Connect with us

NEWS

Cash Crunch Tasks, Exposes e-payment Channels

Published

on

CBN Should Have Engaged Snapchat, Nigerians React To New Naira Notes

The cash-at-hand challenge attendant upon the naira redesign policy of the Central Bank of Nigeria (CBN) has tasked the alternative payment channels, exposing their weaknesses.

The Institute of Chartered Accountants of Nigeria (ICAN) made this point in a statement on Friday, where it also called on banks, fintechs and telecommunication companies to rev-up their investment in the alternative payment channels.

ICAN said, “The current cash-in-hand challenge has revealed the weaknesses in our alternative financial payment solutions.

“Accordingly, we encourage the deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services in the Nigerian economy in the shortest possible time”

The ICAN noted the glaring effects of the policy on businesses and other financial transactions, which it said had further been compounded by the challenges in fuel supply across the nation.

“You will recall that ICAN, in pursuit of its public interest mandate, published its position paper on the Naira redesign policy in December 2022 and proffered some recommendations for its successful implementation,” the institute stated.

As things stand, the institute is steadfast in its resolve to be “engaging the government and other key stakeholders to promptly resolve the crisis. In the meantime, we passionately appeal to the public to consider the present situation a passing phase in our journey towards national prosperity.”

NEWS

Reno Omokri Hails Dangote as Wealth Hits $51.3bn After Refinery IPO Launch

Published

on

Former presidential aide and social commentator, Reno Omokri, has congratulated Dangote Group President, Aliko Dangote, following the launch of the Dangote Refinery Initial Public Offering (IPO) and a reported rise in the billionaire’s wealth to $51.3 billion.

Omokri disclosed this in a statement on Wednesday, describing the development as a major achievement for Dangote and Nigeria’s industrial sector.

The Dangote Refinery IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 per share. The offer, which could raise about ₦2.15 trillion if fully subscribed, is scheduled to close on October 13, 2026.

SEE ALSO: Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Invest

According to Omokri, Dangote’s wealth had risen to $51.3 billion, placing him 36th on Forbes’ Real-Time Billionaires ranking.

“Hearty congratulations to Alhaji Aliko Dangote, President of the Dangote Group, on the success of the Dangote Refinery, whose triumph at the Nigerian Stock Exchange has catapulted Mr Dangote to a new all-time wealth record of $51.3 billion, making him the 36th wealthiest person on the planet, according to Forbes’ real-time Billionaires ranking.”

Omokri said the IPO had also created an opportunity for investors to participate in the ownership of the refinery.

“And Mr Dangote’s wealth is not just personal. With this Initial Public Offering, he has expanded his fortune by making it a national one, with money from his productive activities now going into the pockets of potentially millions of Nigerian and international investors.”

The Dangote Refinery has promoted the IPO as an opportunity to broaden ownership, with investors able to subscribe for a minimum of 10 shares, worth ₦5,250.

Omokri also credited President Bola Ahmed Tinubu’s administration for what he described as an economic environment supportive of Corporate Nigeria and local production.

“The thing to note here is that when you have a President like His Excellency, Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, who believes in Corporate Nigeria, and captains of industry, such as Alhaji Dangote, who produce made-in-Nigeria goods and services, while utilising Nigerian labour and creativity, along with patriotic citizens, who by their consumption habits prioritise made-in-Nigeria, the sky is the limit.”

He further claimed that the development had created a surge in wealth that increased Nigeria’s GDP by three per cent within 48 hours, linking it to President Tinubu’s target of achieving a $1 trillion Nigerian economy by 2031.

“Within 48 hours, Mr Dangote has created a surge of wealth that has increased Nigeria’s GDP by 3%, thereby advancing President Tinubu’s agenda of a $1 trillion Nigerian economy by 2031.”

The three-per-cent GDP claim was made by Omokri in his statement and is presented here as his assertion.

He concluded by thanking Tinubu and Dangote for the development.

