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Inflation Surges To 33.20% – NBS

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The latest data from the National Bureau of Statistics paints a concerning picture for consumers as the inflation rate surged by 33.20% in March.

This revelation comes from the just-released CPI and Inflation Report for March 2024. Compared to February’s figure of 31.70%, the headline inflation rate saw a notable 1.50% uptick.

Year-on-year, the headline inflation rate rose by 11.16% points compared to March 2023, reaching 22.04%.

This indicates a notable uptick in inflation for March 2024 compared to the same period last year.

The NBS said: “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%. Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

“This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024”.

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FX Manipulation: EFCC Gets Court Order To Freeze 1146 Suspicious Accounts

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Economic and Financial Crimes Commission, EFCC,

Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday 24, April, 2024 granted the Economic and Financial Crimes Commission, EFCC, an interim order to freeze One Thousand, One Hundred and Forty Six (1,146) bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering and terrorism financing.

The judge ordered that the accounts be frozen “pending conclusion of investigation.”

While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated “that an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorized dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (ninety) days.”

The judge added “that preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities.”

The judge further stated that there was need to preserve the funds in the identified bank accounts pending conclusion of investigation and possible prosecution.

Justice Nwite adjourned the matter to July 23, 2024, for mention.

Companies affected by the freezing order range from entities involved in agri-businesses, logistics and haulage, microfinance banks, engineering, among others.

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CBN Orders OPay, Palmpay, Others To Halt New Customer Registration

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In a significant development, the Central Bank of Nigeria (CBN) has directed four prominent fintech firms, namely Opay, Palmpay, Kuda Bank, and Moniepoint, to suspend the onboarding of new customers until further notice.

This move follows the CBN’s recent mandate for all financial institutions to collect ID cards before opening financial accounts, contradicting a 2013 rule aimed at promoting financial inclusion, which allowed Nigerians to open accounts without identity cards.

Additionally, the Nigeria Inter-Bank Settlement System (NIBSS) has urged banks and mobile money operators to remove unlicensed fintechs from directly accepting consumer deposits.

A fintech company affected by this directive confirmed the instruction from the CBN, as indicated on its website.

The notice reads, “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”

Amidst reports connecting the Central Bank of Nigeria’s (CBN) recent directive to suspicions of illegal forex activities, an anonymous source emphasized the importance for fintech companies to enhance their relationship with regulatory authorities.

The source said “Most of the fraud cases are carried out in the traditional banks. Why is CBN always after Fintech company? I think Fintech companies would need to sit down to educate the regulators on how they operate.”

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Dangote Cement’s Q1 Clinker Export Up By 87.2%

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The management of Dangote Cement Plc says that the company dispatched seven ships of clinker – from Nigeria to Ghana and Cameroon, which saw the export, for the first quarter of 2024 increased by 87.2 percent at 264kt.

It also revealed that the company commissioned 10 of the 17 Alternative Fuel Projects across the Group, while the local demand for cement, in the period under review in Nigeria increased significantly by 26.1 percent to 4.6Mt, which saw the overall group volume rise by 12.3 percent to 7.0Mt, for the first quarter of 2024.

On the first quarter results, Chief Executive Officer, Dangote Cement, Arvind Pathak, said, “During the quarter, we intensified our emphasis on exports, dispatching seven ships from Nigeria to Ghana and Cameroon.

“As a result, our Nigerian exports surged by 87.2%, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.

“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.

The company recorded a Group revenue of N817.4 billion, even as profit after tax inched up by 2.9 percent to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent.

Pathak noted that the performance drivers included an uptick in economic activities, which saw a strong rebound in the Nigerian operations, despite elevated cost pressures.

“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter.

Similarly, our Pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo.

“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively,” he said.

He added, “Group revenue more than doubled to ₦817.4 billion, while Group EBITDA rose 66.6 percent to ₦309.5 billion. Profit After Tax was up 2.9 percent at ₦112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.

“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.

Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, Dangote Cement has a production capacity of 35.25Mta in Nigeria. Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue State has 4Mta; and Okpella plant in Edo State has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

In addition, the company has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta clinker grinding and import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

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