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Number of telephone users in Kano, other states – NBS

There were 222.6 million telephone subscribers in Nigeria as of the end of 2022, the National Bureau of Statistics (NBS) has said.

The 2022 figure showed an increase of 27.1 million subscribers over the 195.5 million subscribers recorded at the end of 2021.

The NBS stated the figures in its Telecoms Data: Active Voice and Internet per State, Porting, and Tariff Information report for the last quarter of 2022, released in Abuja on Monday.

The report showed that the figure for the last quarter of 2022 represented a 13.87 percent rise in voice subscriptions on a year-on-year basis.

On a quarter-on-quarter basis, the report showed growth of 4.89 percent.

The NBS also recorded a total of 154.9 million active internet subscribers at the end of 2022, compared to 142 million recoded at the end of 2021.

“This represents a 9.07 percent increase in active internet subscriptions year-on-year, while on a quarter-on-quarter basis, internet subscriptions grew by 1.35 percent,’’ it stated.

On a state-by-state analysis, the report showed that Lagos State had the highest number of active telephone users in 2022 at 26.5 million, followed by Ogun with 13 million users.

Kano State came in third with 12.4 million telephone users.

The report showed that Bayelsa had the least number of telephone users at 1.6 million subscribers, followed by Ebonyi and Ekiti with 1.9 million users and two million users, respectively.

It also showed that Lagos State had the highest number of internet users at 18.7 million subscribers, followed by Ogun with 9.2 million subscribers and Kano State with 8.5 million subscribers.

“On the other hand, Bayelsa recorded the least number of internet users at 1.1 million, followed by Ebonyi and Ekiti with 1.3 million and 1.5 million subscribers, respectively,’’ it stated.

images

2023: PoS operators record 1.15trn transactions – Report

As more Nigerians embrace electronic transactions, Point of Sale terminals recorded N1.15 trillion transactions in March 2023.

The Nigeria Inter-Bank Settlement System, NIBSS, disclosed this in its latest report this week.

According to the report, the total value from e-payments in March 2023 was recorded at N48.33 trillion compared to N37.67tn in February.

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The reason is the suffering Nigerians experienced due to the naira scarcity occasioned by the Central Bank of Nigeria’s cashless policy implementation.

NIBSS added that more Nigerians depended on mobile devices for transactions as their usage surged by 106.93 per cent month-on-month allowing for a 61.99 per cent increase in transaction value from N2.56 trillion in February to N4.14 trillion in March.

A POS or point of sale is a device that is used to process transactions by retail customers. A cash register is a type of POS. The cash register has largely been replaced by electronic POS terminals that can be used to process credit cards and debit cards as well as cash.

A POS may be a physical device in a brick-and-mortar store or a checkout point in a web-based store.

The software for POS devices is growing increasingly elaborate, with features that allow retailers to monitor inventory and buying trends, track pricing accuracy, and collect marketing data.

Points of sale (POSs) are an important focus for marketers because consumers tend to make purchasing decisions on high-margin products or services at these strategic locations.

Traditionally, businesses set up POSs near store exits to increase the rate of impulse purchases as customers leave. However, varying POS locations can give retailers more opportunities to micro-market specific product categories and influence consumers at earlier points in the sales funnel.

For example, department stores often have POSs for individual product groups, such as appliances, electronics, and apparel. The designated staff can actively promote products and guide consumers through purchase decisions rather than simply processing transactions. Similarly, the format of a POS can affect profit or buying behavior, as this gives consumers flexible options for making a purchase.

Amazon’s concept convenience store, Amazon Go, which deploys technologies that let shoppers come in, grab items, and walk out without going through a register, could revolutionize POS systems.1 Besides increasing convenience, this could enable POSs, loyalty, and payments to be rolled into a single customer-centric experience.

Dangote

2022: year we recorded highest cement revenue in history — Dangote

Chairman of Dangote Cement Plc, Aliko Dangote has said that the company has highest revenue in its history in 2022.

The richest man in Africa stated this at the 14th Annual General Meeting, AGM, of the company in Lagos.

Analyzing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively.

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He added that the cement coy also recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, adding that the fest was achieved under unprecedented inflationary pressure, but it also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.

“These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market,” he said.

The Chairman also guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments.

Dangote said the prospects for the cement company remain bright as the management will continue to innovate on quality products delivery to millions of its customers across Africa while touching the lives of its host communities.