“A grateful nation says thank you to President Bola Ahmed Tinubu, without whose economic policies this IPO would never have happened, and Mr Dangote, whose passion has made this vision a mission accomplished.”

Continue Reading

NEWS

IGP Disu Proposes New Police Desk for Nigeria’s Creative Economy, Intellectual Property

Published

on

………..IGP seeks stronger action against piracy, cyber fraud and counterfeiting.

Inspector-General of Police, IGP Olatunji Rilwan Disu, has proposed the establishment of an Orange Economy Security and Intellectual Property Coordination Desk within an appropriate existing structure of the Nigeria Police Force.

Disu made the proposal on Wednesday,  while delivering a lecture to participants of Senior Executive Course 48, 2026, at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.

SEE MORE: ‘The Problem Is Misconduct, Not Cameras’ — Inibehe Fires Back at IGP Over Police Recording Ban

The lecture, titled “The Orange Economy and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Nigeria Police Force,” examined the relationship between security, entrepreneurship and the growth of Nigeria’s creative industries.

Disu proposed that the coordination desk should support “specialised policing, inter-agency collaboration, dedicated reporting mechanisms and improved engagement with stakeholders.”

He noted that film, music, fashion, publishing, advertising, digital content, gaming, tourism, heritage and the arts are increasingly driven by entrepreneurship, technology and intellectual property.

The IGP stressed that adequate protection of the sector could enhance its contribution to “employment, investment and national development.”

As part of measures to strengthen policing of crimes affecting the creative economy, Disu advocated an “intelligence-led and partnership-based approach” to tackling organised piracy, counterfeiting, cyber-enabled fraud and other criminal activities affecting creative enterprises.

He also advocated “financial investigation, where applicable,” to trace proceeds linked to criminal networks operating through payment accounts, digital wallets, advertising revenues, logistics networks and online distribution channels.

Disu Seeks Stronger Intellectual Property Protection

On intellectual property protection, the IGP called for stronger collaboration between the Nigeria Police Force, the Nigerian Copyright Commission and other relevant institutions.

He identified the protection of film locations, concerts, festivals, tourism sites and cultural assets, improved cybercrime response, preservation of digital evidence and sustained engagement with creative communities as key areas requiring greater attention.

Disu further highlighted the preventive value of legitimate economic opportunities, noting that “credible pathways from talent to lawful income and employment” can help reduce young Nigerians’ vulnerability to criminal activity.

He stressed that piracy, fraud, extortion and other forms of criminality can weaken businesses, discourage investment and undermine innovation.

The IGP emphasised that “professional, accountable and rights-respecting policing” remains essential to building confidence among creators, entrepreneurs and investors in Nigeria’s growing creative economy.

Continue Reading

NEWS

Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Invest

Published

on

Peter Obi has denied receiving $150m donation from Nigerians in the diaspora

Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC) in the 2027 general election, has thrown his weight behind the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery, encouraging Nigerians to invest in the public offer.

Obi made the call in a statement on Wednesday while responding to questions he said he had received from Nigerians at home and in the diaspora seeking his opinion on investing in the refinery’s IPO.

ALSO READ: Banks Caution Against Scammers over Dangote IPO

“While encouraging them to buy, I must say that I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors,” Obi said.

According to him, the Dangote investment reinforces his position that Nigeria must move away from a consumption-driven economy towards increased production.

“This validates my position that we should move Nigeria from consumption to production,” he said.

Obi also urged other Nigerian businesses to invest in productive sectors and give Nigerians opportunities to become shareholders through public offerings.

“I, therefore, encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings,” he added.

The statement comes as the Dangote Refinery IPO is generating significant attention among investors.

The offer, which opened on September 14, involves 4.1 billion shares priced at ₦525 each and could raise about ₦2.15 trillion if fully subscribed.

The refinery is offering the shares to both institutional and retail investors, with the minimum purchase set at 10 shares, costing ₦5,250.

The offer is scheduled to close on October 13, 2026.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x