic, and DJ Sose found no fault with the performance.

It’s the final voting week, and the power to determine who emerges the winner of this competition is solely in the hands of the viewers. Voting on Nigerian Idol is via the website, mobile site, MyDStv, and MyGOtv apps and via SMS on participating networks – Airtel, MTN, and 9mobile. Voting ends on Thursday, July 8, 2021.

You can vote via the Africa Magic website, www.africamagic.tv/nigerianidol, and the Africa Magic mobile site by selecting contestants of your choice and entering your number of votes and clicking VOTE. Voting via these platforms is limited to 100 votes per user. MyDStv App and MyGOtv App votes are free, and votes are allocated based on your subscription packages.

OAAN Re-Elects Ajufo, Others At 36th AGM, Honours Governor Dapo Abiodun

Brand Spur
-
0
OAAN Re-Elects Ajufo, Others At 36th AGM, Honours Governor Dapo Abiodun

The Outdoor Advertising Association of Nigeria (OAAN) has re-elected Emmanuel Ajufo as the president of the association at its 36th Annual General Meeting (AGM) held in Abeokuta, Ogun State recently.

The association also re-elected other executive members as follows: Femi Ogala, vice president, Sola Akinsiku, general secretary, Churchill Nwagwu, assistant general secretary and Dupe Adewuyi, treasurer. Others are Babatunde Oyekan, publicity secretary, while George Onwujiariri, Babs Fagade, Omo Abunene and Felix Ehinkhumen were elected ex-officio.

Speaking at the event, Emmanuel Ajufo, said that the AGM is a special one, because it marks the end of his two-year tenure and the beginning of a new one, noting that the association is not yet near where it should be. “As we start the new tenure, we will be asking for even greater support and understanding from us all,” he explained.

Ajufo said: “The AGM was just to give a situation report of last year and this year to the Association. It was a way of explaining what transpired within one year, it was an account of our stewardship. For this particular AGM, there was also an election, where all the executives of the past two years returned unopposed, signifying that the administration performed well.”

“The Executive members have been wonderful and have worked tirelessly for the growth of our association in the last two years. Our members have been the strength behind all that we have done and we are indeed very grateful”, he said.

He added that the association honoured the Governor of Ogun State, Prince Dapo Abiodun as a result of his commitment to the development of commerce in the state and particularly his practical steps to encourage outdoor advertising.

He mentioned that the Governor’s appointment of a seasoned professional to head the signage agency in the state is a worthy step to improve the sector.

According to him, ‘’Other worthy stops include the appointment of a board for the agency and this was done without any push from the association, the appointment of an outdoor advertising practitioner into the board and approval of palliatives and reduction in the rates for different sizes of billboards to encourage members and part sponsorship of the 36th Annual General Meeting.’’

OAAN president also applauded the General Manager of Ogun State Signage and Advertisement Agency, Mr. Fola Onifade for the introduction of technology to the signage agency in such a short time which has greatly improved the ease of doing business in the agency.

He added that other state signage agencies have also exhibited better understanding of outdoor advertising business “and we hope that as we engage further we will ultimately be seen as partners in the development of the various states that we operate in.”

For the Advertising Practitioners Council of Nigeria, (APCON), Ajufo said it is a case of having a square peg in a square hole.

He said this explains why the sector is experiencing a renewed vigour in the council since the resumption of the current Registrar, Dr. Lekan Fadolapo.

Receiving the award on behalf of the Ogun State Governor, the General Manager of Ogun State Signage and Advertisement Agency, Mr. Fola Onifade said OAAN’s positive impact over the years in business and economy across the country and society, in general, cannot be overemphasized.

He said the state under the administration of Prince Dapo Abiodun has promised the provision of a business-friendly environment by ensuring vital and creative outdoor advertising in the state.

“Also by constituting and inaugurating OAAN members into OGSAA, the first of its kind in the nation, this association has finally demonstrated the commitment in creating a highly cerebral and professional agency that will continually provide basic support in the industry in the state.”