He stated: “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

The Chairman pointed out that despite the challenging macroeconomic environment in 2022, the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

Dangote explained that in the face of unexpected challenges in 2022, the company implemented robust cost reduction strategies to manage the inflationary environment, and thus enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.

According to him: “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment.

The Company Chairman explained that: “Over the last twelve years, volumes have grown by a double-digit compound annual growth rate of 11.2 per cent. Similarly, EBITDA has grown at a compound annual growth rate of 16.3 per cent, over the same period, implying a five-fold increase and revealing a true growth story.

“Accordingly, we closed the year with a profit after tax of ₦382.3 billion and an Earning per Share (EPS) of ₦22.27. Despite these accomplishments, we are not resting on our laurels. We recognise that the business environment remains volatile, so we will continue to evolve with the changing times while embracing technological advancement,” he added.

Speaking on the Company’s Annual Reports, Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review for still being able to exceed the shareholders’ expectation in view of the inclement economic weather under which companies operated in the country.

She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa, adding that if not for the resilience of the management, the company would not be able to post such an impressive performance in 2022.

Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public. “It is not all companies that could record such a feat given the huge amount involved and the biting economic situation”, she stated.

Godwin-Emefiele

CBN plans to convert Nigerians’ dormant accounts into Treasury Bills

The Central Bank of Nigeria (CBN) has released an exposure draft of guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions in Nigeria.

The draft guidelines are being issued in response to requests from banks and other stakeholders for further clarification on the procedures for managing dormant and inactive accounts.

The guidelines mandate that the CBN shall open and maintain an account called “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances in eligible accounts.

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The funds in the account will be invested in Nigerian Treasury Bills (NTBs) and other securities as approved by the “Unclaimed Balances Management Committee.”

Accounts affected

The scope of the guidelines covers all financial institutions (FI) under the purview of the Central Bank of Nigeria (CBN) and applies to eligible accounts that have been dormant for a period of 10 years and beyond.

Eligible dormant accounts/unclaimed balances and other financial assets include various types of deposits, domiciliary accounts, prepaid card accounts, and wallets, proceeds of uncleared and unpresented financial instruments, unclaimed salaries and wages, and other similar assets.

However, the guidelines specify that certain classes of dormant accounts/financial assets are exempted, including government-owned accounts, accounts that are subject to litigation, accounts under investigation by a regulatory authority or law enforcement agency, and encumbered accounts.

Why is this necessary?

Before the release of the draft guidelines by the CBN, the treatment of dormant accounts varied across financial institutions in Nigeria.

However, in general, dormant accounts were typically left untouched and unmonitored by financial institutions.

This lack of monitoring of dormant accounts often resulted in unclaimed balances, which can create challenges for the stability of the financial system. Unclaimed balances can also cause financial losses for customers who may not be aware that they have balances in dormant accounts.

With the draft guidelines on the management of dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions in Nigeria, the CBN seeks to address the challenges associated with dormant accounts and unclaimed balances in the Nigerian financial system.

Backstory

Recall in 2021, the Finance Act 2020 signed into law by President Muhammadu Buhari provides that the federal government can borrow from the unclaimed dividends and dormant account balances under the Unclaimed Funds Trust Fund.

The funds are made available as a special debt owed by the federal government to the respective shareholders and the dormant bank account holders.

Recent data from NIBBS also indicates Nigeria has about 57.9 million inactive bank accounts while about 133.5 million were active.

Other details of the guideline

To ensure compliance with the guidelines, the CBN has also established a management committee to oversee the operation of the UBTF Pool Account, issue regulations, guidelines, and circulars on the administration of dormant/unclaimed balances and financial assets in FIs, and monitor compliance with the guidelines.

Financial institutions (FIs) are also required to take certain actions with respect to dormant and inactive accounts.

For instance, they shall monitor inactive accounts and notify the customers, as well as protect such accounts from unauthorized usage.

They are also expected to establish procedures that will ensure continuous contact with customers to reduce the incidence of inactive/dormant accounts.

The guidelines provide a procedure for the reclaim of unclaimed balances stating that beneficial owners can access the list of unclaimed balances transferred to CBN on the websites of FIs/CBN and/or newspaper publications.

The guidelines also require the CBN to publish annually on its website, the list of owners of unclaimed balances that have been transferred to the UBTF Pool Account. Additionally, the CBN shall publish on its website, the procedure for reclaim of warehoused funds and other financial assets.

