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Naira may gain further, hits 385/dollar

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The naira is likely to strengthen further on the black market as the Central Bank of Nigeria steps its interventions in the foreign exchange market.

According to currency analysts and economic experts, the naira will record further gain in the coming days as the CBN aims to narrow the gap between the official and parallel market rates.

The naira strengthened to 385 to the dollar on the black market on Thursday, from 395  on Wednesday, and from 457 last Thursday.

On the official interbank market, the naira closed at 308 to the dollar, against 306 last Thursday.

“We see the exchange rate converging at some point between 380-400 naira to the dollar in the near term because of the determination of the central bank to increase dollar supply,” the President, Association of Bureau De Change operators, Aminu Gwadabe, said.

A currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said the dollar might sell at 375/380 next week if the central bank continued its intervention programme in the forex market.

“It depends on what the CBN is targeting; but the good thing is that when the dollar sells for between 375 and 380, the incentive to do round-tripping will not be there anymore and this is good for the market, the economy and the country,” he added.

The CBN was planning to sell $100m in currency forwards on Thursday to be delivered within the next 60 days.

The local currency has been appreciating in recent weeks on the back of the continued and consistent interventions in the forex market by the CBN.’

Meanwhile, the Kenyan shilling is expected to remain stable over the next week, mainly owing to importers’ demand for dollars outweighing inflows from farm exports.

Market participants said there was no consensus on what policymakers are likely to do when they meet to set interest rates on March 27, according to a Reuters report.

The Tanzanian shilling is seen trading in a tight range against the dollar, helped by a slowdown in demand for the US currency.

“The shilling will likely remain range-bound next week due to subdued business activity. Demand and supply of dollars are largely matching each other at the moment,” a trader at a commercial bank told Reuters.

The Ugandan shilling is seen weakening moderately in the days ahead, weighed down by a typical surge in appetite for hard currency from manufacturers towards month-end.

Ghana’s cedi would be expected to remain bullish next week, bolstered by strong forex liquidity inflows amid weakening dollar demand, analysts said.

After touching record lows of 4.742 to the dollar this month, the cedi has rallied steadily to reach 4.40 by mid-morning on Thursday, compared to 4.56 a week ago. It is down about four per cent since January, Reuters data shows.

“We expect a sustained bullish cedi in the face of comparatively weaker demand for the greenback amidst sufficient forex supply,” analyst at Accra-based Dortis Research, Joseph Biggles Amponsah, said.

“However, to extend this gain into the next quarter, the supply of dollars to the market needs to be sustained.”

The kwacha is expected to hold firm against the dollar next week because of hard currency conversions by companies preparing to pay salaries and other month-end obligations.

 

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Adron Homes Welcomes New Executive, Emphasizing Commitment to Professional Excellence

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Adron Homes Welcomes New Executive, Emphasizing Commitment to Professional Excellence

In a strategic move to foster growth and elevate the quality of service delivery, the Management of Adron Homes and Properties is thrilled to announce the appointment of exceptional staff members who have exemplified remarkable professionalism and have significantly contributed to the advancement of the Adron brand. We proudly introduce our newly appointed leaders: Adenike Ajobo as Managing Director, Olubunmi Akinfe as Deputy Managing Director, Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos Nigeria), Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria), Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria), Olasumbo Oguntoye as Assistant Managing Director of Housing Nigeria, and Haastrup as Director General of Customer Service. Together, they will drive our mission forward and ensure continued excellence at Adron Homes.

Aare Adetola Emmanuel King, the Chairman and Group Managing Director of Adron Homes, has issued an important directive to the newly appointed directors of the company. He emphasized the critical need for quality delivery in all aspects of their work. Aare King highlighted that each director must align their actions and decisions with the overarching vision and mission of the organization. He urged them to remain committed to the company’s goals and to foster a culture of excellence, ensuring that their contributions not only meet but exceed the expectations set forth by Adron Homes.

Adenike Abosede Ajobo stands out as a highly regarded authority in the fields of corporate branding, public relations, business repositioning, and organizational strategy. She holds a degree in Linguistics from the prestigious University of Ibadan and has further enhanced her expertise with an Ordinary National Diploma (OND) in Marketing from The Polytechnic of Ibadan.

Her dedication to professional growth is reflected in her memberships with esteemed organizations, including the National Institute of Marketing of Nigeria (MNIMN), the Nigerian Institute of Public Relations (NIPR), and the Nigeria Institute of Personality Development and Customer Relationship Management (NIPD-CRM-dsgnt). These affiliations illustrate her unwavering commitment to continuous learning and excellence within her industry.