He said OGSAA under the current administration has introduced a lot of new ideas in view of its exposure to technology in line with the state agenda to set up a state manager to manage the data base in Ogun State.

“Similarly, we have set up a mobile app through which participants in the industry can monitor the progress of their billboards from the comfort of their office and do all transactions without the need to get to the agency in Abeokuta.”

He however said that the greatest challenge facing the industry is the issue of the cluster which he said has been addressed in the state.

“We, therefore, assure you that prompt timing and creative idea will solve the problem of cluster permanently.

“You will agree with me that this administration has sufficiently demonstrated its resolve to provide the platform for businesses to strive.

“It is, therefore, my hope that your association will showcase this gesture by paying your dues promptly and effectively,” he said.

New members were inducted as Pre-Associate members while others were upgraded to full members at the event.

Euro 2020: England return home for semi-finals

Brand Spur
-
0
Euro 2020: England return home for semi-finals

One of Europe’s longest-standing rivalries comes to the fore again at Wembley in the semi-finals as Italy and Spain meet on Tuesday for the fourth EURO in a row, live on StarTimes.

They drew 0-0 in the UEFA EURO 2008 quarter-finals. They also drew 1-1 in their opening game of UEFA EURO 2012, before locking horns again in the final which Spain won 4-0, the biggest ever final victory. While Italy ended Spain’s interest in UEFA EURO 2016, running out 2-0 winners in the round of 16.

The semi-final match between Spain and Italy will be played on Tuesday at 8 pm. On Wednesday, England will face Denmark also at 8 pm. Both matches will air live and in HD on StarTimes World Football channel (English commentary) and the Premium Sports channel (French commentary) on Basic and Smart bouquets.

Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death- Brand Spur Nigeria
Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death- Brand Spur Nigeria

With a semi-final match against Denmark on Wednesday, England will fancy themselves as the favourites of Euro 2020‘s final and hopefully, finally end their 55-year wait for silverware.

A 2-0 victory against long-time rivals Germany in the round of the last 16 and a 4-0 thumping of Ukraine in the quarter-finals were the result.

A place in Wednesday’s semi-final against Denmark at home in Wembley Stadium is the reward for the two inspiring performances.

“StarTimes subscribers are assured of uninterrupted viewing experience as our transmissions are weather-friendly, which means subscribers won’t suffer signal loss when it’s raining,” Lazarus Ibeabuchi, PR Manager, StarTimes Nigeria said.

African Alliance Insurance Reveals Reason for Delay in Filing 2020 Audited Results

Brand Spur
-
0
African Alliance Insurance Reveals Reason for Delay in Filing 2020 Audited Results

African Alliance Insurance Plc regrets to notify its esteemed shareholders and other stakeholders that the Company’s audited financial statements (AFS) for the year ended 31st December 2020 could not be filled within the regulatory timeline of 31st March 2021 and the Cure Period timeline of 29th June 2021.

Brand Spur gathered that the Company has submitted its Audited Financial Statement to its primary regulator, National Insurance Commission (NAICOM) and is awaiting its approval, hence, the delay in filing the Audited Financial Statement to the Nigerian Exchange Limited and by extension the investing public.

African Alliance Insurance Changes the Venue for Its 51st Annual General Meeting

The Company reassured that it is working assiduously towards submitting its Audited Financial Statements and is hopeful of doing so on or before 6th August 2021.

Financial and Oil & Gas Sectors Pull Equity Market to 0.02% Marginal Gain

GTI
-
0
Financial and Oil & Gas Sectors Pull Equity Market to 0.02% Marginal Gain

Transactions on Customs street closed today (Monday) in a northward direction, opening the new week with a marginal growth of 0.02%. This was driven by price appreciation in Insurance, Banking, and Oil & Gas sectors. 

Furthermore, the market breadth closed positively, recording 27 gainers as against 16 losers. In summary, the All-Share Index (ASI) increased by 8.00 absolute points, representing a gain of 0.02% to close at 38,220.01 points. Similarly, the overall Market Capitalization value gained N4.17 billion, representing an increase of 0.02% to close at N19.92 trillion.

