A recent report by KPMG titled ‘In Pursuit of Value’ reveals a substantial shift in the adoption of FinTech services by Nigerians in 2023, attributed to challenges faced by major banks during a cash crunch period. This growth notably benefited payment service firms like Opay, Palmpay, and Moniepoint. The report highlights parallels between Nigerian and Ghanaian financial markets, emphasizing increased digital adoption, high mobile money penetration in Ghana, and the expanding role of FinTechs in Nigeria’s banking landscape. During the cash crunch, which affected banking services and the wider economy, the report notes a significant move from ATMs to agency…
Author: Editor Francis
The Lagos State Cash Transfer Unit has initiated the enrollment process for the Renewed Hope Conditional Cash Transfer (CCT) Programme, which is part of the National Social Safety Net Project Scale-Up (NASSP-SU). The program, spearheaded by President Bola Ahmed Tinubu, aims to disburse more than N30 billion to support the poor and vulnerable across Lagos in the next six months. The funding will be sourced from the Economic Shock Response Cash transfer and the Extended Regular Cash Transfer (ER-CT). The Renewed Hope CCT Programme seeks to provide financial relief to citizens in all 36 states of the Federation. Commissioner for…
In a significant move, the Nigerian government has given its nod to allocate N18.4 billion to address the longstanding backlog of group life assurance claims owed to the families of deceased soldiers since 2011. The revelation was made by the Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja, during his operational visit to the 82 Division of the Nigerian Army in Enugu on Tuesday. While emphasizing the importance of troops maintaining loyalty, discipline, and dedication in combatting criminal activities, the army chief urged them to disregard false information circulating on social media. Lagbaja asserted that the Nigerian Army remains a…
Hon. Lucky Aiyedatiwa, the Governor of Ondo State, has given approval for the allocation of N1.2 billion to settle the outstanding gratuities owed to the 2014 set of retirees from the state’s public service. This decision aims to address the backlog of unpaid gratuities for these retirees. The announcement was made by the Press Officer in the Office of the Head of Service, Sina Adeyeye, indicating that Governor Aiyedatiwa will initiate the disbursement of cheques to beneficiaries at a scheduled event to be held at the Cocoa Conference Hall within the Governor’s Office premises in Alagbaka, Akure, on Thursday, January…
The recent events surrounding Olubunmi Tunji-Ojo, the Minister of Interior appointed by President Bola Ahmed Tinubu, were not unforeseen by the Renewed Hope Collective (RHC). Upon the government’s decision to appoint Tunji-Ojo and his subsequent declaration of intent to implement the President’s Renewed Hope Agenda boldly, the RHC anticipated trouble on the horizon. The swift backlash from the formidable passport cabal, notorious for their control over prolonged passport production timelines that incurred significant financial losses for the country, was expected. The cabal had reaped immense profits from the status quo. Tunji-Ojo finds himself among a distinctive group of change-makers who,…
Following an investigation led by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee, the board and management of four major banks—Titan Trust Bank, Union Bank, Polaris Bank, and Keystone Bank—have been dissolved by the Central Bank of Nigeria. Reportedly, the decision to dissolve these boards came after a meeting involving CBN Governor Yemi Cardoso, Investigator Jim Obazee, and representatives from the four banks, including Titan Trust Bank’s investors. Notably, Titan Trust Bank’s key figures had previously avoided meetings with the Special Investigator. A recent development highlighted by SaharaReporters in December 2023 unveiled that…
In a delightful turn of events for its vast subscriber base, Multichoice, the proprietors of Digital Satellite Television (DStv), have finalized plans to air the Africa Cup of Nations (AFCON) Cote d’Ivoire 2023 on their sports channel, SuperSport. Contrary to earlier reports suggesting that the company would not broadcast the tournament due to the purported lack of rights, a reliable source has disclosed that SuperSport will, in fact, showcase AFCON 2023 matches, commencing with the opener between hosts Cote d’Ivoire and Guinea Bissau this Saturday. The insider familiar with the negotiations revealed that SuperSport holds non-exclusive rights, making the coverage…
The Lagos State Police Command has officially acknowledged receiving a petition from Nigerian singer Tiwa Savage, accusing Grammy nominee Davido of bullying and threats to her life. Police spokesperson Benjamin Hundeyin confirmed the receipt and stated that investigations are underway. In her petition, Savage detailed an exchange where she expressed disappointment over Davido’s behavior in response to an Instagram story involving her and his baby mama, Sophia Momodu. Savage alleged receiving disrespectful messages and subsequent threats from Davido, who reportedly warned her to be cautious in Lagos. Savage’s petition also mentioned calls from mutual connections questioning her relationship with Sophia…
In a move to boost micro, small, and medium enterprises (MSMEs), in Nigeria, Vice President Senator Kashim Shettima inaugurated the first-ever Expanded National MSME Clinic in Benue State. The initiative, a brainchild of the federal government, aims to provide entrepreneurs with a crucial platform to showcase their efforts and enhance their products for potential export opportunities. During the ceremony held at the IBB Square in Makurdi, Vice President Shettima emphasized the clinic’s alignment with President Bola Tinubu’s administration’s commitment to supporting MSME growth and fostering business development in the country. He highlighted the MSME clinic as a symbol of empowerment,…
In a surprising turn of events, Championship side Middlesbrough secured a 1-0 victory over Premier League giants Chelsea in the League Cup semifinal clash. Hayden Hackney netted the only goal in the 38th minute, dealing Mauricio Pochettino’s expensive squad another blow. This defeat, marking Chelsea’s fifth loss in six away games, intensifies the pressure on Pochettino as the team currently languishes in 10th place in the Premier League. The match saw Boro’s boss, Michael Carrick, facing early setbacks with top scorer Emmanuel Latte Lath forced off due to injury in just three minutes. Despite the adversity, Middlesbrough held their own,…
Top executives, including Chief Executive Officers and Managing Directors of Zenith Bank, Providus Bank, and Jaiz Bank, are currently undergoing interrogation by the Economic and Financial Crimes Commission (EFCC), in connection with an alleged ₦44 billion fraud discovered in the Ministry of Humanitarian Affairs and Poverty Alleviation. The investigation, centered on the suspended Minister of Humanitarian Affairs, Betta Edu, and the Coordinator and CEO of the National Social Investment Programme Agency, Halima Shehu, has entered a crucial phase at the EFCC headquarters in Jabi, Abuja. The suspended Minister, Betta Edu, is facing inquiries regarding a ₦585 million scandal, while Halima…
The Federal Ministry of Education, under the directive of the Federal Government, inaugurated an inter-ministerial committee on Tuesday to scrutinize the activities of private and foreign universities operating in Nigeria. The committee, tasked with this evaluation, includes key figures such as the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede, the Minister of Youths, Jamila Bio-Ibrahim, and the Minister of Foreign Affairs, Yusuf Tuggar, among others. One of the primary objectives of the committee is to investigate private universities established within the last 15 years. A specific term of reference outlines the need to assess whether…