The guideline is still a draft

It is important to note that the guidelines are still in the exposure draft stage and are subject to changes before the final version is released. The CBN has invited comments from stakeholders on the draft guidelines. The final guidelines will be issued by the CBN after considering the comments received.

“The guidelines are expected to provide a framework for the management of dormant and inactive accounts, reduce the incidence of unclaimed balances in the Nigerian financial system, and promote greater transparency and accountability,” the draft guidelines state.

Overall, the CBN opines the guidelines are expected to benefit both financial institutions and their customers while also contributing to the development of the Nigerian financial sector.

The CBN’s decision to invest the funds in Nigerian Treasury Bills is expected to provide an additional source of funds to the government. This is also a huge step in implementing the provisions of the finance act.

Nairametrics

9ja

Nigeria misses out in 2023 top 10 African countries with highest cost of living

Business Insider Africa presents the top 10 African countries with the highest cost of living.

This list is courtesy of Numbeo, one of the world’s most profound data and research platforms.

To collect data, Numbeo relies on user inputs and manually collected data from authoritative sources (websites of supermarkets, taxi company websites, governmental institutions, newspaper articles, and others.)

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The high cost of living is a major concern for many individuals and families around the world. It is an issue that affects people of all income levels and can significantly impact their quality of life. Several factors contribute to the high cost of living in a country, including economic policies, inflation, and the cost of essential goods and services.

Lifestyle Top 15 African business leaders in the Forbes Africa 30 under 30 classes of 2023

One of the primary reasons for the high cost of living in a country is the state of its economy. Countries with a strong economy tend to have a higher cost of living due to the high demand for goods and services. This is because when people have more money to spend, they are willing to pay more for the things they need and want.

Inflation is another factor that contributes to the high cost of living. Inflation occurs when the general price level of goods and services increases over time. This means that people have to spend more money to buy the same goods and services they could buy for less in the past. Inflation can be caused by various factors, such as increases in the money supply, changes in government policies, or external factors like global supply chain disruptions.

The high cost of living can have a significant impact on individuals and families, particularly those on a fixed income or low-income earners. It can lead to financial hardship, making it difficult to pay bills, save for the future, or even afford necessities. It can also limit education, healthcare, and other essential service opportunities.

When deciding on a resident country, it is important to know the cost of living within the said economy, as a result, Numbeo, one of the world’s most profound data and research platforms, has created a methodology to compute data that determines the countries with the highest cost of living.

This article includes the 10 African countries with the highest cost of living. The overall index Numbeo comes up with is determined by the following factors, Cost of Living Index (Excluding Rent) which is a relative indicator of consumer goods prices, including groceries, restaurants, transportation, and utilities, rent index, groceries index, restaurants index, Cost of Living Plus Rent Index which is an estimation of consumer goods prices including rent, and local purchasing power.

To collect data, Numbeo relies on user inputs and manually collected data from authoritative sources (websites of supermarkets, taxi company websites, governmental institutions, and newspaper articles, other surveys, etc.). Manually collected data from established sources are entered twice per year. A more comprehensive breakdown of the methodology is available on Numbeo’s website.

Below are the 10 African countries with the highest cost of living in 2023 according to Numbeo.

NPA Boss

Tin-Can Port risks collapse if nothing is done – NPA Boss

The Nigerian Ports Authority (NPA), over the weekend, disclosed that the Tin-Can Island and the Lagos Port Complex, Apapa, risk collapse if not rehabilitated soon.

This was disclosed by the Managing Director of the NPA, Mohammed Bello-Koko, during an interview on Channels Television during the weekend, which was monitored by KSIP platform.

According to the NPA MD, “the Port of Tin-Can is collapsing, and if nothing is done in the coming years, there will be many problems related towards doing business there.

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“Also, Escravos, Calabar and Onne Ports are in need of significant rehabilitation alongside Tin-Can to the tune of $800 million.

“For the port of Tin-Can, It is not an imminent collapse, but in the next few years, if nothing is done, there will be problems.

“We have been managing Tin-Can and doing palliatives and other jobs for some time now, but it is time we rehabilitate it completely. We also need to rehabilitate some parts of Apapa.”

The NPA MD added that the Tin-Can rehabilitation needs to also be done alongside ports in the Niger Delta region from Escravos to Calabar, adding that total costs could rise to $800million.

