Business
FG, NGX Partner For Startup Listings With Tech Board
The Federal Government through the Ministry of Communications, Innovation and Digital Economy has said it intends to collaborate with Nigerian Exchange Limited (NGX) to stimulate startup listings with the newly created NGX Technology Board.
Minister of Communications, Innovation and Digital Economy, Bosun Tijani, stated this on Thursday, at a tech event themed; Invest in Africa’s Future – Let’s talk about exits – a joint initiative by the Ministry, NGX, and Future Africa in New York, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham.
According to Tijani, Nigeria had been grappling with over dependence on oil in the last few years, which has necessitated diversifying from heavy reliance on a single sector, which would require increasing productivity in other sectors.
He maintained that this could be achieved through the application of technology and innovation, something the current leadership of President Bola Tinubu is particular about.
On his goals, Tijani divulged that the Ministry would work on creating a regulatory environment for fintechs, access to funding especially from angel investors, improve digital infrastructure, facilitate the export of tech products and services and collaborate with NGX on tailored listing options for startups via its Technology Board.
The Minister said, “We cannot do all of this as a country if we do not prioritise innovation and encourage entrepreneurs to build. Nigeria is now open to investments.
“We want to prioritise the ability of our technology companies to export products and we are targeting Africa first and then eventually start selling to the rest of the world”.
In the same vein, Chief Executive Officer, NGX, Temi Popoola, assured that the Exchange would work assiduously to support the agenda of the honourable Minister and the mandate of President Bola Tinubu.
He pointed out that technology was a big enabler of the capital market, adding that NGX was keen on fostering innovation in the capital market, potentially to attract a larger pool of investors and mature tech companies to list on its platform.
Explaining the challenges around listings, he stated that the demand for private capital currently outweighs public capital while revealing that the NGX is in discussions with Securities and Exchange Commission (SEC) on private markets to enable the exchange do business with non-listed companies like startups.
“We will continue to do a lot of work that makes us able to attract local capital and the day tech start-ups come to the exchange, we are confident that there would be very good audience of investors that would want to own a bit of their shares. This is what we at NGX are doing by removing all barriers for that to happen,” the CEO said.
Also speaking at the event was CEO, Flutterwave, Olugbenga Agboola who noted that his company was focused on the Nigeria project as most of its investible capital had been deployed to Nigeria since inception. He added that the company would be looking at tapping opportunities created by the markets to scale and further deliver value to its customers and investors.
CEO, Chapel Hill Denham, Bolaji Balogun in his remarks expressed optimism that the Nigerian investment community gets the opportunity to participate in the capital formation going on in the tech sector, rather than all the intellectual property that will emanate from it being controlled by foreign markets.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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