CUTIX emerged as the top gainer (by percentage points) for today, with a maximum price appreciation of +10.00 while REDSTAREX emerged as a  top loser (by percentage points) with a maximum price depreciation of -9.81%.

Equity market Equities market closed south as bears dominated banking stocks
Photo by Mark Finn on Unsplash

Today’s market upturn was driven by price appreciation in large and medium capitalized stocks amongst which are; NCR (+9.69%), REGALINS (+9.52%) WAPIC (+9.30%), MBENEFIT (+5.00%), OANDO (+3.65%), UCAP (+2.24%), LIVESTOCK (+2.15%), STANBIC (+1.86%), PZ (+1.75%), ACCESS (+1.74%), UBA (+1.36%), INTBREW (+0.94%) and ZENITH BANK (+0.42%).

MARKET STATISTICS

CAP N19,923,407,097,306.42 One Day (ASI CHG) +0.02%
Index 38,220.01 One Week (ASI CHG) +1.69%
Volume 282,624,981.00 One Month (ASI CHG) -1.31%
Value N1,868,986,179.78 Six Months (ASI CHG) -5.39%
Deals 4,788.00 52 Weeks (ASI CHG) +57.05%
Gainers 27 Losers 16
Unchanged 58 Total 101
YTD Returns -5.09%

Source: Ngxgroup.com, GTI Research 

Sector Performance

Security Change Percent
NGX30 -0.04
NGXBNK 0.63
NGXCNSMRGDS -0.39
NGXINDUSTR -0.06
NGXINS 1.47
NGXLOTUSISLM -0.29
NGXOILGAS 0.51

Top 7 Gainers

Security Previous Close Open Price Close Price Change Price % Change
CUTIX 3.00 3.00 3.30 0.30 10.00
NCR 2.27 2.27 2.49 0.22 9.69
REGALINS 0.42 0.42 0.46 0.04 9.52
UAC-PROP 0.86 0.86 0.94 0.08 9.30
WAPIC 0.54 0.54 0.59 0.05 9.26
UNITYBNK 0.57 0.57 0.62 0.05 8.77
SOVRENINS 0.26 0.26 0.28 0.02 7.69

Top 7 Losers

Security Previous Close Open Price Close Price Change Price % Change
REDSTAREX 3.67 3.67 3.31 -0.36 -9.81
ABCTRANS 0.37 0.37 0.34 -0.03 -8.11
NPFMCRFBK 1.72 1.72 1.60 -0.12 -6.98
PRESCO 74.50 74.50 70.00 -4.50 -6.04
CHAMS 0.21 0.21 0.20 -0.01 -4.76
HONYFLOUR 1.67 1.67 1.60 -0.07 -4.19
DANGSUGAR 18.40 18.40 17.65 -0.75 -4.08

Top 7 Traders By Value

 Security   Close Price   Daily Volume   Daily Value 
 ZENITHBANK        24.10        13,713,571   330,433,270.00
 FLOURMILL        29.40          9,579,311   279,020,416.25
 BUACEMENT        71.50          1,833,229   122,451,906.85
 ACCESS          8.75        11,623,377   100,565,277.55
 UBA          7.45        13,392,472     99,330,772.50
 FBNH          7.40        11,823,255     88,071,963.80
 GTCO        29.30          2,605,057     76,616,471.25

Top 7 Traders By Volume

 Security   Close Price   Daily Volume   Daily Value 
 FIDELITYBK          2.30        28,094,407     64,532,321.76
 WEMABANK          0.75        19,637,908     14,419,026.82
 UNIVINSURE          0.20        18,025,335       3,605,067.00
 FCMB          3.09        14,823,387     45,859,259.86
 SOVRENINS          0.28        14,409,000       3,894,230.00
 STERLNBANK          1.55        14,368,573     22,451,034.59
 ZENITHBANK        24.10        13,713,571   330,433,270.00

 

The overnight (O/N) rate closed at 12.50%, appreciating by 0.50% against Thursday’s position. while Open Buy-Back (OBB) rate closed at 12.00%, appreciating 0.50% against Thursday’s position.