He said, “We need to reconstruct the ‘breakwaters’ in Escarvos. It has collapsed for over ten years, and there is a collapsed jetty in Calabar, Warri, Rivers and Onne. There is no port that does not need reconstruction of some of its facilities. Our estimates are between $560 to $800 million

“The gap is because if we decide to leave Apapa till much later, we do not need up to $800 million, but if you need to reconstruct Tin-Can, we need that amount,” he stated.

He added that the NPA has increased its revenue from N250bn and N300billion to N361bn, revealing that contribution into the Federal Government CRF has increased to N91billion, saying, “We believe this year we should do far better than that,” he concluded.

POS HOTORO

How POS business shapes life of a Kano Pharmaceutical Technology student, others

Point of Sale is a business commonly known as ‘POS’ that is now on proliferated stage especially in motor parks, markets, business places, and around the streets of Kano city.

Point of Sale is a terminal hardware system for processing card payments at retail locations.

It’s majorly used after a retail transaction is completed.

It’s clear that youth are the main people who actually operate on these POS centers.

Abdulmalik Idris Shuaibu, who graduated from Science College Dawakin Kudu, is currently a student of Pharmaceutical Technology in the School of Technology; Kano State Polytechnic is a POS business Operator in Hotoro Danmarke.

He spent two years in the business. He is always excited about running the business.

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Young Abdulmalik Idris Shuaibu who is running a POS business outlet

According to him, he has been taking care of his studies with the earnings from the POS business in Kano.

Young Abdulmalik Idris Shuaibu who is running a POS business outlet

“Actually, my business helps me to achieve a lot If you’re talking about self-reliance in today’s life, but like any other business we have our own problems.

“What worries us is what our customers experience when dealing with us. That has to do with transaction failure and the likes, which actually is not our fault, but rather the network system we’re working with,” Abdulmalik Idris said.

Abdulmalik Idris added that what his earning depends on the number of customers who visited his outlet for transactions.

Abdulbari Ado Sani, a businessman at one of Kano’s popular second-hand clothing markets, also known as Kofar Wambai market, who sells blouses said, POS business has helped immensely in improving the current marketing system, as it is contributing in simplifying any form of transaction between a buyer and the business people.

“You can believe me that the POS business is helping in making sure cashless policy is implemented, which our people are now into.

“In addition, it’s available in all nook and crannies of the city for easy access, especially in point of sale and other places”, Abdulbari said.

Alhaji Salihu Ali Umar, the Chairman Association of mobile money of Nigeria (AMMON) Kano State Chapter said, the system of POS business did well than bad in the society, considering the number of young individuals that earn their means of livelihood from it.

Chairman AMMON Kano State Chapter Alhaji Salihu Ali Umar furthermore explained that POS business from an economic angle serves as an agent for boosting small and medium enterprises, looking at the nearness to the business places and market places, which banks are nowhere to be found.

“POS operators serve as agents for registering those in need of bank verification numbers, account numbers, and providing customers with their ATM cards by decongesting banks and serving our customers urgently”.

“What we’re hoping is the cooperation of all our members and calling others to register for onward development of the business”, Salihu Ali Umar said.

PenCom DG

PenCom distances self from pension association, cautions retirees

The National Pension Commission (PenCom) has distanced itself from the activities of the Association of Pension Desk Practitioners of Nigeria (ASSOPEP).

According to a Press statement by the commission, PenCom said that it has no affiliation with the group.

The statement added that the association (ASSOPEP) claims to resolve pension issues and assist retirees in securing their retirement benefits. But PenCom warned that the claim is false and that the commission has no affiliation with the group.

“The attention of the National Pension Commission (PenCom or commission) has been drawn to the illicit activities of the Association of Pension Desk Practitioners of Nigeria (ASSOPEP).

“The general public is kindly requested to note that the claims by ASSOPEP are entirely false as the association has no affiliation with the pension industry or authorization of any kind whatsoever from PenCom,” it said.

The statement noted that Licensed Pension Fund Operators (LPFOs), who are statutorily mandated to undertake the processing and payment of retirement benefits, are not associated with ASSOPEP in any way.

The commission urged the general public to be cautious of any promise or claim made by ASSOPEP regarding pension and retirement benefits or any other matter relating to the pension industry in Nigeria.

The commission especially strongly advises workers, retirees, pension desk officers and everyone approached by the association with claims of consulting with their Pension Fund Administrators (PFAs) and PenCom for guidance and assistance in respect of their retirement benefits to exercise caution as any interaction with the association is at the individual’s own risk.