Adenike’s professional journey with Adron Homes commenced in January 2024 when she took on the role of Group Company Secretary. Her exceptional leadership skills and strategic vision quickly propelled her up the ranks, and she soon became the Deputy Managing Director of Southern Nigeria. Her impressive performance has now garnered her a well-deserved promotion to the position of Managing Director at Adron Homes, where she is set to steer the company toward a promising future, leveraging her insights and experience to craft innovative strategies for growth and development.

 

Akinfe Olubunmi Omolara is an esteemed leader and achiever, recognized for her dedication to maximizing her potential in every role she undertakes. She is a graduate of Obafemi Awolowo University, lle-Ife, Osun State, with a Bachelor of Science degree in Microbiology. Her career journey at Adron Homes and Properties, reflects her remarkable growth and commitment to excellence. She has progressed through a range of pivotal roles, from Deputy Group Sales Manager, District Sales Manager, and Deputy District Sales Manager to Deputy Group Customer Relations Officer, Regional Chief Operating Officer, and Chief Operating Officer. Her leadership and strategic acumen continued to shine through her promotions as the Director of Sales and Marketer and later promoted as the Director General of Sales and Marketing. She has now been promoted to the position of Deputy Managing Director , where she will drive growth and operational efficiency for Adron Homes.

Ihuoma Udodirim Azuru’s journey is a testament to exceptional leadership and dedication. Her academic prowess shines through with a B.Sc in Accounting, M.Sc in Business Management, MBA in Human Resources and currently studying Law at the Leadership City University, underscoring her commitment to ongoing personal and professional development. Her career with the company began as Group Head Admin and HR, where she showcased her adaptive leadership style. Subsequently, she transitioned to the role of Director of Sales and Marketing (Southwest). Moreover, she was promoted to the prestigious role of Director General for Sales and Marketing at Adron Homes. Her exceptional leadership, dedication, and strategic vision within the organization leads to her appointment as the Assistant Managing Director Lagos Nigeria.

Odunola Ogundapo is a highly regarded sales and marketing professional, celebrated for her steadfast dedication and strategic insight, which have contributed to her impressive track record of success in the industry. She holds a Bachelor of Science degree in Geology from Olabisi Onabanjo University, where she developed a strong foundational knowledge of earth sciences. Further enhancing her expertise, she earned a Master’s degree in Sedimentary and Petroleum Geology from the prestigious University of Lagos, a program renowned for its rigorous approach and focus on the energy sector. This combination of academic credentials allows Odunola to meld deep scientific understanding with strategic business acumen, enabling her to deliver exceptional results in her professional endeavors.

Odunola embarked on her career in 2017 at Adron Homes and Properties Ltd, starting as a Business Executive. In this role, she quickly demonstrated her innate talents and passion for sales and marketing, employing a goal-driven approach that not only set her apart but also paved the way for her rapid advancement within the company. Her commitment to excellence and her ability to forge strong relationships with clients and stakeholders led to her recognition as a rising star in the organization.

Currently serving as the Assistant Managing Director, Odunola plays a pivotal role in shaping and executing innovative strategies aimed at driving growth and enhancing the company’s market position. Her forward-thinking mindset and comprehensive understanding of market dynamics allow her to identify and seize new opportunities effectively. Under her leadership, the team is not only motivated but also encouraged to think creatively and push boundaries, resulting in increased productivity and morale.

Odunola’s leadership style is characterized by a unique blend of optimism and resilience, which fosters a collaborative and inclusive work environment. She prioritizes the development of her team members, nurturing their potential and empowering them to become future leaders in the organization. This commitment to mentorship and professional growth among her staff has created a culture of excellence that thrives on teamwork and innovation, ensuring that everyone is aligned with the company’s vision and goals. Through her unwavering dedication to her work and her ability to inspire those around her, Odunola Ogundapo continues to make a significant impact in the sales and marketing realm.

Aminat Olaniyan Haastrup is an inspirational customer service specialist, deeply committed to creating exceptional service experiences. With a strong educational background in Estate Management and Customer Experience, she earned her degree from Yaba College of Technology. An Associate Member of The Association of Business Practitioners (ABP) in the UK and a fellow of the Chartered Institute of Customer Relationship Management, Aminat’s journey began as the Director of Customer Services. Renowned for her dedication to customer-centric strategies, she passionately pursues unparalleled service excellence. Through transformative initiatives across the company’s customer relations landscape, Aminat has inspired those around her and achieved her new role as the Director General of Customer Service.

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

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Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

 

It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.

However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.

The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.

A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.

The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.

Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.

Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.

 

The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.

However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.

Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.

Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.

According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”

With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.

Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.

He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.

Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.

“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.

Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.

Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.

Usman, a public affairs commentator lives in Abuja.

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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