The Investors and Exporters (I&E) FX window opened at N411.98, traded high at N420.95, traded low at N400.00, and eventually closed at N411.25, representing 0.13% depreciation against Thursday’s closing position. However, at the BDC, the naira remains unchanged at N500.00.

Nigeria’s foreign reserve weakened by $44.23 million to $33.28 billion on (01/07/2021) from $33.32 billion on (30/06/2021), representing a 0.13% decline.

The Brent crude increased by $0.34 to $74.62 on (30/06/2021) from $74.28 (29/06/2021), representing a 0.34% increase in price. While Bonny Light also depreciated by $0.45 to $74.16 on (30/06/2021) from $74.61 on (29/06/2021)

TagPay: See Why Banks Must Partner With Fintech

Brand Spur
-
0
TagPay: See Why Banks Must Partner With Fintech

In a webinar discussion hosted by TagPay and moderated by Omar Ben Yedder from African Banker; Yves Eonnet (TagPay), Djiba Diallo (Ecobank Group), Obinna Ukwuani (Bank of Kigali), and Carl Manlan (VISA), discussed how the digitalization of banks is a huge opportunity across Africa and partnerships with fintech would address the challenges of financial inclusion and the rapid scaling up that is needed across the continent.

Banks have to be equipped with the tools that enable them to pre-empt the market and respond quickly to customer demands in a secure and cost-effective way. For the banks to stay relevant Djiba Diallo, Senior Fintech Advisor, Ecobank Group said that it is important to understand fintech and leverage the opportunities. Banks are still there and still needed but need to adapt to what is happening on the continent and partnering with fintech companies is key to doing that.

Many banks are partnering with Fintech companies to help them digitalize, enabling them to expand their services and reach more customers at the same time.

Obinna Ukwuani, Chief Digital Officer, Bank of Kigali said, “We see digital transformation as a necessity, so the bank has invested in transitioning the bank into this new era”. “All companies are becoming technologies companies, whether a bank or not”.

Cash currently leads the way in the majority of Africa, but to increase financial inclusion, which is increasing already through financial technology, digital banking will need to have continued growth. Financial inclusion also enables banks to feed new businesses and entrepreneurs, and hence builds the economy at the same time. Using the technology of mobile telephones, digital banking will have a significant role to play now and in the future.

Carl Manlan, Vice President, Head of Social Impact, CEMEA, VISA said, “Because we are cash dependent the opportunity to introduce digital payments to help promote financial inclusion is critical and to that we need to ensure that there is adequate financial literacy and skills building along the way to make it work for more people.”

The partnership between banks and fintech’s will not only help reach more customers but also build financial literacy amongst consumers. In addition, the industry will need to develop talent and skills, and this can be done across Africa ensuring the industry continues to grow.

Banks no longer see Fintech’s as disruptors but partners. More often, as a key part of their business with shared responsibility for delivering to customers

Banks are going into a new world and need new platforms, new technology and new architecture, the old core banking system is being surpassed and a new core banking system is needed. FinTech’s will help banks provide a better service to customers, working together and within the same regulatory framework. Digital banking helps with financial inclusion and formalizing the economy and banks, globally, need to react to the digital revolution and customer demand.

Yves Eonnet, Chairman of TagPay, summed up the event by saying, “The time we are entering is very exciting for us [FinTech’s] and for you [banks].” “The expertise that we have opens up banks to new ventures and new capabilities, especially due to the low cost and speed of deployment.”

“Systems are designed to target new customers, financial inclusion, or new sectors that are poorly served. This is exciting in Africa because this for me, is the beginning of a new era for banks, and all banks in the world are looking at what is happening in Africa. Because in Africa you have this situation, which is unique, with the financial inclusion issue where banks need to attract new customers, therefore you have customers to serve, have the technology to do it, have the dynamism of the culture that makes it possible and that is where we are to build the bank of the future. I often say the Silicon Valley of banking is not in California but in Africa, it is where it is happening.”

1...1,8911,8921,893...3,978Page 1,892 of 3,978